Zodiac Aerospace: Strong performance in the second half
(Thomson Reuters ONE) -
Strong performance in the second half
Full-Year Results 2016/2017
* Current Operating Income (COI) stands at ?217.6m for the fiscal year, at the
high end of the ?200m-?220m target for 2016/2017.
* Cash generation has improved sharply to ?249m over the fiscal year. Net debt
at end-August 2017 has fallen to ?846.6m, vs. ?1,056.9m at end-August 2016
and net debt to EBITDA stands at 2.28x.
* Zodiac Aerospace reported a strong second half-year: COI is a gain of ?229m
after a loss of ?11m in the first half while cash generation totaled ?445m
in the second half.
* The Group's industrial recovery and transformation are under way. For the
fiscal year 2017/2018, Zodiac Aerospace is expecting slightly lower sales, a
sharp increase in COI and a cash generation which should remain strong.
Plaisir, October 30, 2017 - The Supervisory Board of Zodiac Aerospace Group met
on October 30, 2017 and approved the financial statements for fiscal year
2016/2017 (September to August).
Yann Delabrière, CEO, said, "The good performance achieved in the second half
shows that the industrial recovery and transformation of Zodiac Aerospace Group
are under way. With the commitment of all Group employees, this momentum will
continue in order to reach a sustainable performance level, in terms of both
customer satisfaction and finances. Zodiac Aerospace is confident about the next
stages of its development."
Sales revenue and Current operating income[1]
-------------------------------------------------------------------------------
In millions of euros* 2016/2017 2015/2016 % change
-------------------------------------------------------------------------------
Sales revenue 5,127.1 5,208.2 -1.6%
-------------------------------------------------------------------------------
Current Operating Income 217.6 269.5 -19.3%
-------------------------------------------------------------------------------
COI/REV 4.2% 5.2% 0.0%
-------------------------------------------------------------------------------
Net income attributable to equity holders of
the parent 73.4 108.1 -32.1%
-------------------------------------------------------------------------------
Net income 82.4 165.7 -50.3%
-------------------------------------------------------------------------------
Earnings per share attributable to equity
holders of the parent (?) 0.25 0.38 -35.6%
-------------------------------------------------------------------------------
Earnings per share (?) 0.28 0.59 -53.0%
-------------------------------------------------------------------------------
Net debt 846.6 1,056.9 -19.9%
-------------------------------------------------------------------------------
Debt-to-equity ratio (x) 0.27 0.34
-------------------------------------------------------------------------------
Debt to EBITDA ratio (x) 2.28 2.55
-------------------------------------------------------------------------------
?/$ (Transaction) 1.12 1.11
?/$ (Conversion) 1.10 1.11
-------------------------------------------------------------------------------
* IFRS3 restated, except "attributable to
equity holders of the parent"
A sharp improvement in operations in the second half.
Sales revenue for the 2016/2017 fiscal year
-------------------------------------------------------------------------------
In millions of Full year Full year % Exchange Consolidation Organic
euros change rate scope growth
2016/2017 2015/2016
-------------------------------------------------------------------------------
Aerosystems
activities 2,235.0 2,160.6 +3.4% +0.4% +0.0% +3.0%
-------------------------------------------------------------------------------
AircraftInteriors
activities 2,892.1 3,047.6 -5.1% +0.5% +0.0% -5.6%
-------------------------------------------------------------------------------
Zodiac Seats 1,245.8 1,387.9 -10.2% -0.6% +0.0% -9.6%
-------------------------------------------------------------------------------
Zodiac Cabin 1,646.3 1,659.7 -0.8% +1.3% +0.0% -2.1%
-------------------------------------------------------------------------------
Group Total 5,127.1 5,208.2 -1.6% +0.4% +0.0% -2.0%
-------------------------------------------------------------------------------
?/$ (conversion) 1.10 1.11
-------------------------------------------------------------------------------
During its 2016/2017 fiscal year, Zodiac Aerospace generated sales revenue of
?5,127.1m, down -1.6% in reported data and down -2.0% at like-for-like
consolidation scope and exchange rates. Consolidation scope changes had no
impact at Group level, while foreign exchange had a positive impact of +0.4
point on the year's growth rate.
Sales revenues for the second half were down -1.4% to ? 2,680 million, after a
fall of -1.7% to ? 2,447 million in the first half. In organic, the decline in
sales was -1.5%, compared to a -2.6% decline in the first half. The second half
marks a catchup and acceleration of sales for the Aerosystems branch, while the
Aircraft Interiors activity shows a drop, caused by the Seats branch.
Current Operating Income for fiscal year 2016/2017 (IFRS3 restated)
-------------------------------------------------------------------------------
In millions of
euros FY 2016/2017 FY 2015/2016 % Change
HY1 HY2 Total HY1 HY2 Total HY1 HY2 Total
-------------------------------------------------------------------------------
Aerosystems 130.6 235.7 366.4 160.3 216.6 376.9 -18.5% 8.9% -2.8%
-------------------------------------------------------------------------------
Aircraft
Interiors
Activities -130.2 -14.5 -144.7 -73.1 -26.4 -99.5 78.0% -44.9% 45.4%
-------------------------------------------------------------------------------
Holding -11.9 7.8 -4.1 -6.8 -1.1 -7.9 75.1% -842.2% -47.7%
-------------------------------------------------------------------------------
Group Total -11.5 229.0 217.6 80.4 189.1 269.5 -114.2% 21.1% -19.3%
-------------------------------------------------------------------------------
Current Operating Income (COI) for the fiscal year stands at ?217.6m, down
-19.3% vs. ?269.5m in FY 2015/2016, representing an operating margin of 4.2% vs.
5.2%.
This income is in the high end of the annual COI target of between ?200m and
?220m and corresponds to a sharp improvement in the second half, for which the
COI totals ?229m, compared to ?189m in the 2015/2016 second half and a loss of
?11m in the first half of 2016/2017. The current operating margin stood at 4.2%
for the full year compared to 5.2% for the fiscal year 2015/2016. It stood at
8.5% in the second half of 2016/2017 compared to 7.0% in the second half of
2015/2016. By activities, Aerosystems has improved its COI by +?105m between the
first and second half thanks to a robust activity level in the second half,
while the Aircraft Interiors activities have reduced their loss by ?116m thanks
to improved operational performance.
For FY 2016/2017, foreign exchange rate impact was a positive ?16.6m on changes
in Current Operating Income, breaking down into a positive ?24.2m conversion
impact and a negative -?7.6m transaction impact. Consolidation scope changes had
no impact. The research tax credit impact accounted for in Current Operating
Income was ?28.2m, vs. ?25.6m in 2015/2016.
Results by activity
The Aerosystems branch (43.6% of total sales revenue) has performed well this
year, with sales increasing by +3.4% for the full year, to ?2,235.0m. The
organic growth rate for its sales remains buoyant: +3.0% for the fiscal year,
+5.5% in the second half and +6.4% for the fourth quarter only. This growth is
driven by the ramp-up of the A350XWB program, for electrical distribution in
particular, and by a large business volume from the IFE division which continues
to win market shares.
Aerosystems reported, IFRS 3 restated, a slight fall of -2.8% to ?366.4m in
Current Operating Income compared to ?376.9m, representing a margin of 16.4%.
This can be partly explained by a negative forex impact of -?4.5m (-?0.3m for
conversion impact and -?4.2m for transaction). Aerosystems activities
experienced a particularly busy second half, which translates into sharp growth
in Current Operating Income: ?235.7m in the second half compared to ?130.6m in
the first half. Operational margin[2] stood at 19.5% in the second half versus
12.7% in the first and 19.0% in the second half of the previous year.
Aircraft Interiors activities (56.4% of total sales revenue) report sales of
?2,892.1m for fiscal year 2016/2017, down -5.1%.
* Cabin is improving. Sales dropped -2.1% in organic for the full year but
gradually improved. After an organic decline of -4.3% in the first half,
sales were stable in the second half (+0.1%) and posted organic growth of
+3.2% for the fourth quarter. This evolution is explained by the catchup
with delays and the successful ramp-up of the A350XWB program and a good
activity level on galleys.
* Seats are down -10.2% for the year in reported data. In organic terms, its
sales revenue is down -9.6% for the year and -13.0% in the fourth quarter,
owing to the industrial difficulties facing the branch, sluggish activity
and also in the second half an unfavorable comparison basis with the
previous fiscal year.
Current Operating Income before IFRS3 of Aircraft Interiors activities amounts
to -?144.7m for the full year compared to an operational loss of -?99.5m in
2015/2016. This amount reflects a strong level of production cost overruns in
the Seats and Cabin branches, which had strongly impacted results for the first
half. Current Operating Income before IFRS3 of Aircraft Interiors activities in
the first half was a negative -?130.2m. This loss is reduced to -?14.5m in the
second half, under the impact of the ongoing industrial recovery in the Cabin
branch, which had to catch up with delays, and which is still ongoing in the
Seats branch.
Net income stands at ?73.4m in line with the Current Operating Income
Non-current items amounted to -?47.5m vs. -?75.7m in 2015/2016. Income for the
previous fiscal year included an expense of ?58m linked to the depreciation of
the Contour brand.
The Operating Income was ?170.1m vs. ?193.9m in 2015/2016.
Cost of net debt deteriorated by ?22.4m following the arrangement of a multi-
year forex hedge.
Income Tax was -?31.2m vs. -?39.6m owing to the decrease in income before tax
mainly in France, the UK and Germany, despite an improvement observed in the
United States. The tax rate increase to 29.4% vs. 26.0% in 2015/2016 mainly
reflects the increasing weight in the geographical mix of income before tax
generated in high tax jurisdictions (France and the United States).
Net Income for FY 2016/2017 stood at ?73.4m and Net income attributable to
equity holders of the parent at ?73.4m down by -31.9% and-32.1% respectively.
Strong generation of cash and solid financial situation
The improvement plans set up to ensure better control of cash generation have
started bearing fruits. Net debt[3] dropped sharply to?846.6m vs. ?1,056.9m at
end-August 2016 and ?1,325m at end-February 2017, being a reduction of ?478m in
the second half, while gearing was 2.28x, compared to 2.55x at end August 2016,
and significantly below the level of 3x, as indicated during the full year sales
presentation. Gearing was 0.27 at end-August 2017 vs. 0.34 at end-August 2016.
Cash flow from operations amounts to ?233.4m down by-28.5% compared to
2015/2016 (?326.5m) in line with the changes in Current Operating Income.
Cash generation was particularly strong in the second half: it amounted to
?445m, thanks to the work achieved on WCR, in particular on inventories and
receivables. WCR for operations[4] represented 30.4% of sales revenue at the end
of FY 2016/2017 vs. 33.2% of sales revenue in 2015/2016 and 37.4% of sales
revenue in FY 2014/2015, thus returning to a pre-crisis level but still with a
potential for improvement.
While striving to improve WCR, capital expenditure was also managed in a
disciplined manner. Capital expenditure amounted to ?195m, i.e. 3.8% of sales
revenue, down compared to the previous year (?210m, 4% of sales revenue).
At the end of the year, Zodiac Aerospace reports a robust financial position.
The available amount on confirmed financing lines totals ?853m and the Group has
cash of ?684m, i.e., total liquidity of ?1,537m.
The banking covenant defined by the Club Deal financing is net debt to Ebitda,
the threshold of which was raised to 3.5x until the fiscal year 2017/2018 vs.
3x. At year end, this ratio was 2.28x.
Outlook and strategic development
Zodiac Aerospace performed well in the second half of 2016/2017, showing that
the industrial recovery and transformation of Zodiac Aerospace Group are under
way.
Today, we have three strategic priorities.
The first priority is the re-establishment of our relations with our customers,
which has been deteriorated during the crisis. It is well on its way thanks to
the improvements made by the Cabin and Seats branches, in terms of deadlines and
quality.
The second priority is to make these performances sustainable and to achieve a
level of operational excellence. Firstly, this entails the deployment of an
operational system, known as Zodiac Aerospace Operating System (ZAOS). This
deployment is being done pragmatically, but in a strict and disciplined manner.
Secondly, the transformation of activities has begun with the streamlining of
engineering and manufacturing activities in North America, an increase in
capital expenditure to upgrade facilities, and finally, an extension of the
business scope of Zodiac Aerospace Services which will allow it to remain at the
cusp of customer service.
The third priority is Research, Development and Technologies. This is a priority
that seeks to address customer demands, whether in terms of reducing
environmental impact, improving energy efficiency, improving onboard comfort and
safety or again increasing income generation and differentiation for airline
companies.
Financial outlook
In 2017/2018, Zodiac Aerospace will continue and accelerate, whenever possible,
its industrial recovery and transformation.
The Group expects a slight drop in its sales, which breaks down into a new
progression in Aerosystems activities, at a rhythm similar to that of the
previous fiscal year, a stabilization of Cabin activities, and a decline of
Seats, impacted by poor past operational performance.
Current Operating Income is expected to grow sharply. Just as for sales revenue,
the second half will be significantly higher than the first half.
Cash generation should remain strong, in particular thanks to the ongoing
actions to reduce inventories, which should allow an increase in production
expenditure.
NB: A commentary of this annual results publication will be provided in a
conference call intended for financial analysts and journalists on October 30,
at 6PM CET. This conference will be transmitted by webcast on the following
website www.zodiacaerospace.com. The recording of this conference call, the
PowerPoint presentation (English only) and the press release will also be
available on our website.
About Zodiac Aerospace
Zodiac Aerospace is a world leader in aerospace equipment and systems for
commercial, regional and business aircrafts and for helicopters and spacecraft.
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 ?5.1bn in 2016/2017. Uwww.zodiacaerospace.com
-------------------------------------------------------------------------------
Next meetings: Q1 2017/2018 sales December 13, 2017 (after stock
General meeting of shareholders exchange closing)
January 9, 2018
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ZODIAC AEROSPACE CONTACTS MEDIA/PRESS CONTACTS
Pierre-Antony Vastra IMAGE 7
Tel: +33 (0)1 61 34 25 68 Grégoire Lucas
Florent Defretin Tel: +33 (0) 1 53 70 74 94 /
Tel: +33 (0)1 61 34 03 34 Ugregoire.lucas(at)image7.fr
Isabelle Delhom (Investor meeting)
Tel.: +33 (0)1 61 34 19 86 ZODIAC AEROSPACE
investisseurs(at)zodiacAerospace.com press(at)zodiacaerospace.com
61, rue Pierre Curie - CS20001 - 78373
PLAISIR CEDEX
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UAPPENDICES
Consolidated sales 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 477.3 553.6 585.9 618.2
Aircraft
Interiors
activities 724.6 691.5 756.4 719.6
Zodiac Seats 306.5 300.9 336.2 302.2
Zodiac Cabin 418.1 390.6 420.2 417.4
Group Total 1,201.9 1,245.1 1,342.3 1,337.8
-------------------------------------------------------------------------------
?/$ conversion 1.10 1.06 1.08 1.15
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
In millions of 1st quarter 2nd quarter 3rd quarter 4th quarter
euros 2015/2016 2015/2016 2015/2016 2015/2016
-------------------------------------------------------------------------------
Aerosystems
activities 505.9 514.7 549.6 590.3
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 1,366.3
-------------------------------------------------------------------------------
?/$ conversion 1.11 1.09 1.13 1.12
-------------------------------------------------------------------------------
CHANGES
(Quarter versus the previous year quarter)
------------------------------------------------------------------
Based on reported data Q1 Q2 Q3 Q4
------------------------------------------------------------------
Aerosystems activities -5.7% +7.6% +6.6% +4.7%
Aircraft Interiors activities -1.0% -6.1% -5.8% -7.3%
Zodiac Seats -4.4% -6.2% -12.8% -16.2%
Zodiac Cabin +1.7% -6.0% +0.7% +0.5%
------------------------------------------------------------------
Group Total -2.9% -0.5% -0.8% -2.1%
------------------------------------------------------------------
Aerospace activities * -2.3% +0.0% -0.8% -2.1%
------------------------------------------------------------------
------------------------------------------------------------------
Based on organic revenue Q1 Q2 Q3 Q4
------------------------------------------------------------------
Aerosystems activities -6.0% +6.1% +4.7% +6.4%
Aircraft Interiors activities -0.5% -8.3% -8.6% -4.5%
Zodiac Seats -1.9% -7.2% -14.5% -13.0%
Zodiac Cabin +0.6% -9.3% -3.0% +3.2%
------------------------------------------------------------------
Group Total -2.8% -2.4% -3.2% +0.2%
------------------------------------------------------------------
Aerospace activities * -2.1% -1.8% -3.3% +0.2%
------------------------------------------------------------------
*Excluding Trains and Airbags
Cumulative consolidated revenue
-------------------------------------------------------------------------------
In millions of 1st quarter 1st half 9 months FY 2016/2017
euros 2016/2017 2016/2017 2016/2017
-------------------------------------------------------------------------------
Aerosystems
activities 477.3 1,030.9 1,616.8 2,235.0
Aircraft
Interiors
activities 724.6 1,416.1 2,172.5 2,892.1
Zodiac Seats 306.5 607.4 943.6 1,245.8
Zodiac Cabin 418.1 808.7 1,228.9 1,646.3
Group Total 1,201.9 2,447.0 3,789.3 5,127.1
-------------------------------------------------------------------------------
?/$ conversion 1.10 1.08 1.08 1.10
?/$ transaction 1.11 1.10 1.10 1.11
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
In millions of 1st quarter 1st half 9 months FY 2015/2016
euros 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
-------------------------------------------------------------------------------
CHANGES
(Period-end total versus the same period of the previous year)
----------------------------------------------------------------------
Based on reported data 1st quarter 1st half 9 months Full year
----------------------------------------------------------------------
Aerosystems activities -5.7% +1.0% +3.0% +3.4%
Aircraft Interiors activities -1.0% -3.6% -4.4% -5.1%
Zodiac Seats -4.4% -5.3% -8.1% -10.2%
Zodiac Cabin +1.7% -2.2% -1.2% -0.8%
----------------------------------------------------------------------
Group Total -2.9% -1.7% -1.4% -1.6%
----------------------------------------------------------------------
Aerospace activities * -2.3% -1.2% -1.0% -1.3%
----------------------------------------------------------------------
----------------------------------------------------------------------
Based on organic revenue 1st quarter 1st half 9 months Full year
----------------------------------------------------------------------
Aerosystems activities -6.0% +0.1% +1.7% +3.0%
Aircraft Interiors activities -0.5% -4.4% -5.9% -5.6%
Zodiac Seats -1.9% -4.6% -8.3% -9.6%
Zodiac Cabin +0.6% -4.3% -3.9% -2.1%
----------------------------------------------------------------------
Group Total -2.8% -2.6% -2.8% -2.0%
----------------------------------------------------------------------
Aerospace activities * -2.1% -2.0% -2.4% -1.7%
----------------------------------------------------------------------
*Excluding Trains and Airbags
+------------------------------------------------------------------------------+
| Condensed balance sheet |
| | |
|In millions of | |
|euros 8/31/2017 8/31/2016 | 8/31/2017 8/31/2016 |
| | |
| |Equity |
| | |
|Goodwill 1,915.3 1,994.7 |Capital 3,112.1 3,109.5 |
| | |
|Intangible | |
|assets 651.7 653.6 |Income 73.4 108.1 |
| | |
|Property, plant | |
|& equipment 496.7 493.0 |Net Equity 3,185.5 3,217.6 |
| | |
|Other, including |Prov. & deferred |
|deferred taxes 68.9 44.5 |taxes 280.8 300.6 |
| | |
| |Financial |
| |liabilities 599.9 984.7 |
| | |
|Non-current |Non-current |
|assets 3,132.6 3,185.7 |liabilities 880.7 1,285.3 |
| | |
| |Prov. Risks & |
| |Contingencies 165.2 165.4 |
| | |
| |Financial |
|Inventories 1,181.8 1,360.1 |liabilities 934.4 361.3 |
| | |
|Trade | |
|receivables 971.8 1,046.5 |Accounts payables 506.2 542.1 |
| | |
|Other 215.5 210.3 |Employees 248.2 228.7 |
| | |
|Cash and cash | |
|equivalents 683.8 268.8 |Other 265.2 271.8 |
| | |
| |Current |
|Current assets 3,052.9 2,885.7 |liabilities 2,119.2 1,569.3 |
| | |
|Assets held for | |
|sale - 0.7 | |
| | |
|Total assets 6,185.5 6,072.1 |Total liabilities 6,185.5 6,072.1 |
+--------------------------------------+---------------------------------------+
+---------------------------------------------------------------------------+
| Summary Cash flow statement |
| |
|In millions of euros 2016/2017 2015/2016 |
| |
|OPERATING ACTIVITIES |
| |
|Cash flow from operations 233.4 326.5 |
| |
|Change in WCR 210.5 -68.5 |
| |
|Cash flow generated from continuing operations 443.9 258.0 |
| |
|INVESTMENT OPERATIONS |
| |
|Acquisition of intangible fixed assets -76.1 -84.8 |
| |
|Acquisition of tangible fixed assets and other -130.9 -120.3 |
| |
|Changes to the scope of consolidation - 0.5 |
| |
|Cash flow from investments in continuing operations -207.0 -204.6 |
| |
|FINANCING OPERATIONS |
| |
|Change in financial debt 187.3 -115.3 |
| |
|Hybrid loan -5.0 248.0 |
| |
|Increase in equity 10.8 1.1 |
| |
|Treasury stock 2.2 5.8 |
| |
|Dividends -53.5 -88.5 |
| |
|Cash flow from the financing of continuing operations 141.8 51.2 |
| |
|Currency translation adjustments, beginning of period 21.4 -8.2 |
| |
|Change in cash position 400.1 96.4 |
+---------------------------------------------------------------------------+
+-------------------------------------------------+---------+---------+--------+
| Income Statement |2016/2017|2015/2016|% Change|
| | | | |
|Revenue |5,127.1 |5,208.2 | -1.6%|
+-------------------------------------------------+---------+---------+--------+
| Depreciation charge | 147.4 | 138.7 | |
+-------------------------------------------------+---------+---------+--------+
| Charges to provisions | 96.6 | 86.0 | |
+-------------------------------------------------+---------+---------+--------+
|Current operating income | 217.6 | 269.6 | -19.3%|
+-------------------------------------------------+---------+---------+--------+
| | | | |
+-------------------------------------------------+---------+---------+--------+
|Non-current operating income | -47.5 | -75.7 | |
+-------------------------------------------------+---------+---------+--------+
|Operating income | 170.1 | 193.9 | -12.3%|
+-------------------------------------------------+---------+---------+--------+
|Cost of net debt | -61.7 | -39.3 | -56.9%|
+-------------------------------------------------+---------+---------+--------+
|Other financial income and expenses | -1.9 | -2.4 | |
+-------------------------------------------------+---------+---------+--------+
|Income taxes | -31.2 | -39.6 | 21.1%|
+-------------------------------------------------+---------+---------+--------+
|Results of companies accounted for using the | | | |
|equity method | -1.7 | -4.7 | |
+-------------------------------------------------+---------+---------+--------+
|Net income from continuing operations | 73.4 | 107.9 | -31.9%|
+-------------------------------------------------+---------+---------+--------+
|Net income from discontinued operations | - | - | |
+-------------------------------------------------+---------+---------+--------+
|Net income | 73.4 | 107.9 | -31.9%|
+-------------------------------------------------+---------+---------+--------+
|Net income attributable to Non-Group shareholders| 0.0 | -0.2 | |
+-------------------------------------------------+---------+---------+--------+
|Net income attributable to Group shareholders | 73.4 | 108.1 | -32.1%|
+-------------------------------------------------+---------+---------+--------+
The audit procedures for the consolidated and annual accounts are being
finalized.
The audit reports will be issued after the completion of the review of the notes
to the consolidated and full-year financial statements.
--------------------------------------------------------------------------------
[1] IFRS3 restated income: impacts on COI: ?0.0m in 16/17 and -?0.1m in 15/16,
on Net Income: -?9.0m in 16/17 and -?57.6m in F15/16.
[2] Operational Margin: Current Operating Income (COI) on sales.
[3] Net debt does not reflect the ?243m hybrid financing accounted for in
shareholder's equity as required by IAS 32.
[4] Trade WCR: Inventories and work in progress + Net receivables - Net payables
Download the press release in PDF:
http://hugin.info/143758/R/2145781/822620.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: 30.10.2017 - 17:35 Uhr
Sprache: Deutsch
News-ID 565842
Anzahl Zeichen: 40836
contact information:
Town:
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Kategorie:
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