Fincantieri closes 2021 with record revenue. Decline in orders



Italian navalmechanical group Fincantieri closed the 2021 annual financial year with a record revenue of 6.91 billion euros, with a 17.6% percent increase in the previous year determined by the growth of both the business volume and the volume of business. core business of the construction of commercial and military vessels, which amounted to 5.90 billion euros (+ 13.0%), both from the rise in revenues in the segment of the construction of offshore structures and special vessels, attested to 456 million euros (+ 17.2%), which in the segment of systems, components and services, with revenues that are results equal to EUR 1.40 billion (+ 49.8%). EBITDA and EBIT scored in increments of 57.6% percent and 95.3% percent, respectively, rising to 495 million and 289 million euros. The operating result, after two years of negative sign, returned to a positive value by having been 22 million euros.

If the group's financial results showed a marked improvement last year, it did not have the same amount of money that it had acquired in 2021 from Fincantieri. Last year the value of new orders was 3.34 billion euros, down -26.1% percent on the previous year, of which 1.82 billion in the Shipbuilding segment (-51.1%), 508 million in that Offshore and special ships (+ 4.3%) and 1.42 billion in the systems segment, components and services (+ 118.5%). As of December 31, the value of the order book was 36.34 billion euros, with a decrease of -1.2% percent compared to December 31, 2020. Last year, as well as in 2020, Fincantieri's plants delivered 19 ships, while they acquired 15 of them compared to 18 in 2020. As of December 31, 2021, the ships in the portfolio of the group's 18 plants were 91 compared to 97 a year earlier.

"The results of 2021 show that the group has confirmed capacity and resilience in responding to a crisis, the one related to the pandemic, which has affected the company and its customers," Fincantieri said in a statement. "In this context, the company has been able to maintain orders and all its commitments, handing over the ships in the agreed timeframe," the company said in a statement. Referring to the outlook to come, Bono noted that " the inflationary push, the scarcity of raw materials and the ongoing conflict make it even more complex and uncertain the current scenario. The particularly difficult time we are going through therefore requires the maximum cohesion and determination of all the staff in dealing with emerging difficulties. Today's results, in fact, fully demonstrate the commitment and dedication of all the workers and our suppliers. " "We are certain that, strong in this sense of responsibility, our society will once again be able to respond with the utmost commitment to future challenges, and at the same time make available to the country," he said. skills that he has acquired in these years, both in Italy and abroad. We are proud, in fact, that we have become a global company that has remained well-rooted in Italy, contributing in a significant way to the development of the territories in which it operates. "

In particular, in particular, on the consequences of the explosion of the Russian-Ukrainian conflict, the company specified that the event " represents a further strong element of instability at the geopolitical, economic and financial markets. The macroeconomic effects of such a serious crisis, the possible further limitation on travel and tourism, with possible spillovers on the cruise sector, and Western sanctions against Russia, explained Fincantieri. complex and still difficult to estimate in terms of the impacts to the value chain of the world economy and international politics. These phenomena determine in the short-medium term a high uncertainty on future scenarios, such as a potential increase in commodity and energy prices, the possible discontinuity of supply chains and assets productive, which do not allow for today a timely assessment of the impacts on the future performance of the group. The emerging geopolitical scenario can lead, however, in the medium term to a potential positive relapse across the defence sector as a result of a possible further increase in public spending and the revival of a plan. common European ".

As for the progress of the 2022 annual financial year, Fincantieri expects that, "net of the effects due to macroeconomic and political uncertainty arising from the Russian-Ukrainian conflict, and from the protracted health emergency," the proceeds will result in growth " exceeding the expected forecast before the pandemic and a consolidation of marginality, despite the increase in the prices of raw materials and the energy the group is experiencing. "These results could allow the return of a sustainable dividend distribution policy from 2022," the company said.