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Annual Report 2019 Annual Report 2019 Fincantieri Group Fincantieri Group

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Annual Report 2019 Annual Report 2019 Fincantieri Group Fincantieri Group ANNUAL REPORT 2019 ANNUAL REPORT 2019 FINCANTIERI GROUP FINCANTIERI GROUP S UMMARY LETTER TO SHAREHOLDERS 4 FINCANTIERI GROUP CONSOLIDATED FINANCIAL STATEMENTS 103 PARENT COMPANY DIRECTORS Contents 105 AND OFFICERS 9 Consolidated statement of fi nancial position 106 THE FINCANTIERI GROUP 13 Consolidated statement of Our vision 14 comprehensive income 107 Our mission 15 Consolidated statement of changes equity 108 Who we are 16 Consolidated statement of Group overview 18 cash fl ows 109 FINCANTIERI GROUP REPORT ON Notes to the Consolidated Financial OPERATIONS 25 Statements 111 Companies included in the Highlights 26 scope of consolidation 222 Overview 27 Management representation Key fi nancials 33 on the consolidated Group performance 34 fi nancial statements 228 Operational review by segment 45 Report by the independent auditors 230 Core markets 52 Research and innovation 56 GLOSSARY 239 Our people 62 Commitment to health and safety 68 Environmental policy 72 Data and information protection 73 Enterprise risk management 75 Corporate governance 88 Other information 89 Alternative performance measures 98 Reconciliation of parent company profi t/(loss) for the year and equity with the consolidated fi gures 99 Reconciliation of the reclassifi ed fi nancial statements used in the report on operations with the mandatory IFRS statements 100 2 3 FINCANTIERI GROUP FINCANTIERI GROUP Giampiero Massolo CHAIRMAN FINCANTIERI To our Shareholders, shipbuilding industry. The two groups will be able to submit bids for binational programs and for export, as well as generating synergies in the areas of procurement and research and 2019 was a two-speed year for the world shipbuilding industry. On the one hand, the innovation, bringing into play common structures, testing instruments and skills networks. demand for cruise ships remained high, although more focused on medium and small As far as the Off shore and Specialized Vessels segment is concerned, 2019 was once again ships, and on the other hand the market for all other types of merchant vessels was once characterized by an almost total absence of orders. The Coronavirus epidemic raises further again marked by stagnant demand. questions about the timing of any recovery in this sector in the face of a dramatic fall in oil All this has led to the proliferation throughout the world, especially in the Far East, of prices. initiatives to consolidate and streamline the production base, with the aim of reducing There is no doubt that the emergency situation we are experiencing makes it diffi cult to read excess capacity and encouraging the emergence of poles of excellence. the future, but Fincantieri is a large, solid and strategic company with important skills that it is Orders for cruise ships with a gross tonnage above 10,000 totalled 25 vessels, including 20 able to make available for the reconstruction of the country. ships of less than 70,000 gross tonnage, a trend refl ecting the unavailability of production The company has successfully overcome other crises in the past and has the right requirements slots for large ships and the consequent off er of deliveries too far in the future. and spirit to emerge strengthened from this momentous challenge. Once again, the global order book for cruise ships in December 2019 reached almost 100 A heartfelt vote of thanks is now due to all our workers, our suppliers and the institutions, in the ships with deliveries extending to 2027. conviction that our recovery will be based on teamwork, requiring sacrifi ces but also yielding This includes orders received from historic customers for 13 cruise ships for 6 diff erent great results. brands, worth a total of over euro 6 billion. This scenario was supported by growth in the segment that exceeded expectations in terms of passenger numbers, confi rming all the demand drivers such as the growing interest in cruises within the tourist market, the entry of new customers or investors willing to attract new customer segments and the need to replace ships built in the early 1990s. Giampiero Massolo However, in the fi rst months of this year, the Coronavirus epidemic abruptly interrupted growth in the tourism sector and the world economy in general, posing major questions CHAIRMAN FINCANTIERI about the extent of its eff ects in the immediate future, in relation to the duration of the lockdown, and how long these eff ects will last. The health crisis has certainly highlighted the vulnerability of the world social and economic system, heightened by globalization which is the connective tissue, in both a positive and negative sense, of our era. With regard to the naval vessels business area, the subsidiary Marinette Marine Corporation, in addition to winning a contract for the construction of the sixteenth vessel in the “Freedom” class of the Littoral Combat Ship (LCS 31) program for the US Navy, has been involved as the shipbuilder of four Multi-Mission Surface Combatants worth approximately $1.3 billion under the Foreign Military Sales program between the United States and Saudi Arabia. In just ten years, the Group’s US shipyards have delivered ten of the LCS program ships and are building a further six vessels, making them the US Navy’s partner of choice. This is undoubtedly an important reference and will support the current bid for the new FFG (X) class frigates for the US Navy. Fincantieri also signed a contract with Chantiers de l'Atlantique as part of the French Navy’s Flotlog program for the construction of bow sections of the 4 LSS based on the design of the “Vulcan” ship, built by Fincantieri for the Italian Navy. Still in the naval vessel business, the full operation of the 50-50 joint venture between Fincantieri and Naval Group is an important milestone in the consolidation of the European 4 5 FINCANTIERI GROUP FINCANTIERI GROUP Giuseppe Bono FINCANTIERI CHIEF EXECUTIVE OFFICER To our Shareholders As part of the strategy to strengthen the focus on high-tech activities, areas of technological innovation have been identifi ed that are considered to have the greatest impact on the production 2019 was a busy year for Fincantieri, a year of challenges but also of satisfaction, with initiatives system and products. This initiative led to the creation of a new hub i.e. a centre of excellence in designed to further strengthen and energize the Company; future years will be even more electronic and software systems and, at the same time, the acquisition of a majority stake in Insis challenging, following the health and economic emergency triggered by the Coronavirus. S.p.A., a company with expertise in areas such as optronics, telecommunications, information The epidemic, which is putting a severe strain on the country, has seen Fincantieri take prompt technology and cybersecurity. action to counter the emergency and safeguard the health and well-being of its people, Inspired by a long-term strategic vision that goes beyond business management and makes it suspending production activities from 16 March 2020. possible to combine the interests of the Group and its main stakeholders with those of the country, The production shutdown was also accompanied by intense activity to ensure a safe start-up Fincantieri has entered the large-scale infrastructure sector, an area in which Italy once excelled. once the crisis is over and to deal with a profoundly altered economic environment. The Company, accustomed to dealing with complex and high value projects, has made available its The priority has been to secure the huge order backlog acquired, which may however, given great organizational capacity and multidisciplinary skills, demonstrating its capacity to deal with the lengthy cycles involved, provide stronger guarantees in terms of our ability to weather the non-naval infrastructure projects and emergency situations, such as the construction of the new storm. bridge in Genoa. In line with this principle, the utmost importance has been given to relations with customers The bridge over the Polcevera river is a highly complex project that Fincantieri is carrying out in and strategic partners in order to search for shared solutions to maintain orders for cruise ships, record time and despite the new diffi culties created by the health emergency. one of the sectors hardest hit by the crisis. Inevitably, the need to remodel production plans has Fincantieri, a rare beacon and a cornerstone of the Italian industrial framework, has a moral duty to emerged, taking into account the needs of cruise lines and the state of our supplier network in play a leading role, alongside the Government, in supporting the recovery of the country, which has terms of availability of resources and materials. been hard hit by the Coronavirus epidemic, helping to drive reconstruction by protecting jobs and The objective pursued is to minimize the impact of the possible slowdown in activity and national production capacity. The constructive interaction with CDP and ENI, aimed at generating a achieve a "new normal" in the interest of all: Fincantieri and its suppliers, but also its customers. positive socioeconomic and environmental impact throughout Italy, will play a valuable role in this. Inevitably, there will be an impact on operating performance in 2020. However, as long as the In the past the company has been put to the test many times and has successfully overcome other situation can be resolved within a reasonable timeframe, the Group will be able to cope with the crises caused by the market, demonstrating cohesive and proven management, with the ability to impact, given its diversifi cation and its solid fi nancial and capital structure. manage diffi culties and build for the future. The scale of this new shock to the social and economic With regard to operating results, FINCANTIERI S.p.A. recorded an excellent performance in fabric is such that only those who have the strength to resist and propose solutions for the road 2019, while the Group's consolidated results were aff ected by the negative performance of the ahead will emerge stronger, taking a leading role.
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