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

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Italy's Finmeccanica delays results over India probe

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02/22/2013 | 12:28am CEST

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

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Financials (€)
Sales 2016 12 361 M
EBIT 2016 1 163 M
Net income 2016 401 M
Debt 2016 2 952 M
Yield 2016 1,48%
P/E ratio 2016 14,92
P/E ratio 2017 12,97
EV / Sales 2016 0,72x
EV / Sales 2017 0,66x
Capitalization 5 978 M
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Number of Analysts 18
Average target price 12,6 €
Spread / Average Target 21%
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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
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