The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Gabriele Gambarova - Banca Akros S.p.A., Research Division - Analyst
: Regarding the -- this outstanding achievement on the FFG(X) program in the U.S., I was wondering if this huge program will impose some kind of
additional CapEx in the near future. And then if you can tell me in terms of, let's say, margins, if you think it will be accretive, dilutive versus, let's
say, the naval margins, naval profitability. This is my first question.
Question: Gabriele Gambarova - Banca Akros S.p.A., Research Division - Analyst
: Okay. And listen, regarding your Q1 results, I mean, the top line was just down by 4.5% despite the reduction of production time of 20%. I mean I
missed something because...
Question: Gabriele Gambarova - Banca Akros S.p.A., Research Division - Analyst
: No. Just was trying to understand if -- the business was doing so well until, let's say, 15th of March. I mean this is the explanation. The business was
up strongly before the lockdown and then we lost around EUR 190 million, and you reached this...
Question: Gabriele Gambarova - Banca Akros S.p.A., Research Division - Analyst
: Yes. I'm trying to understand the performance in Q1. I don't think there is anything strange in this. So it means that the business was very sound
until the day before the lockdown and then you had this loss of EUR 190 million because of the lockdown. I'm just wondering if this is the explanation.
Question: Gabriele Gambarova - Banca Akros S.p.A., Research Division - Analyst
: I'm not looking for conclusions. I mean I was just -- I mean I just wanted to understand the trend across the quarter. And you explained me very
well. No, I was surprised only because I was expecting the cruise business to go up only moderately. That's it. I'm not hinting anything. There isn't
anything strange at all. I was just surprised because I was expecting, say, a mid-single-digit growth in the cruise. And instead, there was a very
strong growth in Q1, full stop.
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