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  "documentTitle": "Presentation+Leonardo+GS+Investor+Meeting",
  "authorId": "GoldmanSachs",
  "authorName": "Leonardo",
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  "notes": "The chart shows a declining trend of cash flows over time, reflecting the aging of the installed fleet.",
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      "text": "Attractive and profitable business (30% of 2021 Revenues and Backlog)\nResilient during pandemic",
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      "text": "Attractive and profitable business (30% of 2021 Revenues and Backlog) Resilient during pandemic",
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      "text": "Projected cash flows from 2021 to 2055",
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      "text": "Inertial intrinsic value embedded in customer support: a cornerstone of future cash generation\nImpressive installed base of ca. 4,000 helicopters and more than 1,000 aircraft\nTangible value and inertial visible income over the next decades\nWithout any additional sale, in the next 30 years Customer support activities from existing fleet to generate net cash flows, net of costs, > € 10bn, equivalent to NPV of ca. € 5.3 bn\nMajority generated by Helicopters and Aircraft, due to the longevity of platforms\nElectronics useful life of equipment (Sensors and systems) ca. 10 years on average",
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      "text": "Customer Support on installed fleet accounting for € 5.3 bn of cash present value",
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