Slide 1: 2016 First Quarter Results
2016 FIRST QUARTER RESULTS 12 May 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: Q1 2016 Key Messages
Q1 2016 Key Messages • Guidance 2016 and medium term targets confirmed: solid Q1 2016 results with positive net result and 4.9% EBITDA margin mark a turning point for the Group compared to the second half of 2015 and are in line with the Business Plan 2016 targets of revenue growth of 4-6%, EBITDA m
Slide 4: Q1 2016 main orders and main deliveries
Q1 2016 main orders Vessel Client Delivery 1 ultra-luxury cruise ship Regent Seven Seas 2020 (“Seven Seas Explorer” sister ship) Cruises Shipbuilding 1 Littoral Combat Ship unit(1) US Navy 2020 1 Stern Trawler Havfisk ASA 2018 Offshore Q1 2016 main deliveries Vessel Client Shipyard Cruise ship “Viki
Slide 5: Order intake and backlog – by segment
Order intake and backlog – by segment Order intake Backlog Comments € mln € mln • Confirmed ability to continuously convert 0.1x 0.7x commercial negotiations into contracts Soft Soft • Order intake 713 backlog backlog − Shipbuilding: 4 units (1 cruise ship, 1 € 3.0 bln € 3.8 bln naval vessel and 2(1
Slide 6: Backlog deployment – by segment and end market
Backlog deployment – by segment and end market Shipbuilding Offshore Comments # ship deliveries(1) # ship deliveries • 87 ships in backlog at 31 March 2016 Cruise Naval(2) • Cruise: 22 vessels − Visibility of deliveries up to 2022 with 2016 2 3 5 2016 1 9 10 2016 3 15 18 2 units scheduled after 2020
Slide 7: Revenues – by segment and end market
Revenues – by segment and end market Breakdown by segment and end market(1) Comments € mln • Shipbuilding 1,110 − Higher volumes in cruise (with 11 1,048 units under construction) 3.7% 41 4.9% 53 − Full start of production of the Italian Navy’s fleet renewal program 29.3% 330 22.0% 236 expected in l
Slide 8: EBITDA by segment
EBITDA(1) by segment EBITDA and EBITDA margin Comments € mln • Turning point vs. negative EBITDA of Q3 5.3% 4.9% and Q4 of 2015 caused by extra costs on cruise ships in delivery in 2016 59 • Shipbuilding 51 − Ability to manage the delivery of several 10.3% 4 highly complex prototypes on time − Margi
Slide 9: Net result
Net result Profit before extraordinary and non recurring items(1) Comments € mln • Result before extraordinary and non 5 recurring items reflects 2 3 − Lower finance expenses at € 20 mln 0 vs. € 42 mln in Q1 2015, which include unrealized foreign exchange (21) income for € 10 mln related to a Vard P
Slide 10: Capital expenditures
Capital expenditures Capex Comments € mln • Tangible capex mainly aimed at 2.6% 2.7% supporting the development of production volumes and improving 29 28 safety conditions and compliance with 6 8 environmental regulations within the production sites 23 20 • Intangible capex mainly related to the dev
Slide 11: Net working capital
Net working capital(1) Breakdown by main components Comments € mln • Net working capital at the end of Q1 FY 2015 Q1 2016 2016 decreased to € 154 mln, compared Inventories and advances to 405 to € 251 mln in FY 2015 due to suppliers 428 ‒ Delivery of two cruise ships during the quarter which more th
Slide 12: Net financial position
Net financial position(1) Breakdown by main components Comments € mln – Net cash / (Net debt) • Net debt at the end of Q1 2016 at € 363 FY 2015 Q1 2016 mln, down from € 438 mln in FY 2015 ‒ Q1 2016 inflows funded the growing construction activity related to cruise vessels and contributed to the Non-
Slide 13: Outlook
Outlook • Guidance 2016 confirmed • Guidance 2018 confirmed • Guidance 2020 confirmed ‒ Revenue increase 4-6% vs. 2015 ‒ Revenue increase 16-23% vs. ‒ Revenue increase 16-21% vs. Guidance ‒ EBITDA margin ~ 5% 2016 2018 ‒ Positive net result ‒ EBITDA margin ~ 6-7% ‒ EBITDA margin ~ 7-8% ‒ Net debt at
Slide 14: 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 15: FINCANTIERI
< 0 Oo FINCANTIERI 15
Slide 16: Appendix
Appendix tn he FINCANTIERI
Slide 17: Q1 2016 results by segment
Q1 2016 results by segment Shipbuilding Offshore Equipment, Systems and Services 17
Slide 18: Shipbuilding
Shipbuilding Highlights Comments € mln FY 2015 Q1 2015 Q1 2016 • “Seven Seas Explorer” for • Orders: order intake at € 639 mln taking Order intake 9,262 45 639 Regent Seven Seas backlog to € 14.0 bln Order book 18,540 10,363 18,402 Cruises (Norwegian Cruise • Revenues: at € 784 mln, up 4.0% Line Hol
Slide 19: Offshore
Offshore Highlights Comments € mln FY 2015 Q1 2015 Q1 2016 • 1 Stern Trawler for Havfisk • Orders: weak order intake at € 68 mln Order intake 402 30 68 ASA • Revenues: at € 236 mln, down 28.5% − Revenue decrease driven by the Order book 2,729 3,243 2,414 reduction of activities following the order B
Slide 20: Equipment, Systems and Services
Equipment, Systems and Services Highlights Comments € mln FY 2015 Q1 2015 Q1 2016 • Orders: order intake at € 203 mln taking Order intake 639 25 203 backlog at € 881 mln Order book 1,181 674 1,354 • Revenues: up to € 53 mln Backlog 732 284 881 − Increase of volumes both in after sales Revenues 226 4
Slide 21: Profit & Loss and Cash flow statement
Profit & Loss and Cash flow statement Profit & Loss statement (€ mln) FY 2015 Q1 2015 Q1 2016 Revenues 4,183 1,110 1,048 Materials, services and other costs (3,337) (818) (769) Personnel costs (865) (237) (223) (1) Provisions (7) 4 (5) EBITDA (26) 59 51 Depreciation, amortization and impairment (111
Slide 22: Balance sheet
Balance sheet Balance sheet (€ mln) FY 2015 Q1 2015 Q1 2016 Intangible assets 518 533 522 Property, plant and equipment 974 970 974 Investments 62 63 63 Other non-current assets and liabilities (44) (42) (23) Employee benefits (57) (61) (56) Net fixed assets 1,453 1,463 1,480 Inventories and advance