Finmeccanica: Board of Directors approves first-half results

Rome, Italy - Results in line with budget

(WAPA) - Finmeccanica's Board of Directors approved yesterday first-half results. Revenues and operating profits remain stable. Net profit of EUR 194 million.

In detail:

· Overall results in line with forecasts and guidance for full-year 2010.

· Revenues rose 1.5% to EUR 8,654 million, from EUR 8,523 million in 1H09.

· Adjusted EBITA fell to EUR 586 million, versus EUR 605 million in 1H09. The adjusted EBITA margin was 6.8%, versus 7.1% in 1H09.

· Net profit totalled EUR 194 million, a decline on the EUR 242 million recorded in 1H09.

· Net debt at EUR 4,624 million, up EUR 1,554 million compared with 31 December 2009. This reflects normal seasonality in the productive cycle and typical receipts for the Group’s companies.

· FOCF was a negative EUR 967 million, versus a negative EUR 695 million in 1H09.

· New orders totalled EUR 8,050 million, versus EUR 8,327 million in 1H09. Improved performance in Helicopters (supply of AW-101 helicopters to the Indian Air Force and recovery in the civil helicopters segment) and Aeronautics (increased orders in the military segment) partially offset the decline in other sectors.

· The order backlog closed at EUR 45,803 million, up versus 45,143 million at 31 December 2009, and accounts for more than two and a half years of production.

· R&D costs stood at EUR 880 million, or 10% of revenues.

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