In the first three months of this year the revenues of Fincantieri are diminished of -4,5%



In the first three months of this year the revenues of the navalmeccanico group Fincantieri are diminished of the -4,5% coming down to 1,31 billion euros regarding 1,37 billion in the same period of 2019. The EBITDA is piled to 72 million euros (- 21.7%). The value of the new acquired orders from the company in the first trimester of 2020 has been of 294 million euros, with a decrease of the -95,4% regarding 6,46 billion euros in the first trimester last year.

In the single segment of the shipbuilding the revenues have totaled 1,13 billion euros (+1.3%), of which 830 million in the field of cruise ships (+0.5%) and 303 million in that of military ships (+4.1%). The EBITDA has been of 72 million euros (- 12.2%). In the first three months of this year the new orders in the Shipbuilding segment have turned out pairs to 83 million euros (- 98.7%).

In the Offshore section and special ships the revenues have been of 126 million euros (- 37.9%) and the EBITDA has been of sign negative for -1 million euros respect to an EBITDA positive for 1 million in the first trimester of 2019. The division has acquired new orders for 116 million euros (+197.4%).

The division Systems, members and services has concluded the first trimester of 2020 with revenues pairs to 205 million euros (+20.6%), with an EBITDA of 12 million euros (- 33.3%) and with new orders for a total of 157 million euros (- 6.5%).

Relatively to the impact on the activity of the company of the measures assumed from the governments in order to contain the pandemic of Covid-19, measures that have involved for Fincantieri the suspension of the activities of the yards and the Italian plants beginning from on 16 March, the company has specified that the economic effects negatives deriving from the impacts from the spread of the Covid-19 virus are not ricompresi in the operating results of the group, but in the burdens strangers to the ordinary management and that on March 31, 2020 the impact of such burdens, on the base of the esteem today carried out, is pairs to about 23 million euros and one refers to the lacked absorption of the fixed costs for the smaller developed volumes in the quarter and to the expenses mainly in order to guarantee the health and safety of the staff.

Moreover Fincantieri has specified that the productive volumes of the trimester suffer of the suspension of the activities of the yards and the Italian plants of the group, in ottemperanza to the indications of the governmental authorities, beginning from on March 16, 2020. For the Italian activities of the group - Fincantieri has explained - a reduction of about 20% in terms of worked days in the quarter 2020 regarding analogous period 2019 and of volumes of production regarding those previewed is evidenced. The suspension of the productive activities has not instead interested the yards of the controlled VARD (Norway, Rumania and Vietnam) also as local the governmental authorities has not arranged the closing of the productive activities. Moreover Fincantieri has specified that the activities for the defense considered "essential business" and the demanded expressed one by US Navy have allowed with the yards Americans of the controlled FMG the prosieguo uninterrupted of the production.

Fincantieri has announced moreover that, to the aim of protecting the acquired workload and in the optical to answer to the requirements of own customers, the company is sifting, in full collaboration with the societies owners of a shipping company, the review of the delivery dates of the units in pocketbook and the consequent delays of the relative proceeds to the installments of delivery and those under construction. The review of the times of delivery - it has specified Fincantieri - will be conditioned also by the effective ability to answer of the induced one and by the plan of resumption to full regime of the productive activities.