Corporate aircraft dispute resolved
Latécoère has closed the dispute with his client regarding the conditions of execution of a business jet contract. This has cemented the partnership in this program at its current scope, and should result in a partial reversal in the 2010 financial statements of the provision for losses on completion recognized at the end of 2009, which will strengthen the Group's favorable H1 2010 earnings trend.
Latécoère honored by Embraer
The Latécoère Group has just received two 2010 Best Supplier awards from Embraer respectively in the "Structure" and "Technical Support to Operators" categories.
At a ceremony held in Sao José dos Campos on November 9, 2010 where all of its suppliers were invited, Embraer emphasized that this was the first year it had ever given the same company two Best Supplier awards.
These awards were given in recognition of the quality of the services provided on the Embraer 170/190 program by the different entities of the Group's Aerostructures division:Latécoère do Brasil for fuselages, Letov, the Group's Czech subsidiary, for doors, and Latécoère for its management of the program and customer support.
Searching for a partnership
In line with its communication of May 21, 2010, the Group having streamlined its industrial organization in 2009 and 2010 and finalized a first step of financial restructuring in 2010, has initiated a search for a partnership. The objective of the process is to enhance its industrial contribution to the upcoming consolidation of the sector and to strengthen its equity. First exploratory contacts have been initiated at this very preliminary stage of the process.
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 (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 September 30, 2010 its order book stood at ¤2.14 billion (based on a USD/EUR exchange rate of 1.35).
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
|Bertrand Parmentier / Managing Director & CFO
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|LATECOERE||Euronext Paris||4.28 (c)||-2.51%||144 513|