LATECOERE : Revenue through September 30 up by 16.8% (excluding non-recurring items)
|H1||Q3||YTD at September 30
|In € million||2011||2010||Change
|- Revenue exc. non-recurring items||147.8||123.3||19.9%||63.2||57.2||10.5%||211.0||180.5||16.9%|
|- Non-recurring items||55.0||-||-||55.0|
|Engineering and Services||37.5||23.9||57.0%||17.2||16.1||6.8%||54.7||40.0||36.7%|
|Total revenue||316.3||217.0||45.7 %||111.8||102.5||9.1%||428.1||319.5||34.0%|
|Revenue exc. non-recurring items||261.3||217.0||20.4%||111.8||102.5||9.1%||373.1||319.5||16.8%|
Sustained growth in activity further bolstered by non recurring billings of development costs
By end September 2011, the Group posted a revenue, excluding non-recurring items, of €373.1 million, up +16.8% year on year. At a constant €/$ exchange rate, organic growth stood at +19.1%, hedging unwinds offsetting a weakening US $.
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 consolidated revenue as at September 30, 2011 reached €428.1 million.
In a context of strong recovery of the aeronautical sector, all divisions contribute to this growth, thus offering to Latécoère Group its sixth consecutive quarter of growth.
€464 million +3.3%
|9 months 2011
€373 million +16.8%
|Quarterly change n/n-1||-19.7%||+2.6%||+7.3%||+25.6%||+19.6%||+21.1%||+9.1%|
FY 2011 revenue expected to increase by over 10% (excluding non-recurring items)
Based on actual growth recorded by end September and the latest delivery rates released by aircraft manufacturers, the Group confirms that total revenue growth for the year is expected to exceed 20%. Excluding non-recurring billings of development costs, revenue growth should be over 10%.
No industrial partnership by the end of the year, but an unchanged will to contribute to the sector's consolidation in the next 2-3 years.
The success of the A320 NEO and the launch of the B737 MAX, combined with the ramp up of the major programs under development (A380, B787), are leading aircraft manufacturers and their suppliers to focus primarily on the ramping up of programs boosted by accelerating production rates.
Under these conditions, the Group, which captures the full effect of the cycle upturn of the sector - thanks in particular to its strong positions in the commercial aircraft programs (A320, A330, A380 and B787) - has decided, in conjunction with its banks, to reposition its search for an industrial partner in the next 2-3 years. Latécoère is confirming its will to contribute actively to the industrial consolidation of the sector.
Latécoère is a 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 (56% of total revenue): fuselage sections and doors. Interconnexion systems (32% of total revenue): onboard wiring, electrical harnesses and avionics bays. Engineering and Services (12% of total revenue): research, design and manufacturing of equipment.
The Group employs 3,700 people, in ten countries.
Latécoère had total consolidated revenues of €464 million in 2010 and as of June 30, 2011 its order book stood at €2.3 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 / Executive VP & CFO
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