Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Italian Stock Exchange  >  Leonardo    LDO   IT0003856405

LEONARDO (LDO)
Mes dernières consult.
Most popular
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Italy's Finmeccanica delays results over India probe

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/22/2013 | 12:28am CET
The headquarters of Italian defence and aerospace company Finmeccanica is seen in Rome

Italian defense group Finmeccanica (>> Finmeccanica SpA) has delayed publication of its 2012 results after a bribery probe connected with the sale of 12 helicopters to Indian authorities, it said on Thursday.

Italian defense group Finmeccanica (>> Finmeccanica SpA) has delayed publication of its 2012 results after a bribery probe connected with the sale of 12 helicopters to Indian authorities, it said on Thursday.

After a board meeting, Finmeccanica said it had postponed the approval of its full-year accounts from March 12 to a new meeting to be held no later than April 30, to "evaluate the impact of recent economic events on its balance sheet."

Finmeccanica is at the centre of an Italian probe alleging that it paid bribes to win the 560 million euro ($750 million) contract awarded in 2010 to its Anglo-Italian helicopter unit AgustaWestland.

An Indian delegation is in Italy to collect evidence relating to the probe, which escalated last week with the arrest of the then head of Finmeccanica, Giuseppe Orsi.

The Italian investigation is putting pressure on the Indian government, already buffeted by a string of graft cases. It has also become a political issue in Italy ahead of parliamentary elections on February 24-25.

Italian prosecutors accuse Orsi of paying bribes to intermediaries to secure the helicopter deal back in 2010, when he was head of AgustaWestland. According to the arrest warrant, the Indian tender was twisted to favor the Italian firm.

India's Prime Minister Manmohan Singh said on Monday the government had nothing to hide.

Orsi has denied any wrongdoing.

Finmeccanica's executives met a senior Indian delegation in Italy on Thursday about the probe, and both sides said the talks were positive.

"A very positive meeting for our side. The company has assured us it will provide all the papers to satisfy our concerns about the allegations ... in the shortest possible time," an Indian official with direct knowledge of the matter told Reuters.

India's defense ministry has threatened to cancel the helicopter deal unless Finmeccanica can give assurances that no bribes were paid. Three AW101 helicopters, manufactured in Yeovil in the UK, have already been delivered to India.

Italian financial newspaper MF said on Thursday the group would make a writedown on the Indian helicopters order.

Finmeccanica, Italy's second-largest private sector employer, was not immediately available to comment on the report.

The four-man Indian delegation, led by Indian Ministry of Defence Joint Secretary Shri Arun Kumar Bal and Central Bureau of Investigation official Mahipal Yadav, arrived in northern Italy earlier this week and has already met judge Luca Labianca, who signed off Orsi's arrest warrant.

The Indian official said on Thursday the team would also meet a high-ranking official at Italy's Foreign Affairs Ministry in Rome on Thursday as well as Eugenio Fusco, the Italian prosecutor investigating the case, on Friday.

Finmeccanica said in its statement its board had also discussed the sale of its Ansaldo Energia unit but no decision on this issue was taken.

The group has put Ansaldo Energia up for sale as part of an asset disposal plan aimed at streamlining the company and avoiding credit rating downgrades, but the sale process has dragged on for months.

Finmeccanica also named Daniele Romiti as the chief of its helicopter unit, replacing Bruno Spagnolini, who was arrested earlier in February with Finmeccanica's former CEO as part of the probe.

($1 = 0.7479 euros)

(Editing by Erica Billingham, Phil Berlowitz and Tim Dobbyn)

By Paolo Biondi and Danilo Masoni

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on LEONARDO
02:21p LEONARDO : New technologies across competitiveness, sustainability among winning..
11/19 UNITED TECHNOLOGIES : Federal Contracts Awarded by Federal Agencies in Alabama (..
11/18 LEONARDO : MILITARY $108,802 Federal Contract Awarded to DRS Network & Imaging S..
11/17 LEONARDO : MILITARY $109,589 Federal Contract Awarded to DRS Power & Control Tec..
11/17 LEONARDO : MILITARY $415,961 Federal Contract Awarded to DRS Network & Imaging S..
11/17 LEONARDO : Announces an offer to purchase certain usd notes due 2039 and 2040 an..
11/16 LEONARDO : DRS Awarded Contract to Provide Mission-Critical Communications Syste..
11/16 LEONARDO : Announces Offer to Purchase Certain USD Notes Due 2039, 2040, Redempt..
11/16 LEONARDO : MILITARY $751,962 Federal Contract Awarded to DRS Network & Imaging S..
11/15 LEONARDO : announces an offer to purchase certain USD notes due 2039 and 2040 an..
More news
News from SeekingAlpha
07/17 Greenwood Q2 - Gains On Whole Foods Buyout
05/15 Boeing picks St. Louis for potential jet plant, setting up competition with r..
04/13 Airbus-led JV seals Iran airline order
02/07 BOEING AND THE BATTLE FOR T-X : Well, This Is Awkward
01/30 DEFENSE SECTOR UPDATE JANUARY 23-29 : Boeing Takes Off On Earnings
Financials (€)
Sales 2017 11 793 M
EBIT 2017 900 M
Net income 2017 396 M
Debt 2017 2 630 M
Yield 2017 1,43%
P/E ratio 2017 14,36
P/E ratio 2018 10,83
EV / Sales 2017 0,72x
EV / Sales 2018 0,68x
Capitalization 5 857 M
Chart LEONARDO
Duration : Period :
Leonardo Technical Analysis Chart | LDO | IT0003856405 | 4-Traders
Technical analysis trends LEONARDO
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 14,4 €
Spread / Average Target 42%
EPS Revisions
Managers
NameTitle
Alessandro Profumo Chief Executive Officer
Giovanni de Gennaro Chairman
Alessandra Genco Chief Financial Officer & Vice President
Paolo Cantarella Lead Independent Non-Executive Director
Silvia Merlo Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
LEONARDO-21.06%6 904
UNITED TECHNOLOGIES CORPORATION6.30%93 057
LOCKHEED MARTIN CORPORATION23.91%88 802
AIRBUS SE35.07%77 487
GENERAL DYNAMICS14.54%59 051
RAYTHEON28.77%52 860