Cash flow Leonardo S.p.A.

Equities

LDO

IT0003856405

Aerospace & Defense

Real-time Borsa Italiana Other stock markets 15:32:33 17/09/2024 BST			5-day change	1st Jan Change
20.00 ^EUR	-3.75%		-2.04%	+33.75%

04:02pm	Marshall Wace cuts short Snam and OVS.	AN
09-16	UK PM Starmer in Italy stresses importance of fighter jet programme	RE

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Published financial data: LEONARDO S.P.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	13.78B	13.41B	14.14B	14.71B	15.29B
Other Revenues, Total	-	-	-	-	-
Total Revenues	13.78B	13.41B	14.14B	14.71B	15.29B
Cost of Goods Sold, Total	8.69B	8.46B	8.88B	9.04B	9.32B
Gross Profit	5.1B	4.95B	5.26B	5.68B	5.97B
Selling General & Admin Expenses, Total	3.44B	3.42B	3.75B	3.99B	4.25B
Depreciation & Amortization - (IS)	511M	279M	438M	543M	546M
Other Operating Expenses	-44M	56M	39M	109M	-5M
Other Operating Expenses, Total	3.91B	3.75B	4.23B	4.64B	4.79B
Operating Income	1.19B	1.2B	1.03B	1.03B	1.18B
Interest Expense, Total	-194M	-172M	-140M	-120M	-147M
Interest And Investment Income	4M	3M	1M	5M	39M
Net Interest Expenses	-190M	-169M	-139M	-115M	-108M
Income (Loss) On Equity Invest.	183M	26M	138M	-	148M
Currency Exchange Gains (Loss)	3M	-24M	-7M	6M	8M
Other Non Operating Income (Expenses)	-117M	-92M	-38M	122M	-147M
EBT, Excl. Unusual Items	1.07B	936M	984M	1.04B	1.08B
Restructuring Charges	-28M	-59M	-89M	-118M	-59M
Gain (Loss) On Sale Of Investments	15M	1M	-	142M	-
Gain (Loss) On Sale Of Assets	1M	2M	-1M	-	-1M
Asset Writedown	-54M	-268M	-42M	-20M	-45M
Insurance Settlements	-	-	-	-	-
Other Unusual Items	-134M	-359M	-99M	-64M	-148M
EBT, Incl. Unusual Items	869M	253M	753M	983M	824M
Income Tax Expense	147M	12M	166M	51M	129M
Earnings From Continuing Operations	722M	241M	587M	932M	695M
Earnings Of Discontinued Operations	100M	2M	-	-	-
Net Income to Company	822M	243M	587M	932M	695M
Minority Interest	-1M	-2M	-1M	-5M	-37M
Net Income - (IS)	821M	241M	586M	927M	658M
Net Income to Common Incl Extra Items	821M	241M	586M	927M	658M
Net Income to Common Excl. Extra Items	721M	239M	586M	927M	658M
Per Share Items
Net EPS - Basic	1.43	0.42	1.02	1.61	1.14
Basic EPS - Continuing Operations	1.25	0.42	1.02	1.61	1.14
Basic Weighted Average Shares Outstanding	575M	575M	575M	575M	575M
Net EPS - Diluted	1.43	0.42	1.02	1.61	1.14
Diluted EPS - Continuing Operations	1.25	0.42	1.02	1.61	1.14
Diluted Weighted Average Shares Outstanding	575M	575M	575M	575M	575M
Normalized Basic EPS	1.16	1.01	1.07	1.12	1.11
Normalized Diluted EPS	1.16	1.01	1.07	1.12	1.11
Dividend Per Share	0.14	-	0.14	0.14	0.28
Payout Ratio	9.74	33.2	-	8.52	12.31
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	1.57B	1.55B	1.35B	1.39B	1.57B
EBITA	1.26B	1.27B	1.1B	1.11B	1.28B
EBIT	1.19B	1.2B	1.03B	1.03B	1.18B
EBITDAR	-	-	-	-	1.64B
Effective Tax Rate - (Ratio)	16.92	4.74	22.05	5.19	15.66
Current Domestic Taxes	42M	27M	3M	52M	38M
Current Foreign Taxes	74M	62M	90M	117M	152M
Total Current Taxes	116M	89M	93M	169M	190M
Total Deferred Taxes	57M	-52M	91M	-97M	-65M
Normalized Net Income	667M	583M	614M	647M	636M
Interest on Long-Term Debt	167M	143M	117M	88M	74M
Non-Cash Pension Expense	-27M	1M	-1M	-6M	-1M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	1.56B	1.73B	1.85B	2.04B	2.24B
Net Rental Expense, Total	-	-	-	-	68M
Imputed Operating Lease Interest Expense	-	-	-	-	16.76M
Imputed Operating Lease Depreciation	-	-	-	-	51.24M
Stock-Based Comp., Other (Total)	900K	100K	900K	10M	11M
Total Stock-Based Compensation	900K	100K	900K	10M	11M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.96B	2.21B	2.48B	1.51B	2.41B
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	1.96B	2.21B	2.48B	1.51B	2.41B
Accounts Receivable, Total	5.92B	6.09B	6.95B	6.99B	7.32B
Other Receivables	241M	330M	242M	328M	287M
Notes Receivable	197M	167M	61M	-	205M
Total Receivables	6.36B	6.59B	7.25B	7.32B	7.81B
Inventory	5.82B	5.88B	5.49B	5.34B	5.69B
Prepaid Expenses	79M	97M	104M	110M	140M
Other Current Assets, Total	332M	409M	246M	362M	345M
Total Current Assets	14.56B	15.19B	15.57B	14.64B	16.4B
Gross Property Plant And Equipment	7.47B	7.88B	8.34B	8.72B	9.2B
Accumulated Depreciation	-4.86B	-5.33B	-5.69B	-5.82B	-6.09B
Net Property Plant And Equipment	2.61B	2.54B	2.65B	2.9B	3.11B
Long-term Investments	1.17B	1.09B	1.34B	2.12B	2.1B
Goodwill	3.82B	3.63B	3.84B	3.92B	3.9B
Other Intangibles, Total	631M	596M	634M	768M	742M
Loans Receivable Long-Term	18M	16M	14M	13M	17M
Deferred Tax Assets Long-Term	1.1B	1.09B	1.04B	1.13B	1.21B
Deferred Charges Long-Term	2.46B	2.44B	2.62B	2.75B	2.95B
Other Long-Term Assets, Total	526M	483M	670M	332M	262M
Total Assets	26.89B	27.07B	28.38B	28.58B	30.69B
Liabilities
Accounts Payable, Total	3.79B	3.62B	3.37B	3.05B	3.27B
Accrued Expenses, Total	773M	711M	870M	931M	952M
Short-term Borrowings	19M	2M	1M	1M	1M
Current Portion of Long-Term Debt	967M	1.77B	1.49B	1B	1.96B
Current Portion of Leases	64M	75M	82M	78M	79M
Current Income Taxes Payable	43M	37M	44M	127M	104M
Unearned Revenue Current, Total	7.91B	7.9B	8.08B	8.2B	8.94B
Other Current Liabilities	1.78B	1.81B	1.66B	1.78B	1.69B
Total Current Liabilities	15.34B	15.92B	15.6B	15.18B	17B
Long-Term Debt	3.59B	3.4B	3.63B	3.04B	2.35B
Long-Term Leases	387M	480M	486M	492M	531M
Unearned Revenue Non Current	87M	82M	80M	79M	84M
Pension & Other Post Retirement Benefits	509M	400M	362M	315M	301M
Deferred Tax Liability Non Current	245M	233M	340M	246M	268M
Other Non Current Liabilities	1.4B	1.28B	1.43B	1.53B	1.6B
Total Liabilities	21.56B	21.8B	21.92B	20.88B	22.13B
Common Stock, Total	2.54B	2.54B	2.54B	2.54B	2.54B
Retained Earnings	3.43B	3.57B	4.18B	4.98B	5.66B
Treasury Stock	-29M	-27M	-27M	-26M	-26M
Comprehensive Income and Other	-619M	-824M	-275M	-310M	-378M
Total Common Equity	5.32B	5.27B	6.43B	7.18B	7.8B
Minority Interest	11M	11M	27M	516M	761M
Total Equity	5.33B	5.28B	6.46B	7.7B	8.56B
Total Liabilities And Equity	26.89B	27.07B	28.38B	28.58B	30.69B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	575M	575M	575M	575M	575M
ECS Total Common Shares Outstanding	575M	575M	575M	575M	575M
Book Value / Share	9.26	9.16	11.17	12.49	13.56
Tangible Book Value	867M	1.04B	1.96B	2.49B	3.16B
Tangible Book Value Per Share	1.51	1.81	3.4	4.33	5.49
Total Debt	5.02B	5.73B	5.68B	4.61B	4.93B
Net Debt	3.06B	3.52B	3.2B	3.1B	2.52B
Debt Equivalent of Unfunded Proj. Benefit Obligation	192M	73M	-256M	60M	90M
Debt Equivalent Oper. Leases	-	-	-	-	544M
Minority Interest, Total (Incl. Fin. Div)	11M	11M	27M	516M	761M
Equity Method Investments, Total	1.15B	1.07B	1.32B	2.1B	2.09B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	2.05B	2.31B	2.24B	2.31B	2.53B
Inventories - Work In Process, Total	1.41B	1.44B	1.49B	1.6B	1.8B
Inventories - Finished Goods, Total	-	-	-	-	-
Inventories - Others	2.36B	2.14B	1.75B	1.42B	1.36B
Land - (BS)	1.52B	1.58B	1.65B	1.69B	1.81B
Machinery, Total	3.93B	4B	4.21B	4.31B	4.52B
Full Time Employees	49.53K	47.95K	48.59K	49.5K	51.04K
Part Time Employees	-	1.23K	1.08K	1.07K	1.09K
Accumulated Allowance for Doubtful Accounts (Supple)	671M	672M	564M	587M	516M
Order Backlog	36.51B	35.52B	35.53B	37.51B	39.53B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	821M	241M	586M	927M	658M
Depreciation & Amortization - CF	382M	366M	335M	364M	381M
Amortization of Goodwill and Intangible Assets - (CF)	72M	73M	72M	84M	103M
Depreciation & Amortization, Total	454M	439M	407M	448M	484M
Amortization of Deferred Charges, Total - (CF)	83M	74M	78M	103M	85M
(Gain) Loss on Sale of Investments - (CF)	28M	14M	1M	56M	31M
Asset Writedown & Restructuring Costs	54M	268M	42M	20M	45M
(Income) Loss On Equity Investments - (CF)	-183M	-26M	-138M	-142M	-148M
Provision and Write-off of Bad Debts	-	-	-3M	-	-
Net Cash From Discontinued Operations	-106M	-2M	-	-	-
Other Operating Activities, Total	406M	348M	414M	244M	452M
Change In Accounts Receivable	-148M	-489M	-1.13B	-446M	338M
Change In Inventories	-380M	-167M	488M	207M	-387M
Change in Other Net Operating Assets	-390M	-425M	-2M	-265M	-372M
Cash from Operations	639M	275M	742M	1.15B	1.19B
Capital Expenditure	-594M	-311M	-615M	-762M	-782M
Sale of Property, Plant, and Equipment	17M	18M	19M	16M	13M
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-19M	-172M	352M
Other Investing Activities, Total	111M	-145M	74M	127M	155M
Cash from Investing	-466M	-438M	-541M	-791M	-262M
Long-Term Debt Issued, Total	300M	592M	800M	66M	90M
Total Debt Issued	300M	592M	800M	66M	90M
Long-Term Debt Repaid, Total	-481M	-51M	-770M	-1.39B	-19M
Total Debt Repaid	-481M	-51M	-770M	-1.39B	-19M
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-80M	-80M	-	-79M	-81M
Common & Preferred Stock Dividends Paid	-80M	-80M	-	-79M	-81M
Other Financing Activities, Total	-1M	-1M	-	-1M	-2M
Cash from Financing	-262M	460M	30M	-1.4B	-12M
Foreign Exchange Rate Adjustments	2M	-46M	35M	73M	-16M
Net Change in Cash	-87M	251M	266M	-968M	896M
Supplemental Items
Cash Interest Paid	216M	247M	183M	-	173M
Cash Income Tax Paid (Refund)	68M	98M	53M	58M	200M
Levered Free Cash Flow	96.4M	237M	269M	401M	437M
Unlevered Free Cash Flow	218M	345M	357M	476M	529M
Change In Net Working Capital	470M	604M	158M	-33M	4M
Net Debt Issued / Repaid	-181M	541M	30M	-1.32B	71M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.84	2.77	2.32	2.26	2.48
Return on Total Capital	7.63	6.99	5.56	5.27	5.7
Return On Equity %	14.67	4.54	10.01	13.17	8.55
Return on Common Equity	14.68	4.51	10.02	13.62	8.78
Margin Analysis
Gross Profit Margin %	36.98	36.88	37.2	38.57	39.03
SG&A Margin	24.96	25.47	26.54	27.14	27.8
EBITDA Margin %	11.39	11.59	9.54	9.42	10.25
EBITA Margin %	9.16	9.46	7.8	7.57	8.36
EBIT Margin %	8.63	8.91	7.29	7	7.69
Income From Continuing Operations Margin %	5.24	1.8	4.15	6.33	4.55
Net Income Margin %	5.96	1.8	4.15	6.3	4.3
Net Avail. For Common Margin %	5.23	1.78	4.15	6.3	4.3
Normalized Net Income Margin	4.84	4.35