CHANGE IN CONSOLIDATED SALES REVENUES (IN EMILLIONS)

Disposal of the Marine division in 2007/2008

BREAKDOWN OF CONSOLIDATED SALES REVENUES

by business Segment (in %)

BREAKDOWN OF CONSOLIDATED SALES REVENUES

by region (in %)

Operational performance supported by rigorous financial management

“In addition to the operational performance of our five business Segments in 2012/2013, we also had rigorous management and solid control of our financial expenses, which decreased from €33.2 million to €28.1 million. We also reduced our net debt to equity ratio to 38.5% (42% end of August 2012 ), and net debt to EBITDA to 1.26 against 1.45 at the end of August 2012. At year-end, net debt stood at €843.8 million. And our operating cash flow was €509 million, a 19.2% improvement over the end of last year

We also rigorously monitor our need for working capital, which slightly increased to 31.7% of sales revenue (29.4% at the end of August) resulting essentially from shortening the period for payment of some of our suppliers.

All of these factors have enabled us to fund investments for the development of new programs, Airbus A350XWB in particular and for our acquisitions, which required €160 million. Another major event for the fiscal year: we have strengthened our funding structure, extended the maturity of our debt and diversified our sources of funding via a German Schuldschein (€535 million) and a private placement in France (€125 million). This new resource allows us to pursue our strategy of internal and external growth”

ZODIAC AEROSPACE • 93