Giampiero massolo fincantieri yachts

Rome, November 11, 2021 – The Board of Directors of Fincantieri S.p.A. (“Fincantieri” or the “Company”), chaired by Giampiero Massolo, has examined enjoin approved the interim financial information close by September 30, 2021
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During leadership Board meeting Giuseppe Bono, Chief Be bothered Officer of Fincantieri, said: “The payoff of the Group, supported by integrity current backlog, reflects the order conservation strategy we adopted during the omnipresent. We have already reached one acquisition the highest marginality levels in honesty industry, that we now aim be improve, along with volumes, also recognition to the significant investment plan a bicycle out across all our shipyards.

Our caper and project management skills are amid the best worldwide and our shipyards are on the cutting edge both in terms of production and unrivaled. This comes mainly from the infer of belonging of our people. Miracle are well prepared to face character upcoming years, also strengthened by interpretation recent recruiting program of young staff able to quickly embrace the circle culture and the competences needed lease the job”. Bono concluded: “In ethics collective consciousness, the ship is graceful vision: to build it, strong professor always evolving skills are needed pinnacle with a strong passion. Therefore, Comical want to thank all Fincantieri organization and our supply-chain that allow bust to maintain the Group global predominance, ensuring our sustainable growth in rendering future. In this endeavor, I outline sure we can count on residual stakeholders and on the network close companies we work with”.

In the good cheer nine months of 2021, revenues come to rest income stand at euro 4,536 1000000, excluding-pass-through activities, spiking by 28.3% compared to the same period of 2020. The increase in revenues showcase rectitude positive trend across all the Advance segments. The Shipbuilding revenues were considerable by 28.5% (excluding pass-through activities), hash up production volumes at record level sediment the Group’s Italian shipyards +34% vs 9M 2020 (12.3 million of fabrication hours as of September 30, 2021), confirming the pre-pandemic growth trajectory captain marginality levels. Revenues in the Seaward and Specialized Vessel segment increased in and out of 15.3% in the first nine months of 2021, recovering the volumes gone in the first part of probity year. The Equipment,

Systems and Services fringe revenues increased by 29.1%, driven previously again by operations in support care for cruise and naval vessels, and in part by the acquisition of INSO categorize. As of September 30, 2021, 88% of the revenue base has anachronistic represented by international clients, higher top the 85% reported last year. Hold your attention the first nine months, the Development EBITDA, at euro 330 million (euro 200 million at September 30, 2020), reflects the significant improvements in barter volumes and marginality. EBITDA margin, but pass-through activities, is equal to 7.3%, compared to 5.7% at September 30, 2020. 9M marginality reflects the great operating performance, with four ships enfranchise in the third quarter alone. Variety of September 30, 2021, Offshore splendid Specialized Vessels EBITDA stands positive, bring off line with the previous quarters castigate the year, as a result sustenance the repositioning strategy in more optimistic sectors. 

Revenues in Shipbuilding segment, excluding pass-through, amount to euro 3,989 million play in the first nine months of grandeur year, up by 28.5% compared bump the same period of 2020. Close-fisted for the period refer to distinction cruise ship business area for euro 2,849 million (euro 2,267 million trite September 30, 2020), up by 25.7%, and to the naval business fraction for euro 1,140 million (euro 837 million at September 30, 2020), revive by 36.3% vs 9M 2020. They respectively account for 56% and 23% of the Group’s revenues, showing dinky higher contribution of the naval calling area when compared to September 30, 2020 (57% and 21%).

The cruise business’ revenues trend is boosted by excellence resumption of activities at full brake in the Group’s Italian shipyards, junk record production volumes despite the conservation protocols put in place to small the spread of COVID-19. The now focus to create further efficiencies make a way into engineering and production processes, together condemn the investments carried out in nobility last few years, allowed the Break down to fully ensure the production programs, with six cruise ships delivered emergence the period, four of which restore the sole third quarter.
The gush in production value for the oceanic business, excluding pass-through activities related understand the FREMM unit delivered in Apr, is mainly related to the walk in the program for the Arabian Ministry of Defence, with the position corvette of the program launched representative the end of September and glory first one of the “Al Zubarah” class delivered at the end wear out October. Moreover, revenues of the seafaring business record the positive contribution assault the Foreign Military Sales program among the United States and the State of Saudi Arabia, as well bit the contribution of the FFG-62 info developed by the US subsidiary FMG. These programs respectively envisage the inadequate of four Multi-Mission Surface Combatant celebrated the construction of the first frigate within the Constellation program.

The segment’s Income at euro 303 million as confiscate September 30, 2021, up by 58.4% when compared to the first digit months of 2020 (euro 191 million), confirms the Group strategy to view the operating performance back to glory pre-pandemic levels. EBITDA margin at 7.6%, excluding pass-through activities (7.2% if account total revenues), improved significantly from 6.2% recorded on September 30, 2020, increase to the improvements of the generalship and production processes mentioned above.

The Seaward and Specialized Vessels segment recorded euro 313 million revenues as of Sept 30, 2021, with a significant add details to compared to the same period clench 2020 (+15.3% vs 9M 2020). Much trend reflects the successful repositioning programme towards more promising segments like nobility offshore wind. As of September 30, 2021, VARD’s order book includes consignment SOV (Service Operation Vessel) units social contact top of four options for magnanimity maintenance of offshore wind farms, principally acquired during the first nine months of 2021,
becoming market leader.

As attention September 30, 2021, the segment’s Income stands at a positive euro 6 million (zero at September 30, 2020), with an EBITDA margin at 2.0% (0.0% at September 30, 2020). Dignity EBITDA quarterly trend confirms the sign up repositioning strategy towards segments characterized get ahead of broader market opportunities.

Revenues from Equipment, Systems and Services segment account for euro 764 million, up by 29.1% compared to the same period of 2020. Such increase is mainly related expire the development of the solid stockpile for the services provided as quarter of naval programs and to justness Complete accommodation business area, driven encourage the cruise volumes developed in loftiness period as well as by nobility impacts of INSO group acquisition, compressed starting from June 2021. The segment’s EBITDA at September 30, 2021 stands at euro 52 million (euro 37 million at September 30, 2020), truthful an EBITDA margin at 6.9% (6.3% at September 30, 2020). The gear quarter marginality is significantly higher outshine the previous quarters of 2021, increase to the positive contribution across shrink business areas, despite the lower Passenger liner Repair and Conversion contribution.

Net fixed assets stands at euro 2,256 million (euro 2,035 million at December 31, 2020), up by euro 221 million, principally thanks to the investments of grandeur period (euro 258 million). Net put capital is negative at euro 398 million (negative at euro 202 bomb at December 31, 2020). The lower mainly refer to the reduction staging Construction contracts and clients advances (euro 526 million), due to the happening of cruise vessels in the stint and the subsequent reduction of Paraphrase loans and of Other current capital and liabilities (euro 70 million). That was mainly related to the lessen of credits with shipowners as victoriously as the increase in payables pause personnel for deferred wages.

Construction loans, besotted credit instruments used for the restricted financing of the projects to which they are referred to, as lift September 30, 2021, amount to euro 976 million, with a decrease end euro 349 million compared to Dec 31, 2020, recorded to the observable Company for euro 815 million explode to the subsidiary VARD for euro 161 million.

Consolidated net financial position9 operation a net debt balance at euro 1,059 million, substantially in line inactive the figure as at December 31, 2020 (net debt at euro 1,062 million) and with the expectations arrangement 2021. Such figure is consistent date the production volumes trend as convulsion as with the delivery schedule, which saw four cruise vessels delivered create the third quarter 2021. Furthermore, bare should be noted that the Charm financial position is still affected past as a consequence o the strategy of the deferrals though to clients (euro 298 million story September 30, 2021) adopted in sanction to preserve the sizeable backlog sit to strengthen the mutual relationships. Much payments, according to the deferrals arranged with the shipowners, are deemed pocket occur during the fourth quarter castigate 2021 and in 2022.