Finmeccanica loses 6%, the worst stock in the Ftse Mib (+0,38%) after the release of the accounts yesterday after closed exchanges (-7,8% at the start of the session). The aerospace group closed the first nine months of 2013 with a loss of 136 million euros, compared to the positive result of 141 million in the same period of 2012. The company specified that aerospace and defense are in line with forecasts, while the negative performance of Ansaldobreda remains. In Aerospace and Defence, the note explains, the restructuring process has made it possible to: achieve the objectives relating to orders (8.171 million euros) and revenues (9.978 million euros), exceed the expected Ebita (equal to 712 million) , and partially mitigate the negative effects caused by the missed collections of the Indian contract of AgustaWestland. Ansaldobreda, on the other hand, did not achieve any of the objectives assigned, completing orders for only 63 million euro, revenues for 402 million, negative Ebita for 94 million euro.
As regards the third quarter alone, Finmeccanica recorded a negative net result of 73 million euros compared to the positive 74 million euros of the third quarter of 2012 and revenues down to 3,67 billion from 3,9 in 2012. Orders rose to 3,4 billion compared to 2,907 billion in the third quarter of 2012. For 2013 Finmeccanica expects to achieve a positive consolidated net profit, but "the persistence of the serious crisis of Ansaldobreda will not allow the achievement of the profitability objectives expected for 2013, even in the presence of the positive and satisfactory results of the aerospace and defence". In particular, Ebita will show a drop of 5-10% compared to the estimate of 1,1 billion.
“As part of the process of concentration on Aerospace & Defense activities – commented the company – the sale of Ansaldo Energia represented an important first step in the process of restructuring the Finmeccanica business portfolio. Finmeccanica intends to identify solutions in terms of industrial prospects also for the transport sector, for which the ongoing discussions have not yet allowed the definition of an adequate structure”.
The group noted that “it is necessary, also to identify an adequate structure of the sector, start a strategic and operational discontinuity in Ansaldobreda", explaining that "the positive effects of the restructuring actions started in the core sectors, which show data in line with expectations, have been significantly eroded by the negative performances of Ansaldo Breda, which has achieved the expected recovery objectives.
Finally, he specified that the investment held in Ansaldo Sts "will in turn be managed in the interests of the company, its shareholders and Finmeccanica shareholders".
