The Board of Directors of Finmeccanica, convened today under the chairmanship of Gianni De Gennaro, examined and unanimously approved the Interim Financial Report at 30 September 2014 and the results for the third quarter of 2014.
With regard to commercial performance, considerably more orders were acquired than the first nine months of 2013, both in Aerospace and Defence and Transportation, Finmeccanica said in a statement.
The economic results obtained by the Group as at 30 September 2014 show an overall improvement compared to 2013, particularly marked in EBIT (+ 44%) and Net Result (+ 82%), as a result of minor impacts from non-recurring costs and, to a lesser extent, from financial expenses and taxes. The decreased EBITA is in line with forecasts. The costs for a programme of DRS accounted for in the second quarter have been offset by better than expected results of the Helicopters and Aeronautics sectors, as well as by the first benefits from the reduction of costs at Corporate level and the lower loss of the vehicles segment in the Transportation sector.
The FOCF, negative EUR 1,557 millions, is affected by the usual seasonality and includes the payment of the guarantees related to the Indian contract in the Helicopters sector (€mil. 256) made in the second quarter. Without this payment, the figure would have been negative EUR 1,301 millions, better than 2013.
The Italian Prosecutor has discontinued investigations relating to the 12 AW101 VVIP helicopter contract signed with the Indian ministry of Defense in 2010, Finmeccanica said in a press release on 29 July. “AgustaWestland together with the Prosecutor, have agreed to apply for a negligible fine, whilst confirming the appropriateness of their internal control systems and specifically their non-involvement in the misconduct alleged by the Prosecutor
The Italian defense ministry is considering cutting its F-35 orders with calls to further reduce the number of aircraft on order. Italy has become the first US ally to call out the flaws on the Lockheed F-35 fighter aircraft in particular the General Confederation of Italian Workers (CGIL) thinks “it essential to rethink the purchase of the F-35
The US Defense Department and Italys defense ministry have signed a memorandum of understanding to promote joint training and education for peacekeeping operations. The agreement, signed today at the Pentagon, takes effect immediately and identifies and develops joint training and education as well as policies and procedures
Russias small-arms holding Kalashnikov Concern is in negotiations with Italy's Beretta on the establishment of joint ventures in Russia, a senior government official was quoted as saying by RIA Novosti. The on-going talks on the joint venture is to manufacture hunting and sporting weapons
Finmeccanica-AgustaWestland will provide 160 AW189 civil helicopters to the oil company Rosneft by 2025, under an agreement signed on December 29. HeliVert, a joint venture of Russian Helicopters and AgustaWestland, will be responsible for the final assembly of the helicopters at its Tomilino plant near Moscow, AgustaWestland announced today
The Pentagon announced Thursday that Italy would provide initial maintenance of F-35 fighter jets and it engines in Europe from 2018. “Itlay will initially do the heavy maintenance of the jets and Britain will provide a backup if necessary
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