Montana Aerospace Ag · SIX:AERO
Montana Aerospace — H1 2021 Earnings Presentation
17 slides from Montana Aerospace's earnings presentation, Aug 16, 2021
Slide 1: HY 2021 Earnings Presentation
Montana Aerospace AG 16 August 2021 HY 2021 Earnings Presentation
Slide 2: Disclaimer
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 UNL
Slide 3: H1 2021 Earnings Call
H1 2021 Earnings Call Presenters Marc Vesely recte Riha Head of M&A and Investor Relations -3- Montana Aerospace
Slide 4: Highly successful IPO on the SIX Swiss Stock Exchange, raising CHF 400 million
HIGHLY SUCCESFUL IPO OF MONTANA AEROSPACE ON THE SIX SWISS STOCK EXCHANGE, RAISING CHF 400 MILLION FOR FUTURE GROWTH -4- Montana Aerospace
Slide 5: Proceeds from IPO to support M&A pipeline and organic growth
PROCEEDS FROM IPO TO SUPPORT THE EXECUTION OF IDENTIFIED M&A PIPELINE AND ORGANIC GROWTH PROJECTS Use of Proceeds Initiatives Status Expansion of capacities and ramp-up of new capabilities (e.g. ✓ Titanium, Composite) Organic Projects Capacity expansion and efficiency on track improvements (e.g. 3rd
Slide 6: Montana Aerospace
-6- Montana Aerospace
Slide 7: Demand for aerostructures recovering, e-mobility accelerating, energy boosted
DEMAND FOR AEROSTRUCTURES RECOVERING – SHIFT INTO E-MOBILITY ACCELERATING – INFRASTRUCTURE INVESTMENTS BOOST ENERGY SEGMENT Market Update Comparison to H1 2020 • Still highly influenced by Covid-19 impact • H1 2020 demand was unaffected • Pre-Covid passenger rates are back in regions with reduced tr
Slide 8: Montana Aerospace – faster recovery than expected
MONTANA AEROSPACE – FASTER RECOVERY THAN EXPECTED in EURm HY1 2020 HY1 2021 yoy change Net Sales 344,9 348,4 +3,5 ✓ Adj. EBITDA 23,4 22,6 -0,8 ~ CAPEX spent -74,9 -59,9 +15,0 ✓ Net Debt 639,9 162,6 -477,3 ✓ Equity Ratio 17,0%* 46,2% +29% ✓ Contracted Sales** 3.900,0*** 4.300,0 +400,0 ✓ comparison pe
Slide 9: Tailwind in e-mobility and energy over-compensates lagging aerospace demand
TAILWIND IN E-MOBILITY AND ENERGY OVER-COMPENSATES STILL LAGGING AEROSPACE DEMAND – CLEAR SIGNS FOR RECOVERY Net Sales Adjusted EBITDA(1) in EURm in EURm +1% -3% 344,9 348,4 23,4 22,6 HY 2020 HY 2021 HY 2020 HY 2021 ▪ Sales Development was strongest in ▪ Adj. EBITDA only by 3% below previous period
Slide 10: Positive development of key KPIs
POSITIVE DEVELOPMENT OF KEY KPIs Production Performance Personnel expenses Other operating expenses in EURm in EURm in EURm ▲ in finished & unfinished goods Net Sales -9% -10% +13% 86,6 51,5 78,9 46,2 372,8 330,4 24,4 344,9 348,4 -14,5 HY 2020 HY 2021 HY 2020 HY 2021 HY 2020 HY 2021 ▪ Sales increase
Slide 11: Net sales by sector – HY1 2021
NET SALES BY SECTOR – HY1 2021 in EURm HY1 2020 HY1 2021 yoy change Aerospace 159,9 116,3 -27% (46% of total sales) (33% of total sales) E-Mobility 44,1 54,5 +24% (13% of total sales) (16% of total sales) Energy 141,1 177,9 +26% (41% of total sales) (51% of total sales) ▪ Aerospace sales, with EUR 1
Slide 12: Aerospace orderbook update on Montana Aerospace
AEROSPACE ORDERBOOK UPDATE ON MONTANA AEROSPACE Contracted Aerospace sales development 2%4% 7% 2%4% 7% 16% 41% 16% €3.9bn 41% + €400m €4.3bn 2021A 2021A as per Jan 2021 as per Aug 2021 13% 13% 17% 17% B737 A320/21 B777 A350 B787 A330 Others Note: Contracted sales = Contract period x shipset value x
Slide 13: Positive outlook supported by sales guidance for 2021
POSITIVE OUTLOOK SUPPORTED BY SALES GUIDANCE FOR 2021 Qualitative Sector Guidance • Increasing build rates from recovering markets result in constantly growing sales Aerospace • Still challenging times but promising outlook supported by ramp-up of new plants E-Mobility • Continuous growth expected b
Slide 14: Operational expansion ongoing
OPERATIONAL EXPANSION ONGOING Trade Working Capital (TWC) CAPEX spent Operating Cash Flow in EURm, of LTM revenue in EURm in EURm +26% -20% +16,6 237,2 74,9 188,4 59,9 -21,8 EOY 2020 HY 2021 HY 2020 HY 2021 -38,4 HY 2020 HY 2021 ▪ Increase mostly due to inventory ▪ Implementation of CAPEX programs ▪
Slide 15: Impact of IPO on financing structure clearly visible
IMPACT OF IPO ON FINANCING STRUCTURE CLEARLY VISIBLE Net Debt Equity Ratio Number of Employees in EURm in % in absolute figures +29% +7% -75% 639,9 46% 5.141 4.788 17% 162,6 EOY 2020 HY 2021 EOY 2020 HY 2021 EOY 2020 HY 2021 ▪ Improvement by cash inflow through ▪ Main drivers equity increase through
Slide 16: Outlook
OUTLOOK For the rest of the year, we expect a constant increase in sales up 1 to a level of around EUR 750m (excluding any further acquisition activity) Operative margin levels to be improved and we intend to 2 proportionally develop profitability We accelerate our organic growth. The ramp-up of our
Slide 17: Montana Aerospace
- 17 - Montana Aerospace