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€111.3 -1.3  -1.2%

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Sector
Industrials
Size
Large Cap
Market Cap £75.74bn
Enterprise Value £78.02bn
Revenue £42.58bn
Position in Universe 14th / 839

UPDATE 1-Leonardo says still keen to list DRS unit as Q1 core profits jump

Thu 6th May, 2021 6:06pm
(Adds details)
    MILAN, May 6 (Reuters) - Italian defence group Leonardo
 LDOF.MI  said on Thursday it still plans to list its U.S. unit
DRS after reporting a 132% jump in first-quarter core profit.
    The conglomerate said earnings before interest, tax and
amortisation (EBITA) came in at 95 million euros ($114.45
million) between January and March.
    First-quarter revenue rose 7.7% year-on-year, supported by 
government and military demand, while the performance of civil
businesses was weak because of the protracted negative impact of
the pandemic.
    In particular, Leonardo's aerostructures division, which
produces parts of aircraft for Boeing  BA.N  and Airbus
 AIR.PA , recorded a fall in volumes and a consequent failure to
absorb fixed costs that led to a decline in results compared to
the first quarter of 2020.
    "Our solid capital structure will be maintained also through
disposals and the listing of (the group's U.S. unit) DRS," CEO
Alessandro Profumo said in a statement. 
    Leonardo withdrew a planned listing of DRS in March citing
adverse market conditions that had prevented an adequate
valuation of the unit.  urn:newsml:reuters.com:*:nL8N2LM1OK
    It did not give a new timetable for the listing but said it
was "fully committed to the transaction when market conditions
are more favourable".
    Free operating cash flow was negative 1.4 billion euros,
down from negative 1.6 billion euros in the first quarter of
last year and net debt rose to 4.6 billion euros from 3.3
billion euros at the end of last year.
    The group confirmed its full-year guidance that points to a
core profit of between 1.075 billion and 1.125 billion euros and
a fall in net debt to 3.2 billion euros.
 
($1 = 0.8301 euros)

 (Reporting by Francesca Landini; Editing by Kirsten Donovan)
 ((francesca.landini@thomsonreuters.com; +39 02 66129437;
Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))
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