Board of Directors approves the 2012 results.

Revenues at EUR 17.2 billion. EBITA ca EUR 1.1 billion. FOCF positive for EUR 89 million

The Board of Directors of Finmeccanica, convened under the chairmanship of the Vice President, Admiral Guido Venturoni, examined and unanimously approved the draft annual report and the consolidated results for 2012 (*).

 

Financial results

 

The changes reported are expressed on a like-for-like consolidation basis, i.e. considering also for 2011 the proportional consolidation of Ansaldo Energia (45% of which was sold in June 2011). The changes excluded the effects of “exceptional” charges recorded at 31 December 2011 (EUR 1,094 million) relating to the following sectors: Aeronautics, Space, Defence and Security Electronics, Transportation, Defence Systems.

  • New orders: EUR 16.7 billion (-2.2%); EUR 6.1 billion in the fourth quarter;
  • Order backlog: EUR 44.9 billion equivalent to about two and a half years of production;
  • Revenues: EUR 17.2 billion (+1%); EUR 5.1 billion in the fourth quarter;
  • Adjusted EBITA: EUR 1,080 million; EUR 339 million in the fourth quarter;
  • Net result: a loss of EUR 786 million; a loss of EUR 932 million in the fourth quarter; the figure is affected by the impairment of goodwill in the Defence and Security Electronics sector in relation to SELEX ES (EUR 155 million) and to DRS (EUR 993 million);
  • Net result before impairment: EUR 362 million;
  • Free Operating Cash Flow (FOCF): positive EUR 89 million over a negative EUR 358 million (cash absorption) in 2011;
  • Net debt: EUR 3.37 billion, substantially in line with the figure at 31 December 2011 amounting to EUR 3.44 billion;
  • Headcount: 67,408 down from 70,474 at 31 December 2011;
  • Research & Development: EUR 1.9 billion equal to 11% of revenues.

(*) Financial data still unaudited.

 

Forecasts for 2013

 

  • Revenues: EUR 16.7/17 billion
  • Adjusted EBITA: ca EUR 1.1 billion
  • Free Operating Cash Flow: positive for around EUR 100 million
Rome 23/04/2013