Montana Aerospace Ag · SIX:AERO
Montana Aerospace — 9M 2023 Earnings Presentation
18 slides from Montana Aerospace's earnings presentation, Nov 14, 2023
Slide 1: 9M 2023 Earnings Call
9M 2023 Earnings Call 14 November 2023
Slide 2: Montana Aerospace tops sales growth table 2022 as fastest growing Aerospace player
“Montana Aerospace tops sales growth table 2022 as fastest growing Aerospace player” - Flight International Top 100 Ranking, Aug 2023 2
Slide 3: We are mission-critical in all three segments
WE ARE MISSION-GRITICAL IN ALL THREE SEGMENTS: AEROSTRUCTURES “MISSION-CRITICAL AEROSTRUCTURES FOR EVERY AIRCRAFT IN THE SKY” E-MOBILITY “LIGHTWEIGHT E-MOBILITY SOLUTIONS TO ENABLE THE MOBILITY REVOLUTION" ENERGY “POWERING GREEN INNOVATION TO DRIVE THE ENERGY TRANSITION”
Slide 4: Contracted shipset value across aircraft programmes
Narrowbody Military (Transportation) Narrowbody Widebody A400M 737 MAX 777/777X A220 A320 787 A321 = Contracted shipset value x 747 Duration of contract Widebody ~€ 3.9 billion 2021 ~€7.5 billion (most of contracts single A330 per 10/2023 source/exclusive supplier) x MAAG build rate assumptions 767
Slide 5: New financing: Term Loan and Revolving Credit Facility
✓ − Term Loan in the amount of EUR 300 million (for repayment of outstanding SSD/promissory notes) − RCF in the amount of EUR 150 million – Revolving Credit Facility (‘Liquidity Reserve’) − Maturity: 3 years for all tranches − Strict ring-fencing concept − Financial covenants on Montana Aerospace Gr
Slide 6: Segment net sales development 9M 2021 to 9M 2023
in EURm +154% +55% +15% +19% 497.7 433.8 +54% 418.0 348.6 -9% 270.1 195.7 140.8 127.9 82.9 9M 2021 9M 2022 9M 2023 9M 2021 9M 2022 9M 2023 9M 2021 9M 2022 9M 2023 6
Slide 7: Key figures 9M 2022 vs 9M 2023
in EURm 9M 2022 9M 2023 yoy change Net Sales 922.6 1,042.2 +13.0% ✓ Adj. EBITDA 55.1 93.6 +69.8% ✓ CAPEX spent(1) -59.7 -46.9 -21.4% ✓ TWC 503.7 381.7 -24.2% ✓ Total Assets(2) 2,220.6 2,133.8 -3.9% ✓ Note: (1) Acquisition of intangible assets and property, plant and equipment; (2) comparison period:
Slide 8: Segment net sales and adjusted EBITDA
Net Sales in EURm 9M 2022 9M 2023 yoy change Aerostructures 433.8 497.7 +14.7% E-Mobility 140.8 127.9 -9.2% Energy 348.6 418.0 +19.9% Adj. EBITDA* in EURm 9M 2022 9M 2023 yoy change Aerostructures 36.4 56.0 +54.1% E-Mobility 12.7 23.0 +81.3% Energy 10.0 18.7 +86.4% Note: Segment adj. EBITDA not adju
Slide 9: Quarterly development Q2 2022 to Q3 2023
191.8 39.4 44.4 -14.8 -8.2 -76.4 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 185.8 27.0 30.1 -31.1 -52.4 -102.3 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Notes: (General) Q2 2022 - Q4 2022 include former none-core machinery business (Alpine Metal Tech/AMT), which was divested in Dec. 2022;
Slide 10: Quarterly trade working capital and free cash flow
503.7 455.5 391.3 372.0 381.7 301.7 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 17.8 -5.6 -5.3 -19.3 -17.5 -28.2 Q2 2022 Q3 2022 Q4 2022(1) Q1 2023 Q2 2023 Q3 2023 Notes: (General) Q2 2022 - Q4 2022 include former none-core machinery business (Alpine Metal Tech/AMT), which was divested in Dec. 2
Slide 11: Net sales, adjusted EBITDA and result for the period
Net Sales Adjusted EBITDA(1) Result for the period in EURm in EURm in EURm +13% +70% +26.2m 1,042.2 93.9 922.6 55.1 -28.4 -54.6 9M 2022 9M 2023 9M 2022 9M 2023 9M 2022 9M 2023 − Substantial increase in net sales driven − Exceptional increase in adj. EBITDA − Positive operating result compared to pri
Slide 12: Production performance, personnel expenses and other operating items
Production Performance Personnel expenses Other ope. expenses/income in EURm in EURm in EURm ▲ in finished & unfinished goods Net Sales +11% +9% -5% 1.053,1 951,8 10,9 ~21% ~20% ~12% ~10% 29,2 of Net of Net of Net of Net Sales Sales Sales Sales 922,6 1.042,2 -195,1 -100,6 -212,3 -106,4 9M 2022 9M
Slide 13: Trade working capital and balance sheet structure 9M 2023
Trade Working Capital (1) Balance Sheet Structure 9M 2023 in EURm in EURm -24% 503.7 2,134 2,134 381.7 Non- 392.9 Current 940 Equity Inventories Assets 1,170 346.2 Trade Receivables 264.4 Contract 184.0 Assets Current 29.6 27.8 1,193 Liabilities Trade Assets 964 -158.3 -183.4 Payables -24.9 -3.0 Con
Slide 14: Operating cash flow, free cash flow and CAPEX
Operating Cash Flow Free Cash Flow CAPEX in EURm in EURm in EURm +67.8 +159.5 +12.8 7.4 -45.2 -46.9 -60.4 -204.7 -59.7 9M 2022 9M 2023 9M 2022 9M 2023 9M 2022 9M 2023 − Positively impacted by positive − Positively impacted by improved − No new large investments, instead operating result, higher net
Slide 15: Net debt, total equity and number of employees
Net Debt (cash) Total Equity Number of Employees in EURm in EURm in absolute figures +79.3m -2% -3% 358.7 958 940 7,210 7,001 279.4 ~43% ~44% ~128k Equity Equity Net Sales ~149k Ratio Ratio per Net Sales employee per employee EOY 2022 9M 2023 EOY 2022 9M 2023 9M 2022 9M 2023 − Impacted mainly by neg
Slide 16: Outlook: sales, adj. EBITDA and free cash flow targets
1 Sales increase to >EUR 1.7bn 2 Adj. EBITDA grows to EUR 180-200M 3 Positive Free Cash Flow 4 Positive Net Income 5 Streamline Trade Working Capital 16
Slide 17: Disclaimer
THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This
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