Zodiac Aerospace : H1 2016/2017 results
(Thomson Reuters ONE) -
Zodiac Aerospace: H1 2016/2017 results
* H1 2016/2017 sales slightly down -1.7% to ?2,447m and -2.6% on a like-for-
like basis
* H1 2016/2017 Current Operating Income loss of ?12m, strongly impacted by
Aircraft Interiors activities, as announced
* Net financial debt of ?1,325m as of end of February 2017, resulting in a net
debt to shareholders' equity ratio of 0.41. Compliance with covenants
expected by end of August 2017 while financing is secured for the medium-
term
* Continuation of the action plans implementation and significant improvements
expected in H2 16/17 to reach an estimated COI between ?200m and ?220m
* Continuation of the discussions with Safran with a view to complete the
transaction
* Medium-term development potential unimpaired, under any scenario, with the
aim of restoring a "mid double-digit" profitability by 2020
Plaisir, April 28, 2017 - The Supervisory Board of Zodiac Aerospace Group met on
April 27, 2017 and approved the financial statements for H1 2016/2017 fiscal
year (September to August).
Didier Domange, Chairman of the Supervisory Board of Zodiac Aerospace: «Zodiac
Aerospace is entering a crucial phase in its history calling for a change in
governance which has been decided. Olivier Zarrouati has placed his mandate as
CEO at the disposal of the Board of Directors. Even if the recent results were
disappointing, the Board of Directors recognized his outstanding achievement
over his 10 years tenure. The Total Shareholders' Return is just below 300%
which is the 2nd best performance of the global sector. The Board proposed
Olivier Zarrouati to remain CEO for a while, focusing his action on the
finalization and execution of the deal with Safran, if Safran and Zodiac come to
a renewed agreement, which is what we want. The Board has appointed Yann
Delabrière, as Special Advisor to the Board with two main objectives. First to
ensure close coordination between the Board of Directors and the operational
teams to accelerate and deliver the industrial and operational recovery of the
Group, which would facilitate a smooth integration of Zodiac Aerospace within
the Safran Group should the ongoing discussions succeed and second to ensure a
robust and sustainable standalone scenario should the ongoing discussions with
Safran come to an end. We are very pleased to welcome Yann Delabrière who has
been a very remarkable Chairman and CEO at Faurecia, world leader in car seat,
and who will bring us his experience of operational excellence serving demanding
global customers.»
Olivier Zarrouati, Chairman of the Board, said: «H1 2016/2017 profitability has
been strongly impacted by the additional costs of the Aircraft Interiors branch
and by an unfavorable mix in the Aerosystems branch. We strongly and resolutely
continue the implementation of the "Focus" plan and our reduction costs actions.
Key steps have been taken and we anticipate a strong rebound of our
profitability for H2 2016/2017. Today, I believe that in the medium-term
operational recovery of the Group, but I am especially convinced of the
relevance of our rapprochement project with Safran in a context of profound
change in our industry. In order to achieve these two objectives, I have placed
my mandate as Chairman of the Executive Board at the disposal of our Supervisory
Board. As proposed by the Board, I agreed to continue my mandate for the period
needed to pursue and complete, the ongoing discussions with Safran or to
support, if not, necessary developments for our governance. This will enable us
to successfully support our return to a growth profitable path by relying on the
quality of our innovation, the solidity of our commercial positions and the
commitment of our teams.»
Sales revenue and Current Operating Income
-------------------------------------------------------------------------------
In millions euros H1 2017 H1 2016 Var%
-------------------------------------------------------------------------------
Revenue 2,447.0 2,489.1 -1.7%
-------------------------------------------------------------------------------
Current Operating Income before IFRS3 -11.5 80.4 -114.3%
-------------------------------------------------------------------------------
COI before IFRS 3/ Revenue -0.5% 3.2%
-------------------------------------------------------------------------------
Current Operating Income -11.5 80.4 -114.3%
-------------------------------------------------------------------------------
COI/REV -0.5% 3.2%
-------------------------------------------------------------------------------
Net income attributable to equity holders of the
parent -24.0 43.7 -154.9%
-------------------------------------------------------------------------------
Net income before IFRS3 -19.4 49.9 -138.9%
-------------------------------------------------------------------------------
Earnings per share attributable to equity holders
of the parent company -0.10 0.16 -160.1%
-------------------------------------------------------------------------------
Earnings per share before IFRS3 -0.08 0.18 -143.8%
-------------------------------------------------------------------------------
Debt-to-equity ratio 0.41 0.54
-------------------------------------------------------------------------------
?/$ (Transaction) 1.11 1.11
?/$ (Conversion) 1.08 1.10
-------------------------------------------------------------------------------
H1 2016/2017 Group Income
Zodiac Aerospace sales were down -1.7% to ? 2,447.0 m in H1 2017, and down -2.6%
organic.
Sales revenue for H1 2016/2017 fiscal year
-------------------------------------------------------------------------------
Fiscal Fiscal
In millions of year year % Exchange Consolidation Organic
euros change rate scope growth
2016/2017 2015/2016
-------------------------------------------------------------------------------
Aerosystems
Activities 1,030.9 1,020.7 +1.0% +0.9% +0.0% +0.1%
-------------------------------------------------------------------------------
Aircraft
Interiors
Activities 1,416.1 1,468.4 -3.6% +0.8% +0.0% -4.4%
-------------------------------------------------------------------------------
Zodiac Seats 607.4 641.6 -5.3% -0.7% +0.0% -4.6%
-------------------------------------------------------------------------------
Zodiac Cabin 808.7 826.8 -2.2% +2.1% +0.0% -4.3%
-------------------------------------------------------------------------------
Group Total 2,447.0 2,489.1 -1.7% +0.9% +0.0% -2.6%
-------------------------------------------------------------------------------
?/$
(conversion) 1.10 1.11
-------------------------------------------------------------------------------
Current Operating Income before IFRS3 stands at ?-12m compared to ?80m in H1
2015/2016. It reflects the strong impact of approximately ?200m of additional
costs, mainly attributable to Zodiac Seats UK and to the ramp up of new Cabin
activities that remain on a ramp-up phase. Meanwhile, Aerosystems activities
show a slight slowdown, due to an unfavorable mix and a slowing activity in
three units: Arresting Systems, Telemetry and IFE.
H1 2016/2017 Net Income breakdown
Non-current operating items came to ?-10m compared to ?-11m in H1 2015/2016,
mainly due to amortization of assets recorded as intangible assets pursuant to
account standard IFRS3.
The cost of gross financial debt was ?-19m, up from ?-14m (+37.6%).
The income tax charge amounted to ?22.2m compared to ?-9.5m previously, due to
net operating losses mainly in the Aircraft Interiors activities in the USA and
in the UK. The increase of the effective tax rate (52.9% vs. 17.2% in H1
2015/2016) mainly results from the Group income's geographical distribution in
H1 2016/2017, as profits and losses were realized in jurisdictions with higher
tax rates (mainly France and the USA). The rate is also affected by the
reassessment of the net deferred tax liabilities in France, using a 28.92%
corporate tax rate fully applicable during our 2020/2021 exercise (vs. 34.43%
until the end of the 2015/2016 fiscal year).
The Group Net Income for H1 2016/2017 is down to ?-24m from ?44m in H1
2015/2016, and the Group Net Income before IFRS3 for H1 2016/2017 is down to ?-
19m from ?50m in H1 2015/2016.
The Net Earnings per share stands at ?-0.10 against ?0.16 in H1 2015/2016, after
impact of IFRS3.
Other financial elements
The operating WCR is ?1,897m, up +?76m compared to H1 2015/2016. This positive
development results from dynamic actions led by the Group, both on inventory and
on payment terms. Overall, the operating WCR improved by one percentage point to
38.4% of the sales revenue, from 39.5% in H1 2015/2016.
In H1 2016/2017, Capex are at ?90M, which is 3.7% of the sales revenue, stable
vs. H1 2015/2016. Tangible assets are at ?58m and Intangible assets are at ?32m.
Overall, the operating cash flow is negative by ?-106m, which is a significant
improvement vs. H1 2015/2016 (?-170m).
Activities and forecast by branch
Aircraft Interiors sales (57.8% of global sales) were down -3.6% to ?1,416m and
down -4.4% on organic. The foreign currency exchanges had a positive +0.8 points
impact on the half-year growth rate.
* The Cabin branch (33.0% of total sales) reported a -2.2% decrease in sales
to ?809m, breaking down into a +2.1 points forex impact and a -4.3 organic
growth.
* Seats branch sales (24.8% of total sales) were down -5.3% to ?607m, breaking
down into a -0.7 points forex impact and a -4.6% organic growth.
The Current Operating Income before IFRS3 of Aircraft Interiors is a loss of ?-
130m vs. a loss of ?-73m in H1 2016, impacted by some overrun costs resulting
from the focus on service and customer satisfaction.
* The Cabin branch has been impacted by high production extra costs due to the
ramp up of the new programs, in particular the Airbus A350XWB, Spaceflex v2
toilets for the A320 family, Bombardier C-Series and the starting costs of
the business aircraft Bombardier G7000/8000.
* In the Seats branch, Zodiac Seats US is back to a normal operational
performance, but Zodiac Seats UK has been through serious operational
problems in the ramp up of business seats programs, which have triggered
unanticipated extra costs of around ?40 to 50m.
Dynamic actions implemented by the Group will lead to an improvement of the
situation in H2 2016/2017; meanwhile, the medium-term potential of profitability
and growth remains unimpaired:
* in the Cabin branch, thanks to several positive signals, a cut of the extra
costs can be anticipated in H2: the toilets A350 XWB program, which deliver
on time on Airbus rescheduled agenda, will reach the initially agreed
delivery schedule by the end of May on the assembly line in Toulouse. The
pace of the Galleys/lavatory complex for the A320 family remains sustained,
with a quicker learning curve than previously forecasted. The first
deliveries of the G7000/8000 will be made during H2.
The combination of a growing market segment, with a 4.4% annual growth,
and of the Cabin branch's leader position, encourages bright prospects for the
Group on the medium-run. These prospects are sustained by the success of the
Group's products on already existing platforms (Spaceflex V2) and the
development of the new products on the new platforms (A350XWB, CSeries, E2,
etc.) with the ability to equip the entire cabin. Lastly, the sales development
of retrofit will open a new growth opportunity.
* in the Seats branch, the industrial recovery of Zodiac Seats US is fully
confirmed, as the recovery of Zodiac Seats Shells and Zodiac Seats France is
well under way. Zodiac Seats UK's difficulties should be curbed by December
2017, in particular thanks to the transfer of the production on other Group
sites. Nevertheless, difficulties encountered during H1 will lead to new
extra costs in H2, especially penalties.
On the medium run, on a market with an expected 4.4% growth, the Group
aims at an average annual growth of 4% for the Seats branch, taking into
consideration conservative market shares assumptions. Indeed, the recent
operational difficulties will lead to less dynamic sales in the next two years,
but the commercial success of the new products (Optima seat for Business Class
and Z400 for Eco Long Range), together with their design and conception
qualities, offer bright prospects for 2020.
Aerosystems sales (42.2% of global sales) increased by +1.0%, to ?1,031m on a
reported basis but slightly increased by +0.1% organic growth and by +0.9% forex
impact. Excluding the impact of the train toilets and arresting systems strongly
decreasing activities, the organic growth is up +4.2%.
Aerosystems' Net Operating Income is down to ?131m (12.7% of sales), from ?160m
in H1 2015/2016 (15.7% of sales). The three point decrease is due to negative
conditions of the activities' mix during the semester.
For H2, the order book and a high level of activity in the fields of IFE,
emergency arresting systems and data systems will lead to an organic growth.
This extra activity compared to H1, as well as the positive evolution of the
profitability mix and the effect of the cost-cutting plans, will result in a
significant rebound of the operating margin, which will lead to sales margins
similar to H2 2015/2016.
On the medium-run, positive prospects on the activity remain unchanged, and are
based on four leverages:
* Good commercial dynamics, especially in the IFE and Connectivity fields.
* Positive evolution of the Tier 1 positions in electrical, evacuation, fuel
system and systems for water and wastes, increased by the growth of the 4
new platforms (A350, E2, A320, G7000) where we have strong positions.
* A growth of the aftersales service, in line with the increase of the
existing base.
Finally, the dynamism of our Tier 2[1] activities, which show the diversity and
the potential of Zodiac Aerospace's niche business.
Financing structure
Group's net financial debt is of ?1,325m as of end of February 2017, vs. ?1,057m
as of end of August 2016. This increase results mainly from the seasonality
effect of the activities. Net debt is down by ?46m vs. end of February 2016,
without taking into account the positive result of the hybrid debt issuance. The
net debt to equity ratio is at 0.41 vs. 0.54 in H1 2015/2016.
The Group expect to respect its financial covenant by year end and has also
implemented the necessary measures in order to secure its medium-term liquidity.
New governance for Zodiac Aerospace
Olivier Zarrouati has placed his mandate as CEO at the disposal of the Board of
Directors. As proposed by the Board, Olivier Zarrouati accepted to remain CEO
for a while, focusing his action on the finalization and execution of the deal
with Safran, if Safran and Zodiac come to a renewed agreement.
The Board of Directors has unanimously appraised his outstanding achievement
over his 10 years tenure (TSR just below 300%, second best performance of the
global sector).
Zodiac Aerospace Board of Directors has also appointed Mr. Yann Delabrière,
former Chairman and Chief Executive Officer of Faurecia, as Special Advisor to
the Board to ensure close coordination between the Board of Directors and the
operational teams to accelerate and deliver the industrial and operational
recovery of the Group, which would facilitate a smooth integration of Zodiac
Aerospace within the Safran Group should the ongoing discussions succeed
In the event that negotiations with Safran do not result in an agreement, its
mission will focus on the development of the Zodiac Group's standalone plan and
any issues relevant to the implementation of the most effective operational
governance for the future.
Member of the Executive Committee, he will carry out his duties in coordination
with the Executive Board and will report regularly to the Chairman of the
Supervisory Board and to the Ad-hoc Committee set up within it to ensure follow-
up.
Currency hedging
$/? net transaction exposure forecasted for H2 is covered up to 92% at a 1.1160
$/? rate. Estimated exposures to other currencies are covered for 79% of the
USD/CAD exposure, 100% for USD/GBP, 71% for USD/MXN and 80% for USD/THB.
For the fiscal year 2017/2018, the Group has covered 69% of its net transaction
exposure forecasted at a 1.0703$/? rate.
Status of the discussions with Safran
Following the release of the Q2 2016/2017 sales results on March 14(th), 2017,
the Group shared additional information with the Safran Group and their
counsels.
Safran and Zodiac Aerospace are continuing their exclusive negotiations and will
update the market as soon as there is any significant development.
Outlook
The Group is determined to pursue the implementation of the "Focus" plan and
cost reductions, and anticipates significant improvements of its profitability
during H2 2016/2017 despite additional operating costs remaining high.
For the 2016/2017 fiscal year, the Current Operating Income should be within a
range of ?200m to ?220m. A clear action plan under way to restore operating
profitability.
The Group maintains its target of a "mid-double digit" current operating margin
by fiscal year 2018/2019.
All the management, with the support of the Supervisory Board, considers that
the Group has a unique position and a great value in the Aircraft Interiors and
Aerosystems activities and that the Group has all the assets necessary to
successfully pursue its profitable growth in every possible scenario.
NB : This revenues publication will be commented on an analysts & press
conference call on April, 28(th), 2017 at 8:00am 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 Q3 revenues 2016/2017 June 14, 2017 (after stock
meetings: Q4 revenues 2016/2017 exchange closing)
September 13, 2017 (after
stock exchange closing)
-------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------
U APPENDICES
Consolidated revenue by quarter
-------------------------------------------------------------------------------
In millions of 1st quarter 2nd quarter 3rd quarter 4th quarter
euros 2016/2017 2016/2017 2016/2017 2016/2017
-------------------------------------------------------------------------------
Aerosystems
Activities 477.3 553.6
Aircraft
Interiors
Activities 724.6 691.5
Zodiac Seats 306.5 300.9
Zodiac Cabin 418.1 390.6
Group Total 1,201.9 1,245.1
-------------------------------------------------------------------------------
?/$ conversion 1.10 1.06
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
In millions of 1st quarter 2nd quarter 3rd quarter 4th quarter
euros 2015/2016 2015/2016 2015/2016 2015/2016
-------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------
?/$ conversion 1.11 1.09 1.13 1.12
-------------------------------------------------------------------------------
VARIATIONS
(Quarter compared with the same quarter of the previous year)
----------------------------------------------------------
Based on reported data Q1 Q2 Q3 Q4
----------------------------------------------------------
Aerosystems Activities -5.7% +7.6%
Aircraft Interiors Activities -1.0% -6.1%
Zodiac Seats -4.4% -6.2%
Zodiac Cabin +1.7% -6.0%
----------------------------------------------------------
Group Total -2.9% -0.5%
----------------------------------------------------------
Aerospace activities * -2.3% +0.0%
----------------------------------------------------------
----------------------------------------------------------
Based on organic revenue Q1 Q2 Q3 Q4
----------------------------------------------------------
Aerosystems Activities -6.0% +6.1%
Aircraft Interiors Activities -0.5% -8.3%
Zodiac Seats -1.9% -7.2%
Zodiac Cabin +0.6% -9.2%
----------------------------------------------------------
Group Total -2.8% -2.4%
----------------------------------------------------------
Aerospace activities * -2.1% -1.8%
----------------------------------------------------------
*Excluding Trains and Airbags businesses
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 1,416.1
Zodiac Seats 306.5 607.4
Zodiac Cabin 418.1 808.7
Group Total 1,201.9 2,447.0
-------------------------------------------------------------------------------
?/$ 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
-------------------------------------------------------------------------------
?/$ conversion 1.11 1.10 1.11 1.11
?/$ transaction 1.12 1.11 1.11 1.11
-------------------------------------------------------------------------------
VARIATIONS
(Aggregate at end of period compared with the same period last year)
----------------------------------------------------------------------
Based on reported data 1st quarter 1st half 9 months Full year
----------------------------------------------------------------------
Aerosystems Activities -5.7% +1.0%
Aircraft Interiors Activities -1.0% -3.6%
Zodiac Seats -4.4% -5.3%
Zodiac Cabin +1.7% -2.2%
----------------------------------------------------------------------
Group Total -2.9% -1.7%
----------------------------------------------------------------------
Aerospace activities * -2.3% -1.2%
----------------------------------------------------------------------
----------------------------------------------------------------------
Based on organic revenue 1st quarter 1st half 9 months Full year
----------------------------------------------------------------------
Aerosystems Activities -6.0% +0.1%
Aircraft Interiors Activities -0.5% -4.4%
Zodiac Seats -1.9% -4.6%
Zodiac Cabin +0.6% -4.3%
----------------------------------------------------------------------
Group Total -2.8% -2.6%
----------------------------------------------------------------------
Aerospace activities * -2.1% -2.0%
----------------------------------------------------------------------
* Excluding Trains and Airbags businesses
+------------------------------------------------------------------------------+
| Condensed balance sheet |
| | |
|In millions | |
|euros 2/28/2017 08/31/2016 | 2/28/2017 08/31/2016 |
| | |
| |Equity |
| | |
|Goodwill 2,050.1 1,994.7 |Capital 3,256.2 3,109.5 |
| | |
|Intangible | |
|assets 665.1 653.6 |Income -24.0 108.1 |
| | |
|Property, plant | |
|& equipment 513.4 493.0 |Net Equity 3,232.2 3,217.6 |
| | |
|Other, | |
|including |Prov. and |
|deferred taxes 51.0 44.5 |deferred taxes 296.7 300.6 |
| | |
| |Financial |
| |liabilities 1,158.6 984.7 |
| | |
|Non-current |Non-current |
|assets 3,279.6 3,185.7 |liabilities 1,455.2 1,285.3 |
| | |
| |Prov. Risks & |
| |Contingencies 188.5 165.4 |
| | |
| |Financial |
|Inventories 1,496.3 1,360.1 |liabilities 645.4 341.0 |
| | |
|Trade |Accounts |
|receivables 1,051.8 1,046.5 |payables 524.1 542.1 |
| | |
|Other 274.4 210.3 |Employees 220.9 228.7 |
| | |
|Cash and cash | |
|equivalents 478.9 268.8 |Other 315.5 292.2 |
| | |
| |Current |
|Current assets 3,301.5 2,885.7 |liabilities 1,894.4 1,569.3 |
| | |
|Assets held for 0.7 0.7 | |
|sale | |
| | |
| |Total |
|Total assets 6,581.8 6,072.1 |liabilities 6,581.8 6,072.1 |
+--------------------------------------+---------------------------------------+
+-----------------------------------------------------------------------+
| Cash flow statement |
| |
|In millions euros H1-2017 H1-2016 |
| |
|OPERATING ACTIVITIES |
| |
|Cash flow from operations 80.8 114.0 |
| |
|Change in WCR -186.7 -284.0 |
| |
|Cash flow generated from continuing operations -105.9 -170.0 |
| |
|INVESTMENT OPERATIONS |
| |
|Acquisition of intangible fixed assets -32.1 -35.3 |
| |
|Acquisition of tangible fixed assets and other -63.5 -54.1 |
| |
|Changes to the scope of consolidation 0 6.0 |
| |
|Cash flow from investments in continuing operations -95.6 -83.4 |
| |
|FINANCING OPERATIONS |
| |
|Change in financial debt 466.1 330.7 |
| |
|Hybrid loan -2.5 0 |
| |
|Increase in equity 3.4 -0.7 |
| |
|Treasury stock 2.1 4.8 |
| |
|Dividends -53.5 -88.5 |
| |
|Cash flow from the financing of continuing operations 415.6 246.4 |
| |
|Currency translation adjustments, beginning of period -15.4 -16.2 |
| |
|Change in cash position 198.7 -23.2 |
+-----------------------------------------------------------------------+
+----------------------------------------------------------------------+
| Current Operating Income |
+-------------------------------+------------+-----------+-------------+
| In millions euros | H1-2017 | H1-2016 | Var % |
+-------------------------------+------------+-----------+-------------+
| Aerosystems | 130.6 | 160.3 | -18.5% |
| | | | |
| Aircraft Interiors Activities | -130.2 | -73.1 | +78,1% |
| | | | |
| Holding | -11.9 | -6.8 | +75,1% |
| | | | |
| Group Total | -11.5 | 80.4 | -114.3% |
+-------------------------------+------------+-----------+-------------+
+--------------------------------------------------+---------+---------+-------+
| Income Statement | H1-2017 | H1-2016 | Var % |
| | | | |
|Revenue |2,447.0 |2,489.1 | -1.7%|
+--------------------------------------------------+---------+---------+-------+
| Depreciation charge | 74.4 | 67.7 | |
+--------------------------------------------------+---------+---------+-------+
| Charges to provisions | 53.1 | 45.2 | |
+--------------------------------------------------+---------+---------+-------+
|Current operating income | -11.5 | 80.4 |-114.3%|
+--------------------------------------------------+---------+---------+-------+
| | | | |
+--------------------------------------------------+---------+---------+-------+
|Non-current operating income | -10.4 | -10.7 | |
+--------------------------------------------------+---------+---------+-------+
|Operating income | -21.9 | 69.7 |-131.4%|
+--------------------------------------------------+---------+---------+-------+
|Cost of net debt | -18.8 | -13.6 | +37,6%|
+--------------------------------------------------+---------+---------+-------+
|Other financial income and expenses | -1.2 | -0.7 | |
+--------------------------------------------------+---------+---------+-------+
|Income taxes | 22.2 | -9.5 |-333.2%|
+--------------------------------------------------+---------+---------+-------+
|Results of companies accounted for using the | | | |
|equity method | -4.3 | -2.4 | |
+--------------------------------------------------+---------+---------+-------+
|Net income from continuing operations | -24.0 | 43.5 |-155.1%|
+--------------------------------------------------+---------+---------+-------+
|Net income from discontinued operations | - | - | |
+--------------------------------------------------+---------+---------+-------+
|Net income | -24.0 | 43.5 |-155.1%|
+--------------------------------------------------+---------+---------+-------+
|Net income attributable to Non Group shareholders | 0.0 | -0.2 | |
+--------------------------------------------------+---------+---------+-------+
|Net income attributable to Group shareholders | -24.0 | 43.7 |-154.9%|
+--------------------------------------------------+---------+---------+-------+
The audit of half year statements is currently being finalized.
The report on the half year financial information will be issued following
completion of the review of the appendices to the half year financial
statements.
--------------------------------------------------------------------------------
[1] Ducts, Couplings, Valves, Vapor Cycling systems, Cable protection, Recorder,
Telemetry, Antenna
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Source: Zodiac Aerospace via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 28.04.2017 - 07:00 Uhr
Sprache: Deutsch
News-ID 538989
Anzahl Zeichen: 43574
contact information:
Town:
Plaisir
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 234 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Zodiac Aerospace : H1 2016/2017 results"
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