Leonardo Spa · MIL:LDO
Leonardo Spa — Finmeccanica — Q1 2010 Earnings Presentation
20 slides from Leonardo Spa's earnings presentation, Apr 30, 2010
Slide 1: Finmeccanica First Quarter 2010 Results Presentation
Finmeccanica First Quarter 2010 Results Presentation Alessandro Pansa Co-General Manager / CFO John D. Stewart V.P. Investor Relations 30 April 2010 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 2010 Financial Highlights vs 1Q 2009
1Q 2010 Financial Highlights vs 1Q 2009 Revenues up 3% to €4bn with strategic pillars up 5% EBITA Adj up 4% to €251mln ROS at 6.2%, in line with 1Q 2009 Net profit* at €82mln Proposed dividend of 41 Eurocents per share equal to last year FOCF at €(1,106)mln Net debt down to €4.4bn from €4.5bn at the
Slide 4: Main Financial Results
Main Financial Results (Euro mln) 1Q2010 1Q2009 Change FY 09 Driven by strong results of Revenues 4,039 3,911 3% 18,176 Helicopters and Aeronautics Mainly driven by Aeronautics EBITA Adj 251 242 4% 1,587 and Defence Systems EBITA Margin 6.2% 6.2% - 8.7% Adj Increased financial charges and Net Income
Slide 5: Successful Completion of Debt Refinancing
Successful Completion of Debt Refinancing • DRS Acquisition Bridge Loan reduced to €639mln at year-end. In February 2010 outstanding amount of €639mln transformed in Revolving Credit Facility due 2011 and partially reimbursed • Approximately 50-50% fixed vs. floating interest cost • 2009 average cos
Slide 6: Recent events
Recent events 11 March: AgustaWestland awarded contract worth Eur 560m by Indian Air Force for supply of 12 AW101 helicopters for government transport 9 April: Ansaldo Energia signs memorandum agreements with AREVA and EDF for development of Nuclear Power in Italy and collaboration on Nuclear plants
Slide 7: Confirming our Guidance for 2010
Confirming our Guidance for 2010 2010E Revenues €17.8-18.6bn EBITA €1,520-1,600mln Assumptions: forex €/US$ 1.45 €/GBP 0.88 Cumulative FOCF* 2008-2010 equal to €1.2–1.3bn • Diversified product portfolio and presence in both civil and military sectors creates a stable and defensive business platform
Slide 8: Business Division Review
“\, __ “7 FINMECCANICA Business Division Review
Slide 9: Helicopters
Helicopters 1Q 2010 • Revenues up 11% due both to helicopter (Euro mln) 1Q2010 1Q2009 Change FY 09 production and product support (i.e. Revenues 837 756 11% 3,480 Integrated Operational Support –IOS- +17% YoY) EBITA Adj 75 74 1% 371 Margin 9.0% 9.8% - 10,7% • Strong order intake, supported by recove
Slide 10: Defence Electronics and Security
Defence Electronics and Security 1Q2010 • Orders mainly driven by – Eurofighter Tr3 radar and avionics together with logistics (Euro mln) 1Q2010 1Q2009 Change FY 09 – VTMS for Turkey and Tetra Buenos Aires – Baggage handling systems for Italy Revenues 1,452 1,427 2% 6,718 – Thermal Weapon Sight, tra
Slide 11: Aeronautics
Aeronautics 1Q2010 • Revenue growth mainly driven by military (Euro mln) 1Q2010 1Q2009 Change FY 09 programmes, mainly Eurofighter. Military revenues include Revenues 592 553 7% 2,641 – Eurofighter, C27J, AMX, Tornado and G222 EBITA Adj 34 22 55% 241 – M346 and MB339 Civil revenues include: Margin 5
Slide 12: Space Defence Systems
Space Defence Systems 1Q2010 1Q2010 • Fewer orders for manufacturing offset by • Strong order increase mainly driven by Missiles (UK Complex weapon contract) good intake for services • Revenues driven by Missiles (Aster, Mistral, MEADS • Revenue mainly driven by commercial and and customer support).
Slide 13: Energy Transport
Energy Transport 1Q2010 1Q2010 • Revenues driven by plants and components • Orders driven by Signalling& Systems (i.e (Algeria, France, Italy), service (LTSA Italy) and Copenhagen driverless metro, Italy and Australia) nuclear activities (China, Slovakia) • Revenues driven by Signalling & Systems (I
Slide 14: Appendix
; “7 FINMECCANICA Appendix
Slide 15: 1Q2010 Results – Profit & Loss
1Q20109 Results – Profit & Loss CONSOLIDATED PROFIT AND LOSS ACCOUNT €mil. 1Q 2010 1Q 2009 Change % Revenues 4.039 3.911 3% Costs for purchases and personnel (3.647) (3.512) Depreciation and amortisation (132) (130) Other net operating revenues (costs) (9) (27) EBITA Adj (*) 251 242 4% EBITA Adj (*)
Slide 16: Balance Sheet
Balance Sheet BALANCE SHEET €mil. 31.03.2010 31.12.2009 Non-current assets 13.445 12.956 Non-current liabilities (2.638) (2.639) 10.807 10.317 Inventories 4.867 4.662 Trade receivables 9.034 8.481 Trade payables (12.121) (12.400) Working capital 1.780 743 Provisions for short-term risks and charges
Slide 17: Cash Flow
Cash Flow CASH FLOW €mil. 1Q 2010 1Q 2009 Cash and cash equivalents at 1 January 2.630 2.297 Gross cash flow from operating activities 432 407 Changes in other operating assets and liabilities (334) (210) Funds From Operations (FFO) 98 197 Changes in working capital (984) (885) Cash flow generated f
Slide 18: Divisions
Divisions Defence Defence Other Activities 1Q 2010 (EUR million) Helicopters Aeronautics Space Energy Transport Eliminations Total Electronics Systems and Corporate Revenues 837 1.452 592 194 231 337 445 58 (107) 4.039 EBITA* 75 107 34 0 14 31 20 (30) 251 EBITA* margin (%) 9,0% 7,4% 5,7% 0,0% 6,1% 9
Slide 19: 2010 Financial Calendar
2010 Financial Calendar Date Event 4 March 2010 2009 Full Year Results 29-30 April 2010 AGM of Shareholders 29 April 2010 First Quarter 2010 Results 28 July 2010 First Half 2010 Results 4 November 2010 Third Quarter 2010 Results 19
Slide 20: 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