Half Year 2024 Fincantieri SpA Earnings Call Transcript
Key Points
- Fincantieri SpA (FNCNF) successfully completed a EUR400 million Rights issue with 99.2% of new shares subscribed, demonstrating strong market confidence.
- The company reported a 15.6% year-on-year increase in EBITDA, with a margin improvement to 5.8%, reflecting a focus on profitability.
- Order intake reached EUR7.6 billion, significantly higher than the previous year, with a book-to-bill ratio of 2.1 times fiscal year 2023 revenues.
- The backlog reached an all-time high of EUR41.1 billion, providing strong visibility and stability for future revenues.
- Fincantieri SpA (FNCNF) confirmed its 2024 targets for revenues to increase to EUR8 billion and an EBITDA margin of around 6%, with an improved guidance for leverage.
- The net financial position remains negative at EUR2.42 billion, although it has improved compared to the previous year.
- The adjusted net result was negative for EUR10 million, impacted by increased depreciation, amortization, and extraordinary items.
- The company is still affected by deferrals granted to clients post-COVID-19, with EUR600 million in deferrals as of June.
- The leverage ratio is at 5.7 times EBITDA, although expectations are to improve this ratio by the end of 2024.
- The shipbuilding revenues were slightly lower year-over-year, although expected to accelerate in the second half of the year.
Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Fincantieri first half 2024 results presentation. As a reminder, all participants are in listen-only mode. (Operator Instructions)
At this time, I would like to turn the conference over to Pierroberto Folgiero, CEO and Managing Director of Fincantieri. Please go ahead.
Good afternoon, ladies and gentlemen. Thank you for joining us, and welcome to Fincantieri first half 2024 results conference call. Let me begin my -- let me begin by expressing our strong satisfaction for the successful completion of the EUR400 million Rights issue we launched on June 24.
We received an extraordinary reaction from the market with 99.2% of new shares offered subscribed during the Rights offer period and the residual rights sold in the very first minutes of the auction session. A total of over 152 million new shares were subscribed paired with an equivalent number of warrants, giving the right
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