26-Mar-2014 Source: Finmeccanica
Finmeccanica have released their full 2013 financial statements. We expect that the majority of our readers are only interested in the AgustaWestland part of this document, so we reproduce that section here:-
In 2013, AgustaWestland’s overall performance was positive, both in terms of business and financial performance and, especially, commercial performance, despite contractual complications surrounding the order for AW101 VVIP helicopters from India.
This good commercial performance is in large part due to the receipt of a major contract from the Norwegian Royal Air Force for 16 AW101 helicopters in All Weather Search and Rescue configuration, worth around EUR 1.15 billion. Deliveries of the aircraft, assembled at the Yeovil plant in the UK, will begin in 2017 and continue through 2020. The contract also requires the company to provide 15 years of spare parts servicing, training and technical support, under a turnkey formula, with the option to extend such servicing for an additional five years.
New orders amounting to EUR 4,384 million compared to EUR 4,013 million in 2012. The increase (+9.2%) is due to the receipt of a major contract from the Norwegian Royal Air Force for 16 AW101 helicopters in All Weather Search and Rescue configuration, worth around EUR 1.15 billion. Within the military-government segment, in 2013 the Group also obtained its first export contract for eight AW159 Lynx Wildcat helicopters from the South Korean Navy.
Revenues amounting to EUR 4,076 million compared to EUR 4,243 million in 2012. The decrease (-3.9%) is mainly the result of the impact of the stoppage of work on the Indian AW101 programme. This change was partly offset by increased deliveries of helicopters for a total amount of 60 more aircraft than in 2012 (of which more than half AW139 helicopters.
EBITA amounting to EUR 562 million compared to EUR 473 million in 2012. The increase (+18.8%) is attributable to higher deliveries on more profitable product lines, especially AW139, with ROS marked by a firmly double-digit growth rate and higher than last year, even excluding the net benefits deriving from the closure of the VH71 programme.
Outlook: We expect the satisfying commercial performance seen to continue in the coming months, buoyed by significant new orders from the UK Ministry of Defence for the repair, overhaul and upgrading of its fleet of Apache combat helicopters and AW101 Merlin multi-role military helicopters, and by the gradual success of the new AW169 and AW189 in the commercial market. Overall performance in 2014 should once again be positive, with rising volumes of activity and firmly double-digit profitability.