LATECOERE : A year of strong growth
2011 revenue (excluding non-recurring items)
up by 12.1%
|In € million||2011||2010||Change
|- Revenue excl. non-recurring items||147.8||123.3||19.9%||141.2||135.5||4.2%||289.0||258.8||11.7%|
|- Non-recurring items||55.0||-||-||-||-||55.0||-|
|Engineering & Services||37.5||23.9||57.1%||40.8||33.9||20.3%||78.3||57.8||35.5%|
|Total revenue||316.3||217.0||45.7 %||259.3||247.4||4.8%||575.6||464.4||23.9%|
|Revenue excl. non-recurring items||261.3||217.0||20.4%||259.3||247.4||4.8%||520.6||464.4||12.1%|
Sustained growth in activity further bolstered by non recurring billings of development costs
H2 2011 revenue reached €259.3 million, up 4.8% versus H2 2010 which had itself posted a growth of 17.3%. The Group, which thus recorded its seventh consecutive quarter of growth, ended the year with total revenue, excluding non-recurring items, of €520.6 million, up 12.1% year on year, in line with its stated expectations.
At a constant €/$ exchange rates, organic growth stood at 14.1% ; hedging unwinds limiting the effect of a -4.7% depreciation of the €/$ spot parity, which averaged 1.392 over 2011.
The Group also recorded in Q1 2011 an additional non-recurring revenue of €55 million corresponding to billing of development costs (refer to press release dated March, 22 2011). As a result, total FY 2011 consolidated revenue reached €575.6 million.
All divisions are benefiting from the upward cycle of the aeronautical industry, with a strong momentum of Engineering & Services recorded both in tooling and services; Aerostructures, present on all segments of the market, capture the full effect of the recovery.
2012 outlook: an expected revenue growth of 10 %
Based on the latest delivery rates released by aircraft manufacturers, the Group anticipates for 2012 a further growth of its activities with total revenue up by about 10%, excluding non-recurring billings of development costs.
As non-recurring billings of development costs should reach €60 million in 2012, total revenue growth is also expected to rise by about 10%.
Order book: over 4 years of revenues
As of December 31, 2011 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 €2.2 billion. Favourably impacted by the recent orders recorded by its main clients, it represents more than 4 years of revenue, and demonstrates the relevance of the multi-client platform built by the Group, which is confirmed for all the major, determinant programs launched for commercial, regional and corporate aircraft in the medium and long term.
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 (59% of total revenue): fuselage sections and doors. Interconnexion systems (27% of total revenue): onboard wiring, electrical harnesses and avionics bays. Engineering and Services (14% of total revenue): design, stress analysis and definition of industrial products - design, manufacturing & maintenance of tooling and special assemblies.
The Group employs 4,175 people, in 9 countries.
Latécoère had total consolidated revenues of €575.6 million in 2011 and as of December 31, 2011 its order book stood at €2.2 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
|GROUPE LATECOERE||ACTUS FINANCE|
|Bertrand Parmentier / Executive VP & CFO
Tel.: +33 (0)5 61 58 77 00
|Corinne Puissant / Investor Relations
Tel.: +33 (0)1 53 67 36 57 - email@example.com
Anne-Catherine Bonjour / Media Relations
Tel.: +33 (0)1 53 67 36 93 - firstname.lastname@example.org
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