Revenue higher than Group had last projected
Latécoère generated total revenue of €115.3 million in Q4 2009, slightly more than the Group had most recently projected. Accordingly, the Group ended the 2022 with revenues down 22.4%, rather than the 25% previously announced. Excluding the impact of exchange rates (€/$), the Group’s organic sales would have been down 18.4%. In a market in which Airbus and Boeing’s mature programs are holding up well, the decline in the Group’s revenues is attributable essentially to slowdowns in the pace of deliveries of corporate and regional aircraft, which penalizes the Aerostructures division with its most diversified portfolio of customers.
Order book and outlook
At a €/$ exchange rate of 1.40, the order book – which includes only firm orders from airlines reported by aircraft manufacturers – stood at 2.1 billion euros at December 31, 2009, a comparable level to that seen at the end of 2008. This represents the equivalent of four 2022s of revenues and demonstrates the potential of the multi-client platform built by the Group, which is positioned in all the major, determinant programs launched for commercial, regional, and corporate aircraft in the medium and long term.
Based on the latest delivery rates communicated by the aircraft manufacturers, the Group expects revenue to decrease slightly in 2010, which should mark the low point in the cyclical downturn.
Restructuring of bank financial debt
As stated in its December 10, 2009 press release, the Group entered discussions in December with all of its bank partners for the restructuring of its financial debt. The Group will keep its shareholders and the financial markets authorities appraised of all developments in these negotiations. Meanwhile, Latécoère’s shares are still suspended from trading.
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:
•Aerostructure (58 % of total revenue): fuselage sections and doors;
•Onboard Wiring and Systems (33% of total revenue): electrical harnesses, avionics bays, and onboard equipment;
•Engineering and Services: (9% of total revenue): design and production of assembly lines, tooling and special machiner..
The Group employs close to 3,650 people, in nine different countries.
Latécoère consolidated revenues in 2009 was €450 million in 2009, and as of December 31, 2009 its order book stood at €2.139 billion (€/$ exchange rate of 1.40).
Latécoère is listed on Euronext Paris – Compartment C.
ISIN code: FR0000032278 – Reuters code: LAEP.PA – Bloomberg code: LAT.FP