TOULOUSE, France--(BUSINESS WIRE)--Regulatory News:
Latecoere (Paris:LAT), a tier one partner to major international aircraft manufacturers, presents its financial statements for the twelve-month period ended December 31, 2022.
Thierry Mootz, Group Chief Executive Officer, stated: “2022 was a challenging year for Latecoere and the aerospace supply chain industry in general. Nonetheless, we finished 2022 stronger than we started, having completed strategic investments, diversifying our customer base and end markets, with scope to deliver shareholder value through realization of synergies. Our strategy is already bearing fruit as our financial performance is improving, while we continued to invest in our people and organization structure, with several key appointments during 2022. The business continues to strengthen its operating platform, with a number of transformative investments underway that will reinforce Latecoere’s geographic footprint and better position the company. These strategic investments lead to recent contract wins within both our aerostructures and interconnect businesses in North America and Europe, with existing and new clients during the course of 2022 and 2023. Leveraging these investments and our current operational transformation will allow us to emerge stronger and gives us confidence in our ability to fully benefit from the ongoing recovery within the aerospace and defense industry.”
Full Year 2022 Results*
(€ million) |
2021 ³ |
H1 |
H2 |
2022 |
Revenue |
336,0 |
212,9 |
255,3 |
468,3 |
Reported growth |
-42,1% |
31,7% |
46,4% |
39,4% |
Organic growth ¹ |
-40,7% |
18,8% |
14,2% |
16,5% |
Recurring EBITDA ² |
(32,2) |
(5,1) |
(3,3) |
(8,5) |
Recurring EBITDA margin on revenue |
-9,6% |
-2,4% |
-1,3% |
-1,8% |
Recurring operating income |
(61,8) |
(20,8) |
(22,4) |
(43,2) |
Recurring EBIT margin on revenue |
-18,4% |
-9,8% |
-8,8% |
-9,2% |
Non recurring items |
(6,7) |
1,9 |
(20,5) |
(18,6) |
Impairment depreciation |
- |
- |
(1,5) |
(1,5) |
Other non recurring items |
(6,7) |
1,9 |
(18,9) |
(17,1) |
Operating income |
(68,5) |
(18,9) |
(42,9) |
(61,8) |
Net Cost of debt |
(23,0) |
(2,1) |
(3,9) |
(6,0) |
Other financial income/(expense) |
(16,3) |
(0,0) |
(12,5) |
(12,5) |
Financial result |
(39,3) |
(2,1) |
(16,4) |
(18,5) |
Income tax |
(2,2) |
(2,8) |
(3,6) |
(6,4) |
Net result from continuing operations |
(110,0) |
(23,9) |
(62,8) |
(86,7) |
Net result from discontinued operations |
(2,4) |
(3,4) |
(37,0) |
(40,4) |
Net result |
(112,4) |
(27,3) |
(99,8) |
(127,1) |
Operating free cash flows from continuing operations |
(69,7) |
(66,4) |
(106,8) |
(173,2) |
*Unaudited FY2022 financial statements
1 Growth at constant exchange rates and scope of consolidation: Organic growth is obtained by neutralizing the effect of the EUR/USD exchange rate (use of a constant exchange rate for the periods concerned) and by applying a constant scope of consolidation (neutralization of the impact of acquisitions/disposals).
² Recurring EBITDA corresponds to current operating income before depreciation, amortization and impairment of current tangible and intangible assets.
³ Adjusted data. In 2021, the Group presented, in parallel with the IFRS consolidated financial statements, an adjusted income statement (of a strictly non-accounting nature) mainly due to the significant volume of transactions that did not qualify as hedge accounting and which did not allow the Group to recognize the foreign exchange gains and losses arising from these instruments at the same level as the underlying asset concerned. As the use of instruments not qualifying for hedge accounting has become immaterial, the Group has concluded to no longer present adjusted financial statements from January 1, 2022. However, in order to ensure comparability of information, the Group presents adjusted data as of December 31, 2021 in its business report. The reconciliation table between the 2021 adjusted data and the consolidated data is available in Appendix.
Full Year 2022 Results Commentary
Group revenue reached €468.3 million for the FY2022, compared with €336.0 million in 2021, an increase of €132.3 million or +39% increase.
2022 organic revenue growth, at constant exchange rates and scope, amounted to a €59.2 million increase or +16.5%, as a result of higher production rates, most notably from the A320 and Embraer programs. The Group benefited over the period from the contribution of newly acquired activities, with a perimeter variance effect of €47.5 million. The full year revenue benefit of these acquisitions will only be realized in 2023.
In addition, Group revenue benefited from favorable currency effect of €25.5 million for the FY2022.
The Group reported a recurring EBITDA of €(8.5) million for FY2022, an improvement of €23.7 million vs 2021. This improvement was achieved through margin enhancement across both business lines, supported by recovery in production rates, proactive cost management, the impact of acquisitions (+€3.6 million) and favorable currency effect (+€10.6 million).
FY 2022 recurring operating income amounted to €(43.2) million compared to €(61.8) million for the same period in 2021.
Non-recurring items of €(18.6) million, consisting of restructuring costs €(16.1) million, transactions and integration costs relating to newly acquired businesses €(9.1) million and additional impairment of €(1.5) million within the Aerostructures branch. Net disposal of assets accounted for +€8.2 million in connection with legacy site in Toulouse.
2022 net financial income amounted to €(18.5) million, driven by €(6.0) million net cost of debt, foreign exchange loss of €(5.3) million, bank fees of €(3.3) million, discount charges relating the factoring contracts of €(1.2) million and impact of amortized cost of borrowings via the effective interest rate for €(2.1) million. The previous period was impacted by one-off effects relating to shareholder loan amortization of €(16.4) million, following its early repayment, as well as the unwinding of EUR/USD hedging portfolio for €(14.6) million.
In this context, the Group's net result from continuing operations of 2022 amounted to €(86.7) million, compared with €(110) million for the previous period.
2022 net result from discontinued operations amounted to €(40.4) million and is related the sale of Latecoere’s Electrical Wiring and Interconnection Systems business in Querétaro (Mexico) to Bombardier expected for Q2 2023, inclusive of asset impairment value of €(24) million.
Cash flow from continuing operations for the period amounted to €(173.2) million, which was mainly impacted by the new acquisitions & investments for a total amount of €(125.5) million (net of cash acquired).
Latecoere’s hedging portfolio amounted to $580 million at December 31, 2022 at an average EUR/USD rate of 1.14. Since December 31, 2022, the Group has continued to put in place hedges for 2025, enabling it to reduce its exposure to exchange rate movements.
At the end of December 2022, cash and cash equivalent stood at €73.9 million declining by €(203.7) million as a result of Cash flow from continuing operations of €(173.2) million, Cash flow from discontinued operations for €(18.2) million and debt repayment of €(11.6) million. In this context, the net debt at the end of December 2022 stood at €297.1 million.
Aerostructures Divisional Commentary
2022 revenues for Latecoere's Aerostructures Division rose by +26.3% to €259.1 million, at constant exchange rates and scope compared with €175.5 million in 2021. The segment's activity benefited from OEM production rate recovery, notably on the A320 and Embraer programs, despite ongoing production challenges within the Boeing 787 program. Boeing 787 program resumed deliveries and Latecoere expects further recoveries during 2023.
The division's recurring EBITDA amounted to €(2.5) million, an improvement of +€13.7 million compared with 2021, benefiting from the upturn in activity the improvement in the hedged rate for the period. The business trajectory continued to improve across second half of 2022, with EBITDA nearly break-even, despite persistent inflation, supply chain challenges and the nascent recovery in the B787 program.
Aerostructures
|
2021 ¹ |
H1 |
H2 |
2022 |
Consolidated revenue |
175,5 |
114,9 |
144,1 |
259,1 |
Organic growth |
-32,5% |
22,3% |
30,3% |
26,3% |
Inter-segment revenue |
19,5 |
11,6 |
9,9 |
21,5 |
Revenue |
195,0 |
126,5 |
154,0 |
280,6 |
Recurring EBITDA |
(16,2) |
(2,4) |
(0,1) |
(2,5) |
Recurring EBITDA margin on revenue |
-8,3% |
-1,9% |
-0,1% |
-0,9% |
Recurring operating income |
(33,2) |
(11,2) |
(11,2) |
(22,4) |
Recurring EBIT margin on revenue |
-17,0% |
-8,9% |
-7,2% |
-8,0% |
¹ Adjusted data. See reconciliation appendix.
Interconnection Systems Divisional Commentary
2022 revenues for Latecoere’s Interconnection Systems Division rose +7.1% to €209.2 million, at constant exchange rates and scope, compared with €160.5 million in 2021. This growth was achieved through the increase in deliveries from the A320 program, the A350 program and an increase in Kitting, Installation and Systems activities.
The division’s recurring EBITDA amounted to €(6.0) million, an improvement of +€10.0 million compared with 2021, benefiting from the improving production rates for the A320 and A350 programs and external growth achieved in 2022.
Interconnection Systems
|
2021 ¹ |
H1 |
H2 |
2022 |
Consolidated revenue |
160,5 |
98,0 |
111,2 |
209,2 |
Organic growth |
-13,7% |
15,4% |
-1,1% |
7,1% |
Inter-segment revenue |
1,1 |
0,5 |
1,1 |
1,6 |
Revenue |
161,6 |
98,5 |
112,3 |
210,8 |
Recurring EBITDA |
(16,0) |
(2,7) |
(3,2) |
(6,0) |
Recurring EBITDA margin on revenue |
-9,9% |
-2,8% |
-2,9% |
-2,8% |
Recurring operating income |
(28,6) |
(9,6) |
(11,2) |
(20,8) |
Recurring EBIT margin on revenue |
-17,7% |
-9,7% |
-10,0% |
-9,9% |
¹ Adjusted data. See reconciliation appendix.
FY 2023 outlook
2022 was a challenging year for Latecoere and the aerospace supply chain industry in general. Management expects these challenges to continue into 2023, with increased headwinds arising from persistent inflationary pressures, with more acute challenges arising in managing changing customer requirements and operating within a constrained aerospace supply chain. These pressures will be against a backdrop of growth in OEM volumes for commercial, business jet and defense market sub-segments, improving overall revenues, but bringing further challenges to the industry to support this ramp up in activity. Latecoere will continue to strengthen its operating platform, people and geographic footprint, creating a more resilient business model better positioned to grow with customer requirements.
For FY 2023 Latecoere is targeting to achieve:
- Revenue growth of more than +25% on a reported basis.
- Stable EBITDA performance, driven by footprint optimization and cost cutting, offset by persistent inflation pressures, ongoing supply chain challenges and changing customer demand with the full benefit of these investments to be realized beyond 2023; and Free cash flow will be impacted by the remaining costs of restructuring, the increased working capital due to sales growth and by key investments to strengthen Latecoere’s competitive position.
Latecoere Interconnection Systems is proud to announce that it has signed a contract with Boeing in January 2023 for the supply of wiring systems for the 737 MAX and 767 programs (both for military and civil variants). Manufacturing will begin in Q3 2023 in Hermosillo, Mexico.
In addition, Latecoere confirms that, as part of its transformation efforts, it has entered into discussions with its stakeholders, including its lenders, with a view to enhancing the Group’s overall capital structure in relation to its current loans and PGEs (Prêts Garantis par l’Etat), so as to better position itself for the future. Discussions are progressing with its lender group and anchor shareholder on a potential capital reconfiguration of the Group. Latecoere will update the market on progress with these discussions in due course.
Given the foregoing, the Board of Directors has decided to postpone the date of its shareholders meeting –initially scheduled on 24 May 2023- to 28 June 2023 and will meet in the course of April to approve the financial statements.
Post-closing events
Latecoere announced on 7 March 2023 that it entered into an agreement whereby Bombardier will purchase its Electrical Wiring and Interconnection Systems (EWIS) business in Querétaro, Mexico. The closing of this transaction is targeted for Q2 2023, subject to satisfaction of customary conditions for a transaction of this nature.
About Latecoere
As an international group and "Tier 1" partner of the world's leading aircraft manufacturers (Airbus, Boeing, Bombardier, Dassault, Embraer and Mitsubishi Aircraft), Latecoere serves the aerospace sector with innovative solutions for a sustainable world. The Group operates in all segments of the aerospace industry (commercial, regional, business and military aircraft), in two business areas:
- Aerostructures (55% of sales): fuselage sections and doors,
- Interconnection Systems (45% of sales): wiring, electrical furniture and onboard equipment.
As of December 31, 2022, the Group employed 5,918 people in 15 different countries. Latecoere, a public limited company with a capital of €133,912,589.25 divided into 535,650,357 shares with a par value of €0.25, is listed on Euronext Paris - Compartment B, ISIN Codes: FR0000032278 - Reuters: LAEP.PA - Bloomberg: LAT.FP.
Appendix
Consolidated financial statements (IFRS)*
Consolidated Income statement
€ thousand |
Dec. 31, 2022 |
Dec. 31, 2021 |
Revenue |
468 276 |
332 119 |
Other operating revenue |
1 004 |
954 |
Change in inventory: work-in-progress & finished goods |
8 519 |
-11 314 |
Raw material, Other Purchases & external charges |
-311 859 |
-203 236 |
Personnel expenses |
-186 913 |
-150 711 |
Taxes |
-5 353 |
-3 685 |
Amortization |
-34 742 |
-29 606 |
Net operating provisions charge |
822 |
-12 395 |
Net depreciation of current assets |
2 739 |
-631 |
Other operating income |
18 584 |
13 621 |
Other operating expenses |
-4 287 |
18 |
RECURRING OPERATING INCOME |
-43 209 |
-64 866 |
Other non-recurring operating income |
23 892 |
15 551 |
Other non-recurring operating expenses |
-42 496 |
-22 268 |
OPERATING INCOME |
-61 813 |
-71 580 |
Net Cost of debt |
-6 004 |
-22 953 |
Foreign Exchange gains/losses |
-5 331 |
-9 263 |
Change in fair value of financial derivative instruments |
-81 |
141 |
Other financial incomes and expenses |
-7 058 |
-2 741 |
FINANCIAL RESULT |
-18 475 |
-34 815 |
Income tax |
-6 388 |
-2 200 |
NET RESULT FOR THE PERIOD FROM CONTINUING OPERATIONS |
-86 676 |
-108 595 |
NET RESULT FOR THE PERIOD FROM DISCONTINUED OPERATIONS |
-40 413 |
-2 379 |
NET RESULT FOR THE PERIOD |
-127 088 |
-110 975 |
• Of which, Owners of the parent |
-127 088 |
-110 975 |
• Of which, Non-controlling interests |
0 |
0 |
NET RESULT FOR THE PERIOD FROM CONTINUING OPERATIONS |
|
|
• Of which, Owners of the parent |
-86 676 |
-108 595 |
• Of which, Non-controlling interests |
0 |
0 |
NET RESULT FOR THE PERIOD FROM DISCONTINUED OPERATIONS |
|
|
• Of which, Owners of the parent |
-40 413 |
-2 379 |
• Of which, Non-controlling interests |
0 |
0 |
NET RESULT (Group share) FOR THE PERIOD PER SHARE |
|
|
• Earnings per share |
-0,26 |
-0,40 |
• Diluted earnings per share |
-0,26 |
-0,40 |
RESULTAT (part Groupe) NET PAR ACTION |
|
|
• Earnings per share |
-0,18 |
-0,39 |
• Diluted earnings per share |
-0,18 |
-0,39 |
RESULTAT (part Groupe) NET PAR ACTION |
|
|
• Earnings per share |
-0,08 |
-0,01 |
• Diluted earnings per share |
-0,08 |
-0,01 |
* Unaudited
Consolidated balance sheet
€ thousand |
Dec. 31, 2022 |
Dec. 31, 2021 |
Goodwill |
80 458 |
16 431 |
Intangible assets |
70 038 |
67 541 |
Tangible assets |
178 954 |
155 433 |
Other financial assets |
8 008 |
5 105 |
Deferred tax assets |
1 341 |
913 |
Financial derivative instruments |
2 961 |
4 299 |
Other non-current assets |
753 |
775 |
TOTAL NON-CURRENT ASSETS |
342 514 |
250 497 |
Inventories |
202 546 |
124 298 |
Accounts receivable |
81 364 |
85 771 |
Tax receivable |
9 987 |
9 829 |
Financial derivative instruments |
701 |
2 574 |
Other current assets |
3 325 |
1 613 |
Cash & Cash Equivalents |
73 967 |
277 659 |
Assets held for sale |
28 084 |
0 |
TOTAL CURRENT ASSETS |
399 974 |
501 744 |
TOTAL ASSETS |
742 490 |
752 243 |
€ thousand |
Dec. 31, 2022 |
Dec. 31, 2021 |
Share capital |
133 913 |
132 746 |
Share premium |
327 265 |
326 064 |
Treasury stock |
-484 |
-477 |
Other reserves |
-300 571 |
-196 695 |
Derivatives future cash flow hedges |
-11 606 |
323 |
Group net result |
-127 088 |
-110 975 |
EQUITY ATTRIBUTABLE TO PARENT OWNERS |
21 427 |
150 986 |
NON-CONTROLLING INTERESTS |
0 |
0 |
TOTAL EQUITY |
21 427 |
150 986 |
Loans and bank borrowings |
341 589 |
325 453 |
Refundable Advances |
20 824 |
20 886 |
Employee benefits |
10 856 |
16 060 |
Non-current provisions |
29 130 |
25 281 |
Deferred tax liabilities |
5 584 |
3 012 |
Financial derivative instruments |
6 776 |
4 568 |
Other non-current liabilities |
2 473 |
6 297 |
TOTAL NON-CURRENT LIABILITIES |
417 233 |
401 557 |
Loans and bank borrowings (less than 1 year) |
29 422 |
17 353 |
Refundable Advances |
2 254 |
2 966 |
Current provisions |
5 008 |
15 046 |
Accounts payable |
175 335 |
122 729 |
Income tax liabilities |
4 743 |
1 811 |
Contracts liabilities |
28 842 |
33 700 |
Other current liabilities |
21 369 |
4 262 |
Financial derivative instruments |
12 424 |
1 832 |
Liabilities held for sale |
24 432 |
0 |
TOTAL CURRENT LIABILITIES |
303 830 |
199 700 |
TOTAL LIABILITIES |
721 063 |
601 257 |
TOTAL EQUITY & LIABILITIES |
742 490 |
752 243 |
Consolidated cash flow statement
(€ thousand) |
Dec. 31,
|
Dec. 31,
|
Net result for the period |
-127 088 |
-110 975 |
Adjustments related to non-cash activities : |
|
|
Depreciation and provisions |
54 494 |
26 153 |
Fair value gains/losses |
81 |
-20 |
Net (gains)/losses on disposal of assets |
-10 644 |
200 |
Other non-cash items |
1 832 |
240 |
Other (*) |
1 922 |
15 378 |
CASH FLOWS AFTER COST OF DEBT AND INCOME TAXES |
-79 403 |
-69 024 |
o/w cash flows after cost of debt and income taxes from discontinued activities |
-8 640 |
-2 123 |
Income taxes |
6 388 |
2 200 |
Net Cost of debt |
6 420 |
20 795 |
CASH FLOWS BEFORE COST OF DEBT AND INCOME TAXES |
-66 596 |
-46 029 |
Changes in inventories net of provisions |
-21 389 |
14 419 |
Changes in client and other receivables net of provisions |
7 903 |
-13 240 |
Changes in suppliers and other payables |
18 650 |
22 760 |
Income tax paid |
-2 575 |
-4 710 |
CASH FLOWS FROM OPERATING ACTIVITIES |
-64 008 |
-26 801 |
o/w cash flows from operating activities from discontinued activities |
-17 671 |
-3 241 |
Effect of changes in group structure |
-95 313 |
-32 926 |
Purchase of tangible and intangible assets (including changes in payables to fixed asset suppliers) |
-43 790 |
-16 045 |
Purchase of financial assets |
-50 |
-941 |
Increase (decrease) in loans and advances made |
-490 |
248 |
Proceeds from sale of tangible and intangible assets |
12 248 |
97 |
Dividends received |
0 |
0 |
CASH FLOWS FROM INVESTING ACTIVITIES |
-127 395 |
-49 567 |
o/w cash flows from investing activities from discontinued activities |
-574 |
-3 458 |
Proceeds from issue of shares |
1 771 |
221 139 |
Purchase or disposal of treasury shares |
-7 |
-22 |
Proceeds from borrowings |
13 900 |
129 670 |
Repayments of borrowings |
-11 555 |
-36 162 |
Repayments of lease liabilities |
-8 309 |
-5 911 |
Financial interest paid |
-5 376 |
-18 636 |
Flows from refundable advances |
-2 938 |
-761 |
Other flows from financing operation |
0 |
-13 291 |
CASH FLOW FROM FINANCING ACTIVITIES |
-12 514 |
276 025 |
Effects of exchange rate changes |
194 |
375 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
-203 723 |
200 031 |
o/w increase (decrease) in cash and cash equivalents from discontinued activities |
-18 244 |
-6 699 |
Opening cash and cash equivalents position |
277 620 |
77 589 |
Closing cash and cash equivalents position |
73 897 |
277 620 |
Reconciliation of the consolidated financial statements to the adjusted financial statements for FY2021
In order to better monitor and compare its operating and financial performance, the Group presents, in parallel with the consolidated financial statements, adjusted financial statements:
- For the foreign exchange result of instruments not eligible for hedge accounting under IFRS. This result, presented as financial result in the consolidated financial statements, is reclassified as revenue (operating result) in the adjusted financial statements,
- For changes in fair value, which include all changes in the fair value of derivatives not eligible for hedge accounting and relating to flows in future periods and the revaluation at the hedged rate of balance sheet positions (trade receivables and trade payables denominated in USD), the amount of which is presented in operating income.
- Changes in deferred taxes resulting from these items are also adjusted if necessary.
Reconciliation of the consolidated financial statements for FY2021
|
|
Hedging |
|
|
|
||
(€ thousand) |
31/12/2021 |
Foreign
|
Change
|
31/12/2021
|
Discontinued
|
31/12/2021
|
|
Revenue |
375 877 |
3 886 |
|
379 763 |
43 758 |
336 005 |
|
Other operating revenue |
954 |
|
|
954 |
0 |
954 |
|
Change in inventory: work-in-progress & finished goods |
-9 878 |
|
|
-9 878 |
1 436 |
-11 314 |
|
Raw material, Other Purchases & external charges |
-239 485 |
|
|
-239 485 |
-36 249 |
-203 236 |
|
Personnel expenses |
-158 432 |
|
|
-158 432 |
-7 721 |
-150 711 |
|
Taxes |
-3 818 |
|
|
-3 818 |
-133 |
-3 685 |
|
Amortization |
-29 814 |
|
|
-29 814 |
-208 |
-29 606 |
|
Net operating provisions charge |
-12 395 |
|
|
-12 395 |
0 |
-12 395 |
|
Net depreciation of current assets |
-678 |
|
|
-678 |
-47 |
-631 |
|
Other operating income |
13 621 |
|
-839 |
12 782 |
0 |
12 782 |
|
Other operating expenses |
12 |
|
|
12 |
-6 |
18 |
|
RECURRING OPERATING INCOME |
-64 035 |
3 886 |
-839 |
-60 988 |
830 |
-61 818 |
|
Other non-recurring operating income |
15 551 |
|
|
15 551 |
|
15 551 |
|
Other non-recurring operating expenses |
-25 476 |
|
|
-25 476 |
-3 208 |
-22 268 |
|
OPERATING INCOME |
-73 959 |
3 886 |
-839 |
-70 912 |
-2 379 |
-68 533 |
|
Net Cost of debt |
-22 953 |
|
|
-22 953 |
0 |
-22 953 |
|
Foreign Exchange gains/losses |
-9 263 |
-3 886 |
-422 |
-13 571 |
0 |
-13 571 |
|
Change in fair value of financial derivative instruments |
141 |
|
-141 |
0 |
0 |
0 |
|
Other financial incomes and expenses |
-2 741 |
|
|
-2 741 |
0 |
-2 741 |
|
FINANCIAL RESULT |
-34 815 |
-3 886 |
-563 |
-39 265 |
0 |
-39 265 |
|
Income tax |
-2 200 |
|
|
-2 200 |
0 |
-2 200 |
|
NET RESULT FOR THE PERIOD FROM CONTINUING OPERATIONS |
-110 975 |
0 |
-1 402 |
-112 377 |
-2 379 |
-109 998 |
|
• Of which, Owners of the parent |
-110 975 |
0 |
-1 402 |
-112 377 |
0 |
-112 377 |
|
• Of which, Non-controlling interests |
0 |
0 |
0 |
0 |
0 |
0 |
|
Impact of Discontinued activities for FY2021
(€ thousand) |
31/12/2021 |
Discontinued
|
31/12/2021
|
Revenue |
375 877 |
43 758 |
332 119 |
Other operating revenue |
954 |
0 |
954 |
Change in inventory: work-in-progress & finished goods |
-9 878 |
1 436 |
-11 314 |
Raw material, Other Purchases & external charges |
-239 485 |
-36 249 |
-203 236 |
Personnel expenses |
-158 432 |
-7 721 |
-150 711 |
Taxes |
-3 818 |
-133 |
-3 685 |
Amortization |
-29 814 |
-208 |
-29 606 |
Net operating provisions charge |
-12 395 |
0 |
-12 395 |
Net depreciation of current assets |
-678 |
-47 |
-631 |
Other operating income |
13 621 |
0 |
13 621 |
Other operating expenses |
12 |
-6 |
18 |
RECURRING OPERATING INCOME |
-64 035 |
830 |
-64 866 |
Other non-recurring operating income |
15 551 |
0 |
15 551 |
Other non-recurring operating expenses |
-25 476 |
-3 208 |
-22 268 |
OPERATING INCOME |
-73 959 |
-2 379 |
-71 580 |
Net Cost of debt |
-22 953 |
0 |
-22 953 |
Foreign Exchange gains/losses |
-9 263 |
0 |
-9 263 |
Change in fair value of financial derivative instruments |
141 |
0 |
141 |
Other financial incomes and expenses |
-2 741 |
0 |
-2 741 |
FINANCIAL RESULT |
-34 815 |
0 |
-34 815 |
Income tax |
-2 200 |
0 |
-2 200 |
NET RESULT FOR THE PERIOD FROM CONTINUING OPERATIONS |
-110 975 |
-2 379 |
-108 595 |
• Of which, Owners of the parent |
-110 975 |
0 |
-110 975 |
• Of which, Non-controlling interests |
0 |
0 |
0 |