Finmeccanica FY net up sharply on capital gains; hikes ord div 13 pct - UPDATE |
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Tue, 27 Mar 2007 18:21
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(updating with 2007 forecasts, 2006 details, expectations)MILAN (AFX) - Finmeccanica SpA said net profit rose sharply in the full year to 1.020 bln eur, from 396 mln in 2005, boosted by capital gains on sales of stakes in its activities, as previously announced.In its final results, Finmeccanica confirmed EBIT profit up 19 pct to 878 mln eur, and sales up 14 pct to 12.472 bln, as announced in February.'Taking account of its undisputed technological excellence, Finmeccanica can look forward with confidence to a future of further growth on international markets,' said chairman and CEO Pier Francesco Guarguaglini.On dividend, Finmeccanica said its ordinary dividend will rise 13 pct to 0.35 eur per share. Last year, the company paid 0.50 eur, which included 0.19 eur related to one-off gains.In further comments, Finmeccanica said it trimmed its 2007 sales forecast to 13.1-13.7 bln eur, from a previous 13.6-14.0 bln forecast given with the nine-month results last November.On EBIT in 2007, this is expected at 950 mln-1.0 bln, against the previous 960 mln-1.0 bln, it said.Free operating cash flow is seen substantially at breakeven, taking account of investment for development and sales of products in aeronautic, helicopter and defence electronic sectors, it saidIn further details on 2006, it said net profit included 404 mln eur gain on sale of 60 pct in Ansaldo STS SpA in an initial public offering and a 291 mln gain on sale of a stake in Avio motor company.The portfolio of orders at end-Dec rose 12 pct to 35.810 bln eur from a year earlier, it said.Net debt fell 22 pct to 858 mln, supported by the sale of the investments in Ansaldo STS and Avio, it said.For 2006, analysts polled in February at the preliminary stage had expected net profit of 425-996 mln eur, while JP Morgan in a note this week said it expected 672 mln.Dividend was expected at 0.27-0.38 eur per share.nigel.tutt@thomson.comnt/slj/nt/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Finmeccanica FY net up sharply on capital gains; hikes ord div 13 pct 