Leonardo Spa · MIL:LDO
Leonardo Spa — Finmeccanica — 9M 2009 Earnings Presentation
18 slides from Leonardo Spa's earnings presentation, Nov 6, 2009
Slide 1: Finmeccanica Nine Month 2009 Results Presentation
Finmeccanica Nine Month 2009 Results Presentation Alessandro Pansa Co-General Manager/ CFO John D. Stewart VP Investor Relations Rome, 6 November 2009
Slide 2: Finmeccanica 9M 2009 Financial Highlights
Finmeccanica 9M 2009 Financial Highlights • Revenues up 30% to Eur 12,640 mln, mainly driven by Defence Electronics (+91%), Helicopters (+14%) and Energy (+52%). Organic growth: 9%. • EBITA Adjusted up 46% to Eur 885 mln, due to Defence Electronics (+172%) and Energy (+84%). EBITA Adjusted margin at
Slide 3: 9M and 3Q 2009 Main Economic Results
9M and 3Q 2009 Main Economic Results * *Excluding extraordinary operations and minority interests 3
Slide 4: Main Financial Results
Main Financial Results ** *The 2009 VAE has been calculated with a WACC of about one percentage point higher than the WACC utilised to calculate the VAE in 2008 4
Slide 5: Successful Completion of Debt Refinancing
Successful Completion of Debt Refinancing Current average cost of debt: ≈ 5.8% Finmeccanica Finmeccanica credit credit profile profile MOODY’S MOODY’S A3A3 Bridge Loan FITCH (1) FITCH BBB+ BBB+(1) Bond S&P S&P BBB BBB 444 1.000 501 640 500 600 500 354 212 334 2010 2011 2013 2018 2019 2022 2025 2039
Slide 6: 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 7: Business Review
, “7 FINMECCANICA Business Review
Slide 8: Helicopters
Helicopters (Euro mln) 9M 09 Change% 9M 08 Q3 09 Change% Q3 08 3Q 03 Revenues 2,499 14 % 2,188 853 18% 722 EBITA Adj 237 2% 233 75 0% 75 EBITA Adj Margin 9.5% - 10.6% 8.8% - 10.4% Orders 2,747 (19%) 3,398 926 (48%) 1,780 • Revenues up 14% mainly due to AW139, AW101, T129Atak and product support (i.e
Slide 9: Defence Electronics
Defence Electronics (Euro mln) 9M 09 Change% 9M 08 Q3 09 Change% Q3 08 Revenues 4,526 91% 2,373 1,481 97% 750 EBITA Adj 394 172% 145 125 166% 47 EBITA Adj Margin 8.7% - 6.1% 8.4% - 6.3% Orders 4,716 76% 2,684 1,410 92% 733 • Orders and Revenues well above €4.5bn also due to DRS Technologies • Revenu
Slide 10: Strong performance by our US company DRS Technologies
Strong performance by our US company DRS Technologies Strong Order Intake – Resilient US Business, Backlog at all time high DRS Results (9M2008 and 3Q 2008 not included in Group 9M 2008) 9M 09 9M 08 Q3 09 Q3 08 Revenues €2,119 $2,892 €1,891 $2,878 €688 $939 €649 $987 EBITA Adj €248 $338 €193 $293 €7
Slide 11: Aeronautics
Aeronautics (Euro mln) 9M 09 Change% 9M 08 Q3 09 Change% Q3 08 Revenues 1,768 4% 1,701 566 (11%) 638 EBITA Adj 120 3% 117 61 30% 47 EBITA Adj Margin 6.8% - 6.9% 10.8% - 7.4% Orders 2,098 45% 1,448 1,447 140% 604 - • Strong order growth driven by military sector (mainly Eurofighter Tr. 3A) • Revenues
Slide 12: Space
Space (Euro mln) 9M 09 Change% 9M 08 Q3 08 Change% Q3 08 Revenues 639 (5%) 671 204 (7%) 220 EBITA Adj 19 (30%) 27 6 (50%) 12 EBITA Adj Margin 3% - 4% 3% - 5.5% Orders 703 21% 579 138 (15%) 163 • Orders: strong increase, mainly due to satellite services, related in particular to Earth Observation (Co
Slide 13: Defence Systems
Defence Systems (Euro mln) 9M 09 Change% 9M 08 3Q 09 Change% 3Q 08 Revenues 767 1% 758 253 3% 245 EBITA Adj 58 4% 56 17 21% 14 EBITA Adj Margin 7.6% - 7.4% 6.7% - 5.7% Orders 685 (7%) 740 119 (49%) 234 Including 25% of MBDA and 100% of Oto Melara and WASS • Revenues driven by Missiles (MICA, Aster,
Slide 14: Transportation and Energy
Transportation and Energy (Euro mln) 9M 09 Change % 9M 08 3Q 09 Change % 3Q 08 Revenues 1,328 5% 1,259 433 2% 423 EBITA Adj 60 (19%) 74 5 (81%) 27 EBITA Adj. Margin 4.5% - 5.9% 1.2% - 6.4% Transportation Orders 2,086 120% 950 896 141% 372 • Revenues increase driven by Signalling & Transport Systems
Slide 15: Appendix
, “7 FINMECCANICA Appendix 15
Slide 16: Long Term Debt, Credit Lines and Rating
Long Term Debt, Credit Lines and Rating Bond Credit Lines Issuer Notional Issue Date Coupon Maturity Medium Term Revolving Amount (€m) Size € 750 mln Finm. Finance(1) 501 2003 0,375% 08 August 2010 Finm. Finance 1000 2008-2009 8,125% 03 December 2013 Tenor Committed until 2012 Finm. Finance 500 2003
Slide 17: Foreign Exchange Exposure & Hedging
Foreign Exchange Exposure & Hedging TRANSACTION RISK is constantly monitored and fully hedged through forward, swaps and options: 9M 2009 total hedged exposure worth approx. € 6.2 bln. TRANSLATION RISK is constantly monitored: 9M 2009 impact on EBITA Adj was approx € (15) mln For consolidated purpos
Slide 18: IR Contacts
IR Contacts Investor Relations Finmeccanica investor_relations@finmeccanica.com Website: http://www.finmeccanica.com/Investor Relations John D. Stewart Raffaella Luglini Vice President Investor Relations Investor Relations Officer +39 06 32473.290 +39 06 32473.066 john.stewart@finmeccanica.com raffa