PLAISIR CEDEX, FRANCE--(Marketwire - Nov 21, 2012) - Zodiac Aerospace again reports very
good results in 2011/12
-- Sales revenue increased by +25.8% to EUR3440.6m; +14.4% increase in
organic revenue
-- Current operating income up 26.4% to EUR486.4m, i.e. profit margin of
14.1%
-- Net income attributable to Group shareholders up +33.8% to EUR318.9m
Zodiac Aerospace continued its external-growth strategy through its
acquisition
of Heath Tecna and Contour during the fiscal year, and has just signed a
LoI to
acquire the US company IMS, which specializes in seat-centric in-flight
entertainment (IFE) systems.
The net debt/EBITDA ratio is 1.45, an improvement on the targeted 1.6
thanks to
a good cash flow generation and a well controlled working capital
requirement
(WCR). Net debt was
EUR831.6m.
Long-term growth outlook remains favourable, buoyed by the increased of
current
and new programs production rates. For the 2012/13 fiscal year, Zodiac
Aerospace
aims to another year of organic
growth.
Plaisir, on November 21(st), 2012 - The Supervisory Board of Zodiac
Aerospace
has approved the Group's accounts for the 2011/2012 fiscal year.
Olivier Zarrouati, CEO said: "Once again, our Group reported very good
results
for the 2011/12 fiscal year. Our sales revenue and current operating income
each
rose by more than 25%, buoyed by our organic growth and acquisitions of
Heath
Tecna and Contour during the year. At the same time, we have continued
investing
to develop new products and to get sales successes, in particular in the
area of
cabin interiors. We are actively pursuing this strategy with the
acquisition of
IMS, a US company specialist in seat-centric which reinforces our in-
flight
entertainment systems".
Good performances in 2011/12
---------------------------------------------------------------------------
In millions of euros 2011/2012 2010/2011 % Change
---------------------------------------------------------------------------
Sales revenue 3,440.6 2,734.8[1] +25.8%
---------------------------------------------------------------------------
Current operating income before IFRS3 impact 487.6 386.5 +26.2%
---------------------------------------------------------------------------
COI before IFRS 3/ Sales revenue 14.2% 14.0%
---------------------------------------------------------------------------
Current operating income: 486.4 384.8 +26.4%
---------------------------------------------------------------------------
Current operating income /Sales revenue 14.1% 14.1%
---------------------------------------------------------------------------
Net income attributable to Group shareholders 318.9 238.3 +33.8%
---------------------------------------------------------------------------
EPS 5.89 4.45 +32.4%
---------------------------------------------------------------------------
EPS before IFRS 3 6.15 4.58 +34.3%
---------------------------------------------------------------------------
Net debt 831.6 585.4
---------------------------------------------------------------------------
Net Debt/EBITDA ratio[2] 1.45 1.3
---------------------------------------------------------------------------
EUR/$ (Transaction) 1.32 1.35
EUR/$ (Conversion) 1.31 1.39
---------------------------------------------------------------------------
Zodiac Aerospace achieved strong growth in 2011/2012 fiscal year. The
Group's
sales revenue increased by 25.8% to EUR3,440.6m during the course of its
2011/12
fiscal year (September to August). At like-for-like consolidation scope and
exchange rates[3], organic sales revenue rose by 14.4% compared with an
announced annual growth target of "more than 10%". External growth
accounted for
7.2 percentage points of the growth in activity, while net exchange rates
represented 4.2 points for the period. Aeronautical activities (excluding
Trains
and Airbags) increased by 16.7% at like-for-like consolidation scope and
exchange rates. Zodiac Aerospace continues to grow in a buoyant
market: with 13.6% organic
growth in the fourth quarter, the Group has achieved 10 consecutive
quarters of
positive organic growth and eight consecutive quarters of double-digit
organic
growth.
The Group's Current Operating Income (COI) was up 26.2% to EUR487.6m,
compared
with EUR386.5m in 2010/11 (excluding IFRS 3 impact). The Current Operating
Income
margin was 14.2%, compared with 14.1% in 2010/2011.
The Current Operating Income margin rose by 20.2% at like-for-like
consolidation
scope, and by 14.8% at like-for-like consolidation scope and exchange
rates,
excluding IFRS3 impact. Changes in scope of consolidation(4) contributed
EUR23.1m
to the year. There was a net foreign exchange rate gain of
EUR21.0m. After
applying the IFRS 3 accounting standard, the Current Operating Income
operations
amounted to EUR486.4m, compared with EUR384.8m in 2010/11.
The introduction of new social provisions in France had a 0.1 percentage-
point
impact on the operating margin for the 2011/12 fiscal year.
A good operating performance for the Group's three business segments
Cabin Interiors: another year of strong growth thanks to organic
growth and
Acquisitions
The Cabin Interiors Segment reported a strong rise of 32.4% in its sales
revenue
to EUR2117.8m for the entire fiscal year. At like-for-like consolidation
scope and
exchange rates, the Segment reported growth of +15.0%. Cabin Interiors'
sales
revenue was, in particular, boosted by the very strong sales of its Seats
division, as well as good sales of Galleys activities in Europe. External
growth
accounted for 12.4 percentage points of the annual growth in sales revenue.
It
was mainly thanks to Heath Tecna, which specializes in integrated cabin
interiors, and has been consolidated since September 1, 2011; and to the UK
company Contour, which specializes in premium seats, and has been
consolidated
since February 29, 2012. Excluding IFRS3 impact, the Segment's Current
Operating
Income increased by 30.6% to EUR331m, compared with EUR253.8m in 2010/2011.
At like-
for-like consolidation scope and exchange rates, Cabin Interiors reported a
rise
in its Current Operating Income of 13.6%. The Segment continued investing
to
develop new designs in the areas of seats, IFE[4] or galleys equipment.
Changes
in scope of consolidation accounted for an increase of EUR24.0m in the
Current
Operating Income, excluding IFRS3 impact, while the net foreign exchange
gains
had a total positive impact of EUR19.1m.
Aircraft Systems: strong performance for the year
The Aircraft Systems Segment achieved excellent sales for the 2011/2012
fiscal
year. It reported a strong growth in its sales revenue of 20.4% to
EUR678.1m, and
of 17.7% at like-for-like consolidation scope and exchange rates.
All its
activities achieved good performances, both in terms of OEM and after
sales. Its
Current Operating Income was up 13.5% to EUR85.4m. This growth was
impacted by a
negative net exchange rate impact of EUR1.6m.
AeroSafety & Technology: continued growth
The AeroSafety & Technology Segment made sales revenue of EUR644.8m
in the
2011/2012 fiscal year, an increase of 12.8% based on published figures,
and a
rise of 9.3% in organic revenue. Following on from previous
quarters, the
segment benefited from growth in emergency evacuation and
electrical
interconnect activities, and, in the second quarter, from a good
increase in
sales of emergency arresting systems activities. Its Current Operating
Income
rose by 24.6% to EUR83.6m based on published figures, and by 19.2% at
like-for-
like consolidation scope and exchange rates. The Segment benefited from
a net
foreign exchange gain of EUR3.7m and organic growth of EUR12.9m.
A strong rise in net income and EPS
Net income attributable to Group shareholders rose sharply by 35.6% to
EUR332.8m,
excluding IFRS 3 impact (accounting impact of external growth expenses),
and of
+33.8% to EUR318.9m after IFRS 3.
Earning per share was EUR5.89, compared with EUR4.45 after IFRS 3
impact. Before
restatement of this IFRS 3 impact, it rose by 34.3% to EUR6.15 per share,
compared
with EUR4.58 in 2010/2011.
Net financial expense was -EUR33.2m compared with -EUR34.4m. Restated to
account for
the impact of the amortization of setting-up expenses or those of the
syndicated
loan rider, it amounted to -EUR32.4m compared with -EUR29.1m, an increase
of EUR3.3m
generated by the increase in our needs after the acquisitions of Heath
Tecna and
Contour.
Non-current Operating Income for the year were -EUR11.5m compared with -
EUR17.2m in
2010/2011. They mainly comprise of expenses linked to IFRS 3: -
EUR15.7m of
amortization of intangible assets (compared with -EUR5.7m in
2010/2011), and
-EUR2.9m of acquisition costs linked to external growth, compared with -
EUR3.1m in
2010/2011. Moreover, in accordance with the memorandum of agreement signed
with
the seller of Cantwell Cullen & Co, acquired in 2009/2010, a partial
refund of
the price has been accounted for this fiscal year for a gross amount of
EUR5.1m.
Restructuring and reorganization expenses were down compared with
2010/2011: EUR-
0.4m compared with EUR-5.8m.
The income from activities sold was +EUR10.9m compared with +EUR0.6m in
2010/2011.
It arises from the sales of the Issy les Moulineaux building and the
Driessen
Services business, which were finalized during the course of the first-
half of
the fiscal year.
The tax expense was -EUR134.4m compared with -EUR95.9m in the previous
year, i.e. a
rate of 30.4% compared with 28.8% for the previous year.
Debt under control
Net debt was EUR831.6m at the end of the 2011/2012 fiscal year,
compared with
EUR1,054m at the end of the first-half, and EUR585.4m at the end of the
2010/20121
fiscal year.
This change was mainly due to the acquisitions of Heath Tecna on
September,
1(st) 2011, and of Contour Aerospace on January 19, 2012, for enterprise
values
of $114m and £274m respectively. Heath Tecna has been
consolidated in the
accounts since September 1, 2011, and Contour Aerospace was consolidated
for the
first time on February 29, 2012.
The Net debt/EBITDA ratio[5] at the end of August 2012 was 1.45 compared
with
1.3 at the end of August 2011. This ratio is well below the "Club Deal"
covenant
of which the maximum ratio at 08/31/2012 was 3.25.
The Net debt/equity ratio (gearing) was 42% compared with 38% at
year-end
2010/2011, and 59.2% at end of first-half 2011/2012.
Despite the strong rise in sales revenue, the Working capital
requirement
(WCR)/sales revenue ratio was practically unchanged at 29.4% compared
with
29.3% at end-August 2011 (29.9% at end-August 2012, restated for
businesses
acquired).
An increase in the dividend offered
The Supervisory Board will propose at the Shareholders' Meeting to be held
on
January 9, 2013, the distribution of a dividend of EUR1.40 per share,
compared
with EUR1.20 per share in respect of the 2010/2011 fiscal year.
STRATEGY: Strenghtening in Cabin interiors segment
Further sales successes
In the 2011/2012 fiscal year, the Zodiac Aerospace Group, once more,
achieved
commercial success, and continued developing major programs.
-- During the summer, Zodiac Aerospace signed the Water & Waste contract
for the Chinese aircraft Comac C919. The other equipment for which the
Group has been pre-selected are currently in the process of
contractual finalization. Moreover, Zodiac Aerospace has recently been
selected by Comac to supply the Galleys & Lavatories of the C919,
as well as the cockpit door of the same aircraft.
-- As to the Russian commercial aircraft Irkut MC 21 programme, Zodiac
Aerospace has, to date, signed the contracts for the primary electrical
power distribution, the whole cabin, as well as contracts for fuel,
fuel gauging and inerting, and crew oxygen.
-- In the area of seats, Zodiac Aerospace has continued its programs of
cabin refurbishment and equipment for new planes, and has won new
orders, thanks, notably, to its entirely updated range of seats which
provide passengers with more comfort.
The Group has, moreover, continued to support the increased of the Boeing
787
Dreamliner programme production rate, which, in November 2012,
achieved the
production rate of five aircraft per month, and aims to produce 10
aircraft a
month by end-2013.
Finally, Zodiac Aerospace had continued to develop equipment and systems
which
it supplies for the Airbus A350XWB, the first flight of which is
scheduled in
2013. This development accounts for a substantial part of the
intangible
investments for the year, which amount to EUR71.6m compared with
EUR50.5m in
2010/2011.
Creation of a joint venture company with Embraer
On May 30, Zodiac Aerospace and Embraer SA, Brazilian leader of regional
planes,
signed an agreement to set up a joint venture company which will be in
charge of
manufacturing cabin interior equipment for the family of EMBRAER
170/190 jet
aircraft. The joint venture production unit will be located in Mexico.
This new
joint venture company consolidates a fruitful partnership that has existed
for a
long time between Zodiac Aerospace and Embraer.
Zodiac Aerospace continues its external growth strategy
During the year, Zodiac Aerospace made two acquisitions in the area
of the
cabin, which were both finalized in the first-half. First of all, Heath
Tecna
completes Zodiac Aerospace's expertise in the area of cabin
interiors of
commercial aircraft, and enables it to offer its customers a wider
range of
services, in particular in terms of cabin refurbishment (retrofit), an
area in
which it is a world leader. This purchase was finalized on September 1,
2011.
Then, Contour Aerospace, consolidated in the accounts for the first
time on
February 29(th), 2012, is a UK leader of premium aircraft seats. This
Business
activity completes the offer of Zodiac Seats in the First class and
Business
class seats areas. .
Zodiac Aerospace is actively pursuing its external growth strategy. On
November
15(th),2012 the Group signed a letter of intent in view of acquiring IMS,
a US
company that specializes in Seat Centric IFE systems. Subject to
obtaining the
regulatory authorisations and the signing of the final contract,
this
acquisition should be finalized before end-2012.
New organization of the Group
To be closer to its end markets, Zodiac Aerospace is implementing
a new
organization in the 2012/2013 fiscal year, the main effect of which
is the
splitting of the Cabins Interiors Segment into three parts: Zodiac
Cabin &
Structures (cabin equipment and integrated cabin, for aircraft
manufacturers and
airlines), Zodiac Seats (aircraft seats) and Zodiac Galleys &
Equipment
(galleys, galleys equipment, trolleys and other equipment).
In December 2012, Zodiac Aerospace will publish its Q1 sales revenue
on the
basis of this new five-segment organization (Zodiac Aircraft Systems,
Zodiac
Aerosafety, Zodiac Cabin & Structures, Zodiac Seats and Zodiac
Galleys &
Equipment).
Currency hedging
At 11/15/2012, the Group hedged around 60% of its estimated exposure in
respect
of the 2012/2013 fiscal year at the rate of 1.265.
Outlook
The background for the aeronautical industry is good over the long term,
with an
average increase in traffic of 5% a year average, and over the medium
term
thanks to the increase in the pace of deliveries concerning existing
commercial
aircraft programs and the rise in the production rates of new programs. In
these
conditions, Zodiac Aerospace expects organic growth, again, in the new
fiscal
year, on a high comparison basis.
---------------------------------------------------------------------------
Forthcoming Q1 sales revenue December 18, 2012 (after
events: Shareholders' Meeting closing)
Q2 and H1 sales revenue January 9, 2013
28 March 2013
---------------------------------------------------------------------------
Notes
Consolidated sales revenue by quarter
--------------------------------------------------------------------------
In millions of 1st quarter 2nd quarter 3rd quarter 4th quarter
euros 2011/2012 2011/2012 2011/2012 2011/2012
--------------------------------------------------------------------------
AeroSafety & 142.5 148.6 163.2 190.5
Technology
Aircraft Systems 156.8 168.0 176.5 176.8
Cabin Interiors 479.3 472.1 568.6 597.7
Group Total 778.6 788.7 908.3 965.0
--------------------------------------------------------------------------
EUR/$ conversion 1.37 1.31 1.31 1.24
--------------------------------------------------------------------------
------------------------------------------------------------------------
In millions of 1st quarter 2th quarter 3th quarter 4th quarter
euros 2010/2011 2010/2011 2010/2011 2010/2011
------------------------------------------------------------------------
AeroSafety & 134.9 134.8 139.9 162.0
Technology
Aircraft Systems 131.5 132.6 152.2 146.9
Cabin Interiors 373.6 395.1 418.9 412.4
Group Total 640.0 662.4 711.0 721.4
------------------------------------------------------------------------
EUR/$ conversion 1.35 1.34 1.43 1.43
------------------------------------------------------------------------
VARIANCES
(Quarter compared with the same quarter of the previous year)
---------------------------------------------------------------------------
Based on published figures Q1 Q2 Q3 Q4
2011/2012 2011/2012 2011/2012 2011/2012
---------------------------------------------------------------------------
AeroSafety & Technology +5.6% +10.3% +16.6% +17.6%
Aircraft Systems +19.2% +26.7% +15.9% +20.3%
Cabin Interiors +28.3% +19.5% +35.8% +44.9%
---------------------------------------------------------------------------
Group Total +21.7% +19.1% +27.8% +33.8%
---------------------------------------------------------------------------
--------------------------------------------------------------------------
Based on organic revenue Q1 Q2 Q3 Q4
2011/2012 2011/2012 2011/2012 2011/2012
--------------------------------------------------------------------------
AeroSafety & Technology +6.7% +9.2% +11.7% +9.3%
Aircraft Systems +21.9% +26.6% +12.0% +12.3%
Cabin Interiors +19.8% +11.8% +13.0% +15.8%
--------------------------------------------------------------------------
Group Total +17.5% +14.2% +12.5% +13.6%
--------------------------------------------------------------------------
Aerospace activities* +20.8% +17.6% +13.9% +15.0%
--------------------------------------------------------------------------
Organic changes 2010/2011
--------------------------------------------------------------------------
Based on organic revenue Q1 Q2 Q3 Q4
2010/2011 2010/2011 2010/2011 2010/2011
--------------------------------------------------------------------------
AeroSafety & Technology +10.4% +1.6% -3.3% +9.8%
Aircraft Systems +9.3% +15.3% +21.8% +15.2%
Cabin Interiors +25.5% +23.7% +19.8% +25.7%
--------------------------------------------------------------------------
Group Total +18.3% +16.6% +14.8% +19.5%
--------------------------------------------------------------------------
Aerospace activities* +16.8% +14.9% +14.0% +19.7%
--------------------------------------------------------------------------
*Excluding Trains and Airbags businesses
Cumulative consolidated sales revenue
---------------------------------------------------------------------------
In millions of 1(st) quarter 1(st) half-year 9 months 2011/2012 fiscal
euros 2011/2012 2011/2012 2011/2012 year
---------------------------------------------------------------------------
AeroSafety & 142.5 291.1 454.3 644.8
Technology
Aircraft Systems 156.8 324.8 501.3 678.1
Cabin Interiors 479.3 951.4 1520.0 2117.8
Group Total 778.6 1567.3 2475.7 3440.6
---------------------------------------------------------------------------
EUR/$ conversion 1.37 1.34 1.33 1.32
EUR/$ transaction 1.36 1.34 1.33 1.31
---------------------------------------------------------------------------
---------------------------------------------------------------------------
In millions of 1(st) quarter 1(st) half-year 9 months 2010/2011 fiscal
euros 2010/2011 2010/2011 2010/2011 year
---------------------------------------------------------------------------
AeroSafety & 134.9 269.7 409.6 571.7
Technology
Aircraft Systems 131.5 264.1 416.3 563.2
Cabin Interiors 373.6 768.7 1,187.5 1,599.9
Group Total 640.0 1,302.4 2,013.5 2,734.8
---------------------------------------------------------------------------
EUR/$ conversion 1.35 1.35 1.37 1.39
EUR/$ transaction 1.29 1.30 1.31 1.35
---------------------------------------------------------------------------
VARIANCES
(Aggregate at end of period compared with the same period of last year)
--------------------------------------------------------------------------
Based on
published 1(st) quarter 1(st) half-year 9 months 2011/2012 fiscal
figures 2011/2012 2011/2012 2011/2012 year
--------------------------------------------------------------------------
AeroSafety & +5.6% +7.9% +10.9% +12.8%
Technology
Aircraft Systems +19.2% +23.0% +20.4% +20.4%
Cabin Interiors +28.3% +23.8% +28.0% +32.4%
--------------------------------------------------------------------------
Group Total +21.7% +20.3% +23.0% +25.8%
--------------------------------------------------------------------------
Based on organic 1st quarter 1st half-year 9 months 2011/2012 fiscal
revenue 2011/2012 2011/2012 2011/2012 year
---------------------------------------------------------------------------
AeroSafety & +6.7% +8.0% +9.3% +9.3%
Technology
Aircraft Systems +21.9% +24.3% +19.7% +17.7%
Cabin Interiors +19.8% +15.8% +14.8% +15.0%
---------------------------------------------------------------------------
Group Total +17.5% +15.9% +14.7% +14.4%
---------------------------------------------------------------------------
Aerospace +20.8% +19.2% +17.3% +16.7%
activities*
---------------------------------------------------------------------------
*Excluding Trains and Airbags businesses
+--------------------------------------------------------------------------
----+
| Current Operating Income:
|
+-------------------------+---------------------+---------------------+----
----+
|In millions of euros |2011/2012 fiscal year|2010/2011 fiscal year|%
Change|
+-------------------------+---------------------+---------------------+----
----+
|Aerosafety & Technology| 83.6| 67.1|
+24.6%|
|Segment | | |
|
| | | |
|
|Aircraft Systems Segment | 85.4| 75.2|
+13.5%|
| | | |
|
|Cabin Interiors Segment | 330.3| 252.1|
+31.0%|
| | | |
|
|Holding | -12.9| -9.6|
|
| | | |
|
|Group Total | 486.4| 384.8|
+26.4%|
+-------------------------+---------------------+---------------------+----
----+
+-------------------------------------------------------------------------+
| Income statement 2011/2012|2010/2011|
+-----------------------------------------------------+---------+---------+
|Sales revenue 3,440.6| 2,734.8|
+-----------------------------------------------------+-------------------+
| Amortization expense | 70.1| 61.6|
+-----------------------------------------------------+---------+---------+
| Charge to provisions | 13.4| 14.3|
+-----------------------------------------------------+-------------------+
|Current Operating Income | 486.4| 384.8|
+-----------------------------------------------------+---------+---------+
|Non-current Operating Income | -11.5| -17.2|
+-----------------------------------------------------+-------------------+
|Operating profit: | 475.0| 367.6|
+-----------------------------------------------------+---------+---------+
|Cost of net debt | -30.7| -32.4|
+-----------------------------------------------------+---------+---------+
|Other financial income and expenses | -2.5| -2.0|
+-----------------------------------------------------+-------------------+
|Tax expense | 134.4| 95.9|
+-----------------------------------------------------+-------------------+
|Income from continuing operations | 307.4| 237.3|
+-----------------------------------------------------+---------+---------+
|Income from operations being discontinued | 10.9| 0.6|
+-----------------------------------------------------+-------------------+
|Income from continuing operations and operations | 318.3| 237.9|
|being didiscontinued | | |
+-----------------------------------------------------+---------+---------+
|Net income attributable to Group shareholders | -0/6| -0.4|
+-----------------------------------------------------+---------+---------+
|Net income attributable to Group shareholders | 318.9| 238.3|
+-----------------------------------------------------+-------------------+
+-------------------------------------------------------------------------+
| Summary balance sheet |
| | |
|In millions of euros 08/31/12 08/31/11| 08/31/12 08/31/11|
| | |
|Non-current assets 2,346.9 1,756.9|Equity 2,056.8 1,591.6|
| | |
| |Provisions and |
|Current assets 1,504.0 1,142.0|deferred tax 265.7 219.0|
| | |
|Cash and equivalents 161.8 224.7|Financial debt 993.3 810.1|
| | |
| |Other current |
| |liabilities 698.4 519.8|
| | |
| |Liabilities held for |
|Assets held for sale 1.5 18.7|sale 1.8|
| | |
| 4,014.2 3,142.3| 4,014.2 3,142.3|
+--------------------------------------+----------------------------------+
+-------------------------------------------------------------------------+
| Summary cash flow statement |
| |
|In millions of euros 2011/2012 2010/2011|
| |
|Operating activities |
| |
|Cash flow from operations 427.5 346.4|
| |
|Change in WCR -127.3 -20.2|
| |
|Cash flow from continuing operations 300.2 326.2|
| |
|Cash flow from operations being discontinued 0.1|
| |
|INVESTMENT OPERATIONS |
| |
|Acquisition of intangible fixed assets -71.6 -50.5|
| |
|Acquisition of tangible fixed assets -84.1 -58.5|
| |
|Change in scope of consolidation: -405.0 -210.4|
| |
|Cash flow from investments of continuing operations -560.7 -319.4|
| |
|Cash flow from investments of operations being 27.4 -0.1|
|discontinued and assets held for sale |
| |
|FINANCING OPERATIONS |
| |
|Change in debt 182.1 134.0|
| |
|Treasury stocks 2.3 -1.6|
| |
|Increase in equity 15.0 11.3|
| |
|Dividends -64.8 -53.4|
| |
|Cash flow linked to financing of continuing operations 134.6 90.3|
| |
| |
| |
|Translation adjustment on cash position at the start of 35.3 -30.4|
|the period |
| |
|Change in cash position -63.2 66.7|
+-------------------------------------------------------------------------+
The audit procedures on the consolidated financial statements are being
finalized.
The audit report will be issued once the work has been completed of
reviewing
the notes to the financial statements.
[1] Restated to account for the disposal of Driessen Services
[2] EBITDA: Income as in the definition in the "Club Deal" credit agreement
[3] Changes in scope of consolidation: Inclusion of Sell for one extra
month,
Heath Tecna for 12 months and Contour for six months - Exclusion of:
Driessen
Services for 12 months
[4] IFE: "In Flight Entertainment"
[5] EBITDA: Income as in the definition in the "Club Deal" credit agreement
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