|In € million||H1 2011||H1 2010||Change|
|- Revenue excluding non-recurring items
- Non-recurring items
|Engineering and Services||37.5||23.9||+57.1%|
Revenue excluding non recurring items
Sustained growth in activity further bolstered by non recurring billings
of development costs
In H1 2011, the Group posted a revenue, excluding non-recurring items, of €261.3million, up 20.4% year on year. At a constant €/$ exchange rate, organic growth stood also at 20.4%, hedging unwinds offsetting a weakening US $.
The Group also recorded in Q1 2011 an additional non recurring revenue of €55 million corresponding to billing of development costs (refer to press release dated March, 22 2011). As a result, total H1 2011 consolidated revenue reached €316.3 million.
All divisions are experiencing strong growth; as of June 30, 2011 the Group Latécoère records its fifth consecutive quarter of growth, capturing thus the full effect of the cycle upturn of the sector, which is currently speeding up as shown during the recent Paris Air Show.
FY 2011 projected revenue revised upward
Based on the latest delivery rates released by aircraft manufacturers, the Group revises upward its anticipated growth for 2011 with global sales change now expected over 20%. Excluding non recurring billings of development costs, revenue growth initially expected between 5 to 10 % should be over 10%.
Order book: close to five years of revenues
As of June 30, 2011 and on the basis of a €/$ exchange rate of 1.35, the order book – which includes only firm orders announced by aircraft manufacturers – amounts to €2.3 billion. Favourably impacted by the recent orders recorded by its main clients, it represents close to 5 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 (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
Tel. : 05 61 58 77 00
|Corinne Puissant / Investor Relations
Tel. : 01 53 67 36 57 - firstname.lastname@example.org
Anne-Catherine Bonjour / Media Relations
Tel. : 01 53 67 36 93 - email@example.com