Regulatory News:
Latécoère (“the Group”) (Paris:LAT), a leading partner of major international aeronautical manufacturers, announces the turnover for its fiscal year ended December 31, 2021.
2021 was a critical year in the history of Latécoère, which reacted to the Covid crisis and took numerous measures to ensure that it emerged from the crisis stronger than ever. Its objective: to fulfill its mission of serving the aerospace industry with innovative solutions for a sustainable world. Here are some of the highlights:
Strengthening of the management team – with Thierry Mootz as Group CEO and Philippe Salats as CFO;
Operational simplification – including workflow and purchasing improvements;
Acquisition of TAC in Belgium and Bombardier EWIS in Mexico;
Financial restructuring to ensure the company has a solid footing when the market recovers.
Preamble
In order to better enable the monitoring and comparability of its operational and financial performance, the Group has decided to communicate, alongside the consolidated financial statements, an adjusted income statement. The restatements are presented in the appendices to this press release.
All figures are expressed as adjusted data, unless otherwise stated.
1 Pursuant to IFRS 10, the Group has controlled Technical Airborne Components (TAC) since the date of acquisition of the option to purchase the company.
Full Year | |||||||
Unaudited adjusted data (in € million) | 2021 | 2020 | Var. | Var. Organic | |||
(%) | (%)* | ||||||
Aerostructures | 175.5 | 228.4 | -23.2% | -32.5% | |||
Interconnect systems | 204.3 | 184.8 | 10.5% | -13.7% | |||
Total turnover | 379.8 | 413.2 | -8.1% | -24.1% | |||
1er semester | |||||||
Unaudited adjusted data (in € million) | 2021 | 2020 | Var. | Var. Organic | |||
(%) | (%)* | ||||||
Aerostructures | 82.8 | 123.5 | -32.9% | -36.5% | |||
Interconnect systems | 98.3 | 108.5 | -9.4% | -26.3% | |||
Total turnover | 181.1 | 231.9 | -21.9% | -31.7% | |||
2n/a semester | |||||||
Unaudited adjusted data (in € million) | 2021 | 2020 | Var. | Var. Organic | |||
(%) | (%)* | ||||||
Aerostructures | 92.7 | 105.0 | -11.7% | -27.9% | |||
Interconnect systems | 106.0 | 76.4 | 38.9% | 3.6% | |||
Total turnover | 198.7 | 181.3 | 9.6% | -14.6% | |||
*Organic change in revenue at constant exchange rate (€/$ = 1.24) and perimeter
Group
The Group recorded revenue of €379.8 million for the full year 2021 compared to €413.2 million in 2020, a decrease of -24.1% at exchange rates like-for-like and -8.1% on a reported basis. The year 2021 was impacted throughout its duration by the Covid-19 crisis, after a year 2020 affected from the second quarter. Added to this was the drop in Boeing 787 deliveries (-75% compared to 2020) following the temporary shutdown of the Boeing assembly line. Revenue for the second half of 2021 is nevertheless up slightly organically compared to the first half of the financial year (+1.3%), despite the situation on the Boeing 787 (-48%).
Excluding the impact of Boeing 787 deliveries, 2021 organic revenue was down -10.5% compared to last year. On the same basis, organic growth in the second half of 2021 was up +4.6% compared to the second half of 2020, and up +6.6% compared to the 1er semester 2021.
2021 / 2020 revenue: evolution of organic growth | ||||||
S1 | S2 | 2020 | S1 | S2 | 2021 | |
Aerostructures | 116.1 | 102.5 | 218.6 | 73.7 | 73.9 | 147.5 |
N-1 growth | -41.7% | -44.5% | -43.1% | -36.5% | -27.9% | -32.5% |
Sequential growth | -37.2% | -11.7% | -28.1% | 0.3% | ||
Interconnect systems | 103.2 | 75.1 | 178.3 | 76.0 | 77.8 | 153.9 |
N-1 growth | -30.2% | -45.2% | -37.5% | -26.3% | 3.6% | -13.7% |
Sequential growth | -24.8% | -27.2% | 1.2% | 2.4% | ||
Group | 219.2 | 177.6 | 396.9 | 149.7 | 151.7 | 301.4 |
N-1 growth | -36.8% | -44.8% | -40.7% | -31.7% | -14.6% | -24.1% |
Sequential growth | -31.9% | -19.0% | -15.7% | 1.3% | ||
Aerostructures
The turnover of the Aerostructures division recorded an organic decline of -32.5% over one year, falling from 228.4 million euros in 2020 to 175.5 million euros. Based on published data, the variation is -23.2%. In 2021, deliveries relating to the Boeing 787 explain the entire drop in revenue.
Revenue for the second half of 2021 amounted to €92.7 million, down -11.7% compared to €105.0 million for the second half of 2020. At constant exchange rates and perimeter, the division recorded an organic decline of -27.9% but a very slight increase of +0.3% compared to 1er half of fiscal 2021. Excluding the impact of lower deliveries relating to the Boeing 787, organic revenue growth for the second half was +5.8% compared to 2020 and +12.1% compared to compared to 1er half of the 2021 financial year.
Interconnection Systems
Interconnection systems annual revenue posted an organic decline of -13.7% year-on-year. On a reported basis, revenue increased by +10.5%, from €184.8 million in 2020 to €204.3 million. The division achieved revenue of €106.0 million in the second half, up +38.9% compared to €76.4 million in the second half of 2020.
Revenue is mainly driven by the entry into the scope of Bombardier’s cabling activity. At constant exchange rates and perimeter, activity in the second half saw an increase in activity of +3.6% compared to 2020 and +2.4% compared to the 1er semester 2021.
Next publication: results for the year 2021
The Group will publish its annual results on March 16, 2022, where it will detail market dynamics and its operational performance.
Appendices
Transition table from consolidated revenue (IFRS) to adjusted revenue
In order to better enable the monitoring and comparability of its operational and financial performance, the Group presents, alongside the consolidated financial statements, an income statement adjusted for the foreign exchange result of instruments not eligible for hedge accounting within the meaning of IFRS standards. This income, presented as financial income in the consolidated financial statements, is reclassified as sales (operating income) in the adjusted financial statements.
Turnover for the year 2021
Unaudited data (in € million) |
Figure | Currency hedging |
Figure | |
Result of | Change of | |||
Turnover | 375.9 | 3.9 | 379.8 | |
About Latécoère
As a leading partner of the world’s leading manufacturers serving the aerospace industry with innovative solutions for a sustainable world, Latstarcoère intervenes in all segments of the astarronautics (commercial aircraft, rstarregional, business and military), in two areas of activitystars:
- ATstarrostructures (46% of sales): tronvsfuselage ons and doors.
- SystemèInterconnection costs (54% of turnover): catbeach, furniture starelectrical and staron-board equipmentstars.
As of December 31, 2021, the Group employed 4,764 people in 14 countries. Latstarcoère, societystaryoustar company with share capital of €132,745,925 dividedstar into 530,983,700 shares with a par value of €0.25, is listedstare on Euronext Paris – Compartment B, ISIN codes: FR0000032278 – Reuters: LAEP.PA – Bloomberg: LAT.FP
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