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FINCANTIERI: BOARD OF DIRECTORS APPROVED 2009 RESULTS, CONFIRMING A POSITIVE RESULT FROM OPERATIONS
22 apr 2010
22 apr 2010
FINCANTIERI: BOARD OF DIRECTORS APPROVED 2009 RESULTS, CONFIRMING A POSITIVE RESULT FROM OPERATIONS
The Group, despite the harsh global economic downturn and the increased competitive pressure, acquired new orders for 1.8 Euro/billion, including the sole order for a cruise ship awarded worldwide in 2009, thus driving the order book to 10.1 Euro/billion;
Revenues grew vs. 2008 (+11%) reaching a new record of 3,269 Euro/million; also due to the consolidation of the U.S. based Fincantieri Marine Group;
EBITDA at 125 Euro/million;
Positive Result from operations, equal to 20 Euro/million, and Net earnings of -64 Euro/million, as a consequence of non-recurring and extraordinary items due to the market downturn and mainly originated by workload shortages in some Merchant Ships BU operating units;
Capital expenditures, equal to 82 Euro/million, are the carry over of the significant projects started in the previous years for the enhancement of operational efficiency, and new initiatives to target the improvement of safety conditions and the compliance with environmental regulations;
Net debt at 151 Euro/million due to the increase in working capital as a consequence of the strong growth of the production activities, together with higher capital expenditures, as envisioned in the Group Business Plan. A share capital increase of 296 Euro/million has been executed to support such growth.
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Rome, April 22, 2010 – Fincantieri’s Board of Directors met today and approved the Group’s consolidated financial statements and the parent company’s financial statements for the year ended December 31, 2009:
The Group, in a substantially changed market environment compared to previous years, acquired 1.8 Euro/billion of new orders (vs. 2.5 Euro/billion in 2008). In particular:
– Cruise Ships: the Group acquired the sole order awarded worldwide in 2009 for a 130,000 GT cruise ship for the Carnival Group; the agreement includes also an option for a further sister ship;
– Naval Vessels: the Group recorded a significant volume of orders, including a corvette for the United Arab Emirates Navy, a fleet tanker for the Indian Navy, and the second unit of the Littoral Combat Ship program awarded to Fincantieri Marine Group;
– Mega Yachts: an order was received for a 140 mt yacht, one of the two orders awarded worldwide in 2009;
– Ship Repairs and Conversions: orders were received for a total amount of 71 Euro/million;
– Marine Systems and Components: orders were received for a total amount of 179 Euro/million.
Group revenues at 3,269 Euro/million (+11% compared to 2008), thus reaching a new record level thanks to the high value of orders intake of the past years and the inclusion in the consolidation area of the U.S. based Fincantieri Marine Group.
The Group, despite the harsh global economic downturn and the increased market pressure, confirmed a positive operating performance. EBITDA is at 125 Euro/million (vs. 141 Euro/million in 2008), and the Result from operations is equal to 20 Euro/million (in line with the 22 Euro/million of 2008). During the year the Group booked non-recurring items, whose possible emersion was already communicated in the previous annual report. The non-recurring items are related to workload shortages affecting, partially this year and partially in the future years, some operating units mainly of the Merchant Ships BU, with consequent recourse to temporary staff lay-offs (i.e. Cassa Integrazione Guadagni). Such non-recurring items, together with the efforts done for the acquisition of the few orders available on the market, emerge solely as a consequence of the market downturn and therefore must be considered definitely as non recurring. Owing to these non-recurring items (equal to, net of tax effects, 75 Euro/million) and extraordinary items (equal to, net of tax effects, 9 Euro/million), the Net earnings amounted to -64 Euro/million.
Total order book (as the sum of new orders and projects to be delivered) at 10.1 Euro/billion (compared to 10.8 Euro/billion in 2008), extends the Group shipyards expected utilization period. The resulting backlog (equal to 6.6 Euro/billion) is still significant but not sufficient to grant full saturation of the production capacity of some Group plants, starting from this year.
Capital expenditures, equal to 82 Euro/million (vs. 111 Euro/million in 2008) are the carry over of projects started in the previous years for the enhancement of operational efficiency, and new initiatives to target improvement of safety conditions and the compliance with environmental regulations.
Net debt at 151 Euro/million (vs. 64 Euro/million in 2008) due to the increase in working capital as a consequence of the strong growth of production activities, together with higher capital expenditures, as envisioned in the Group Business Plan. A share capital increase of 296 Euro/million has been executed to support such growth.
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The Group, despite the harsh global economic downturn and the increased competitive pressure, acquired new orders for 1.8 Euro/billion, including the sole order for a cruise ship awarded worldwide in 2009, thus driving the order book to 10.1 Euro/billion;
Revenues grew vs. 2008 (+11%) reaching a new record of 3,269 Euro/million; also due to the consolidation of the U.S. based Fincantieri Marine Group;
EBITDA at 125 Euro/million;
Positive Result from operations, equal to 20 Euro/million, and Net earnings of -64 Euro/million, as a consequence of non-recurring and extraordinary items due to the market downturn and mainly originated by workload shortages in some Merchant Ships BU operating units;
Capital expenditures, equal to 82 Euro/million, are the carry over of the significant projects started in the previous years for the enhancement of operational efficiency, and new initiatives to target the improvement of safety conditions and the compliance with environmental regulations;
Net debt at 151 Euro/million due to the increase in working capital as a consequence of the strong growth of the production activities, together with higher capital expenditures, as envisioned in the Group Business Plan. A share capital increase of 296 Euro/million has been executed to support such growth.
* * *
Rome, April 22, 2010 – Fincantieri’s Board of Directors met today and approved the Group’s consolidated financial statements and the parent company’s financial statements for the year ended December 31, 2009:
The Group, in a substantially changed market environment compared to previous years, acquired 1.8 Euro/billion of new orders (vs. 2.5 Euro/billion in 2008). In particular:
– Cruise Ships: the Group acquired the sole order awarded worldwide in 2009 for a 130,000 GT cruise ship for the Carnival Group; the agreement includes also an option for a further sister ship;
– Naval Vessels: the Group recorded a significant volume of orders, including a corvette for the United Arab Emirates Navy, a fleet tanker for the Indian Navy, and the second unit of the Littoral Combat Ship program awarded to Fincantieri Marine Group;
– Mega Yachts: an order was received for a 140 mt yacht, one of the two orders awarded worldwide in 2009;
– Ship Repairs and Conversions: orders were received for a total amount of 71 Euro/million;
– Marine Systems and Components: orders were received for a total amount of 179 Euro/million.
Group revenues at 3,269 Euro/million (+11% compared to 2008), thus reaching a new record level thanks to the high value of orders intake of the past years and the inclusion in the consolidation area of the U.S. based Fincantieri Marine Group.
The Group, despite the harsh global economic downturn and the increased market pressure, confirmed a positive operating performance. EBITDA is at 125 Euro/million (vs. 141 Euro/million in 2008), and the Result from operations is equal to 20 Euro/million (in line with the 22 Euro/million of 2008). During the year the Group booked non-recurring items, whose possible emersion was already communicated in the previous annual report. The non-recurring items are related to workload shortages affecting, partially this year and partially in the future years, some operating units mainly of the Merchant Ships BU, with consequent recourse to temporary staff lay-offs (i.e. Cassa Integrazione Guadagni). Such non-recurring items, together with the efforts done for the acquisition of the few orders available on the market, emerge solely as a consequence of the market downturn and therefore must be considered definitely as non recurring. Owing to these non-recurring items (equal to, net of tax effects, 75 Euro/million) and extraordinary items (equal to, net of tax effects, 9 Euro/million), the Net earnings amounted to -64 Euro/million.
Total order book (as the sum of new orders and projects to be delivered) at 10.1 Euro/billion (compared to 10.8 Euro/billion in 2008), extends the Group shipyards expected utilization period. The resulting backlog (equal to 6.6 Euro/billion) is still significant but not sufficient to grant full saturation of the production capacity of some Group plants, starting from this year.
Capital expenditures, equal to 82 Euro/million (vs. 111 Euro/million in 2008) are the carry over of projects started in the previous years for the enhancement of operational efficiency, and new initiatives to target improvement of safety conditions and the compliance with environmental regulations.
Net debt at 151 Euro/million (vs. 64 Euro/million in 2008) due to the increase in working capital as a consequence of the strong growth of production activities, together with higher capital expenditures, as envisioned in the Group Business Plan. A share capital increase of 296 Euro/million has been executed to support such growth.
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