Finmeccanica above guidance for FOCF and orders in 2010
The Finmeccanica Board of Directors met today to examine the financial and commercial forecasts for 2010.
Specifically, in 2010:
· Free Operating Cash Flow (FOCF) is expected to be between EUR 410 million and EUR 450 million, higher than the EUR 200-300 million range previously announced, with a positive impact on the level of net financial debt at the end of 2010.
· New orders are expected to be worth between EUR 22 billion and 22.5 billion.
The final results will be submitted to the Board of Directors for approval on 2 March 2011. On the same date, Finmeccanica will announce its guidance for 2011.
The Board of Directors also favourably assessed the progress of a project to contribute some of the Group’s property assets to a closed-end real estate fund and to sell units of the fund. The Board of Directors authorised the Chairman and CEO of Finmeccanica to proceed with further and necessary verifications, and subject to a positive outcome, implement the project.
Lastly, at its meeting today, the Board of Directors appointed Paolo Aielli, currently the CEO of Elsag Datamat, for the nomination to also the position of CEO of SELEX Communications. The appointment accompanies the integration process of Elsag Datamat and SELEX Communications, also at a corporate level, as foreseen by Finmeccanica’s plan to gradually rationalise the assets of its Defence Electronics sector, and follows on the steps already completed during 2010.