Leonardo: BoD examined and approved results of first quarter 2019
In line with the objectives of the business plan -ATTACHMENT
Leonardo's Board of Directors, convened today under the Chairmanship of Gianni De Gennaro, examined and unanimously approved the results of the first quarter 2019.
Solid start to the year
All main business delivering and progress in international markets
Growing results in the first quarter
New orders at € 2.5 billon, up 16.4%
Backlog at € 36.6 billion, ensuring coverage for ca. 3 years
Revenues at € 2.7 billion, up 11.2%
EBITA at € 163 million, up 6.5%
Net Result at € 77 million, up 54%
FOCF negative for € 1.1 billion, in line with the usual seasonal trend
2019 Guidance confirmed.
Alessandro Profumo, Leonardo CEO stated “First quarter 2019 results are solid and growing, in line with expectations. We confirm our 2019 Guidance and we are focused on the execution of the Industrial Plan aimed at Group sustainable growth”.
The results were up for the first quarter of 2019 over the comparative period. Key highlights:
New Orders, amounted to EUR 2,518 million and showed, compared to the first three months of 2018 (€ 2,164 mln), an increase of 16.4%, mainly due to Defence Electronics & Security
Order Backlog, amounted to EUR 36,575 million, increasing 9.6% compared to € 33,360 mln in 2018 and ensuring a coverage in terms of equivalent production equal to about three years
Revenues, amounted to EUR 2,725 million, an increase of 11.2% compared to the first quarter of 2018 (€ 2,451 mln), mainly in relation to Defence Electronics & Security and, to a lesser extent, to Helicopters
EBITA, amounted to EUR 163 million, an increase of 6.5% compared to € 153 mln in the first quarter of 2018
ROS: equal to 6%, substantially in line with the first quarter of 2018
EBIT, amounted to EUR 156 million; showing an improvement of € 35 mln (+29%), compared to the first quarter of 2018 (€ 121 mln), due to an improved EBITA and also to the decrease in restructuring costs and lower amortisation of assets deriving from the business combination of Leonardo DRS.
Net Result before extraordinary transactions, amounted to EUR 77 million, (€ 50 mln in the first quarter of 2018) and benefitted from both an improved operating result and from lower restructuring costs and lower amortisation of assets deriving from Purchase Price Allocation, as well as financial expenses
Group Net Debt, amounted to EUR 4,016 million, and increased, compared to 31 December 2018 (€ 2,351 mln) and to 31 March 2018 (€ 3,595 mln), due to the usual cash flow trend in the first part of the year as well as to the adoption of IFRS 16 “Leases” (the effect as at the 1st of January 2019 amounted to € 458 mln)
Free Operating Cash Flow (FOCF), negative for EUR 1,114 million, was substantially in line with the first quarter of 2018 (negative for € 1,057 mln)
In consideration of the results achieved in the first quarter of 2019 and of the expectations for the following ones, we confirm the Guidance for the entire year that was made at the time of the preparation of the financial statements at 31 December 2018.
The integral version of the report (12 pages, with tables) is attached below to this AVIONEWS.
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