Figeac Aero : Investor presentation full year results 2023/24 22.04 KB

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The leading partner for major aerospace manufacturers

Full-year results 2023/24

June 2024

Flight plan

GROUP PROFILE

1. HIGHLIGHTS

2. FINANCIAL PERFORMANCE

3. MARKET DYNAMICS

4. PILOT 28 ADVANCES

5. OUTLOOK

01 Highlights

01

Strategic & financial highlights

All 3 annual targets achieved or surpassed for 3rd consecutive yearPILOT 28 advances

€397.2m	€52.2m	€24.1m	Progress
revenue	current EBITDA	Free Cash Flow	on all fronts
(+19.3% org. growth)	(13.2% margin, +140bp)	(vs €5.4m)
(vs guid. €375-390m)	(vs revised guid. €50-53m)	(vs revised guid. €20-24m)

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01

Business development & operational highlights

Backlog

€3.9bn1

Backlog

(vs €3.7bn as at

31 Dec 2023)

Customer satisfaction

• Improvements in OTD
• Stable performance in terms of quality

Recruitment

750

Gross hires

Supply chain

• Persisting tensions but better adaptation
• Aluminium mostly good
• Titanium under control with inventories & derisking
• Situation with steel still very complicated
• Processing under control but still a bottleneck

1 As at 30 April 2024, including projected increase in A350 rates

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12

02 Financialperformance

02

P&L - Key points

IFRS, €m (audit in the final stages)	FY 23/24	FY 22/23	Chg.	Org. chg.
Revenue	397.2	341.6	+16.3%	+19.3%
Current EBITDA	52.2	40.3	+29.6%
Current EBITDA margin	13.2%	11.8%	+140bp
Current operating income (loss)	4.7	(2.6)	ns
Operating income (loss)	2.8	(0.6)	ns
Financial income (loss)	(24.0)	(16.2)	(48.3)%
Net income (loss), Group share	(12.2)	(18.1)	+32.3%

• +19.3% organic revenue growth
• EBITDA margin up 140bp
• Current operating income & operating income now positive
• Financial income:
• • €(4.8)m in interest expense
  • €(5.3)m decrease in non-cash unrealised gains on derivative instruments

		Note: a P&L table is available in the appendices to this document
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02

Full-year revenue objective surpassed

OTHER CLIENTS 14%

Evolution of revenue (€m)
+16.0%	16.3%
+19.3% org.	+19.3% org.

+19.4%

€397.2m revenue, 19.3% organic growth

ROLLS ROYCE 2% COLLINS 2%

EMBRAER 5%

SPIRIT 10%

SAFRAN 23%

OTHER

PROGRAMMES 26%

A330 4%

GLOBAL 7500 5%

Part revenue1

by client

Part revenue1 by programme

AIRBUS

ATLANTIC 30%

AIRBUS 14%

A320 24%

A350 29%

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LEAP 12%

15

02

Profitability target achieved

• Current EBITDA €52.2m, +29.6%
• Current EBITDA margin 13.2%, +140bp
• Strong contribution from H2, as expected: €32.3m, 15% margin

Current EBITDA over the financial year (€m)

14.1%

13.2%

11.8%

€52.2m current EBITDA, at upper end of guidance range (€50-53m)

Further margin gains despite challenging conditions

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02

WCR update

WCR and DIO over the financial year (in number of days of revenue)

321

242 236

			210
		161	175
145
		132
	95		82

FY19/20	FY20/21		FY21/22	FY22/23	FY23/24
			DIO		WCR

• 51-dayreduction in WCR
• • DIO -35 days
  • DSO -15 days
  • DPO -7 days
• Very good performance towards FY2027/28 DIO target returning to pre- crisis levels (140 days)

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