LATECOERE : 1st Half-Year 2007 results

(¤ million) 1st Half-
Year 2007
1st Half-
Year 2006
Revenue 253.2 227.1 + 11.5% 432.7
EBIT 20.7 18.4 + 12.5% 34.8
Operating margin 8.2% 8.1% 8.0%
Net profit 8.0 10.0 - 20.0% 19.2
Net margin 3.2% 4.4% 4.4%

The LATECOERE group reports consolidated revenue of ¤253.2 million in the first-half year 2007, a 12% increase compared to the same period in 2006. All the group activities contributed to this performance, especially the "wiring and systems" activity which grew by 30% thanks to one-off invoicing, regarding programmes in-progress.

EBIT for the first six months of 2007 was ¤20.7 million, an operating margin of 8.2%, close to the level of the first half-year 2006.
Net income was ¤8 million, a net margin of 3.2%. In 2006, it included an exceptional financial element and in 2007, it took into account the consequences of the increase in the cost of debt.

Financial situation
Total net debt amounted to ¤371 million, an increase of ¤52 million. This raise is due to the need for financing related to the development of the Boeing B787 and the Airbus A 400 M, as well as the impact of delays in the Airbus A 380 programme.

By taking into account only firm orders from aircraft manufacturers, the backlog reached ¤1,620 million, as of 30 June 2007. Within the same scope of consolidation, it represents about 3 years' revenue.

This first half-year's activity consolidates the annual sales growth target of 10%, confirmed by the Group. For 2007, operating income should be similar to that of 2006.

Airbus A350XWB
The Group is currently bidding for building composite-material structural elements (fuselage sections) and wiring elements for the new Airbus A350XWB.

LATECOERE - Méaulte - Saint Nazaire Ville merger
Within the scope or the "Power 8" plan, launched by Airbus, the LATECOERE group bid to takeover the Méaulte and Saint Nazaire sites, and submitted its offer on 26 July.
An increase in capital is being prepared to finance the operation, in case LATECOERE is chosen to takeover the two sites. The description of the operation will thus be communicated, with finalisation scheduled for the end of the year.

The new Group thus established would achieve revenue of about 1.1 billion euros, as of 2008, and would become a world leader in the area of aeorstructures and wiring.

It would benefit from significant growth prospects with, in the short term, the launch of the Airbus A350XWB and, in the medium term, the launch of the Airbus A320 and the Boeing B737.

The LATECOERE - Méaulte - Saint Nazaire ville merger would consolidate the future of the aerostructures industry in France.

About Latécoère
With 2006 revenues of ¤432.7 million and an order backlog of ¤1,620 million, Latécoère Group is strengthening its positions in three areas:

  • Aerostructures (66% of revenue): fuselage sections and doors
  • Onboard wiring and systems (29% of revenue): wiring, electrical racks/harnesses and onboard equipment
  • Engineering and services (5% of revenue): research, design and manufacture of tooling

Latécoère Group is a key partner for leading aircraft manufacturers, contributing to major international programs from the very first stages in development.
The company is listed in the B segment of the Eurolist by EuronextTM market - It is a component of the SBF 250, CAC MID&SMALL 190, SMALL 90 and IAS indexes - ISIN: FR0000032278 - Reuters: LAEP.PA - Bloomberg: LAT.FP

Jean-Jacques PIGNERES / Chief Financial Officer
Jean-Pierre ROBERT / Vice-President of Communications
Tel.: +33 (0)561 58 77 00
Analyst and Investor
Tel.: +33 (0)153 67 35 74
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