Latécoère Reports Revenue for First Three Months Of 2020
April 22 2020 - 1:00AM
Business Wire
- Q1 2020 revenue of €149.8 million
- Withdraws 2020 Outlook due to uncertain trading impact of
Covid-19
- Secures €60 million loan through France’s state-guaranteed loan
scheme (“Prêt Garanti Etat”)
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
- 2020 AGM: June 11th, 2020
- HY2020 Results: September 9th, 2020
_________________________________________________________________________________
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:
- Aerostructures (58% of total revenue): fuselage sections and
doors.
- Interconnexion systems (42% of total revenue): onboard wiring,
electrical harnesses and avionics bays.
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
Latecoere (EU:LAT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Latecoere (EU:LAT)
Historical Stock Chart
From Apr 2023 to Apr 2024