Zodiac Aerospace reports a good organic growth in Q3
(Thomson Reuters ONE) -
Zodiac Aerospace reports a good organic growth in Q3
FY 2015/2016 Q3 and 9M sales
* Increase in sales in 9M: +5.9% to ? 3841.8m ; +0.4% like-for-like
* +4.4% organic growth in Q3 2015/2016
* Zodiac Seats branch in line with its 20% sequential H2/H1 sales increase
* Dynamic growth in Zodiac Cabin branch
* Systems activities benefits of an increase in commercial aviation activities
* Good performance of the aftermarket activities in Q3 growing above passenger
air traffic
* Zodiac Aerospace maintains its 2015/2016 guidance for the full year of a
Current Operating Income close to the one of FY 2014/15
Plaisir, June 14 2016 - Zodiac Aerospace generated a +5.9% increase of its
revenue for the first 9 months of its fiscal year 2015/2016 to ? 3841.8 m, and
a +0.4% increase on a like-for-like basis. Foreign exchange rates had a +5.5
points impact on the 9M growth, while, group wide, consolidation scope had no
impact.
Sales revenue in the first nine months of the 2015/2016 fiscal year
-------------------------------------------------------------------------------
9M 9M Organic change
In ? million % change Forex Scope %
2015/2016 2014/2015
-------------------------------------------------------------------------------
Systems activities 1485.7 1424.5 +4.3% +5.9% -0.1% -1.5%
-------------------------------------------------------------------------------
Zodiac Aerosafety 442.8 464.2 -4.6% +4.9% -3.0% -6.5%
-------------------------------------------------------------------------------
Zodiac Aircraft
Systems 1042.9 960.3 +8.6% +6.4% +1.4% +0.8%
-------------------------------------------------------------------------------
Aircraft Interiors
activities 2356.1 2203.5 +6.9% +5.3% +0.0% +1.6%
-------------------------------------------------------------------------------
Zodiac Seats 1027.3 1002.8 +2.4% +3.9% +0.0% -1.5%
-------------------------------------------------------------------------------
Zodiac Cabin 1328.8 1200.8 +10.7% +6.6% +0.0% +4.1%
-------------------------------------------------------------------------------
Group Total 3841.8 3628.0 +5.9% +5.5% -0.0% +0.4%
-------------------------------------------------------------------------------
?/$ (conversion) 1.11 1.18
-------------------------------------------------------------------------------
Sales revenue in the third quarter of the 2015/2016 fiscal year
-------------------------------------------------------------------------------
Q3 Q3 Organic change
In ? m million % change Forex Scope %
2015/2016 2014/2015
-------------------------------------------------------------------------------
Systems activities 515.1 508.7 +1.3% +1.5% -1.1% +0.9%
-------------------------------------------------------------------------------
Zodiac Aerosafety 149.2 168.1 -11.2% -0.6% -2.9% -7.7%
-------------------------------------------------------------------------------
Zodiac Aircraft
Systems 365.9 340.6 +7.4% +2.5% +0.0% +4.9%
-------------------------------------------------------------------------------
Aircraft Interiors
activities 837.6 795.2 +5.3% -1.3% +0.0% +6.6%
-------------------------------------------------------------------------------
Zodiac Seats 385.7 380.6 +1.3% -1.9% +0.0% +3.2%
-------------------------------------------------------------------------------
Zodiac Cabin 451.9 414.6 +9.0% -0.9% +0.0% +9.9%
-------------------------------------------------------------------------------
Group Total 1352.7 1303.9 +3.7% -0.3% -0.4% +4.4%
-------------------------------------------------------------------------------
?/$ (conversion) 1.13 1.09
-------------------------------------------------------------------------------
Revenue for the Systems activities (38.7% of total revenue) amounted to ?
1485.7 million, up +4.3% on reported figures and -1.5% in terms of organic
growth. Foreign exchange rates contributed a positive 5.9 percentage points
during the period, while consolidation scope had a negative -0.1 point impact.
In Q3, the organic growth rate of Systems activities showed an improvement over
Q2 and Q1, establishing to +0.9% vs. 1.7% and -3.8% respectively. The systems
activities benefited from the growth, in line or above air traffic, of its
businesses mainly exposed to commercial aviation, Evacuation Systems, Oxygen
Systems, Electrical Power systems, water and waste systems, despite some ramp up
impacts. On the other hand, the systems activities suffered from a decrease in
the businesses exposed to helicopter and business jets markets (Elastomers,
floats and rafts.), and a drop in its non-civilian aerospace businesses
(arresting systems, Parachutes)
Revenue for the AeroSafety branch amounted to ?442.8 million, down -4.6% based
on reported figures and -6.5% in terms of organic growth. Foreign exchange rates
contributed 4.9 percentage points during the period. Revenue for the Aircraft
Systems branch amounted to ?1042.9 million, up +8.6% based on reported figures
and +0.8% in terms of organic growth. Foreign exchange rates contributed 6.4
percentage points during the period.
Overall, the Aircraft Interiors activities (61.3% of sales) reported a +6.9%
increase in sales for the first 9 month of the 2015/2016 fiscal year, to ?
2356.1 million and up +1.6% organic. Exchange rates had a positive 5.3 points
impact during the period.
Zodiac Seats branch reported an improving organic growth: its sales grew 1.3% in
Q3, despite a negative forex impact, and +2.4% for the first 9 months of the
2015/2016 fiscal year, to ?1027.3 million. On a like for like basis, sales
increased by +3.2% in Q3, compared to an organic decrease of -7.6% in Q2 and
-0.4% in Q1 2015/2016.
Zodiac Seats recovery is going on. The branch reports progress made on critical
situation on the recovery plan which was presented last April. In particular the
certification on one complex business class seat program was completed, allowing
to resume deliveries. The delivery of the third shipset is currently in process.
The branch also made significant progress in the redesign of seat shells and in
improving the supply chain in Zodiac Seat Shells in Santa Maria, CA. The
completion of the implementation of a MRP process resulted in improving the
supply chain and decreasing supplies irregularities. The industrial footprint of
the Seat Shell division is being resized and three alternative sources of seats
shells have been qualified that will lead to a better equilibrium of operations.
For the longer term, Zodiac Seats pursues its transformation. The business
process roll out is progressing per plan and commercial performance is resuming
with some new commercial successes, e.g. Air France A330 full cabin interiors
retrofit or United Airlines new Polaris business class seat. Zodiac Seats
remains confident to sequentially grow its H2 sales by about 20% compared to H1
and is on track to get back to nominal operational performance in 18 months
(starting from March 16)
Zodiac Cabin enjoyed a dynamic +10.7% growth for the first 9 month of
2015/2016 fiscal year, to ?1328.8 million, breaking down into a positive forex
impact of 6.6 points and a good +4.1% organic growth coming from all aviation
segments, except Business Aircraft.
The operational performance of the branch continues to be affected by A350XWB
lavatory program. However, the branch has increased its A350XWB lavatories
deliveries, with shipset MSN (Manufacturer's Serial Number) 49 delivered and
accepted and delivery of MSN50 in progress. The branch still has several issues
to address: quality issues in our California site are hampering A350XWB
lavatories ramp up and as the second line in Montreal is ramping up, although
more slowly than expected, due to supply chain past due deliveries. Overall, the
ramp up must further increase to reach temporarily a rate of 10 shipsets per
month in order to catch up with Airbus FY 2016 objective.
Zodiac Cabin also reports operational Improvements on other critical programs in
ramp up phase, with effective ramp up of Airline retrofit programs and of the
linefit Spaceflex v2 program where a rate of 20 shipset / month has been
reached, increasing to 24 in June to get aligned with Airbus needs. Last, the
first CSeries interiors has been delivered to Bombardier. All in all, the branch
is confident to retrieve operational performance across its production sites
within 15 months.
Outlook
Zodiac Aerospace confirms its 2015/2016 target of a Current Operating Income
close to the one of FY 2014/15. At end May, the group is in line with its
internal target, with Systems activities slightly above forecast, Cabin slightly
below, and Seats in line. The forecast is for further volume to come in Q4, and
a strong activity expected for the month of August.
The Group also confirms its other guidance. The banking covenant should be
respected.
For the medium term, both Zodiac Seats and Zodiac Cabin confirm their objective
to get back to operational performance in Seats and Cabin in 18 months, starting
from the announcement in March 2016.
Last Zodiac Aerospace completed its hedging portfolio for FY 2016/2017. For the
second half of 2015/16 fiscal year, 92.6% of H2 budgeted transaction exposure is
hedged at 1.10 $/?. For the 2016/17 fiscal year, 65% of estimated $/? exposure
is hedged at 1.129$/?. US$ is also 70% hedged against CAD and GBP, and 50%
hedged against MXN.
NB : This revenues publication will be commented on an analysts & press
conference call on June, 14(t) 2016 at 6:00pm CET. A replay will be available on
the Group website www.zodiaaerospace.com as well as the presentation slideshow
and press release.
About Zodiac Aerospace
Zodiac Aerospace is a world leader in aerospace equipment and systems for
commercial, regional and business aircrafts and for helicopters and spacecrafts.
It develops and manufactures state-of-the-art solutions to improve comfort and
facilities on board aircrafts and high-technology systems to increase aircraft
performance and flight safety. Zodiac Aerospace has 35,000 employees worldwide
and generated revenue of ?4.9 billion in 2014/2015. www.zodiacaerospace.com
---------------------------------------------------------------------
Next Q4 2015/16 revenue September
meetings: FY 2015/16 results 14, 2016
(after stock
exchange
closing)
November
22, 2016
(before
opening)
-----------------------------------------------------------------------------
ZODIAC AEROSPACE CONTACTS MEDIA/PRESS CONTACTS -
Pierre-Antony VASTRA IMAGE 7
Tel: +33 (0)1 61 34 25 68
UPierreAntony.Vastra(at)zodiacaerospace.comU Priscille RENEAUME
Isabelle DELHOM (Investors meetings) Tel: +33 (0)
Tel : +33 (0)1 61 34 19 86 1 53 70 74 61 /
Isabelle.Delhom(at)zodiacAerospace.com Upreneaume(at)image7.frU
61, rue Pierre Curie - CS20001 - 78373 PLAISIR
CEDEX Grégoire LUCAS
Tel: +33 (0)
1 53 70 74 61 /
Uglucas(at)image7.frU
-----------------------------------------------------------------------------
Consolidated revenue by quarter
-------------------------------------------------------------------------------
In millions of 1(st) quarter 2(nd) quarter 3(rd) quarter 4(th) quarter
euros 2015/2016 2015/2016 2015/2016 2015/2016
-------------------------------------------------------------------------------
Systems 479.1 491.5 515.1
Zodiac
AeroSafety 144.5 149.1 149.2
Zodiac
Aircraft Systems 334.6 342.4 365.9
Aircraft
Interiors 758.9 759.6 837.6
Zodiac Seats 320.8 320.8 385.7
Zodiac Cabin 438.1 438.8 451.9
Group total 1238.0 1251.1 1352.7
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?/$ conversion 1.11 1.09 1.13
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
In millions of 1(st) quarter 2(nd) quarter 3(rd) quarter 4(th) quarter
euros 2014/2015 2014/2015 2014/2015 2014/2015
-------------------------------------------------------------------------------
Systems 448.3 467.5 508.7 530.7
Zodiac
AeroSafety 144.4 151.6 168.1 170.4
Zodiac
Aircraft Systems 303.9 315.9 340.6 360.3
Aircraft
Interiors 689.1 719.2 795.2 773.1
Zodiac Seats 290.8 331.4 380.6 367.4
Zodiac Cabin 398.3 387.8 414.6 405.7
Group total 1137.4 1186.7 1303.9 1303.8
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?/$ conversion 1.27 1.18 1.09 1.11
-------------------------------------------------------------------------------
CHANGES
(Quarter compared with the same quarter of the previous year)
------------------------------------------------------------
Based on reported data Q1 Q2 Q3 Q4
------------------------------------------------------------
Systems +6.9% +5.1% +1.3%
Zodiac AeroSafety +0.1% -1.7% -11.2%
Zodiac Aircraft Systems +10.1% +8.4% +7.4%
Aircraft Interiors +10.1% +5.6% +5.3%
Zodiac Seats +10.3% -3.2% +1.3%
Zodiac Cabin +10.0% +13.1% +9.0%
------------------------------------------------------------
Group total +8.8% +5.4% +3.7%
------------------------------------------------------------
Aerospace activities* +9.1% +5.7% +4.2%
------------------------------------------------------------
---------------------------------------------------------
Based on organic data Q1 Q2 Q3 Q4
---------------------------------------------------------
Systems -3.8% -1.7% +0.9%
Zodiac AeroSafety -7.9% -3.7% -7.7%
Zodiac Aircraft Systems -1.9% -0.8% +4.9%
Aircraft Interiors -1.8% -0.4% +6.6%
Zodiac Seats -0.4% -7.6% +3.2%
Zodiac Cabin -2.8% +6.0% +9.9%
---------------------------------------------------------
Group total -2.6% -0.9% +4.4%
---------------------------------------------------------
Aerospace activities* -2.5% -0.7% +4.9%
---------------------------------------------------------
Organic changes 2014/2015
------------------------------------------------------------------------------
Based on organic data Q1 Q2 Q3 Q4
------------------------------------------------------------------------------
Systems +5.5% +0.6% +1.3% -2.6%
Zodiac AeroSafety +2.9% +1.4% -0.9% -6.3%
Zodiac Aircraft Systems +6.8% +0.2% +2.5% -0.8%
Aircraft Interiors +9.6% +2.8% +4.6% -1.6%
Zodiac Seats +12.3% +9.9% +11.7% +9.4%
Zodiac Cabin +7.6% -3.2% -1.8% -10.6%
------------------------------------------------------------------------------
Group total +7.9% +1.9% +3.2% -2.1%
------------------------------------------------------------------------------
Aerospace activities* +8.5% +2.3% +4.2% -1.4%
------------------------------------------------------------------------------
*Excluding Trains and Airbags businesses
Cumulative consolidated revenue
-------------------------------------------------------------------------------
In millions of 1(st) quarter 1st half 9 months Full year
euros 2015/2016 2015/2016 2015/2016 2015/2016
-------------------------------------------------------------------------------
Systems 479.1 970.6 1485.7
Zodiac
AeroSafety 144.5 293.6 442.8
Zodiac Aircraft
Systems 334.6 677.0 1042.9
Aircraft Interiors 758.9 1518.5 2356.1
Zodiac Seats 320.8 641.6 1027.3
Zodiac Cabin 438.1 876.9 1328.8
Group total 1238.0 2489.1 3841.8
-------------------------------------------------------------------------------
?/$ conversion 1.11 1.10 1.11
?/$ transaction 1.12 1.11 1.11
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
In millions of 1(st) quarter 1(st) half 9 months Full year
euros 2014/2015 2014/2015 2014/2015 2014/2015
-------------------------------------------------------------------------------
Systems 448.3 915.8 1424.4 1955.2
Zodiac
AeroSafety 144.4 296.0 464.1 634.5
Zodiac Aircraft
Systems 303.9 619.8 960.3 1320.7
Aircraft Interiors 689.1 1408.3 2203.6 2976.6
Zodiac Seats 290.8 622.2 1002.8 1370.2
Zodiac Cabin 398.3 786.1 1200.8 1606.4
Group total 1137.4 2324.1 3628.0 4931.8
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?/$ conversion 1.27 1.22 1.18 1.16
?/$ transaction 1.28 1.25 1.22 1.21
-------------------------------------------------------------------------------
CHANGES 2014/2015
(Aggregate at end of period compared with the same period of last year)
----------------------------------------------------------------------------
Based on reported data 1st quarter 1st half 9 months Full year
----------------------------------------------------------------------------
Systems +6.9% +6.0% +4.3%
Zodiac AeroSafety +0.1% -0.8% -4.6%
Zodiac Aircraft Systems +10.1% +9.2% +8.6%
Aircraft Interiors +10.1% +7.8% +6.9%
Zodiac Seats +10.3% +3.1% +2.4%
Zodiac Cabin +10.0% +11.5% +10.7%
----------------------------------------------------------------------------
Group total +8.8% +7.1% +5.9%
----------------------------------------------------------------------------
Aerospace activities* +9.1% +7.4% +6.2%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Based on organic data 1st quarter 1st half 9 months Full year
----------------------------------------------------------------------------
Systems -3.8% -2.8% -1.5%
Zodiac AeroSafety -7.9% -5.8% -6.5%
Zodiac Aircraft Systems -1.9% -1.4% +0.8%
Aircraft Interiors -1.8% -1.1% +1.6%
Zodiac Seats -0.4% -4.2% -1.5%
Zodiac Cabin -2.8% +1.4% +4.1%
----------------------------------------------------------------------------
Group total -2.6% -1.7% +0.4%
----------------------------------------------------------------------------
Aerospace activities* -2.5% -1.6% +0.6%
----------------------------------------------------------------------------
*Excluding Trains and Airbags businesses
Download the press release in PDF:
http://hugin.info/143758/R/2020659/750541.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Zodiac Aerospace via GlobeNewswire
[HUG#2020659]
Unternehmensinformation / Kurzprofil:
Datum: 14.06.2016 - 17:55 Uhr
Sprache: Deutsch
News-ID 477679
Anzahl Zeichen: 25314
contact information:
Town:
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Kategorie:
Business News
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