LATECOERE : 2009 first quarter revenue down 7.7%
|In € million||First quarter|
|Onboard wiring & Systems||35.4||37.8||-6.3%|
|Engineering & Services||8.2||9.3||-12.1%|
Latécoère Group's revenue in the first quarter of 2009 amounts to € 124.7 million, down 7.7% on the first three months of 2008. Restated for extraordinary items and the impact of the change in €/$ parity, organic growth stood at -11.3%.
Outlook in 2009
The production slowdown announced by Airbus has a non significant impact on the Group activity. However, the fall in the production of regional aircraft (Embraer) and business jets (Dassault) is much sharper than expected.
Latécoère Group has therefore revised its forecast for 2009 downwards. Compared with 2008 (excluding extraordinary items), which was already up 18.4% on 2007, a decrease in the revenue by around 20% is now anticipated.
The actions already committed to address a lowering activity have been reinforced: end to temporary work, recruitment freeze, and recourse to short-time working.
New contracts and new market shares
Having already contracted for the A350 avionics bays and cockpit panels, Latécoère Group, via its subsidiary LATelec, will also design and manufacture the wings harnesses of this aircraft. This latest contract extends LATelec's market share in Airbus aircraft production. All together, the A350 contracts will generate close to US$ 600 million in revenue over the program life.
Added to this are the contracts awarded to the Group's engineering subsidiary, LATecis, for the design and manufacture of assembly tools for the A 350.
Today, the revenue generated by the Group and related to the A 350 will be higher than that related to the A 330 and negotiations are still in progress on additional work on this aircraft.
In light of these new contracts and the production rates planned for 2010, Latécoère believes that its activity will have bottomed out by the end of 2009.
Joint Shareholders' Meeting
Latécoère's Joint General Meeting will be held at the company's head office on Friday 26 June, 2009 at 2.30pm. Aside from the approval of the financial statements for 2008, items on the agenda include the renewal of the mandates of the members of the Supervisory Board.
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 € 2,012 million at December 31, 2008.
Latécoère is listed on Euronext Paris - Segment C. Indexes: SBF 250, CAC MID&SMALL 190, SMALL 90 - ISIN: FR0000032278 - Reuters: LAEP.PA - Bloomberg: LAT.FP
|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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