Zodiac Aerospace: Q2 2016/2017 sales revenues
(Thomson Reuters ONE) -
Q2 2016/2017 sales revenues
* H1 sales down 2.6% organic vs. H1 FY15/16
* H1 sales impacted by continuing industrial disruptions in seats UK and Cabin
as well as weak market conditions for helicopters, business jets and
regional
* FOCUS plan on track with ongoing action plans targeting cost savings in H2
16/17
* Challenging H1 will result in much stronger H1/H2 dissymmetry than last year
* FY 16/17 COI should be around 10% below FY15/16
* Current headwinds and remaining industrial issues in seats UK and cabin do
not affect our ambition to return to historical profitability by FY2019/20
Plaisir, March 14, 2017 - Zodiac Aerospace reported sales of ?2,445.3m for the
first half of its fiscal year 2016/2017; -1.8% on a reported basis. Foreign
exchange rates had a +0.8 point impact on growth rate in the period, offsetting
part of the -2.6% organic decrease.
By branches Aerosystems was up 1% in H1 on a reported basis and flat excluding
exchange rates while our Aircraft Interiors activities are down 3.7% reported
and down 4.5% organic. Within this activity, Cabin branch and the Seats branch,
are showing a similar organic change while the difference in reported variation
is the consequence of different exchange rates exposure.
Sales revenue for the first half of the 2016/2017 fiscal year
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Fiscal Fiscal
In millions of year year % Exchange Consolidation Organic
euros change rate scope growth
2016/2017 2015/2016
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Aerosystems
Activities 1,030.9 1,020.7 +1.0% +0.9% +0.0% +0.1%
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Aircraft
Interiors
Activities 1,414.4 1,468.4 -3.7% +0.8% +0.0% -4.5%
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Zodiac Seats 607.4 641.6 -5.3% -0.7% +0.0% -4.6%
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Zodiac Cabin 807.0 826.8 -2.4% +2.1% +0.0% -4.5%
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Group Total 2,445.3 2,489.1 -1.8% +0.8% +0.0% -2.6%
-------------------------------------------------------------------------------
?/$
(conversion) 1.10 1.11
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Aerosystems[1] activities (42.2% of total revenue) sales for the first half
amounted to ?1,030.9m. Sales were up +1.0% on a reported basis and stable +0.1%
on a like-for-like basis, excluding a positive 0.9 percentage point impact from
foreign exchange rates. Q2 was stronger than Q1, paving the way for a robust H2.
Helicopters, business and regional jets markets are still weak and some
platforms on which Aerosystems is well positioned are being delayed or saw their
production rate decrease. Also sales in Non-Aerospace (Trains) activity are
significantly down, weakened by a lower Chinese market. Excluding Trains,
organic growth for Aerosystems would have been +1.6%.
Overall, growth in the first half was driven by ramp-up of wide body aircrafts.
The aftermarket business was also solid.
Aerosystems is showing a relatively strong dissymmetry between first and second
half, in particular in IFE and Connectivity, Arresting Systems and Telemetry.
Expected growth for the second half is supported by a robust backlog.
Aircraft Interiors activities (57.8% of total revenue) sales amounted to
?1,414.4m in the first quarter, combining a negative 0.8 point forex impact and
a -4.5% organic growth, and resulting in a -3.7% change over the first half of
2015/2016.
Cabin branch reported a -4.5% organic decrease of its sales on
the back of a mix effect whereby new programs (currently ramping up) are
progressively substituting mature programs. Adding a 2.1 point positive forex
impact, sales decreased by -2.4% to ?807.0m. The quarter on quarter
comparability is impacted by strong activity at end of calendar year 2016. The
branch continues to focus on the ramp-up of new programs which are replacing
mature programs. The main programs are Airbus A350XWB Lavatories and Spaceflexv2
for the A320 family, Bombardier C-Series, and Irkut's MC21, while the Mitsubishi
MRJ program has been delayed. In particular, the Branch continued to support, as
committed, the A350XWB ramp up which generated important overrun costs in H1. An
improvement of the performance is expected for H2, backed by a detailed action
supported by a committed management team and a streamlined organization.
Seats branch reported ?607.4m sales in H1, -5.3% compared to H1
2015/2016 and breaking down into a negative -0.7 points Foreign exchange impact
and a -4.6% organic decrease, reflecting the lag effect from initial industrial
difficulties on current sales, taking into account the 18 to 24 months delay
between order and deliveries for business class seats. We are still dealing with
some industrial issues, essentially in the UK (Cwmbran), generating significant
disruptions and delays that are currently being addressed. This has impacted our
sales in H1 and should have a similar negative effect at COI level. Capacity
bottlenecks was identified end of 2016 and lead us to add local capacity as well
as planning significant load transfer to other sites. This UK situation offsets
the good progress made at Seats US which is back to normal operational
performance, in a commercial environment that remains overall favorable for this
business and will support future growth.
Outlook
Based on H1 sales Zodiac Aerospace confirms
* its target for stable revenues in FY2016/17 vs. FY2015/16;
* the expected H1/H2 dissymmetry that will be much stronger than last year
H1 performance is penalized by the disruptions in Seats UK, the overrun costs in
Cabin which are still important, and a low activity in H1 in some specific
Aerosystems businesses, in particular IFE, arresting systems and Telemetry. From
a market standpoint, while commercial aircraft production is still increasing,
business jets, regional jets, and helicopters are still weak. For its second
half, Zodiac Aerospace expects improvements coming from the progressive recovery
of Seats UK, better operations at Cabin, a favorable mix & volume effect in
Aerosystems as well as the impact of the cost savings actions being part of
Focus.
In that context and despite strong perspectives for H2, FY2016/17 COI will be
impacted by poor H1 performance, and should come around 10% below FY2015/16.
Current headwinds and remaining industrial issues in seats UK and cabin do not
affect our ambition to return to historical profitability by FY2019/20 (« mid
double-digit »).
Zodiac Aerospace will publish and comment its H1 results on April 20(th), 2017.
For 2016/2017, Zodiac Aerospace has hedged 89% of estimated EUR/USD exposure at
1.1173$/? (spot rate), 79% of USD/CAD, 80% of USD/GBP, 71% of USD/MXN and 80% of
USD/THB exposure.
For 2017/2018, Zodiac Aerospace has hedged 69% of its estimated EUR/USD exposure
at 1.0703$/? (spot rate).
NB : This revenues publication will be commented on an analysts & press
conference call on March, 14(th), 2017 at 6:00pm 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 aircraft and for helicopters and spacecraft.
It develops and manufactures state-of-the-art solutions to improve comfort and
facilities on board aircraft 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
-------------------------------------------------------------------------------
Next H1 results 2016/2017 April 20, 2017 (before stock
meetings: Q3 revenues 2016/2017 exchange opening)
Q4 revenues 2016/2017 June 14, 2017 (after stock
exchange closing)
September 13, 2017 (before
stock exchange opening)
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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
Grégoire LUCAS
Isabelle DELHOM (Investors meetings) Tel: +33 (0) 1 53 70 74 61 /
Tel : +33 (0)1 61 34 19 86 Uglucas(at)image7.frU
investisseurs(at)zodiacAerospace.com
61, rue Pierre Curie - CS20001 - 78373
PLAISIR CEDEX
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Consolidated revenue by quarter
APPENDICES
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In millions of 1st quarter 2nd quarter 3rd quarter 4th quarter
euros 2016/2017 2016/2017 2016/2017 2016/2017
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Aerosystems
Activities 477.3 553.6
Aircraft
Interiors
Activities 724.6 689.8
Zodiac Seats 306.5 300.9
Zodiac Cabin 418.1 388.9
Group Total 1,201.9 1,243.4
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?/$ conversion 1.10 1.06
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-------------------------------------------------------------------------------
In millions of 1st quarter 2nd quarter 3rd quarter 4th quarter
euros 2015/2016 2015/2016 2015/2016 2015/2016
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Aerosystems
Activities 505.9 514.7 549.6 590.4
Aircraft
Interiors
Activities 732.0 736.4 803.1 776.0
Zodiac Seats 320.8 320.8 385.6 360.6
Zodiac Cabin 411.2 415.6 417.5 415.4
Group Total 1,237.9 1,251.1 1,352.7 1,366.4
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?/$ conversion 1.11 1.09 1.13 1.12
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CHANGES
(Quarter compared with the same quarter of the previous year)
----------------------------------------------------------
Based on reported data Q1 Q2 Q3 Q4
----------------------------------------------------------
Aerosystems Activities -5.7% +7.5%
Aircraft Interiors Activities -1.0% -6.3%
Zodiac Seats -4.4% -6.2%
Zodiac Cabin +1.7% -6.4%
----------------------------------------------------------
Group Total -2.9% -0.6%
----------------------------------------------------------
Aerospace activities * -2.3% -0.1%
----------------------------------------------------------
----------------------------------------------------------
Based on organic revenue Q1 Q2 Q3 Q4
----------------------------------------------------------
Aerosystems Activities -6.0% +6.1%
Aircraft Interiors Activities -0.5% -8.6%
Zodiac Seats -1.9% -7.2%
Zodiac Cabin +0.6% -9.7%
----------------------------------------------------------
Group Total -2.8% -2.5%
----------------------------------------------------------
Aerospace activities * -2.1% -2.0%
----------------------------------------------------------
Cumulative consolidated revenue
-------------------------------------------------------------------------------
In millions of 1st quarter 1st half 9 months Full year
euros 2016/2017 2016/2017 2016/2017 2016/2017
-------------------------------------------------------------------------------
Aerosystems
Activities 477.3 1,030.9
Aircraft
Interiors
Activities 724.6 1,414.4
Zodiac Seats 306.5 607.4
Zodiac Cabin 418.1 807.0
Group Total 1,201.9 2,445.3
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?/$ conversion 1.10 1.08
?/$ transaction 1.11 1.10
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
In millions of 1st quarter 1st half 9 months Full year
euros 2015/2016 2015/2016 2015/2016 2015/2016
-------------------------------------------------------------------------------
Aerosystems
Activities 505.9 1,020.7 1,570.3 2,160.6
Aircraft
Interiors
Activities 732.0 1,468.4 2,271.5 3,047.6
Zodiac Seats 320.8 641.6 1,027.2 1,387.9
Zodiac Cabin 411.2 826.8 1,244.3 1,659.7
Group Total 1,237.9 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
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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
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Aerosystems Activities -5.7% +1.0%
Aircraft Interiors Activities -1.0% -3.7%
Zodiac Seats -4.4% -5.3%
Zodiac Cabin +1.7% -2.4%
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Group Total -2.9% -1.8%
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Aerospace activities * -2.3% -1.2%
----------------------------------------------------------------------
----------------------------------------------------------------------
Based on organic revenue 1st quarter 1st half 9 months Full year
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Aerosystems Activities -6.0% +0.1%
Aircraft Interiors Activities -0.5% -4.5%
Zodiac Seats -1.9% -4.6%
Zodiac Cabin +0.6% -4.5%
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Group Total -2.8% -2.6%
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Aerospace activities * -2.1% -2.0%
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*Excluding Trains and Airbags businesses
--------------------------------------------------------------------------------
[1] Including Entertainment & Seats Technology division as of September
1(st), 2016. This division was previously integrated in the Cabin branch, within
the Aircraft Interiors activities. The 2015/2016 and 2016/2017 figures have been
restated to reflect this change.
Download the Press Release in PDF:
http://hugin.info/143758/R/2087698/787944.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: 14.03.2017 - 17:47 Uhr
Sprache: Deutsch
News-ID 530132
Anzahl Zeichen: 19549
contact information:
Town:
Plaisir
Kategorie:
Business News
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