LATECOERE : FY 2012 revenue up by 11.6% (excluding non-recurring items) higher than stated expectations

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0
H1 H2 Total year
 In ¤ million 2012 2011 Change (%) 2012 2011 Change (%) 2012 2011 Change (%)
Aerostructures
-
Revenue exc. non-recurring items
- Non-recurring items
 
163.7
62.5
 
147.8
55.0
 
+10.8%
-
 
162.3
-
141.2 +15.0%  
326.1
62.5
 
289.0
55.0
+12.8%
Interconnexion systems 86.0 75.9 +13.2% 85.7 77.4 +10.8% 171.7 153.3 +12.0%
Engineering and Services 40.6 37.5 +8.2% 42.7 40.8 +4.8% 83.3 78.3 +6.4%
Total revenue
Revenue
exc. non-recurring items
352.8

290.3
316.3

261.3
+11.6 %

+11.1%
290.7

290.7
259.3

259.3
+12.1%

+12.1%
643.6

581.1
575.6

520.6
+11.8%

+11.6%

A stronger than anticipated activity by year end
H2 2012 revenue reached ¤290.7 million, up 12.1% versus H2 2011. The Group closes FY 2012 with a higher than expected growth at 11.6% (excluding non-recurring items), due in particular to achievements recorded in reducing supply chain tensions in a fast growing production rates context.

At a constant ¤/$ exchange rates, organic growth stood at +7.8%; the hedging strategy implemented has allowed the Group to partially benefit of a year on year strengthening of US $ against Euro.
The Group recorded on the period an additional non-recurring revenue of ¤62.5 million corresponding to billing of development costs (refer to press release dated February 2, 2012). As a result, total consolidated revenue reached ¤643.6 million.

All divisions contributed to this continuous progression of activity with a 5th consecutive semester of growth.

Tunisian crisis
Industrial solutions to secure productions of Interconnexion Systems following the Tunisian disturbances in autumn 2012, progress as planned and within financial estimates anticipated (refer to press release dated October 31, 2012). Deliveries to customers were secured over the period without disruption. 
 

2013 outlook: an expected revenue growth of about 5%
Based on the latest delivery rates released by aircraft manufacturers, the Group anticipates for 2013 a further growth of its activities with total revenue up by about 5% versus FY 2012 revenue excluding non-recurring billings of development costs (¤ 581.1 million).

Order book: about 3.5 years of revenues
As of December 31, 2012 and on the basis of a ¤/$ exchange rate of 1.35, the order book - which includes only firm orders announced by aircraft manufacturers - amounts to ¤2.1 billion. Almost constant versus December 31, 2011 which amounted to ¤2.2 billion, its evolution reflects good renewal rate of aircraft manufacturers' backlogs on programs where the Group is positioned.
 

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About Latécoère

Latécoère is a tier 1 partner to major international aircraft manufacturers (Airbus, Embraer, Dassault, Boeing and Bombardier), in all segments of the aeronautical market (commercial, regional, corporate and military aircraft), specializing in three fields:

  • Aerostructures (60% of total revenue): fuselage sections and doors.
  • Interconnexion systems (27% of total revenue): onboard wiring, electrical harnesses and avionics bays.
  • Engineering and Services (13% of total revenue): design, stress analysis and definition of industrial products - design, manufacturing & maintenance of tooling and special assemblies.

The Group employed as of December 31, 2012 4,288 people, in 10 countries.

Latécoère had total consolidated revenues of ¤643.6 million in 2012 and as of December 31, 2012 its order book stood at ¤2.1 billion (based on a USD/EUR exchange rate of 1.35).

Latécoère, a French corporation (société anonyme) with capital of ¤18,621,608 divided into 9,310,804 shares with a par value of ¤2 per share is listed on Euronext Paris - Compartment C.

ISIN code: FR0000032278 - Reuters code: LAEP.PA - Bloomberg code: LAT.FP
 

CONTACTS

Groupe LATECOERE
Bertrand Parmentier / Executive VP & CFO
Tel.: +33 5 61 58 77 00
bertrand.parmentier@latecoere.fr
Actus
Corinne Puissant / Investor Relations
Tel.: +33 1 53 67 36 57 - cpuissant@actus.fr
Anne-Catherine Bonjour / Media Relations
Tel.: +33 6 53 67 36 93 - acbonjour@actus.fr
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