Leonardo’s first quarter 2018 revenues up 4%

Leonardo Helicpoters has released that new orders for the first quarter amounted to €2,164m, showing a decline of 18.2%, mainly due to major contracts booked in 2017 in Aeronautics for activities in support to the EFA aircraft fleet for the period from 2017 to 2021

The order backlog amounted to €33,360m compared to €33,637m at 31 December 2017. Revenues increased 3.8%, to €2,451m compared to the previous year, mainly due to the growth reported in Helicopters, which had been affected by a lower number of deliveries in 2017 made in the civil segment.

EBITA amounted to €153m, compared to €155m in the first quarter of 2017 and EBIT was €121m, compared to €123m in the first quarter 2017.

The first quarter net result before extraordinary transactions amounted to €50m, compared to €49m in 2017. Net result was €50m, equal to the net result before extraordinary transactions on account of the absence of extraordinary transactions.

Free Operating Cash Flow (FOCF) amounted to negative €1,057m, in line with the Group’s seasonal trend to record considerable cash outflows during the first quarters, while the value for the first quarter of 2017 had benefitted from the substantial contribution from the EFA Kuwait contract, as a result of the collection of the second advance payment during the quarter

Group Net Debt amounted to €3,595m mainly as a result of cash outflows for the period.

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