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H1 and Q2 2015 Results – Finmeccanica

Finmeccanica · Jul 31, 2015 · 36 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. H1 and Q2 2015 Results – Finmeccanica – slide 1
    1H/2Q 2015 Results Presentation Mauro Moretti Chief Executive Officer and General Manager Gian Piero Cutillo Chief Financial Officer London, 31 July 2015
  2. H1 and Q2 2015 Results – Finmeccanica – slide 2
    GROUP OVERVIEW (CEO and General Manager) RESULTS AND OUTLOOK (CFO) UPDATE ON STRATEGIC DEVELOPMENTS (CEO and General Manager)
  3. H1 and Q2 2015 Results – Finmeccanica – slide 3
    Delivering on promises Executing 5 year industrial plan launched in January Industrial Plan has STRENGTHENED financial results Significant progress on profitability All key metrics heading in the right direction Share price up 46%…
  4. H1 and Q2 2015 Results – Finmeccanica – slide 4
    and we have clear priorities for 2015 and onwards STRENGTHEN Delivery of 2015 guidance Improve operating profitability: 150bp improvement in ROS (FY2016/2014), Reduced P&L volatility and material step-up in net income Positive…
  5. H1 and Q2 2015 Results – Finmeccanica – slide 5
    AW169 EASA certification achieved in July confirms our focus on products innovation to meet customer needs First all new helicopter type in its category in over 30 years set to enter service Marks operational readiness of the whole AW…
  6. H1 and Q2 2015 Results – Finmeccanica – slide 6
    GROUP OVERVIEW (CEO and General Manager) RESULTS AND OUTLOOK (CFO) UPDATE ON STRATEGIC DEVELOPMENTS (CEO and General Manager)
  7. H1 and Q2 2015 Results – Finmeccanica – slide 7
    Key Messages Satisfactory results achieved in 1H2015 New orders and revenues in line with expectations Material step up in EBITA (+45% YoY) with RoS at 7.5% from 5.4%, mainly thanks to Selex and DRS Positive Net Result at 111mln…
  8. H1 and Q2 2015 Results – Finmeccanica – slide 8
    Focus on Group Orders Commercial Performance in line with strong 1H 2014; Book to Bill remains close to 1 - 15.9% + 21.7% + 29.4% - 31.2% +142.3% - 4.4% % Ch. vs. 1H 2014 Mln 5,794 189 691 5,539 - 199 898 1,703…
  9. H1 and Q2 2015 Results – Finmeccanica – slide 9
    Focus on Group Revenues Good performance above expectations + 3.6% +4.2% + 26.7% + 2.5% - 9.1% + 4.6% % Ch. vs. 1H 2014 Mln 1,414 209 5,973 5,709 - 149 765 1,620 2,114 1H2014 1H Helicopters Selex ES DRS Aeronautics…
  10. H1 and Q2 2015 Results – Finmeccanica – slide 10
    Focus on Group Profitability Material step up in EBITA and ROS - 0.6 p.p. + 1.4 p.p. + 13.4 p.p. + 0.7 p.p. + 3.5 p.p. + 2.1 p.p. ROS Ch. vs. 1H2014 Mln 31 22 86 (RoS 14.8%) 450 (RoS 6.1%) (RoS 7.5%) 44 - 65 (RoS 5.7%) 72 310…
  11. H1 and Q2 2015 Results – Finmeccanica – slide 11
    Focus on Group Net Result before extraordinary transactions Meaningful improvement 1H 2014 1H 2015 Mln 51 mln below the line 450 6 45 - 41% 48 Mln 87 mln 351 197 310 28 59 41 63 182 210 91 33 -61 Strong…
  12. H1 and Q2 2015 Results – Finmeccanica – slide 12
    Focus on Group FOCF 1H 2015 and FY expectations COMMENTS ON 1H 2015 2015E Mln Usual seasonality affecting 1H 2015 ca. 130 ca. 900 Positive FOCF in 2Q YoY improvement in 1H 2015, also excluding the impact of 256mln outflows on…
  13. H1 and Q2 2015 Results – Finmeccanica – slide 13
    Recent achievements towards the reduction of Group gross debt and financial charges Bond Buy-back Target achieved with 100% tender redemption rate 450 mln repurchased across Sterling 2019 and Euro 2021, 2022, 2017 Bonds No…
  14. H1 and Q2 2015 Results – Finmeccanica – slide 14
    Renegotiated the 5 years Revolving Credit Facility at better conditions Leveraging on strengthened Group industrial fundamentals and favorable market conditions Reduction of size (from 2.2bn to 2bn), confirming the gradual decrease…
  15. H1 and Q2 2015 Results – Finmeccanica – slide 15
    FY2015 Assumptions and Guidance ASSUMPTIONS FY2014A Orders and Revenues: moderate FY2015E* growth, taking into account the changes Reported Pro forma in perimeter Profitability: important step up of 10% New orders bn 15.6 12.7 12.0…
  16. H1 and Q2 2015 Results – Finmeccanica – slide 16
    Delivering on Industrial Plan: Medium Term Objectives EBITA +20% and RoS +150b.p. from 2014 to 2016 SG&A reduction 10% from 2013 to 2015 CAPEX and capitalized R&D rationalization 20% from 2013 to 2017, rebalancing…
  17. H1 and Q2 2015 Results – Finmeccanica – slide 17
    GROUP OVERVIEW (CEO and General Manager) RESULTS AND OUTLOOK (CFO) UPDATE ON STRATEGIC DEVELOPMENTS (CEO and General Manager)
  18. H1 and Q2 2015 Results – Finmeccanica – slide 18
    Executing the pillars of our Industrial Plan Quality & Effectiveness Costs Internationalisation & Market FEWER BUSINESSES FOCUS ON A,D&S SELECTED JVS AND A,D&S SEGMENTS FEWER PRODUCTS IN CORE A,D&S IMPROVE…
  19. H1 and Q2 2015 Results – Finmeccanica – slide 19
    New Group Commercial Model Target Regions in our Global presence Russia USA Canada China Main Target Japan Areas South Korea Malaysia India Singapore Indonesia Vietnam Kuwait Qatar UAE Angola Saudi Arabia Egypt…
  20. H1 and Q2 2015 Results – Finmeccanica – slide 20
    New Group Commercial Approach Increasing effectiveness of Global commercial footprint The new commercial approach will be based on ONE VOICE FINMECCANICA: Coherently with the divisionalisation process, Finmeccanica presence in the…
  21. H1 and Q2 2015 Results – Finmeccanica – slide 21
    New Governance and New Group Organisational and Operating Model One single company The new decentralized structure will provide the following benefits Greater ability to control by the Corporate Center Full accountability of the…
  22. H1 and Q2 2015 Results – Finmeccanica – slide 22
    New Governance and New Group Organisational and Operating Model Business Support Functions CORPORATE CENTRE Sectors Electronics, Defence & Helicopters Aeronautics Space Security Systems Divisions Shared service centres…
  23. H1 and Q2 2015 Results – Finmeccanica – slide 23
    Sectors: Finmeccanica presence in homogeneous business portfolios Technical Functions Business Support Functions 7 Divisions for the 4 Sectors JV & Others The 4 Sectors are part of the Finmeccanica Corporate Center and…
  24. H1 and Q2 2015 Results – Finmeccanica – slide 24
    Divisions: the pillars of the new Organisational and Operating Model According to the new model each Division: DIVISION X Is a profit center overseeing one specific reference market with responsibility for the P&L Division…
  25. H1 and Q2 2015 Results – Finmeccanica – slide 25
    Delivering on our promises The execution of industrial strategy is on track on key industrial processes (Engineering, Supply Chain and Manufacturing) We are strengthening our financial structure Delivering continued momentum in our…
  26. H1 and Q2 2015 Results – Finmeccanica – slide 26
    SECTOR RESULTS
  27. H1 and Q2 2015 Results – Finmeccanica – slide 27
    HELICOPTERS Q2 1H FY % % 2015 2014 2015 2014 2014 Mln Change Change Orders 909 1,171 (22.4%) 2,257 2,685 (15.9%) 4,556 Revenues 1,190 1,138 4.6% 2,114 2,041 3.6% 4,376 EBITA 148 151 (2.0%) 260 263 (1.1%) 543 ROS % 12.4% 13.3%…
  28. H1 and Q2 2015 Results – Finmeccanica – slide 28
    EU DEFENCE ELECTRONICS AND SECURITY-Selex ES Q2 1H FY % % 2015 2014 2015 2014 2014 Mln Change Change Orders 1,255 956 31.3% 1,703 1,399 21.7% 3,612 Revenues 940 928 1.3% 1,620 1,554 4.2% 3,577 EBITA 58 41 41.5% 72 47 53.2% 185 ROS…
  29. H1 and Q2 2015 Results – Finmeccanica – slide 29
    US DEFENCE ELECTRONICS AND SECURITY DRS Q2 1H FY % % 2015 2014 2015 2014 2014 Mln Change Change Orders 435 556 (21.8%) 1,002 951 5.4% 1,945 Revenues 453 433 4.6% 854 828 3.1% 1,877 EBITA 31 (77) n.a. 49 (64) n.a. 31 ROS % 6.8%…
  30. H1 and Q2 2015 Results – Finmeccanica – slide 30
    AERONAUTICS Q2 1H FY % % 2015 2014 2015 2014 2014 Mln Change Change Orders 362 572 (36.7%) 691 1,004 (31.2%) 3,113 Revenues 754 728 3.6% 1,414 1,379 2.5% 3,144 EBITA 52 46 13.0% 86 74 16.2% 237 ROS % 6.9% 6.3% 0.6 p.p. 6.1% 5.4%…
  31. H1 and Q2 2015 Results – Finmeccanica – slide 31
    SPACE Q2 1H FY % % 2015 2014 2015 2014 2014 Mln Change Change EBITA 21 10 n.a. 22 17 29.4% 52 Revenues expected to grow, mainly thanks to manufacturing and launch operations services Business performance expected to improve,…
  32. H1 and Q2 2015 Results – Finmeccanica – slide 32
    APPENDIX
  33. H1 and Q2 2015 Results – Finmeccanica – slide 33
    GROUP PERFORMANCE Q2 1H FY % % 2015 2014 (*) 2015 2014 (*) 2014 (*) Change Change Mln New Orders 2,898 3,102 (6.6%) 5,539 5,794 (4.4%) 12,667 Backlog 29,303 29,328 (0.1%) 29,383 Revenues 3,319 3,161 5.0% 5,973 5,709 4.6% 12,764…
  34. H1 and Q2 2015 Results – Finmeccanica – slide 34
    A new S/T and L/T Incentive Scheme focused on creating shareholders value Finmeccanica implemented a brand new Group remuneration policy as a key enabler of the cultural transformation The new Plan is now largely equity based and…
  35. H1 and Q2 2015 Results – Finmeccanica – slide 35
    A new co-investment Plan Finmeccanica also introduced a new Co-Investment Plan for the conversion of a portion of the annual bonus (min 25%, max 100%) into ordinary Finmeccanica shares At the end of the three-years vesting period,…
  36. H1 and Q2 2015 Results – Finmeccanica – slide 36
    Investor Relations & Sustainable Responsible Investors (SRI) Contacts Raffaella Luglini Head of Investor Relations & SRI +39 06 32473.066 raffaella.luglinifinmeccanica.com Valeria Ricciotti Alessio Crosa Paolo Salomone…

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