Board of Directors approves 2010 results. Performance in line with guidance. New orders grow to EUR 22.5 billion. Order backlog at EUR 48.7 billion. FOCF 2x forecast. Proposed dividend of EUR 0. 41 pe
All 2010 financial data is unaudited.
· Finmeccanica Group produced 2010 results in line with, and in some cases ahead of, forecasts despite facing uncertainty in global markets. Revenues and EBITA were at the high end of the forecast, while FOCF was more than double the forecasted amount due to careful management of investments and of working capital.
· New orders rose 6.4% to EUR 22,453 million driven by growth in Helicopters (+86.6%), Space (+67%) and Transportation (+13.9%).
· The order backlog rose 7.8% to EUR 48,668 million, equivalent to more than two and a half years of production.
· Revenues rose 2.9% to EUR 18,695 million, from EUR 18,176 million in 2009.
· Adjusted EBITA was EUR 1,589 million, with an adjusted EBITA margin of 8.5%.
· Net profit was EUR 557 million, versus EUR 718 million in 2009 (-22.4%).
· FOCF was a positive EUR 443 million, versus a positive EUR 563 million in 2009.
· Net debt was EUR 3,133 million, versus EUR 3,070 million at 31 December 2009.
· Investments in research and development rose 2.4% to EUR 2,030 million, equivalent to about 11% of revenues.