Brief: Latecoere H1 Net Loss Widens To EUR 94.0 Million

Latecoere SA

17/09/2020 06:09

Sept 17 (Reuters) - Latecoere SA  LAEP.PA :
    * H1 NET LOSS -94 MILLION EUR
    * H1 REVENUE FELL 37.6 PERCENT TO 231.9 MILLION EUR
    * H1 REVENUES EUR 231.9 MILLION VERSUS EUR 371.7 MILLION
YEAR AGO
    * H1 OPERATING LOSS EUR 68.6 MILLION VERSUS PROFIT OF EUR
2.9
MILLION YEAR AGO
    * H1 NET LOSS EUR 94.0 MILLION VERSUS LOSS OF EUR 5.9 
MILLION
YEAR AGO
    * CAPITAL EXPENDITURES HAVE BEEN REDUCED BY (60)% TO EUR 6.4
MILLION IN H1 2020 COMPARED TO EUR 16.2 MILLION IN H1 2019
    * WORKING CAPITAL HAS ALSO IMPROVED STRONGLY TO EUR 176.5
MILLION
AT END OF JUNE VERSUS EUR 208.6 MILLION IN DECEMBER 2019
    * NEGATIVE REVENUE TRENDS TO PERSIST IN H2 2020, PARTIALLY
OFFSET
BY OPERATING EFFICIENCY IMPROVEMENTS
    * WE EXPECT LOWER THAN NORMAL PRODUCTION RATES TO PREVAIL
FOR
REMAINDER OF YEAR, NEGATIVELY IMPACTING OUR FULL YEAR 2020
REVENUES
    * WE BELIEVE WE ARE WELL POSITIONED TO QUICKLY REGAIN
POSITIVE
MOMENTUM WE HAD BEFORE COVID-19 CRISIS BEGAN.
    * OUTLOOK: LATÉCOÈRE DOES NOT INTEND TO PUBLISH Q3 REVENUES
THIS
YEAR
    * OUTLOOK: IS RE-EVALUATING PRACTICE OF QUARTERLY REVENUE
REPORTING ON AN ONGOING BASIS
    * DUE TO HEALTH CRISIS IN MEXICO AND FRANCE, CLOSING OF
ACQUISITION OF BOMBARDIER INTERCONNECTION SYSTEMS ACTIVITIES HAS
BEEN DELAYED AND IS NOW ANTICIPATED TO TAKE PLACE IN LAST
QUARTER OF YEAR
    * GROUP INTENDS TO CONTINUE TO INVEST IN ITS FUTURE AND WILL
MAINTAIN ITS R&T EFFORTS IN 2020 AT A LEVEL OF EUR 5.5 MILLION
SIMILAR TO 2019
    * EXPECTS FY 2020 REVENUES TO DECLINE BY APPROXIMATELY (40)%
COMPARED TO FY 2019

Source text for Eikon:  ID:nBwbd9zJka 
Further company coverage:  LAEP.PA 

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