Figeac Aero Sa · EURONEXT:FGA
Figeac Aero Sa — Investor Presentation (January 2024)
29 slides from Figeac Aero Sa's investor presentation, Jan 28, 2024
Slide 1: PILOT 28
The leading partner for major aerospace manufacturers PILOT 28 January 2024 1 GROUPE
Slide 2: Disclaimer
Disclaimer Before reading this presentation, you acknowledge that you are fully aware of the observations and limitations below: This document was prepared by Figeac Aéro (the “Company”) exclusively for information purposes. The information and opinions contained in this document may be updated, sup
Slide 3: Flight plan
Flight plan 1. GROUP PROFILE 2. LOOKING BACK ON ROUTE 25 3. PILOT 28 - VISION 4. PILOT 28 - THE 5 PILLARS 5. PILOT 28 - MILESTONES AND TRAJECTORY
Slide 4: Group profile
Sommaire 01 FIGEAC AÉRO GROUP PROFILE
Slide 5: A leader in the industrialization of metal parts for the aerospace industry
01 A leader in the industrialization of metal parts for the aerospace industry Our mission: sustainably enable today’s and tomorrow’s 8 sites in France aerospace industry PICARDY A SUSTAINABLE GROWTH STRATEGY SAINT- BASED ON 3 KEY THEMES NAZAIRE 14 production sites FIGEAC across all continents BLAGN
Slide 6: Very strong growth momentum in the aerospace industry
01 Very strong growth momentum in the aerospace industry Short term Medium term Long term Growth in air traffic1 +31.2% in October 2023 (vs October 2022) Full recovery by end of 2023 3.6% – 3.7% CAGR out to 2040 Order intake and backlog at record levels2 Airbus: 1,395 orders YTD, total > 8,000 aircr
Slide 7: Reinforcement of the supply chain: a real paradigm shift
01 Reinforcement of the supply chain: a real paradigm shift Pre-crisis Post-crisis Moderate Build rates Very high but increasing High Inflation Very low but slowing down Interest rates Very low High Investment capacity within Available Constrained the supply chain Price revisions Lower prices Produc
Slide 8: Looking back on Route 25
Sommaire 02 Looking back on Route 25
Slide 9: A plan to return to pre-crisis levels, with stronger cash generation
02 A plan to return to pre-crisis levels, with stronger cash generation Success achieved on Route 25’s 3 pillars 447 420 - 440 375 - 390 342 ~16% 15,5% 282 ~13% COVID Recovery in Optimisation of the Upgrade of 11,5% 11,8% business activity industrial model management 205 systems €60m 30% 70% 9,4 5,4
Slide 10: PILOT Vision
Sommaire 03 PILOT 28 Vision
Slide 11: PILOT 28
PILOT 28 ONE APPROACH ONE AMBITION To build on the Route 25’s achievements and intensify Consolidate FIGEAC AÉRO as a sustainable world leader efforts to accelerate along the Group’s trajectory within aerospace industry 3 KEY GUIDING THEMES CLEAR AND AMBITIOUS FINANCIAL TARGETS FY 2022/23 FY 2024/25
Slide 12: 5 strategic pillars
03 5 strategic pillars P I L O T Performance on the Optimization of financial Transformation of the Innovation Low impact sales front performance business model Presentation of the PILOT 28 plan | January 2024 12 GROUPE
Slide 13: A strategy backed by both internal and external factors
03 A strategy backed by both internal and external factors Favorable conditions Unique positioning High barriers to entry A growing Solid positions Industrial and Heavy investments Very long commercial aerospace & on the main aircraft tehcnological in industrial setup and technological defense indus
Slide 14: The pillars
Sommaire 04 PILOT 28 The 5 pillars
Slide 15: Pillar 1: Step up business development
04 Pillar 1: Step up business development Commercial aerospace Defence Industrialisation services ▪ New business and market share gains ▪ Assertion of the Group’s positioning in ▪ Provision of services in the form of: PILOT 28 ▪ Existing clients this market ▪ Turnkey solutions ▪ Business development
Slide 16: Pillars 2 and 5: Improve efficiency through model transformation and innovation
04 Pillars 2 and 5: Improve efficiency through model transformation and innovation Governance ▪ Optimisation and simplification Standardisation method of production management → Optimised productivity of the management and capacity ▪ Standardisation of model management tools PILOT 28 ▪ Workflow digi
Slide 17: Pillar 3: Reinforce our CSR approach across the entire Group
04 Pillar 3: Reinforce our CSR approach across the entire Group Environment Employees Society ▪ ISO 14001 certification ▪ Improve the Group’s talent attraction ▪ Become a member of the United PILOT 28 ▪ Carbon accounting and retention by: Nations Global Compact ▪ integrating CSR into our corporate v
Slide 18: Pillar 4: Continue optimization of financial performance
04 Pillar 4: Continue optimization of financial performance Optimization of Optimization of Efficiency Industrial Limited contract margin industrial schemes initiatives partners CAPEX ▪ Passing on inflation ▪ Scale-up of In terms of costs : ▪ Expansion of the ▪ Focus on business transfers of work ne
Slide 19: Milestones and trajectory
Sommaire 05 PILOT 28 Milestones and trajectory
Slide 20: PILOT 28's trajectory: consolidation and development of the Group's leadership
05 PILOT 28’s trajectory: consolidation and development of the Group’s leadership Revenue trend over the course of the plan (€m) ~€170m Build rates 550 - 600 €80-€100m New business ~€30m Commercial / Defence / Services Adjustments Attrition, price, lags in build rate increase 342 2023-2028 CAGR > 10
Slide 21: PILOT 28's trajectory: mechanic impact of the production rate of the main aerospace programmes
05 PILOT 28’s trajectory : mechanic impact of the production rate of the main aerospace programmes Revenue impact of the production rate increases over the course of the plan (€m) ~170 ~20 ~20 ~55 ~75 An increase in revenue largely secured by the Group’s order backlog Note: figures presented here in
Slide 22: PILOT 28's trajectory: acceleration of deleveraging (1/2)
05 PILOT 28’s trajectory: acceleration of deleveraging (1/2) FCF trend over the course of the plan (€m) 6-8% of revenue Lower CAPEX WCR ~50 Optimisation initiatives / client financing / sub- contracting >16% EBITDA Increased activity / efficiency initiatives EBITDA to FCF conversion > 50% 5.4 FY 202
Slide 23: PILOT 28's trajectory: acceleration of deleveraging (2/2)
05 PILOT 28’s trajectory: acceleration of deleveraging (2/2) Financial leverage trend over the course of the plan (net debt / EBITDAc) Higher EBITDA 7.0 Lower net debt Net FCF > 0 since FY2023/24 2.0 – 2.5 ~4 in FY 2024/25 ~3 in FY 2025/26 FY2027/28: a deleveraged financial structure with a low leve
Slide 24: FIGEAC AÉRO in 2028
FIGEAC AÉRO in 2028 Route 25 PILOT 28 Back to pre-crisis levels with Stepping up the efforts made by the Group during its Route 25 plan with a sustainable growth strategy stronger cash generation in order to assert itself on the commercial front and speed up the deleveraging process Revenue EBITDAc
Slide 25: Q&A
Sommaire Q&A
Slide 26: Appendices
Sommaire Appendices
Slide 27: Our strategic positions on the main aircraft programmes
Our strategic positions on the main aircraft programmes A320 A350 B737 Global 7500 AEROSTRUCTURES AEROENGINES AEROSTRUCTURES AEROENGINES AEROSTRUCTURES AEROENGINES AEROSTRUCTURES AEROENGINES LEAP-1A TRENT XWB LEAP-1B PASSPORT 20 BUILD RATES BUILD RATES BUILD RATES BUILD RATES Shipset value1: Shipset
Slide 28: Glossary
Glossary Term / indicator Definition OEM (Original Equipment Aircraft manufacturers, engine manufacturers and other airframers Manufacturer) Build-to-Print The manufacture of parts and sub-assemblies by a sub-contractor based on plans and specifications provided by the client OTD (On-Time Deli
Slide 29: Address and investor contact
Address Zone industrielle de l’Aiguille 46100 FIGEAC FRANCE Investor and analyst contact Simon Derbanne Head of Investor Relations +33 (0)5 81 24 63 91 simon.derbanne@figeac-aero.com