Half-Year Financial Report
at 30 June 2021
Disclaimer
This Half-Year Financial Report for 2021 has been translated into English solely for the convenience of the international reader. In the event of conflict or inconsistency between the terms used in the Italian version of the report and the English version, the Italian version shall prevail, as the Italian version constitutes the sole official document.
Half-year financial report at 30 June 2021
CONTENTS | |||
∙ Key performance indicators by sector .................................................................................................. | 11 | ||
1. | HELICOPTERS............................................................................................................................ | 11 | |
2. | DEFENSE ELECTRONICS & SECURITY .............................................................................................. | 12 | |
3. | AERONAUTICS........................................................................................................................... | 13 | |
4. | SPACE ..................................................................................................................................... | 14 | |
∙ | Guidance 2021 ...................................................................................................................................... | 15 | |
∙ Industrial and financial transactions ..................................................................................................... | 16 | ||
∙ | Related parties transactions.................................................................................................................. | 19 | |
∙ | "Non-GAAP"performance indicators................................................................................................... | 19 | |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2021 ................................. | 23 | ||
∙ Condensed consolidated separate income statement.......................................................................... | 24 | ||
∙ Consolidated statement of comprehensive income ............................................................................. | 25 | ||
∙ Condensed consolidated statement of financial position..................................................................... | 26 | ||
∙ Consolidated statement of cash flows .................................................................................................. | 27 | ||
∙ Consolidated statement of changes in equity....................................................................................... | 28 | ||
∙ | Explanatory Notes ................................................................................................................................. | 29 | |
1. | General information .............................................................................................................................. | 29 | |
2. | Form, content and applicable accounting standards ............................................................................. | 29 | |
3. | Significant issues and critical estimates by management ................. | Errore. Il segnalibro non è definito. | |
4. | Business seasonality............................................................................................................................... | 30 | |
5. | Effects of changes in accounting policies adopted ................................................................................ | 30 | |
6. | significant events occurred after the period-end .................................................................................. | 30 | |
7. | Segment reporting ................................................................................................................................. | 30 | |
8. | Intangible assets .................................................................................................................................... | 33 | |
9. | Property, plant and equipment and investment properties .................................................................. | 34 | |
10. | Right of use ............................................................................................................................................ | 34 | |
11. | Other non-current assets....................................................................................................................... | 34 |
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Half-year financial report at 30 June 2021
12. | Business combination ............................................................................................................................ | 35 | |
13. | Trade receivables, including contract assets.......................................................................................... | 36 | |
14. | Other current assets .............................................................................................................................. | 36 | |
15. | Equity ..................................................................................................................................................... | 37 | |
16. | Loans and Borrowings............................................................................................................................ | 38 | |
17. | Provisions for risks and contingent liabilities ......................................................................................... | 39 | |
18. | Employee benefits ................................................................................................................................. | 43 | |
19. | Other current and non-current liabilities............................................................................................... | 44 | |
20. | Trade payables, including contract liabilities and provision for onerous contracts ............................... | 44 | |
21. | Revenue ................................................................................................................................................. | 44 | |
22. | Other operating income (expenses) ...................................................................................................... | 45 | |
23. | Purchases and personnel expenses ....................................................................................................... | 45 | |
24. | Amortisation, depreciation and financial assets value adjustments...................................................... | 46 | |
25. | Financial income and expenses.............................................................................................................. | 46 | |
26. | Share of profits (losses) of equity-accounted investees ........................................................................ | 47 | |
27. | Income taxes.......................................................................................................................................... | 47 | |
28. | Assets held for sale and discontinued operations ................................................................................. | 47 | |
29. | Earnings per share ................................................................................................................................. | 48 | |
30. | Cash flow from operating activities and change in working capital....................................................... | 49 | |
31. | Related parties transactions .................................................................................................................. | 49 | |
∙ | Annex: scope of consolidation .............................................................................................................. | 56 |
- Statement on the condensed consolidated half-year financial statements at 30 June 2021
pursuant to Art. 154 bis, paragraph 5, of Legislative Decree no. 58/98 as amended and | |
supplemented ....................................................................................................................................... | 62 |
- Independent auditors' report on the review of the condensed consolidated half-year financial
statements at 30 June 2021 .................................................................................................................. | 63 |
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Half-year financial report at 30 June 2021
BOARDS AND COMMITTEES
BOARD OF DIRECTORS | BOARD OF STATUTORY AUDITORS * |
(for the three-year period 2020 - 2022) | (for the three-year period 2021 - 2023) |
LUCIANO CARTA | |
Chairman | Regular Statutory Auditors |
ALESSANDRO PROFUMO | LUCA ROSSI |
Chief Executive Officer | Chairman |
CARMINE AMERICA | SARA FORNASIERO |
Director (c, d) | |
PIERFRANCESCO BARLETTA | ANNA RITA DE MAURO |
Director (a, c) | |
ELENA COMPARATO | LEONARDO QUAGLIATA |
Director (b, c) | |
DARIO FRIGERIO | AMEDEO SACRESTANO |
Director (a, c) | |
PATRIZIA MICHELA GIANGUALANO | |
Director (b, d) | |
PAOLA GIANNETAKIS | Alternate Statutory Auditors |
Director (a, d) | EUGENIO PINTO |
FEDERICA GUIDI | |
Director (b, c) | GIUSEPPE CERATI |
MAURIZIO PINNARO' | |
Director (a, c) | |
FERRUCCIO RESTA | _______________________________________ |
Director (b, d) | |
INDEPENDENT LEGAL AUDITORS | |
MARINA RUBINI | EY S.p.A. |
Director (a, b) | (for the period 2021 - 2029) |
*************************************** | |
LUCIANO ACCIARI | |
Secretary of the Board of Directors | |
________________________________________ |
- The Board of Directors that previously held office and the term of which expired at the Shareholders' Meeting held on
19 May 2021, was composed as follows: Luca Rossi (Chairman), Sara Fornasiero, Leonardo Quagliata, Francesco Perrini, Daniela Savi (Regular Statutory Auditors), Giuseppe Cerati and Marina Monassi (Alternate Statutory Auditors).
________________________________________
a. Member of the Control and Risks Committee b. Member of the Remuneration Committee
c. Member of the Nomination and Governance Committee d. Member of the Sustainability and Innovation Committee
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Half-year financial report at 30 June 2021
REPORT ON OPERATIONS AT 30 JUNE 2021
The results recorded in the first half of 2021 confirm the forecasts of recovery in growth and an increase in profitability reported in the Financial Statements at 31 December 2020, showing a marked improvement in the Group's industrial performance; in the first half of 2020 this indicator was in fact affected by the outbreak of the COVID-19 pandemic, which then gradually stabilised over the subsequent months, including as a result of the measures put in place in order to ensure that the business could continue in full operation. The volume of new orders is at excellent levels, confirming the good competitive positioning of the Group's products and solutions, with revenues growing in all the main business areas and a Book to Bill higher than 1.
The difficulties that have been reported in the civil sector in recent months have been confirmed in a scenario that is still characterised by the pandemic: in particular, the Aerostructures Division was affected by the fall in volumes and the consequent failure of the industrial assets to operate at full capacity, which led to a further decline in results compared to the first half of 2020.
The cash flows, although affected by the usual interim performance characterised by significant outflows in the first part of the year, are clearly improving.
GROUP RESULTS AND FINANCIAL POSITION
Key Performance Indicators ("KPIs")
June 2020 | June 2021 | Change | 2020 | ||||||||||
New orders | 6,104 | 6,682 | 9.5% | 13,754 | |||||||||
Order backlog | 35,920 | 35,883 | (0.1%) | 35,516 | |||||||||
Revenue | 5,878 | 6,345 | 7.9% | 13,410 | |||||||||
EBITDA | 543 | 607 | 11.8% | 1,458 | |||||||||
EBITA | 292 | 400 | 37.0% | 938 | |||||||||
ROS | 5.0% | 6.3% | 1.3 p.p. | 7.0% | |||||||||
EBIT | 227 | 347 | 52.9% | 517 | |||||||||
EBIT Margin | 3.9% | 5.5% | 1.6 p.p. | 3.9% | |||||||||
Net Result before extraordinary transactions | 59 | 177 | 200.0% | 241 | |||||||||
Net result | 60 | 177 | 195.0% | 243 | |||||||||
Group Net Debt | 5,074 | 4,613 | (9.1%) | 3,318 | |||||||||
FOCF | (1,889) | (1,380) | 26.9% | 40 | |||||||||
ROI | 6.5% | 8.4% | 1.9 p.p. | 11.3% | |||||||||
Workforce | 49,733 | 49,980 | 0.5% | 49,882 |
Please refer to the paragraph "Non-GAAP performance indicators" for definitions.
The primary changes that marked the Group's performance compared to the previous year are described below. A more thorough analysis can be found in the section covering the trends in each business segment.
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Leonardo S.p.A. published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 November 2021 00:09:06 UTC.