► Leonardo: growing 1H 2019 results. Strong commercial performance, Orders up 34%. 2019 Guidance confirmed
Rome, 30 July 2019 – Leonardo’s Board of Directors, convened today under the Chairmanship of Gianni De Gennaro, examined and unanimously approved the results of the first half 2019.
Alessandro Profumo, Leonardo CEO stated “The first half 2019 results are again in line with expectations and we have achieved a strong commercial performance in both domestic and international markets. We are pleased to confirm our 2019 Guidance and we continue to be fully focused on the execution of the Industrial Plan that will deliver sustainable growth, creating value for all our stakeholders”.
The results were up for the first half of 2019 over the comparative period. Key highlights:
- New Orders, amounted to EUR 6,145 million, an increase of ca. 34% compared to the first half of 2018 (€ 4,604 mln), driven by Defence Electronics & Security and Helicopters
- Backlog, amounted to EUR 36,321 million, increasing 11.4% compared to € 32,611 mln in 1H 2018 and ensuring a coverage in terms of equivalent production equal to about three years Revenues, amounted to EUR 5,962 million, an increase equal to about 7% compared to the first half of 2018 (€ 5,589 mln), with particularly strong growth in Defence Electronics & Security
- EBITA, amounted to EUR 487 million, an increase of 3.6% compared to € 470 mln in the first half of 2018, with an improvement of the operating performance in all businesses offsetting the lower contribution from the GIE-ATR Consortium and the Manufacturing component of the Space Alliance
- ROS: equal to 8.2%, substantially in line with the first half of 2018
- EBIT, increased to EUR 462 million; an improvement of € 222 mln (+92.5%) compared to the first half of 2018 (€ 240 mln), due to an improved EBITA, as well as to a significant decrease in restructuring costs and the completion of part of the amortisation of intangible assets deriving from the acquisition of Leonardo DRS (Purchase Price Allocation)
- Net Result before extraordinary transactions, increased to EUR 252 million, (€106 mln in first half 2018) compared to the first half of 2018, benefitting from an improved operating result, net of any related tax burden
- Net Result increased to € 349 mln compared to € 106 mln in the first half of 2018, positively affected by the events mentioned above, as well as by the effects of the transaction with Hitachi, classified in the result from “Discontinued operations”
- Group Net Debt, of EUR 4,098 million, increased compared to 31 December 2018 (€ 2.351 mln) and 30 June 2018 (€ 3.474 mln), which reflected the usual cash flow seasonality in the first part of the year, as well as the recognition of financial liabilities arising from the adoption of IFRS 16 and to the effects arising from the acquisition of Vitrociset
- Free Operating Cash Flow (FOCF), negative EUR 1.050 million (negative for € 809 mln in the first half 2018), in line with usual seasonal trends
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