finmeccanica 1h 2010 results presentation
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First Half 2010
Pier Francesco GuarguagliniChairman and CEO
Alessandro Pansa-
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on on, u y
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Safe Harbor Statement
NOTE: Some of the statements included in this document are not historical facts but rather, ,
considered forward-looking statements. These forward-looking statements are based onCompanys views and assumptions as of the date of the statements and involve known and
unknown risks and uncertainties that could cause actual results, performance or events to differmateriall from those ex ressed or im lied in such statements. Given these uncertainties oushould not rely on forward-looking statements.
The following factors could affect our forward-looking statements: the ability to obtain or the timingof obtaining future government awards; the availability of government funding and customer
due to programme reviews or revisions to strategic objectives (including changes in priorities torespond to terrorist threats or to improve homeland security); difficulties in developing andproducing operationally advanced technology systems; the competitive environment; economicbusiness and olitical conditions domesticall and internationall ro ramme erformance and
the timing of contract payments; the timing and customer acceptance of product deliveries andlaunches; our ability to achieve or realise savings for our customers or ourselves through ourglobal cost-cutting programme and other financial management programmes; and the outcome ofcontingencies (including completion of any acquisitions and divestitures, litigation and
environmental remediation efforts).
These are only some of the numerous factors that may affect the forward-looking statementscontained in this document.
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Contents
1H2010 Highlights
Pier Francesco Guarguaglini
Financial & Business ReviewAlessandro Pansa
Business StratePier Francesco Guarguaglini
Appendix
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1H 2010 Highlights
Pier Francesco Guarguaglini
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1H 2010 Results vs 1H2009
Revenues up 1.5% to 8.65bn (vs 8.5bn in 1H2009)
EBITA at 586mln, down 3.1%, with margin on revenues at 6.8% (vs 7.1%)
Net Income at 170mln (vs 218mln), down 22%, with an EPS* of 0.295.
FOCF at (967)mln down 39.1% (vs negative 695mln)
. . ,
Order intake at 8.05bn down 3.3% (vs 8.3bn)
. . , .
On track to achieve our FY2010 Guidance
5*EPS after minority interests calculated on average number of shares
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1H2010 Highlights
Against a tough global backdrop YoY, although our Group first half results for 2010,
performance with Orders up10% YoY, Revenues up 6% YoY and EBITA Adj. up
6%YoThe good performance of our 3 Strategic Pillars leveraged on
significant order intake at Helicopters (+37% YoY) driven by both Military ( i.e. AW101India) and Civil-Gov orders (+60% YoY; 63 helicopters booked in 1H2010 for 600mln);increasing order intake of Aeronautics (approx +24% YoY) mainly driven by military
Revenue growth driven by customer support (Helicopters) and avionics & electro-opticactivities (Defence Electronics & Security)
ro ta ty r ven y revenue growt n e copters an cost re uct on n t at ves nDefence Electronics & Security
Building for the future
6
Aeronautics, 38% in Defence Electronics & Security and 20% in Helicopters)
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A Challenging Environment
Global economy showing signs of recovery; civil aeronautics andhelicopters outlook improving
Eurozone financial crisis brings uncertainties and pressure on Europeandefence budgets
UK acting ruthlessly in cutting defence spending
Italy: small decrease in Defence spending while funding opportunities for Security aregrowing . Infrastructures still growing but at a slower pace
World Defence Budgets increasingly focused on Emerging/RoW countries
World Defence Electronics & Security spending driven mainly by Security
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2010: Focus on Prioritisation and RationalisationDriving Competitiveness
Finmeccanica is implementing a wide range of decisive actions, creating asolid platform for performance improvement:
Action plan on Aeronautics to streamline the organisation and reducecosts new or anisation at Aeronautics aimed at inte ratin businessareas and SG&A HR, procurement)
Industrial lan on Rollin Stock aimed at enhancin contract execution
Restructuring and site rationalisation
Optimisation of Defence Electronics & Security and Space
SG&A Efficiency Improvement Plan
Group Real Estate Consolidation
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e ec ve nves men s n new ec no og es pro uc s an care u
monitoring of the investment process
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Financial Review
Alessandro Pansa
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Economic and Financial Performance
Euro mln FY 09 1H10 1H091H10/1H09
ange
New Orders 21,099 8,050 8,327 (3.3%) Orders deferred
Backlog 45,143 45,803 42,980 6.6% Equal to 2.5 years of production
Revenues 18,176 8,654 8,523 1.5%Led by: AW139 and customer
support, Avionics, Electro Optics.
EBITA Adj 1,587 586 605 (3.1%)Helicopters and DE&S up;
EBITA Margin 8.7% 6,8% 7,1% -0.3 p.p.
Net Income654 170 218 22%
Lower Ebita, higher financial
Post minorities c arges
FOCF 563 (967) (695) (39.1%) Investments focused on pillars
Net Debt 3 070 4 624 4 615 0.2% Ne ative / im act
DPS () 0.41 - - -
Headcount 73,056 76,527 73,517Excl. PZL acquisition, reduction of
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Cash Flow Development
Implementation of efficiency measures
mprove wor ng cap a managemen
Prioritisation of investments
Cash flow improvement and Debt reduction
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A Comprehensive Set of Efficiency Measures Launchedin 2010 to Bring Benefits over the Next 2 Years (1/2)
On O eratin Com anies:
Action Plan Focused on Aeronautics and Rolling Stock: reduction of unabsorbed labourand overhead costs in manufacturing plants due to lower level of production; involving approx. 1,500
Headcount. Net benefits worth ca. 40mln p.a. in 2010 2011
Integration of Alenia Aeronautics/Aermacchi: 1st wave launched in July aimed atintegrating staff functions (Finance, HR, Legal) reducing S,G&A; 2nd wave to be launchedto integrate industrial activities (i.e. Procurement, R&D, etc)
Site rationalisation (PZL in Helicopters, Space Services, Elsag Datamat in DE&S). Once fullyoperational, estimated at 20-25mln p.a. from 2011
Reorganisations launched: headcount reduction started at Polish PZL helicopter site
Optimisation of DE&S and Space:will involve a number of specific business lines,
structure and to define clear responsibilities to end customers. Once fully operational,expected annual savings of ca. 60-70mln p.a. 1st stage involving organisational rationalisation of D,E&S effective from 1st July 2010. Space willbe com leted b ear end in a reement with Thales
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A Comprehensive Set of Efficiency Measures Launchedin 2010 to Bring Benefits over the Next 2 Years (2/2)
On the whole Group:
S,G&A Efficiency Improvement: Plan aimed at analysing staff costs across theGroup (Legal, CFO, HR, etc.), defining the cost benchmark for each. First benefits
expected to start from Q3 2010; Expected annual savings of approx. 50mln
Group Real Estate Consolidation: Expected annual savings of approx. 20-25mln p.a.
Tot. 190-210mln p.a. annual savings once fully implemented; to be partiallyshared with our customers, in order to strengthen our overall competitiveness,
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Profitable and Selective Investments Consistent WithPriorities in Product and Technological Development
2010-2012 Cumulated Gross Investments of 4.3bn
> n e ra eg c ars
60% devoted to new development/maintenance of existing products
40% devoted to production
Cumulated Gross Investments
2010-2012
Capex and Gross Capitalised R&D
2010-2012
Capex 43%Capex
27%6%
R&D
Capitalizzata
57%
GrossCapitalisedR&D 56%
24%. n
Helicopters Aeronautics Defence Electronics & Security Space & Defence Systems Transportation & Energy
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Further prioritisation of investments currently underway
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Solid Capital Structure
Dollar Bond
Sterlin Bond
(mln)
Euro Bond
EIB 1.000 489
600
46
46
46
244
37 46 46 46 46 46 46
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2025 2039 2040
No refinancing needs for the next three years
-
Evaluating opportunity to consolidate existing back-up bank credit lines into a
new 5-year Revolving Credit FacilityCurrently approx. 65-35% fixed vs. floating interest cost
2010 expected average cost of debt approximately 5-5.5%
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Solid Capital Structure and Liquidity Support fromExisting Debt and Back-up Bank Credit Lines
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Business Review
Alessandro Pansa
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Helicopters
1H2010(Euro mln) 1H2010 1H2009
ChangeH1
2010/H1FY 09
Strong order intake (+37% YoY) mainlydriven by military
AW101 Indian contract for ca. 560mln (incl. 5ears of roduct su ort) and the u rade of L nx
2009
Revenues 1,743 1,646 5.9% 3,480
EBITA Adj 181 162 11.7% 371
MK9 for ca. 47mln with UK MoD
30 Helos, worth 450mln, for North Africa
Significant increase in Civil-Gov orders
Margin 10.4% 9.8% 0.5 p.p. 10.7%
Orders 2,491 1,821 36.8% 3,205
+ o 63 helos worth 600mln (i.e. AW139 Trinidad &
Tobago)
Backlog 10,935 10,610 11.7%* 9,786
*Change H1 2010 vs FY09
.(+8.7% YoY) and product support (+23%YoY), i.e. Integrated Operational Support
revenue growth and product mix
Backlog equal to 3 years of production
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Defence Electronics and Security
1H2010
(Euro mln) 1H2010 1H2009Change
H1FY 09
Avionics and Electro-optics systems , IntegratedSystems for Defence and Security, naval/land
Command & Control systems
2009
Revenues 3,255 3,075 5.9% 6,718
EBITA Ad 289 274 5.5% 698 ey revenues nc u e
Eurofighter DASS and avionic radars
Large systems for defence and security (i.e ForzaNEC, Civil Protection and border control for Libya),
Margin 8.9% 8.9% n.s. 10.4%
Orders 3,045 3,306 (7.9%) 8,215,
TETRA and postal Automation for Italy Electro-optics for ground vehicles (i.e. DVE, IBAS),
Thermal Weapon Sight, Movement Tracking systems
Backlog 12,649 11,239 3.0%* 12,280
*Change H1 2010 vs FY09
EBITA growth mainly due to volume increase andcost reduction
Eurofighter radar, avionics, comms and logistics
Avionics for NH90
ATC (Italy & export)
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erma eapon g t, r ver s s on n ancer,M100 trailers, Mast Mounted Sight and JV-5
computer display for US Army
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Aeronautics
1H2010Change
H1
r er grow + . o ma n y r venby military programmes
8 a\c C27J-JCA First tranche of JSF Final Assembly and
2010/H12009
Revenues 1,262 1,208 4.5% 2,641
Check Out (FACO), second trancheexpected by year end. Tot value worth414mln
Logistics for Eurofighter
Margin 4.3% 5.0% -0.7 p.p. 9.1%
Orders 806 651 23.8% 3,725
Revenue growth mainly driven by militaryprogrammes (C27J, G222)
Backlog 8,716 7,829 (1.5%)* 8,850
*Change H1 2010 vs FY09
Eurofighter, C27J, Tornado, AMX and G222 M346 and MB339
Civil revenues include B787 (13 fuselages+10 Horizontal
stabilizers delivered in 1H 2010) ATR consortium, 26 a\c delivered in 1H2010
19
g ecrease n ue o
programme mix
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Space Defence Systems
(Euro mln) 1H2010 1H2009 Change FY 09
Revenues 412 435 (5.3%) 909
(Euro mln) 1H2010 1H2009 Change FY 09
Revenues 537 514 4,5% 1,195
EBITA Adj 5 13 (61.5%) 47
Margin 1.2% 3.0% -1.8 p.p. 5.2%
Orders 497 565 (12.0%) 1,145
Backlog 1,713 1,546 6.3%* 1,611
EBITA Adj 37 42 (11.9%) 130
Margin 6.9% 8.2% -1.3 p.p. 10.9%
Orders 414 566 (26.9%) 1,228
Backlog 3,799 3,982 (5.3%)* 4,010
1H2010
Fewer orders for both Manufacturing (mainly
1H2010
Slight decrease in orders mainly due to Missiles &
*Change H1 2010 vs FY09 *Change H1 2010 vs FY09
Earth Observation) and satellite services
Slight decrease in revenues due to bothManufacturin
Land & Naval Systems
Key orders include Missiles (UK Complexweapon contract and customer support),Underwater (light torpedoes) and Land & Naval
Key programmes include commercial andmilitary TLC and Earth observation
,
Revenue growth mainly driven by Missiles and
Underwater
Backlog up with Manufacturing accounting for57% and Services 43%
Key revenues include Missiles (Aster, Mistral,MEADS and customer support) Torpedoes(Black Shark, MU90, A244, FREMM) andLand&Naval (VBM, PZH2000,Hitfist, FREMM)
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Slight decrease in EBITA due to Underwater
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Energy Transport
(Euro mln) 1H2010 1H2009 Change FY 09
Revenues 677 820 (17.4%) 1,652
(Euro mln) 1H2010 1H2009 Change FY 09
Revenues 926 895 3.5% 1,811
EBITA Adj 67 76 (11.8%) 162
Margin 9.9% 9.3% 0.6 p.p. 9.8%
Orders 374 398 (6.0%) 1,237
*
EBITA Adj 35 55 (36.4%) 65
Margin 3.8% 6.1% -2.4 p.p. 3,6%
Orders 733 1,190 (38.4%) 2,834
*, , . , , , . ,
1H20101H2010
*Change H1 2010 vs FY09 *Change H1 2010 vs FY09
.
Systems Key revenues include Italy, Australia, Turkey,
China, Denmark and Saudi
Key orders include plant and components (i.e.Bangladesh, Finland), new service solutionsand nuclear plants and services (France,
As planned, operating profit down mainly due tooverrunning costs on Vehicles legacy contracts
Slight decrease in orders mainly due to large order
Argentina, Lithuania, China)
Revenue decrease mainly due to order slippage
Key revenues include plants and components
Key orders include Signalling& Systems(Copenhagen driverless metro- O&M- andItaly Naples and Genoa) and Vehicles
, , ,Agreements (Italy) and nuclear activities(China, Slovakia, Argentina, France)
Service now accounts for ca. 59% of order
21
Signalling&Systems currently accounts for 66%and Vehicles for 33% of order backlog
backlog
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On track to achieve Guidance for FY2010
17.8-18.6bnRevenues
2010E
1,520-1,600mlnEBITA
Assumptions: forex /US$ 1.45 /GBP 0.88
Cumulative FOCF* 2008-2010 equal to 1.21.3bn
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*Free Operating Cash Flow: Operating Cash after investments, net financial charges and taxes
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Business Strategy
Pier Francesco Guarguaglini
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Meeting the Challenges
pressure on defence budgets
Geographical diversification: leading positions in domestic markets andindustrial/commercial footprint in selected growing markets
Resilience through both product portfolio diversification and presence in civil and militarycreating a defensive platform
Profitable and selective investments in technological innovation focussed in the 3 strategicpillars
Exploiting dual-use opportunities and technological expertise to address fast growingSecurity needs
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Solid order intake supporting visibility of ourperformance
Main Orders 1H2010
AW101 helicopters for government transport, incl. 5 years of product support, and 30Helicopters, worth 450mln, for North African customer
- ,1H2010
Contract signed with Italian MoD to supply a digitised system (Forza NEC) worth 238mln in
Contracts signed for Thermal Weapon Sights and Avionics for NH90
Order worth $319mln signed for eight more C-27J JCA for the US Air Force; Additional 8 A/Cfunded for 2011
First tranche of JSF-FACO order signed; second tranche expected by year end. Tot value
worth 420mlnEurofighter logistic support
Team Complex Weapon (Missiles) awarded contract with UK MoD
Accounting for more than 40% of total orders awarded in first half 201025
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Geographical Diversification Offsets weaker Defence andInfrastructure Spending in NATO Countries
Orders Revenues
11.5 11.5
. - . n
45%
4.0 4.38bn
8.7bn
21%
1.2
4.9 5.00.9
1.9 1.7
2.4
3.5
26%
1H2010 2010E 2011E
Italy UK US Rest of World
1H2010 Group Backlog: ca. 45.8bn: equivalent to ca 2.5 years of revenues
1H2010 2010E
Eurofighter tr.2 and tr.3A account for ca.49% of Aeronautics backlog; B787 for ca.21%
T129 Atak (Turkey) and NH90 account for ca. 26% of Helicopters backlog; customer-
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. .
Avionic systems , electrooptics , large systems, radar C&C and DRS account for ca. 53%of DE&S backlog
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Presence in Both Civil and Military Enhances ourDefensiveness and Resilience
Governmental Non-Governmental
r ers
31%
2009A
26%
1H2010
Govermental includes:
ca.21bn 8bn
MoDs)International Military programmes Institutional Programmes (funded by
69% 74%
ot er n str es, .e. o conom c
Development, Mo Infrastructures etc.)
Revenues
36% 31%
2009A 1H2010 Non-Governmental includes Pure commercial programmes
ca.18bn 8.7bn
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64%69%
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World Defence Bud et Trends
World Defence Budget Trend (NATO vs RoW)2009 - 2016
500
600
700
800
900( mld)
Stren thenin our resence in
0
100
200
300
400
2009 2010 2011 2012 2013 2014 2015 2016
Emerging/ROW countries
World Defence Electronics Market Trend2009 2016
NATO RoW
80
100
120
( mld)
0
20
40
60
28
Defence Electronics Security
Source: Janes
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Defence Budgets in Three Domestic Markets
US Outlook Remains PositiveAeronautics: Additional B787 orders expected; additional 8 C27J-JCA funded in FY2011. T-38rep acemen programme as oppor un y or ; expec e s or yHelicopters: 3 major DoD RFI: Presidential Helicopter for ca. $7-10bn, Common Vertical Lift for ca. $2bn(AW139) and Armed Aerial Scout for ca. $2.5bn (AW119)
DE&S (DRS) over 2010-2014: Support to US Army on 3gen Rapid Response; Solutions, equipment &- . . , , , . .
Rugged computers & Heavy Equipment Transporter M1000)Transportation: Infrastructure investments; High speed trains & railway corridors (i.e. Desert expressCalifornia-Nevada)
Finmeccanica Well Positioned in UKGood visibility on UK MoD revenue streams over the next 12-18 months with ~ 70% of booked revenuesaccounted for by IOS, AW159Wildcat, Eurofighter, PRR and Counter IEDs. Promoting actively our e-scanradar on EurofightersContinued Urgent Operational Requirements activity in support of Afghanistan operationsIncreased UK export business into the US and other major markets (laser assemblies, radar); developing
new opportunities in Space, Security&Intelligence, Transport&Energy
Increasing Opportunities for Security in ItalySecurity: growing funding opportunities ca. 1.2-1.5bn p.a. (including TLC), both at national and local level,with particular reference to Civil Protection, Justice and Environment Ministries, Info-mobility of which ca.
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800mln captured by Finmeccanica
Military: relying on multiple sources of funds (i.e. VBM Land Systems for Army)Transportation Infrastructure multiyear investment: ca. 1.4bn expected in 2010 (including High Speed) andca. 3bn expected in 2011-2014 for Finmeccanica
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Working Hard to Further Develop our presencein growing markets
Thanks to Italian Government support, several G to G agreements signed, . .
. . ,Border control and Radar 3D for a tot value of ca. 7bn)
Panama: significant short term opportunities for Security Border Control,Helicopters and Space Services
Colombia: opportunities for Land & Underwater Systems, C&C systems, radars &
Integrated Naval Combat System
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E l i O C i l d I d t i l
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Enlarging Our Commercial and IndustrialFootprint in Selected Growing Markets
North AfricaHelicopters opportunitiesSecurity and Border control
RussiaHelicopters opportunities,final assembly of AW139
Middle EastHelicopters opportunitiesSecurit Radar 3D Tetra
Air Defence SystemsNaval programmes (Fremm)ATR72 MP/ASW
Infrastructural projects
SuperJet100Postal automationATC and SecurityInfrastructural projects
Eurofighter, ATR and M346Earth Observation SpaceServiceHi h S eed
Central & South AmericaNaval programmes , including
Satellites
India
Fremm and corvettes
Border Control for oil off-shore,radar 3D and securityOpportunities for 2014 World
Agreement with TATA
recently signed to set up anAW119 assembly lineATC and Battles ace
Championship and 2016 OlympicGamesSpace Services
High Speed Turke
digitalisationEurofighter, C27J, ATRUnderwater systems
an systemsHelicopters opportunities (AW149)Tetra, Automation & Infomobility,Integrated Border ManagementS stem
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Eurofighter, Superjet100
Space ServicesInfrastructural projects
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Summary
FY2010: Tough and challenging
Committed to achieving Guidance for FY2010
Capture significant opportunities in emerging markets which will help
Offset weaker and mature domestic markets
Prioritise and rationalise investments and costs
Beyond 2010 well positioned for when upturn comes
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Appendix
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1H2010 Results Profit & Loss
CONSOLIDATED PROFIT AND LOSS ACCOUNT
mil.
Revenues 8.654 8.523 2%
Costs for purchases and personnel (7.744) (7.616)
Depreciation and amortisation (275) (266)
Other net operating revenues (costs) (49) (36)
586 605 -3%
EBITA Adj (*) margin 6,8% 7,1%
Non-recurring revenues (costs) - -
Restructuring costs (16) (7)
PPA amortisation (43) (39)
-
EBIT margin 6,1% 6,6%
Net finance income (costs) (187) (156)Income taxes (146) (161)
Net profit before discontinued operations 194 242 -20%
Profit of discontinued operations - -
Net profit 194 242 -20%
Group 170 218
Minorities 24 24
EPS (EUR)
Basic 0,295 0,378 ute 0,294 0,377
EPS of continuing operations (EUR)
Basic 0,295 0,378
Diluted 0,294 0,377
(*) Operating result before:
35
-any impairment in goodwill;
-amortisations of intangibles acquired under business combination;
-reorganization costs that are a part of significant, defined plans;-other exceptional costs or income, i.e. connected to particularly significant events that are not related to the ordinary performance of the business.
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Balance Sheet
mil. 30.06.2010 31.12.2009
Non-current assets 14.088 12.956-
BALANCE SHEET
- . .
11.318 10.317
Inventories 4.833 4.662
Trade receivables 9.680 8.481
Trade payables (12.674) (12.400)
Workin ca ital 1.839 743
Provisions for short-term risks and charges (618) (595)
Other current net assets (liabilities) (1.009) (853)Net working capital 212 (705)
Net invested capital 11.530 9.612
Capital and reserves attributable to equity holders of6 689 6 351
the Company. .
Minority interests 217 198
Shareholders equity 6.906 6.549
Net debt (cash) 4.624 3.070
Net liabilities (assets) held for sale - (7)
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Cash Flow
mil.
1H 2010 1H 2009
Cash and cash e uivalents at 1 Januar 2.630 2.297
CASH FLOW
Gross cash flow from operating activities 1.008 1.019
Changes in other operating assets and liabilities (493) (241)
Funds From Operations (FFO) 515 778
Changes in working capital (1.059) (1.024)
Cash flow generated from (used in) operating activities (544) (246)
Cash flow from ordinary investing activities (423) (449)
Free operating cash flow (FOCF) (967) (695)
Strategic operations (93) (160)
Change in other financing activities 3 (25)
Cash flow generated (used) by investment activities (513) (634)
v en s pa
Cash flow from financing activities (438) (447)
Cash flow generated (used) by financing activities (695) (701)
Exchange gains/losses 41 2
Cash and cash equivalents at 30 June 919 718
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Divisions
1H 2010(Euro million)
HelicoptersDefence
ElectronicsAeronautics Space
Defence
SystemsEnergy Transport
Other
Activities
andEliminations Total
Corporate
Revenues 1.743 3.255 1.262 412 537 677 926 114 (272) 8.654
EBITA Adj (*) 181 289 54 5 37 67 35 (82) 586
EBITA Adj (*) margin 10,4% 8,9% 4,3% 1,2% 6,9% 9,9% 3,8% n.s. 6,8%
Depreciation and amortisation 63 114 71 14 24 12 12 8 318
Investment in non-current assets 66 108 148 22 17 17 21 6 405
Research and development costs 174 341 161 26 125 16 36 1 880
New orders 2.491 3.045 806 497 414 374 733 38 (348) 8.050
Order backlog 10.935 12.649 8.716 1.713 3.799 3.030 5.864 139 (1.042) 45.803
Headcount 14.172 30.204 12.905 3.652 4.075 3.443 7.281 795 76.527
1H 2009(Euro million)
Helicopters DefenceElectronics
Aeronautics Space DefenceSystems
Energy Transport
Other
Activitiesand
Corporate
Eliminations Total
Revenues 1.646 3.075 1.208 435 514 820 895 198 (268) 8.523
EBITA Adj (*) 162 274 60 13 42 76 55 (77) 605
EBITA Adj (*) margin 9,8% 8,9% 5,0% 3,0% 8,2% 9,3% 6,1% n.a. 7,1%
Depreciation and amortisation 74 99 70 12 20 11 12 7 305
Investment in non-current assets 60 108 227 17 22 26 13 5 478
Research and development costs162 323 212 30 119 16 24 1 887
New orders 1.821 3.306 651 565 566 398 1.190 74 (244) 8.327
Order backlog 9.786 12.280 8.850 1.611 4.010 3.374 5.954 172 (894) 45.143
Headcount 10.343 30.236 13.146 3.662 4.098 3.477 7.295 799 73.056
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(*) Risultato operativo ante:
- eventuali impairment dell'avv iamento;
- ammortamenti di immobilizzazioni valorizzate nell'ambito di business combination;
- oneri di ristrutturazione, nellambito di piani definiti e rilevanti;
- altri oneri o proventi di natura non ordinaria, riferibile, cio, ad eventi di particolare significativit non riconducibili allandamento ordinario dei business di riferimento.
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Successful Completion of Debt Refinancing
Finmeccanicas credit profile
Fitch BBB+ Stable OutllookDollar Bond
Sterling Bond mlnMoodys A3 Stable Outlook
S&P BBB Stable Outllook
Euro Bond
EIB
1.000 489
4646
46
500 600 500244
40737 46 46 46 46 46 46
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2025 2039 2040
407
Issuer Issue Date Expiry DateNotional
Amount (m)Coupon
Finm. Finance1 2003 Aug-2010 501 0,375%
BondCash Credit Lines Size Tenor Margin (bps)
Revolver 1200 Dec 2012 22,5
Available Credit Lines
Oustanding June 2010
450
Finm. Finance 2008-2009 Dec-2013 1000 8,125%
Finm. Finance 2003 Dec-2018 500 5,75%
Meccanica Holdings USA 2009 July-2019 407 6,25%
Finm. Finance 2009 Dec-2019 489 8,0%
Finm. Finance 2009 Jan-2022 600 5,25%
Finmeccanica SpA 2005 March-2025 500 4,875%
Revolver 639 June 2011 80
Confirmed Credit Lines 670 18 months* 120*
Unconfirmed Credit Lines 727 18 months* 50-100*
Total 3236 450
0
0
0
- ,
Meccanica Holdings USA 2009 Jan-2040 407 6,25%
Total 4650
1 Bonds exchangeable in 20,000,000 STMicroelectronics N.V. shares
Bank Bonding Lines Size
Total 2375
39*Average. Expected to be renewed at maturityThe amount in GBP and USD are calculated using the exchange rate of 30/06/2010
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2010 Financial Calendar
Date Event
4 March 2010 2009 Full Year Results
28-30 April 2010 AGM of Shareholders
29 April 2010 First Quarter 2010 Results
28 July 2010 First Half 2010 Results
4 November 2010 Third Quarter 2010 Results
INVESTOR DAY 2010Finmeccanica will hold its annual Investor Day in London onWednesday, November 17, 2010.
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The following morning there will be a site visit to a Finmeccanica facility.
Please save the date on your calendar.
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IR Contacts
Investor Relations Finmeccanica [email protected]
Website: http://www.finmeccanica.com/Investor Relations
John D. StewartVP Investor Relations
+39 06 32473.290
Raffaella LugliniInvestor Relations Officer
+39 06 [email protected] [email protected]
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