Leonardo-Finmeccanica achieved a net profit of 2016 million euros in the first quarter of 64 (including the capital gain on the sale of Fata), 6 times higher than the 11 million in the first quarter of 2015 (which benefited from the results of the transport activities sold in the fourth quarter 2015). This was reported in a note from the Group.
The order backlog at 31 March amounted to 27.863 million euros, revenues for the first quarter amounted to 2.536 million (-4,4%), the ebitda amounted to 326 million (+13,6%), the 134 million (+21,8%). Debt as at 31st March was equal to 4,212 billion, an improvement of 896 million compared to the previous year. The Free operating cash flow (Focf) is negative for 896 million. “The first quarter of 2016 confirms the positive financial trend of the group”, comments the company.
The company also has raised the targets on orders, Focf (Free operating cash flow) and debt as a result of the recognition of the contract worth around 8 billion euro signed on 5 April with the Kuwaiti Ministry of Defense for the supply of 28 Eurofighter Typhoon aircraft.
THEoutlook 2016 relating to orders thus rises to around 20 billion (from 12,2-12,7 billion in the previous estimate and 12,4 billion in 2015), the Focf rises to 500-600 million (from 300-400 million and 307 million respectively) , the group's net debt to approximately 2,8 billion (from 3 billion to 3,3 billion).
