Zodiac Aerospace: Recovery and transformation under way
(Thomson Reuters ONE) -
Recovery and transformation under way
Zodiac Aerospace: results for the 2015/2016 fiscal year
* The 2015/2016 was marked by high level of cost overruns incurred by Aircraft
Interiors to restore delivery performance to customers ; FY 2015/2016
Current Operating Income decreases by -14.1%, to ?269.6m
* The second phase of the recovery is on track. Owing to the deployment of the
Focus transformation plan, the return to operational performance is targeted
for end 2017
* This will permit the Group to continue its transformation, re-sizing and
cost cutting to remove most of extra costs and production variances, to get
back to historical profitability levels by FY2019/2020
* Zodiac Aerospace targets stable sales and a 10-20% increase in COI in
2016/2017, and a double digit operating income margin in FY2017/2018
* The Supervisory Board will propose a dividend of ?0.32 per share to the
General Meeting of Shareholders on January 19, 2017, with payment in cash or
in cash and shares
Plaisir, November 22, 2016 - The Supervisory Board of Zodiac Aerospace Group met
on November 21, 2016 and approved the financial statements for fiscal year
2015/2016 (September to August). This fiscal year marked progresses in the
recovery plan Zodiac Aerospace is engaged in. The first step consisted and
remains to restore on time and on quality delivery performance to our customers.
This action translated into high operation costs in our aircraft interiors
activities, and weighted on the FY2015/2016 current operating income.
Furthermore, the deployment of the Focus transformation plan within the whole
Group is progressing on track to achieve return to operational performance
within end 2017, i.e. 18 months from the announcement of March 2016.
Olivier Zarrouati, CEO, said « The 2015/2016 fiscal year was the one of return
to the performance of delivery towards our customers. The 2016/2017 fiscal year
will be the one of return in the operational performance thanks to the
deployment of the Focus plan. Zodiac Aerospace leads an in-depth industrial
transformation which will allow a progressive return to the historic financial
performance within three years.»
Sales revenue and Current Operating Income
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In millions euros 2015/2016 2014/2015 Var%
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Revenue 5,208.2 4,931.8 +5,6%
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Current Operating Income before IFRS3[1] 269.5 314.1 -14.2%
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COI before IFRS 3/ Revenue 5.2% 6.4%
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Current Operating Income 269.6 313.8 -14.1%
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COI/REV 5.2% 6.4%
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Net income attributable to equity holders of
the parent 108.1 184.8 -41.5%
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Net income before IFRS3 165.7 199.8 -17.1%
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Earnings per share attributable to equity
holders
of the parent company 0.38 0.67 -43.0%
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Earnings per share before IFRS3 0.59 0.72 -18.4%
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Debt-to-equity ratio 0.34 0.43
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Debt to EBITDA ratio 2.55 2.90
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?/$ (Transaction) 1.11 1.26
?/$ (Conversion) 1.11 1.16
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FY2015/2016 Current Operating Income impacted by Aircraft Interiors activities
Zodiac Aerospace sales were up +5.6% to ? 5,208.2 m in 2015/2016, and up +1.3%
on a like-for-like basis. There was no impact from consolidation scope at Group
level, while the exchange rate impact was a positive +4.3 points on the FY
growth rate. This growth is backed by a still favorable market environment for
commercial aviation (c. 2/3 of Group sales) where traffic is growing above its
long term average, supporting ramp up of new programs and deliveries of legacy
programs as well as cabin retrofit. On the other hand, the growth of sales was
hampered by some delays in regional jets programs and a difficult market for
both helicopters and business jets activities.
Sales revenue for the 2015/2016 fiscal year
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Fiscal Fiscal
In millions of year year % Exchange Consolidation Organic
euros change rate scope growth
2015/2016 2014/2015
-------------------------------------------------------------------------------
Systems
Activities 2,032.9 1,955.2 +4.0% +4.8% -0.1% -0.7%
-------------------------------------------------------------------------------
Zodiac
Aerosafety 619.8 634.5 -2.3% +3.6% -2.3% -3.6%
-------------------------------------------------------------------------------
Zodiac
Aircraft
Systems 1,413.1 1,320.7 +7.0% +5.3% +1.1% +0.6%
-------------------------------------------------------------------------------
Aircraft
Interiors
Activities 3,175.3 2,976.6 +6.7% +4.1% +0.0% +2.6%
-------------------------------------------------------------------------------
Zodiac Seats 1,387.9 1,370.2 +1.3% +2.6% +0.0% -1.3%
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Zodiac Cabin 1,787.4 1,606.4 +11.3% +5.4% +0.0% +5.9%
-------------------------------------------------------------------------------
Group Total 5,208.2 4,931.8 +5.6% +4.3% -0.0% +1.3%
-------------------------------------------------------------------------------
?/$
(conversion) 1.11 1.16
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During the 2015/2016 fiscal year, Zodiac Aerospace continued to give priority to
its customer, restoring on time and on quality deliveries to its customers, to
protect their operations. New significant orders were secured during the last
fiscal year. In September, the Group received a new LOI (Letter of Intent) from
an undisclosed customer for the largest ever Business Class seats order to
Zodiac Aerospace. In April, Air France selected Zodiac Aerospace to supply Seats
(3 class) and IFE for their A330 retrofit. New cabin contracts were awarded by
Airbus, including part of A330 Neo lavatories. The Group also recorded strong
commercial success of RAVE IFEC (In-Flight Entertainment & Connectivity)
solution. These commercial successes should give momentum within 18-month given
lead time from orders to deliveries, notably in Seats.
In this context, Current Operating Income before IFRS3, was down -14.2% to ?
269.5m vs. ? 314.1m in 2014/2015, resulting in an operating margin of 5.2% vs.
6.4%, reflecting the high level of extra costs incurred by Aircraft Interiors to
restore delivery performance to our customers. This negative impact was
partially offset by contribution of Aerosystems, especially in the second half.
In the second half, Current Operating Income established to ?189m, strongly
increasing by 135% compared to the first half (?80m). This dissymmetry between
H1 and H2 is expected to repeat in FY2016/2017.
For the FY 2015/2016, foreign exchange rate impact was a positive +?115.4m on
the Current Operating Income evolution, breaking down into a negative ?-12.9m
conversion impact and a positive +?128.3m transaction impact. Consolidation
scope changes have a positive +4.6m impact. The tax credit impact accounted for
in the Current Operating Income was ?25.6m in 2015/2016 vs. ?21,8m in 2014/2015.
Aircraft Interiors sales were up +6.7% to ?3,175.3m and up +2.6% organic. The
foreign exchange had a positive +4.1 points impact on the full-year growth rate.
* The Cabin branch (34.3% of total sales) reported a +11.3% increase in sales
to ? 1,787.4m, breaking down into a +5.4 points forex impact and a +5.9%
organic growth, supported by the ramp-up of new programs (A350XWB, CSeries,
Spaceflex v2).
* Seats branch sales (26.6% of total sales) were up +1.3% to ? 1,387.9 m.
Deducting a +2.6 points forex impact, sales were slightly down -1.3% on a
like for like basis, mainly in H1, due to end of cycle impact of previous
design issues.
The Current Operating Income before IFRS3 of Aircraft Interiors is a ?-77.8m
loss vs. a ? 16.0m gain in 2014/2015, impacted by a still high level of overrun
costs (?98m increase compared to the previous year) and by the ramp up of new
programs at the beginning of their learning curve. Foreign exchange had a
positive ?35.5m on the FY Current Operating Income (conversion impact ? -18.5 m
and transaction ?54.0m).
Aerosystems sales increased by 4.0% to ?2,032.9m on a reported basis, but
slightly decreased of -0.7% on a like-for-like basis. Aerosystems activities
suffered from lower sales to Helicopter, Business jets and Regional jets markets
as well as a weak civilian arresting system market. Its Current Operating Income
increased by 13.3% to ?355.2m, due to positive ?76m forex impact (?+5.8m for
conversion and ?+70.2m for transaction) and a positive ?+4.6m for change in
scope (consolidation of Enviro and divestment of Zodiac Elastomer Systems in
June 2015). The change in organic was a negative ?-38.7m. It was mainly
concentrated in the first half (?35m), and due to strong exposure to business
jet, regional jet and helicopter markets (c.26% of sales) compared to Group
(c.15%), high development costs (e.g. G7000, F5X, E2), learning curve impact of
new programs not yet at maximum rate (A350XWB) and a lack of volume on arresting
systems.
Regarding the former branches, AeroSafety reported a -2.3% decrease of sales to
? 619.8 m (-3.6% organic, +3.6 points forex and -2.3 points scope impact
related to Zodiac Elastomer US (Amfuel), sold in June 2015). Its COI before
IFRS3 was down -2.6% to ? 115.3m breaking down into a ? 13.9m forex impact, a
+?1.4 m scope impact and an organic change of ? -18.4m. Aircraft Systems
reported a +7.0% increase in its sales to ?1,413.1 m (forex +5.3 points ; scope
+1.1 point). Its Current Operating Income before IFRS3 was up +23.0% to ?
239.9m owing to ? 62.0m forex and ?+3.3m scope positive impact while the organic
variation was ? -20.3m.
Groupwide, there was a ?0.1m IFRS 3 accounting impact in 2015/2016 (?-0.3m in
2014/2015). Current Operating Income after IFRS3 results in a -14.1% decrease to
?269.6m.
Non-current items amounted to ?-75.7m vs. ?-21.9 m in 2014/2015 mainly due to
the non cash depreciation of the Contour brand for ?57.5m. The Operating Income
was ?193.9m vs ?291.9m in 2014/2015.
Financial result increased by +45,9%, due to to the increase of the average debt
as well as the increase of the average cost of debt from 1.79% to 2.03%. Tax was
?-39.6m vs -75.7m reflecting the decrease of the Current Operating Income in
particular for our operations in the USA. The lower tax rate ( 26.0% vs. 28.8%
in 2014/2015) is explained by the breakdown of Group's operating income, since
the loss-making Aircraft interiors activities are mainly located in the USA,
generating a tax credit of around 35%. Bottom line, Net Income for FY 2015/2016
established to ?107.9m, and net Income, Group's share to ?108.1m, both down
-41.5%.
Balance sheet remains sound
Cash flow decreased by -16.7% decrease to ? 326.5m vs ? 391.8 m in 2014/2015, in
line with Current Operating income. Total WCR increased to ?1,568m at end of
FY2015/2016 vs. ?1,507m at the end of the previous year. WCR as a percentage of
sales is progressively returning to historical levels. Trade WCR as percentage
of sales shows an improved to 33,2% at end August 2016 vs. 37,4% at end August
2015.
Capital Expenditures are also stable as a percentage of sales (4.0% vs. 4.2% in
2014/2015). Intangible capital expenditures are stable at ?84.8m, while tangible
capex are up +4.6% to ?125.4m. All in all capex increase is limited to +2.6% to
210.2 M?, i.e. 4.0% of sales in 2015/2016 vs. 4.2% in 2014/2015.
Net debt end August 2016 ?1,056.9 vs. ?1,266.7m at end August 2015, taking into
account the ?250m hybrid financing accounted for in shareholder's equity owing
to IAS 32 accounting rule. Gearing was 0.34 vs 0.43 at end August 2015. Adjusted
Net debt to EBITDA banking covenant for our Club Deal financing 2.55 compared to
a maximum ratio of 3.
The change in closing ?/$ rate and ?/£ rate results in a net decrease of ?39
million in balance sheet, of which ?35 million decrease in Shareholder's equity.
Recovery and transformation under way
The Aircraft Interiors and the Group's Current Operating Income were
significantly affected by overrun costs, which increased by ?98m over the
FY2015/2016, to ?390m. Globally speaking, the in-depth industrial transformation
requires heavy moves. The breakdown of these overrun cost still shows excess
costs consisting of Penalties, claims, settlement, and warranties given to the
customers as well as logistics costs (freight). Owing to the progress made in
our operations, these items represent a relatively lower part of the overrun
costs, compared to operational costs. The operational costs consists of
production costs variances (Excess Material usage, supplies & scrapping; Excess
obsolescence reserve & inventory write off; Labor inefficiency) and of excess
overheads (indirect, temps, etc.).
Zodiac Aerospace pursues its recovery path in three steps.
The first step consisted and remains to restore our delivery performance to our
customers. This action generated the need for additional resources to resume on
time, on quality deliveries resulting in high production costs (variances, extra
costs.) with a strong impact on the Group's Current Operating Income. Owing to
this strong action, the target is reached or under way in most of our
activities. This allows to further progress on the second step. As of today, for
our Seats operations, late deliveries are no longer the primary driver of the
overrun costs. In order to support all operations serving new high end B/C
programs ramp-up, assembly capacities have been increased, mainly at Seats UK,
while additional sources for shells have been set in various places. Last, Seat
Shells is now reporting to Seats France and the rightsizing at Santa Maria is
continuing. Regarding Cabin, three production lines for A350 XWB Lavs are in
place, supporting Airbus ramp-up and globally, mature programs replaced by new
platforms at the beginning of their learning curve (A320 SpaceFlex, MRJ, SSP,
CSeries.).
The second step is targeting operational performance. This phase consists of
implementing the Focus transformation plan and deploying the Zodiac Aerospace
Operating System all across the Group to deliver on time, on quality by process.
This second step is progressing on track to achieve return to operational
performance within end 2017, i.e. 18 months from the announcement of March
2016. The Focus plan implementation is currently on track, with the third set of
standards being developed and the second step being implemented all across the
Group.
The third step is addressing operating margin recovery by removing remaining
extra costs and production variances owing to cost cutting and efficiency
actions. This should permit to resume double-digit operating income by
FY2017/2018 and get back to historical profitability levels by FY2019/2020. As
delivery performance is under way with a build-up of capacity and resources, as
well as renegotiation of agenda when possible, the bucket of extra cost
consisting of penalties, claims, settlement and warranties and of extra freight
costs should be addressed by end of FY2016/2017. Operating variances will be
addressed under supervision of the Operations organization, owing to the Focus
plan and to Lean manufacturing, and will be eliminated, in the 2016-2019 period,
depending on the tasks. Overheads will be addressed by end 2017/2018 and will be
supported by cost cutting and efficiency actions which will also help the
streamlining of the structure. These actions already started in the Seat Shells
activity.
Management team in place and committed to execute the transformation
Didier Fontaine has been appointed as Group Chief Financial Officer as of
October 24(th) 2016, succeeding to Jean-Jacques Jégou, who is currently
supporting the transition. The Board, the Executive Board and Executive
Committee wish to highlight Jean-Jacques Jégou outstanding, sustained and
lifetime contribution to Zodiac Aerospace and its development since he joined
the Group in 1978.
Christophe Bernardini has been appointed to CEO of Zodiac Cabin, following
Yannick Assouad's departure to become CEO of Latécoère. Christophe Bernardini
remains interim CEO of Zodiac Aerospace Services until Dec. 31, 2016, when he
will be succeded by Bruno Delile appointed to CEO of Zodiac Aerospace Services
as of January 1st, 2017. Bruno Delile is Executive Vice President long-haul
operations of Air-France KLM. With over 25 years' experience in the aeronautical
industry, Bruno Delile has held several positions in the field of MRO
(Maintenance, Repair, Overhaul) at Air France-KLM.
The Supervisory Board of November 21 decided to appoint M. Benoît Ribadeau-Dumas
to the Executive Board. The Executive Board is composed of Olivier Zarrouati,
chairman, Maurice Pinault and Benoît Ribadeau-Dumas.
Proposed dividend of ?0.32 per share
The Supervisory Board will submit to the vote of shareholders at the Annual
Shareholders' Meeting of January 19, 2017, the payment of a dividend of ?0.32
per share, the same amount as in the previous fiscal year. Shareholders will be
proposed to opt for either a dividend in cash or a mix of 50% cash and 50%
shares.
Outlook: Financial recovery is our focus
Zodiac Aerospace continues to operate in a growing market. Strategic value of
Zodiac Aerospace's business model is supported by the current trends in the
industry. Cabin interiors is a growing business since it is a top priority and
key differentiating factor for airlines. This results in an increased
customization and sophistication of the cabin, which combined to higher safety
requirements translates into a strong barrier to entry, supporting our world-
leadership positioning. Zodiac Aerospace is also a central player for the
connected cabin, owing to its leadership positions on both aircraft interiors
and systems. Digitalization of the cabin is the new frontier for the airline
industry, allowing a better in-service support, connectivity for both airlines
operations and for passengers, and potential sources for data and value added
services for airlines.
The second phase of the recovery is on track. Owing to the deployment of the
Focus transformation plan, the return to operational performance is targeted for
end 2017. This will permit the Group to continue its transformation, re-sizing
and cost cutting to remove most of extra costs and production variances, to get
back to historical profitability levels by FY2019/2020.
For its FY 2016/2017 Zodiac Aerospace targets a stable sales, due to the drag
from the past crisis lead time effect and the helicopter and business jets soft
activity. Current operating Income is expected to show a 10-20% increase, with a
strong dissymmetry between the first and the second half-year. For FY2017/2018,
the Group expect its sales organic growth to progressively get back to
historical levels and to meet a double digit margin for its current operating
income. Mid-double digit operating margin is expected at horizon FY2019/2020.
For 2016/2017, Zodiac Aerospace has completed its hedging portfolio, having
hedged 87% of estimated EUR/USD exposure at 1.1184$/? (spot rate), 79% of
USD/CAD, 80% of USD/GBP, 71% of USD/MXN and 80% of USD/THB exposure.
NB : This revenues publication will be commented on an analysts & press
conference call on November, 22(th), 2016 at 8:30pm CET and broadcasted via our
website www.zodiaaerospace.com. A replay will also be available on the Group
website 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 ?5.2bn in 2015/2016. www.zodiacaerospace.com
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Next Q1 2016/2017 sales December 15, 2016
meetings: Shareholders' meeting (after stock
Q2 and H1 sales exchange closing)
January 19, 2017
March 14, 2017
(after stock
exchange closing)
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ZODIAC AEROSPACE CONTACTS MEDIA/PRESS CONTACTS - IMAGE 7
Pierre-Antony VASTRA
Tel: +33 (0)1 61 34 25 68 Priscille RENEAUME
Florent DEFRETIN Tel: +33 (0) 1 53 70 74 61 /
Tel: +33 (0) 1 61 34 03 34 Upreneaume(at)image7.frU
Isabelle DELHOM (Investors meetings) Grégoire LUCAS
Tel : +33 (0)1 61 34 19 86 Tel: +33 (0) 1 53 70 74 61 /
investisseurs(at)zodiacAerospace.com Uglucas(at)image7.frU
61, rue Pierre Curie - CS20001 - 78373
PLAISIR CEDEX
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U APPENDICES
Consolidated revenue by quarter
-------------------------------------------------------------------------------
In millions of 1st quarter 2nd quarter 3rd quarter 4th quarter
euros 2015/2016 2015/2016 2015/2016 2015/2016
-------------------------------------------------------------------------------
Systems 479.1 491.5 515.1 547.2
Zodiac
AeroSafety 144.5 149.1 149.2 177.0
Zodiac
Aircraft Systems 334.6 342.4 365.9 370.2
Aircraft
Interiors 758.9 759.6 837.6 819.2
Zodiac Seats 320.8 320.8 385.7 360.6
Zodiac Cabin 438.1 438.8 451.9 458.6
Group Total 1,238.0 1,251.1 1,352.7 1,366.4
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?/$ conversion 1.11 1.09 1.13 1.12
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
In millions of 1st quarter 2nd quarter 3rd quarter 4th 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 1,137.4 1,186.7 1,303.9 1,303.8
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?/$ conversion 1.27 1.18 1.09 1.11
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VARIATIONS
(Trimestre par rapport au trimestre de l'année précédente)
----------------------------------------------------------------
Based on reported data Q1 Q2 Q3 Q4
----------------------------------------------------------------
Systems +6.9% +5.1% +1.3% +3.1%
Zodiac AeroSafety +0.1% -1.7% -11.2% +3.9%
Zodiac Aircraft Systems +10.1% +8.4% +7.4% +2.8%
Aircraft Interiors +10.1% +5.6% +5.3% +6.0%
Zodiac Seats +10.3% -3.2% +1.3% -1.9%
Zodiac Cabin +10.0% +13.1% +9.0% +13.1%
----------------------------------------------------------------
Group Total +8.8% +5.4% +3.7% +4.8%
----------------------------------------------------------------
Aerospace activities * +9.1% +5.7% +4.2% +5.1%
----------------------------------------------------------------
-------------------------------------------------------------
Based on organic revenue Q1 Q2 Q3 Q4
-------------------------------------------------------------
Systems -3.8% -1.7% +0.9% +1.4%
Zodiac AeroSafety -7.9% -3.7% -7.7% +4.3%
Zodiac Aircraft Systems -1.9% -0.8% +4.9% +0.1%
Aircraft Interiors -1.8% -0.4% +6.6% +5.7%
Zodiac Seats -0.4% -7.6% +3.2% -0.6%
Zodiac Cabin -2.8% +6.0% +9.9% +11.4%
-------------------------------------------------------------
Group Total -2.6% -0.9% +4.4% +3.9%
-------------------------------------------------------------
Aerospace activities * -2.5% -0.7% +4.9% +4.2%
-------------------------------------------------------------
*Hors activités Trains et Airbags
Cumulative consolidated revenue
-------------------------------------------------------------------------------
In millions of 1st quarter 1st half 9 months Full year
euros 2015/2016 2015/2016 2015/2016 2015/2016
-------------------------------------------------------------------------------
Systems 479.1 970.6 1,485.7 2,032.9
Zodiac
AeroSafety 144.5 293.6 442.8 619.8
Zodiac Aircraft
Systems 334.6 677.0 1,042.9 1,413.1
Aircraft
Interiors 758.9 1,518.5 2,356.1 3,175.3
Zodiac Seats 320.8 641.6 1,027.3 1,387.9
Zodiac Cabin 438.1 876.9 1,328.8 1,787.4
Group Total 1,238.0 2,489.1 3,841.8 5,208.2
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?/$ conversion 1.11 1.10 1.11 1.11
?/$ transaction 1.12 1.11 1.11 1.11
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
In millions of 1st quarter 1st half 9 months Full year
euros 2014/2015 2014/2015 2014/2015 2014/2015
-------------------------------------------------------------------------------
Systems 448.3 915.8 1,424.4 1,955.2
Zodiac
AeroSafety 144.4 296.0 464.1 634.5
Zodiac Aircraft
Systems 303.9 619.8 960.3 1,320.7
Aircraft
Interiors 689.1 1,408.3 2,203.6 2,976.6
Zodiac Seats 290.8 622.2 1,002.8 1,370.2
Zodiac Cabin 398.3 786.1 1,200.8 1,606.4
Group Total 1,137.4 2,324.1 3,628.0 4,931.8
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?/$ conversion 1.27 1.22 1.18 1.16
?/$ transaction 1.28 1.25 1.22 1.21
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VARIATIONS
(Cumul en fin de période par rapport à la même période de l'année précédente)
----------------------------------------------------------------------------
Based on reported data 1st quarter 1st half 9 months Full year
----------------------------------------------------------------------------
Systems +6.9% +6.0% +4.3% +4.0%
Zodiac AeroSafety +0.1% -0.8% -4.6% -2.3%
Zodiac Aircraft Systems +10.1% +9.2% +8.6% +7.0%
Aircraft Interiors +10.1% +7.8% +6.9% +6.7%
Zodiac Seats +10.3% +3.1% +2.4% +1.3%
Zodiac Cabin +10.0% +11.5% +10.7% +11.3%
----------------------------------------------------------------------------
Group Total +8.8% +7.1% +5.9% +5.6%
----------------------------------------------------------------------------
Aerospace activities * +9.1% +7.4% +6.2% +5.9%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Based on organic revenue 1st quarter 1st half 9 months Full year
----------------------------------------------------------------------------
Systems -3.8% -2.8% -1.5% -0.7%
Zodiac AeroSafety -7.9% -5.8% -6.5% -3.6%
Zodiac Aircraft Systems -1.9% -1.4% +0.8% +0.6%
Aircraft Interiors -1.8% -1.1% +1.6% +2.6%
Zodiac Seats -0.4% -4.2% -1.5% -1.3%
Zodiac Cabin -2.8% +1.4% +4.1% +5.9%
----------------------------------------------------------------------------
Group Total -2.6% -1.7% +0.4% +1.3%
----------------------------------------------------------------------------
Aerospace activities * -2.5% -1.6% +0.6% +1.5%
----------------------------------------------------------------------------
*Hors activités Trains et Airbags
+------------------------------------------------------------------------------+
| Condensed balance sheet |
| | |
|In millions | |
|euros 8/31/2016 8/31/2015 | 8/31/2016 8/31/2015 |
| | |
| |Equity |
| | |
|Goodwill 1,994.7 2,023.4 |Capital 3,109.5 2,819.2 |
| | |
|Intangible | |
|assets 653.6 698.1 |Income 108.1 184.8 |
| | |
|Property, plant | |
|& equipment 493.0 464.0 |Net Equity 3,217.6 3,004.0 |
| | |
|Other, including |Prov. and |
|deferred taxes 44.5 44.2 |deferred taxes 300.6 286.0 |
| | |
| |Financial |
| |liabilities 984.7 831.6 |
| | |
|Non-current |Non-current |
|assets 3,185.7 3,229.7 |liabilities 1,285.3 1,117.6 |
| | |
| |Prov. Risks & |
| |Contingencies 165.4 171.0 |
| | |
| |Financial |
|Inventories 1,360.1 1,340.7 |liabilities 361.3 620.6 |
| | |
|Trade | |
|receivables 1,046.5 1,011.0 |Accounts payables 542.1 432.8 |
| | |
|Other 210.3 171.4 |Employees 228.7 218.6 |
| | |
|Cash and cash | |
|equivalents 268.8 163.6 |Other 271.8 352.5 |
| | |
| |Current |
|Current assets 2,885.7 2,686.7 |liabilities 1,569.3 1,795.5 |
| | |
|Assets held for 0.7 0.7 | |
|sale | |
| | |
|Total assets 6,072.1 5,917.1 |Total liabilities 6,072.1 5,917.1 |
+--------------------------------------+---------------------------------------+
+---------------------------------------------------------------------------+
| Cash flow statement |
| |
|In millions d'euros 2015/2016 2014/2015 |
| |
|OPERATING ACTIVITIES |
| |
|Cash flow from operations 326.5 391.8 |
| |
|Change in WCR -68.5 -238.0 |
| |
|Cash flow generated from continuing operations 258.0 153.9 |
| |
|INVESTMENT OPERATIONS |
| |
|Acquisition of intangible fixed assets -84.8 -85.0 |
| |
|Acquisition of tangible fixed assets and other -120.3 -105.5 |
| |
|Changes to the scope of consolidation 0.5 -95.0 |
| |
|Cash flow from investments in continuing operations -204.6 -285.6 |
| |
|FINANCING OPERATIONS |
| |
|Change in financial debt -115.3 194.9 |
| |
|Hybrid loan 248.0 |
| |
|Increase in equity 5.8 -1.9 |
| |
|Treasury stock 1.1 8.8 |
| |
|Dividends -88.5 -88.1 |
| |
|Cash flow from the financing of continuing operations 51.2 113.7 |
| |
|Currency translation adjustments, beginning of period -8.2 15.1 |
| |
|Change in cash position 96.4 -2.9 |
+---------------------------------------------------------------------------+
+---------------------------------------------------------------------------+
| Current Operating Income |
+-------------------------------+--------------+--------------+-------------+
| In millions d'euros | FY 2015/2016 | FY 2014/2015 | Var % |
+-------------------------------+--------------+--------------+-------------+
| Aerosafety | 115.3 | 118.3 | -2.6% |
| | | | |
| Aircraft Systems | 240.0 | 194.7 | +23,3% |
| | | | |
| Aircraft Interiors Activities | -77.8 | 16.0 | -586.2% |
| | | | |
| Holding | -7.9 | -15.3 | -48.6% |
| | | | |
| Group Total | 269.6 | 313.8 | -14.1% |
+-------------------------------+--------------+--------------+-------------+
+---------------------------------------------------+---------+---------+------+
| Income Statement |2015/2016|2014/2015|Var % |
| | | | |
|Revenue |5,208.2 |4,931.8 | +5,6%|
+---------------------------------------------------+---------+---------+------+
| Depreciation charge | 138.7 | 117.4 | |
+---------------------------------------------------+---------+---------+------+
| Charges to provisions | 86.0 | 95.8 | |
+---------------------------------------------------+---------+---------+------+
|Current operating income | 269.6 | 313.8 |-14.1%|
+---------------------------------------------------+---------+---------+------+
| | | | |
+---------------------------------------------------+---------+---------+------+
|Non-current operating income | -75.7 | -21.9 | |
+---------------------------------------------------+---------+---------+------+
|Operating income | 193.9 | 291.9 |-33.6%|
+---------------------------------------------------+---------+---------+------+
|Cost of net debt | -39.3 | -27.0 |+45,9%|
+---------------------------------------------------+---------+---------+------+
|Other financial income and expenses | -2.4 | -2.0 | |
+---------------------------------------------------+---------+---------+------+
|Income taxes | -39.6 | -75.7 |-47.7%|
+---------------------------------------------------+---------+---------+------+
|Results of companies accounted for using the equity| | | |
|method | -4.7 | -2.7 | |
+---------------------------------------------------+---------+---------+------+
|Résultat net des activités poursuivies | 107.9 | 184.5 |-41.5%|
+---------------------------------------------------+---------+---------+------+
|Résultat net des activités en cours de cession | - | - | |
+---------------------------------------------------+---------+---------+------+
|Net income | 107.9 | 184.5 |-41.5%|
+---------------------------------------------------+---------+---------+------+
|Net income attributable to Non Group shareholders | -0.2 | -0.2 | |
+---------------------------------------------------+---------+---------+------+
|Net income attributable to Group shareholders | 108.1 | 184.8 |-41.5%|
+---------------------------------------------------+---------+---------+------+
The audit of fiscal year statements is currently being finalized.
The report on the fiscal year financial information will be issued following
completion of the review of the appendices to the fiscal year financial
statements.
--------------------------------------------------------------------------------
[1] IFRS3 impact on COI: ?+0.1m in 2015/2016 vs. ?-0.3m in 2014/2015
FY16 results :
http://hugin.info/143758/R/2058433/771451.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Zodiac Aerospace via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 22.11.2016 - 07:00 Uhr
Sprache: Deutsch
News-ID 508468
Anzahl Zeichen: 49436
contact information:
Town:
Plaisir
Kategorie:
Business News
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"Zodiac Aerospace: Recovery and transformation under way"
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