Leonardo promoted with good results, above pre-Covid levels. The aerospace company closes the first nine months of the year in profit with revenues equal to 9.564 million euros (+6%), driven by the performance of Defense and Security Electronics, by the Aircraft component of the Air Force and only in part by Helicopters. L'Useful net amounted to 229 million euros and benefited, in addition to the trend in Ebit of 445 million euros (+13%), from the lower impact of financial charges.
On the profitability side, however, theebita was equal to 607 million, an increase of 22%. as a result of higher revenue volumes and improved profitability, to which the greater contribution of all the strategic joint ventures also contributes, with particular reference to the manufacturing sector of the Space Alliance and the GIE ATR, thanks to the progressive recovery of deliveries.
At the end of September 2021 thenet borrowing di Leonardo had risen to 4,69 billion euros, mainly due to the negative trend in cash flow (1,39 billion euros the cash absorption in the first nine months of 2021) which is affected by the usual seasonality.
Well also the Order Portfolio which is a significant increase compared to the same period last year, equal to 35,2 billion euro.
Leonardo confirmed the financial estimates for 2021, drawn up when preparing the 2020 financial statements. In detail, management expects revenues of between 13,8 and 14,3 billion euros, up compared to 2020. An increase is also expected profitability, with Ebita between 1,08 and 1,13 billion euro, supported by growth in volumes and the confirmation of excellent levels of industrial profitability in the main business areas.
Net debt should be reduced to 3,2 billion euros, assuming no dividend payments for 2020 and in the absence of extraordinary operations, as well as cash generation of approximately 100 million euros. Leonardo estimates total orders for around 14 billion euros.
“The results of the first nine months are very positive – he underlined Alessandro Profumo, Chief Executive Officer of Leonardo – with a performance above pre-pandemic levels in the military/government (87% of Group Revenues), which more than offset the still challenging civil business. The Order Backlog guarantees visibility, the Top line is growing as are Ebita and FOCF. We confirm the 2021 Guidance and medium-long term outlook based on solid Group fundamentals. We recently signed the first "ESG-linked" Revolving Credit Facility and were reconfirmed as Global Compact Lead as evidence of the ongoing commitment recognized in the ESG area".
