All the numbers of Fincantieri
What emerges from Fincantieri's 2021 financial statements
Back to profit Fincantieri.
The Trieste shipbuilding group closed 2021 with revenues and income of 6,662 million euros, up by 28.3% compared to 5,191 million in 2020. The adjusted net result was 92 million and the net profit was 22. million after the red of 245 million in 2020. The workload is equal to 35.5 billion euros; 19 ships delivered.
These are some of the results of the consolidated financial statements and the 2021 draft financial statements approved yesterday by the board of directors of Fincantieri spa.
“The results demonstrate Fincantieri's ability and resilience in responding to a crisis, the one linked to the pandemic, which has hit the company and its customers. In this context, the company was able to keep orders and all its commitments, delivering the ships within the agreed times ”commented CEO Giuseppe Bono.
So much so that the group said it could return to a "sustainable dividend distribution starting in 2022". However, Fincantieri did not provide the 2022 guidance citing the uncertainty deriving from both geopolitical tensions and inflation in the prices of raw materials and energy.
And regarding the acquisition projects, everything is on stand-by, the management reported this morning during the call with the analysts. The reference is to the negotiations for the Tkms division of submarines of the German giant Thyssenkrupp and the offer for Leonardo's former Oto Melara and Wass units.
In the wake of the 2021 accounts, the group's stock rises by over 1% today in Piazza Affari.
ALL THE NUMBERS OF 2021
Fincantieri closed 2021 with revenues and income up by 28.3%, to 6,662 million euros. The adjusted net result was positive for 92 million euros (negative for 42 million euros in 2020) and positive net profit for 22 million euros (negative for 245 million in 2020) after discounting charges for asbestos (55 million) and for Covid-19 (30 million).
INCREASING EBITDA
Despite the increase in the prices of raw materials, “in 2021 we reached an ebitda of 495 million, with a margin of 7.4%, exceeding the guidance for this year”, emphasized Bono.
DEBT DECREASES
Net financial debt amounted to 859 million euros (1,062 million at December 31, 2020), down despite the increase in production volumes and investments in the period.
The figure – specifies the group – “reflects the positive performance of the cruise sector with deliveries fully in line with the production program and expenditure forecasts”.
THE NAVAL DIVISION IS READY TO GROW
Furthermore, Fincantieri presses the accelerator on the military business.
Speaking to a call from analysts on 2021 results, Giuseppe Dado, CFO of Fincantieri, said that the naval division of the group is ready to grow in the short term thanks to the already insured order book. In the long term, naval activity, which produces naval vessels, could rise to as much as 40 percent of its shipbuilding segment, from the current figure of 31 percent, Dado said, as reported by Reuters .
In fact, the delivery of 7 ships to the Italian integrated shipyard is expected in 2022 (for the Italian Navy and the Qatar Navy, of which the OPV Musherib delivered in January), where the start of activities for the units is also expected. of the Indonesian Navy.
STAND-BY DOSSIER OTO MELARA AND TKMS
Finally, the Oto Melara-Wass dossiers in Italy and Tkms in Germany for the naval group remain on standby.
“Given the current context, everything is suspended, in Italy and in Europe”. Thus the general manager of Fincantieri, Fabio Gallia, answered, during the conference call with analysts on the 2021 results, to a question on the consolidation of the naval industry and on the Oto Melara and Thyssenkrupp Marine Systems dossiers.
Last year Fincantieri made a non-binding offer to purchase Leonardo's Oto Melara and Wass units. At the same time, the group led by Giuseppe Bono is looking to purchase Thyssenkrupp's submarine business in collaboration with Germany's Rheinmetall. “In this phase – explained Gallia – we are focused on delivery. We are keeping our eyes open on the market, but nothing is currently in progress ”. When the process resumes, he concluded “we want to be in a solid and competitive position”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/tutti-i-numeri-di-fincantieri/ on Thu, 24 Mar 2022 14:41:14 +0000.