Leonardo Closes 2016 With 35 Billion Euro Order Backlog

Lenoardo has closed 2016 fiscal year with a 35 billion Euro backlog including new orders for 2016 alone worth Euro 20 billion guaranteeing the Italy-headquartered defence and aerspace conglomerate a 3 years production run in its factories mostly in Europe.

Net Result for 2016 before extraordinary transactions was at more than EUR 500 million, more than double of 2015 at EUR 253 million, a company statement said today.

Leonardo's Board of Directors, convened yesterday under the Chairmanship of Gianni De Gennaro, approved the 2017-2021 Industrial Plan and examined the 2016 preliminary results. The Board of Directors will examine and approve the Draft Annual Report of 2016 on 15 March 2017.

Mauro Moretti, Leonardo CEO and General Manager commented "The results achieved in the last three years – from 2014 to 2016 - confirm the effectiveness of the choices on which the Industrial Plan is based.”

New Orders amounted to EUR 20 billion, more than 60% higher than 2015, despite a negative impact from the €/£ exchange rate. Key orders include the contract for the supply of 28 Eurofighter Typhoon aircraft signed in April with the Kuwaiti Ministry of Defence, for an overall value of EUR 7.95 billion. 2016 book-to-bill ratio stands at 1.7.

The revenues for 2016 reflects the net impact of the first advance payment for the Eurofighter Kuwait, higher compared to the original 2016 expectation. However, the total cumulated net impact for the Eurofighter Kuwait for the two years 2016 and 2017 of approx. EUR 600 million is reconfirmed.