Leonardo closes the 2018 financial year with results "consistent with the priority growth objective defined in the Business Plan" and with "a significant increase in orders and revenues with a backlog level of over 36 billion, which reinforces the growth forecasts for the next years".
The accounts were highly rated by the stock exchange. The title it opened up 7,7% and one hour after the start of trading it gained 9,4% to 9,448, leading the rises on the Ftse Mib (+0,9%).
Going back to the numbers, the group lets it be known that last year's results exceeded the objectives on the front of the orders (at 15,3 billion, +32% at constant exchange rates) e revenues to (12,4 billion, +5%). The Net income rose by 83%, to 510 million, and Ebita by 5,2%, to 1,13 billion. Finally, cash generation at $336 million is on the high side of the upwardly revised guidance in July.
The Board of Directors will propose to the shareholders' meeting the distribution of a dividend equal to 0,14 euro per share, out of the profit for the year 2018, to be paid starting from 22nd May with ex-dividend date on 20th May.
Leonardo specifies that the orders reached 15,124 billion, an increase of about 30% mainly due to the acquisition of the NH90 contract Qatar for 3 billion.
The order backlog (equal to 36,118 billion) shows an increase of 2017% compared to 7,8 and ensures coverage in terms of equivalent production of around 3 years.
The growth ofebita is mainly due to the higher volumes and profitability recorded in the division Helicopters and the good performance of the Aircraft division, whose higher contribution more than offset the decline in the result of the GIE-ATR Consortium penalized by the mix of deliveries made and the dollar/euro exchange rate effect, and of Electronics, Defense and Security Systems .
Il Net income benefits, in addition to the improvement of financial charges, the release of part of the provision set aside for the guarantees given for the sale of the investment in Ansaldo Energia. The Group's net debt, equal to 2,35 billion, shows an improvement of 31% compared to 2017 December 2,6 (8,8 billion).
“2018 represented an important step forward in the execution of the Business Plan: we took the necessary actions and kept our promises; we have reached the targets and exceeded the guidance – he commented Alessandro Profumo, CEO of Leonardo – We continue to be confident in the achievement of all the objectives of the Business Plan: growth of the top line together with rigorous cost control, for double-digit group profitability and important cash generation from 2020. In the next years we want to further accelerate the path started for sustainable growth".
(Last update: 10.25 pm on 14 March).
