Interim Financial Report at 31 March 2024 | |
INDEX | |
PARENT COMPANY DIRECTORS AND OFFICERS | 5 |
REPORT ON OPERATIONS AT 31 MARCH 2024 | 7 |
KEY FINANCIALS | 8 |
GROUP PERFORMANCE | 9 |
OPERATIONAL REVIEW BY SEGMENT | 17 |
BUSINESS OUTLOOK | 24 |
RECONCILIATION OF THE RECLASSIFIED FINANCIAL STATEMENTS USED IN THE REPORT ON | |
OPERATIONS WITH THE MANDATORY IFRS STATEMENTS | 30 |
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AT 31 MARCH 2024 | 33 |
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FIANANCIAL STATEMENTS | 39 |
NOTE 1 - FORM, CONTENTS AND OTHER GENERAL INFORMATION | 40 |
NOTE 2 - SCOPE AND BASIS OF CONSOLIDATION | 45 |
NOTE 3 - ACCOUNTING STANDARDS | 47 |
NOTE 4 - CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS | 47 |
NOTE 5 - INTANGIBLE ASSETS | 48 |
NOTE 6 - RIGHTS OF USE | 50 |
NOTE 7 - PROPERTY, PLANT AND EQUIPMENT | 51 |
NOTE 8 - INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND OTHER | |
INVESTMENTS | 53 |
NOTE 9 - NON-CURRENT FINANCIAL ASSETS | 54 |
NOTE 10 - OTHER NON-CURRENT ASSETS | 55 |
NOTE 11 - DEFERRED TAX ASSETS AND LIABILITIES | 56 |
NOTE 12 - INVENTORIES AND ADVANCES | 57 |
NOTE 13 - CONTRACT ASSETS AND LIABILITIES | 58 |
NOTE 14 - TRADE RECEIVABLES AND OTHER CURRENT ASSETS | 59 |
NOTE 15 - INCOME TAX ASSETS | 61 |
NOTE 16 - CURRENT FINANCIAL ASSETS | 61 |
NOTE 17 - CASH AND CASH EQUIVALENTS | 61 |
NOTE 18 - EQUITY | 62 |
NOTE 19 - PROVISIONS FOR RISKS AND CHARGES | 66 |
NOTE 20 - EMPLOYEE BENEFITS | 67 |
NOTE 21 - NON-CURRENT FINANCIAL LIABILITIES | 68 |
NOTE 22 - OTHER NON-CURRENT LIABILITIES | 69 |
NOTE 23 - TRADE PAYABLES AND OTHER CURRENT LIABILITIES | 69 |
NOTE 24 - CURRENT FINANCIAL LIABILITIES | 70 |
NOTE 25 - REVENUE AND INCOME | 72 |
NOTE 26 - OPERATING COSTS | 73 |
NOTE 27 - FINANCIAL INCOME AND EXPENSES | 75 |
NOTE 28 - INCOME AND EXPENSE FROM INVESTMENTS | 76 |
NOTE 29 - INCOME TAXES | 77 |
NOTE 30 - OTHER INFORMATION | 78 |
NOTE 31 - CASH FLOWS FROM OPERATING ACTIVITIES | 91 |
NOTE 32 - SEGMENT INFORMATION | 92 |
NOTE 33 - ASSETS HELD FOR SALE | 95 |
NOTE 34 - ACQUISITION OF THE REMAZEL GROUP | 95 |
NOTE 35 - EVENTS AFTER 31 MARCH 2024 | 97 |
Interim Financial Report at 31 March 2024 | |
COMPANIES INCLUDED IN THE SCOPE OF CONSOLIDATION | ....................................................................................................99 |
INDEPENDENT AUDITOR'S REPORT | 105 |
GLOSSARY | 108 |
Interim Financial Report at 31 March 2024
PARENT COMPANY DIRECTORS AND OFFICERS
BOARD OF DIRECTORS | BOARD OF STATUTORY AUDITORS |
Three-year period 2022-2024 | Three-year period 2023-2025 |
Claudio Graziano (Chairman) | Gabriella Chersicla (Chairman) |
Pierroberto Folgiero (Chief Executive Officer | Elena Cussigh (Standing Auditor) |
and General Manager) | Antonello Lillo (Standing Auditor) |
Paolo Amato | Ottavio De Marco (Alternate Auditor) |
Barbara Debra Contini | Arianna Pennacchio (Alternate Auditor) |
Alberto Dell'Acqua | Marco Seracini (Alternate Auditor) |
Massimo Di Carlo | |
Paola Muratorio | |
Cristina Scocchia | |
Valter Trevisani | |
Alice Vatta | |
Alessandra Battaglia (Secretary) |
MANAGER RESPONSIBLE FOR PREPARING FINANCIAL REPORTS
Felice Bonavolontà
INDEPENDENT AUDITORS | SUPERVISORY BODY Pursuant to Legislative Decree |
231/01 | |
Nine-year period 2020-2028 | Three-year period 2024-2026 |
Deloitte & Touche S.p.A. | Attilio Befera (Chairman - External Member) |
Davide Carlino (Internal Member) | |
Iole Anna Savini (External Member) |
For detailed information on the composition and functions of the Board Committees (the Control and Risk Committee, which is also responsible for the functions of the committee responsible for related party transactions except for resolutions on remuneration, the Remuneration Committee, which is assigned the functions of the committee responsible for transactions with related parties in the case of resolutions on remuneration associated with related party transactions, the Nomination Committee and the Sustainability Committee) reference should be made to the Report on corporate governance and ownership structure available on the Company website in the "Ethics and Governance - Corporate Governance System - Corporate Governance Reports".
DISCLAIMER
Forecast data and information must be regarded as forward-looking statements and therefore, not being based on simple historical facts, contain, by their nature, an element of risk and uncertainty because they also depend on the occurrence of future events and developments outside the Company's control. Actual results could therefore be materially different from those expressed in forward-looking statements. Forward-looking statements refer to the information available at the date of their publication; Fincantieri S.p.A. undertakes no obligation to revise, update or correct its forward-looking statements after such date, other than in the circumstances strictly required by applicable regulations. The forward-looking statements provided do not constitute and shall not be considered by users of the financial statements as advice for legal, accounting, tax or investment purposes nor is it the intention for such statements to create any type of reliance and/or induce such users to invest in the Company.
Interim Financial Report at 31 March 2024
Interim Financial Report at 31 March 2024
REPORT ON OPERATIONS AT 31 MARCH 2024
Interim Financial Report at 31 March 2024
KEY FINANCIALS
31.12.2023 | Economic data | 31.03.2024 | 31.03.2023 | |
and income | euro/million | 1,767 | 1,764 | |
(1) | euro/million | 100 | 87 | |
5.2%EBITDA margin(*) | % | 5.7% | 4.9% | |
(7)Adjusted profit/(loss) for the period(2) | euro/million | (9) | 4 | |
for the period | euro/million | (20) | (7) | |
share of profit/(loss) for the period | euro/million | (18) | (7) | |
31.12.2023 | Financial data | 31.03.2024 | 31.03.2023 | |
2,705Net invested capital | euro/million | 2,855 | 3,474 | |
euro/million | 442 | 552 | ||
2,271Net financial position(3) | euro/million | 2,413 | 2,922 | |
31.12.2023 | Other indicators | 31.03.2024 | 31.03.2023 | |
(**) | euro/million | 539 | 909 | |
34,629Order book(**) | euro/million | 33,519 | 34,737 | |
34,772Total backlog(**)(***) | euro/million | 39,256 | 33,987 | |
23,072- of which backlog(**) | euro/million | 21,956 | 22,687 | |
expenditure | euro/million | 35 | 40 | |
at the end of the period | number | 21,729 | 20,777 | |
85Vessels in order book | number | 85 | 89 |
- Ratio between EBITDA and Revenue and income. (**) Net of eliminations and consolidation adjustments. (***) Sum of backlog and soft backlog.
(1) This figure does not include Extraordinary and non-recurring income and expenses. See the definition contained in the section Alternative Performance Measures.
(2) Profit/(loss) for the period before extraordinary and non-recurring income and expenses
(3) See the definition contained in the section Alternative Performance Measures.
The percentages contained in this report have been calculated with reference to amounts expressed in thousands of euros
Interim Financial Report at 31 March 2024
GROUP PERFORMANCE
ORDER INTAKE, ORDER BACKLOG AND DELIVERIES
In the first three months of 2024, the Group recorded euro 539 million in new orders, compared with euro 909 million in the corresponding period of 2023, with a book-to-bill ratio (order intake/revenue) of 0.3 (0.5 at 31 March 2023).
31.12.2023 | intake analysis (euro/million) | 31.03.2024 | 31.03.2023(*) | |||
Amounts % | Amounts | % | Amounts | % | ||
3,336 | 51 | S.p.A. | 103 | 19 | 82 | 9 |
3,264 | 49 | of Group | 436 | 81 | 827 | 91 |
6,600 | 100 | 539 | 100 | 909 | 100 | |
4,148 | 63 | 141 | 26 | 252 | 28 | |
1,801 | 27 | and Specialized vessels | 498 | 92 | 533 | 59 |
1,050 | 16 | Systems and Infrastructure | 207 | 38 | 238 | 26 |
(399) | (6)Consolidation adjustments | (307) | (57) | (114) | (13) | |
6,600 | 100Total | 539 | 100 | 909 | 100 |
(*) Comparative figures have been restated following the redefinition of the operating segments.
The Group's total backlog reached a record level of about euro 39.3 billion at 31 March 2024, comprising euro 22.0 billion of backlog (euro 23.1 billion at 31 December 2023) and euro 17.3 billion of soft backlog (euro 11.7 billion at 31 December 2023) with development of the projects in the order book expected to continue up to 2030.
The backlog and total backlog guarantee about 2.9 years and 5.1 years of work respectively in relation to 2023 revenues. The composition of the backlog by segment is shown in the following table.
31.12.2023 | backlog analysis (euro/million) | 31.03.2024 | 31.03.2023(*) | |||||
Amounts | % | Amounts | % | Amounts | % | |||
15,883 | 69 | S.p.A. | 14,882 | 68 | 16,537 | 73 | ||
7,189 | 31 | of Group | 7,074 | 32 | 6,150 | 27 | ||
23,072 | 100 | 21,956 | 100 | 22,687 | 100 | |||
18,908 | 82 | 17,755 | 81 | 19,246 | 85 | |||
1,866 | 8 | and Specialized vessels | 2,086 | 10 | 1,344 | 6 | ||
2,688 | 12 | Systems and Infrastructure | 2,730 | 12 | 2,513 | 11 | ||
(390) | (2)Consolidation adjustments | (615) | (3) | (416) | (2) | |||
23,072 | 100 | 21,956 | 100 | 22,687 | 100 | |||
11,700 | 100 | backlog (**) | 17,300 | 100 | 11,300 | 100 | ||
34,772 | 100Total backlog | 39,256 | 100 | 33,987 | 100 |
(*) Comparative figures have been restated following the redefinition of the operating segments.
- Soft backlog represents the value of contract options, existing letters of intent and projects at an advanced stage of negotiation not yet reflected in the order backlog.
Interim Financial Report at 31 March 2024
The analysis of the numbers of ships delivered and those in the order book is shown in the following table.
Deliveries, Order Intake and Order book (number of ships) | 31.03.2024 | 31.03.2023 |
Ships delivered | 4 | 5 |
Vessels ordered | 4 | 6 |
Vessels in order book | 85 | 89 |
CAPITAL EXPENDITURE
31.12.2023(*) | Capital expenditure analysis | 31.03.2024 | 31.03.2023(*) | ||
(euro/million) | |||||
Amounts | % | Amounts | % | Amounts | % |
124 | 48Fincantieri S.p.A. | 15 | 43 | 20 | 50 |
134 | 52Rest of Group | 20 | 57 | 20 | 50 |
258 | 100Total | 35 | 100 | 40 | 100 |
162 | 63Shipbuilding | 21 | 60 | 28 | 70 |
24 | 9Offshore and Specialized vessels | 6 | 17 | 2 | 5 |
35 | 14Equipment, Systems and Infrastructure | 5 | 14 | 6 | 15 |
37 | 14Other activities | 3 | 9 | 4 | 10 |
258 | 100Total | 35 | 100 | 40 | 100 |
55 | 21Intangible assets | 9 | 26 | 8 | 20 |
203 | 79Property, plant and equipment | 26 | 74 | 32 | 80 |
258 | 100Total | 35 | 100 | 40 | 100 |
(*) Comparative figures have been restated following the redefinition of the operating segments.
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Fincantieri S.p.A. published this content on 12 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 June 2024 21:24:01 UTC.