Italian aerospace group Finmeccanica has delayed the release of its 2011 results by two weeks, as it prepares for a heavy clean-up of its accounts that may lead to an expected net loss of EUR€2.5 billion (USD$3.3 billion).
"The board meeting to approve 2011 results will be held on March 27 instead of March 14," it said on Friday, without providing a reason.
The state-owned conglomerate, hit by an ongoing corruption probe that forced a management shake-up last year, plans to sell assets for EUR€1 billion to keep its investment-grade credit rating.
Finmeccanica had net debt of EUR€4.7 billion at end-September.
Giuseppe Orsi, chairman since December, has been tasked with rebuilding the group's reputation and turning its business round by focusing on core military and aerospace operations.
Earlier this week, Finmeccanica was hit by a fresh potential challenge as Indian authorities launched a corruption probe into a EUR€560 million helicopter deal. Finmeccanica has denied any wrongdoing.
In December, Standard & Poor's cut Finmeccanica's long-term rating one notch to BBB-, tying the confirmation of investment grade to delivery on the group's plans.
Orsi, an aeronautical engineer who started his career 39 years ago in a company now part of the group, said in November the energy and transport businesses could be sold.
These activities include its train-making unit AnsaldoBreda, engineering firm AnsaldoEnergia, rail technology group Ansaldo STS and bus manufacturer BredaMenarinibus.
A sale could be challenged by unions which have voiced opposition to disposals or called for the companies to be sold to an Italian buyer in order to avoid job cuts.
Marking a contrast to its previous accounting practices, Finmeccanica announced in November a EUR€753 million write-down for its share in the Boeing 787 project.