Leonardo Spa · MIL:LDO
Leonardo Spa — Finmeccanica — Q1 2009 Earnings Presentation
21 slides from Leonardo Spa's earnings presentation, Apr 29, 2009
Slide 1: Finmeccanica First Quarter 2009 Results Presentation
Finmeccanica First Quarter 2009 Results Presentation 29 April 2009
Slide 2: Safe Harbour Statement
Safe Harbour 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 2009 Financial Highlights vs 1Q2008
1Q 2009 Financial Highlights vs 1Q2008 Finmeccanica grew both overall (including contribution of DRS Technologies, fully consolidated) and on a like-for-like basis. Revenues up 34% to € 3.9bn (+9% organic) EBITA Adj. up 82% to € 242mln (+20% organic) ROS up to 6.2%, from 4.6% in 2008 Net profit adju
Slide 4: Main Financial Results
Main Financial Results (EUR mln) 1Q 09 1Q 08 % change FY08 Revenues 3,911 2,916 34% 15,037 EBITA Adj. 242 133 82% 1,305 EBITA Adj. margin 6.2% 4.6% +1.6pp 8.7% EPS Adj (€ cents) (*) 0.17 0.15 17% 1.39 New Orders 3,917 3,292 19% 17,575 Order Backlog 43,319 38,888 11% 42,937 Working Capital 1,503 1,22
Slide 5: 1Q2009 Finmeccanica stand alone and DRS contribution
1Q2009 Finmeccanica stand alone and DRS contribution FINMECCANICA stand alone DRS contribution in 1Q2009 Revenues € 3,164mln (+8.5%) Revenues € 747mln EBITA Adj € 159mln (+19.5%) EBITA Adj € 83mln Adjusted Net profit € 81mln (+12.5%) Net profit € 27mln Orders € 2,803mln (-14.9%) Orders € 1,114mln FO
Slide 6: Recent events
Recent events Financials in first months 2009 January, repayment of DRS Bonds equal to $ 1.15 bln February, re-opening of 2013 bond for additional € 250 mln April, first GBP bond for £ 400 mln with 10 year maturity 6
Slide 7: Debt: average maturity 5.7 years, average interest rate ~5%
Debt: average maturity 5.7 years, average interest rate ~ 5%; No need of refinancing before 2010 Bridge loan (€mln) Bond (€mln) Average Life: 5.7 years 840 1000 700 501 500 440 500 2010 2011 2013 2018 2019 2025 Bond Credit Lines Issuer Notional Issue Date Coupon Maturity Medium Term Revolving Amount
Slide 8: Business Division Review
, “7 FINMECCANICA Business Division Review
Slide 9: Helicopters
Helicopters Revenue growth driven by product support, of which IOS for UK MoD +14% YoY Order decrease mainly due to impact of economic crisis on commercial segment partially offset by a large increase in customer support and military (€mln) Q1 09 Q1 08 %change Revenues 756 713 6% Profitability mainl
Slide 10: Defence Electronics
Defence Electronics Revenue growth, +7% excluding DRS and sterling translation effect, driven by Command and Control systems (i.e. ATC, Naval and Security systems), avionics and electro-optical systems (i.e. EFA-DASS activities) Orders driven by strong intake for DRS (orders from US Army for Movemen
Slide 11: Aeronautics
Aeronautics Revenue Revenue growth growth driven driven by by Eurofighter, Eurofighter, military military trainers trainers and and ATR ATR Order Order decrease decrease mainly mainly due due to to programme programme slippage, slippage, partially partially offset offset by by further further tranch
Slide 12: Space
Space Order Order growth growth mainly mainly driven driven by by Service Service (i.e (i.e Earth Earth Observation Observation -- GMES GMES –– and and Galileo) Galileo) Revenues Revenues driven driven by by commercial commercial and and military military Telcos Telcos (i.e (i.e Globalstar, Globalst
Slide 13: Defence Systems
Defence Systems Revenue Revenue decrease decrease due due to to lower lower volumes volumes in in Missiles. Missiles. Orders Orders driven driven by by Missiles Missiles (Brimstone (Brimstone for for UK UK MoD MoD and and customer customer support) support) and and Land&Naval Land&Naval (Turkey (Tur
Slide 14: Civil Activities
Civil Activities Transport Transport Order Order growth growth mainly mainly from from Signalling Signalling and and Systems Systems (ERTMS (ERTMS systems). systems). Transport Orders Orders for Vehicles from Taipei Circular line and tram Sirio for Kayseri. for Vehicles from Taipei Circular line and
Slide 15: Confirming our Guidance for 2009 and 2010 (DRS Included)
Confirming our Guidance for 2009 and 2010 (DRS Included) 2009E 2010E Revenues €17.1-17.7bn €17.4-18.6bn EBITA €1,550-1,620mln €1,650-1,760mln Assumptions: forex €/US$ 1.43 1.485 • Cumulative FOCF(*) 2008-2010, including DRS, €1.3–1.5bn, of which ca. €400 – 500mln expected in 2009 • Dividend policy:
Slide 16: Appendix
N, “7 FINMECCANICA APPENDIX 16
Slide 17: 1Q 2009 Results – Profit & Loss
1Q 2009 Results – Profit & Loss CONSOLIDATED PROFIT AND LOSS ACCOUNT €mil. 1Q 2009 1Q 2008 Change % Revenues 3,911 2,916 34% Costs for purchases and personnel (3,512) (2,670) Depreciation and amortisation (130) (98) Other net operating revenues (costs) (27) (15) EBITA Adj (*) 242 133 82% EBITA Adj (
Slide 18: Balance Sheet at the end of March 2009
Balance Sheet at the end of March 2009 BALANCE SHEET €mil. 31.03.2009 31.12.2008 Non-current assets 13,478 13,113 Non-current liabilities (2,708) (2,655) 10,770 10,458 Inventories 4,713 4,365 Trade receivables 8,886 8,329 Trade payables (12,096) (12,134) Working capital 1,503 560 Provisions for shor
Slide 19: Cash Flow 1Q 2009
Cash Flow 1Q 2009 CASH FLOW €mil. 1Q 2009 1Q 2008 Cash and cash equivalents at 1 January 2,297 1,607 Gross cash flow from operating activities 407 257 Changes in other operating assets and liabilities (210) (189) Funds From Operations (FFO) 197 68 Changes in working capital (885) (723) Cash flow gen
Slide 20: Divisions 1Q 2009
Divisions 1Q 2009 Defence Defence Other Activities 1Q 2009 (EUR million) Helicopters Aeronautics Space Energy Transport Eliminations Total Electronics Systems and Corporate Revenues 756 1,427 553 191 232 333 427 80 (88) 3,911 EBITA* 74 110 22 (1) 11 31 29 (34) 242 EBITA* margin (%) 9.8% 7.7% 4.0% -0
Slide 21: 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 raffaella.luglini