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2017-09-13 17:35 CEST
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Zodiac Aerospace: Q4 and Full Year 2016/2017 sales revenues

Q4 and Full Year 2016/2017 sales revenues

  • FY 2016/2017 sales stood at €5.1bn (-1.6%)
  • Evolution in line with trends observed during previous quarters. The good performance of Aerosystems, especially during the second half, offsets the decline in Seats
  • Zodiac Aerospace maintains its operating profitability guidance for 2016/2017
  • Thanks to the ongoing action plans implemented to improve cash flow generation, the Net debt / EBITDA[1] ratio at year-end should be well below 3x

Plaisir, September 13, 2017 - Zodiac Aerospace reported sales of €5,126.2m for its fiscal year 2016/2017 (September to August), decreasing by -1.6% on a reported basis. Foreign exchange rates had a +0.4 point positive impact on growth rate over the period, compensating the -2.0% organic decrease.

Sales for the fourth quarter were at €1,337 million, down by -2.1% on a reported basis and +0.2% on a like-for-like basis due to a negative currency impact of -2.3 points.

By branch, Aerosystems had a good fiscal year with strong organic growth rate quarter after quarter. Cabin is improving while Seats is down, because of its industrial difficulties but also of an unfavorable comparison basis in the second half.

Revenue for the 2016/2017 fiscal year

In millions of euros Fiscal year Fiscal year % change Exchange rate Consolidation scope Organic variation
2016/2017 2015/2016
Aerosystems Activities 2,236.7 2,160.6 +3.5% +0.5% +0.0% +3.0%
Aircraft Interiors Activities 2,889.5 3,047.6 -5.2% +0.4% +0.0% -5.6%
Zodiac Seats 1,244.9 1,387.9 -10.3% -0.7% +0.0% -9.6%
Zodiac Cabin 1,644.6 1,659.7 -0.9% +1.3% +0.0% -2.2%
Group Total 5,126.2 5,208.2 -1.6% +0.4% +0.0% -2.0%
€/$ (conversion) 1.10 1.11        

Revenue for the fourth quarter of the 2016/2017 fiscal year

In millions of euros 4th quarter 4th quarter % change Exchange rate Consolidation scope Organic variation
2016/2017 2015/2016
Aerosystems Activities 619.9 590.4 +5.0% -1.7% +0.0% +6.7%
Aircraft Interiors Activities 717.0 776.0 -7.6% -2.8% +0.0% -4.8%
Zodiac Seats 301.3 360.6 -16.4% -3.1% +0.0% -13.3%
Zodiac Cabin 415.7 415.4 +0.1% -2.7% +0.0% +2.8%
Group Total 1,336.9 1,366.4 -2.1% -2.3% +0.0% +0.2%
€/$ (conversion) 1.15 1.12        


Aerosystems[2] activities (43.6% of total revenue) sales for the fiscal year 2016/2017 amounted to €2,236.7m up by +3.5% on a reported basis and +3.0% on a like-for-like basis. Foreign exchange rates had a positive +0.5 percentage point impact on the annual evolution.

Aerosystems is as expected showing a strong dissymmetry between first and second half. Q4 sales were up +5.0% on a reported basis and +6.7% on a like-for-like basis. This strong growth during the fourth quarter, has been achieved despite an unfavorable comparison basis with the previous year, and is due to the contribution of shifted deliveries from previous quarters and also to a sustained level of deliveries coming from IFEC[3].

Over the full year, Aerosystems has been impacted by -1.8 point due to a significant decrease in arresting systems and high-speed train toilets activities. Excluding these non-strategic activities, the branch's sales were up by +4.9% on a like-for-like basis for the year, thanks to the good performance of the commercial aircraft segment, which offset the weak demand and the late development of biz & regional jets and helicopters segments. Lastly, the branch's after-sales activity remained broadly sustained, both for the spare parts distribution and for the maintenance.

Aircraft Interiors activities (56.4% of total revenue) sales amounted to €2,889.5m for the fiscal year 2016/2017, mixing a positive +0.4 point forex impact and an -5.6% organic decrease, resulting in a -5.2% change over the fiscal year 2016/2017.
                The Cabin branch reported €1,644.6m sales, down by -0.9%. Except a positive +1.3 point forex impact, sales are decreasing by -2.2% on a like-for-like basis over the full year. During the fourth quarter, organic revenues were up +2.8%, compared with -3.0% in the third quarter and -9.2% in the second quarter, underlining the catch up of delays and the ramp-up of programs.
                The Seats branch reported €1,244.9m sales, -10.3% compared to the fiscal year 2015/2016. During the year, the foreign exchange impact was negative by -0.7 point. The organic revenues were down by
-9.6% during the year and by -13.3% during the fourth quarter because of the industrial difficulties of the branch, a decline of the activity and also an unfavorable comparison basis with the previous year.

Governance

Ms. Isabelle Boccon-Gibod succeeded to Ms. Florence Parly as a permanent representative of the Fonds Stratégique de Participation in the Supervisory Board of Zodiac Aerospace.

Outlook

Zodiac Aerospace is pursuing with determination its industrial recovery plan and its transformation plan.

The Group confirms its guidance for fiscal year 2016/2017. Full year results will be published on October 31st.

Thanks to the ongoing action plans implemented to improve cash flow generation, the Net debt / EBITDA ratio at year end should be well below 3x.

For the fiscal year 2017/2018, Zodiac Aerospace completed its foreign currency hedging portfolio. The Group has hedged 83% of estimated EUR/USD exposure at 1.0875$/€ (spot rate).

NB : This revenues publication will be commented on an analysts & press conference call on September, 13th, 2017 at 6:00pm CET and broadcasted via our website www.zodiacaerospace.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 €5.1bn in 2016/2017. www.zodiacaerospace.com

Next meetings: FY 2016/2017 results
Q1 2017/2018 sales
Shareholder's meeting
October 31, 2017 (before stock exchange opening)
December 13, 2017 (after stock exchange closing)
January 9, 2018
  ZODIAC AEROSPACE CONTACTS
Pierre-Antony VASTRA
Tel: +33 (0)1 61 34 25 68
Florent DEFRETIN
Tel: +33 (0)1 61 34 03 34


Isabelle DELHOM (Investors meetings)
Tel : +33 (0)1 61 34 19 86
investisseurs@zodiacAerospace.com
  61, rue Pierre Curie - CS20001 - 78373 PLAISIR CEDEX
MEDIA/PRESS CONTACTS - IMAGE 7

 

Grégoire LUCAS
Tel: +33 (0)1 53 70 74 61 / Uglucas@image7.frU

 



Consolidated revenue by quarter

APPENDICES


In millions of euros 1st quarter 2016/2017 2nd quarter 2016/2017 3rd quarter 2016/2017 4th quarter 2016/2017
Aerosystems Activities 477.3 553.6 585.9 619.9
Aircraft Interiors Activities 724.6 691.5 756.4 717.0
  Zodiac Seats 306.5 300.9 336.2 301.3
  Zodiac Cabin 418.1 390.6 420.2 415.7
Group Total 1,201.9 1,245.1 1,342.3 1,336.9
€/$ conversion 1.10 1.06 1.08 1.15

In millions of euros 1st quarter 2015/2016 2nd quarter 2015/2016 3rd quarter 2015/2016 4th quarter 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

CHANGES
(Quarter compared with the same quarter of the previous year)

Based on reported data Q1 Q2 Q3 Q4
Aerosystems Activities -5.7% +7.6% +6.6% +5.0%
Aircraft Interiors Activities -1.0% -6.1% -5.8% -7.6%
  Zodiac Seats -4.4% -6.2% -12.8% -16.4%
  Zodiac Cabin +1.7% -6.0% +0.7% +0.1%
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% +6.7%
Aircraft Interiors Activities -0.5% -8.3% -8.6% -4.8%
  Zodiac Seats -1.9% -7.2% -14.5% -13.3%
  Zodiac Cabin +0.6% -9.2% -3.0% +2.8%
Group Total -2.8% -2.4% -3.2% +0.2%
Aerospace activities * -2.1% -1.8% -3.3% +0.2%



Cumulative consolidated revenue


In millions of euros 1st quarter 2016/2017 1st half 2016/2017 9 months  2016/2017 Full year 2016/2017
Aerosystems Activities 477.3 1,030.9 1,616.8 2,236.7
Aircraft Interiors Activities 724.6 1,416.1 2,172.5 2,889.5
  Zodiac Seats 306.5 607.4 943.6 1,244.9
  Zodiac Cabin 418.1 808.7 1,228.9 1,644.6
Group Total 1,201.9 2,447.0 3,789.3 5,126.2
€/$ conversion 1.10 1.08 1.08 1.10
€/$ transaction 1.11 1.10 1.10 1.11

In millions of euros 1st quarter 2015/2016 1st half 2015/2016 9 months  2015/2016 Full year 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 2014/2015
 (Aggregate at end of period compared with the same period of last year)

Based on reported data 1st quarter 1st half 9 months Full year
Aerosystems Activities -5.7% +1.0% +3.0% +3.5%
Aircraft Interiors Activities -1.0% -3.6% -4.4% -5.2%
  Zodiac Seats -4.4% -5.3% -8.1% -10.3%
  Zodiac Cabin +1.7% -2.2% -1.2% -0.9%
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% -2.2%
Group Total -2.8% -2.6% -2.8% -2.0%
Aerospace activities * -2.1% -2.0% -2.4% -1.8%

*Excluding Trains and Airbags businesses
             
             
             



[1] EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization. According to the definition in the Club Deal financing contract.

[2] Including Entertainment & Seats Technology division as of September 1st, 2016. This division was previously integrated in the Cabin branch, within the Aircraft Interiors activities. The 2015/2016 and 2016/2017 figures have been restated to reflect this change.

[3] In-Flight Entertainment & Connectivity

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