LATECOERE : H1 2010 Revenue

le
0
Q1 2010 Q2 2010 H1 2010
(in ¤ millions) 2010 2009 Change 2010 2009 Change 2010 2009 Change
Aerostructures 57.1 81.1 -29.6% 66.2 61.0 +8.5% 123.3 142.1 -13.2%
Wiring and Systems 31.8 35.4 -10.0% 38.0 42.5 -10.6% 69.8 77.9 -10.3%
Engineering and Services 11.1 8.2 +36.0% 12.8 10.4 +22.0% 23.9 18.6 +28.1%
TOTAL 100.1 124.7 -19.7% 117.0 113.9 +2.6% 217.0 238.6 -9.0%

Stabilization of revenue

After reporting a 19.7% revenue decline in the first quarter, Latécoère posted revenue of ¤117 million in Q2 2010, a 2.6% increase over the same period last year. As the Group expected, this reflects an emerging recovery in the market, linked to the speeding up of manufacturers' production rates.

In all, the Group reported ¤217 million in revenue during the first half, down 9% from the first half of 2009 (-12.1% at constant exchange rates).

Confirmation of flat sales target for the full twelve months

The Group expects revenue to increase during the second half of 2010, and confirms that its target revenue for the full year 2010 is similar to the actual 2009 figure. The gradual improvement in activity is expected to continue in 2011, allowing Latécoère to return to growth.

Order book

On June 30, 2010, and on the basis of a ¤/$ exchange rate of 1.30, the order book - which includes only firm orders announced by aircraft manufacturers - came to ¤2.2 billion. This represents the equivalent of four years of revenues, and demonstrates the potential of the multi-client platform built by the Group, which is positioned in all the major, determinant programs launched for commercial, regional, and corporate aircraft in the medium and long term.

Implementation of the debt renegotiation agreement with the Group's banks

The Group announced that as part of the restructuring of its debt and in accordance with the agreements with its French bank creditors under the terms of the conciliation protocol signed May 18, 2010 and approved May 19, 2010 by the Commercial Court of Toulouse, the commercial creditors involved have converted a portion of their loans to medium-term convertible bonds issued today by Latécoère and LATelec under the terms and conditions described in the Prospectus, whose authorization no. 10-174 was awarded  by the French Financial Markets Authority (AMF) on June 11, 2010 (the "Prospectus"). As stated in the Prospectus, the convertible bond issues are linked, insofar as Latecoere, LATelec and the French bank creditors have agreed that the total mandatory redemption of the convertible bonds total is linked.

The convertible bond issue by Latécoère and LATelec was preceded by a bonus issue of stock subscription warrants to Latécoère's shareholders (see press release dated July 20, 2010 and NYSE Euronext notice number PAR_20100719_03931_EUR dated July 19, 2010). On July 29, 2010 these share warrants were admitted to trading on Euronext Paris.

The Group wishes to clarify that with respect to the financial covenants agreed to with the bank creditors subscribing for convertible bonds, and especially as regards compliance with certain levels of EBITDA, as mentioned in the Prospectus, when the convertible bonds were issued it was agreed that the ¤24 million minimum EBITDA figure to be attained as of June 30 2010 will be calculated as the sum of EBITDA for the first half of 2010 and EBITDA for the second half of 2009, which will be deemed equal to 50% of EBITDA for the full year 2009. It is recalled that the EBITDA values contractually agreed with those creditor banks who purchased the convertible bonds are disconnected from any forecast of the likely level of profit expected by the Group within the meaning of European Regulation No. 809/2004 of April 29, 2004 and/or the amounts that the Group has or would have set as a goal to achieve.

Copies of the Prospectus are available free of charge at Latécoère's registered office, located at 135 rue de Périole, 31500 Toulouse - France. The Prospectus is also available on both the AMF (www.amf-france.org) and Latécoère (www.latecoere.fr) websites.

About Latécoère

Latécoère is a tier 1partner 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 (58% of total revenue): fuselage sections and doors. Onboard Wiring and Systems (33% of total revenue): onboard wiring, electrical harnesses and avionics bays. Engineering and Services (9% of total revenue): research, design, and manufacturing of equipment.

The Group employs close to 3,650 people, in nine countries.

Latécoère had total consolidated revenues of ¤450 million in 2009, and as of December 31, 2009 its order book stood at ¤2.1 billion (based on a USD/EUR exchange rate of 1.40).

Latécoère, a French corporation (société anonyme) with capital of ¤17 219 994 divided into 8 609 997 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 ACTUS FINANCE
Bertrand Parmentier / Chief Executive Officer: Nathalie Boumendil / Investor Relations
Tel.: 05 61 58 77 00 Tel. : +33 (0)1 53 67 35 74 - nboumendil@actus.fr
bertrand.parmentier@latecoere.fr Caroline Guilhaume / Media Relations
Tel. : +33 (0)1 53 67 35 79 - cguilhaume@actus.fr
Information réglementée
Communiqués au titre de l'obligation d'information permanente :
- Communiqué sur comptes, résultats, chiffres d'affaires Communiqué intégral et original au format PDF :
http://www.actusnews.com/documents_communiques/ACTUS-0-20783-cp-latecoere-h1-rev-030810.pdf © Copyright Actusnews Wire
Recevez gratuitement par email les prochains communiqués de la société en vous inscrivant sur www.actusnews.com
Receive by email the next press releases of the company by registering on www.actusnews.com, it's free

Valeur associée
  Libellé Bourse Dernier Var. Vol.
Vous devez être membre pour ajouter des commentaires.
Devenez membre, ou connectez-vous.
Aucun commentaire n'est disponible pour l'instant