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  FIGEAC AERO company press release from 04/03/2024

  04/03/2024 - 18:10

FIGEAC AÉRO AWARDED 3 NEW CONTRACTS BY NORTH AMERICAN CLIENTS


  • Showcasing the relevance of FIGEAC AÉRO's solutions to the North American market
  • A total combined value of around €20 million
  • Existing capacity to be used, thus keeping CAPEX to a minimum

FIGEAC AÉRO (FR0011665280 – FGA:FP), a leading partner for major aerospace manufacturers, has announced that it has been awarded three new contracts for aerostructure parts by American clients. At cruising speed, these contracts will correspond to combined annual revenue of around €6 million without requiring investments in additional capacity.

INDUSTRIAL SOLUTIONS RELEVANT TO NORTH AMERICAN CLIENTS

These three new contracts are particularly diversified and illustrate the broad spectrum of FIGEAC AÉRO's know-how in aluminium aerostructure parts. The awards cover a wide range of Group activities including machining, sheet metal and surface treatment activities, from small detail parts to very large-scale parts.

The parts will cater to a whole variety of purposes, ranging from wings to nacelles of business jet programmes to Airbus' single-aisle A220 aircraft and A320 family.

Thomas Girard, Chief Operational Officer, made the following statement: “North America is one of the top priorities for business development set out in our new PILOT 28 strategic plan. It is a region that offers considerable potential and where we, as a European player, still have some way to go. These new contract wins are further evidence that our industrial offering is a particularly relevant one.”

Although all the clients involved are North American, a larger portion of the Group's production facilities will be contributing to these contracts as production will be carried out not only at its American and Mexican plants but also at its plants in Maghreb.

CONTRACTS REPRESENTATIVE OF PILOT 28'S SALES STRATEGY

The contracts have duration between three and five years. They have a combined total value of approximately €20 million and first revenues are expected during financial year 2024/25 before ramping up the following year.

FIGEAC AÉRO therefore expects these new contracts to generate annual revenues of around €6 million at cruising speed.

Moreover, they will solely rely on existing capacity and require no significant investment in the current or next financial year, and therefore have no impact on free cash flow targets.

Having presented the strategic roadmap set out in its PILOT 28 plan in January 2024, the Group points out that it has a business development target aimed at generating €80-100 million revenue per year from new business, of which around 85% expected in the commercial aerospace segment in Europe and North America, and with a particular focus on those that will optimise the Group's capex.

These latest agreements are therefore particularly representative of the Group's business strategy and constitute a first big leap forward towards its goals.

Upcoming events

  • 14 May 2024: revenue for the 4th quarter of FY 2023/24 (after trading)
  • 26 June 2024: results for FY 2023/24 (after trading)

About FIGEAC AÉRO

The FIGEAC AÉRO 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 AÉRO is a global group operating in France, the USA, Morocco, Mexico, Romania and Tunisia. The Group generated annual revenue of €341.6 million in the year to 31 March 2023.


FIGEAC AÉRO

Jean-Claude Maillard
Chief Executive Officer
Tel.: +33 (0)5 65 34 52 52

Simon Derbanne
Head of Investor and Institutional Relations
Tel.: +33 (0)5 81 24 63 91 / simon.derbanne@figeac-aero.com
ACTUS finance & communication

Corinne Puissant
Analyst/Investor Relations
Tel.: +33 (0)1 53 67 36 77 / cpuissant@actus.fr

Manon Clairet
Press Relations
Tel.: +33 (0)1 53 67 36 73 / mclairet@actus.fr


Glossary

Term / indicator Definition
   
Current EBITDA Current operating income (loss) adjusted for net depreciation, amortisation and provisions before the breakdown of R&D expenses capitalised by the Group by type
Backlog Sum of orders received and to be received extrapolated over a 10-year period for each contract and request for proposals won, based on build rates announced and then projected and a EUR/USD exchange rate of 1.12
Organic At constant scope and exchange rates
DIO (Days of Inventory Outstanding) Average number of days of revenue for which an item of inventory is held
Debt leverage Ratio of net debt excluding non-interest-bearing debt to current EBITDA
Capex Investments in fixed assets
ORNANE Bonds redeemable into cash and/or new and/or existing shares
Free cash-flow Net cash-flow from operating activities before cost of financial debt and taxes, minus net cash-flow from investing activities

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  Original Source: FIGEAC AERO