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 SpA    LDO   IT0003856405

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

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 SPA
01/16 LEONARDO FINMECCANICA : Special Notice - Notice of Intent to Award a Sole Source..
01/12 LEONARDO FINMECCANICA : strengthens its position in the UK as it begins operatin..
01/11DJIran Air CEO Hopeful Plane Deals Won't be Derailed by Trump Administration
01/11 LEONARDO : Filing of articles of association
01/09 LEONARDO FINMECCANICA : awarded £271 million AW159 Wildcat Integrated Support & ..
01/03 LEONARDO FINMECCANICA : Acquires Remaining 60% Stake in Sistemi Dinamici
2016 Iran and European planemaker ATR to sign contract next week - minister
2016 LEONARDO-FINMECCANICA : successful first flight for the new Aermacchi M-345
2016 LEONARDO FINMECCANICA : acquires Sistemi Dinamici and becomes stronger in unmann..
2016 LEONARDO FINMECCANICA : and CNSAS lay the foundations of future helicopter rescu..
More news
Sector news : Aerospace & Defense - NEC
04:02pDJMARKET SNAPSHOT : Dow Struggles To End 4-session Skid On Upbeat Data, Dovish Dra..
02:02p SAFRAN : Zodiac deal to strengthen French aerospace sector - Hollande
02:02p Safran says Zodiac profitability is far from satisfactory
01:03pDJSafran to Buy Zodiac Aerospace for $9 Billion -- 4th Update
12:18p SAFRAN : EU clears Smiths' purchase of Morpho Detection
More sector news : Aerospace & Defense - NEC
News from SeekingAlpha
2016 PLANES AND FLOATING DEATH-BRINGERS : Defense Programs To Drive Shareholder Retur..
2016 Emirates set to take Airbus jets after Rolls-Royce agrees to fund engine fix
2016 Winner And Losers Among Italian Companies
2016 Obama lifts U.S. arms embargo on Vietnam
2016 Finmeccanica looks to Leonardo for renaissance
Advertisement
Financials (€)
Sales 2016 12 061 M
EBIT 2016 1 119 M
Net income 2016 417 M
Debt 2016 2 902 M
Yield 2016 0,91%
P/E ratio 2016 17,92
P/E ratio 2017 15,90
EV / Sales 2016 0,87x
EV / Sales 2017 0,77x
Capitalization 7 545 M
More Financials
Chart LEONARDO SPA
Duration : Period :
Leonardo SpA Technical Analysis Chart | LDO | IT0003856405 | 4-Traders
Full-screen chart
Technical analysis trends LEONARDO SPA
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 13,2 €
Spread / Average Target 1,5%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Mauro Moretti Chief Executive Officer, Director & GM
Giovanni de Gennaro Chairman
Gian Piero Cutillo Chief Financial Officer
Matteo Attrovio Head-Information & Communication Technology
Luciano Marcocci Chief Technology Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
LEONARDO SPA-3.67%8 029
UNITED TECHNOLOGIES CO..0.73%90 920
LOCKHEED MARTIN CORPOR..1.65%74 437
GENERAL DYNAMICS CORPO..1.93%53 592
AIRBUS GROUP3.99%53 330
RAYTHEON COMPANY3.54%43 172
More Results