Board of Directors approves first-quarter 2011 results.
- New orders grow 2% versus first quarter 2010, to EUR 3,816 million, with good performance in Energy, Aeronautics and Transport.
- Order backlog at EUR 48,038 million, providing the Group with about 2.5 years of production coverage.
- Revenues total EUR 3,855 million in 1Q11, versus EUR 4,039 million in 1Q10 (-5%).
- Adjusted EBITA at EUR 215 million, versus EUR 251 million in 1Q10 (-14%).
- Adjusted EBITA margin at 5.6%.
- Net profit totals EUR 7 million, versus EUR 91 million in 1Q10 (-92%), reflecting increased financial expenses due to changes in the mark-to-market fair value of swaps (not to be annualised ***) as well as lower EBIT.
- FOCF at EUR -998 million, improving EUR 108 million (+10%) versus EUR -1,106 million at 31March 2010.
- Net debt stands at EUR 4,051 million, up from 31 December 2010 and 7% lower than in 1Q10. Research and development costs rise 9% year-on-year, equivalent to 10% of revenues.