PRINTFINCANTIERI BOARD OF DIRECTORS APPROVES 9M 2014 RESULTS WITH BACKLOG AT EURO 9.5 BILLION AND REVENUE FOR MORE THAN EURO 2.9 BILLION
10 November 2014
Financial highlights
• Order intake: euro 4,247 million (euro 3,971 million at 30 September 2013)
• Backlog: euro 9,472 million (euro 8,089 million at 30 September 2013)
• Revenue: euro 2,935 million (euro 2,715 million at 30 September 2013)
• EBITDA: euro 207 million (208 million at 30 September 2013) with EBITDA margin at 7.1% (7.6% at 30 September 2013)
• EBIT: euro 132 million (euro 141 million at 30 September 2013) with EBIT margin at 4.5% (5.2% at 30 September 2013)
• Profit from ordinary activities(1): euro 68 million (euro 88 million at 30 September 2013)
• Profit for the period: euro 43 million (euro 53 million at 30 September 2013)
• Net financial position(2): euro 238 million of net debt (euro 155 million of net debt at 31 December 2013)
• Net working capital: positive euro 353 million (negative euro 67 million at 31 December 2013), including construction loans of euro 584 million (euro 563 million at 31 December 2013)
• Capital expenditure: euro 110 million (euro 201 million at 30 September 2013)
• Free cash flow: negative euro 419 million (negative euro 475 million at 30 September 2013) with euro 300 million absorbed by operating activities
Business highlights
• Confirmation of positive revenue trend across all segments with consolidated EBITDA margins stable at 7.1%
• Confirmation of uptrend in new orders in Shipbuilding, notably in cruise business, where the first preliminary indications of volumes recovery in Italian shipyards are observed; within the Italian Navy’s fleet renewal program, first two vessels configuration defined and continuous joint efforts engagement for other vessels configuration as premises for the formalization of related contracts
• Offshore segment affected by slower order intake in the third quarter due to market situation characterized by oil price decline and expectations of lower E&P spending, with margins impacted by delays in productivity improvements at the Brazilian yards and cost overruns for a limited number of projects in Europe
* * *
Rome, 10 November 2014 – The Board of Directors of FINCANTIERI S.p.A. ("Fincantieri" or the "Company"), chaired by Vincenzo Petrone, has approved the Interim management report at 30 September 2014, prepared in compliance with International Financial Reporting Standards (IAS/IFRS).
During the Board meeting Giuseppe Bono, Fincantieri's Chief Executive Officer, said: "The first nine months of 2014 showed an increase in order intake, particularly in the cruise business, and a positive revenue trend for all sectors in which the Group operates, recording a progressive recovery in volumes at the Italian facilities with eight cruise ships under construction compared to the four in the same period of last year. Despite the difficulties encountered by our subsidiary Vard in the third quarter, the Group maintained a stable EBITDA margin at 7.1% also thanks to the positive contribution of the business diversification. In this direction, we have recently concluded two cooperation agreements in the naval and offshore segments, with Finmeccanica and Technip respectively, which further support the conditions for the continuous development of the Company."
• Order intake: euro 4,247 million (euro 3,971 million at 30 September 2013)
• Backlog: euro 9,472 million (euro 8,089 million at 30 September 2013)
• Revenue: euro 2,935 million (euro 2,715 million at 30 September 2013)
• EBITDA: euro 207 million (208 million at 30 September 2013) with EBITDA margin at 7.1% (7.6% at 30 September 2013)
• EBIT: euro 132 million (euro 141 million at 30 September 2013) with EBIT margin at 4.5% (5.2% at 30 September 2013)
• Profit from ordinary activities(1): euro 68 million (euro 88 million at 30 September 2013)
• Profit for the period: euro 43 million (euro 53 million at 30 September 2013)
• Net financial position(2): euro 238 million of net debt (euro 155 million of net debt at 31 December 2013)
• Net working capital: positive euro 353 million (negative euro 67 million at 31 December 2013), including construction loans of euro 584 million (euro 563 million at 31 December 2013)
• Capital expenditure: euro 110 million (euro 201 million at 30 September 2013)
• Free cash flow: negative euro 419 million (negative euro 475 million at 30 September 2013) with euro 300 million absorbed by operating activities
Business highlights
• Confirmation of positive revenue trend across all segments with consolidated EBITDA margins stable at 7.1%
• Confirmation of uptrend in new orders in Shipbuilding, notably in cruise business, where the first preliminary indications of volumes recovery in Italian shipyards are observed; within the Italian Navy’s fleet renewal program, first two vessels configuration defined and continuous joint efforts engagement for other vessels configuration as premises for the formalization of related contracts
• Offshore segment affected by slower order intake in the third quarter due to market situation characterized by oil price decline and expectations of lower E&P spending, with margins impacted by delays in productivity improvements at the Brazilian yards and cost overruns for a limited number of projects in Europe
* * *
Rome, 10 November 2014 – The Board of Directors of FINCANTIERI S.p.A. ("Fincantieri" or the "Company"), chaired by Vincenzo Petrone, has approved the Interim management report at 30 September 2014, prepared in compliance with International Financial Reporting Standards (IAS/IFRS).
During the Board meeting Giuseppe Bono, Fincantieri's Chief Executive Officer, said: "The first nine months of 2014 showed an increase in order intake, particularly in the cruise business, and a positive revenue trend for all sectors in which the Group operates, recording a progressive recovery in volumes at the Italian facilities with eight cruise ships under construction compared to the four in the same period of last year. Despite the difficulties encountered by our subsidiary Vard in the third quarter, the Group maintained a stable EBITDA margin at 7.1% also thanks to the positive contribution of the business diversification. In this direction, we have recently concluded two cooperation agreements in the naval and offshore segments, with Finmeccanica and Technip respectively, which further support the conditions for the continuous development of the Company."
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PR 9M 2014 Results
