Slide 1: FY 2017 Results
FY 2017 RESULTS March 28, 2018
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 2017 Key Messages
FY 2017 Key Messages • Results in line with Business Plan 2016-2020 targets • Record-high revenues, exceeding € 5 billion (+13% vs FY 2016), EBITDA at € 341 million (+28% vs FY 2016), Adjusted Net Profit(1) of € 91 million (+52% vs FY 2016) and Profit for the year at € 53 million (279% vs FY 2016) •
Slide 4: FY 2017 main orders (1/2)
FY 2017 main orders (1/2) Orders acquired in Q4 Vessel Client Delivery 4 cruise ships Norwegian Cruise Line 2022-2025 1 cruise ship Holland America Line 2021 (Carnival Corporation) 1 cruise ship Princess Cruises 2022 (sixth “Royal Princess” class vessel) (Carnival Corporation) 1 cruise ship Silverse
Slide 5: FY 2017 main orders (2/2)
FY 2017 main orders (2/2) Orders acquired in Q4 Vessel Client Delivery 1 krill fishing vessel Aker BioMarine 2018 1 live fish transportation vessel Fjordlaks Aqua 2018 1 research expedition vessel Rosellinis Four-10 2020 (wholly-owned by the industrialist Kjell Inge Røkke) 1 expedition cruise vessel
Slide 6: FY 2017 main deliveries (1/2)
FY 2017 main deliveries (1/2) Deliveries in Q4 Vessel Client Delivery Cruise ship “Viking Sky” Viking Ocean Cruises Ancona Cruise ship “Majestic Princess” Princess Cruises Monfalcone (Carnival Corporation) Cruise ship “Silver Muse” Silversea Cruises Sestri Ponente FREMM “Rizzo” Italian Navy Muggiano
Slide 7: FY 2017 main deliveries (2/2)
FY 2017 main deliveries (2/2) Deliveries in Q4 Vessel Client Delivery OSCV “Skandi Buzios” Techdof Vard Søviknes OSCV “Far Superior” Farstad Vard Vung Tau OSCV “Skandi Vinland” DOF Vard Langsten 2 Module Carrier Vessels Kazmortransflot Vard Braila Offshore 6 Module Carrier Vessels Topaz Energy and M
Slide 8: Order intake and backlog – by segment
Order intake and backlog – by segment Order intake Total backlog(1) € mln € mln 1.5x 1.7x 5.4x 5.2x 26,153 24,031 4,100 8,554 573 5,800 1,186 1,418 888 6,505 1,155 664 1,361 1,138 Backlog 22,053 Backlog 20,238 7,526 18,231 16,372 5,191 (488) (433) (657) (789) FY 2016 FY 2017 FY 2016 FY 2017 Shipbuil
Slide 9: Backlog deployment – by segment and end market
Backlog deployment – by segment and end market Shipbuilding Offshore Comments # ship deliveries(1) # ship deliveries • 25 units delivered in FY 2017, 32 units Cruise Naval(2) acquired in the period, 106 ships in backlog at December 31, 2017 2018 5 2018 7 2018 24 8 32 • Cruise: 26 vessels − Deliverie
Slide 10: Revenues – by segment and end market
Revenues – by segment and end market Breakdown by segment and end market(1) Comments € mln • Shipbuilding 5,020 − Growth of revenues in cruise, reaching 10.4% 558 49% of Group’s total 4,429 − Progress of Italian Navy's fleet renewal 10.5% 495 program and full swing of design 17.5% 943 activities for
Slide 11: EBITDA by segment
EBITDA(1) by segment EBITDA and EBITDA margin Comments € mln • EBITDA margin at 6.8%, vs 6.0% in FY 6.0% 6.8% 2016 • Shipbuilding 341 − Improved performance in cruise thanks to the enhancement of production and 11.5% 64 design processes, progress of more 267 profitable projects and of the naval 4.4%
Slide 12: Net result
Net result Adjusted Net result (1,2) Comments € mln • The adjusted result reflects: 91 − Improvement of operating performance and margin 60 − Increased financial charges at € 88 95 66 mln (vs € 76 mln in FY 2016), due to the increase of unrealized foreign (6) (4) exchange losses for € 17 mln and alb
Slide 13: Capital expenditures
Capital expenditures Capex Comments € mln 5.1% 3.2% • Tangible capex mainly aimed at supporting the development of 224 production volumes: 163 80 − introduction of new sandblasting and 55 painting systems at the Monfalcone 144 yard 108 − reorganization of operational areas FY 2016 FY 2017 − technolo
Slide 14: Net working capital
Net working capital(1) Breakdown by main components Comments € mln FY 2016 FY(120) 2017 • Net working capital decrease to € (120) mln from € 265 mln in FY 2016 Inventories and advances to suppliers − Increase of € 245 mln in Inventories 590 835 and advances to suppliers in the naval business 604 Wor
Slide 15: Net financial position
Net financial position(1) Breakdown by main components Comments € mln – Net cash / (Net debt) FY 2016 FY 2017 • Net debt at the end of FY 2017 at € 314 mln (€ 615 mln in FY 2016) ‒ Thanks also to the cash-in of the final 123 115 installments for delivered cruise ships 35 33 and the advance payments
Slide 16: Investor Relations contacts
Investor Relations contacts Investor Relations Team Cristiano Pasanisi – VP Group Treasury, Corporate Finance & Investor Relations +39 040 319 2375 cristiano.pasanisi@fincantieri.it Matteo David Masi – Head of Investor Relations +39 040 319 2334 matteodavid.masi@fincantieri.it Alberta Michelazzi +39
Slide 17: Q&A
Q&A FINCANTIERI The sea ahead 17
Slide 18: Appendix
Appendix FINCANTIER! =
Slide 19: FY 2017 results by segment
FY 2017 results by segment Shipbuilding Offshore Equipment, Systems and Services 19
Slide 20: Shipbuilding
Shipbuilding Revenues Comments € mln 22 • Revenues: € 3,883 mln, up 19.6 % vs FY 2016 12 1,212 − Growth of revenues in cruise, reaching 49% of Group’s total Other Shipbuilding 1,156 − Progress of Italian Navy's fleet renewal program and full 3,246 3,883 Naval swing of design activities for the Qatar
Slide 21: Offshore
Offshore Revenues Comments € mln • Revenues: € 943 mln, down 1.8% vs FY 2016 − Slight reduction of production volumes due to the downturn of production in Norway and Brazil and negative effect of NOK/EUR exchange rate (€ 3 mln) 960 943 − Partially offset by growth of volume in Vietnam and Romania sh
Slide 22: Equipment, Systems and Services
Equipment, Systems and Services Revenues Comments € mln • Revenues: € 558 mln, up 12.7% vs FY 2016 − The increase in revenues is mainly due to the higher volume of cabins and public areas installation and to the growth in 495 558 volume of after sales activities, driven by workload for the Italian N
Slide 23: Profit & Loss and Cash flow statement
Profit & Loss and Cash flow statement Profit & Loss statement (€ mln) FY 2016 FY 2017 Revenues 4,429 5,020 Materials, services and other costs (3,291) (3,742) Personnel costs (846) (909) (1) Provisions (25) (28) EBITDA 267 341 Depreciation, amortization and impairment (110) (120) EBIT 157 221 (2) Fi
Slide 24: Balance sheet
Balance sheet Balance sheet (€ mln) FY 2016 FY 2017 Intangible assets 595 582 Property, plant and equipment 1,064 1,045 Investments 58 53 Other non-current assets and liabilities (69) 122 Employee benefits (58) (59) Net fixed assets 1,590 1,743 Inventories and advances 590 835 Construction contracts