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Sealing the progress by becoming Leonardo

  • 17 Mar 16

Results: Finmeccanica released a solid set of results, beating its November guidance on revenues, EBITA and net debt with FOCF coming in at the higher end of guidance. In 2015, Finmeccanica’s order intake amounted to €12.4bn, slightly lower than in 2014. Finmeccanica indicated that the financial thresholds for taking on new orders have been raised to ensure profitability in the future. In addition, the weakness in the Oil & Gas market, which represents 5% of Helicopter revenues, meant a softer order intake for the division. In Aeronautics, the order intake fell significantly as the Italian military postponed some orders. Overall, however, this was offset by improvements in the order intake in Defence Electronics and Security as well as a positive foreign exchange effect. As a result, FNC’s order backlog now stands at €28.8bn and offers more guarantees in terms of future profitability. In terms of revenues, FNC’s revenues amounted to €12.99bn, up 1.8% on 2014, mainly thanks to a more favourable €/$ exchange rate. Looking at the divisions, Helicopter revenues climbed 2.4% to €4.5bn with civil and military contracts compensating for the weakness in Oil & Gas, Selex ES was up 2.2% to €3.65bn mainly due to the stronger sterling, while DRS which benefited from the positive FX move in €/$ saw revenues grow by 15% to €1.6bn, Aeronautics revenues were roughly flat -0.8% at €3.12bn and, finally, Defence systems revenues fell by 7.3% to €459m as revenues from Underwater products fell. Overall, the group posted an EBITDA of €1.87bn, up 18.9% (EBITDA margin, at 14.4%, up 210bp vs FY14) compared with €1.57bn in 2014. Group EBITA grew by 23.3% to €1.2bn (€980m in 2014), resulting in a return on sales of 9.3% up 160bp on the previous year thanks to the efficiency-enhancement and cost reduction actions. With a reduction in below the line items from €383m to €324m (non–recurring items €112m, restructuring €114m and PPA €98m, c.50% of which are not cash), EBIT improved by 48.1% to €884m from €597m in 2014. As a result, the net result came in at €253m, up from €15m in 2014 (including a €50m additional finance charge in 2015 from the buy-back of bonds). Reported net result stood at €527m and included the capital from disposals. Finmeccanica reported a group free operating cash flow of €307m, up from €65m in 2014, as a result the improvement in cash from operations, an increase in dividends from JVs and a greater efficiency in investing. As a result of disposals in 2015 of the Transportation activities, group net debt fell by €684m to €3.28bn from €3.96bn at 31 December 2014. Outlook: The overall 2016 full year guidance is as follows: 2015 2016 Outlook New Orders (€bn) 12.4 12.2 – 12.7 Revenues (€bn) 13.0 12.2 – 12.7 EBITA (€m) 1,208 1,220 – 1,270 FOCF (€m) 307 300 – 400 Group net debt (€bn) 3.3 Lower than 3 Revenues are expected to be flat on an organic basis but decline on a reported basis due to changes in perimeter mainly from the disposal of Fata and the non-core business of DRS as well the deconsolidation of pass-through revenues from the B787 programme. EBITA is expected to continue to benefit from initiatives taken across Selex, DRS, as well as from Defence systems and Aeronautics, especially in the Aerostructures sub-segment. The high profitability in the Helicopter segment is expected to be sustained. The improvement in free operating cash flow should be supported by the improvement in group profitability as well a particular focus on working capital management and a continued efficiency in capex. The target net debt for 2016 stands at €3bn, bringing forward the target for 2017. Change in name to Leonardo: Finmeccanica has decided to change its brand name to Leonardo. Management felt that the company’s new phase in the history of the company is as one single operating company, focused on core Aerospace, Defence and Security, and the results suggests a turn around that warrants a new identity. The choice of Leonardo is obviously linked to Leonardo da Vinci which reflects the company’s Italian roots and fits with the objective of remaining an innovative engineering company in the future.