Finmeccanica stores a good year from an economic point of view and is preparing to change its name to “Leonardo” from 2017. As regards the accounts, 2015 ended with net profit of 527 million, from the 20 of 2014 . Revenues almost reach 13 billion, up 1.8%. The ebita increases by 23.3%, to 1.2 billion, with ROS rising from 7.7% to 9.3%. The orders fall by 2.3%, to 12.37 billion, with a portfolio in 2% reduction to around 28.8 billion. The free operating cash flow rose to 307 million from 65 of 2014. Net debt down by 17.3%, about 3.28 billion.
drop in orders arrived ” due to the decrease registered in Helicopters and Aeronautics – writes the company – which are affected by delays in a number of defense orders and the moment of crisis in some markets, particularly the Oil & amp; Gas for helicopters, substantially offset by considerable increase from Electronics for Defence and Security, attributable to a strong commercial performance of DRS, also in international markets, and significant orders in Selex ES (among which we point out that for naval systems of national programs, which benefited also the Defence Systems), as well as by the favorable shift. The ‘book-to-bill’ (orders / income ratio) stood at 0.95, down slightly compared to 2014 (when it stood at 0.99). ”
The slight increase in revenue , on the other hand, is “attributable to a substantially higher value of the dollar / euro exchange rates and sterling / euro, which benefited the Electronics Defence and Security – especially Drs – and, to a lesser extent, Helicopters. “
as for ” significant growth “in profitability ,” which highlights the success of the initiatives implemented for the improvement of industrial processes and the rationalization of expenditure – continues the statement – is attributable in particular Defence Electronics and Security, by virtue of the expected improvement in profitability in certain business areas of the Systems Division for security and Information and the benefits from restructuring, and the efficiency of the current structures and industrial processes. Significant also the result of the Air, supported by the increased contribution of ATR, thanks to a positive impact of the dollar / euro, as well as the increasingly strong performance of Helicopters “, while” the decline of Space is attributable to expense recognized on a specific program. “
the strong growth of the ordinary net result (253,000,000) has arrived” to the aforementioned improvement in EBIT “(+ 48.1% to 884 million) and “lower financial charges” was only partially offset by the increase in taxes (attributable to the deferred taxation of the tax rate reduction expected from 2017, partially offset by a lower incidence of IRAP following the revision of the tax base , and provisions for tax risks) “.
Finmeccanica then notes that the net result benefits “even the gain recognized on the sale in the transport sector (248 million) , as well as the results of assets sold until the closing date and the gain realized by Drs during the sale of minor activities. The cash performance in 2015 showed significant progress compared to the same period last year, with a particular focus improvement in Defence and Security and in helicopters. The workforce at 31 December 2015 stood at 47,156 units with a net reduction of 7,224 units compared to 54,380 units at December 31, 2014 due mainly to the deconsolidation of the transport sector. “
data for the fourth quarter indicate, however, less encouraging performance than the rest of the year. More specifically, orders fell by 9.7% to 4.58 billion, revenues of 4% to about 4 billion, while its EBITDA increased 6.3% to 692 million, the ebita was in line with the fourth quarter of 2014 to 463 million and the EBIT it increased by 4.8% to 285 million. The ordinary net income was $ 103 million, compared with 69 million in the fourth quarter of 2014, while the free operating cash flow was positive at 1.242 billion, down by 178 million compared to the fourth quarter of 2014.
Board of Directors has therefore decided to submit to the proposal to renew the authorization to purchase and dispose of treasury shares to current service incentive Plans / co-investment, up to a maximum of 2 million shares for a period of eighteen months from the date of the shareholders’ resolution.
The board also approved the extension of 12 months of Emissions Framework Programme bonds called ‘Euro Medium Term Note Programme’ (EMTN), leaving unchanged the maximum amount usage 4 billion. Renewal – says the statement – is carried out by the Finmeccanica Group annually as part of its ordinary activities of financial management.
As for the name, the new Finmeccanica wanted by CEO Mauro Moretti called “Leonardo” from the beginning of 2017 . The new company name will be brought to the Extraordinary Meeting of Shareholders (convened on 22, 27 and 28 April, respectively in first, second and third call). In a “redefinition of objectives and priorities, where the company designs new models of development and proposes a new role – reads a note – there is a need of a new name that represents and constitutes the first and the most important point of synthesis between the deep values that characterize it and who support the strategies. “
in particular – states in the group – the proposal of the board” is to change the company name by prefixing the new name to the current one until 31 December 2016 (with the possibility, in abbreviated form, to use them both individually until 31 December 2016), so as to ensure the company a period of time sufficient to ensure the necessary continuity in relations with foreign countries, and placing the exclusive use of the new name as of 1 January 2017 “.
Specifically, “the proposal – the statement concludes – is expected that the company takes with effect from 1 January 2017 the corporate name ‘Leonardo – Public Company’ (abbreviated to ‘Leonardo SpA’) and , until 31 December 2016, the corporate name ‘Leonardo – Finmeccanica – Società per azioni’ (abbreviated to ‘Leonardo SpA’ or ‘Finmeccanica Spa’). ‘
the company has decided to not to distribute dividend even this year to continue the work of economic empowerment. Today the share price of Finmeccanica has opened in fall by more than 2%, standing out as one of the worst of the Ftse Mib titles.
Meanwhile, the Guardia di Finanza conducted searches at the offices of Rome, Genoa, Naples and Milan Ansaldo Sts, Hitachi and Finmeccanica, on behalf of the Milan Prosecutor’s office as part of the ‘ investigation into the sale of Ansaldo STS and Ansaldo Breda . The investigation arose dall’esposto Bluebell minority shareholder in the fund on the assumption of an agreement between Finmeccanica and the Japanese group in the sale to the latter of 40% of Ansaldo Sts (resulting then launch mandatory tender offer on the remaining 60% at the price of 9.50 euro per share), in parallel, however, the more sales to the Japanese also Ansaldo Breda.
“I have nothing to add on the investigation,” but “I am absolutely sure that the price was the best that could be expected, “said the managing director, Mauro Moretti, during the presentation to analysts. Moretti has therefore taken a tablet indicating the price of the Ansaldo Sts Stock Exchange: “This is the answer,” he annotated.
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