Slide 1: FY 2015 Results
FINCANTIERI The sea ahead ee . FY 2015 RESULTS 31 March 2016
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 2015 Key Highlights
FY 2015 Key Highlights Key Business Highlights • All time high order intake, thanks to existing and new clients relationships, leading to long-term visibility for the Group • In Shipbuilding: ‒ Relevant agreements with 3 cruise operators, long-established clients (e.g. Carnival, Viking) and new entr
Slide 4: FY 2015 main orders (1/2)
FY 2015 main orders (1/2) Orders acquired in Q4 Vessel Client Delivery 2 Littoral Combat Ship units US Navy 2019 2 FREMM units Italian Navy after 2020 1 Logistic Support Ship unit Italian Navy 2019 TO COME (LSS) 7 Multipurpose Offshore Patrol Italian Navy 2021 - 2026 Ship units (PPA) Shipbuilding 1
Slide 5: FY 2015 main orders (2/2)
FY 2015 main orders (2/2) Orders acquired in Q4 Vessel Client Delivery DSCV (Diving Support and Kreuz Subsea 2017 Construction Vessel) 2 OSCV (Offshore Subsea Topaz Energy and Marine 2017 Construction Vessels) 1 Stern Trawler Undisclosed Canadian 2016 Offshore client 1 Coastal Fishing Vessel Breivik
Slide 6: FY 2015 main deliveries (1/2)
FY 2015 main deliveries (1/2) Deliveries in Q4 Vessel Client Shipyard Cruise ship “Britannia” P&O Cruises Monfalcone Cruise ship “Viking Star” Viking Ocean Cruises Marghera Cruise ship “Le Lyrial” Ponant Ancona FREMM “Carabiniere” Italian Navy Muggiano Shipbuilding LNG ferry “F.-A.- Gauthier” Sociét
Slide 7: FY 2015 main deliveries (2/2)
FY 2015 main deliveries (2/2) Deliveries in Q4 Vessel Client Shipyard OSCV “Far Sleipner” and “Far Farstad Shipping Vard Langsten Sentinel” OSCV “Skandi Africa” DOF Subsea Vard Søviknes Research and surveillance vessel Norwegian Navy Vard Langsten “Marjata” Offshore AHTS “Skandi Angra” Norskan Offsh
Slide 8: Summary of financial performance indicators
Summary of financial performance indicators(1) Comments € MM FY 2014 FY 2015 • Order intake at € 10.1 BN Order intake 5,639 10,087 • Order book at € 22.1 BN Order book 15,019 22,061 • Backlog at € 15.7 BN Backlog 9,814 15,721 • Soft backlog at € 3.0 BN Soft backlog 5,000 3,000 • Revenues at € 4.2 BN
Slide 9: Order intake and backlog – by segment
Order intake and backlog – by segment Order intake Backlog Comments € MM € MM • All time high order intake at € 10.1 BN (€ 1.3x 2.4x 2.2x 3.8x 5.6 BN in FY 2014), with book-to-bill ratio Soft at 2.4x backlog 10,087 € 3.0 BN ‒ Shipbuilding at € 9.3 BN 639 15,721 24 units, of which 9 cruise ships, 1
Slide 10: Backlog deployment – by segment and end market
Backlog deployment – by segment and end market Shipbuilding Offshore Comments # ship deliveries(1) # ship deliveries • Cruise Cruise Naval(2) − Visibility of deliveries up to 2022 − Extension of delivery dates agreed with clients, from 2016 to 1H 2017, 2015 3 2015 5 2015 12 for 2 cruise ships in ord
Slide 11: Revenues – by segment and end market
Revenues – by segment and end market Breakdown by segment and end market(1) Comments € MM • Shipbuilding revenues at € 2.8 BN, 4,399 increased by 5.3% from FY 2014 4,183 4.3% 192 − Higher volumes in cruise partially 5.3% 226 offset by the effects of cost overruns 1,580 on work in progress 1,199 35.3
Slide 12: EBITDA by segment
EBITDA(1) by segment EBITDA and EBITDA margin Comments € MM • Shipbuilding EBITDA at € (23) MM, with 6.8% -0.6% margin at -0.8% − Margins impacted by low prices of 297 cruise ships under construction and 11.1% 21 overload caused by the large number of prototypes simultaneously in the 108 6.8% design
Slide 13: Profit/(loss) before extraordinary and non recurring items
Profit/(loss) before extraordinary and non recurring items(1) Profit/(loss) before extraordinary and non recurring items(1) Comments € MM • Profit/(loss) before extraordinary and non 87 recurring items at € (252) MM, vs. € 87 99 MM in FY 2014 mainly affected by: (252) (12) − Lower EBIT at € (137) MM
Slide 14: Capital expenditures
Capital expenditures Capex Comments € MM • Capex in FY 2015 equal to € 161 MM, 3.7% 3.8% of which: 162 161 ‒ Tangible for € 122 MM mainly aimed 38 39 at supporting the development of production volumes and improving 124 122 safety conditions and compliance with environmental regulations within FY 20
Slide 15: Net working capital
Net working capital(1) Breakdown by main components Comments € MM • Net working capital at the end of FY 2015 FY 2014 FY 2015 increased to € 251 MM, compared to € 405 69 MM for FY 2014 with: Inventories net of advances to suppliers ‒ Increase of work in progress (€ +764 388 MM) and inventories and a
Slide 16: Net financial position
Net financial position(1) Breakdown by main components Comments € MM – Net cash / (Net debt) • Net debt at the end of FY 2015 at € FY 2014 FY 2015 438 MM affected by: ‒ The increase of net working capital Non-current financial receivables 90 82 in the Shipbuilding and Offshore Current financial rece
Slide 17: Key financial ratios
Key financial ratios Profitability ratios Debt ratios Comments ROI (EBIT / Net invested capital) Net debt / EBITDA • ROI at -8.6% and ROE at -20.7% for FY € MM 2015 significantly affected by the (44) [●] 438 [●] negative results for the period and not directly comparable to FY 2014 13.9% • Net debt
Slide 18: Investor Relations contacts
Investor Relations contacts Investor Relations Team Angelo Manca - VP Investor Relations +39 040 319 2457 angelo.manca@fincantieri.it Federica Capuzzo +39 040 319 2612 federica.capuzzo@fincantieri.it Tijana Obradovic +39 040 319 2409 tijana.obradovic@fincantieri.it Silvia Ponso +39 040 319 2371 silv
Slide 19: Appendix
Appendix tn he FINCANTIERI
Slide 20: FY 2015 results by segment
FY 2015 results by segment Shipbuilding Offshore Equipment, Systems and Services 20
Slide 21: Shipbuilding
Shipbuilding Highlights Comments € MM FY 2014 FY 2015 • Orders: high order intake at € 9.3 BN, Order intake 4,400 9,262 taking backlog to € 14.1 BN Order book 10,945 18,540 • Revenues: at € 2.8 BN, up 5.3% from FY Backlog 7,465 14,067 2014, thanks to Revenues 2,704 2,847 ‒ Higher volumes in cruise p
Slide 22: Offshore
Offshore Highlights Comments € MM FY 2014 FY 2015 • Orders: weak order intake at € 402 MM, Order intake 1,131 402 due to a persistently challenging Oil & Gas market environment Order book 3,623 2,729 Backlog 2,124 1,143 • Revenues: at € 1.2 BN down 24.1% vs. FY 2014 due to reduced activity at some R
Slide 23: Equipment, Systems and Services
Equipment, Systems and Services Highlights Comments € MM FY 2014 FY 2015 • Orders: order intake at € 639 MM taking Order intake 204 639 backlog at € 732 MM Order book 663 1,181 ‒ Mainly related to Italian Navy’s fleet Backlog 300 732 renewal program and the conversion of 4 “Minerva” class corvettes
Slide 24: Profit & Loss and Cash flow statement
Profit & Loss and Cash flow statement Profit & Loss statement (€ MM) FY 2014 FY 2015 Revenues 4,399 4,183 Materials, services and other costs (3,234) (3,337) Personnel costs (843) (865) (1) Provisions (25) (7) EBITDA 297 (26) Depreciation, amortization and impairment (99) (111) EBIT 198 (137) (2) Fi
Slide 25: Balance sheet
Balance sheet Balance sheet (€ MM) FY 2014 FY 2015 Intangible assets 508 518 Property, plant and equipment 959 974 Investments 60 62 Other non-current assets and liabilities (48) (44) Employee benefits (62) (57) Net fixed capital 1,417 1,453 Inventories and advances 388 405 Construction contracts an