(Boursier.com) — The most important crisis in the history of aeronautics and Figeac Aéro, in the spring of 2020, already seems distant, but remains more present than ever in the mind of Jean-Claude Maillard, the CEO of group, now committed to its objective of returning to the pre-crisis level of activity and profitability, after an intermediate phase of industrial and commercial recovery which included a significant and essential capital increase.
“At the end of the financial year which will close in March 2025, we will be more or less at the pre-crisis level of activity and the pre-crisis level of EBITDA”, confirms the manager at the CIC Forum by Market Solutions. “But with a notable change: free cash flow greatly increased compared to our pre-crisis levels to approach EUR 30 million,” he adds.
Debt reduction
Enough to enable the repayment of the group’s debt and return to a normative level in this area. “The priority is debt reduction” confirms Jean-Claude Maillard, who remembers that Figeac Aéro entered the 2020 crisis with a debt of 300 ME for an EBITDA, at the time, close to 65 ME, before activity does not fall… “I want to be able to project myself into a future trough in the cycle, which will undoubtedly affect aeronautics after 2030, with a company almost no longer in debt”, indicates the manager.
In the meantime, growing air traffic, airlines in great shape with full planes and more expensive tickets: all the lights are green in aeronautics and Figeac Aéro is benefiting from it: “The health of aeronautical construction which Figeac Aéro is making part depends first of all on the end customer, the airlines. They have never made so much money. This is very good news for Figeac Aéro,” rejoices the CEO of the group.
New planes, new engines
When an airline makes money, it invests to increase capacity and modernize its fleet, making it more economical and less polluting. These issues are at the heart of the aviation of the future, which Figeac Aéro will support. Figeac Aéro’s metal parts will be integrated into the new alloys and new engines, as Jean-Claude Maillard confirms: “Whatever the definition of the new engines and new equipment, Figeac Aéro will be present to produce metal parts. We will be competitive to manufacture these parts that will fly in these future planes.”
With seven factories in France, three in the Maghreb, one in the United States and one in Mexico and a JV in China, Figeac Aéro today has an industrial tool to face these challenges, sized to generate around 550 ME of turnover without significant investment. And major clients are reassured about the group’s ability to honor all the volumes of past contracts but also future volumes meeting the high rates of the sector. Here again, Figeac reassures and even shows itself capable of taking the place of certain failing players with the clients…