Finmeccanica closes the first nine months of 2011 with a loss of 324 million. In the same period last year, the group active in the defense and aerospace sector had recorded a positive net profit of 321 million. The worsening of Adjusted Ebita (1.044 million) and adjustments at Ebit level (327 million) weighed on the negative result. Also noteworthy is the net capital gain on the sale of 45% of Ansaldo Energia (443 million euro). The Board has proposed to the shareholders' meeting not to distribute any dividends for 2011.
- orders amounted to 10.638 million euros, down from 13.479 million in the first nine months of 2010. revenues they reached 12.252 million euros, against 12.924 million in the January-September period last year. The decline was mainly due to defense and security electronics and energy. The other sectors remain substantially stable. Thenet financial debt it reached 4.665 million euros (it was 3.133 million on 31 December 2010). In the wake of these numbers, just under an hour after the start of trading, the group's stock lost around 12% on the stock exchange.
“We find ourselves in an uncertain economic situation that requires extraordinary interventions – commented the managing director of the group, Giuseppe Orsi -. However, I have no doubts that Finmeccanica has a bright future ahead, despite the difficult context in which we operate today”.
As for the target, "the expected net result for the end of the year could be significantly worse than that recorded at 30 September 2011", reads a note from the group. Revenues should amount to between 17,0 and 17,5 billion euros, while estimates on adjusted Ebita foresee "a negative value of around 200 million". Free operating cash flow should be “negative by approximately 400 million”.
For the restructuring of the portfolio and the reduction of debt, in 2012 Finmeccanica intends to "finalize disposals of assets for a value of approximately one billion euro“. They will also be reduced investments: the 3,6 billion euros foreseen for the 2010-2012 period "will be reduced to approximately 3,4 billion euros (of which approximately 2,4 billion euros in the 2010-2011 period), therefore the reduction will be mainly concentrated in 2012”.
For the aeronautics, a plan for the reduction of the workforce, the restructuring of the production and engineering activities and the rationalization of the supply chain in order to reduce external costs was approved and launched. In transport, a restructuring plan for AnsaldoBreda has been defined.
