Leonardo archive 2020 with to evaluate for 243 million euros, down by 70,4% on an annual basis. i also go down revenues (-2,7%, to 13,4 billion), theEbitda (-25%, to 938 million) and theEBIT (-55%, to 517 million). The operating cash flow however, it was positive for 40 million, thanks to the good performance recorded in the fourth quarter.
"The industrial performance and profitability, while benefiting from the initiatives undertaken to ensure the recovery of full business operations and cost containment - writes Leonardo - are affected by the slowdowns recorded in the first phase of the emergency and by the impacts generated by the lower demand in the civil aeronautics, which particularly affected the Aerostructures division, civil helicopters and the ATR jv, heavily affected by the drop in demand from operators in the sector".
If we exclude the effects of the dividends paid, of the strategic M&A operations and of the recognition of financial liabilities deriving from the new lease contracts entered into, net borrowing of the group stands at 3,318 billion, stable at pre-Covid 2019 levels.
The group talks about one “solid guidance” for 2021: orders of approximately 14 billion, revenues of 13,8-14,3 billion, improvement in Ebita to 1.075-1.125 million and net debt of approximately 3,2 billion (assuming “no dividend payment for 2020 and in the absence of extraordinary operations). All of this, however, "in the hypothesis of a progressive improvement in the global health situation with consequent normalization of operating and market conditions". In any case, the civil component "will still be heavily conditioned by the effects of the pandemic, with, in particular, a further contraction in the production volumes of the Aerostructures Division, as well as delivery forecasts still far below pre-Covid19 levels by of the GIE-ATR".
“We faced the complex context of 2020 with important results in terms of orders, equal to 13,8 billion, revenues, equal to 13,4 billion, Ebita equal to 938 million, and Focf positive for 40 million – he comments Alessandro Profumo, CEO of Leonardo – The military and government business has proven to be resilient and has allowed us to achieve the expected results despite the effects of Covid on the civilian business. The solidity and fundamentals of the group are the basis of trust in the short and medium-long term. We see new post-Covid opportunities thanks to the transversal capabilities already existing in the Group and we are focused on creating value for all our stakeholders in a sustainable way”.
In opening, Leonardo's share on the Stock Exchange it lost 1,9%, to 6,958 euros, one of the worst performances on the Ftse Mib. By mid-morning, however, the group's shares were up 6,18%, at 7,528 euros, the best performance on the list.
