Finmeccanica: Board of Directors approves the Interim Financial Report at 30 September 2012 and the results of operations of the third quarter 2012

Finmeccanica: Board of Directors approves the Interim Financial Report at 30 September 2012 and the results of operations of the third quarter 2012

Key performance indicators (*) (**)

  • New orders: €10.7 billion for the nine months ended 30 September 2012 (+4% on a like-for-like basis); €2.9 billion in the third quarter of 2012 (-3%).
  • Order backlog: €44.7 billion at 30 September 2012. The order backlog ensures around two and a half years of production for the group.
  • Revenues: €12.2 billion for the nine months ended 30 September 2012 (+1% on a like-for-like basis); €4.1 billion in the third quarter of 2012 (+8%).
  • Adjusted EBITA: €741 million for the nine months ended 30 September 2012 (+36% on a like-for-like basis excluding the effect of "non-recurring" accruals); €280 million in the third quarter of 2012, up €154 million on the €126 million in the corresponding period of the previous year (excluding the effect of the "non-recurring" accruals);
  • Net Profit: €146 million for the nine months ended 30 September 2012 (+90% excluding the effect of "non-recurring" accruals and net of the gain on the sale of a 45% investment in Ansaldo Energia and related tax impacts); €75 million in the third quarter of 2012, up €50 million on the €25 million in the corresponding period of the previous year (excluding the effect of the "non-recurring" accruals and non-recurring expenses, net of related tax impacts);
  • Free Operating Cash Flow: negative €1.4 billion for the nine months ended 30 September 2012 (-€1.6 billion in the corresponding period of the previous year); negative €183 million in the third quarter of 2012 (-€383 million in the corresponding period of the previous year). Hence in both periods there has been a lower cash absorption compared to the previous year.
  • Net financial debt/(cash): €4.8 billion at 30 September 2012;

The net financial debt reflects the typically negative impact of the FOCF in the period, as there are significantly more payments of trade payables than collections of trade receivables in the nine months ended 30 September 2012.

  • Workforce: 68,321 employees at 30 September 2012 compared to 70,474 employees at 31 December 2011
  • Research and development expenses: €1.4 billion for the nine months ended 30 September 2012 (+6%), or 11% of revenues.

(*) Figures are unaudited

(**) Changes expressed on a like-for-like basis as it relates to the consolidation perimeter, that is taking into account the deconsolidation of Ansaldo Energia by 45% (transferred in June 2011), and excluding the effects of the "non-recurring" accruals related to the B787 programme in the Aeronautics business segment, accounted for in the third quarter of 2011.

Rome 08/11/2012