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LATECOERE : Report of the Supervisory Board held on December, 10th 2009
On December 10th, the Supervisory Board has been updated on the latest developments regarding the disagreements Latécoère is facing over the execution of an aerostructure contract concerning a business jet programme.
Given the low probability to find an acceptable agreement in the foreseeable future, in application to IAS 11 rule, the Group will have to recognise losses in Q4 2009. This will lead the company to report negative results at both EBIT and net result levels for the full-year of 2009.
These losses have no impact on the amount of the Group's projected financial debt and on the cash position expected at the end of 2009. It could trigger modifications on the accounting classification of the debt as of December 31th, 2009.
However, this will lead the Group to undertake the necessary restructuring of its bank financial debt.
Given the level of uncertainties around these negotiations, the Company has decided to request from NYSE Euronext to maintain the trading suspension of its shares.
Latécoère is a first-rate international partner to major international aircraft manufacturers (Airbus, Embraer, Dassault, Boeing and Bombardier), in all segments of the aeronautical industry (commercial, regional, corporate and military aircraft), specializing in three fields:
- Aerostructures (65% of total revenue): fuselage sections and doors.
- Onboard Wiring and Systems (29% of total revenue): electrical harnesses, avionics bays, and onboard equipment.
- Engineering and services (6% of total revenue): design and production of assembly lines, tooling and special machinery.
The Group employs close to 4,000 persons, in nine different countries.
Latécoère consolidated revenues in 2008 was €684 million (€579.5 million excluding non-recurring items) and as of June 30, 2009 its order book stood at €2,275 billion.
Latécoère is listed on Euronext Paris - Compartment C. Indices: SBF 250, CAC MID&SMALL 190, SMALL 90 - ISIN code: FR0000032278 - Reuters code: LAEP.PA - Bloomberg code: LAT.FP
|GROUPE LATECOERE||ACTUS FINANCE|
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