Green light from the shareholders' meeting to Leonardo's 2019 financial statements . All the details with the confirmation of Profumo as managing director and the appointment of Carta as president in place of De Gennaro
Green light from the shareholders' meeting to Leonardo's 2019 financial statements.
The aerospace and defense group closes the year with orders of € 14,105 million and with an order backlog of € 36,513 million, an increase of 1.1% and with coverage in terms of equivalent production equal to over 2.5 years. Revenues show double-digit growth and rise to 13,784 million euros, + 12.6%. The profit is equal to 822 million.
During the meeting, Alessandro Profumo was confirmed as managing director and Luciano Carta, who takes the place of Gianni De Gennaro ( here the Carta curriculum ), was appointed president.
Here are all the details
THE DISTRIBUTION OF THE DIVIDEND
Green disclosure of the shareholders' meeting also to the proposal to distribute a dividend out of the 2019 profit of 0.14 euro. The dividend will be paid starting from 24 June 2020, with record date (i.e. legitimation date for payment of the dividend) 23 June 2020 and upon detachment of coupon no. 11 on 22 June
Leonardo points out that, in consideration of the health emergency connected to the epidemic from Covid-19 and taking into account the regulatory provisions issued for the containment of the contagion, the intervention in the assembly by the entitled parties took place exclusively through the designated representative from society.
Leonardo "has not made any determination in this regard" and "no reflection is currently underway". Leonardo said this in the written replies anticipated to the shareholders in view of the meeting (which was held today) by answering a question on the possible shift of the registered office in the Netherlands and the tax office in Great Britain.
HERE IS THE TEXT OF THE PRESS RELEASE OF LEONARDO RELATING TO THE 2019 ACCOUNTS
The Leonardo Spa Shareholders' Meeting, held today in Rome, resolved on the following items on the agenda:
Financial statements at 31 December 2019
The Leonardo Spa Shareholders' Meeting approved the Company's Financial Statements for the 2019 financial year and examined the Consolidated Financial Statements.
Main economic and financial data as at 31 December 2019
The growth path envisaged by the industrial plan is fully realized in 2019, with results in line with or higher than the set objectives.
The significant increase in revenues in all business sectors, driven by the commercial successes achieved, was accompanied by an increase in operating profit, which was also able to offset the lower contribution of certain strategic joint ventures. The long-term sustainability of this growth and the Group's value creation are guaranteed by the investments made in people, skills and innovative technologies. The net result for the period, significantly up on the previous year, benefited from the strong growth in the operating result, the lower restructuring costs, the reduction in the amortization of assets deriving from the Purchase Price Allocation, as well as the effects deriving from the transaction with Hitachi, classified in the result of "Discontinued operations".
Group net debt in 2019 includes the effect of the adoption of accounting standard IFRS 16 on leasing contracts for € 451 million (€ 458 million on the date of first entry), the payment of dividends (€ 81 million), as well as the acquisition of Vitrociset (€ 110 million including the net financial position of the acquired company of € 63 million) and other minor investments. Net of these phenomena, the amount of the Group's net debt would have remained substantially unchanged compared to 2018. In detail, the results for 2019 highlight
Orders: equal to 14,105 million euros. The orders for 2018 included, in the Helicopter segment, the acquisition of the order NH90 Qatar for around € 3 billion; net of this phenomenon, all businesses are growing.
Order backlog: equal to 36,513 million euros, it shows an increase of 1.1% compared to 2018 and ensures coverage in terms of equivalent production of over 2.5 years.
Revenues: equal to 13,784 million euros, they record, compared to 2018 (€ 12.2 bln), a significant increase (12.6%), mainly attributable to Electronics for Defense and Security and to the Air Force.
EBITA: equal to 1,251 million euros, shows a significant growth compared to 2018 (1,120 million euros), confirming solid profitability (ROS of 9.1%, in line with the previous year) due to the improvement recorded in Electronics for Defense and Security, in the Helicopters and in the Air Force Divisions, which more than compensated for the drop in the result of the GIE-ATR Consortium and the manufacturing segment in the Space sector as well as the investments associated with the strengthening of the central structures supporting the route of growth of the Group.
EBIT: equal to 1,153 million euros, compared to 2018 (€ 715 million), an improvement of € 438 million (+ 61.3%) due, in addition to the improvement in EBITA, to the reduction in restructuring costs and upon completion of most of the amortization related to intangible assets recognized on the occasion of the acquisition of Leonardo DRS (Purchase Price Allocation).
Ordinary net result: equal to 722 million euros, it benefits mainly from the improvement in the operating result, net of the related tax burden.
Net result: equal to 822 million euros, following the signing of the transaction with Hitachi, it welcomes the effects of the release of a large part of the provision set aside for the guarantees given on the sale of the transportation business of Ansaldobreda SpA The 2018 figure included the effects of the acquittal sentence against Ansaldo Energia and another minor transaction, which had led to the recognition, within the result of the "Discontinued Operations", of an income of € 89 million.
Free Operating Cash Flow (FOCF): positive for € 241 million (€ 336 million in 2018).
Group net debt positively reflects the performance of the FOCF. However, compared to the figure as at 31 December 2018 (€ 2,351 million), it stands at € 2,847 million, mainly due to the recognition of the financial liabilities deriving from the application of IFRS 16 "Leasing" (the effect as of January 1, 2019 on Group Net Debt was € 458 million), the impact on the net financial position of the Vitrociset operation (€ 110 million, including the net financial position of the acquired company of € 63 million) and the distribution of dividends ( for € 81 million). The effects of the adoption of IFRS16 "Leasing" on the 2019 financial statements are reported in the Note "Effects of the new accounting standard IFRS16" Leasing "of the Report on operations.
Financial statements at December 31, 2019 of Sistemi Dinamici SpA
The Shareholders' Meeting approved the financial statements of Sistemi Dinamici SpA at 31 December 2019
The Shareholders' Meeting approved the proposal to distribute a dividend out of the profit for the year of 0.14 euro, gross of any withholdings required by law, with reference to each ordinary share that will be in circulation on the date coupon detachment, excluding treasury shares in portfolio at that date, without prejudice to the regime of those that will actually be assigned, pursuant to the current incentive plans, in the current year. The dividend will be paid starting from 24 June 2020, with record date (i.e. legitimation date for payment of the dividend) 23 June 2020 and upon detachment of coupon no. 11 on 22 June 2020.
Appointment of the new Board of Directors The Shareholders' Meeting, after determining the number of its members in 12 and fixing the duration of the relative mandate in three years, appointed the new Board of Directors of the Company for the three-year period 2020-2022. which will end with the Shareholders' Meeting called to approve the financial statements as of December 31, 2022.
The new Board of Directors is made up as follows: Luciano Carta, Alessandro Profumo, Carmine America, Pierfrancesco Barletta, Elena Comparato, Paola Giannetakis, Federica Guidi, Maurizio Pinnarò, Dario Frigerio, Marina Rubini, Patrizia Michela Giangualano and Ferruccio Resta.
The Shareholders' Meeting also appointed Luciano Carta as Chairman of the Company's Board of Directors, also determining the compensation due to the board body (€ 90,000.00 gross per year for the Chairman of the Board of Directors; € 80,000.00 gross per year for each of the other Directors).
The new Board of Directors will proceed in the first meeting useful for assessing the existence of the independence requirements of its members pursuant to the law and the Corporate Governance Code.
With regard to the Report on the remuneration policy and the remuneration paid, the Shareholders 'Meeting approved – in compliance with the reference legislation – with binding resolution the first section of the Report (with 96.83% of the capital represented at the Shareholders' Meeting) and with non-binding resolution the second section of the Report (with 72.71% of the share capital represented at the Shareholders' Meeting).
Sustainability and Innovation Report 2019
The Company presented to its Shareholders the 2019 Sustainability and Innovation Report, which describes Leonardo's approach to create value and positive long-term impacts from an economic, environmental and social point of view, the topics of greatest interest to the company and stakeholders (so-called material issues) and the contribution to achieving the United Nations' Sustainable Development Goals (SDGs). The 2019 Sustainability and Innovation Report performs the function of a consolidated non-financial declaration pursuant to Legislative Decree 254/2016. The document was prepared in accordance with the Global Reporting Initiative (GRI) GRI Sustainability Reporting Standards according to the "core" reporting option and takes into account the SASB (Sustainability Accounting Standards Board) standards, the framework of the International Integrated Reporting Council (IIRC) and the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
Statutory audit assignment
Lastly, today's Shareholders' Meeting resolved, on a motivated proposal by the Board of Statutory Auditors formulated pursuant to the reference regulations, to confer the task of statutory audit of the accounts for the nine-year period 2021-2029 to the company EY SpA
Participation in the Assembly
The Shareholders' Meeting registered a significant participation of the institutional shareholders – mostly foreign – present with around 52% of the share capital present at the meeting.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/leonardo-ecco-i-conti-2019-di-profumo/?utm_source=rss&utm_medium=rss&utm_campaign=leonardo-ecco-i-conti-2019-di-profumo on Wed, 20 May 2020 16:30:28 +0000.