Results for the 2011/12 fiscal year

Results for the 2011/12 fiscal year 
Zodiac Aerospace again reports very good results 
PLAISIR CEDEX, FRANCE -- (Marketwire) -- 11/21/12 --  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 rat
e 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  GBP 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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http://hugin.info/143758/R/1659658/537329.pdf 
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(ii) they are solely responsible for the content, accuracy and     
originality of the information contained therein. 
Source: Zodiac Aerospace via Thomson Reuters ONE 
[HUG#1659658] 
ZODIAC AEROSPACE CONTACT
Pierre-Antony VASTRA
Tel: +33 (0)1 61 34 25 68
PierreAntony.Vastra@zodiacaerospace.com
Valerie AUGER
Tel: +33 (0)1 61 34 22 71
Valerie.Auger@zodiacaerospace.com
61, rue Pierre Curie - CS20001 - 78373 PLAISIR
CEDEX 
MEDIA - IMAGE 7 CONTACTS
Flore LARGER
Tel: +33(0) 1 53 70 74 92 /
flarger@image7.fr 
Priscille RENEAUME
Tel: +33 (0) 1 53 70 74 61 /
preneaume@image7.fr 
CONTACT ANALYSTES - KEIMA
Communication
Emmanuel DOVERGNE
Tel: 01 56 43 44 63 /
emmanuel.dovergne@keima.fr