Fincantieri S.p.a. · MIL:FCT
Fincantieri — Non-Deal Roadshow (November 2020)
23 slides from Fincantieri's roadshow presentation, Nov 16, 2020
Slide 1: Virtual Roadshow Equita
V IRTUAL R OADSHOW E QUITA November 16th, 2020 www.fincantieri.com
Slide 2: Safe Harbor Statement
Safe Harbor Statement This Presentation contains certain forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes," "expects," "predicts," "intends," "projects," "pl
Slide 3: Agenda
Agenda S U M M A R Y & B U S I N E S S U P D AT E F I N A N C I A L R E S U LT S OUTLOOK APPENDIX
Slide 4: Summary & Business Update
SUMMARY & BUSINESS UPDATE FINCANTIERI The sea ahead
Slide 5: Executive summary
Executive summary 100th cruise ship successfully delivered, revenues at €3.5 bn, and backlog fully preserved No orders cancelled. Production programs have been rescheduled following the pandemic outbreak «No Sail Order» lifted by the CDC – no mandatory downtime for cruise operations in Italy 2
Slide 6: Business update
Business update Continuing focus on strategic development FMM is prime contractor for the first-in-class guided missile frigate and 9 additional options for the US Navy’s FFG(X)1. FMM was also awarded a contract for the design and engineering of the future Large Unmanned Surface Vessel (LUSV) SHIP
Slide 7: Orders and deliveries
Orders: strong focus on Naval, while shifting away from Oil & Gas Segment Vessel Client # of ships Expected Delivery Shipbuilding FFG(X) first-in-class frigate US Navy 1 2026 Main orders Offshore & Fishing vessel Framherij 1 2022 Specialized Vessels Fishing vessel Nergard Havfiske 1 2022 Service
Slide 8: Backlog deployment
Backlog deployment Balanced visibility in Cruise and Naval with deliveries stretching up to 2027 Shipbuilding Offshore & Specialized Vessels # ship deliveries # ship deliveries CRUISE 2020 6 2 8 NAVAL 2020 2 3 5 2020 6 2 8 2021 8 2021 8 2021 4 2022 7 2022 8 2022 3 4 2023 10 2023 5 2023 1 2024 4 2024
Slide 9: Financial Results
FINANCIAL RESULTS FINCANTIERI The sea ahead
Slide 10: Order intake and backlog
Order intake and backlog Backlog fully preserved and Offshore order intake gaining momentum Order intake breakdown by segment Total backlog breakdown by segment1 € mln 1.6x 0.5x € mln 5.9x 5.6x 6.3x Order intake at €1.9 bn 5.2x 4.9x 4.6x 6,811 Shipbuilding down YoY after past 424 36,838 year’s rec
Slide 11: Revenues
Revenues Production volumes down 19% versus pre COVID-19 estimates due to downtime of operations Revenues breakdown by segment1 Severe effect of the production downtime and € mln 4,254 4,217 gradual resumption of operations. Whilst revenues have decreased 16.2% YoY, real 582 582 3,534 revenues short
Slide 12: EBITDA
EBITDA Lost EBITDA contribution of €71 mln as effect of production rescheduling. Breakeven of VARD Offshore EBITDA breakdown by segment1,2 € mln 6.7% 7.3% 5.0% 5.7% Shortfall in EBITDA of €71 mln (only €6 mln in 3Q) following rescheduling of 287 306 production programs, with major impact 55 on Shipb
Slide 13: Capex
Capex Capital expenditures broadly in line with 2019 Capex by segment € mln 4.1% 4.9% 174 172 13 Capex broadly in line with 9M 2019: 19 % of Revenues 20 21 3 Improving efficiency at Italian yards 2 Other activities Adjusting VARD Tulcea and VARD Equipment, Systems & Services Braila productio
Slide 14: Net Working Capital and Net Financial Position
Net Working Capital and Net Financial Position Impact from slowdown in production schedule with cash-ins skewed towards 4Q Net Working Capital breakdown by segment Net Financial Position breakdown by segment1 € mln € mln 905 828 1,378 Main drivers: 1,415 Cruise-specific financial 1,053 677 dynamic
Slide 15: Outlook
OUTLOOK FINCANTIERI The sea ahead
Slide 16: Focus on Cruise
Focus on Cruise Enhanced health & safety protocols on board could reshape global cruise industry with an eye to sustainability EU operations: temporary suspension as new travel restrictions are being reintroduced amid second wave of COVID-19 U P D AT E O N US operations: CDC lifted the no-sail o
Slide 17: Company outlook
Company outlook Solid backlog ensures future visibility despite volatile macroeconomic environment PRODUCTION All production workers safely back to shipyards, though operations are still impacted by health & safety protocols VOLUMES 4Q production volumes are expected to be back at pre COVID-19
Slide 18: Investor Relations contacts
Investor Relations contacts I N V E S T O R R E L AT I O N S T E A M Caterina Venier-Romano +39 040 319 2229 caterina.venierromano@fincantieri.it Valentina Fantigrossi +39 040 319 2243 valentina.fantigrossi@fincantieri.it INSTITUTIONAL INVESTORS investor.relations@fincantieri.it INDIVIDUAL SHAREHOLD
Slide 19: Fincantieri
FINCANTIERI The sea ahead
Slide 20: Appendix
APPENDIX FINCANTIERI The sea ahead
Slide 21: Financial overview – Shipbuilding
Financial overview – Shipbuilding Orders, backlog and deliveries Revenues EBITDA Capex € mln € mln € mln 16 9.1% 8.7% 6.2% 16 Orders: €1,406 mln (€6,482 mln in 1,083 1,083 9 9M 2019) 837 - 1 guided-missile frigate1 3,686 3,776 3,104 336 327 - Lengthening project2 2,587 2,677 2,258 191 138 130 Ba
Slide 22: Financial overview – Offshore & Specialized Vessels
Financial overview – Offshore & Specialized Vessels Orders, backlog and deliveries Revenues EBITDA Capex € mln € mln € mln -19.3% -17.5% 0.0% Orders: €186 mln (€89 mln in 9M 2019) including 2 fishing vessels 0 and 1 SOV scheduled for delivery in 2022 392 (48) (75) 274 271 3 2 Backlog: €712 mln (
Slide 23: Financial overview – Equipment, Systems & Services
Financial overview – Equipment, Systems & Services Orders, backlog and deliveries Revenues EBITDA Capex € mln € mln € mln 9.5% 6.3% Orders: €480 mln vs €424 mln in 9M 2019 Backlog: €1,795 mln vs €1,525 582 591 55 20 21 mln in 9M 2019 37 9M 2019 9M 2020 9M 2019 9M 2020 9M 2019 9M 2020 EBITDA Marg