LATECOERE : 2009, First Half revenue
|First quarter||Second quarter||First half|
|In € million||2009||2008||Change (%)||2009||2008||Change (%)||2009||2008||Change (%)|
|Onboard wiring & Systems||35.4||37.8||-6.3%||42.5||44.2||-3.8%||77.9||82.0||-5.1%|
|Engineering & Services||8.2||9.3||-11.8%||10.4||8.6||+20.9%||18.6||17.9||+4.4%|
Activity and Outlook
Latécoère Group posted revenue of € 238.6 million for the first six months of 2009, down 19.7% on the first half of 2008. Restated for extraordinary items and the impact of euro/dollar parity, organic growth stood at -15.0%. In line with forecasts, activity at the end of June 2009, especially within the aerostructures industry, suffered as deliveries for Embraer and Dassault slowed down. Furthermore, figures are impacted by an adverse base effect after a particularly dynamic first half in 2008 (growth of 17%).
Given the level of activity seen in the first half of the year, and the forecast rates for the end of the year, the Group has confirmed that it anticipates a global drop in revenue of around 20% in 2009 compared to 2008 (excluding extraordinary items).
Latécoère is therefore pursuing with its savings plans aimed at restoring its profitability and financial stability. Following the approval by the Works Council of the expert report submitted, the relocation of the industrial activities of the Group's aerostructures production sites in the Toulouse region is underway: a measure that will enable Latécoère to improve both its flexibility and competitiveness.
Aérolia (a wholly-owned subsidiary of EADS) has recently contracted Latécoère Group for the design and production of the Nose fairing of the Airbus A350. Proof of the Group's sound positioning in aerostructures, this contract comes alongside the onboard wiring and engineering contracts already signed on the Airbus A350.
As a result, the Group's backlog, which only includes firm orders by aircraft manufacturers, stood at € 2,275 million on June 30, 2009, i.e. the equivalent of more than 4 years' revenue.
Latécoère Group is a first-rate partner to the world's major aircraft manufacturers (Airbus, Boeing Bombardier, Dassault, Embraer). It operates across all sectors of the aeronautical industry (commercial, regional, business and military aircraft) and specializes in three core businesses:
- Aerostructures (65% of revenue): fuselage sections and doors.
- Onboard wiring and systems (29% of revenue): electrical harnesses, avionics bays, and onboard equipment.
- Engineering and services (6% of revenue): design and production of assembly lines, tooling and special machinery .
The Group employs over 4,000 people in 9 different countries. Its consolidated revenue for 2008 stood at € 684 million for a backlog of € 2,275 million at June 30, 2009 .
Latécoère is listed on Euronext Paris - Segment C. Indexes: SBF 250, CAC MID&SMALL 190, SMALL 90 - ISIN: FR0000032278 - Reuters: LAEP.PA - Bloomberg: LAT.FPCONTACTS
|GROUPE LATECOERE||ACTUS FINANCE|
|Bertrand Parmentier / Managing Director
Jean-Pierre ROBERT / Vice-President Communications
Tel: +33 (0)5 61 58 77 00
Analyst and Investor Relations
Tel: +33 (0)1 53 67 35 74
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