Leonardo Spa · MIL:LDO
Leonardo Spa — Finmeccanica — Q1 2011 Earnings Presentation
22 slides from Leonardo Spa's earnings presentation, Apr 28, 2011
Slide 1: Finmeccanica First Quarter 2011 Results Presentation
Finmeccanica First Quarter 2011 Results Presentation Alessandro Pansa Co-General Manager / CFO John D. Stewart V.P. Investor Relations 28 April 2011 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement • NOTE: Some of the statements included in this document are not historical facts but rather statements of future expectations, also related to future economic and financial performance, to be considered forward-looking statements. These forward-looking statements are based on
Slide 3: 1Q 2011 Financial Highlights vs 1Q 2010
1Q 2011 Financial Highlights vs 1Q 2010 Revenues at €3.9bn EBITA Adj at €215mln ROS at 5.6% Net profit at €7mln Proposed dividend of 41 Eurocents per share equal to last year FOCF up 10% to €(998)mln Net debt down to €4bn from €4.4bn at the end of 1Q2010 Order intake at €3.8bn Backlog up 6% to a new
Slide 4: Main Financial Results
Main Financial Results (Euro mln) 1Q2011 1Q2010 Change FY2010 Slight decrease in Defence Revenues 3,855 4,039 (5%) 18,695 Electronics, Aeronautics and Energy Slight decrease in Aeronautics, EBITA Adj 215 251 (14%) 1,589 Defence Electronics and Energy, partially offset by Helicopters EBITA Margin Adj
Slide 5: Recent events
Recent events 9 March: Finmeccanica signed an agreement with First Reserve Corporation, an American investment firm specializing in the energy sector, for the sale of a 45% stake in Ansaldo Energia, to be completed before the end of first half of 2011 28 March: Finmeccanica announces the merger of E
Slide 6: Confirming our Guidance for 2011
Confirming our Guidance for 2011 2011E Revenues € 18.3-19bn EBITA €1,530-1,600mln FOCF* €400-500mln *Free Operating Cash Flow: Operating Cash after investments, net financial charges and taxes 6
Slide 7: Business Division Review
». “7 FINMECCANICA Business Division Review
Slide 8: Helicopters
Helicopters 1Q 2011 (Euro mln) 1Q2011 1Q2010 Change FY 10 • Slight decrease in Revenues due to different product mix: decrease in Revenues 815 837 (3%) 3,644 helicopters (6.9%) YoY, partially offset by increase in product support +4.7% YoY EBITA Adj 81 75 8% 413 • EBITA margin increase due to differ
Slide 9: Defence Electronics and Security
Defence Electronics and Security 1Q2011 • Orders mainly driven by (Euro mln) 1Q2011 1Q2010 Change FY 10 – Eurofighter Tr3 radar and avionics together with logistics – ATC Ucraine and Malaysia Revenues 1,343 1,452 (8%) 7,137 – Comms systems for helos, UK defence Fields Telephone Systems andTetra Russ
Slide 10: Aeronautics
Aeronautics 1Q2011 • Order growth due to both civil and military. (Euro mln) 1Q2011 1Q2010 Change FY 10 • Key military orders include Revenues 567 592 (4%) 2,809 – Mid Life Upgrading contract for 25 Italian Tornado – Logistics for Eurofighter and C27J EBITA Adj 4 34 (88%) 205 • Key civil orders incl
Slide 11: Space Defence Systems
Space Defence Systems 1Q2011 1Q2011 • Revenues up 13% mainly driven by commercial • Revenue growth driven by Land& Naval systems (VBM, and military TLC and Earth observation Hitfist, 76/62 guns, Fremm). Key revenues also include • Decrease in orders mainly due to manufacturing. Missiles ((Aster, Mis
Slide 12: Energy Transport
Energy Transport 1Q2011 1Q2011 • Revenues down due to lower production activities in plants • Order increase driven mainly by Signalling & Systems (Italy, and components Sweden, Australia) with Milan Metro orders for both Signalling and Vehicles. • Sharp increase in orders due to major contract win
Slide 13: Appendix
». “7 FINMECCANICA Appendix
Slide 14: 1Q2011 Results – Profit & Loss
1Q2011 Results – Profit & Loss CONSOLIDATED PROFIT AND LOSS ACCOUNT €mil. 1Q 2011 1Q 2010 Change % Revenues 3.855 4.039 -5% Costs for purchases and personnel (3.497) (3.647) Depreciation and amortisation (135) (132) Other net operating revenues (costs) (8) (9) EBITA Adj (*) 215 251 -14% EBITA Adj (*
Slide 15: Balance Sheet
Balance Sheet BALANCE SHEET €mil. 31.03.2011 31.12.2010 Non-current assets 13.327 13.641 Non-current liabilities (2.479) (2.583) 10.848 11.058 Inventories 4.587 4.426 Trade receivables 9.336 9.242 Trade payables (12.534) (12.996) Working capital 1.389 672 Provisions for short-term risks and charges
Slide 16: Cash Flow
Cash Flow FINANCIAL POSITION €mil. 31.03.2011 31.12.2010 Short-term financial payables 347 456 Medium/long-term financial payable 4.347 4.437 Cash and cash equivalents (769) (1.854) BANK DEBT AND BONDS 3.925 3.039 Securities (26) (1) Financial receivables from Group companies (51) (34) Other financi
Slide 17: Divisions
Divisions Defence Defence Other Activities 1Q 2011 (EUR m illion) Helicopters Aeronautics Space Energy Transport Eliminations Total Electronics Systems and Corporate Revenues 815 1.343 567 219 260 266 458 49 (122) 3.855 EBITA* 81 98 4 12 21 22 (23) 215 EBITA* margin (%) 10,0% 7,3% 0,7% n.a. 4,6% 7,9
Slide 18: Debt Structure
Debt Structure 10% 32% 19% Dollar Bond 68% Sterling Bond Euro Bond Fixed 71% Floating Average Debt Life > 10 years 600 600 500 212 347 Currently approx. 70-30% fixed vs. floating interest cost 2019 2022 2025 2039 2040 Rating: Fitch = BBB+ Stable Outlook Moody’s = A3 Stable Outlook S&P = BBB Ne
Slide 19: Long Term Debt Maturity Profile
Long Term Debt Maturity Profile Dollar Bond 46,3 Sterling Bond 46,3 Euro Bond 46,3 46,3 453 ond EIB 1.000 (€mln) 500 600 500 352 352 211 36,8 46,3 46,3 46,3 46,3 46,3 46,3 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2025 2039 2040 212 347 2039 No refinancing needs until end of 2013 2
Slide 20: Long Term Debt Maturity Profile
Long Term Debt Maturity Profile Dollar Bond Sterling Bond 46,3 Euro Bond EIB 46,3 453 46,3 1.000 46,3 (€mln) 500 600 500 352 352 211 36,8 46,3 46,3 46,3 46,3 46,3 46,3 212 347 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2025 2039 2040 Bond Available Credit Lines 2039 2040 Notional Am
Slide 21: 2011 Financial Calendar
2011 Financial Calendar Date Event 2 March 2011 2010 Full Year Results Ordinary shareholders’ meeting (first 29 April and 4 May 2011* and second call) Extraordinary shareholders’ meeting 29 April – 3 and 4 May 2011* (first, second and third call) 28 April 2011 First Quarter 2011 Results 27 July 2011
Slide 22: IR Contacts
IR Contacts Investor Relations Finmeccanica investor_relations@finmeccanica.com Website: http://www.finmeccanica.com/Investor Relations John D. Stewart Raffaella Luglini VP Investor Relations Investor Relations Officer +39 06 32473.290 +39 06 32473.066 john.stewart@finmeccanica.com raffael