Leonardo Spa · MIL:LDO
Leonardo Spa — Finmeccanica — 9M 2010 Earnings Presentation
21 slides from Leonardo Spa's earnings presentation, Nov 4, 2010
Slide 1: Finmeccanica Nine Months 2010 Results Presentation
Finmeccanica Nine Months 2010 Results Presentation Alessandro Pansa Co-General Manager / CFO John D. Stewart V.P. Investor Relations 4 November 2010 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement • NOTE: Some of the statements included in this document are not historical facts but rather statements of future expectations, also related to future economic and financial performance, to be considered forward-looking statements. These forward-looking statements are based on
Slide 3: 9M 2010 Financial Highlights
9M 2010 Financial Highlights Revenues up 2.2% to € 12.9bn with strategic pillars up 6.8% to €9.4bn EBITA Adj. down 3.3% to €856mln ROS at 6.6% vs. 7% in 9M 2009 Net profit* at €284mln FOCF at € (1,325)mln Net debt down to € 4.9bn from €5.2bn at 30 Sept. 2009 Order intake at €13.5bn Backlog up 5.4% t
Slide 4: Main Financial Results
Main Financial Results (Euro mln) 9M10 9M09 Change 3Q2010 3Q2009 Change FY 09 Driven by Strategic Revenues 12,924 12,624 2.2% 4,234 4,154 2% 18,176 Pillars Mainly driven by Helicopters and EBITA Adj 856 885 (3.3% 268 284 (6)% 1,587 Defence Electronics & Security EBITA 6.6% 7% (0.4)% 6.3% 6.8% (0.5)%
Slide 5: Recent events
Recent events 28 August: Alenia Aermacchi has signed a contract for attributable value worth approximately EUR 250 million to supply 12 M-346 advanced trainer aircraft to Singapore Air Force 30 September: AnsaldoBreda and Bombardier have signed a contract with Italian Trenitalia to supply 50 High-Sp
Slide 6: Solid Capital Structure
Solid Capital Structure Dollar Bond Sterling Bond Euro Bond 46 46 d EIB 1.000 465 46 46 500 366 600 500 220 366 (€mln) 37 46 46 46 46 46 46 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2025 2039 2040 212 347 2039 Average Debt Life ~11 years 2040 600 No refinancing needs for the n
Slide 7: Confirming our Guidance for 2010
Confirming our Guidance for 2010 2010E Revenues €17.8-18.6bn EBITA €1,520-1,600mln Assumptions: forex €/US$ 1.45 €/GBP 0.88 Cumulative FOCF* 2008-2010 equal to €1.2–1.3bn • Diversified product portfolio and presence in both civil and military sectors creates a stable and defensive business platform
Slide 8: Business Division Review
». “7 FINMECCANICA Business Division Review
Slide 9: Helicopters
Helicopters 9M & 3Q 2010 (Euro 9M2010 9M2009 Change 3Q2010 3Q2009 Change FY 09 • Order intake (+8% YoY) mainly driven by mln) significant increase in Civil-Gov orders Revenues 2,556 2,499 2.3% 803 853 (5.9%) 3,480 (+40% YoY) EBITA Adj 252 237 6.3% 72 75 (4.0%) 371 – 93 helos worth €800mln (i.e. in Q
Slide 10: Defence Electronics and Security
Defence Electronics and Security 9M & 3Q2010 • Revenue growth mainly due to (Euro 9M2010 9M2009 Change 3Q2010 3Q2009 Change FY 09 mln) – Avionics and Electro-optics systems and Integrated Systems for Defence and Security Revenues 4,978 4,526 10% 1,699 1,481 14.7% 6,718 • Key revenues include EBITA A
Slide 11: Aeronautics
Aeronautics 9M & 3Q2010 • 9M 3Q 2010 Orders mainly driven by (Euro 9M2010 9M2009 Change 3Q2010 3Q2009 Change FY 09 mln) – 12 M346 Singapore (worth €250mln) (Q3) – 59 ATR, of which 52 a\c ordered in Q3 Revenues 1,857 1,768 5% 592 566 4.6% 2,641 – 8 a\c C27J-JCA – First tranche of JSF Final Assembly a
Slide 12: Space and Defence Systems
Space Defence Systems (Euro (Euro 9M2010 9M2009 Change 3Q2010 3Q2009 Change FY 09 9M2010 9M2009 Change 3Q2010 3Q2009 Change FY 09 mln) mln) Revenues 616 639 (3.6%) 204 204 0% 909 Revenues 802 767 4.6% 266 253 5.1% 1,195 EBITA EBITA 15 19 (21.1%) 9 6 50% 47 61 58 5.2% 24 17 41.2% 130 Adj Adj Margin 2
Slide 13: Energy and Transport
Energy Transport (Euro (Euro 9M2010 9M2009 Change 3Q2010 3Q2009 Change FY 09 9M2010 9M2009 Change 3Q2010 3Q2009 Change FY 09 mln) mln) Revenues 994 1,216 (18.3%) 317 396 (19.9%) 1,652 Revenues 1,373 1,328 3.4% 447 433 3.2% 1,811 EBITA EBITA 92 114 (19.3%) 25 37 (32.4%) 162 57 60 (5%) 22 5 340% 65 Ad
Slide 14: Appendix
». “7 FINMECCANICA Appendix
Slide 15: 9M 3Q2010 Results – Profit & Loss
9M 3Q2010 Results – Profit & Loss CONSOLIDATED PROFIT AND LOSS ACCOUNT Chg. % Chg. % 9M 2010 9M 2009 3Q 2010 3Q 2009 €mil. y/y y/y Revenues 12.924 12.640 2% 4.234 4.154 2% Costs for purchases and personnel (11.586) (11.318) (3.809) (3.734) Depreciation and amortisation (411) (395) (135) (130) Other
Slide 16: Balance Sheet
Balance Sheet BALANCE SHEET €mil. 30.09.2010 31.12.2009 Non-current assets 13.480 12.956 Non-current liabilities (2.680) (2.639) 10.800 10.317 Inventories 4.809 4.662 Trade receivables 9.883 8.481 Trade payables (12.680) (12.400) Working capital 2.012 743 Provisions for short-term risks and charges
Slide 17: Cash Flow
Cash Flow CASH FLOW €mil. 9M 2010 9M 2009 Cash and cash equivalents at 1 January 2.630 2.297 Gross cash flow from operating activities 1.446 1.445 Changes in other operating assets and liabilities (849) (648) Funds From Operations (FFO) 597 797 Changes in working capital (1.286) (1.483) Cash flow ge
Slide 18: Divisions 9M
Divisions 9M Defence Defence Other Activities 9M 2010 (EUR million) Helicopters Aeronautics Space Energy Transport Eliminations Total Electronics Systems and Corporate Revenues 2.556 4.978 1.857 616 802 994 1.373 159 -411 12.924 EBITA Adj (*) 252 426 71 15 61 92 57 -118 856 EBITA Adj (*) margin 9,9%
Slide 19: Divisions Q3
Divisions Q3 Defence Defence Other Activities 3Q 2010 (EUR million) Helicopters Aeronautics Space Energy Transport Eliminations Total Electronics Systems and Corporate Revenues 803 1.699 592 204 266 317 447 45 -139 4.234 EBITA Adj (*) 72 134 17 9 24 25 22 -35 268 EBITA Adj (*) margin 9,0% 7,9% 2,9%
Slide 20: Successful Completion of Debt Refinancing
Successful Completion of Debt Refinancing Finmeccanica’s credit profile Dollar Bond Fitch BBB+ Stable Outllook Sterling Bond Euro Bond Moody’s A3 Stable Outlook 46 EIB 46 S&P BBB Stable Outllook 1.000 465 46 46 500 366 600 500 220 366 (€mln) 37 46 46 46 46 46 46 2010 2011 2012 2013 2014 2015 2016 20
Slide 21: IR Contacts
IR Contacts Investor Relations Finmeccanica [email protected] Website: http://www.finmeccanica.com/Investor Relations John D. Stewart Raffaella Luglini VP Investor Relations Investor Relations Officer +39 06 32473.290 +39 06 32473.066 [email protected] raffael