Finmeccanica is Italy’s leading high-tech company, operating in the design and manufacture of helicopters, defence electronics, civil and military aircraft, aerostructures, satellites, space infrastructures, missiles.
It plays a leading role in the European aerospace and defence industry, and participates in some of the biggest international programmes in the sector through well-established alliances with European and American partners. Finmeccanica also boasts significant manufacturing assets and skills in the Transports and Energy sectors. The Group is listed on the Milan Stock Exchange, and operates in Italy and abroad through subsidiaries and joint ventures. It
employs over 61,000 staff in total of which approximately 10,000 in UK, 3,500 in France and 1,600 in US. As part of its drive to maintain and build on its technological expertise, Finmeccanica spends 14% of its revenues on Research and Development.
employs over 61,000 staff in total of which approximately 10,000 in UK, 3,500 in France and 1,600 in US. As part of its drive to maintain and build on its technological expertise, Finmeccanica spends 14% of its revenues on Research and Development.
Rome, 13 May 2008
Board of Directors approves first quarter results. Revenues rise 6%. New orders up 35%
Adjusted EBITA increases 13%. Net profit up versus 1Q07 excluding extraordinary
Board of Directors approves first quarter results. Revenues rise 6%. New orders up 35%
Adjusted EBITA increases 13%. Net profit up versus 1Q07 excluding extraordinary
operations
· Finmeccanica again improved results in the first quarter of 2008. Revenues grew 6% year on year to EUR 2,916 from EUR 2,740 million
· Orders grew sharply (+35%) versus 1Q07. This increase mainly benefited Defence Electronics
and Security (+71%), Space (+74%), Defence Systems (+130%) and Energy (+203%)
· The order backlog grew by 10% versus 1Q07, equivalent to about three years’ production
· Adjusted EBITA grew 13% year on year to EUR 133 million. The greatest contribution
came from Helicopters (+18%), Defence Electronics and Security (+31%) and Defence
Systems (+125%)
· Net profit was EUR 126 million. Excluding the capital gain from the sale of STM shares, net
profit was EUR 72 million (+ EUR 53 million compared to the previous year, an increase of
+279%)
· Net debt fell compared to the same period last year. The level of debt is equal to 37% of
shareholder’s equity and remains below the maximum limit set by the ratings agencies
· The negative free operating cash flow figure should be considered in light of the seasonal
nature of the Group's businesses and is in any case an improvement over 1Q07
· Costs in research and development was equivalent to around 13.5% of revenues
· Finmeccanica again improved results in the first quarter of 2008. Revenues grew 6% year on year to EUR 2,916 from EUR 2,740 million
· Orders grew sharply (+35%) versus 1Q07. This increase mainly benefited Defence Electronics
and Security (+71%), Space (+74%), Defence Systems (+130%) and Energy (+203%)
· The order backlog grew by 10% versus 1Q07, equivalent to about three years’ production
· Adjusted EBITA grew 13% year on year to EUR 133 million. The greatest contribution
came from Helicopters (+18%), Defence Electronics and Security (+31%) and Defence
Systems (+125%)
· Net profit was EUR 126 million. Excluding the capital gain from the sale of STM shares, net
profit was EUR 72 million (+ EUR 53 million compared to the previous year, an increase of
+279%)
· Net debt fell compared to the same period last year. The level of debt is equal to 37% of
shareholder’s equity and remains below the maximum limit set by the ratings agencies
· The negative free operating cash flow figure should be considered in light of the seasonal
nature of the Group's businesses and is in any case an improvement over 1Q07
· Costs in research and development was equivalent to around 13.5% of revenues
Key 1Q 2008 figures (EUR million)
1Q2008 1Q 2007 Chg. Chg.% FY 2007
Revenues 2,916 2,740 176 6% 13,429
Adjusted EBITA (*) 133 118 15 13% 1,045
Adj. EBITA (*) margin 4.6% 4.3% 0,3 p.p. 7.8%
EBIT 123 109 (**) 14 13% 1,084
EBIT margin 4.2% 4.0% 0,2 p.p. 8.1%
Net profit 126 19 107 563% 521
FOCF -928 -1,107 179 16% 375
New orders 3,292 2,430 862 35% 17,916
ROI 16.2% 14.9% 1,2 p.p. 18.9%
VAE -74 -90 16 18% 227
Research and
development 394 402 -8 -2% 1,836
Order backlog 38,888 35,362 3,526 10% 39,304
Net debt 1,928 1,970 -42 -2% 1,158
EPS Adjusted(***) 0.15 0.03 0.12 399% 1.10
Headcount 61,396 58,685 2,711 5% 60,748
1Q2008 1Q 2007 Chg. Chg.% FY 2007
Revenues 2,916 2,740 176 6% 13,429
Adjusted EBITA (*) 133 118 15 13% 1,045
Adj. EBITA (*) margin 4.6% 4.3% 0,3 p.p. 7.8%
EBIT 123 109 (**) 14 13% 1,084
EBIT margin 4.2% 4.0% 0,2 p.p. 8.1%
Net profit 126 19 107 563% 521
FOCF -928 -1,107 179 16% 375
New orders 3,292 2,430 862 35% 17,916
ROI 16.2% 14.9% 1,2 p.p. 18.9%
VAE -74 -90 16 18% 227
Research and
development 394 402 -8 -2% 1,836
Order backlog 38,888 35,362 3,526 10% 39,304
Net debt 1,928 1,970 -42 -2% 1,158
EPS Adjusted(***) 0.15 0.03 0.12 399% 1.10
Headcount 61,396 58,685 2,711 5% 60,748
* Operating result before:
- any impairment in goodwill;
- amortisations of intangibles acquired under business combination;
- reorganization costs that are part of significant, defined plans;
- other exceptional costs or income, i.e. connected to particularly significant events
that are not related to the ordinary performance of the business.
** Items changed due to the retrospective change in the treatment of definedbenefit
plans.
*** Excluding extraordinary operations and minority interests.
- any impairment in goodwill;
- amortisations of intangibles acquired under business combination;
- reorganization costs that are part of significant, defined plans;
- other exceptional costs or income, i.e. connected to particularly significant events
that are not related to the ordinary performance of the business.
** Items changed due to the retrospective change in the treatment of definedbenefit
plans.
*** Excluding extraordinary operations and minority interests.
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