Slide 1: 1H 2021 Results
1H 2021 R ESULTS July 30, 2021 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 Back to profitability: revenues up 28%, EBITDA +84%, adjusted net income €49 mln, guidance confirmed Revenues (€ mln) 3,251 REVENUES EXCLUDING PASS-THROUGH Confirmed guidance on FY 2021 with revenues expected to reach more than +25% 3,026 2,369 ACTIVITIES +28% YOY YoY and EBITDA
Slide 6: Business update
Business update Continuous focus on strategic development C RUISE 5 cruise ships successfully delivered, out of which 3 in July: Viking Venus to Viking Cruises (April), Hanseatic Spirit to Hapag-Lloyd (June), Valiant Lady to Virgin Voyages (July), MSC Seashore to MSC (July), and Rotterdam to Holla
Slide 7: Key strategic initiatives
Key strategic initiatives Seizing future opportunities alongside our strategic partners E COLOGICAL S U S TAI N AB L E I NDUSTRIAL TRANSITION MOBILITY A U T O M AT I O N Letter of Intent with Enel X to build and run Fincantieri NexTech: agreement with LoI with Comau to develop prototypes of ne
Slide 8: Update on ESG
Update on ESG Our sustainability strategy responds to our mission of representing a global model of excellence E NVIRONMENTAL S OCIAL G OVERNANCE R AT I N G S & AWA R D S T A C K L I N G C L I M AT E PROTECTING OUR P ROMOTING AN EFFECTIVE SPOTLIGHT ON CHANGE P E O P L E ’ S H E ALT H & TAX R I S K C
Slide 9: New orders and main deliveries
New orders New orders received across all segments with a cumulative value of €1.7 bn Segment Vessel Client Expected Delivery Shipbuilding FFG-62 frigate(1) US Navy - Somnio(1) Somnio Superyachts 2024 Offshore & 3 Service Operation Vessels North Star Renewables 2023 Specialized Vessels Main deli
Slide 10: Backlog deployment
Backlog deployment Well-balanced visibility both in Cruise and Naval, 3 new orders in Offshore and Specialized Vessels Shipbuilding Offshore & Specialized Vessels # ship deliveries # ship deliveries CRUISE 2021 2 6 8 NAVAL 2021 3 5 8 OSV 2021 2 2 4 35 VESSELS 2022 7 36 VESSELS 2022 9 22 VESSELS 2022
Slide 11: Financial Results
FINANCIAL RESULTS FINCANTIERI The sea ahead
Slide 12: Order intake and backlog
Order intake and backlog Sizeable order intake in ESS and hefty soft backlog Order intake breakdown by segment Total backlog breakdown by segment(1) € mln € mln 0.7x 0.6x 6.5x 6.1x 7.1x 37,912 37,012 35,681 Stable order intake at €1.8 bn, thanks to the positive impact of 9,900 9,400 ESS 1,753 7,90
Slide 13: Revenues
Revenues Record-high production volumes in shipbuilding drive robust revenue performance in line with guidance on 2021 Revenues breakdown by segment(1) € mln +27.7% 3,251 3,026 481 Revenues excluding pass-through activities 220 481 2,369 are up 27.7% YoY thanks to record-high 220 production volumes
Slide 14: EBITDA
EBITDA Better operating margin thanks to higher production volumes and marginality despite higher steel prices EBITDA breakdown by segment(1) € mln +84.0% EBITDA margin at 7.2% excluding 5.0% 7.2% pass-through activities mainly thanks 6.7% to the positive contribution from 219 219 Shipbuilding despi
Slide 15: EBITDA growth
EBITDA growth Better operating margin thanks to higher production volumes and improved marginality EBITDA breakdown by segment(1) Shipbuilding: EBITDA improvement mainly driven by higher production volumes and improved operating margin Offshore and Specialized Vessels: increased operating profit
Slide 16: Net result
Net result Back on track towards profitability despite €42 mln extraordinary items weighting on the bottom line 1H 2021 net result and adjusted net result(1) € mln Profit/(loss) COVID-19 Asbestos related Other Tax effect Adjusted Adjusted net profit at €49 mln (€49 extraordinaries litigations extr
Slide 17: Capex
Capex Investments aimed at strenghtening our execution capabilities at global level Capex by segment € mln 5.2% 5.3% 160 11 Scale up of European and US % of Revenues 12 shipyards in order to compress lead 122 2 times and improve efficiency, Other activities 16 including completion of the upgrade
Slide 18: Net working capital and net financial position
Net working capital and net financial position With 6 cruise ships being delivered in 2H, cash-in is skewed towards the second half of the year Net Working Capital breakdown by component Net Financial Position breakdown by component(1) € mln € mln 826 881 1,666 96 1,963 76 131 Net debt dynamics ar
Slide 19: Outlook
OUTLOOK FINCANTIERI The sea ahead
Slide 20: Update on cruise
Update on cruise 141 ocean ships should enter service by the end of July with 50 brands already operating at global level From May 2021 Europe has pioneered the cruise restart on national routes and with enhanced safety protocols In the UK, the cruise ban was lifted on 17 May. Domestic cruises a
Slide 21: Business outlook
Business outlook Confirmed FY 2021 guidance despite increasing steal prices FY 2021 revenues expected at above +25% YoY and REVENUES EBITDA margin 7.0% despite increasing trend in Net debt at €1.2 bn as of July 2021 (3 cruise ships & commodity prices NET delivered in July with cumulative cash-in
Slide 22: 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 Martina Saiu martina.saiu@fincantieri.it INSTITUTIONAL INVESTORS investor.rela
Slide 23: Q&A
Q&A FINCANTIERI The sea ahead
Slide 24: Appendix
APPENDIX FINCANTIERI The sea ahead
Slide 25: Financial overview – Shipbuilding
Financial overview – Shipbuilding Orders, backlog and deliveries Revenues EBITDA Capex € mln € mln € mln 5.7% 7.1% 7.7% Orders: €1,080 mln (€1,364 mln in 1,014 789 1H 2021) 527 - Residential yacht Somnio 2,916 2,691 - Second Constellation-class 2,031 1,902 1,902 206 206 135 frigate to the US Navy
Slide 26: Financial overview – Offshore & Specialized Vessels
Financial overview – Offshore & Specialized Vessels Orders, backlog and deliveries Revenues EBITDA Capex € mln € mln € mln Orders: €174 mln (€164 mln in 1H -0.4% 1.9% 2020) Backlog: €879 mln (€744 mln in 228 220 1H 2020) 4 1H 2020 2 2 Deliveries(1): 1H 2020 1H 2021 (1) 1H 2021 1H 2020 1H 2021
Slide 27: Financial overview – Equipment, Systems & Services
Financial overview – Equipment, Systems & Services Orders, backlog and deliveries Revenues EBITDA Capex € mln € mln € mln 6.0% 6.6% Orders: €481 mln including new MSC cruise terminal at PortMiami (vs €392 mln in 1H 2020) 481 Backlog: €3,606 mln vs €1,951 392 32 12 12 24 mln in 1H 2020 1H 2020 1H
Slide 28: Financial overview – Profit & Loss and Cash flow statement
Financial overview – Profit & Loss and Cash flow statement € mln 1H 2020 1H 2021 1H 2021 – ex pass through Revenues 2,369 3,251 3,026 Materials, services and other costs (1,810) (2,472) (2,247) Personnel costs (432) (546) (546) Provisions (8) (14) (14) EBITDA 119 219 219 Depreciation, amortization a
Slide 29: Financial overview – Balance sheet
Financial overview – Balance sheet € mln FY 2020 1H 2021 Intangible assets 629 628 Right-of-use asset 85 106 Property, plant and equipment 1,301 1,390 Investments 105 119 Other non-current assets and liabilities (25) (25) Employee benefits (60) (60) Net fixed assets 2,035 2,158 Inventories and advan