Patria Group’s Interim Report for 1 January – 31 March 2020 Patria 6x6 vehicle platform chosen to the Finnish-Latvian-Estonian joint development program
The first quarter
- Patria Group’s net sales for the first quarter was EUR 118.7 million (EUR 105.1 million in 2019).
- Operating profit was EUR 2.7 million (-0.3), burdened by delays in international sales projects and the current pandemic.
- Equity ratio was 36.8% (49.4%) and net gearing 83.0% (51.8%).
- In January, as part of a Finnish-Latvian development program, Patria 6x6 was chosen as the vehicle platform for sustained army mobility enhancement. Estonia joined the program in April. Patria expects the program leading to actual vehicle system procurements.
- Patria announced employee co-operation negotiations in its Aerostuctures and Pilot Training units due to productional and financial reasons caused by the current pandemic.
Outlook for the rest of the year
Patria continues implementing its service business' internationalization strategy as well as increasing the Group´s operative effectiveness. The HX Program for replacing Finland´s current Hornet fleet with new fighters continues. Patria is in industrial participation negotiations with the manufacturers and aiming for substantial opportunities in the future.
Ville Jaakonsalo, Chief Financial Officer, tel. +358 500 881 070, [email protected]
Patria is an international provider of defence, security and aviation life cycle support services, pilot training and technology solutions. Patria provides its aerospace and military customers with equipment availability, continuous performance development as well as selected intelligence, surveillance and management system products and services. Patria’s mission is to give its customers confidence in all conditions, and the vision is to be the #1 partner for critical operations. Patria has several locations including Finland, Sweden, Norway, Belgium, Estonia and Spain. Patria employs 3,000 professionals. Patria is owned by the State of Finland (50.1%) and Norwegian Kongsberg Defence & Aerospace AS (49.9%). Patria owns 50% of Norwegian Nammo, and together these three companies form a leading Nordic defence partnership.