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This article was published on July 22, 2015 at 6:38.
rome
Thanks to the towing of substantial civil and military orders made on the farm in the first six months of the year, which pushed the bar new orders to 4.2 billion (compared to 3.4 billion in the same period of 2014), Fincantieri sends the interim financial statements on file with revenues up 12%, to 2.2 billion euro, and especially with a load Working over 12 billion (compared to 9.5 in the first half of 2014) and an order portfolio of 15.9 billion (14.1 billion were at the end of June last year).
The ballast for the group led by Giuseppe Bono, who speaks of “significant commercial results” and “highs” for orders and backlog continues to be represented by the offshore segment (Vard), which, by a Second, it is weakened by the persistence of the decline in oil prices, with predictable repercussions for the result of the investments and the cost cutting and, on the other, reflects the known difficulties in Brazil and the decrease in production volumes in some European yards ( Norway and Romania). A mix of factors that ended up impacting on margins and earnings: EBITDA thus amounted to 128 million euro (compared to 142 million for the first half 2014), EBIT drops to 74 million from 93 million mark in the facts same period last year and the trading profit was a negative EUR 7 million (a profit of EUR 48 million at June 30, 2014), but also includes EUR 16 million of unrealized losses on foreign exchange related to certain items in Currency of the subsidiaries of Vard (that also affect upstream financial income and expenses, negative for 62 million euro). It remains positive result attributable to the group, to 23 million (downhill, though, compared to 39 million in the same period of 2014). Down, then, is the free cash flow (negative for 256 million euro, compared to -25 million in the first half of 2014) and net debt – which, you will recall, does not cover construction loans of Vard considered as components working capital – a negative EUR 220 million (was positive for 44 million at end-December): the change clarifies the statement issued yesterday by the Trieste group downstream of the board that approved the accounts, “was mainly due to ‘ increasing financial needs following an increase in the activities of the business area of the cruise ships. “
It is from the latter front, as mentioned, that came the main thrust for Fincantieri: the group benefits from it at the end of six months of the signing of two major strategic agreements with Carnival Corporation and Virgin Cruises (respectively, for 5 more ships and options for three other ships) – that go to swell the soft backlog, that is the value of options contracts, the letters of intent in place and contracts under negotiation, bringing it to EUR 7.2 billion (compared with 5.8 in the first half of 2014) – as well as the fleet renewal program of the Italian Navy (and the continuation programs already underway FREMM (Frigate European multimission) and LCD with the US Navy.
And for the second half? The situation will continue to be rosy for the shipbuilding sector where Fincantieri ‘will be involved in the management of a plan of strong volume growth of design and manufacturing with 5 cruise ships over the course of 2016, of which 4 prototypes. ” While offshore, the global context of the market will continue to be “still very difficult”, but the subsidiary Vard has already fielded countermeasures: efficiency and cost reduction “needed to scale its production capacity in various market scenarios reducing the workforce while preserving the key skills necessary to seize any opportunity to the recovery of the industry. ”
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