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Financial Statements 2017 INTERCONNECTION AEROSTRUCTURES SYSTEMS FINANCIAL STATEMENTS 2017 1 PRESENTATION OF THE GROUP AND ITS ENVIRONMENT December 31, 2017 1 PRESENTATION OF THE GROUP AND ITS ENVIRONMENT 1.1 Key figures In order better to allow the monitoring and comparability of its operational and financial performance, the Group submits, in parallel with the consolidated financial statements, an adjusted income statement. Thus, the Group uses " adjusted recurring operating income " (a non-accounting measure) as its main indicator, which corresponds to the earnings before interest, taxes and depreciation, established for the purposes of the consolidated financial statements in the IFRS system of reference, adjusted: - for the variation in non-recurring work-in-progress (net of provisions) resulting from the accounting of contracts in accordance with IAS11 (construction contracts); and - of the impact of exchange rate gains and losses on €/$ hedging instruments recorded in financial result but relating to operational flows. The table allowing comparison between the consolidated income statement and the adjusted income statement is presented in note 4 to chapter 3 – Consolidated financial statements at December 31, 2017 of this document. Summary Income Statement In € million 2017 2016 Revenue 652,5 655,2 Adjusted recurring operating income 51,1 47,9 Net adjusted financial result -21,4 -14,0 Adjusted net income (Group share) 3,0 30,2 Consolidated net debt -19,8 -1,8 Shareholders' Equity (Group share) 437,4 400,6 2 1 PRESENTATION OF THE GROUP AND ITS ENVIRONMENT December 31, 2017 CHANGE IN GROUP REVENUE* (in €M) BREAKDOWN OF REVENUE* BY BUSINESS IN 2017 (for reference 2016 date are given in parentheses) 655 652 39,20% 622 (37,5%) 60,80% 572 (62,5%) 2014 2015 2016 2017 SYSTEMES D'INTERCONNEXION AEROSTRUCTURES (*) Following the disposal of the activities of Latécoère Services, and in accordance with IFRS 5, 2015 and 2016 revenues have been restated of discontinued operations. The activity Equipment & Systems is from now on reported in the Interconnection Systems segment. CHANGE IN HEADCOUNT REGISTERED TO THE BREAKDOWN OF REVENUE* BY CUSTOMER GROUP** IN 2017 (end of period workforce) (for reference 2016 data are given in parentheses) (6%) 4 338 4 451 (20%) 6% 4 157 18% 2 463 2 729 2 884 (6%) 5% 53% (54%) 18% 1 694 (15%) 1 609 1 567 2015 2016 2017 France INTERNATIONAL AIRBUS BOEING DASSAULT EMBRAER AUTRES (*) Following the disposal of the activities of Latécoère Services, and in accordance with IFRS 5, 2015 and 2016 revenues have been restated of discontinued operations. The activity Equipment & Systems is from now on reported in the Interconnection Systems segment. (**) The Group's workforce has been restated in 2015 from Latécoère Services' activities. 3 1 PRESENTATION OF THE GROUP AND ITS ENVIRONMENT December 31, 2017 ORDERBOOK BY CUSTOMER AT 12/31/2017 1% 6% 4% 17% 72% AIRBUS BOEING DASSAULT EMBRAER AUTRES 4 1 PRESENTATION OF THE GROUP AND ITS ENVIRONMENT December 31, 2017 1.2 Presentation of the LATECOERE Group 1.2.1 History of the Group becomes a supplier to the French aeronautics Founded in 1917 by Pierre Georges industry, which begins to structure itself around Latécoère, the LATECOERE Company the Dassault Company (military and business is at the origin of the establishment of the aircraft) and SNCASE (civil aviation) which will aeronautical industry in the Toulouse, later become Sud-Aviation then Aerospace. France region. Manufacturer of its own aircraft until the 1950s, LATECOERE 1989 91% of the employees become shareholders of offered France 31 world records and one the Company. LATECOERE opens itself up of the greatest human adventures of the internationally and becomes the recognized century with the creation of the Latécoère Partner of the major manufacturers. lines where prestigious pilots like Mermoz, Saint-Exupéry or Guillaumet 1997 BEAT, a design office specialized in illustrated themselves. aeronautical structure and the design and manufacturing of tooling, becomes a 56% Rich in experience as an aircraft manufacturer, the owned subsidiary of the LATECOERE Group. LATECOERE Group has made itself present today in all aeronautical segments by pursuing a strategy of growth based on partnership in the areas of aerostructures, 1998 Creation of LATelec (wholly-owned subsidiary onboard wiring and systems. of the Group), following the takeover of the wiring activity of Fournié Grospaud. LATelec A major supplier of Airbus, Embraer, Dassault Aviation quickly becomes the center of excellence in the and Boeing, the Group, with its international network of field of the electric racks and in onboard wiring. subsidiaries, partners and sub-contractors, forms a Creation of SEA-LATelec in Tunisia, a wholly- competitive and flexible industrial unit, able to adapt itself owned subsidiary of LATelec. to the cycles of the aeronautical industry in a globalized world and to offer its customers a comprehensive 2000 The Group takes control of 100% of Letov solution. located in Prague, Czech Republic. KEY DATES FOR THE GROUP 2002 Inauguration of the new Pierre-Jean Latécoère assembly site in Gimont, in the department of 1917 Creation of the Company by Pierre-Georges the Gers, France dedicated to large fuselage Latécoère sections for Airbus and Embraer. 1918 The Montaudran plant on the outskirts of 2003 LATECOERE acquires 25% of the capital of Toulouse and its 800 workers build six aircraft Corse Composites Aéronautique (CCA). per day. 2004 Creation of LATECOERE do Brasil in Jacarei 1920 Regular mail service is established between (state of Sao Paulo) which aims to strengthen Toulouse and Casablanca. the Group's presence close to its customer Embraer, in order to assemble and customize 1930 Mermoz crosses the South Atlantic on board a aircraft fuselages. LATelec acquires the French assets of Gespac Maroc Novatech, consisting of Laté 28 hydro. LATECOERE realized its project, its Montpellier (le Crès) and Toulouse the link between France and South America (Cugnaux) establishments. where it arrived the first. LATECOERE sells its lines to Bouilloux Lafond. Aéropostale is born, and will later be succeeded by Air France. 2005 Creation of LATelec GmbH in Hamburg, after Airbus Germany had chosen LATelec (a wholly- 1939 LATECOERE moves to rue de Périole in owned subsidiary of the LATECOERE Group) in order to realize electrical harnesses for the Toulouse. Inspired by this challenge, Pierre- interior layout of the Airbus A380. Georges Latécoère contributed with Didier LATECOERE acquires the remaining capital of Daurat and Marcel Moine to the creation of a BEAT, which becomes LATecis, a wholly- state of mind -- that so particular state of mind owned subsidiary of the Group. This operation that makes men surpass themselves in the strengthens the presence services and name of a common ideal. engineering businesses of LATECOERE. LATelec acquires S.L.E. (Société Landaise 1930-1970 By the end of the LATE 631 program, d'Electronique), located in Liposthey, in the Latécoère develops special machines and 5 1 PRESENTATION OF THE GROUP AND ITS ENVIRONMENT December 31, 2017 Landes, France, as part of the reorganization of panels for the A350 and begins its production its production. activity in Mexico. 2006 Start of production of composite doors in the 2013 Delivery of doors and fuselage sections of the Prague site. SEA LATelec Tunisia inaugurates 1000th E-Jet, at the Prague and the a second plant that doubles its production LATECOERE Jacarei plant. capacity. Signature of a contract with Airbus for the production of doors of the A320 NEO. 2008 The development of LATelec is concretized by LATECOERE is selected by Embraer for the the inauguration of LATelec Services in development and production of all its E-Jet E2 Colomiers and the opening of a site in program doors. Marignane, near Eurocopter. 2014 Delivery of the first Boeing 787 passenger door 2010 Pierre Gadonneix elected Chairman of produced in Mexico. LATECOERE's Supervisory Board. Issue of convertible bonds in an amount of €71.5 million 2015 Entrance of Apollo and Monarch to the capital of and bonus issue to all existing LATECOERE Latécoère on the occasion of the Company shareholders of Share Warrants recapitalization of the group. (BSA). Creation of the LATelec subsidiary in Morocco The LATECOERE Group is honored with two 2010 Best Supplier awards from Embraer in the 2016 As part of its 2020 transformation project, the "Aerostructures" and "Technical Support to Latécoère group sells Latécoère Services Operators" categories. (LATecis activities) and refocuses on its key activities, Aerostructures (doors and fuselage) 2011 Release of the 100th A380 and 1st Nose fairing and Interconnection Systems (electrical A350 from the assembly lines. harnesses and avionics furniture. 2012 Start of direct deliveries of A320 doors to Airbus 2017 The group celebrates its 100 years in Toulouse from Letov's Czech site. Latécoère delivers the and in all the group's sites. 1,000th B787 door to Boeing. Delivery of the 5000th Boeing door. Latécoère launches LATvision, a range of The Interconnection Systems segment wins a external and internal onboard 360° video first contract with Mitsubishi for the MRJ. cameras LATelec delivers its first elements of electrical wing harnesses, avionics bays and cockpit 6 1 PRESENTATION OF THE GROUP AND ITS ENVIRONMENT December 31, 2017 1.2.2 Group Consolidated Structure Chart as of December 31, 2017 AEROSTRUCTURES INTERCONNECTION SYSTEMS 100% Latécoère LATelec (France) (France) Latécoère 100% 100% LATelec GmbH Développement (Germany) (France) Latécoère Czech 90% LATelec Mexico Republic s.r.o. 100% (Mexico) (Czech Republic) 10% 100% LETOV LV a.s. 100% LATelec Mexico Services (Czech Republic) (Mexico) 98% Latécoère DO Brasil 2% 100% S.E.A LATelec (Brazil) (Tunisia) Latécoère International Inc 100% LATSIMA 100% (USA) (Morocco) LATelec Interconnection Inc. Latécoère Mexico 10% 100% (Canada) 90% (Mexico) (Interconnexion LATelec Inc.) Latécoère Bienes Raices 40% 60% (Mexico) 100% Latécoère Bulgaria 100% Latécoère Interconnection (Bulgaria) Systems Japan KK. (Japan) Corse Composites 24,81% 100% Latécoère Interconnection Aéronautiques Systems US, Inc.
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