A day of passion in Piazza Affari for the Finmeccanica stock, which at the start lost two and a half points, suffering the worst fall of the Ftse Mib. Triggering the sell-off were the semi-annual accounts released yesterday by the aerospace company, from which one has emerged net loss of 62 million euros, compared to the profit of 67 million recorded in the same period last year. The orders amounted to 6.227 million, down 19% compared to 7.678 million in the first half of 2012.
The reduction affected both aerospace and defense and energy and transport. The order backlog stood at 42.589 million euro, against 44.908 million as at 31 December 2012, "equivalent to around two and a half years of production". Revenues amounted to 7.951 million euros compared, down 1% compared to 8.027 million in the first half of 2012.
The increase in aerospace and defense (€41 million) partially offset the reduction in energy and transportation (€94 million). EBITDA amounted to 467 million euros compared to 459 million euros in the first half of 2012 (+2%).
“The net result – explains Finmeccanica – was affected in particular both by higher non-recurring charges linked to some contracts, among which we note the provision following the high-speed train affair in Belgium, and by higher costs linked to the restructuring plan of Selex Es”.
As for theebita, “is up compared to the first half of 2012 (+2%) thanks to the widespread improvement in the aerospace and defense sector (with the exception of Selex ES) – the company explains -. The cash flow, although negative as usual in this period, is better than expected and is positive in the second quarter for 40 million euro”.
For Finmeccanica "the above results are the result of the industrial reorganization work started in 2012, which has allowed Alenia Aermacchi, Drs Technologies and Selex ES to start and carry on virtuous processes of reorganization and relaunch".
