Reuters
Italian aerospace and defence company Finmeccanica (SIFI.MI: Quote, Profile, Research) is targeting a rise in revenues to 16.5 billion euros ($22.88 billion) in 2010, and said it may reconsider listing its energy unit if markets regain their poise.
“If the markets stabilise in a month and a half, two months, we will pick up the project (for an initial public offer of Ansaldo Energia) again,” Chief Financial Officer Alessandro Pansa told journalists at a presentation.
“To reach the point of listing, you need five to six months,” he added.
Finmeccanica had previously raised the possibility of a listing for Ansaldo Energia in May 2006.
The company will make a decision by early 2008 at the latest on whether to participate in the Airbus 350 project and if it decides to go ahead, would be interested in 4-5 percent of the work on the airframe, Pansa said.
Airbus, controlled by Franco-German company EADS (EAD.PA: Quote, Profile, Research), is looking for partners to spread the risk of developing its A350 model, which is a mid-sized, long-range plane designed to compete with Boeing’s (BA.N: Quote, Profile, Research) new 787 and larger 777.
In slides for the presentation, the company also confirmed its targets for 2007-2008. It is aiming for 2007 revenues between 13.1 billion euros and 13.7 billion euros.
In 2008, it expects revenues between 14 billion euros and 14.7 billion euros.
The 2010 figure does not include an estimated 2 billion euros in revenues from a Eurofighter contract being negotiated with Saudi Arabia, Chairman and Chief Executive Pierfrancesco Guargaglini told analysts.
Finmeccanica reported a 69 percent fall in first-half net profits on Wednesday after last year’s result was boosted by gains from a share sale.
Revenue in the first half rose 7 percent to 6.08 billion euros, while earnings before interest and taxes (EBIT) rose 3 percent to 313 million euros.
Shares in Finmeccanica were down 1.48 percent at 20.70 euros at 1334 GMT, as the index of leading Milan shares (.SPMIB: Quote, Profile, Research) gained 0.75 percent.
($1=.7211 Euro)
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