Conti Leonardo, the numbers for the first nine months and the estimates for 2019


<! – ->leonardo_6Leonardo released the results for the first nine months of 2019.

The aerospace company has completed the period under review with revenues of 9.13 billion euros, up 10.8% compared to the 8.24 billion obtained in the first three quarters of 2018, mainly thanks to Defense and Security Electronics.

Operating profit increased from € 372 million to € 648 million (+ 74.2%), thanks to the reduction in restructuring costs and the completion of most of the amortization related to the intangible assets recorded on the acquisition of Leonardo DRS.

Net profit also improved, which rose from € 263 million to € 465 million; the final result benefited from the effects of the transaction with Hitachi.

At the end of September, net debt had grown to 4.3 billion euros, compared to 2.35 billion at the beginning of the year, as a result of the Vitrociset operation and the application of the new accounting standards. In the first nine months of 2019 the operating activities absorbed cash for 1.22 billion euros, in line with the usual seasonality.

In the same period Leonardo obtained new orders for 8.58 billion euros; Consequently at the end of September the order backlog amounted to 35.67 billion euros, guaranteeing a coverage in terms of equivalent production equal to about 3 years.

Based on these results Leonardo's top management confirmed the financial targets for the entire 2019, communicated on the occasion of the dissemination of the half-year results.

In detail, the management plans to close the current year with revenues of between € 12.5 billion and € 13 billion, thanks to new orders amounting to around € 13 billion and to the good positioning of the group's products in the most attractive market segments. The operating result should be between 1.18 and 1.23 billion euros, while cash generation should amount to around 200 million euros. At the end of 2019, net debt should reach € 2.8 billion, including the effect of the new accounting standards.

In addition, Leonardo announced that the subsidiary Leonardo US Holding has announced public tender offers on the entire amount of its “7.375% Guaranteed Notes two 2039” bonds outstanding and of its “6.250% Guaranteed Notes two 2040” bonds in circulation guaranteed by Leonardo.

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