Zodiac Aerospace

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|April 3, 2013 |[pic] |

Finance Master
Group Work
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Group work #76 Professor: Philippe GIVRY

|N° Group : 76 Section : EN Professor : Philippe GIVRY | | |First name |Last name | |Name 1 |William |AZZARIO | |Name 2 |Yuan |CHEN | |Name 3 |Alex |KIRCHEN | |Name 4 |William |FEUILLET |

Summary

1.Presentation of the company3
2.Ownership structure4
3.Financing and Capital Structure7
a.Financial Structure7
b.Capital Structure8
4.Dividend policy9
Comparison to Safran, competitor of Zodiac Aerospace9
Sources for Zodiac Aerospace10
Sources for Safran (competitor)11
5.SUMMARY OF WORK14
6.Appendices15
Appendix 1: Zodiac Aerospace ownership structure15
Appendix 2: Zodiac Aerospace financial structure17
Appendix 3: Capital Structure25
7.References27

Presentation of the company

Zodiac Aerospace is the world leader in aerospace equipment and systems, intended for commercial aircraft, regional aircraft, business jets as well as helicopters and space. In its infancy in 1896, the company created by Frenchman Maurice Mallet, contributed to the development of aeronautics designing airships and airplanes. Thanks to its innovative spirit, the company invented the concept of Zodiac inflatable boat in the 30s, ancestor of the famous "Zodiac". In 2007, the Group focused its activity on aeronautics applications selling the Marine division and the same year Oliver Zarrouati became the actual CEO. Thanks to its strategy of growth and acquisitions, Zodiac Aerospace continues its development to ensure constant progress of its activities. With rigor and efficient management, technological know-how of Zodiac Aerospace are organized around three main areas: comfort and life on board, embedded systems, safety in flights and on the ground. Those ones are divided into five parts of activity which are: Zodiac Cabin & Structures, Zodiac Seats, Galleys & Equipment Zodiac, Zodiac AircraftSystems, Zodiac Aerosafety, completed with an activity devoted to after-sales service: Zodiac Services. The whole activity of Zodiac Aerospace permits to employ nearly 26,000 collaborators and accompanies its worldwide customers through a complete offer that is intended to meet the new challenges of aeronautics. So It deploys a strategy based on the internal and external growth, consisting of developing « niche » markets with high technological content, generating a significant after-sales activity, and on which it can occupy the front rows. During the year 2011/2012, Zodiac Aerospace experienced another year of sustained growth, with a 25.8% raise on the turnover which amount 3 440.6 M €. This one can be divided as follows: - Cabin equipment for civil aircraft (61.6%) such as passenger seats (No. 1 worldwide), health systems embedded (No. 1 world), pilot seats (World No. 3), and else. - Security equipment and technological equipment (19.7%) such as evacuation slides (No. 1 worldwide), parachute systems (No. 1 worldwide) systems, electrical wiring protection (No. 1 worldwide), airbags for automotive systems, data transmission. - Flight systems (18.7%) oxygen systems (No. 1 worldwide), fuel systems (No. 1 in Europe),...
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