Fincantieri: revenues up 11.7%, but charges weigh on 2022
Negative result for 324 million which discounts charges extraneous to ordinary or non-recurring operations for 238 millionma Strong growth in revenues and orders in 2021to 7,440 million (+11.7%) and 5.3 billion (+59%) respectively, thanks to the strong recovery of Cruise and Offshore. Operating performance at 3.0%, affected by inflation and non-recurring items recorded in the first half; negative net financial position of 2.5 billionwhich benefits from the creation of net cash of €765m in the second half of 2022. These are the results of Fincantieri’s 2022 consolidated financial statements, approved yesterday evening by the Board of Directors.
The Group Result – in the red for 324 million (+22 million in 2021) – it is affected by items set aside for asbestos causes, by the latest effects of Covid which have affected the supply chain, the soaring costs of raw materials and electricity tariffs (Fincantieri is an energy-intensive Group), as well as some inflationary pressures caused by the conflict in Ukraine. EBITDA is equal to 221 million; the adjusted Group result is negative for 108 million (+92 in 2021).
Increase the net financial debt (2,531 million against 2,238 in 2021) but the total backlog is 109 ships, 34.3 billion, equal to 4.6 times the 2022 revenues. I am also production volumes confirmed at the record levels of 2021, with 16.4 million hours worked. 19 vessels from 9 factories were delivered in the period considered. The surge in orders is due in particular to the luxury segment of cruise ships and to the strong impetus given by the demand for off shore shipsi.e. those supporting wind farms, cable-laying ships and other types.
L’a.d. Pierroberto Folgiero, defined 2022 as “a year of transition” conditioned by the causes already indicated and to which management reacts by carrying out “a strategic review of the main contracts”. Like those already indicated in the new 2023-2027 business plan which provides for a “focus on financial discipline and risk management, shipyard modernization and technology leadership on digital and green ship.” The recovery of the cruise sector towards pre-Covid values and the increase in investments in the defense and renewable energy sectors, makes Folgiero say that “the Group is very well positioned.”
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