(Finance) – Fincantieri closed 2021 with revenues and income up by 28.3%, to 6,662 million euros. L’EBITDA was up 57.4% to 495 million euros, while theEBITDA margin settled at 7.4% (vs. 6.1% 2020) despite the increase in raw material prices. The adjusted net result was positive for 92 million euros (negative for 42 million euros in 2020) and a positive net profit of 22 million euros (negative for 245 million in 2020) after discounting charges for asbestos (55 million) and for Covid-19 (30 million). L’Net financial debt amounted to 859 million euros (1,062 million at December 31, 2020), down despite the increase in production volumes and investments in the period: it reflects the positive performance of the cruise sector with deliveries fully in line with the production program and expenditure forecasts.
“The results presented today demonstrate the ability and resilience of Fincantieri in responding to a crisis, that linked to the pandemic, which has hit the company and its customers – commented theCEO Giuseppe Bono – In this context, the company was able to keep orders and all its commitments, delivering the ships within the agreed time. The inflationary push, the scarcity of raw materials and the ongoing conflict make the current scenario even more complex and uncertain. The particularly difficult moment we are going through therefore requires the utmost cohesion and determination of all personnel in dealing with emerging difficulties “.
THE production volumes have reached record levels for the development of the heavy workload and compliance with the delivery plan, with 16.4 million hours worked from 13.1 million in 2020 and 15.6 million in 2019. 19 ships were delivered by 12 factories, while the investments they amounted to 358 million to support the production efficiency of Italian and foreign shipyards and to develop the technological standard. The distribution of dividends for the 2021 financial year will not be proposed to the shareholders’ meeting.
Net of the effects due to the macroeconomic and political uncertainty deriving from the Russian-Ukrainian conflict, and from the protracted health emergency, Fincantieri expects revenues to grow in 2022, exceeding the estimates expected before the pandemic and a consolidation of margins, despite the increase in the prices of raw materials and energy that the group is experiencing. Such results could allow a return to a sustainable dividend distribution policy starting in 2022. The Net Financial Position for 2022 is expected to be in line with the 2020 year-end values.