Financial news
- 12.2.2020

Patria Group’s Financial Review for 2019 – preliminary data

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Acquisitions, new President and CEO, growth in civil pilot training and progress in armoured vehicles projects

Key figures 2019 Patria

The financial review of 2019

  • Patria Group’s profitability for the financial year 2019 was at a modest level.
  • Net sales totaled EUR 507.5 million. Operating profit was EUR 7.8 million, burdened especially by delays in certain international sales projects relating to Patria’s Land business.
  • Value of new orders received was EUR 432.4 million.
  • Equity ratio was 39.1% and net gearing 70.8%.

Highlights of 2019

  • Esa Rautalinko, 56, Master of Science (Economics), started as President and Chief Executive Officer of Patria Group in the beginning of July 2019. 
  • AIM Norway (Aerospace Industrial Maintenance Norway AS) acquisition was completed.
  • Patria acquired 100% of the shares of Belgium Engine Center SPRL (BEC) from AIM Norway.
  • Patria signed an agreement with Leonardo Helicopters for the maintenance, repair and overhaul of the Norwegian Police’s new AW169 helicopters.
  • Patria Belgium Engine Center SRL was awarded a new seven-year contract by the Danish Ministry of Defence Acquisition and Logistics Organisation (DALO).
  • Patria and the Finnish Defence Forces signed an agreement on preliminary and basic pilot training services.
  • Patria decided to relocate the initial civil pilot training operations from Tampere-Pirkkala, Finland to city of Córdoba in Spain.
  • Patria made an agreement with the Kazakh airline Air Astana to train their new pilots till 2022 and a three-year agreement with Turkish Airlines to train their new pilots.
  • Patria published a joint project with the Finnish Innovation Fund Sitra and HUS Helsinki University Hospital.
  • Patria announced that it is preparing to offer its solution for remote-operated air traffic control system in Finland.
  • Patria’s armoured modular vehicle AMVXP was chosen to a one-year field testing in Japan after a competitive bidding of the Japanese Ministry of Defence.
  • Patria’s subsidiary, Millog, signed a contract for the purchase of the entire share capital of Virve Tuotteet ja Palvelut Oy from Erillisverkot Group.

Outlook for 2020

Patria continues to strengthen its operational effectiveness and strengthen further its focus on its service business' strategy.

The significant domestic HX Program for replacing the current Hornet fleet with new fighters continues, and Patria negotiates with the respective manufacturers about the industrial participation, providing an extremely important and long-standing opportunity to Patria.

Patria 6x6 vehicle platform was chosen in January 2020 as part of a joint Finnish-Latvian vehicle development programme for sustained army mobility enhancement. Patria expects the programme to lead to actual vehicle system procurements.

Further information:

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.