Good start to the year
COVID-19 impact began in March
Quick and effective responses and actions
Not yet able to quantify full financial impact in 2020: 2020 Guidance suspended
Continued focus on delivering Industrial Plan: retained confidence in solid medium-long term fundamentals
Leonardo's Board of Directors, convened today under the Chairmanship of Gianni De Gennaro, examined and unanimously approved the results of the first quarter 2020.
Alessandro Profumo, Leonardo CEO stated “First quarter 2020 results were in line with expectations before the COVID-19 impact in March. We reacted immediately to the pandemic with the primary goal to fully ensure the health and safety of our people while preserving business and production continuity. We have slowed down activities but never stopped, as we are a strategic business for our clients in key countries. We are supporting institutions with our products and technologies, using helicopters in EMS roles to move patients, C27J aircrafts to move medical equipment and providing secure communications. Our satellite services are ensuring connectivity and cyber security is supporting remote working and preventing cyber attacks. We are not able to quantify yet the COVID-19 impact in 2020 but we strongly believe in our solid fundamentals and remain fully focused on executing our Industrial Plan to create value for all our stakeholders”.
The Group reacted promptly to the new scenario by implementing a series of measures primarily aimed at guaranteeing the full protection of the workers’ health and safety, while preserving the continuity of its production relating to those business sectors considered strategic in the main countries in which the Group operates. In this context, monitoring and action plans have been developed to assess the impacts of COVID-19 on the various business areas and to limit its effects. From an operational point of view, the initiatives include actions aimed at recovering adequate productivity levels through the gradual increase of the workers’ presence in the sites in safe conditions, the greater efficiency of remote processing with further investments in digital means and infrastructures, the review of work calendars to support the recovery of the delays accrued, in agreement with the trade unions, in the second half of the year. In parallel, the Group is carrying out a profound review of its cost base and investment level, reducing or delaying all initiatives and expenses not strictly necessary or strategic, in order to mitigate the effects of COVID-19 on the results of the year. At the same time, the credit lines were increased to ensure adequate financial liquidity for the Group.
The primary changes that marked the Group’s performance compared with that of the previous year are described below.
Pratt & Whitney Canada announced that European fractional owner JetFly has signed up its entire fleet of PT6A and PT6 E-Series™ engine-powered Pilatus aircraft that are enrolled in the Eagle...
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London Oxford Airport is stepping up its infrastructure projects to support its historic general aviation (light aircraft /pilot training) customers and its expanding commercial business aviation acti...
Both convinced of the climate emergency and the need to act, AURA AERO and AELIS announce their long-term collaboration on ERA, AURA AERO’s hybrid-electric regional aircraft. AELIS will pro...