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 Finmeccanica SpA    LDO   IT0003856405

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

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 FINMECCANICA SPA
12/08DJAIRBUS : Says Canada to Buy 16 C295W Search-and-Rescue Planes
12/07DJPlane Crashes in Pakistan With 48 on Board
11/23 LEONARDO : Life Flight Network of US orders two additional AW119Kx helicopters
11/22 LEONARDO FINMECCANICA : inaugurates new maritime navigation support centre at Iz..
11/21 LEONARDO : first Royal Navy AW101 Merlin Mk4 makes its maiden flight
11/18 LEONARDO FINMECCANICA : wins contract to secure the port of Pointe Noire in the ..
11/16 LEONARDO : SW-4 ‘Solo' Rotary Wing Unmanned Air Vehicle and Advanced Airbo..
11/15 ATR wins fresh order from Synergy for 12 turboprops
11/14 LEONARDO FINMECCANICA : demonstrates C-27J capabilities in Latin America
11/07 LEONARDO FINMECCANICA : will monitor the health of the Earth from Space
More news
Sector news : Aerospace & Defense - NEC
12/08DJEx-Im Bank Critics, Supporters Look to Donald Trump for Help
12/08DJAIRBUS : Says Canada to Buy 16 C295W Search-and-Rescue Planes
12/08DJAirline Profits to Reach Record Heights Before 2017 Descent
12/08DJUNITED TECHNOLOGIES : Trump Attacks Carrier Union Leader
12/08DJPostelection Rally Lifts Stocks to New Heights
More sector news : Aerospace & Defense - NEC
News from SeekingAlpha
12/07 Emirates set to take Airbus jets after Rolls-Royce agrees to fund engine fix
11/18 Winner And Losers Among Italian Companies
05/23 Obama lifts U.S. arms embargo on Vietnam
03/17 Finmeccanica looks to Leonardo for renaissance
02/22 Raytheon, Finmeccanica team up to compete for $15B Air Force program
Advertisement
Financials (€)
Sales 2016 12 062 M
EBIT 2016 1 119 M
Net income 2016 417 M
Debt 2016 2 878 M
Yield 2016 0,86%
P/E ratio 2016 18,81
P/E ratio 2017 16,74
EV / Sales 2016 0,89x
EV / Sales 2017 0,83x
Capitalization 7 915 M
More Financials
Chart LEONARDO FINMECCANICA SPA
Duration : Period :
Leonardo Finmeccanica SpA Technical Analysis Chart | LDO | IT0003856405 | 4-Traders
Full-screen chart
Technical analysis trends LEONARDO FINMECCA...
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 13,0 €
Spread / Average Target -5,3%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Mauro Moretti Chief Executive Officer, Director & GM
Giovanni de Gennaro Chairman
Gian Piero Cutillo Chief Financial Officer
Matteo Attrovio Head-Information & Communication Technology
Luciano Marcocci Chief Technology Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
LEONARDO FINMECCANICA ..4.65%8 401
UNITED TECHNOLOGIES CO..12.87%89 282
LOCKHEED MARTIN CORPOR..19.39%75 954
GENERAL DYNAMICS CORPO..26.43%52 886
AIRBUS GROUP-5.52%48 662
RAYTHEON COMPANY17.37%42 919
More Results