(Boursier.com) — The FIGEAC AÉRO Group, a reference partner of the major aeronautics manufacturers, announces that it has reached an agreement with all of its financial partners, with a view to carrying out a set of inseparable operations resulting in the financial restructuring of the Group, within the framework of an ad hoc mandate and under the aegis of the CIRI.
In light of the half-year results published on December 28, 2021, the FIGEAC AÉRO Group demonstrates its ability to rebound with significantly improved results. The Group’s level of activity in the first half of 2021/22 (up +30% LFL) confirms the recovery of the aeronautics sector, which is reflected in an increase in aircraft deliveries, new orders from airlines and the resumption of air traffic.
In addition, all of the strong cost reduction measures undertaken by the company as part of its plan to optimize operations and secure long-term financial resources are bearing their first fruits and allow the Group to foresee the end of turbulence. Indeed, revenue is up and operating margin stands at 9.7%, improving sequentially for two consecutive semesters and close to the double-digit target targeted at the end of the 2021/22 financial year. (as of March 31, 2022). Operating cash flows are close to break-even and should, in accordance with the objectives set by the company, be positive at the end of the current financial year.
The outlook for 2021/22 is confirmed and that of the Route 2025 plan is clarified, based on the latest announcements of increases in production rates from manufacturers.
Furthermore, the FIGEAC AÉRO Group is not directly exposed to Ukraine and Russia and has not encountered, to date, any disruption in its supplies at any of its industrial sites. Nevertheless, the ongoing conflict and associated geopolitical tensions could have an impact on the global economy and could therefore weigh on the Group’s long-term performance…
Jean-Claude Maillard, CEO of FIGEAC AÉRO, declares: “This global agreement marks a new stage in the development of the Group which strengthens its equity, adapts the pace of repayment of its debt to a level in line with the implementation of the strategic plan Route 25 and strengthens its liquidity position. With a new reference shareholder and financially strengthened, FIGEAC AÉRO secures its industrial future. I would like to thank all the creditors and stakeholders who allow us to breathe new life into the Group and to pursue its value-creating development with ambition.”
Modification of the terms of Tikehau Ace Capital’s entry into the capital of the Company
Confident in the future of the Group as a key and recognized supplier of the global aeronautics supply chain, Tikehau Ace Capital wishes to support the development of FIGEAC AÉRO in this new phase of growth. Thus, on September 9, 2021, the company announced the signing of a binding agreement with Tikehau Ace Capital, with a view to acquiring a minority stake in the Group’s capital.
Discussions with Tikehau Ace Capital led to the conclusion on April 4, 2022 of an amendment to the agreement announced on September 9, 2021 to strengthen FIGEAC AÉRO’s equity, diversify its shareholder structure by relying on the term to Tikehau Ace Capital, which specializes in the aeronautics sector. Under this amendment, Tikehau Ace Capital significantly increases its investment in the company’s capital and undertakes to subscribe to a reserved capital increase for a maximum amount of €58.5 million (issue premium included). The amount initially planned was 35 ME. The issue price of the new shares remains at 5.60 euros per share.
Tikehau Ace Capital thus undertakes to subscribe to a maximum number of 10,446,428 new shares within the framework of a capital increase of the Company which would be reserved for it.
Mr. Maillard, majority shareholder of the Company, for his part waived the sale of most of the FIGEAC AÉRO shares which he had to sell to Tikehau Ace Capital at the same price of 5.60 euros, so that the Company could benefit from the full effect of Tikehau Ace Capital’s investment. The sale of FIGEAC AÉRO shares from Mr. Maillard to Tikehau Ace Capital would now involve 803,572 FIGEAC AÉRO shares at the same price of 5.60 euros (compared to 3,750,000 FIGEAC AÉRO shares as initially planned).