The Board of Directors of Leonardo, meeting today under the chairmanship of Gianni De Gennaro, has unanimously examined and approved the draft annual financial statements and the consolidated financial statements for 31 December 2017.
Alessandro Profumo, Leonardo's Chief Executive Officer commented “2017 closed with results in line with forecasts; 2018 will be a year of consolidation and we are entering a new phase of solid and sustainable growth over the long term, characterized by improved top-line, profitability and growing cash flow starting in 2020. We are focused on delivering of all the targets of the 2018-2022 Business Plan with the main objective of creating long-term value for the benefit of all stakeholders. Also this year we have proposed the distribution of the dividend as a fundamental element of the remuneration of the shareholders ". The figures for 2017 are in line with the revised Guidance and, as expected, are affected by some non-structural difficulties encountered in the Helicopter sector. The sector continues to represent a business of excellence, with a range of leading products in the reference markets, growing shares in the most attractive market segments and development prospects as highlighted in the 2018-2022 Business Plan. The latter is in fact based on solid and sustainable long-term growth of all the Group's key businesses; Leonardo will in fact be able to take advantage of its favorable market positioning, the solid order backlog (over € 33,6 billion at 31 December 2017) and the organizational model of the "One Company" to seize market opportunities, by defining a new commercial strategy associated with a rigorous control of costs and investments and a disciplined financial strategy focused on cash generation, thus returning to lasting and sustainable growth. The critical issues encountered in 2017 were clearly understood and dealt with promptly, taking corrective actions in terms of organizational, process and governance changes.
Leonardo is among the top ten companies in the world at Aerospace, Defense and Security and the leading Italian industrial company. Since January, 2016 has been operating as a company organized in seven business divisions (Helicopters, Aircrafts, Aerostructures, Aircraft and Space Systems, Defense and Defense Systems, Security Systems and Information Systems), Leonardo competes on most important international markets leveraging its own areas of technological and product leadership. Listed on the Milan Stock Exchange (LDO), 2016 Leonardo recorded consolidated revenues of 12 billion and has a significant industrial presence in Italy, the United Kingdom, the USA and Poland.