Societe Industrielle d'Aviation Latecoere SA reported consolidated earnings results for the year ended December 31, 2011. For the year, net income after minority interests was EUR 6.6 million on total revenue of EUR 575.6 million compared to net income after minority interests of EUR 29.9 million on total revenue of EUR 464.4 million for the previous year. Current operating result was EUR 44.7 million against EUR 27.5 million of prior year. EBIT was EUR 44.7 million against EUR 45.3 million of previous year. Consolidated net financial debt was EUR 368.8 million against EUR 350.7 million of prior year. Revenue excluding non recurring items reached EUR 520.6 million in 2011, up +12.1% versus 2010, in line with its stated objectives. The realized net financial result amounted to EUR -21.0 million versus EUR -10.9 million recorded in 2010 which benefited from an exchange gain of EUR 4.3 million. Unrealized net financial result amounted consequently to EUR -22.1 million weighing upon both net income after minority interests and shareholder's equity (Group share) which came in respectively at EUR 6.6 million and EUR 169.4 million. Adjusted for changes in the fair values of financial hedging instruments, net income after minority interests would amount to EUR 20.3 million and shareholder's equity (Group share) to EUR 182.7 million. EBITDA amounted to EUR 46.9 million in 2011. Net capital expenditure was kept to EUR 7.7 million, and concerned primarily industrial plants and information systems. Under these conditions, and after factoring realized financial expenses (EUR 21.0 million) and other needs (EUR 0.5 million), consolidated net financial debt stood at EUR 368.8 million on December 31, 2011, up EUR 18.1 million year on year. The company provided earnings guidance for the year 2012. Based on the latest delivery rates announced by the aircraft manufacturers, the Group anticipates a further growth of its activities with revenue up by about 10%, excluding non-recurring billings of development costs. As the latter should reach EUR 60 million in 2012, the overall increase in revenue is also expected to be 10%; current operating profitability in the continuity of 2011. Net financial debt is expected to decrease by nearly EUR 50 million in 2012.