02:09 pm - Friday
Finmeccanica: breakdown of key figures
Rome, Italy - Orders, revenues, net profit and net debt
(WAPA) - "To ensure an adequate assessment of the Group’s results, these comments at times take account of changes in the basis of consolidation (in those cases where the effects of the changes can be clearly isolated) but will refer to the performance of Finmeccanica as a whole in those cases where only the overall figures have sufficient indicative value.
New orders totalled EUR 13,656 million, up 18% versus EUR 11,579 million for the first nine months of 2008. Orders mainly related to: Defence and Security Electronics, with the EUR 2,623 million contribution of DRS Technologies, offsetting fewer orders compared with the first nine months of 2008, which benefited from orders relating to the FREMM programme and IT and Security activities; Aeronautics, which acquired more orders in the military segment; Space, with more orders in satellite services; and in Transport, with more orders in all segments.
The order backlog stood at EUR 43,496 million, compared with EUR 42,937 million at 31 December 2008, an increase of EUR 559 million. The increase is due to normal levels of order acquisition and client billing, as well as exchange rate effects at the end of the period that were unfavourable in terms of EURUSD and favourable in terms of EUR-GBP. The order backlog represents around 2.5 years of production.
Revenues in the first nine months of 2009 rose EUR 2,952 million (+30%) to EUR 12,640 million, from EUR 9,688 million in the same period of 2008. The increase was driven by various sectors: Helicopters, thanks to increased activity in both the helicopter component and product support; Defence and Security Electronics, which includes the EUR 2,119 million contribution of DRS Technologies and which, relative to the same period last year, recorded growth in avionics and electro-optics as well as in command and control systems; Aeronautics, due to a larger contribution by the military segment and in particular activities related to the Eurofighter and trainer aircraft; Energy, mainly thanks to work on plant-related orders; and Transport, due mainly to the effect of increased activity in signalling and transport systems.
Adjusted EBITA rose EUR 279 million (+46%) to EUR 885 million, from EUR 606 million in the first nine months of 2008.
The adjusted EBITA margin (ROS) was 7.0%, up 0.7 percentage points compared with the first nine months of 2008.
Net profit fell by EUR 32 million (-8%), to EUR 364 million from EUR 396 million in the same period last year.
Stripping out the net capital gain of EUR 54 million from the sale of 26 million shares in STMicroelectronics, which boosted the net profit figure for the first nine months of 2008, adjusted net profit in 9M 2009 is EUR 22 million (+6%) higher than the same amount of the previous year.
At 30 September 2009, Free Operating Cash Flow (FOCF) was negative (cash burn) by EUR 1,286 million, compared with a negative EUR 1,542 million at 30 September 2008. This represents an improvement of EUR 256 million, mainly due to action taken to limit normal levels of cash burn during the period. This positive change was due to the management of operating activities (EUR 50 million), mainly relating to working capital, and the management of ordinary investment (EUR 206 million), which was lower than in the same period of 2008 owing to less use of resources in some sectors. The FOCF figure for the first nine months of 2009 must however be considered in light of the typical seasonal trend of the period, as trade payables tend to be considerably higher than receipts for much of the year, with the Group recording substantial receipts in the last quarter.
Net debt was EUR 5,220 million, up EUR 1,837 million versus EUR 3,383 million recorded at 31 December 2008. The increase was due to the acquisition of DRS which was financed partly by a capital increase and partly by financial debt from the market. The figure was influenced by negative FOCF of EUR 1,286 million and certain payments including: EUR 237 million paid out by the Parent Company as an ordinary dividend for 2008; EUR 16 million for the minorities’ share of the ordinary dividend paid out by Ansaldo STS to its shareholders for 2008; USD 183 million (about EUR 142 million) paid by Alenia Aeronautica to acquire 25% plus one share of Russian company SCAC; and a second repayment of EUR 80 million to the Ministry of Economic Development by Group companies affected by loan reimbursement plans under Italian Law 808/1985.
Research and development costs rose EUR 110 million to EUR 1,302 million (equivalent to 10% of revenues) from EUR 1,192 million in the first nine months of 2008. R&D was focused on the three strategic pillars of Aeronautics (24% of the Group total), Defence and Security Electronics (37%) and Helicopters (18%).
At 30 September 2009, headcount was 73,983, an increase of 585 compared with 73,398 at 31 December 2008 due to staff hiring. In geographical terms, 59% of staff are located in Italy and 41% are based abroad (mainly in the UK, France and the US)".
(Avionews)
(006)
Direttore Clara Moschini