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Aeronautics

Aeronautics

The 2016 financial year was marked by an excellent commercial performance and in particular by the acquisition of the abovementioned order for the supply of 28 Eurofighter Typhoon aircraft to the Kuwait Ministry of Defence at the end of June 2016. In any case, without taking account of this contract, the amount of final orders gained as at 31 December 2016 showed a sharp improvement compared to the same period in the previous year, with higher acquisitions in both Divisions.

In terms of production, 2016 saw deliveries involving 121 fuselage sections and 88 stabilisers for the B787 programme (against 132 fuselages and 74 stabilisers in 2015), and 95 ATR fuselages (against 86 in 2015). As regards the M-346 programme, 7 units were delivered to the Italian Air Force and there was the completion of the supply to Israel with the delivery of the last 6 aircraft. The first 2 units of ATR 72MP maritime patrol aircraft were delivered to the Italian Air Force.

Work continued on the improvement of industrial processes and the optimisation of engineering activities and the reduction of purchasing and structure costs.

New orders. The considerable volume of final orders reported at 31 December 2016, equal to €mil. 10,158 (€mil. 1,741 at 31 December 2015), included the abovementioned order gained from the Kuwait Ministry of Defence, as well as other major contracts acquired both in the Aerostructures Division and in the Aircraft Division, including:

  • in the Aerostructures Division, contracts for the supply of 100 fuselage sections for the B787 aircraft and 80 fuselages for the ATR aircraft;
  • in the Aircraft Division, contracts for the supply of 9 additional M-346 training aircraft to the Italian Air Force and for logistical support to EFA, C27J and AMX aircraft, as well as the orders gained from Lockheed Martin for the F-35 programme and for the production of nacelles.

Revenues. Overall volumes remained in line with the final values posted in 2015; the slight decline in revenues from the Aerostructures Division was offset by higher volumes in the Aircraft Division. Specifically:

  • in the Aerostructures Division there was a reduction that was due to lower external “pass-through” supplies concerning the B787 programme and lower production rates for the A380 programme and that was partially offset by higher volumes for the ATR and Bombardier programmes;
  • in the Aircraft Division there was a growth that reflected an increased production for the M-346 and F-35 programmes and that largely setoff the decline in revenues from EFA aircraft.

EBITA. The increase was attributable to an improved industrial performance in the Aerostructures Division, while the operations in the Aircraft Division confirmed their excellent profitability, despite being affected by a lower contribution from training and defence aircraft, which was only partially offset by improved margins for the C27J aircraft.

Outlook. In 2017 revenues are expected to remain substantially in line with 2016; an increase is expected in production volumes in the Aircraft Division under the EFA Kuwait contract, which would be offset by a decline in the volumes of operations on certain programmes in the Aerostructures Division such as the A380 programme. 2017 profits are confirmed to be in a double digit figure supported by additional efficiency actions aimed at a gradual improvement in the performance in the Aerostructures Division, as well as by a reduction in production cost and of the M346 and C27J programmes in the Aircraft Division, which would be able to mitigate the lower contribution from ATR.