Interim financial report: results above expectations
• Materially improved results compared to first quarter 2014 and above expectations
• EBITA +11% and EBIT +9%
• Net result before extraordinary transactions positive for EUR 4 million, compared to a 15 million net loss in first quarter 2014
Rome, 7 May 2015 – The Board of Directors of Finmeccanica, convened today under the chairmanship of Gianni De Gennaro, examined and unanimously approved the Interim Financial Report at 31 March 2015.
The first quarter of 2015 confirmed the positive developments already reported in the 2014 Annual Report, with results significantly above those posted in the first quarter of last year and surpassing expectations. More specifically, Finmeccanica reported:
• improved profitability, with EBITA up 11% on first quarter 2014;
• positive net result (net loss of €mil. 12 in 2014), even excluding the contribution of the Group’s operations in the Transportation sector (object of an agreement with Hitachi at the end of February as an avenue for the Group to exit such business);
• net use of cash (which is normal for the first few months of the year) much better than in the past.
This performance, along with the agreement with Hitachi in the Transportation sector mentioned above (for which the activities towards the closing are proceeding) appears to be consistent with the development targets and reinforcement efforts set out in the 2015-2019 Industrial Plan, presented to the market in January. Within this framework, Finmeccanica is continuing to make improvements, consistent with the new organisational and operating model, which envisages transforming Finmeccanica from a holding company that manages a number of legally distinct operating companies into a single company that, using a division-based structure, will be able to fuse their industrial profiles with its own direction and control activities. The integration process should be completed throughout the remainder of 2015.
Tale andamento, unitamente al citato accordo con Hitachi relativo al settore Trasporti, con riferimento al quale proseguono le attività propedeutiche al closing, appare coerente con gli obiettivi di sviluppo e rafforzamento delineati nel Piano Industriale 2015 – 2019 presentato al mercato nel mese di gennaio. In tale ambito, Finmeccanica continua il proprio percorso evolutivo, in coerenza con il nuovo modello organizzativo e operativo, che prevede la trasformazione da holding di gestione di diverse società operative giuridicamente separate a società unica, capace di coniugare, attraverso una struttura divisionale, i profili industriali con quelli di indirizzo e controllo delle proprie attività. Il percorso delineato prevede il completamento del processo di integrazione nei restanti mesi del 2015.