•      Present-day functioning revenue modified up sharply 33.one M
      
  •   

  •      Cost-free dollars circulation of good functions
      
  •   

  •      Continuation of the deployment of the Transformation System 2020
      
  •   

  •      Sustained small business dynamics
      

   ACCOUNT OF Older people IN Modified Facts

  All figures in this press release are expressed, except otherwise said, in modified information. The definitions of restatements and the changeover desk for the consolidated revenue assertion in the modified revenue assertion for the fifty percent-calendar year of 2017 are available at the end of this press release. Comparisons are designed with the 2016 accounts for continuing functions.

      

      

    

      

      

    

      

      

    

      

      

    

      

      

    

      

      

    

      

      

    

      

      

    

      

      

    

      

      

    

         In hundreds of thousands of euros
      
         S1 2016 (one)
      
         S1 2017
      
        Turnover
      
        342.5
      
         348.8
      
        Current functioning final result modified
      
        24.four
      
         33.one
      
        % of turnover
      
         7.one%
      
         nine.5%
      
        non-recent things
      
        -31.three
      
         -one,three
      
        Operational final result modified
      
        -six.nine
      
         31.8
      
        Net cost of economic debt
      
        -four.
      
         -three.8
      
        Other Economical Outcomes
      
        -four.8
      
         -7.5
      
        Adjusted economic revenue
      
        -8.8
      
         -11.three
      
        Adjusted web revenue from continuing functions
      
        -19.four
      
         11.four
      

   (one) The 2016 accounts ended up withdrawn from the sale of Latcore Solutions in accordance with IFRS 5.

   The economic statements of one fifty percent-calendar year 2017 ended up authorised by the Board of Administrators at its meeting on fourteen September 2017 – Audited economic statements by the Statutory Auditors and a report on the semi-once-a-year economic information and facts.

  
An upturn in exercise of one.8% (-one.two% at constant exchange rates)

  As of June 30, 2017, Latcore Group revenues ended up 348.8 million, up one.8% on a reported basis when compared with the similar period of time in 2016. The Group benefited from a favorable result of currency hedges / $. Consistent exchange price, Latcore posted a turnover for the one fifty percent-calendar year 2017 down one.two% in line with the traits introduced in early 2017.

  Revenues from the Arostructures small business, down two.7% at constant exchange rates, mainly reflected declines in the tempo (Airbus A380 and Falcon 7X / 8X).

  The Interconnection Methods small business ongoing to increase (+ one.three% at constant exchange rates). The result of the newest Airbus A350 plan was partially offset by the scaled-down volumes of the A380 and F7X / 8X.

   2.three billion euros on the basis of a parity of $ one.35, Latcore&#39s projected backlog of aircraft companies at June 30, 2017 represents just about four many years of turnover.

  
Advancement of operational functionality

  The recent modified functioning financial gain was 33.one million when compared to 24.four million in the first fifty percent of 2016, which was considerably improved many thanks to the implementation of the 2020 Transformation approach. The recent functioning margin nine.5% of profits, up two.four factors.

  The two strains of small business of the Group add to this very good functionality, the principal levers of which are:

  • the results of industrial transfers in the zone finest cost (Morocco, Tunisia and Mexico)
      
  •   

  • the steady enhancement of efficiency on experienced courses
      
  •   

  • the enhancement of the parity which the Group was able to advantage from on the basis of the current hedges.
      

  The non-recurring things, constrained to -one.three million, modified functioning revenue, amounted to 31.8 million. These things mainly comprise the prices linked to the start out-up of the new Montredon industrial web-sites in Toulouse and Plovdiv in Bulgaria.

  The modified economic final result came to -11.three million, impression on the revaluation of assets and liabilities on the balance sheet.

  Adjusted web revenue from continuing functions confirmed a financial gain of 11.four million (vs. -19.four million at June 30, 2016).

  Under IFRS, web revenue was 21.one million (vs. -17.5 million at June 30, 2016).

  The Group has managed its foreign exchange hedging policy. Despite the current weakening of the greenback, the Group is hedged at the end of 2019 by at minimum one.sixteen.

  
A Cost-free Money Stream Beneficial Operations

  In accordance with the commitments designed, the Cost-free Money Stream on functions amounted to thirteen.six million at June 30, 2017 soon after having into account non-recurring things of twelve.one million. These mainly comprise the disbursements Safeguarding Work (PSE) and investments in new industrial web-sites. As a final result, Cost-free Money Stream accounted for twenty five.7 million euros, or 7.four% of profits.

  The technology of Cost-free Money Stream and the continuation of the Group&#39s indebtedness, present a good web dollars place of nine.three million as of June 30, 2017.

  
Innovations of the Transformation System 2020

  The Group is pursuing its 2020 Transformation System in accordance with the proven timetable. At one fifty percent-calendar year 2017, a variety of crucial milestones in the context of the improve in its industrial scheme ended up achieved:

  • reductions of posts in France take position ninety five% by voluntary departure or interior reclassification
      
  •   

  • the start out of the design of the Plovdiv website in Bulgaria
      
  •   

  • the installation in July of the first stone of its new manufacturing unit in Toulouse lablise
    Vitrine Industrie du Futur for commissioning in early 2018
      
  •   

  • the continuation of the transfer of the assembly of the doors of the B787 to Mexico which will be entirely completed ahead of the end of the calendar year 2017.
      

  In parallel, the first phase of the course of action of transferring the website of the Rue de Priole is progressing as prepared, which includes the planning of administrative authorizations. This operation will take position concerning 2018 and 2025 in purchase to adapt to the industrial timetable of Group transfers.

  At the end of the 2020 Transformation System, the Group will have a aggressive and current industrial resource that will let the absorption of more volumes less than optimized circumstances.

  
Organization dynamics and perspectives

  Sustained small business momentum ongoing in the Interconnection Methods small business.

  As a final result, new development things to do commenced, which includes contracts relating to the MRW90 EWIS (one) to Hroux-Devtek Inc. landing gear cables, cab systems and electricity harnesses. Prototype deliveries have taken position, and some courses are back in collection manufacturing.

  More recently, new contracts have been gained with Boeing (video surveillance process B777 and B777X), Airbus Helicopters (cockpit panels) and Airbus Protection & House (satellite harnesses).

  These new markets illustrate the Group&#39s ambitions and display the competitiveness of its industrial and complex platforms. They will let this branch to register in a dynamic development around the period of time 2018-2020 constant exchange price.

  In purchase to place by itself as finest as possible on new development courses, the Arostructures branch optimizes its industrial assets and strengthens its ties with the principal contractors. Focusing on the best execution of its purchase reserve, the Arostructures groups are learning a variety of prospects in Make to Print in purchase to guarantee a steady exercise in the coming many years.

  At the similar time, the Group is increasing its R & T capabilities and strengthening its technological collaboration with its customers and suppliers in purchase to be able to give even much more impressive procedures and items adapted to the needs of the sector.

  
Targets 2017

  Latcore reaffirms its 2017 roadmap: Despite a constant drop in turnover and a constant exchange price, the Group expects an modified functioning final result modified for enhancement and a good Cost-free Money Stream.

  Pierre Gadonneix, Chairman of the Board of Administrators of Latcore declares The strength of the effects for the first fifty percent-calendar year, in confirmation of all those for 2016, suggests that Latcore&#39s recovery is efficient and that the Group is therefore able to restart financially rewarding development.

  Yannick Assouad, Group Main Govt Officer, experiences Substantial small business successes in the Interconnection Methods small business line display that the Group has major engineering and industrialization capabilities. The Group&#39s proximity to the globe&#39s main companies and the solidity of its industrial functionality are key assets in the consolidation of aeronautics gamers.

   EWIS: [Electrical Wiring Interconnection Technique]

Following publication: T3 profits 2017 on October 26, 2017 soon after the inventory exchange


   About Latcore

   Latcore is a main international companion in the globe&#39s main aircraft companies (Airbus, Embraer, Dassault, Boeing and Bombardier). It operates in all segments of the aircraft industry (commercial, regional, small business and armed service aircraft) fields of exercise:

  •      Arostructure Industrie (65% of turnover): fuselage sections and doors.
      
  •   

  •      Interconnection systems (35% of profits): wiring, electrical machines and on-board machines
      

   At December 31, 2016, the Group utilized four,338 persons in 8 distinctive nations. Latcore, a community constrained organization with a funds of 188,398,504 divided into 94,199,252 shares with a par worth of two, is listed on Euronext Paris – Compartment B ISIN codes: FR0000032278 – Reuters: LAEP.PA – Bloomberg: LAT.FP


      

    

        

Sbastien Rouge
Administrative and Economical Director
Tel .: +33 () 5 sixty one fifty eight seventy seven 00
sebastien.rouge@latecoere.aero
      

         ACTUS finance & interaction
Corinne Puissant / Investor Relations
Tel: +33 () one 53 sixty seven 36 seventy seven – cpuissant@actus.fr
Anne-Catherine Hello / Media relations
Tel .: +33 () one 53 sixty seven 36 93 – acbonjour@actus.fr
      

Crossing desk concerning the consolidated revenue assertion
and the modified earnings account

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

      

      

      

      

      

    

         E n 1000’s of euros
      
         June 30, 2017
IFRS information

      
         Superb “Non recurring”
      
         Reclassification of currency hedges / $
      
         Truthful worth of by-product devices
      
         June 30, 2017
Modified information

      
        
      
        
      
        
      
        
      
        
      
        
      
         Turnover
      
         348,788
      
        
      
        
      
        
      
         348,788
      
         Present-day operational final result (EBIT)
      
         fifteen,773
      
         18,751
      
         -one,406
      
        
      
         33,119
      
         Present-day functioning financial gain / turnover
      
         four.5%
      
        
      
        
      
        
      
         nine.5%
      
        Other non-recent functioning revenue and charges
      
        -one,330
      
        
      
        
      
        
      
        -one,330
      
         Operational Outcome
      
         fourteen,443
      
        18,751
      
        -one 406
      
        0
      
         31,788
      
        Net cost of economic debt
      
        -three,843
      
        
      
        
      
        
      
        -three,843
      
        Other Economical Outcomes
      
        24 123
      
        0
      
        1,406
      
        -32,996
      
        -7,468
      
         Economical final result
      
         twenty,280
      
        
      
         one,406
      
         -32,996
      
         -11,310
      
        Income taxes
      
        -thirteen,659
      
        -six,456
      
        0
      
        11,084
      
        -nine,030
      
         Net revenue from continuing functions
      
         21,064
      
         twelve,295
      
        
      
         -21,912
      
         11,448
      
        Net revenue from discontinued functions
      
        0
      
        0
      
        0
      
        0
      
        0
      
         Net Outcome
      
         21,064
      
         twelve,295
      
        
      
         -21,912
      
         11,448
      
        Attributable to entrepreneurs of the dad or mum organization
      
        20 831
      
        
      
        
      
        
      
        11 215
      
        Attributable to non-controlling interests
      
        233
      
        
      
        
      
        
      
        233
      
        
      
        
      
        
      
        
      
        
      
        
      
         In 1000’s of euros
      
         June 30, 2016
IFRS information

      
         Superb “Non recurring”
      
         Reclassification of currency hedges / $
      
         Truthful worth of by-product devices
      
         June 30, 2016
Modified information

      
        
      
        
      
        
      
        
      
        
      
        
      
         Turnover
      
         342,528
      
        
      
        
      
        
      
         342,528
      
         Present-day operational final result (EBIT)
      
         twenty,874
      
         nine,733
      
         -six,177
      
        
      
         24,430
      
         Present-day functioning financial gain / turnover
      
         six.one%
      
        
      
        
      
        
      
         7.one%
      
        Other non-recent functioning revenue and charges
      
        -31,332
      
        
      
        
      
        
      
        -31,332
      
         Operational Outcome
      
         -10,457
      
        9,733
      
        -six,177
      
        0
      
         -six,901
      
        Net cost of economic debt
      
        -four,039
      
        
      
        
      
        
      
        -four,039
      
        Other Economical Outcomes
      
        192
      
        0
      
        6,177
      
        -11,142
      
        -four,772
      
         Economical final result
      
         -three,846
      
        
      
         six,177
      
         -11,142
      
         -8,811
      
        Income taxes
      
        -four 133
      
        -three,351
      
        0
      
        3,837
      
        -three,648
      
         Net revenue from continuing functions
      
         -18,437
      
         six,382
      
        
      
         -7,305
      
         -19,360
      
        Net revenue from discontinued functions
      
        911
      
        0
      
        0
      
        39
      
        950
      
         Net Profits attributable to the Group
      
         -17,526
      
         six,382
      
        
      
         -7,266
      
         -18,409
      
        Attributable to entrepreneurs of the dad or mum organization
      
        -17,712
      
        
      
        
      
        
      
        -18,594
      
        Attributable to non-controlling interests
      
        186
      
        
      
        
      
        
      
        186
      

  Adjustments concerning the consolidated accounts and the modified accounts correspond to:

  • Modifications in non-recurring receivables (web of provisions) resulting from the recognition of contracts less than IAS11 (design contracts)
      
  •   

  • The impression of foreign exchange gains and losses on hedging devices / $ recorded in economic revenue but relating to functioning dollars flows
      
  •   

  • The impression of variations in the truthful worth of foreign exchange and fascination price devices (identified in the unrealized decline) and
      
  •   

  • To the results of taxes corresponding to the previously mentioned restatements at the normative price of 34.43%.
      


Information controlled
  Communiqu es less than the long term information and facts obligation:
  – Disclosure of accounts, effects
  


  Original and comprehensive release in PDF structure:
  https://www.actusnews.com/paperwork_communiques/ACTUS–50198-lat-communique-de-presse-h1-2017-vdef.pdf

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