Slide 1: FY 2018 Results Presentation
FY 2018 Results Presentation London, 14 March 2019 Investor Relations & Credit Rating Agencies - ESG
Slide 2: Agenda
Agenda • Introduction Raffaella Luglini, Chief Stakeholder Officer Part 1: FY 2018 and Industrial Plan • Executing the Industrial Plan Alessandro Profumo, CEO • FY2018 Results & Outlook Alessandra Genco, CFO Part 2: Focus on businesses • Electronics: a gem in the crown Norman Bone, MD Electronics Di
Slide 3: Executing the Industrial Plan
Executing the Industrial Plan Alessandro Profumo Chief Executive Officer London, 14 March 2019 Investor Relations & Credit Rating Agencies - ESG
Slide 4: Strong progress towards Industrial Plan objectives
Strong progress towards Industrial Plan objectives Building long term sustainable future 2018 targets delivered or exceeded Order growth ahead of Industrial Plan, with record backlog Strengthened international presence to drive export success Profitability to benefit from growth, efficiencies and co
Slide 5: We are tracking ahead of plan
We are tracking ahead of plan 2018 Orders and Revenues above Guidance range ORDERS AHEAD OF PLAN REVENUES AHEAD OF GUIDANCE € bn € bn +30.4% 15.1 14.5-15.0 +4.3% 11.6 12.5-13.0 12.2 11.5-12.0 11.7 FY2017A Original Revised FY2018A FY2018 FY2018 FY2017A FY2018 Guidance FY2018A Guidance Guidance EBITA
Slide 6: Industrial Plan delivering the growth required for sustainable performance
Industrial Plan delivering the growth required for sustainable performance 2018 Orders and Revenues above Guidance range ORDERS AHEAD OF PLAN Oustanding achievement in 2018 delivered by: € bn • Growth ahead of our market: o Driven by DRS, (i.e Mounted Family of Computer Systems and “Throphy” Active
Slide 7: Growth in international markets
Growth in international markets Well positioned in key-high growth markets High-growth markets providing a strong backdrop for our growth plan Well balanced worldwide footprint Leonardo is expected to address ca. 20% A&D market 7 © Leonardo - Società per azioni
Slide 8: Insight into our key businesses
Insight into our key businesses Moving to deliver strong growth, profitability and cash ELECTRONICS HELICOPTERS • Addressing the largest part of the A&D market • On track for sustainable growth • Bringing businesses together to address Customer evolving • Significant progress in 2018 requirements •
Slide 9: Profitability to deliver growth benefits to the bottom line
Profitability to deliver growth benefits to the bottom line TODAY TOMORROW AIRCRAFT AIRCRAFT ELECTRONICS ELECTRONICS DRS 10 10 HELICOPTERS LEONARDO DRS LEONARDO HELICOPTERS RoS % RoS % CYBER CYBER AEROSTRUCTURES 1,000 1,000 AEROSTRUCTURES EBITA € mln EBITA € mln What we have done… …What we are plann
Slide 10: Leonardo investments as guarantee for the future growth of the business
Leonardo investments as guarantee for the future growth of the business FNEC Yearly AW249 average NEES € 1.5 bn MFOCS Active Protection Systems Customer Funded R&D ≈ 65% Eurofighter Typhoon Integrated Sensor Suite Command SOC AW169 Self Funded R&D ≈ 15% & Control Evolution & Cyber AW189 AW609 M346 C
Slide 11: Aerostructures: still draining cash but clear recovery path defined
Aerostructures: still draining cash but clear recovery path defined Identified and implementing initiatives aimed at improving industrial performance, recovering profitability and cash generation Clear targets and action plan to reach break-even in terms of operating cash flow by 2022/2023 2018 2019
Slide 12: 2019 Guidance in line with Industrial Plan
2019 Guidance in line with Industrial Plan FY2018E FY2018E FY2019 FY2018A at January '18 at July '18 Guidance New Orders (€ bn) 12.5 - 13.0 14.0 - 14.5 15.124 ↑ 12.5 - 13.5 Revenues (€ bn) 11.5 - 12.0 11.5 - 12.0 12.240 ↑ 12.5 - 13.0 EBITA (€ bn) 1.075 - 1.125 1.075 - 1.125 1.120 ✓ 1.175 - 1.225 FOC
Slide 13: On target to deliver the Industrial Plan communicated in January 2018
On target to deliver the Industrial Plan communicated in January 2018 Return to top-line Strict cost control, Sustainable Focus on cash and a growth reinvested in growth improvement in stronger capital profitability structure ca. ca. ca. ca. 50% € 70bn € 200mln 10% Avg. 2015-2018 Cash 2018-2022 Annu
Slide 14: Sustainability as a base of the Industrial Plan
Sustainability as a base of the Industrial Plan Being able to attract Building a solid and Promoting operational Financing a responsible and nurture talents reliable supply chain eco-efficiency business model 40% LEAP2020 -6% ISO37001 Implementation of new hires under 30 certification of anti- Suppl
Slide 15: My vision for Leonardo
My vision for Leonardo Strengthening multi-country presence in Aerospace, Defence & Security with growing international presence in the right markets > Leading in our strengths > Driving value in the portfolio Civil Helicopters Strong foothold in fighter Defence Electronics Leverage economies of sca
Slide 16: FY 2018 Results & Outlook
FY 2018 Results & Outlook Alessandra Genco Chief Financial Officer London, 14 March 2019 Investor Relations & Credit Rating Agencies - ESG
Slide 17: FY 2018 Highlights
FY 2018 Highlights Delivering growth Delivering growth: Orders and Revenues above Guidance • Orders at € 15.1 bn, up 32% in constant currency, driven by NH90 Qatar and strong commercial performance across the portfolio • Revenues at € 12.2 bn, up 5% in constant currency Delivering profitability and
Slide 18: Order intake
Order intake Strong performance, up 32% in constant currency, mainly due to NH90 order NH90 Qatar Higher EFA Qatar order ORDER BACKLOG contract (booked DRS offseting in 3Q18) contribution Aerostructures FY2018 ca. € 36bn Book to Bill > 1 +31.8% € mln YoY +96.9% +11.0% -1.8% 2,569 476 ca. 15,280 ca.
Slide 19: Revenues
Revenues Growth and positive momentum in Helicopters & DRS 177 new units delivered Higher EFA Kuwait and F35 up 19% compared to production offsetting Aerostructures 149 in FY17 volumes and EFA «core» € mln +5.4% YoY +10.8% +7.3% -6.4% 11,734 2,896 419 ca. 12,369 ca. 129 negative forex 5,953 +4.3% 12
Slide 20: EBITA and Profitability
EBITA and Profitability Solid performance across all businesses Higher volumes Programme Aircraft plus improved mix plus TX offsetting industrial bid costs ATR € mln performance +5.2% YoY +27.8% -2.8% +5.5% 1,077 328 58 147 (RoS 9.2%) (RoS 11.3%) ca. 1,133 ca. 13 522 negative forex (RoS 8.8%1) 1,120
Slide 21: Net Result +83% YoY
Net Result +83% YoY Below the line benefitting from lower financial charges and taxes FY 2017 RESTATED FY 2018 +4.0% +4.9% +82.8% 1,077 1,120 137 135 98 844 436 98 885 170 715 230 64 510 € mln € mln 89 129 279 EBITA Restruct. PPA EBIT Net fin. Income Net EBITA Restruct. PPA Underlying ART. 4 EBIT Ne
Slide 22: Investing where opportunities are
Investing where opportunities are INVESTMENTS 2019-2023 PRODUCTS & TECHNOLOGIES Electronics, Defence M345 HET Emergency M-S Aeronautics and Security Systems VIP Transport M346 FA Offshore Radar: ATC, maritime and land surveillance Helicopters Sensors Drones Focus on key products and technologies in
Slide 23: FOCF higher than old plan, stepping up in 2020
FOCF higher than old plan, stepping up in 2020 2018-2019 FOCF higher than in old plan Material step up in 2020 FOCF driven by: 2019 FOCF reflecting EFA Kuwait cash absorption • EFA Kuwait deliveries Cash drain due to: • Improving profitability throughout the Group • Aerostructures underperformance G
Slide 24: Reduced gross debt and cost of funding
Reduced gross debt and cost of funding Reduced Gross Debt by 20%1 2018 Leverage Ratio Lowered cost of funding by one year earlier than forecasted 30%, more than previously Net Debt / EBITDA: 1.6x through cash generation expected Diversified Funding Pool GROSS DEBT COST OF FUNDING € bn -25% -30% -20%
Slide 25: 2019 Guidance in line with Industrial Plan
2019 Guidance in line with Industrial Plan FY2018E FY2018E FY2019 FY2018A at January '18 at July '18 Guidance New Orders (€ bn) 12.5 - 13.0 14.0 - 14.5 15.124 ↑ 12.5 - 13.5 Revenues (€ bn) 11.5 - 12.0 11.5 - 12.0 12.240 ↑ 12.5 - 13.0 EBITA (€ bn) 1.075 - 1.125 1.075 - 1.125 1.120 ✓ 1.175 - 1.225 FOC
Slide 26: Electronics: a gem in the crown
Electronics: a gem in the crown Norman Bone MD Electronics Division London, 14 March 2019 Investor Relations & Credit Rating Agencies - ESG
Slide 27: Key Messages
Key Messages Our biggest Division, addressing the largest part of the A&D market Bringing Business Units together to make them stronger, through: • Internationalisation • Focus on performance • Product Development Synergies High quality businesses with real momentum Delivering on promises to execute
Slide 28: Agenda
Agenda 1. The change 2. The rationale 3. The journey 4. The plan 5. The benefit 28 © Leonardo - Società per azioni
Slide 29: Creating the biggest division in our portfolio
1 Creating the biggest division in the our portfolio… On 1st February 2019 Leonardo creates a new Electronics Division, which brings together the former: • Airborne and Space Systems Division • Land and Naval Defence Electronics Division • Defence Systems Division • Automation Systems and Traffic Co
Slide 30: The rationale of the change
2 The rationale of the change… Evolving customer engagement approaches Increasingly complex end user mission requirements International cooperation / partnerships System and service solution offerings Need to maximise synergies and optimise investment 30 © Leonardo - Società per azioni
Slide 31: Airborne and Space Systems: Successful transformation from good to great
3 Airborne and Space Systems: Successful transformation from good to great Typhoon • 65% of Typhoon avionics REVENUES • 50% of divisional revenues Identified our product strategy € mln • Developing single use products FOCF • Developing platform agnostic products EBITA Built strategic partnerships •
Slide 32: Our path to double digit profitability
3 Our path to double digit profitability… 2019 EBITA – ROS (%) Airborne and Space Systems Defence Systems TARGET RoS % Land and Naval Defence Electronics SIZE = REVENUES Security and Information Systems EBITA 32 © Leonardo - Società per azioni Consistency of delivery to underpin the Industrial Plan
Slide 33: …by driving best practices and focusing on delivery
3 …by driving best practices and focusing on delivery 2019 EBITA – FOCF Airborne and Space Systems FOCF SIZE = REVENUES Land and Naval Defence Electronics Defence Systems Security and Information Systems EBITA 33 © Leonardo - Società per azioni Helping to achieve the Industrial Plan
Slide 34: How we are going to do it
4 How we are going to do it… Organised for partnerships Become more International Coherent market offerings MARKET Change the culture PEOPLE Empower our people PROCESS Drive efficiencies Address the cost base Promulgate best practice 34 © Leonardo - Società per azioni Fully focused on people, delive
Slide 35: Achieving our full potential
5 Achieving our full potential… ELECTRONICS ACCESIBLE MARKET LEVERAGING SUCCESS AND EXPLOITING OPPORTUNITIES € bn Longevity of Typhoon Leonardo captured 3.9 4.9 Tempest market 31.3 Future Capabilities 24.5 Future Support Models Partnerships Addressing the Export Market Current 2021 35 © Leonardo - S
Slide 36: Key Messages
Key Messages Our biggest Division, addressing the largest part of the A&D market Bringing Business Units together to make them stronger, through: • Internationalisation • Focus on performance • Product Development Synergies High quality businesses with real momentum Delivering on promises to execute
Slide 37: Helicopters: delivering on promises
Helicopters: delivering on promises Gian Piero Cutillo MD Helicopters Division London, 14 March 2019 Investor Relations & Credit Rating Agencies - ESG
Slide 38: Helicopters on track for sustainable growth
Helicopters on track for sustainable growth Fully aligned to Industrial Plan ambition and objectives Execution Winning in opportunistic military market No.1 in slightly growing civil market – 40% value share Market Growth supported by increasingly international Customer base Strategy Progress underp
Slide 39: Winning in highly opportunistic military market
Winning in highly opportunistic military market Significant contracts awards in military market in 2018 >€3bn • 28 NH90 (16 for land operations and 12 for naval missions), Customer Support & Training and Infrastructure NH90 Qatar • Leonardo to act as prime contractor contract • To replace UH-1N flee
Slide 40: Winning in a highly opportunistic market
Winning in a highly opportunistic market Focused sales effort in critical geographies GLOBAL MILITARY MARKET FOCUSED EFFORT ON KEY GEOGRAPHIES ~40% Total market value $ Leonardo addressable bn per year market Combat MH-139 Naval Qatar Utility/ Multi-Role Heavy Utility/ Multi-Role Medium Utility/ Mul
Slide 41: No.1 in Civil market
No.1 in Civil market Significant contracts awarded in civil market in 2018 15 AW139s • > € 150 mln order with SINO-US (China) SINO-US • Framework agreement for the supply of additional 160 helicopters, accounting for more than € 1 bn • Additional 26 helicopters sold in China • 70% market share in th
Slide 42: No.1 in Civil market
No.1 in Civil market Leonardo focus on attractive segments CIVIL MARKET BY ROLE LEONARDO 2018 SHARE RANKING Market Value $ bn Energy +4% Public Services EMS/ SAR VIP/ Exec. Transp. Utility Slight recovery of the Civil Market 40% value share in 2018 (vs < 35% in 2017) • 2018 market growth +4% No.1 OE
Slide 43: No.1 in Civil market: AW Family
No.1 in Civil market Leonardo focus on attractive segments CIVIL HELICOPTERS MARKET FORECAST Market Value $ bn ~ 5 % CAGR expected in the next five years US and EU will remain the most important markets +4% Asia expected to grow materially AW Family Leonardo focused on attractive roles, segments and
Slide 44: Growth supported by an increasingly international Civil customer base
Growth supported by an increasingly international Civil customer base… LEONARDO CIVIL HELICOPTERS IN SERVICE FLEET DISTRIBUTION BY MACRO REGION Higher contribution Lower contributio n 44 © Leonardo - Società per azioni
Slide 45: Strengthening in new geographies, especially in Asia
… strengthening in new geographies, especially in Asia LEONARDO CIVIL HELICOPTERS ORDER BOOK DISTRIBUTION BY MACRO REGION Higher contribution Lower contributio Experiencing n high growth 45 © Leonardo - Società per azioni
Slide 46: Progress underpinned by Customer Support & Training offer
Progress underpinned by Customer Support & Training offer Strengthened our offer in 2018 Map Service Customer satisfaction: ranked 1st in Product Support by 2019 Pro-Pilot Survey Digital services: new and enhanced portfolio with a community of 10,000+ user NEW ADVANCED SERVICES Advanced services: 45
Slide 47: Targeted investment in our future products and services
Targeted investment in our future products and services Continued innovation in Helicopters, Tiltrotors, and RUAS Modern helicopter range with Tiltrotors for unmatched RUAS systems with unique inherent growth potential performance integrated capabilities Going green – active MRB, Clean Sky2 NEXTGEN
Slide 48: Growth delivering positive economic results with improving profitability
Growth delivering positive economic results with improving profitability ORDER INTAKE DELIVERIES* € [€B] bn +97 % [ACs] +19 % Expected materially ,5 higher than 2017 and ,5 Expected in line with 2018 market growth (net of Qatar effect) 2019 2019 REVENUES EBITA €[€B] bn +28 % € [€B] bn +11 % Industri
Slide 49: Aircraft: a strong strategy to deliver the Industrial Plan
Aircraft: a strong strategy to deliver the Industrial Plan in a high growth market Lucio Valerio Cioffi MD Aircraft Division London, 14 March 2019 Investor Relations & Credit Rating Agencies - ESG
Slide 50: Great position in high growth market
Great position in high growth market We operate in a materially high growth market Strong and comprehensive product range Strong Revenues Profitability Backlog ~€11bn ~€2bn >10% Leveraging our strong product portfolio and enhancing services 50 © Leonardo - Società per azioni …Strongly growing revenu
Slide 51: Double digit growth in military aircraft markets
Double digit growth in military aircraft markets REFERENCE MARKET € bn Tactical Transport and Fighter market Special Missions • Opportunities in Asia, Far East and Middle-East Trainers Trainers market 16 • Opportunities for Light Attack Versions (Dual Role Capability) and Integrated Training Service
Slide 52: Long term Revenue visibility from very significant Backlog
Long term Revenue visibility from very significant Backlog and additional high potential opportunities REVENUE GROWTH UNDERPINNED BY BACKLOG OPPORTUNITIES TO GROW BACKLOG FURTHER Strong Backlog supporting long term visibility € bn 2018-2023 CAGR ~14% Over 100 market opportunities in addition to base
Slide 53: We have the right portfolio to deliver growth
We have the right portfolio to deliver growth Best in class aircraft portfolio ready to serve market demands International Collaborations (Fighters) EUROFIGHTER JSF F-35 F-35 MRO&U HUB Trainers M-346 AJT IFTS (2019) M-345 HET (2020) M-346 LFFA (2021) Tactical transport & Special missions C-27J ATR S
Slide 54: From platforms to services: complimentary meaningful and profitable growth
From platforms to services: complimentary meaningful and profitable growth Delivering world-class services and capabilities to our customers > 1,100 aircraft supported in ~30 countries worldwide Industrial collaborations worldwide ~25% of aircraft division turnover and more than 30% of its profitabi
Slide 55: We are thinking and working on the future
We are thinking and working on the future… EUROMALE 2025 • Hybrid/Electric Propulsion • Digital Twin • Virtual Pilot • Integrated Vehicle Health Technologies Management (IVHM) • Highly automated Assembly Eurofighter Long European 6th Term Evolution Generation Fighter A real collaboration among the E
Slide 56: Strong Outlook
Strong Outlook Great growth potential in the markets we serve supported by a strong and comprehensive product range Very significant backlog with plenty of opportunities to make it biggest still Best-in-class aircrafts already in the market, complemented by our integrated training services Balanced
Slide 57: DRS: growth outlook
DRS: growth outlook William J. «Bill» Lynn III CEO of Leonardo DRS London, 14 March 2019 Investor Relations & Credit Rating Agencies - ESG
Slide 58: DRS contributing to Leonardo's Industrial Plan targets
DRS contributing to Leonardo’s Industrial Plan targets US defence Budget continues to increase • Projected increases in U.S. defence spending supports sustained revenue growth throughout the five-year plan DRS well positioned in the market • DRS revenue growth outperforming U.S. defence market • Pro
Slide 59: U.S. defence budget provides opportunity for continued DRS growth through 2023
U.S. defence budget provides opportunity for continued DRS growth through 2023 FY 2020 Pentagon budget provides $ 718 bn, an increase of +4.9% over FY 2019 • $ 104.3 bn supporting R&D programmes and $ 143 bn for procurement of new equipment DRS will benefit from opportunities in the Army Procurement
Slide 60: Growth: DRS outperforming US defence market
Growth: DRS outperforming US defence market NEW ORDERS CONTINUE ABOVE MARKET DRS ALIGNED IN HIGH GROWTH SEGMENTS $ mln Army Electronics & Sensors +43% • Product alignment within Army’s key modernization priorities fuelling continued growth +5% • 2018 Revenue Growth – 26% • 2017 Revenue Growth – 35%
Slide 61: Driving Improving Profitability
Driving Improving Profitability DOUBLE DIGIT EBITA GROWTH MARGIN EXPANSION $ mln Stable EBITA 7-8% margins excluding TX investment 2016-2018 +14% Creating efficiencies to improve profit • Eliminated management layers +19% • Facility optimizations • Portfolio shaping • Focused investing 174 153 Produ
Slide 62: Q&A Thank you for your attention
Q&A THANK YOU FOR YOUR ATTENTION 62
Slide 63: Sector Results
SECTOR RESULTS THANK YOU FOR YOUR ATTENTION
Slide 64: Helicopters: deliveries by programme
Helicopters DELIVERIES BY PROGRAMME Well positioned to capture growth opportunities FY2017 = 149 new units AW189 /149 14 AW169 26 47 AW109 / AW119 / SW4 / AW009 46 10 AW139 /W3 132 NH90 AW FAMILY CH47 AW159 / Lynx AW101 FY2018 = 177 new units 2019 OUTLOOK AW169 AW189 /149 21 15 Well placed in most a
Slide 65: Electronics, Defence & Security Systems
Electronics, Defence & Security Systems Remain strong 2019 OUTLOOK 2019 revenue volumes expected to increase Profitability improvement DRS benefitting from positive market trends Avg. exchange rate €/$ @ 1.8525 in FY2018 Avg. exchange rate €/$ @ 1.1293 in FY2017 65 © Leonardo - Società per azioni
Slide 66: Aeronautics
Aeronautics Aircrafts positive outlook offsetting lower ATR and Aerostructures 2019 OUTLOOK Higher revenues compared to 2018 • Aircraft production increase (especially correlated to the EFA Kuwait contract) Good levels of profitability supported by • Solid Aircraft performance • Aerostructures unsat
Slide 67: Space
Space Stable outlook 2019 OUTLOOK Revenues and operating profit expected in line with 2018 67 © Leonardo - Società per azioni
Slide 68: Appendix
APPENDIX 68
Slide 69: 4Q/FY 2018 Results
4Q/FY 2018 Results Group Performance Free Operating Cash-Flow (FOCF): this is the sum of the cash flows generated by (used in) operating activities (which includes interests and income taxes paid) and the cash flows generated by (used in) ordinary investment activity (property, plant and equipment a
Slide 70: IFRS 16
IFRS 16 IFRS 16 redefines recording methods of operating leases in the financial statements imposing a single recognition method for all types of leasing, with the consequent recognition in the balance sheet of the tangible assets and liabilities for future payments The main impacts deriving from th
Slide 71: Successful financing achievements
Successful financing achievements Term Loan Facility signed in November 2018 to refinance existing debt: • € 500 mln credit line • 5 years maturity • 110 basis points above 6 months Euribor • Bullet redemption of total amount at maturity • Same terms and conditions of Revolving Credit Facility Europ
Slide 72: Solid Financial Position as end of December 2018
Solid Financial Position as end of December 2018 Bond Dollar € mln Bond Sterling Bond Euro BEI DEBT MATURITY Term Loan Average life: ≈ 6 years1 Repayment The Term Loan Facility is characterized by a 5 years bullet repayment; the EIB Conditions of New financing is a 12 year amortizing loan with a 4 y
Slide 73: Availability of adequate committed liquidity lines
Availability of adequate committed liquidity lines as at 31 December 2018 € mln Undrawn at 30 December 2018 As of 30 December 2018 In order to cope with possible swings in financing needs, Leonardo can leverage: • 31 December cash balance of € 2.0 bn • Credit lines worth € 2.5 bn (confirmed and unco
Slide 74: Development costs capitalised as intangible assets
Development costs capitalised as intangible assets as at 31 December 2018 Self Funded Self Funded Total € mln National Security Other 01 January 2018 restated1 1,641 459 2,100 Gross R&D capitalised 196 47 243 Depreciation and write offs -78 -33 -111 Disposals 0 -1 -1 Other Changes 1 4 5 Net R&D capi
Slide 75: CEO Remuneration
CEO REMUNERATION 75
Slide 76: Balanced Remuneration Policy
Balanced Remuneration Policy Aligned with shareholders interests Clear link between pay and degree of achievement of targets CEO REMUNERATION Aligning the remuneration package with international market best practices Reducing risk-oriented behavior Attracting / retaining resources regarded by the Co
Slide 77: CEO performance: Management by Objectives
CEO performance: Management by Objectives MBO remuneration is paid in cash on a yearly basis TARGETS Group EBITA Group FOCF Sustainability Industrial Plan Objectives 30% of REM 30% of REM 10% of REM - ON/OFF 30% of REM Linked to the 3 specific KPIs inclusion of 1. 2018 business performance of Leonar
Slide 78: Remuneration scheme: methodology
Remuneration scheme: methodology CLAW-BACK CLAUSE • Provided for all the variable incentives assigned starting from 2014 • Leonardo is entitled to request repayment of the variable remuneration paid in the event of incorrect or misstated data SEVERANCE • If CEO appointment is: • revoked • terminated
Slide 79: Long Term Incentive Plan (LTIP)
Long Term Incentive Plan (LTIP) BENEFICIARIES • Chief Executive Officer • Executive directors, employees and/or associates with a decisive impact on the achievement of business results (210 people) FREQUENCY • 3 year cycles assigned yearly on a rolling basis AWARD • Max 53.6% € 500.000 CEO • Max 140
Slide 80: LTIP Performance conditions
LTIP Performance conditions TSR Relative RETURN ON SALES OF THE Group 50% 25% Award max 100% of bonus Return on Sales measured as average of the ≥ TSR of company at final values of each year during the vesting the Top 4 period of the Plan position 25% TOTAL 50% BONUS 25% Award target NET FINANCIAL P
Slide 81: 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 Co
Slide 82: Contacts
CONTACTS Raffaella Luglini Chief Stakeholder Officer raffaella.luglini@leonardocompany.com Valeria Ricciotti Manuel Liotta Head of Investors Relations Head of Sustainability and Credit Rating Agencies +39 06 32473.666 +39 06 32473.697 manuel.liotta@leonardocompany.com valeria.ricciotti@leonardocompa