Montana Aerospace Ag · SIX:AERO
Montana Aerospace — H1 2023 Earnings Presentation
17 slides from Montana Aerospace's earnings presentation, Aug 15, 2023
Slide 1: H1 2023 Earnings Call
H1 2023 Earnings Call 15 August 2023
Slide 2: H1 key figures in EURm
in EURm +184.1% +50.4% 332.7 257.5 282.0 227.4 +64.2% 187.5 117.1 94.6 90.3 55.0 H1 2021 H1 2022 H1 2023 H1 2021 H1 2022 H1 2023 H1 2021 H1 2022 H1 2023 2
Slide 3: Key highlights H1 2023
− Start of construction for ASTA‘s − Signing of multi-year contract − Strengthening of balance sheet e-Mobility plant, including with new customer in fast- and increasing independency by research laboratory, next to growing commercial space lowering debt positions and existing Baoying (CHN) facility
Slide 4: Quarterly net sales and adjusted EBITDA
+8% 383.5 353.1 350.9 341.8 343.8 243.3 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 20.6%(1) +18% 79.1 10.2% 6.5% 5.3% 6.2% 6.7% 35.7 18.0 21.2 23.6 15.9 Q1 2022 Q2 2022 Q3 2022 Q4 2022(1) Q1 2023 Q2 2023 Notes: (General) Q1 2022 - Q4 2022 include former none-core machinery business (Alpine Meta
Slide 5: Quarterly cash flow development
191.8 39.4 -14.8 -8.2 -37.4 -76.4 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 185.8 27.0 -31.1 -52.4 -121.2 -102.3 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 5
Slide 6: Quarterly development
-9% 503.7 455.5 409.7 391.3 372.0 301.7 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 6
Slide 7: Segment net sales and adjusted EBITDA
Net Sales in EURm H1 2022 H1 2023 yoy change Aerostructures 257.5 332.7 +29.2% E-Mobility 94.6 90.3 -4.5% Energy 227.4 282.0 +24.0% Adj. EBITDA* in EURm H1 2022 H1 2023 yoy change Aerostructures 26.7 37.8 +41.6% E-Mobility 8.0 7.2 -10.0% Energy 3.1 13.5 +335.5% Note: *Segment adj. EBITDA not adjuste
Slide 8: Net Sales, Adjusted EBITDA, Result for the period
Net Sales Adjusted EBITDA(1) Result for the period in EURm in EURm in EURm +22% +75% +3.4m 704.0 59.3 578.8 33.9 -23.1 -26.5 H1 2022 H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 − Substantial increase in net sales driven − Exceptional increase in adj. EBITDA − Positive operating result compared to by the
Slide 9: Production Performance, Personnel expenses, Number of Employees
Production Performance Personnel expenses Number of Employees in EURm in EURm in absolute figures ▲ in finished & unfinished goods Net Sales 0% +16% 6,848 +17% 6,829 709,2 606,0 5,2 ~21% ~20% ~85k ~103k of Net of Net 27,2 Sales Sales Net Sales Net Sales per per employee employee 704,0 578,8 -122,0 -
Slide 10: Trade Working Capital and Balance Sheet Structure H1 2023
Trade Working Capital (1) Balance Sheet Structure H1 2023 in EURm in EURm +24% 301.7 372.0 2,138 2,138 Non- 324.0 333.2 Current 941 Equity Inventories Assets 1,157 Trade Receivables 171.4 193.6 Contract 24.0 25.9 Assets Current 1,197 Debt -187.9 Trade Assets 981 -224.1 Payables -3.2 -3.7 Contract Li
Slide 11: Operating Cash Flow, Free Cash Flow, CAPEX
Operating Cash Flow Free Cash Flow CAPEX in EURm in EURm in EURm +15.2 +76.9 +7.0 -75.3 -37.0 -31.8 -52.2 -152.2 -38.8 H1 2022 H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 − Positively impacted by positive − Positively impacted by improved − No new large investments, instead operating result, higher net
Slide 12: Net Debt (cash) and Total Equity
Net Debt (cash) Total Equity in EURm in EURm +97.0m -2% 376.4 958 941 279.4 ~44% Equity Ratio EOY 2022 HY1 2023 EOY 2022 H1 2023 − Positive impact of FCF – reducing − Strong equity ratio as backbone of Net Debt position Montana Aerospace 12
Slide 13: Total Sales and Segment Sales Guidance
Total Sales Segment Sales Guidance in EURm in EURm ~ +15% > 550 > 1,500 1,306.1 > 200 ~750-800 Aerostructures E-Mobility Energy FY 2022 2023E − Sales increase driven by balanced − Aerostructures and Energy segments growth in all segments, led by as key drivers of growth Aerostructures and Energy − 2
Slide 14: Adjusted EBITDA, CAPEX cash-out, Outlook 2023
Adjusted EBITDA CAPEX cash-out in EURm in EURm OUTLOOK 2023 xxx ~ -40% Sales increase to >EUR 1.5bn 130-150 86,0 134,2 Overproportional 50-60 EBITDA growth Massive CAPEX reduction FY 2022 2023E FY 2022 2023E Positive Free Cash Flow − Adjusted EBITDA in 2023 is estimated − Approximately EUR 50-60m ca
Slide 15: Arconic lawsuit update
− 2015: Arconic filed lawsuit against United Alloy Corporation (UAC), a MAAG subsidiary, in Atlanta, Georgia, U.S. − Damages were claimed by Arconic for alleged misappropriation by UAC of trade secrets for the production of “stretch formed spar chords“ (SFSC) − Jury rendered verdict - finding that A
Slide 16: 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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