Fincantieri BoD approves 1Q 2022 results

Fincantieri's revenues up by 17.8% and EBITDA margin at 7.0%

The Board of Directors of FINCANTIERI S.p.A. (“Fincantieri” or the “Company”), chaired by Giampiero Massolo, has examined and approved the interim financial information at March 31, 2022[6].

Revenues of Fincantieri in the reporting period increased by 1,681 million euro, up by over 17.8% compared to 1Q 2021, the report showed.

EBITDA rose 17.2% (up 118 million euro vs 101 million in March 31, 2021), EBITDA margin at 7.0% (vs 7.0% as at March 31, 2021) despite the ongoing increase in commodity prices. Net Debt stood at euro 940 million (euro 859 million as at December 31, 2021), consistent with 1Q production volumes. Total backlog: at euro 34.4 billion, covering approximately 5.2 times 2021 revenues with 1Q order intake at euro 0.5 billion: backlog at euro 24.8 billion (euro 26.5 billion as at March 31, 2021), with 93 ships in backlog, and soft backlog at around euro 9.6 billion (euro 7.9 billion as at March 31, 2021).

During the Board meeting Giuseppe Bono, Chief Executive Officer of Fincantieri, said: “The first quarter results, alike the full year, highlight a healthy company from a financial and economic standpoint, with a robust backlog that ensures a good visibility for the next few years. Such backlog will be developed in a time of exceptional complexity, affected by a relentless rise in commodity prices throughout a deeply concerning geopolitical crisis. The thorough risk management strategy the company always adopted, along with the incessant search for efficiencies mitigate such external impacts, leading to positive results also in the future.

Bono concluded: “I am stepping down after twenty years, having proudly led the Group to a global leadership position across the sectors in which it operates together with a truly unparalleled team. My heartfelt thanks goes to them, to Fincantieri’s entire workforce and to the thousands companies involved in the supply chain, for their commitment and dedication in pursuing and achieving our challenging targets. To my successors I wish the best of luck, as I fully understand the responsibilities they are about to embrace.”