Finmeccanica: Shareholders' Meeting approves 2012 financial statements
The Shareholders' Meeting of Finmeccanica SpA, held today in Rome, approved the Company's financial report for the Full Year 2012 and reviewed the consolidated financial report. At 31 December 2012, the Finmeccanica Group’s results were higher than those of the corresponding period of 2011, except for the commercial trend (also when excluding “exceptional” charges, totalling EUR 1,094 million, from the 2011 results) and were substantially in line with forecasts as per Group’s budget.
Key economic data
- Orders: EUR 16.7 billion
- Backlog: EUR 44.9 billion
- Revenues: EUR 17.2 billion
- Ebita: EUR 1,080 million
- Net result: a loss of EUR 786 million; the figure is affected by the impairment of goodwill in the Defence Electronics and Security 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: EUR 89 million
- Net financial debt: EUR 3.37 billion
- Employees: 67,408
- Investments in Research & Development: EUR 1.9 billion
Finmeccanica has also confirmed the "guidance" for Full Year 2013. In particular:
- Revenues: EUR 16.7/17 billion
- Ebita: about EUR 1.1 billion
- Free Operating Cash Flow: positive for around EUR 100 million
Sustainability Report 2012
In the Shareholders’ Meeting, in addition to the financial results, the Management presented to the shareholders the main results of the 2012 Sustainability Report. The report, this year at its third edition, gives a comprehensive overview of the three sustainability’s dimensions - economic, socia
and environmental - and has become an integrating part of the corporate results annually disclosed to the market and to Finmeccanica's stakeholders.
The Shareholders approved, with the favorable vote of 88.3% of the participants (up from 73.5% in 2012), the first section of the Remuneration Report, which illustrates the Company's policy on compensation of members of the boards of directors, general managers and key management personnel, as well as the procedures for the adoption and implementation of this policy.
Integration to the Board of Directors
Finally, the Shareholders' Meeting, on the proposal of the Ministry of Economy and Finance, has decided to postpone to a new meeting decisions about the appointment of the two Directors, scheduled on the agenda of the today’s Meeting for the replacement of the resigned Directors Giuseppe Orsi and Franco Bonferroni, inviting the Board of Directors of the Company to convene the new Shareholders’ Meeting.
In this regard, the Board of Directors, in today’s meeting, chaired by the Vice Chairman Admiral Guido Venturoni, accepting the invitation of the Shareholders’ Meeting and also considering the need to provide for the replacement of the Director Christian Streiff, agreed to give mandate to the same Vice Chairman to convene a new Shareholders’s Meeting for the 3 and 4 July 2013, respectively in first and second call, in order to reintegrate the Board in its original composition.
Participation in the Shareholders’ Meeting
The Shareholder’ Meeting today reported a significant participation by foreign institutional investors, attending with 19.6% of the share capital, an increase of about 50% compared to the turnout at the Shareholders' Meeting to approve the financial statements of the previous year .
The summary statement of the votes will be made available on the Company's website (www.finmeccanica.com), in accordance with art. 125-quater of the Consolidated Law on Finance (TUF), within the prescribed deadline of five days from the meeting.
The officer in charge of preparing the company’s accounting documents, Mr. Gian Piero Cutillo hereby declares, in accordance with the provisions of Article 154-bis, paragraph 2, of the Consolidated Law on Financial Intermediation, that the accounting information included in this press release corresponds to the accounting records, books and supporting documentation.