Board of Directors approves the 2013 Financial Statements
Return to net profit and new orders up by 11%; Profitability up in Aerospace and Defence
The Board of Directors of Finmeccanica, convened under the chairmanship of Gianni De Gennaro, examined and unanimously approved the draft of Group consolidated and Finmaccanica S.p.A. financial statements at 31 December 2013:
- New orders: EUR 17,571 million compared to EUR 15,869 million in 2012, thanks to the performance of the Aerospace and Defence sector which was significantly better than that of 2012. As a result of this, the book-to-bill ratio was again above 1 (1.10).
- Order backlog: EUR 42,697 million compared to EUR 44,908 million in 2012. The reduction is due to the deconsolidation of Ansaldo Energia. The order backlog ensures around two and a half years of equivalent production for the Group.
- Revenues: EUR 16,033 million compared to EUR 16,504 million in 2012. They slightly decreased due to the cuts in defence budgets in Europe and in the US.
- EBITA: showed a limited reduction (EUR 949 million in 2013 vs EUR 1,006 million in 2012), because of the worse performance of AnsaldoBreda and the persisting difficulties in certain areas of Selex ES (air traffic control); this reduction was partially offset by the positive effects of the restructuring and efficiency plans, which led to a rise of the operating profitability of the Aerospace and Defence sector from 7.3% to 7.5%.
- Net result: a profit of EUR 74 million after the significant losses incurred over the last two years.
- Free Operating Cash Flow (FOCF): negative in the amount of EUR 307 million compared to positive EUR 91 million in 2012, affected by the lack of collections of payments in respect of the Indian contract of AgustaWestland, the outlays made in repayment of advances and lower collections on the Fyra order of AnsaldoBreda. Despite the abovementioned difficulties,, Aerospace and Defence posted a positive cash flow generation.
- Group net financial debt: EUR 3,316 million compared to EUR 3,382 million in 2012.