We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | 0.0126 | 0.0132 | 518,806 | 16:35:20 |
Regulatory News:
Latécoère (or “the Group”), a tier 1 partner to major international aircraft carriers, today published revenue for the three months to March 31, 2020.
The Group reported total revenues of €149.8 million, representing a decline of 15.9% organically compared to the first three months of 2019 (-17.9% on a reported basis).
First quarter
Unaudited data, in € millions
2020
2019
Change (%)
Organic growth (%)
Aerostructures
80.5
102.1
-21.2%
-18.8%
Interconnection Systems
69.4
80.5
-13.8%
-12.3%
Total Revenue
149.8
182.6
-17.9%
-15.9%
First quarter 2020 revenue
Revenue in the Aerostructures division declined 18.8% to €80.5 million organically (-21.2% on a comparable basis) as a result of an anticipated reduction in volumes for the Embraer E1, Dassault F7X/F8X, and Airbus’s twin aisle programs. The year-over-year Aerostructures revenue comparison is also affected by higher production rates in Q1 2019 as Latécoère insourced production of primary parts after the default of a supplier.
Interconnection Systems revenue declined 12.3% to €69.4 million organically (-13.8% on a comparable basis), mainly due to a decrease in development activity in the Mitsubishi Aircraft SpaceJet M90 program and a decrease in production volumes mainly for Dassault Aviation’s F7X.
Covid-19 Impact
The Covid-19 pandemic has had a profound impact on our partners, customers, and the communities in which the Group operates. Earlier this month, Latécoère announced steps it was taking to protect the health of its employees as well as actions to align its operations with production rate reductions announced by its customers.
The virus took hold in Latécoère’s key markets by mid-March resulting in related revenue reduction during the last week of the first quarter. The Covid-19 related slowdown in customer production rates resulted in an estimated €1.0 million decrease in Aerostructures and an estimated €3.0 million decrease in Interconnection Systems in Q1 2020. The Group expects Covid-19 to continue to put significant pressure on revenues in Q2 2020 although it does not have sufficient visibility at this time to quantify the impact.
2020 Outlook
In light of the uncertainties regarding the duration and severity of the pandemic and its associated impact on the aerospace sector broadly, and our customers and business specifically, Latécoère is withdrawing the financial guidance issued with the Group’s Full Year 2019 results on March 10, 2020.
Liquidity update – “Prêt Garanti Etat” Loans
In order to ensure it retains sufficient liquidity and balance sheet flexibility under the current market conditions, the Group has signed PGE loans with a consortium of banks for a total of €60 million under the French government’s state-guaranteed loan scheme. The loans strengthen the Group’s liquidity and it will enable it to restart efficiently its production to match customer demand once lockdowns across the countries in which it operates are progressively lifted.
Upcoming Publications
_________________________________________________________________________________
About Latécoère
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 two fields:
At 31 December 2019, Latécoère employed 5,187 people in 13 different countries. Latécoère, a French corporation (société anonyme) with capital of €189,637,036 divided into 94,818,518 shares with a par value of €2, is listed on Euronext Paris - Compartment B. ISIN codes: FR0000032278 - Reuters: LAEP.PA - Bloomberg: LAT.FP
View source version on businesswire.com: https://www.businesswire.com/news/home/20200421005941/en/
Taddeo Michael Henson / Investor Relations +44 (0) 7551 720441
Pierre-Jean Le Mauff / Media Relations +33 (0)7 77 78 58 67 teamlatecoere@taddeo.fr
1 Year Latecoere Chart |
1 Month Latecoere Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions