Finmeccanica: the Board of Directors approves the Interim Financial Report at 31 March 2013
The Board of Directors of Finmeccanica, convened today under the chairmanship of the Vice Chairman, Admiral Guido Venturoni, examined and unanimously approved the Interim Financial Report at 31 March 2013.
The results for the first quarter are partially representative of the performance of the entire financial year, as more than half of the business activities concentrate in the second half-year.
· New orders: equal to EUR 3,025 million compared to EUR 3,480 million in the first quarter of 2012. The reduction in the Defence and Security Electronics, Transportation, Defence Systems and Energy sectors is partially offset by the improvement in Helicopters (contract with South Korea) and in Aeronautics (orders for the EFA, ATR and B787 programmes).
· Order backlog: equal to EUR 43,944 million, compared to EUR 44,908 million at 31 December 2012, ensures around two and a half years of equivalent production.
· Revenues: equal to EUR 3,700 million compared to EUR 3,686 million in the first quarter of 2012. The improvement in Helicopters, Aeronautics and Defence Systems is partially compensated for by the reduction in Defence Electronics and Security, Transportation and Energy.
· EBITA: positive for EUR 181 million vs EUR 173 million in the first quarter of 2012. The 5% increase is due to the segments of Helicopters (thanks to the increase in production volumes) and Aeronautics (thanks to higher business volumes, the reduction in operating expenses and the improved efficiency as a result of the restructuring and reorganisation process underway).
· Net result: a profit of EUR 6 million compared with the net profit of EUR 24 million in the first quarter of 2012. The figure decreased because of the adverse impact of equity-accounted investments.
· Free Operating Cash Flow (FOCF): a negative EUR 1,435 million compared to a negative EUR 1,138 million at 31 March 2012. The figure reflects the seasonality of the cash flows of the Group companies in the period with an imbalanced ratio of collections to payments. The latter are typically higher than receipts until the fourth quarter of the year.
· Net debt: amounting to EUR 4,858 million compared to EUR 3,373 million at 31 December 2012. The increase was essentially due to the adverse impact of the cash flows for the period, this trend being typical in the Group’s performance.
· Research & Development: amounting to EUR 391 million, around 10% of total revenues.
In view of the Group’s results of operations at 31 March 2013 and on the basis of what has been highlighted up to now, we confirm the guidance for the full year 2013 prepared at the time the 2012 Annual Report was prepared.