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  FIGEAC AERO company press release from 04/02/2020

  04/02/2020 - 17:55

9-MONTH 2019/20 REVENUE: +9.2%


  • A 3rd consecutive quarter of growth with +5.7% despite a struggling aerostructures market
  • 2019/20 a transition year
  • Another phase of development spanning 2021/24

The FIGEAC AÉRO Group (ticker: FGA), a leading partner for major aerospace manufacturers, has today released its revenue figures for the third quarter of financial year 2019/20.

Unaudited figures
in €m
Q3
2018/19
Q3
2019/20
Chg.
(%)
LFL
chg. (%)
9M
2018/19
9M
2019/20
Chg.
(%)
LFL
chg. (%)
Aerostructures 96.3 103.1 7.1% 4.1% 271.0 299.2 10.4% 7.4%
Other business activities 15.6 15.2 -3.0% -3.5% 42.9 43.6 1.5% 0.9%
Total revenue 111.9 118.3 5.7% 3.1% 313.9 342.7 9.2% 6.5%


Continued growth in the 3rd quarter of 2019/20

FIGEAC AÉRO delivered +5.7% year-on-year growth in the third quarter of financial year 2019/20. At constant scope and exchange rates, the Group's quarterly growth rate came to +3.1% (+4.1% for the Aerostructures division) thanks to new contract wins which only partly offset the headwinds facing the aerospace sector:

  • the crisis surrounding the Boeing 737 Max, which is unprecedented in the history of aerospace,
  • the delayed certification of the Boeing 777X,
  • slower production rates on aircraft such as the Boeing B787 and Airbus A330,
  • the fact that production rates have levelled off on the Airbus A350,
  • the discontinuation of the Airbus A380 and Bombardier's CRJ.

This brings FIGEAC AÉRO's 9-month 2019/20 revenue to €313.9m, reflecting an increase of +9.2% (+6.5% at constant scope and exchange rates). The Aerostructures division accounts for 87% of the Group's revenue and remains the overall growth driver (+10.4% reported and +7.4% like-for-like), while the other business activities1 turned in a little revenue growth (+1.5% reported and +0.9% like-for-like).


Outlook for 2019/20: a transition year

Despite temporary setbacks in the aerospace sector, FIGEAC AÉRO is set to grow at a faster pace than the sector in financial year 2019/20 thanks to new contract wins, and its current EBITDA2 should hold steady. Free cash-flows are expected to remain under control in 2019/20 and benefit from lower capex as of next year (a full-year decrease of 30% to 40%) under the 2021/24 business plan.


Another phase of development spanning 2021/24

FIGEAC AÉRO has defined a new phase of its development plan for the medium term (2021/24), with a focus on:

  • a new organisational structure geared towards optimising each of its production facilities, particularly its best cost sites,
  • the North America region as a key growth driver, which will enable the Group to grow at a faster pace than the market,
  • lasting financial strength with a ROCE3 target of over 10% and deleveraging towards a Net Debt / EBITDA target of 2.5x (at constant exchange rates).

This new strategy sets out a trajectory for the Group that will guarantee its economic performance and value creation while maximising customer satisfaction.

Agenda:

  • 26 May 2020, 2019/20 full-year revenue (after trading)

ABOUT FIGEAC AÉRO 
The FIGEAC AERO Group, a leading partner for major aerospace manufacturers, specialises in producing light alloy and hard metal structural parts, engine parts, landing gear and sub-assemblies. FIGEAC AERO is a global group operating in France, the USA, Morocco, Mexico, Romania and Tunisia. The Group generated annual revenue of €428m in the year to 31 March 2019.

 

FIGEAC AÉRO
Jean-Claude Maillard
Chief Executive Officer
Tel.: (0)5 65 34 52 52
 
Abdelkader Benchiha
Head of Institutional Relations
VP IR & Public Affairs
Tel.: (0)5 81 24 61 90 / abdelkader.benchiha@figeac-aero.com
ACTUS Finance & Communication
Corinne Puissant - Analyst/Investor Relations
Tel.: (0)1 53 67 36 77 / cpuissant@actus.fr
 
Manon Clairet - Press Relations
Tel.: (0)1 53 67 36 73 / mclairet@actus.fr
 

1 Oil & Gas, Mechanical Engineering, Surface Treatment and Assembly

2 Current EBITDA = current operating income + depreciation and amortisation + net provisions - Before the breakdown of R&D expenses capitalised by the Group by type

3 ROCE: current operating income – taxes / total intangible and tangible fixed assets + working capital requirement


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  Original Source: FIGEAC AERO