The Board of Directors of Finmeccanica, which met today under the Chairmanship of Vice Chairman Admiral Guido Venturoni, made some significant decisions, in order to accelerate the reorganisation process, guarantee the coordination of management activities and strengthen control activities, supporting the Top Management in the execution of the identified initiatives.
In particular, the Board of Directors unanimously:
- increased the number of Surveillance Body members up to a maximum of five, and appointed the following as external members (adding Mario Orlando, Group General Counsel, in accordance with the Surveillance Body’s Articles of Association): Enrico Laghi (Chairman), Angelo Piazza and Angelo Carmona, replacing Giuseppe Grechi and Manuela Romei Pasetti, who have just resigned;
- centralised the Group’s Internal Audit activities, in order to exercise a more direct and incisive internal control over the correctness of the processes adopted by the Group companies;
- nominated Daniele Romiti as Chief Executive Officer of AgustaWestland N.V., replacing Bruno Spagnolini; Luigi Pasquali as Chief Executive Officer of Telespazio S.p.A., replacing Carlo Gualdaroni; Alessandro Franzoni as Chief Executive Officer of WASS S.p.A., replacing Renzo Lunardi. The above mentioned nominations will be submitted to the Board of Directors of the relevant companies for their resolutions, over the next few days;
- shared the new organisational structure of Finmeccanica S.p.A, proposed by the Chief Executive Officer and Chief Operating Officer Alessandro Pansa, aiming at its simplification to achieve the best operating efficiency;
- approved the centralisation of the Group’s indirect procurement, including ICT procurement and insurance policies, for these latest a competitive process will be activated;
- took note of important structural initiatives, to be undertaken in the short term, needed particularly for those companies operating in the Aerospace,Defence and Security; such initiatives will produce benefits in the medium term, mainly through the reduction of product costs and the outsourcing of some non-core activities.
Finmeccanica is determined to continue with the implementation of the restructuring plan of the Group, in particular in some areas of activity, in order to achieve a significant and sustainable recovery of profitability and the ability to generate cash flow.
At the same time, Finmeccanica is continuing its strategic and industrial strengthening path, by revisiting its portfolio of activities, with the concentration of the invested capital in areas whose technological and industrial capabilities allow to achieve market positioning able to maximise value creation. This could also entail the deconsolidation of assets, thus reducing financial debt, preserving the Group solid liquidity profile.
With regards to the process relating to the possible disposal of some of its stakes, at today’s meeting the Board of Directors was informed of offers received for the acquisition of Finmeccanica’s stake in Ansaldo Energia. The proposals will be submitted to the competent bodies for the final considerations, after the necessary assessments and evaluations.
Finmeccanica will inform the market quickly of relevant news concerning the update of on-going processes and initiatives, through the proper channels of communication.
Finally, to complete a full and comprehensive evaluation of the potential economic and financial effects to the financial statements in light of recent events, the Board of Directors has decided to postpone the approval of the full year financial results to a later Board Meeting, after the one scheduled for the 12th March. Such meeting will be held following the conclusion of the above mentioned evaluation, and possibly after the end of March, but not later than the 30th April, which is the deadline for the publication of the annual financial statements under applicable laws.
As a result, it is possible that the Shareholders Meeting to approve the 2012 full year results, scheduled for 13-16 May 2013, will be postponed and will be held, in accordance with the law, by 29th June 2013 at the latest.
Finmeccanica will promptly communicate, once defined, changes to its calendar of events published on the 19th December 2012.