de cotation: Italian
is a global high-tech company and one of the key players in Aerospace,
Defence and Security.
Headquartered in Italy, Leonardo has over 45,600 employees. With its
offices and industrial plants, the Company is present in 218 sites
worldwide, with a significant industrial presence in four domestic
markets (Italy, the UK, the U.S. and Poland) as well as strategic
partnerships in the most important high potential international markets.
Since 4 July 2013 Gianni De Gennaro is the Chairman and since 15 May
2014 Mauro Moretti is the CEO and General Manager.
Leonardo's structure is organised into seven Divisions. The Company
also operates through subsidiaries and joint ventures.
THE BOD PROPOSES THE DISTRIBUTION OF A € 14 CENT. DIVIDEND AFTER SIX
Leonardo: the BoD proposes the distribution of a € 14 cent. dividend
after six years
Outstanding commercial performance with New Orders for EUR 20 billion.
Book-to-bill ratio above 1 in all Sectors
EBIT, EBITA and EBITDA higher than 2015 by 11%, 4% and 2% respectively
Double-digit profitability target exceeded. 2016 RoS at 10.4%, with all
Sectors above 10%
Net Result Before Extraordinary Transactions at EUR 545 million, more
than double 2015 at EUR 253 million
Return on Invested Capital at 16.9%, 120 bp higher than 2015
Group Net Debt 13% lower at EUR 2.8 billion, in line with the guidance
and despite adverse forex impact
In 2017 a further improvement in profitability is expected, together
with solid cash generation and revenues in line with 2016. Group Net
Debt is expected lower at around EUR 2.5 billion
Leonardo's Board of Directors, convened today under the Chairmanship of
Gianni De Gennaro, examined and unanimously approved the draft of Group
consolidated and Leonardo S.p.A. financial statements at 31 December
Mauro Moretti, Leonardo CEO and General Manager commented “I’m
particularly proud of presenting today to our shareholders a radically
different company: more transparent, agile, focused, effective,
efficient and with a more solid balance sheet. A company that, thanks
to the positive 2016 results, showing a material debt reduction,
proposes again the distribution of dividends as a key element of the
shareholders remuneration and a clear sign of a new normality and
sustainability. Leonardo is now in the best condition to face the next
Development and Growth phase and to play an important role in the
global markets through its cutting edge technologies and solutions”.
2016 results highlights are as follows:
New Orders: amounted to EUR 19,951 million, materially higher (+61%)
than 2015, mainly due to the acquisition of the contract for the supply
of 28 Eurofighter Typhoon aircraft to the Kuwaiti Ministry of Defence,
for an overall value of approx. €bil. 7.95, and despite a negative
impact from the GBP/€ exchange rate for approximately 400 million.
Consequently, the book-to-bill ratio reached 1.7.
Order Backlog: amounted to EUR 34,798 million (+21% vs. 2015). This is
increasingly solid as it is built on a more rigorous selection of
orders. The backlog ensures almost 3 years of equivalent production.
Revenues: amounted to EUR 12,002 million (-7,6% vs. 2015). This is due
to the reduction in Helicopters, affected by some weakness in civil
markets caused by though market conditions in Oil&Gas, to the
change in perimeter namely in DRS and FATA and to the negative impact
of the GBP/€ exchange rate (ca. 300 million).
EBITDA: amounted to EUR 1,907 million, 2.2% higher than the 1,866
million of 2015. Also the EBITDA margin, at 15.9%, increased by 150 bp
compared to 14.4% of 2015.
EBITA: amounted to EUR 1,252 million, 3.6% higher than the 1,208
million of 2015, despite softer revenues and the negative impact of the
GBP/€ exchange rate for about 30 million. RoS was at 10.4%, 110 bp
higher than the 9.3% of 2015 thanks to improvements reported in all
sectors and stable results in Helicopters, despite the difficulties
encountered in target markets.
EBIT: amounted to EUR 982 million, 11.1% higher than the 884 million of
2015. Also the EBIT margin, at 8.2%, increased by 140 bp compared to
6.8% of 2015.
Net Result before extraordinary transactions: amounted to EUR 545
million, 115.4% higher than the 253 million of 2015 thanks to improved
EBITA, a reduced volatility of below-the-line items and a reduction in
financial costs and a lower tax impact
Net Result: amounted to EUR 507 million, 20 million lower than the 527
million of 2015 mainly due to a lower contribution of Extraordinary
Transactions compared to 2015, which benefited from significant capital
gain from the disposal of the Transportation sector to Hitachi (€ mil.
274). 2016 also reflects the effects of the reorganization of assets
with Sukhoi in Aeronautics and the sale of the Environmental business
of DRS, net of the capital gain on the disposal of FATA.
Free Operating Cash Flow (FOCF): amounted to EUR 706 million, more than
double (+130%) the 307 million of 2015. The figure for 2016 also
reflects the net impact of the first advance payment for the
Eurofighter Kuwait, higher compared than initially expected. However,
the total cumulated 2016 and 2017 net impact is still expected to
amount to approx. EUR 600 million is reconfirmed.
Group Net Debt: amounted to EUR 2,845 million, 433 million lower
(-13.2%) than the 3,278 million at 31 December 2015 thanks to an
improved cash performance and despite significantly negative exchange
differences impacting over 200 million. This improvement and a more
solid financial structure allowed a further reduction in the
debt-to-equity ratio to 0.65 in 2016, already below 1 from 2015.
Milan 15/03/2017 14:18
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