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Share Name | Share Symbol | Market | Type |
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Latin American Minerals Inc | TSXV:LAT | TSX Venture | Common Stock |
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Regulatory News:
Latecoere, a tier 1 partner to major international aircraft manufacturers, today announced that the Board of Directors with Chairman Pierre Gadonneix approved Latecoere’s financial statements for the six-month period ended June 30, 2022, on September 19, 2022.
Thierry Mootz, Group Chief Executive Officer, stated: “We are on track to deliver our targets for 2022. The half year results reflect the increased level of production in the aeronautical sector and the changes implemented by management to optimize the group footprint and operating cost base, resulting in an improvement in recurring EBITDA. We are starting to see the result of our cost reduction programs, the optimization of the group’s footprint as well as our commercial efforts, supported by an industry backdrop that is experiencing a recovery in demand.”
1st Half Year 2022 Results
(€ million)
Jun 30, 2022
Jun 30, 2021 ³
Revenue
242,3
181,1
Reported growth
33,8%
-21,9%
On like-for-like and constant exchange rate basis1
18,8%
-31,7%
Recurring EBITDA2
(6,9)
(23,0)
Recurring EBITDA margin on revenue
-2,8%
-12,7%
Recurring operating income
(22,7)
(36,5)
Recurring EBIT margin on revenue
-9,4%
-20,2%
Non recurring items
0,3
(2,8)
Other non recurring items
0,3
(2,8)
Operating income
(22,4)
(39,3)
Net Cost of debt
(3,3)
(1,4)
Other financial income/(expense)
1,2
(14,2)
Financial result
(2,1)
(15,6)
Income tax
(2,8)
(1,7)
Net result
(27,3)
(56,6)
Operating free cash flows
(75,5)
(16,7)
Latecoere's half-year financial results for 2022 reflect the increased level of production in the aeronautical sector as a whole. Revenues amounted to €242.3 million, up by €61.2 million or +33.8%. At constant exchange rates and scope, the increase was +18.8%. The increase in revenues benefited from higher production rates, notably for the A320 and Embraer programs, albeit the long-haul market segment continues to be challenging and impacted by the B787 production halt that ended in August 2022.
The Group also benefited over the period from the contribution of the activities of the new acquisitions, with a perimeter variance effect of €19.0 million, and a favorable currency effect of €14.1 million.
The Group reported a recurring EBITDA for the first half of 2022 of €(6.9) million, a demonstrable improvement of €16.1 million over the first half of 2021. This improvement was mainly driven by a recovery in margins in both business lines, in line with the recovery in production rates, and in addition by a favorable currency effect of €5.1 million and the impact of acquisitions €(0,7) million.
Latecoere's net financial income amounted to €(2.1) million in the first half of 2022, compared with €(15.6) million in the first half of 2021. The previous period had been impacted by a one-off effect related to the amortization of the shareholder loan in the amount of €(16.4) million following its early repayment.
The Group's net income for the first half of 2022 amounted to €(27.3) million, compared with €(56.6) million for the previous period.
Free cash flow from operations for the period amounted to €(75.5) million, which was mainly impacted by an increased working capital requirement of €(38.0) million in connection with the recovery in activity, and by the acquisition of MADES for an amount of €(19.0) million.
At June 30, 2022, net debt amounted to €147.9 million, an increase of €83.0 million compared to December 31, 2021, mainly due to the €80.6 million reduction of the cash position. The cash position at June 30, 2022 was €197.0 million.
The hedging portfolio amounted to $570 million at June 30, 2022 at an average EUR/USD rate of 1.16. Since June 30, 2022, the Group has continued to put in place hedges for 2024, enabling it to improve the average realized hedging rate.
Aerostructures
Revenues for Latecoere's Aerostructures Division rose by +22.3% at constant exchange rates and scope of consolidation, compared to €82.8 million for the first half of 2021. The segment's activity benefited from significant overall recovery in production rates, notably on the A320 and Embraer programs, despite ongoing production challenges of the Boeing 787 program, following the temporary halt in production in July 2021. Boeing has resumed 787 deliveries in August 2022, and Latecoere expect the Boeing 787 program will gradually resume production in the second half of 2022.
The division's recurring EBITDA amounted to €(2.4) million, an improvement of €11.1 million, benefiting in particular from the upturn in activity and the improvement in the hedged rate for the period.
Aerostructures (€ million)
30/06/2022
30/06/2021*
Consolidated revenue
114,9
82,8
On like-for-like and constant exchange rate basis
22,3%
-36,5%
Inter-segment revenue
11,6
10,2
Revenue
126,5
93,1
Recurring EBITDA
(2,4)
(13,5)
Recurring EBITDA margin on revenue
-1,9%
-14,5%
Recurring operating income
(11,2)
(21,0)
Recurring EBIT margin on revenue
-8,9%
-22,6%
* Adjusted data. See Note 4 to the Condensed Consolidated Financial Statements
Interconnection Systems
Revenues of €127.4 million were up +15.4% at constant exchange rates and scope of consolidation compared with €98.3 million in the first half of 2021. This growth is notably driven by the increase in deliveries from the A320 program.
Recurring EBITDA for the Interconnection Systems division reached €(4.5) million, up by +€4.0 million compared to the previous period, benefiting from the improving production dynamics for the A320 and A350 programs during the period.
Systèmes d'interconnexion (€ million)
30/06/2022
30/06/2021*
Consolidated revenue
127,4
98,3
On like-for-like and constant exchange rate basis
15,4%
-26,3%
Inter-segment revenue
0,5
0,5
Revenue
127,9
98,8
Recurring EBITDA
(4,5)
(9,5)
Recurring EBITDA margin on revenue
-3,5%
-9,6%
Recurring operating income
(11,4)
(15,6)
Recurring EBIT margin on revenue
-8,9%
-15,7%
* Adjusted data. See Note 4 to the Condensed Consolidated Financial Statements
Confirmation of 2022 outlook
The Group confirms its guidance for the fiscal year 2022 in terms of recurring EBITDA and free cash flow from operations, namely:
• Revenue growth in excess of +20% on a reported basis and organic growth (at constant exchange rates and scope of consolidation) at the high end of the range of 15 to 19%;
• Significant improvement in recurring EBITDA, derived from ongoing cost reduction arising from Latecoere’s footprint optimization strategy and the ongoing recovery within the commercial aerospace sector, offset by inflationary pressure impacting 2022 and beyond. We expect EBITDA close to breakeven but still negative in 2022; and
• Operating free cash flow will be impacted by the remaining one off costs of Latecoere’s restructuring plans, the increase in working capital due to revenue growth and key investments to strengthen Latecoere's competitive position, including M&A.
Post-closing events
None to report
_________________________________________________________________________________
About Latecoere
As a "Tier 1" international partner of the world's major aircraft manufacturers (Airbus, Boeing, Bombardier, Dassault, Embraer and Mitsubishi Aircraft), Latecoere is active in all segments of the aeronautics industry (commercial, regional, business and military aircraft), in two areas of activity:
As of December 31, 2021, the Group employed 4,764 people in 14 different countries. Latecoere, a French limited company capitalised at €133,912,589.25 divided into 535,650,357 shares with a par value of €0.25, is listed on Euronext Paris - Compartment B, ISIN Codes: FR0000032278 - Reuters: LAEP.PA - Bloomberg: LAT.FP.
1 Growth at constant exchange rates and scope of consolidation: Organic growth is obtained by neutralizing the effect of the EUR/USD exchange rate (use of a constant exchange rate for the periods concerned) and by applying a constant scope of consolidation (neutralization of the impact of acquisitions/disposals).
2 Recurring EBITDA corresponds to current operating income before depreciation, amortization and impairment of current tangible and intangible assets.
3 Adjusted data. See Note 4 to the Condensed Consolidated Financial Statements. In 2021, the Group presented, in parallel with the IFRS consolidated financial statements, an adjusted income statement (of a strictly non-accounting nature) mainly due to the significant volume of transactions that did not qualify as hedge accounting and which did not allow the Group to recognize the foreign exchange gains and losses arising from these instruments at the same level as the underlying asset concerned. As the use of instruments not qualifying for hedge accounting has become immaterial, the Group has concluded to no longer present adjusted financial statements from January 1, 2022. However, in order to ensure comparability of information, the Group presents adjusted data as of June 30, 2021 in its business report. The reconciliation table between the 2021 adjusted data and the consolidated data is available in Note 4 of the notes to the Group's condensed consolidated financial statements.
Appendix – Table of content
Half-Year Consolidated financial statements (IFRS)
Consolidated Income statement
('000 EURO) - 6 monts June 30, 2022 June 30, 2021 Revenue242 303
178 476
Other operating revenue782
460
Change in inventory: work-in-progress & finished goods7 100
-7 997
Raw material, Other Purchases & external charges-168 108
-118 519
Personnel expenses-97 622
-78 758
Taxes-2 777
-2 431
Amortization-15 797
-13 554
Net operating provisions charge2 521
-3 609
Net depreciation of current assets2 261
819
Other operating income8 014
6 308
Other operating expenses-1 355
-543
RECURRING OPERATING INCOME-22 678
-39 348
Other non-recurring operating income and expenses292
-2 753
OPERATING INCOME-22 386
-42 101
Net Cost of debt-3 328
-1 428
Foreign Exchange gains/losses2 580
5 730
Change in fair value of financial derivative instruments89
2 784
Other financial incomes and expenses-1 457
-16 903
FINANCIAL RESULT-2 116
-9 816
Income tax-2 829
-1 700
NET RESULT FOR THE PERIOD-27 331
-53 617
• Of which, Owners of the parent-27 331
-53 617
• Of which, Non-controlling interests0
0
Hal-Year Consolidated Balance sheet
('000 EURO) June 30, 2022 Dec 31, 2021 Goodwill28 584
16 431
Intangible assets65 847
67 541
Tangible assets153 476
155 433
Other financial assets5 268
5 105
Deferred tax assets766
913
Financial derivative instruments292
4 299
Other non-current assets1 417
775
TOTAL NON-CURRENT ASSETS255 650
250 497
Inventories156 756
124 298
Accounts receivable127 432
85 771
Tax receivable12 131
9 829
Financial derivative instruments0
2 574
Other current assets2 913
1 613
Cash & Cash Equivalents197 030
277 659
TOTAL CURRENT ASSETS496 262
501 746
TOTAL ASSETS751 912
752 243
LIABILITIES & EQUITY ('000 EURO) June 30, 2022 Dec 31, 2021 Share capital133 913
132 746
Share premium327 265
326 064
Treasury stock-481
-477
Other reserves-301 384
-196 695
Derivatives future cash flow hedges-31 420
323
Group net result-27 331
-110 975
EQUITY ATTRIBUTABLE TO PARENT OWNERS100 562
150 986
NON-CONTROLLING INTERESTS0
0
TOTAL EQUITY100 562
150 986
Loans and bank borrowings320 774
325 453
Refundable Advances21 273
20 886
Employee benefits12 549
16 060
Non-current provisions26 779
25 281
Deferred tax liabilities2 599
3 012
Financial derivative instruments15 416
4 568
Other non-current liabilities10 259
6 297
TOTAL NON-CURRENT LIABILITIES409 648
401 557
Loans and bank borrowings (less than 1 year)24 165
17 353
Refundable Advances2 254
2 966
Current provisions7 723
15 046
Accounts payable152 730
122 729
Income tax liabilities2 963
1 811
Contracts liabilities31 261
33 700
Other current liabilities4 618
4 262
Financial derivative instruments15 988
1 832
TOTAL CURRENT LIABILITIES241 702
199 700
TOTAL LIABILITIES651 350
601 257
TOTAL EQUITY & LIABILITIES751 912
752 243
Half-Year Consolidated cash flow statement
('000 EURO) June 30, 2022 June 30, 2021 30/06/2022 Net result for the period-27 331
-53 617
Adjustments related to non-cash activities : Depreciation and provisions10 062
15 571
Fair value gains/losses-89
-2 784
Net (gains)/losses on disposal of assets (**)-10 619
290
Other non-cash items1 633
16 528
CASH FLOWS AFTER COST OF DEBT AND INCOME TAXES-26 344
-24 011
Income taxes2 829
1 700
Net Cost of debt2 098
1 435
CASH FLOWS BEFORE COST OF DEBT AND INCOME TAXES-21 417
-20 876
Changes in inventories net of provisions-15 993
10 999
Changes in client and other receivables net of provisions-36 267
-7 585
Changes in suppliers and other payables14 317
7 671
Income tax paid-1 069
-3 095
CASH FLOWS FROM OPERATING ACTIVITIES-60 429
-12 887
Effect of changes in group structure (*)-18 965
3 973
Purchase of tangible and intangible assets (including changes in payables to fixed asset suppliers)-8 215
-10 449
Purchase of financial assets0
0
Increase (decrease) in loans and advances made60
-504
Proceeds from sale of tangible and intangible assets (**)11 000
92
Dividends received0
0
CASH FLOWS FROM INVESTING ACTIVITIES-16 120
-6 888
Proceeds from issue of shares2 367
0
Purchase or disposal of treasury shares-4
-4
Proceeds from borrowings250
1 562
Repayments of borrowings-205
0
Repayments of lease liabilities-4 303
-2 815
Financial interest paid-2 280
-1 516
Flows from refundable advances-324
-635
Other flows from financing operation0
811
Increase (decrease) in loans and advances made from financing activities0
CASH FLOW FROM FINANCING ACTIVITIES-4 499
-2 596
Effects of exchange rate changes419
270
Other changes without cash impact INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS-80 630
-22 102
Opening cash and cash equivalents position277 620
77 589
Closing cash and cash equivalents position196 990
55 487
(*) Composed of opening cash of Malaga Aerospace, Defence & Electronics Systems SA (MADES) and put option on this company paid at theend of May 2022 (**) Composed of a net gain on the sale of property complex (Lot 2 Périole) for 11 M€.Reconciliation of the consolidated financial statements to the adjusted financial statements for the 1st half of 2021
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) ConsolidatedincomestatementJune 30, 2021 Hedging Adjusted incomestatementJune 30, 2021 Exchange rateresult Change infair value 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-1 700
-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
View source version on businesswire.com: https://www.businesswire.com/news/home/20220920005982/en/
Taddeo Antoine Denry / Investor Relations +33 (0)6 18 07 83 27
Thibault Gential / Media Relations +33 (0)6 76 21 42 05 teamlatecoere@taddeo.fr
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