the debt remains stable –

The signs were quite different. An “unprecedented” 2o20 due to the impact of the pandemic. With the collapse of the civil aeronautics business – with orders for aircraft (and therefore for components such as fuselages) from Airbus, Boeing and ATR – and instead Leonardo held up. The defense giant, controlled by the Treasury Ministry, has approved an overall positive budget considering the scenarios that were foreshadowed in March last year when the accounts were released in full lockdown. The resilience capacity of the group led by Alessandro Profumo is due to the stability of the production volumes of its defense programs both in the Aircraft division and in the Helicopter and Electronics sectors.

A segment that has held up for government orders, including ours. Revenues amounted to 13.4 billion, orders for 13.8, an operating margin of 938 million and a positive operating cash flow of 40 million thanks to revenue from contracts in the last quarter. Group net debt – equal to 3.3 billion – remains stable compared to the pre-Covid era. Excluding the effects of dividends paid, strategic mergers and acquisitions and the recognition of financial liabilities deriving from the new leasing contracts signed.

A debt that could go down for the year in progress if it were to be used as a treasury from the cash deriving from the spin-off of the US subsidiary in the military DRS, given that a stake of between 20 and 30% that can be worth up to 1 billion will go on the market. An operation built to make cash – also because it is a heterosexual company led by American personnel who therefore has a very particular governance – but which could also lead to acquisitions where opportunities are perceived. Leonardo’s order book stands at 35.5 billion and ensures production coverage of 2.5 years. Oxygen to manage the fallout of Covid on the aerostructures industry. With its factories in Puglia and Campania.


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