Accounts, customers and orders of Electronics
Strengths (business, shareholders Leonardo and Thales, orders from Arab states) and weaknesses (revenues and profits down, low presence in North America) of the Roman company Elettronica of the Benigni family, which celebrates 70 years of activity
Elettronica SpA, an Italian company in the Electronic Warfare sector, celebrated its 70th anniversary on 12 October.
Born from the intuition of its founder Filippo Fratalocchi and developed on the basis of the visionary strategies of his nephew Enzo Benigni, Elettronica Spa has guided the history of the electronic defense sector in Italy, reads the note released by the company.
Started in a Tiburtina laboratory with 25 employees, today it is a reality with more than 1000 people. Elettronica has 5 offices around the world, from Asia to the Middle East. It also has two investee companies, the German Elt GmbH specialized in Homeland Security and Cy4Gate active in cyber intelligence and cyber security, listed in June 2020 on the Aim price list. ( Here the in-depth analysis by Start on how Cy4gate's listing went).
The company has provided over 3,000 strategic surveillance, self-protection, electronic defense and operational support systems for air, naval and land applications. Today he is part of the team of Italian companies participating in the Tempest program , a project for the new sixth generation “system of systems”.
WHAT ELETTRONICA SPA DOES
To understand specifically what the Italian company does, let us take up the words of its president Benigni: "A flying plane or helicopter, a military ship that sails are immersed in a sea of electromagnetic signals, emitted above all by opponents who with radar or other systems want to locate your aircraft and maybe hit it with a missile ”. Our countermeasures are used for this: to confuse the opponent, to make the missile chase false targets and lose its target ”Benigni explained to AffariFinanza di Repubblica .
ACTIVE IN ALL SEGMENTS OF THE ELECTRONIC WARFARE
During 2020, the activity involved all segments of electronic defense (EW Radar – electronic warfare radar): EW Radar, Ew communications, Ew Eo / Ir, new cyber capability.
THE TOP
The company is led by Enzo Benigni, president and CEO, and his sons Domitilla Benigni, also CEO and coo, and Lorenzo Benigni, Senior Vice President Governmental & Institutional Relations.
THE PARTNERS
With a share capital of 9,000,000 euros, the company is 35.4% controlled by Benigni Srl. The Italian Leonardo owns 31.3% of the company, while 33.3% is in the hands of the French company Thales.
In addition to the chairman Enzo Benigni, the board includes: Domitilla Benigni, Roberto Turco, Gabriele Gambarara, Giovanni Soccodato (Leonardo), Andrea Parrella, Alessandra Genco, Philippe Duhamel, Marco De Fazio, Nathalie Charpentier and Hervé Dammann.
LEONARDO, AIRBUS and AIS LLC AMONG THE MAIN CUSTOMERS
Among the main customers of the company are Leonardo, Airbus and Advanced Integrated Syst. (Ais) Abu Dhabi Llc.
Nationally there are: Sigen Consortium, Orizzonte Sistemi Navali, Military Air Force and Mbda.
BUSINESS IN THE MIDDLE EAST
International clients include the Abu Dhabi Armed Forces, Royal Saudi Air Defences Forces (Ksa) and the Pakistani Armed Forces.
So much so that in 2020 the company set up a branch in Saudi Arabia. In line with the country's Vision 2030 policy, Elettronica has set up a LLC under Saudi law, 100% controlled by Elettronica, which will become operational by the end of the year. The new structure will allow, according to what is reported in the budget report, a more efficient management of the programs in place in the country and will favor the acquisition of new ones.
OPEN DOORS IN THE EMIRATES
As pointed out by the Monday issue of Repubblica , “a strong Elt credibility has built it in the world. From the collaborations with Israel since the 1970s, to the intense relationship with an exceptional client, the Emirates led today by Crown Prince Mohammed Bin Zayed. "He is a personal friend, a leader with whom we have built a solid relationship over the years," says Benigni, one of the last Italians to still have doors open in the Emirates ".
In Qatar, Repubblica recalls, it is now “committed to the new naval program in collaboration with Fincantieri”.
THE NUMBERS
The Roman Elettronica Spa recorded a turnover of 184,366,005 euros in 2020, a slight decrease compared to the 184,763,268 euros of 2019. The profit also decreased to 14,910,830 euros (against 18,541,588 euros in 2019 ). The costs of production amounted to 224,304,943 euros.
The company boasts a total of tangible fixed assets worth 39,567,157 euros, and a total debt of 483,179,384 euros.
BREAKDOWN OF REVENUES BY GEOGRAPHICAL AREAS
Revenues by geographical area are broken down as follows: 36% in Italy, 30% in Europe, 21.87 in the Middle East and 11% in Asia. No business in North America for Elettronica Spa.
THE ORDER PORTFOLIO OF ELETTRONICA SPA
Last year, the acquisition of new orders was lower than expected, heavily influenced by the restrictions linked to the pandemic. However, the budget report points out that all the programs addressed have only been postponed and not canceled.
The total acquired in 2020 amounts to 113.4 million euros (compared to 290.6 million euros in 2019) and concerns: 20% is for European cooperative programs (Eurofighter and Nh90), 28% for national programs including the consortium Sigen. More than half (52%) are of programs destined for non-EU exports.
EUROFIGHTER, NH90, FREMM AND FOS IMEWS THE MOST RELEVANT ORDERS
The most important orders include: the Eurofighter programs (€ 17.1 million) and Nh90 (€ 5.9 million). In the Italian market, the largest orders concern the extension of the NATO Jewcs program for 2 million euros and the Sigen program for Mcto Fremm for 3.8 million euros.
In addition, export orders include Fos Imews for the United Arab Emirates (25 million euros) and the Fremm program for 25.3 million euros.
Finally, the order backlog amounted, at the end of 2020, to € 854.5 million (down from € 925.8 million in 2019). 36% of this is destined for the national market, 28% within the EU and 36% for exports outside the EU.
Net of work in progress, the order backlog stands at € 512.6 million (compared to € 607 million in 2019).
THE COLLABORATION WITH LEONARDO CONTINUES
With the shareholder Leonardo, Elettronica continues the collaboration on the Eurofighter program with the Luton office of its subsidiary Lmw Ltd and with the Italian division "Land and naval systems" that relating to Ppa (multi-wind patrol vessels of the Highlands).
In addition, the budget highlights the Tempest program, which should come to life with the first phase of technological research.
AND WITH THALES
Collaboration continues also with the French shareholder Thales for the realization of the product and logistic support orders for the Imews program and, through the Sigen consortium, the cooperation in the realization and completely of the Fremm naval program.
ABOUT THE ITALIAN MARKET
Finally, with reference to the Italian market, Elettronica reports in the financial statements that, despite the budgetary restrictions, it presents some expansion prospects in the avionics sector linked to the Aeronautics Program relating to the modernization of the Ew component. The latter will see new opportunities for the supply of the Dircm (infrared countermeasures) on the B767 Tanker platform, for the Mlu (Mid Life upgrading) and the C27J and the second batch of the Aw101 Csar contract (helicopters).
Even the naval sector, after the launch of the PPA program, has prospects for renewing the naval fleet and submarines.
Lastly, in the national land market, work was done on future opportunities relating to the new Nees helicopter.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/innovazione/leonardo-airbus-e-non-solo-chi-sono-i-clienti-di-elettronica/ on Wed, 13 Oct 2021 06:13:47 +0000.