Finmeccanica downshifts and closes the first half with a triumphant growth in net profit: 456 million euros, +135% compared to the first half of 2010. The aerospace group was driven towards this result by the net capital gain of 443 million determined from the sale of 45% of Ansaldo Energia. Less good news on the revenue front, which stands at 8.432 million, down 3%.
A decline mainly linked to the energy and defense electronics sectors. On the other hand, no significant changes were recorded for the other individual business areas. Coming to forecasts, Finmeccanica estimates that by the end of the year it will achieve revenues of between 17,4 and 18 billion euro. A target revised downwards, considering that the initial objectives indicated a range between 18,3 and 19 billion. The new estimate, explains the company, is net of approximately 400 million due to the deconsolidation of 45% of Ansaldo Energia.
As regards orders, their value amounted to 7.566 million euros, down from the 8.050 million of the first half of 2010. In particular, the energy and aeronautics sectors improved, but their performance compensated the contraction in the helicopter and defense electronics sectors was only partially.
The order backlog stood at 44.981 million, a decrease of 2% compared to 48.668 million as at 31 December 2010 and ensures approximately two and a half years of production. The figure, explains the company, is influenced by the different scope of consolidation (1.649 million mainly relating to Ansaldo Energia) and the trend in the precise value of the euro/US dollar exchange rate.
Adjusted Ebita amounted to 440 million, down 25% compared to 586 million in the first half of 2010. The margin on revenues stopped at 5,2% (-1,6%). Net financial debt reached 4.189 million euros, up 9% on the 3.133 million recorded as at 31 December 2010. However, the figure is improving (-9%) compared to that recorded on 30 June 2010. Investments in Research and Development amounted to 882 million, equal to 10% of revenues
