FIGEAC AERO: FIGEAC AÉRO REACHES ITS GROWTH TARGET – REVENUE 2022/23: EUR 341.4 M – 05/24/2023 at 6:00 p.m.

• 21.1% growth in sales, mainly driven by the Aerostructures and Aeromotors division and the increase in production rates
  

• Strongly developing sales pipeline
  

• Confirmation of 2023 and 2025 objectives
  

FIGEAC AÉRO (FR0011665280 – FGA FP), a leading partner of major aeronautics manufacturers, today announces its annual revenue for the 2022/23 financial year, ending March 31, 2023, followed by a update on commercial activity.

Jean-Claude Maillard, Chairman and CEO of the FIGEAC AÉRO Group comments on the publication:

“We have been able to adapt and bounce back after the difficult years we have gone through. It is a source of pride for the Group and its teams to achieve our sales target for the second consecutive year.

Even if challenges remain, we confirm through this good performance that the crisis is indeed behind us. We emerged stronger and are ideally positioned to benefit from the growth opportunities generated by the strong recovery in the aerospace sector. »

FIGEAC AÉRO achieves its annual revenue growth target

Over the whole of the 2022/23 financial year (ended March 31, 2023), FIGEAC AÉRO recorded strong growth in revenue of 21.1% compared to the previous financial year, at €341.4 million. Over the period, organic growth in sales amounted to 14.0%.

Excluding the contribution of a one-off sale of raw materials inventories for a total amount of €12.0 million (without impact on EBITDA), FIGEAC AÉRO’s turnover amounted to €329.4 million. , thus reaching the growth trajectory set for the second consecutive year.

This performance mainly reflects the increase in production rates of the major manufacturers in the sector, with which FIGEAC AÉRO continues to strengthen its partnerships. Revenue was also driven, to a lesser extent, by currency effects and initiatives to pass on inflation.

Over the period, all of the Group’s activities contributed to growth:

• The main beneficiary of the ongoing recovery in the civil aeronautics sector, the Aerostructures & Aeromotors division saw its turnover jump by 22.7% (14.8% in organic data) to €311.6 million;

• Diversification activities are capitalizing on the many growth opportunities in the defense, energy and oil & gas sectors, and are up 6.7%.

Confirmation of a new cycle of growth for the aeronautics sector

The recovery of the sector, from which FIGEAC AÉRO benefited throughout the year, is lasting with all the signs of continued growth in the coming years:

• The latest air traffic figures

  [3]

  are a powerful illustration of this. At the global level, it was up in March by 52% (compared to the same period last year) to return to more than 88% of the level reached in the same period in 2019. Domestic traffic , like that of the North America zone, have already returned to their pre-crisis levels (99%). The Asia-Pacific zone remains down at 78% of its pre-crisis levels, but the lifting of health restrictions in China is leading to a catch-up movement with air fares up 156% over one year.

• Thanks to the strong recovery in air traffic, airlines need to increase their offer and their fleet, as evidenced by Air India’s latest mega-orders in February for more than 450 Airbus and Boeing aircraft (including 210 A320 family aircraft and 40 A350 wide-body aircraft), or Ryanair, in May for 300 B737 single-aisle aircraft.

• The firm order books of the major aircraft manufacturers are also already very full with more than 7,250 aircraft for Airbus and 4,500 aircraft for Boeing, i.e. production guaranteed for a period of up to 10 years.

  [4]

  .

• Despite the short-term challenges, the latter have also confirmed the increase in the production rates of their main programs in the coming years, namely for the A320, 65 aircraft per month at the end of 2024, then 75 per month at the end of at the end of 2026 (compared to 43 per month in 2022), for the A350, 9 per month at the end of 2025 (compared to 5 in 2022) or even for the B737, 38 per month at the end of 2023, then 50 per month at the end of 2025 or the beginning of 2026 (compared to 31 in 2022).

Robust commercial activity despite a constrained environment

While industrial performance remains marked across the sector by recruitment constraints, the strong demand faced by major clients generates a growing volume of consultations.

In this context, FIGEAC AÉRO has a major asset with an industrial footprint already sized for growth. The Group is thus recording good commercial momentum, particularly with systems and engine manufacturers, and remains fully focused on developing its attractiveness and operational excellence in order to maintain its full capacity to take on new business in all of its segments.

In total, FIGEAC AÉRO has a solid order book as of March 31, 2023 amounting to approximately €3.4 billion.

[5]

up from 1

^er

half of 2022/23 (€3.0 billion), driven in particular by the increase in production rates and the winning of new calls for tenders.

In addition, with the AS9100 certification obtained in July 2022 by its joint venture in Saudi Arabia, and April 2023 by its joint venture in China

[6]

the Group now has two fully operational entities, located in regions with very high potential, which should see the strongest growth in air traffic, and the resulting demand for new aircraft.

Very favorable prospects

All the indicators are therefore green for FIGEAC AÉRO for the years to come, both in terms of market fundamentals and commercial dynamics thanks to its strategic positioning on the main aircraft and engine platforms.

Despite the inflationary context and the persistence of tensions on supplies and recruitment, the Group remains fully mobilized to move forward towards its objectives:

• The deployment of the Route 25 strategic plan is continuing in line with expectations. It makes it possible to respond to increases in the production rate of principals, within an industrial plan optimized according to know-how, technology and production costs. In addition, the Group should now fully benefit from the increased capacities of its new ERP, after the end of the disruptions linked to its deployment.

• Faced with the current challenges of the sector, the Group continues to strengthen its partnership relations with all of its customers, in an unprecedented context of awareness of the need for a more solid supply chain. , able to provide long-term support to meet strong demand.

In this context, with a strengthened financial structure, and strong discipline, focused on the profitability of contracts and the control of operational investments (CAPEX) and working capital requirements, FIGEAC AÉRO is thus fully embarked on a solid growth trajectory. profitable.

Consequently, the profitability and cash generation outlook for 2022/23 is confirmed:

• Current EBITDA between €38m and €42m,

• Positive free cash flows.

And the 2024/25 objectives are fully confirmed:

• Turnover of between €400m and €430m,

• Current EBITDA between €67m and €73m,

• Free cash flows between €20m and €28m,

• A net financial debt which should be between €280 million and €300 million.

Finally, FIGEAC AÉRO will be present at the Paris Air Show, the most important event in the sector, which returns after four years of absence due to a health crisis.

Upcoming events

• June 19-25, 2023: International Aeronautics and Space Show, Paris-Le Bourget airport

• July 4, 2023: Publication of the annual results for the 2022/23 financial year (after market)

ABOUT FIGEAC AERO

The FIGEAC AÉRO Group, a benchmark partner for major aerospace manufacturers, specializes in the production of structural parts in light alloys and hard metals, engine parts, landing gear and sub-assemblies. An international group, FIGEAC AÉRO is present in France, the United States, Morocco, Mexico, Romania and Tunisia. As of March 31, 2023, the Group achieved annual revenue of €341.4 million.

[1]

Revenue for the 2021/22 financial year by division has been restated as follows: reclassification of on-site assembly, machining and surface treatment activities as revenue of the Aerostructures & Aeroengines division, for a total amount of €19.8 million

[2]

Data at constant exchange rates and perimeter

[3]

Source: IATA, Air Passenger Market Analysis, March 2023, revenue passenger kilometers (RPK) figures

[4]

Based on the end-2023 delivery target of 720 aircraft by Airbus

[5]

The order backlog is defined as the sum of orders received and to be received over the remaining duration or over a maximum duration of 10 years of each contract obtained and call for tenders won, on the basis of production rate assumptions communicated and then projected. . Based on a EUR/USD parity of 1.12.

[6]

See press release of May 9, 2023

© Copyright Actusnews Wire

Receive the company’s next press releases free of charge by email by subscribing to www.actusnews.com