Leonardo, quarterly net result stable at 54 million — last hour

(ANSA) – Rome, May 03 – Leonardo’s board of directors, meeting under the chairmanship of Luciano Carta, unanimously approved the results for the first quarter of 2023. The net result was 54 million euros, on an adjusted basis to exclude the impact from strategic holdings and Hensoldt, in line with the first quarter From 2022 when it was 56 million. In contrast, the net proceeds of normal activities amounted to 40 million euros, compared to 74 million euros in the previous year. Orientation for 2023 confirmed.

Orders expand to $4.9 billion, an increase of 29.3%, on an adjusted number compared to the first quarter of 2022, thanks in particular to a strong performance from helicopters. The order level for the quarter is equivalent to book-to-invoice (the ratio between orders and revenue for the period) of about 1.6. Backorders total 39.1 billion, which equates to more than 2.5 years of production.

Operating free cash flow was negative at €688m, an improvement of around €400m compared to the first quarter of 2022. Revenue also increased to €3bn (+2.6%) on an adjusted basis. There is a decrease in net debt of €1.1 billion compared to the first quarter of 2022, thanks to the group’s enhanced cash generation. The operating result was Ebita 105 million on an adjusted basis (+4.4%).

“The commercial and financial results for the first quarter show a positive trend, in line with expectations,” says Alessandro Profumo, CEO of Leonardo. “In the first three months – he adds – we have once again demonstrated competitiveness in the defense / government business and continuous improvement in the performance of aviation structures. The group is strong and sustainable in the long term, with the ability to seize growth opportunities in the future. (handle).

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