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Aeronautics - Alenia Aeronautica, Alenia Aermacchi, Alenia Aeronavali, ATR (*), Alenia North America Inc., Superjet International (*)
Revenues were EUR 2,530 million, up 9.7% versus EUR 2,306 million in 2007. The increase was due to stronger activity in the civil segment, with increased production for ATR and the B.787 and A 380 aerostructures, and production for the Eurofighter in the military segment.
Adjusted EBITA was EUR 250 million, compared with EUR 240 million in 2007, up 4% due to increased production in the civil segment and for the Eurofighter. The adjusted EBITA margin was 9.9% compared with 10.4% in 2007.
New orders were EUR 2,720 million in 2008 versus EUR 3,104 million the previous year; when substantial orders for ATR and Eurofighter, including those placed by the government of Saudi Arabia, boosted new orders. A strong sales trend continued in both the military and civil segments in 2008, notably due to C-27J and ATR 72 contracts and the Eurofighter logistics contracts for aircraft for Saudi Arabia, orders for B.767 and B.777 aerostructures and A 380, A 321, Falcon 2000 and engine nacelles programmes.
The order backlog was EUR 8,281 million at 31 December 2008, largely in line with the previous year (EUR 8,248 million). At 31 December 2008, the backlog largely comprised orders for the following programmes: Eurofighter (about 45%), B.787 (about 16%), C-27J (about 7%) and ATR special versions (about 6%). The order backlog is sufficient for around three years of production.
Headcount was 13,907 at 31 December 2008, up 606 compared with the 13,301 registered at 31 December 2007. The increase was due to technical and production requirements relating to the abovementioned increase in volumes, particularly at Alenia Aeronautica.
(*) Figures for the ATR consortium and Superjet International are consolidated proportionally at 50% and 51% respectively.
Helicopters – AgustaWestland
Revenues were EUR 3,035 million compared with EUR 2,980 million in 2007, despite a significant negative effect due to the conversion into euro of the accounts in foreign currency. Net of this effect, revenues grew EUR 232 million. The increase was mainly due to greater volumes in the civil/government helicopters business (AW109, AW139, AW119). The NH90 line recorded strong growth (+30%).
Adjusted EBITA was EUR 353 million versus EUR 377 million in 2007. The conversion into euro of the accounts in foreign currency had a negative impact, as did costs incurred for the acquisition of all rights to the AW 139 helicopter from Bell Helicopter Textron and a reduced contribution from supply and replacement parts contracts. The adjusted EBITA margin was 11.6%, compared with 12.7% in 2007.
New orders totalled EUR 5,078 million, an increase of 28% versus EUR 3,970 million in 2007. The increase was mainly due to a contract signed with the Turkish government worth EUR 1,079 million for the supply of 51 (plus an option on a further 41) attack and reconnaissance (ATAK) helicopters. New orders were secured in the commercial business for 312 units worth around EUR 2,300 million.
The order backlog was EUR 10,481 million compared with EUR 9,004 million in 2007 (+16%), despite a significant negative impact of EUR 899 million resulting from conversion into euro of accounts in foreign currency (GBP and USD). The order backlog comprised helicopters (79%), support activities (20%) and engineering (1%), and is sufficient for around three years of production.
Headcount was 10,289 at 31 December 2008, up 733 on the 9,556 recorded at 31 December 2007. The increase was necessary to meet technical and production demands related to increased work volumes.
Space - Telespazio,Thales Alenia Space (*)
Revenues totalled EUR 994 million in 2008 versus EUR 853 million recorded the previous year (+17%). This performance was attributable to increased production in the manufacturing segment and in satellite services.
Adjusted EBITA was EUR 65 million, up 7% versus EUR 61 million recorded in 2007, due to greater production volumes. The adjusted EBITA margin was 6.5%, compared with 7.2% in 2007.
New orders were EUR 921 million, compared with EUR 979 million at 31 December 2007, confirming growth in satellite services and solid performance by geostationary satellites for telecommunications. The slight decline was due to financial difficulties encountered by the proprietors of satellite constellations in launching and/or completing development programmes.
The order backlog stood at EUR 1,383 million compared with EUR 1,423 million at 31 December 2007. At 31 December 2008, manufacturing activity made up some 63% of the backlog (53% satellites and payload and 10% infrastructure and equipment), and satellite services made up about 37%.
Headcount was 3,620 at 31 December 2008, up 234 versus the 3,386 employees registered at 31 December 2007, due to the consolidation of Spanish company Aurensis, which was taken over by Telespazio SpA in April 2008, as well as due to increased production in both segments.
(*) All figures relate to the two joint ventures – Telespazio and Thales Alenia Space – which are consolidated proportionally at 67% and 33%, respectively.
Defence and Security Electronics - SELEX Sensors & Airborne Systems Ltd, Galileo Avionica SpA, SELEX Sistemi Integrati, Elsag Datamat, SELEX Communications, SELEX Service Management, Seicos, Vega Group
The acquisition of DRS Technologies was completed on 22 October 2008. DRS was therefore consolidated in the results for this business division as of 22 October 2008, adding EUR 251 million in orders, an order backlog of EUR 2,404 million, EUR 551 million in revenues, adjusted EBITA of EUR 50 million and 10,789 employees.
Revenues were EUR 4,362 million versus EUR 3,826 million in 2007. Excluding the contribution of DRS (EUR 551 million) and the negative impact of sterling's depreciation against the euro (EUR 210 million), the increase was EUR 195 million. The result was due to growth in information technology and security activities, and to the consolidation of Vega. The main contributors to revenues were as follows: in avionics, continued production work on the DASS system and avionics equipment and radar for the Eurofighter; in radar and command and control systems, further work on air traffic control programmes in Italy and abroad, the Italian navy’s Orizzonte and FREMM contracts and work on the MEADS international cooperation programme; in integrated communication systems and networks, continued work on the national TETRA network, development and production of equipment for the Eurofighter and the NH90, and the supply of military communication systems in Italy and the UK; in information technology, postal automation systems, notably for the Italian and Russian post offices, and ICT and naval systems for the Italian Defence Ministry; in security applications, activities for the inter-police force contract and work on broadband infrastructure and applications for territorial monitoring in the Abruzzo region.
Adjusted EBITA was EUR 442 million, compared with EUR 427 million in 2007. Excluding the contribution of DRS (EUR 50 million) and the negative impact of sterling's depreciation against the euro (EUR 25 million), it was EUR 10 million lower than in the previous year. The adjusted EBITA margin was 10.1%, compared with 11.2% in 2007.
New orders were EUR 4,418 million, down from EUR 5,420 million in 2007. Net of the contribution of DRS, new orders were lower than in the previous year, when they were substantially boosted by orders for avionics equipment and systems for Eurofighter aircraft for Saudi Arabia. Major new orders secured in 2008 included: in avionics and electro-optics, further orders for the Eurofighter (second tranche), notably for provision of the DASS system and related logistics activities, and an order for Seaspray 7500E radar as part of the upgrade of HC-130H aircraft for the US Coast Guard; in radar and command and control systems, another four ships for the Italian navy FREMM programme, an air traffic control and management system for the Doha airport in Qatar and a further tranche of the programme to upgrade Italian radar sites; in integrated communication systems and networks, orders relating to the Eurofighter, work on the A350 XWB, avionics testing and maintenance systems for the NH90, and communication systems for the next tranche of FREMM frigates; in IT and security equipment, various contracts with the Italian post office, the bank Monte dei Paschi di Siena and Telecom Italia, and contracts with the Carabinieri (military police) for the upgrade of car number plate readers and the provision of biometric equipment.
The order backlog at the end of 2008 was EUR 10,700 million compared with EUR 8,725 million at 31 December 2007. Net of the contribution of DRS, the backlog was down versus the previous year, mainly due to the depreciation of sterling against the euro (around EUR 760 million). Avionics and electro-optics activities made up half of the backlog.
Headcount at 31 December 2008 was 30,330, including 10,789 employees from the newly acquired DRS. On a like-for-like basis, headcount was down by 48 compared with 31 December 2007, mainly due to the reorganisation of the communications business.
Defence systems - MBDA, Oto Melara, WASS (*)
The main contributors to revenues were the following: in weapons systems, production work on the PZH 2000 and the VBM armoured vehicle, activities relating to the Siccona programme for the Italian Army, other activities for various overseas clients and production of SampT launchers and logistics activities; in missile systems, production work on Aster, MICA air-to-air and Seawolf missiles, development of the air defence system for the MEADS programme and client support activities; in underwater systems, production work on the Black Shark heavy torpedo and the MU90 light torpedo, and on countermeasures for various countries.
Adjusted EBITA was EUR 127 million, up from EUR 125 million in the previous year, which had been boosted by EUR 18 million in income relating to a transaction carried out with the Italian Ministry of Defence. Net of this effect in 2007, a substantial rise in adjusted EBITA was registered in 2008, owing to an increase in activity and profitability in both the weapons and underwater systems businesses. The adjusted EBITA margin, which also benefited from improved profitability in the missiles segment, was 11.4% in 2008, compared with 11.1% in 2007 (net of the effect of the aforementioned non-recurring income).
New orders totalled EUR 1,087 million, up 11% versus EUR 981 million recorded the previous year, due principally to growth in underwater systems. The main orders were: in missile systems, Spada air defence systems for the Pakistani Air Force, a contract with the UK Ministry of Defence for support activities for the Seawolf naval defence system and provision of a further tranche of missiles systems for the FREMM frigate; in underwater systems, orders for a further tranche of FREMM, countermeasure systems, torpedo integration, naval launch systems and light torpedoes; in weapons systems, various orders from Oman, France and Mexico, activities for FREMM, helicopter turrets for Turkey and various logistics orders.
The order backlog was EUR 3,879 million at the end of 2008, versus 4,099 at 31 December 2007. Missile systems activities accounted for about two-thirds of the backlog, which was sufficient for about 3.5 years of production.
Headcount at 31 December 2008 was 4,060, down 89 versus 4,149 employees recorded in 2007, due mainly to the reorganisation of the land, naval and aeronautics businesses.
(*) Figures for the MBDA joint venture are consolidated proportionally at 25%.
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