- New order intake at € 2.2 billion
- Revenues at € 2.5 billion
- EBITA at € 153 million and Profitability (RoS) at 6.2%
- FOCF amounted to negative € 1.1 billion, in line with the usual seasonal trend
- Group Net Debt at € 3.6 billion
Rome, 3 May 2018 – Leonardo's Board of Directors, convened today under the Chairmanship of Gianni De Gennaro, examined and unanimously approved the results of the first quarter 2018.
Alessandro Profumo, Leonardo CEO, commented: “First quarter 2018 results are in line with expectations. Our Helicopters business is on track showing clear signs of recovery. We are fully focused on executing the Industrial Plan: we have approved the «Leonardo International» creation with the aim of strengthening our presence across international markets, leveraging the «One Company» model, ensuring a unified presence towards customers and stakeholders”.
The results for the first quarter were substantially in line with those recorded in the same period of the previous year, as restated to take into account the application of the new accounting standard on revenue (IFRS 15) from 1 January 2018.
Highlights of 1Q 2018 results are as follows:
- New Orders: amounted to EUR 2,164 million, showed a decline of 18.2%, mainly due to major contracts booked in 2017 in Aeronautics for activities in support to the EFA aircraft fleet for the period from 2017 to 2021
- Order Backlog: amounted to EUR 33,360 million compared to EUR 33,637 million at 31 December 2017
- Revenues: amounted to EUR 2,451 million +3.8% vs. 1Q 2017, higher mainly due to the growth reported in Helicopters, which had been affected by a lower number of deliveries in 2017 made in the civil segment
- EBITA: amounted to EUR 153 million, compared to EUR 155 million in 1Q 2017
- EBIT: amounted to EUR 121 million, compared to EUR 123 million in 1Q 2017
- Net Result before extraordinary transactions: amounted to EUR 50 million, compared to EUR 49 million in 1Q 2017
- Net Result: amounted to EUR 50 million, equal to the net result before extraordinary transactions on account of the absence of extraordinary transactions.
- Free Operating Cash Flow (FOCF): amounted to negative EUR 1,057 million, in line with the Group’s seasonal trend to record considerable cash outflows during the first quarters, while the value for the first quarter of 2017 had benefitted from the substantial contribution from the EFA Kuwait contract, as a result of the collection of the second advance payment during the quarter
- Group Net Debt: amounted to EUR 3,595 million mainly as a result of cash outflows for the period