Fincantieri announces that the board of directors has approved the 2023 consolidated financial statements. Significant financial highlights include a notable 80% growth in EBITDA, with revenues reaching €7,651 million, up 2.8% from the previous year. The EBITDA margin improved to 5.2%, and net cash flows were positive, generating €201 million. Key highlights include:
- Revenue Growth: Revenues reached €7,651 million, up 2.8% from the previous year.
- EBITDA Increase: EBITDA surged by 80% year-on-year, reaching €397 million, with an EBITDA margin of 5.2%, significantly improved from 3.0% in 2022.
- Financial Position: The net financial position improved by 10.3% to €2,271 million, with a leverage ratio (Net financial position/EBITDA) of 5.7x, ahead of the Business Plan’s deleveraging target.
- Cash Generation: The company achieved a positive cash flow, generating €201 million, compared to a €672 million negative cash flow in 2022.
- Commercial Development: Strong commercial development was observed across all businesses, with a total backlog of €34.8 billion, 4.5 times 2023 revenues, and an order intake of €6.6 billion, growing by 23.9% compared to 2022.
- Employee Stock Ownership Plan Approval: The approval of an employee stock ownership plan was announced.
- 2024 Guidance: Targets for 2024 were confirmed, including revenues of approximately €8 billion, representing around a 4.5% year-on-year increase, and an EBITDA margin of around 6%. The leverage ratio is expected to improve, ranging between 5.5x and 6.5x in 2024, accelerating the anticipated deleveraging over the plan horizon.
Pierroberto Folgiero, Fincantieri Chief Executive Officer and General Manager, commented: “In the first year of the new Business Plan, we built and delivered a significant increase in profitability: EBITDA grew by 80% compared to 2022, reaching nearly euro 400 million. The EBITDA margin jumped to 5.2% from 3.0%. Cash generation exceeded expectations, leading to an improving Net financial position.
These achievements were driven by our sound financial discipline, the solid business performance of Shipbuilding, both defence and civil, as well as a strong rebound in the Offshore and Specialized Vessels business. In particular, the latter marked an acceleration in new orders in December. 2023 order intake stood at 6.6 billion, compared to 5.3 billion in 2022. I would like to thank all the people at Fincantieri for these results; they have delivered 26 ships during the year despite the challenging industrial scenario while pursuing the strategic targets of the new Industrial Plan with professionalism and determination.
In 2023, we also set promising strategic landmarks in LNG, methanol and hydrogen engines; in the proprietary data platforms for digital twin, simulation systems and predictive maintenance; in the first applications of artificial intelligence and remote control solutions, in the automation and digitalisation of shipyards, capturing the attention of Italians back to the heavy industry, and, in the new frontier of the underwater domain, where we aim to play a leading role in the industry and the Country”.
Folgiero concluded: “Our 2024 guidance envisages revenues at approximately 8 billion euro, up by 4.5% and in line with Business Plan targets released in May 2023, an EBITDA margin of about 6%, steadily increasing as per the plan, and a NFP accelerating the deleveraging path compared to our initial targets”.
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