Slide 1: FY 2016 Results
FY 2016 RESULTS March 30, 2017
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: FY 2016 Key Messages
FY 2016 Key Messages • Positive net result: at € 14 mln, up more than € 300 mln vs 2015 • Business Plan targets confirmed: FY 2016 results show substantial improvement compared to FY 2015 and confirm short and medium term guidance. Revenues up 5.9% (in line with 2016 target), EBITDA margin at 6.0% (
Slide 4: FY 2016 main orders
FY 2016 main orders Vessel Client Delivery 1 ultra-luxury cruise ship Regent Seven Seas Cruises 2020 (“Seven Seas Explorer” sister ship) (Norwegian Cruise Line Holdings) 1 Littoral Combat Ship US Navy 2020 Shipbuilding 1 cruise ship Princess Cruises 2020 (fifth “Royal Princess” class vessel) (Carniv
Slide 5: FY 2016 main deliveries (1/2)
FY 2016 main deliveries (1/2) Deliveries in Q4 Vessel Client Shipyard Cruise ship “Viking Sea” Viking Ocean Cruises Ancona Cruise ship “Koningsdam” (prototype) Holland America Line Marghera (Carnival Corporation) Cruise ship “Carnival Vista” Carnival Cruise Lines Monfalcone (prototype) Cruise ship “
Slide 6: FY 2016 main deliveries (2/2)
FY 2016 main deliveries (2/2) Deliveries in Q4 Vessel Client Shipyard OSCV “Skandi Açu” Techdof Brasil Vard Søviknes AHTS “Skandi Paraty” DOF Vard Niterói Offshore 3 LPG carriers “Barbosa Transpetro Vard Promar (Vard) Lima Sobrinho”, “Darcy Ribeiro” and “Lucio Costa” OSCV “Normand Maximus” Solstad O
Slide 7: Order intake and backlog – by segment
Order intake and backlog – by segment Order intake Total backlog(1) Comments € mln € mln • Consistent growth of backlog across all 2.4x 1.5x 4.5x 5.4x segments, notably in Shipbuilding 24,031 • Order intake 10,087 − Shipbuilding: 12 units (2 cruise ships, 5,800 7 naval vessels for Qatar Emiri Naval
Slide 8: Backlog deployment – by segment and end market
Backlog deployment – by segment and end market Shipbuilding Offshore Comments # ship deliveries(1) # ship deliveries • 26 ships delivered in 2016, 39 acquired Cruise Naval(2) during the period and 99 in backlog at December 31, 2016 • Cruise: 20 vessels 2016 5 2016 8 2016 13 − Deliveries up to 2022 −
Slide 9: Revenues – by segment and end market
Revenues – by segment and end market Breakdown by segment and end market(1) Comments € mln • Shipbuilding 4,429 − Growth of volumes in cruise reaching 4,183 44% of total Group revenues 10.5% 495 − Gradual ramp-up of naval volumes, 11.4% 498 due to the start of production activities 20.4% 960 related
Slide 10: EBITDA by segment
EBITDA(1) by segment EBITDA and EBITDA margin Comments € mln • Significant improvement of operational -0.6% 6.0% and financial performance in all segments • Shipbuilding 267 − Good performance of cruise projects under construction, with on-time 12.5% 62 delivery of 4 prototype vessels, and of 5.3% 5
Slide 11: Net result
Net result Net result before extraordinary and non recurring items(1) Comments € mln • Result before extraordinary and non 60 recurring items reflects 66 − Improvement of operating (6) (141) performance and margin − Lower finance expenses at € 76 mln (111) (€ 138 mln in FY 2015), which include unrea
Slide 12: Capital expenditures
Capital expenditures Capex Comments € mln 3.8% 5.1% • Tangible capex mainly aimed at 224 − Supporting the development of production volumes, including a 161 80 larger launching system for the 39 production of cruise sections in 144 Romania, new painting systems in 122 Monfalcone and technological (1
Slide 13: Net working capital
Net working capital(1) Breakdown by main components Comments € mln FY 2015 FY 2016 • Net working capital increased to € 265 mln, from € 251 mln in FY 2015 405 Inventories and advances to • The reduction of work in progress, suppliers 590 mainly related to the decrease of volumes in offshore and the
Slide 14: Net financial position
Net financial position(1) Breakdown by main components Comments € mln – Net cash / (Net debt) FY 2015 FY 2016 • Net debt at the end of FY 2016 at € 615 mln, up from € 438 mln in FY 2015 ‒ Most of the Group's debt is related to the financing of current assets associated with cruise ships Non-current
Slide 15: Outlook
Outlook • 2017 results expected to be in line with the Business Plan guidance, following the positive performance in 2016 • Confirmed dividend distribution on 2017 net profit Shipbuilding • Further volume growth and margin improvement thanks to ‒ the start of construction works for cruise sister shi
Slide 16: Investor Relations contacts
Investor Relations contacts Investor Relations Team Angelo Manca - VP Investor Relations +39 040 319 2457 angelo.manca@fincantieri.it Tijana Obradovic +39 040 319 2409 tijana.obradovic@fincantieri.it Silvia Ponso +39 040 319 2371 silvia.ponso@fincantieri.it Alberta Michelazzi +39 040 319 2497 albert
Slide 17: Q&A
Q&A FINCANTIERI The sea ahead 17
Slide 18: Appendix
Appendix FINCANTIER! =
Slide 19: FY 2016 results by segment
FY 2016 results by segment Shipbuilding Offshore Equipment, Systems and Services 19
Slide 20: Shipbuilding
Shipbuilding Highlights Comments € mln FY 2015(1) FY 2016 • 1 cruise ship for Princess • Orders: order intake at € 5,191 mln Order intake 9,194 5,191 Cruises taking backlog to € 16,372 mln Order book 18,539 20,825 • 1 cruise ship for Regent • Revenues: at € 3,246 mln, up 22.4% Seven Seas Cruises Bac
Slide 21: Offshore
Offshore Highlights Comments € mln FY 2015(1) FY 2016 • 4 expedition cruise vessels • Orders: order intake at € 1,138 mln taking for Ponant backlog to € 1,361 mln Order intake 402 1,138 • 2 expedition cruise vessels • Revenues: at € 960 mln, down 19.9% Order book 2,729 2,366 for Hapag-Lloyd − Reduct
Slide 22: Equipment, Systems and Services
Equipment, Systems and Services Highlights Comments € mln FY 2015(1) FY 2016 • Orders: order intake at € 664 mln taking Order intake 773 664 backlog at € 1,155 mln Order book 1,446 1,742 • Revenues: at € 495 mln Backlog 934 1,155 − The increase of volumes in after Revenues 498 495 sales services for
Slide 23: Profit & Loss and Cash flow statement
Profit & Loss and Cash flow statement Profit & Loss statement (€ mln) FY 2015 FY 2016 Revenues 4,183 4,429 Materials, services and other costs (3,337) (3,291) Personnel costs (865) (846) (1) Provisions (7) (25) EBITDA (26) 267 Depreciation, amortization and impairment (111) (110) EBIT (137) 157 (2)
Slide 24: Balance sheet
Balance sheet Balance sheet (€ mln) FY 2015 FY 2016 Intangible assets 518 595 Property, plant and equipment 974 1,064 Investments 62 58 Other non-current assets and liabilities (44) (69) Employee benefits (57) (58) Net fixed assets 1,453 1,590 Inventories and advances 405 590 Construction contracts