Editor in chief:
CLARA MOSCHINI

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Leonardo: the most disappointing budget of the companies controlled by the State

It will take a long time to get back to normal

There are no words to comment on the latest budget published yesterday by Leonardo. Profumo certifies the further reduction of Leonardo's business perimeter. Just look at the table below to understand that now the company, the flagship of the Italian defense industry, is close to collapse. It will take a long time for a recovery. The next Government will have to take serious measures on the top of the company that have not been able to relaunch Leonardo after the management by former Mauro Moretti. We would like to point out that: "Leonardo's Board of Directors has resolved to propose to the Shareholders' Meeting the distribution of a dividend of € 14 cent, from the profit of the year 2017, gross of any withholding taxes".

Each consideration to the shareholders...

Below is the comparative table between 2016 and 2017 of the budget items published by Leonardo.

Group (Euro million)
FY2017
FY2016
Chg
Chg%
New orders
11,595
19951
(8356)
(41.9%)
Order backlog
33578
34798
(1220)
(3.5%)
Revenues
11,527
12,002
(475)
(4.0%)
EBITDA (*)
1,588
1,907
(319)
(16.7%)
EBITA (**)
1,066
1,252
(186)
(14.9%)
ROS
9.2%
10.4%
(1,2) pp

EBIT (***)
833
982
(149)
(15.2%)
EBIT Margin
7.2%
8.2%
(1.0) pp

Net result before extraordinary transactions
274
545
(271)
(49.7%)
Net result   
274
507
(233)
(46.0%)
Group net debt2,579
2,845
(266)
(9.3%)
FOCF
537
706
(169)
(23.9%)
ROI
14.9%
16.9%
(2,0) pp

ROE
6.2%
12.6%
(6.4) pp

Workforce (no)45134
45631
(497)
(1.1%)


(*) EBITDA is obtained eliminating from EBITA the amortization and depretiation of the portion of the purchase price allocated to intangible assets as part of business combinations, restructuring costs that are a part of defined and significant plans, other exceptional costs or income, i.e. connected to particularly significant events that are not related to the ordinary performance of the business. 

(**) EBITA is obtained by eliminating from EBIT the following items: any impairment in goodwill; amortisation and impairment, if any, of the portion of the purchase price allocated to intangible assets as part of business combinations, restructuring costs that are a part of defined and significant plans; other exceptional costs or income, i.e. connected to particularly significant events that are not related to the ordinary performance of the business. 

(***) EBIT is obtained by adding to earnings before financial income and expense and taxes the Group’s share of profit in the results of its strategic Joint Ventures (ATR, MBDA, Thales Alenia Space and Telespazio).

nat/bru - 1210578

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