Conti Fincantieri, the numbers for the first nine months of 2019

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<! – ->fincantieri_2Fincantieri announced the financial results for the first nine months of 2019. The company ended the period under review with revenues of 4.25 billion euros, up 9.7% compared to the 3.88 billion obtained in the first three quarters of last year, confirming the expectations for growth in 2019 of the Shipbuilding sector and the Systems, Components and Services sector. The gross operating margin also improved, which rose from € 281 million to € 287 million (+ 2.1%); however, margins fell from 7.3% to 6.7%, as a result, to the negative contribution of the Offshore sector and special ships.

At the end of September net debt had risen to 904 million euros, from 494 million at the beginning of the year, consistent with the production volumes developed by the group and with the delivery schedule of the cruise units. Also at the end of September, the order book amounted to € 32.3 billion (approximately 5.9 years of work when compared to revenues in 2018), with a development of orders in the portfolio expected up to 2027; in the first nine months orders for € 6.8 billion were acquired.

Fincantieri reported that the net financial position is expected to improve slightly thanks to the deliveries of 3 cruise ships in the last quarter of the year, while maintaining the need to finance working capital for ships under construction and to be delivered.

In addition, the management approved the decision to exit the small-scale shipbuilding business for the fishery and aquaculture sectors (which in the first nine months of 2019 weighed negatively on EBITDA for 19 million) and the disposal of the Aukra shipyard .

During the conference call commenting the quarterly results the top management of Fincantieri did not confirm the estimate on margins for the entire 2019 and do not exclude the possibility of write down the stake held in VARD.

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