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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Latecoere | EU:LAT | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0131 | 0.0131 | 0.0132 | 0.0132 | 0.0129 | 0.0131 | 3,722,936 | 16:35:10 |
Major post-closing events
Strengthening of the Group's balance sheet: capital increase of €222.4 million completed on August 4, 2021 and obtention of €130 million in French State backed loans (PGE); these resources will enable the Group to pursue its external growth strategy and secure its liquidity.
Regulatory News:
Latécoère (Paris:LAT), a tier 1 partner to major international aircraft manufacturers, today announced that its Board of Directors under the Chairmanship of Pierre Gadonneix, at their meeting on September 13, 2021, adopted Latécoère’s financial statements for the six-month period ended June 30, 2021.
Thierry Mootz, Group Chief Executive Officer, stated: “The recapitalization of Latécoère was a success giving us the means of our growth ambitions. H1 results have been impacted by the Covid-19 crisis and it seems that the lowest level of activity has been reached during this period.”
Adjusted results for the first half of 2021
Preamble
In order to better monitor and compare its operating and financial performance, the Group has decided to disclose adjusted financial statements alongside the consolidated financial statements. The explanation of the restatements is presented in the appendix to this press release.
All figures are expressed in adjusted figures, unless otherwise stated.
(Adjusted data - € thousand) Jun, 30 2021 Jun 30, 2020 Revenue181.1
231.9
Reported growth
-21.9
%
-37.6
%
On like-for-like and constant exchange rate basis-31.7
%
-36.8
%
Recurring EBITDA *(23.0
)
(14.1
)
Recurring EBITDA margin on revenue-12.7
%
-6.1
%
Recurring operating income(36.5
)
(30.8
)
Recurring EBIT margin on revenue-20.2
%
-13.3
%
Non recurring items(2.8
)
(34.6
)
Impairment depreciation(28.2
)
Other non recurring items(2.8
)
(6.4
)
Operating income(39.3
)
(65.4
)
Net Cost of debt(1.4
)
(1.6
)
Other financial income/(expense)(14.2
)
(10.7
)
Financial result(15.6
)
(12.3
)
Income tax(1.7
)
(12.1
)
Net result(56.6
)
(89.8
)
Operating free cash flows(16.7
)
(5.2
)
* Adjusted recurring EBITDA corresponds to recurring operating income before recurring amortization, depreciation and impairment losses. Details of non-recurring items are presented in the Group's accounting principles from consolidation financial statements.
Latécoère's half-year financial results for 2021 reflect the low level of production in the aeronautical sector as a whole. As previously indicated, the crisis continued into the first half of 2021, reaching its low point in the period. Overall, in the first half of 2021, the Group's revenue decreased by (21.9)% to €181.1 million on a reported basis or (31.7)% on a like-for-like basis, with all business segments being affected. It should be noted that the 2020 business activity included a pre-covid 1st quarter 2020.
Recurring EBITDA in the first half of 2021 amounted to €(23.0) million, representing a margin of (12.7)%, in decline from the first half of 2020. Latécoère's current operating income in the first half of 2021 amounted to €(36.5) million, compared to €(30.8) million for the same period in 2020.
Latécoère's net financial result amounted to €(15.6) million in the first half of 2021 compared to €(12.3) million in the first half of 2020. Other financial income and expenses include the impact of the amortisation of the shareholder loan for an amount of €(16.4) million following the early repayment of the shareholder loan in August 2021 for an amount of €52.5 million in accordance with the conciliation protocol approved on July 2, 2021.
The Group's net result amounted to €(56.6) million in the first half of 2021 compared to a loss of €(89.9) million which included notably an asset impairment of the Aerostructures division of €(28.2) million.
Free cash flow from operations for the period was €(16.7) million compared to €(5.2) million a year ago.
Net debt increased by €64.4 million (€40.6 million excluding IFRS 16) and includes the impact of the accelerated amortisation of the shareholder loan of €16.4 million, the change in lease liabilities of €23.4 million (mainly related to the lease of the Group's new headquarters) and a deterioration in cash and cash equivalents of €22.1 million. The cash position at June 30, 2021 amounts to €55.6 million.
Adaptation plan
Following previous announcements made, Latécoère has continued to further adjust its cost base and industrial footprint to ensure its long-term sustainability in the post Covid-19 reality.
Aerostructures
Revenue in Latécoère's Aerostructures Division declined by (36.5)% at constant exchange rates and scope of consolidation, or by (32.9)% on a reported basis for the first half of 2021.
The division's activity was penalised by low production rates and the temporary stoppage of production by one of the Group's customers.
In this context, the division's activity reached a low point in the first quarter of 2021 and amounted to €82.8 million in the first half of 2021 compared to €123.5 million for the same period in 2020.
The division's recurring EBITDA amounted to €(13.5) million compared to €(6.6) million in H1 2020, with lower production rates partially offset by a reduction in operating costs in response to the Covid-19 crisis.
It should be noted that the division's results take into account the activity of Technical Airborne Components (TAC) since the end of April 2021.
Aerostructures(Adjusted data - € thousand) Jun 30, 2021 Jun 30, 2020 Consolidated revenue82.8
123.5
On like-for-like and constant exchange rate basis
-36.5
%
-41.7
%
Inter-segment revenue10.2
11.1
Revenue
93.1
134.6
Recurring EBITDA *
(13.5
)
(6.6
)
Recurring EBITDA margin on revenue-14.5
%
-4.9
%
Recurring operating income(21.0
)
(15.1
)
Recurring EBIT margin on revenue-22.6
%
-11.2
%
* Recurring EBITDA corresponds to recurring operating income before recurring amortization, depreciation and impairment losses. Details of non-recurring items are presented in the Group's accounting principles from consolidation financial statements.
Interconnection Systems
The revenue of €98.3 million was down (26.3)% at constant exchange rates and perimeter and (9.4)% on a reported basis, compared to €108.5 million in the first half of 2020. This decrease is attributable to the base effect between the pre-covid first quarter of 2020 and the first quarter of 2021. The change in revenue on a reported basis is due to lower production rates, particularly on the A350 and ATR programs, partially offset by the integration of the Bombardier activity for €18.9 million in the first half of 2021.
Recurring EBITDA for the Interconnection Systems reached €(9.5) million, compared to €(7.5) million in H1 2020, affected similarly by the decline in production rates.
Interconnection Systems(Adjusted - € thousand) Jun 30, 2021 Jun 30, 2020 Consolidated revenue98.3
108.5
On like-for-like and constant exchange rate basis
-26.3
%
-30.2
%
Inter-segment revenue0.5
0.5
Revenue
98.8
108.9
Recurring EBITDA *
(9.5
)
(7.5
)
Recurring EBITDA margin on revenue-9.6
%
-6.9
%
Recurring operating income(15.6
)
(15.7
)
Recurring EBIT margin on revenue-15.7
%
-14.5
%
* Recurring EBITDA corresponds to recurring operating income before recurring amortization, depreciation and impairment losses. Details of non-recurring items are presented in the Group's accounting principles from consolidation financial statements.
Confirmation of 2021 outlook
Following the Company’s FY 2020 results press release published on March 16, 2021, and the amendment to the Latécoère 2020 Universal Registration Document filed on July 13, 2021, Latécoère is confirming the guidance previously published excluding the impact of acquisitions.
As a reminder, the Group's outlook for 2021 is as follows:
Post-closing events
Recapitalisation and strengthening of the Group's liquidity
In accordance with the terms of the conciliation protocol approved on July 7, 2021, the Group conducted recapitalization operations, the main measures of which are as follows:
The proceeds from this recapitalisation were used to repay the shareholder loan for an amount of €52.5 million on September 6, 2021, and to finance the acquisition of Technical Airborne Components Industries (TAC) closed on August 31, 2021. The balance of the proceeds will be used to achieve external growth operations and more generally to finance the general needs of the Group, in the short and medium term.
Acquisition of Technical Airborne Components (TAC)
On August 31, 2021, the Group definitively acquired Technical Airborne Components (TAC), based in Belgium (Liège), from Searchlight Capital Partners. The investment company had acquired TAC from TransDigm Group Incorporated in April of this year and the Group held an option to purchase the company from Searchlight Capital Partners since that date. With a turnover of approximately €25 million and nearly 150 employees, TAC supplies parts for commercial aircraft, regional and business jets, helicopters, as well as for several military and space programmes.
About Latécoère
As a "Tier 1" international partner of the world's major aircraft manufacturers (Airbus, Boeing, Bombardier, Dassault, Embraer and Mitsubishi Aircraft), Latécoère is active in all segments of the aeronautics industry (commercial, regional, business and military aircraft), in two areas of activity:
As of December 31, 2020, the Group employed 4,172 people in 13 different countries. As of August 31, 2021, Latécoère, a French limited company capitalised at €132,745,925 divided into 530,983,700 shares with a par value of €0.25, is listed on Euronext Paris - Compartment B, ISIN Codes: FR0000032278 - Reuters: LAEP.PA - Bloomberg: LAT.FP.
Appendix – Table of content
Reconciliation of the consolidated financial statements to the adjusted financial statements
In order to better monitor and compare its operating and financial performance, the Group presents, in parallel with the consolidated financial statements, adjusted financial statements:
- for the foreign exchange result of instruments not eligible for hedge accounting under IFRS. This result, presented as financial result in the consolidated financial statements, is reclassified as revenue (operating result) in the adjusted financial statements, - for changes in fair value, which include all changes in the fair value of derivatives not eligible for hedge accounting and relating to flows in future periods and the revaluation at the hedged rate of balance sheet positions (trade receivables and trade payables denominated in USD), the amount of which is presented in operating income. - changes in deferred taxes resulting from these items are also adjusted if necessary.
Income statement for the 1st half of 2021
('000 EURO) Hedging ConsolidatedincomestatementJune 30, 2021 Exchangerate result Change infair value Adjusted incomestatementJune 30, 2021 Revenue178 476
2 590
181 066
Other operating revenue460
460
Change in inventory : work-in-progress & finished goods-7 997
-7 997
Raw material, Other Purchases & external charges-118 519
-118 519
Personnel expenses-78 758
-78 758
Taxes-2 431
-2 431
Amortization-13 554
-13 554
Net operating provisions charge-3 609
-3 609
Net depreciation of current assets819
819
Other operating income6 308
220
6 528
Other operating expenses-543
-543
RECURRING OPERATING INCOME-39 348
2 590
220
-36 538
Operating Income / Sales-22.05%
-20.18%
Other non-recurring operating income and expenses-2 753
-2 753
OPERATING INCOME-42 101
2 590
220
-39 291
Net Cost of debt-1 428
-1 428
Foreign Exchange gains / losses5 730
-2 590
-438
2 702
Change in fair value of financial derivative instruments2 784
-2 784
0
Other financial incomes and expenses-16 903
-16 903
FINANCIAL RESULT-9 816
-2 590
-3 222
-15 628
Income tax-1700
-1 700
NET RESULT FOR THE PERIOD-53 617
0
-3 002
-56 619
• Of which, Owners of the parent-53 617
0
-3 002
-56 619
• Of which, non controlling interests0
0
0
0
Income statement for the 1st half of 2020
('000 EURO) Hedging ConsolidatedincomestatementJune 30, 2020 Exchangerate result Change infair value Adjusted incomestatementJune 30, 2020 Revenue231 917
231 917
Other operating revenue306
306
Change in inventory : work-in-progress & finished goods-6 751
-6 751
Raw material, Other Purchases & external charges-148 475
-148 475
Personnel expenses-90,395
-90,395
Taxes-3 927
-3 927
Amortization-16 727
-16 727
Net operating provisions charge870
870
Net depreciation of current assets-4 519
-4 519
Other operating income6,648
3,190
9,838
Other operating expenses-2 915
-2,915
RECURRING OPERATING INCOME-33 967
2,590
3 190
-30 777
Operating Income / Sales-14.65%
-13,27%
Other non-recurring operating income and expenses-34 627
-34 627
OPERATING INCOME-68,594
0
3,190
-65,404
Net Cost of debt-1,599
-1,599
Foreign Exchange gains / losses-9,830
282
-9,549
Change in fair value of financial derivative instruments-755
755
0
Other financial incomes and expenses-1,111
-1,111
FINANCIAL RESULT-13,295
0
1,037
-12,258
Income tax-12,128
-12,128
NET RESULT FOR THE PERIOD-94,016
0
4,227
-89,789
• Of which, Owners of the parent-94,016
0
4,227
-89,789
• Of which, non controlling interests0
0
0
0
Half-Year Consolidated financial statements (IFRS)
Consolidated Income statement
('000 EURO) Jun 30, 2021 Jun 30, 2020 Revenue178 476
231 917
Other operating revenue460
306
Change in inventory: work-in-progress & finished goods-7 997
-6 751
Raw material, Other Purchases & external charges-118 519
-148 475
Personnel expenses (*)-78 758
-90 395
Taxes-2 431
-3 927
Amortization-13 554
-16 727
Net operating provisions charge-3 609
870
Net depreciation of current assets819
-4 519
Other operating income (*)6 308
6 648
Other operating expenses-543
-2 915
RECURRING OPERATING INCOME-39 348
-33 967
Other non-recurring operating income and expenses-2 753
-34 627
OPERATING INCOME-42 101
-68 594
Net Cost of debt-1 428
-1 599
Foreign Exchange gains/losses5 730
-9 830
Change in fair value of financial derivative instruments2 784
-755
Other financial incomes and expenses-16 903
-1 111
FINANCIAL RESULT-9 816
-13 295
Income tax-1 700
-12 128
NET RESULT FOR THE PERIOD-53 617
-94 016
• Of which, Owners of the parent-53 617
-94 016
• Of which, Non-controlling interests0
0
(*) At June 30, 2020, a reclassification was made from "Other operating income" to "Personnel expenses" for €3.9 million following the reallocation of a part of operating expenses transfer.
Half-Year Consolidated Balance sheet
('000 EURO) Jun 30, 2021 Dec 30, 2021 Goodwill23 177
0
Intangible assets60 994
56 022
Tangible assets152 037
154 155
Other financial assets4 800
4 291
Deferred tax assets547
684
Financial derivative instruments0
0
Other non-current assets422
129
TOTAL NON-CURRENT ASSETS241 977
215 282
Inventories127 150
115 122
Accounts receivable82 354
65 269
Tax receivable11 821
11 509
Financial derivative instruments4 371
3 347
Other current assets2 722
1 816
Cash & Cash Equivalents55 561
77 614
TOTAL CURRENT ASSETS283 979
274 676
TOTAL ASSETS525 956
489 957
('000 EURO) Jun 30, 2021 Dec 31, 2020 Share capital23 705
189 637
Share premium213 658
213 658
Treasury stock-459
-455
Other reserves-198 809
-177 595
Derivatives future cash flow hedges370
509
Group net result-53 617
-189 566
EQUITY ATTRIBUTABLE TO PARENT OWNERS-15 153
36 188
NON-CONTROLLING INTERESTS0
0
TOTAL EQUITY-15 153
36 188
Loans and bank borrowings204 525
215 546
Refundable Advances21 724
22 359
Employee benefits17 403
17 770
Non-current provisions25 510
26 445
Deferred tax liabilities51
29
Financial derivative instruments0
0
Other non-current liabilities5 062
3 650
TOTAL NON-CURRENT LIABILITIES270 276
285 799
Loans and bank borrowings (less than 1 year)63 043
9 707
Refundable Advances2 254
2 254
Current provisions24 577
18 096
Accounts payable140 801
89 480
Income tax liabilities1 222
2 745
Contracts liabilities35 736
38 982
Other current liabilities1 974
3 844
Financial derivative instruments1 226
2 863
TOTAL CURRENT LIABILITIES270 832
167 970
TOTAL LIABILITIES541 108
453 769
TOTAL EQUITY & LIABILITIES525 956
489 957
Half-Year Consolidated cash flow statement
('000 EURO) Jun 30, 2021 Jun 30, 2020 Net result for the period-53 617
-94 016
Adjustments related to non-cash activities : Depreciation and provisions15 571
46 445
Fair value gains/losses-2 784
755
Net (gains)/losses on disposal of assets290
71
Other non-cash items16 528
1 874
CASH FLOWS AFTER COST OF DEBT AND INCOME TAXES-24 011
-44 871
Income taxes1 700
12 128
Net Cost of debt1 435
1 593
CASH FLOWS BEFORE COST OF DEBT AND INCOME TAXES-20 876
-31 150
Changes in inventories net of provisions10 999
-3 841
Changes in client and other receivables net of provisions-7 585
69 795
Changes in suppliers and other payables7 671
-33 579
Income tax paid-3 095
-1 248
CASH FLOWS FROM OPERATING ACTIVITIES-12 887
-23
Effect of changes in group structure (*)3 973
0
Purchase of tangible and intangible assets (including changes in payables to fixed asset suppliers)-10 449
-6 494
Purchase of financial assets0
0
Increase (decrease) in loans and advances made-504
57
Proceeds from sale of tangible and intangible assets92
1
Dividends received0
0
CASH FLOWS FROM INVESTING ACTIVITIES-6 888
-6 436
Purchase or disposal of treasury shares-4
1 296
Proceeds from borrowings1 562
60 000
Repayments of borrowings0
0
Repayments of lease liabilities-2 815
-2 816
Financial interest paid-1 516
-1 448
Dividends paid0
0
Flows from refundable advances-635
-594
Other flows from financing operation811
-38 538
CASH FLOW FROM FINANCING ACTIVITIES-2 596
17 900
Of which financing flows provided / (used) by discontinued operations* Effects of exchange rate changes270
-777
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS-22 102
10 664
Opening cash and cash equivalents position77 589
33 762
Closing cash and cash equivalents position55 487
44 426
(*) Composed of opening cash of Technical Airborne Components (TAC) and put option on this company paid in April 2021
____________________ 1 In accordance with IFRS 10, the Group has controlled Technical Airborne Components (TAC) since the date of acquisition of the company's call option.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210913005926/en/
Taddeo Antoine Denry / Investor Relations +33 (0)6 18 07 83 27
Marie Gesquière / Media Relations +33 (0)6 26 48 97 98 teamlatecoere@taddeo.fr
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