Blagnac,
RESULTS FOR THE 1st HALF 2020
Turnover = €68.9 M, -24.0% (€25.6 M over the 2nd quarter so that -43.9%)
EBITDA (1) = €-1.1 M against €5.4M at the 1st half 2019
Provisions and charges related to the Covid-19 = €15.21M
The Board of Directors, meeting on
The limited examination procedures on the half-year accounts have been accomplished.
In € million | H1 2020 | H1 2019 | H1 2020 / H1 2019 | |
Turnover | 68.9 | 90.6 | -24.0% | |
International | 37.3 | 51.9 | -28.1% | |
EBITDA(1) | -1.1 | 5.4 | ||
As a % of turnover | -1.6% | 5.9% | ||
Operational Result | -17.1 | 1.2 | ||
As a % of turnover | -24.9% | 1.3% | ||
Net Result | -16.3 | -0.5 | ||
Including group share | -15.9 | -0.7 |
(1) Operating result – other operating income and charges + amortization expenses and operating provisions
The activity for the 1st half was penalized by the Covid-19 crisis with a 43.9% turnover decrease during the alone second quarter. The Aerospace division (-54.0% at Q2) suffered from site closings for business aviation and space, and production rates and engineering reduction for commercial aviation. The Vehicle division has decreased by 65.7% (Q2) and the Simulation division has increased by 12.5% (Q2) thanks to its good order book.
The contribution by division is the following:
In €M | Aerospace H1 2020 H1 2019 | Simulation H1 2020 H1 2019 | Vehicle H1 2020 H1 2019 | Holding H1 2020 H1 2019 | ||||
Turnover | 51.2 | 74.9 | 17.2 | 14.2 | 0.4 | 1.5 | ||
EBITDA | -0.6 | 2.9 | -1.4 | 1.3 | -0.4 | 0.1 | 1.3 | 1.0 |
OR(2) | -15.6 | 1.0 | -1.7 | -0.3 | -0.6 | -0.1 | 0.8 | 0.6 |
(2) OR = Operational Result
SOGELAIR is facing a significant and lasting decline of its activity in the commercial Aerospace. As a result, the measures have already been taken and provisioned over the 1st half of the year in terms of adaptation, they concern the significant workforce reductions (around 25%).
At the same time, the following actions have been put in place to prepare the future:
- Securing the treasury mainly with the establishment of State Guaranteed Loans for €23.6 M,
- Reinforcement of actions aimed for increasing the product portfolio,
- Targeted commercial actions.
Perspectives
The commercial aerospace market is undergoing a sharp and lasting decline for the coming semesters, but it remains favorable in the medium term (3 to 5 years).
The business aviation, space and more generally transport investment markets, which experienced a significant decline in the second quarter, are expecting a faster recovery.
On the basis of those analysis,
Next announcement: turnover for Q3 2020, on
About
Contacts: Philippe ROBARDEY, President & CEO of
Attachment
- PR
SOGECLAIR H1 2020 Results
© OMX, source