Montana Aerospace Ag · SIX:AERO
Montana Aerospace — H1 2022 Earnings Presentation
22 slides from Montana Aerospace's earnings presentation, Aug 8, 2022
Slide 1: Montana Aerospace AG HY1 2022 Earnings Presentation
Montana Aerospace AG 08 August 2022 HY1 2022 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: HY1 2022 Earnings Call Presenters
HY1 2022 Earnings Call Presenters Michael Pistauer Kai Arndt Marc Vesely r.Riha Co-CEO & CFO Co-CEO Head of M&A and IR -3- Montana Aerospace
Slide 4: HY1 2022 Report
HY1 2022 REPORT
Slide 5: Solid and sustainable growth verifies guidance assumptions
SOLID AND SUSTAINABLE GROWTH VERIFIES GUIDANCE ASSUMPTIONS Net Sales (EURm) Adj. EBITDA (EURm) +61,1% 578,8 +50,0% 33,9 344,9 359,4 23,4 22,6 HY1 2020 HY1 2021 HY1 2022 HY1 2020 HY1 2021 HY1 2022 CLEAR DEVELOPMENT TOWARDS ANNOUNCED GUIDANCE - 5-
Slide 6: Strong sales performance in all three segments, confirming strategy
STRONG SALES PERFORMANCE IN ALL THREE SEGMENTS, CONFIRMING STRATEGY in EURm +119,9% +21,3% 257,5 227,4 +71,7% 187,5 159,9 141,1 117,1 94,4 44,1 55,0 HY1 2020 HY1 2021 HY1 2022 HY1 2020 HY1 2021 HY1 2022 HY1 2020 HY1 2021 HY1 2022 - 6-
Slide 7: Strong sales performance in all three segments, confirming strategy
STRONG SALES PERFORMANCE IN ALL THREE SEGMENTS, CONFIRMING STRATEGY in EURm 169,2% 167,6 33.4% 75,6% 112.9 108.6 118.8 79,5 89,2 89,9 89.0 92.2 62,3 45,4 49,2 28,0 28,4 39,6 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 (stand
Slide 8: Financials
FINANCIALS -8- Montana Aerospace
Slide 9: Solid performance in all key performance indicators
SOLID PERFORMANCE IN ALL KEY PERFORMANCE INDICATORS in EURm HY1 2021 HY1 2022 yoy change Net Sales 359,4 578,8 +61,1% ✓ Adj. EBITDA 22,6 33,9 +50,0% ✓ CAPEX spent* -59,9 -38,8 -21,1m ✓ TWC** 265,2 455,5 +71,8% ~ Total Assets** 1.792,4 2.210,1 +18,% ✓ (*) Acquisition of intangible assets and property
Slide 10: Profit measures underline positive effects and reliable management strategy
PROFIT MEASURES UNDERLINE POSITIVE EFFECTS AND RELIABLE MANAGEME NT STRATEGY Net Sales Adjusted EBITDA(1) Result for the period in EURm in EURm in EURm 61,1% 50,0% -0,8m 578,8 33,9 359,4 22,6 HY1 2021 HY1 2022 HY1 2021 HY1 2022 -25,7 -26,5 HY1 2021 HY1 2022 ▪ Strong sales, driven by the ▪ Increased
Slide 11: Net sales & adj. EBITDA by segment
NET SALES & ADJ. EBITDA BY SEGMENT NET SALES in EURm HY1 2021 HY1 2022 YoY change Aerostructures 117,1 257,5 +119,9% E-Mobility 55,0 94,4 +71,7% Energy 187,5 227,4 +21,3% Adj. EBITDA* in EURm HY1 2021 HY1 2022 YoY change Aerostructures 12,3 26,7 +117,1% E-Mobility 2,1 8,0 +281,0% Energy 6,0 3,1 -48,
Slide 12: Development of key KPIs in line with strategy
DEVELOPMENT OF KEY KPIs IN LINE WITH STRATEGY Production Performance Personnel expenses Other operating expenses in EURm in EURm in EURm ▲ in finished & unfinished goods Net Sales 54,6% 84,0% 60,2% 615,0 27,2 383,8 24,4 -46,2 -78,9 -122,0 -85,0 HY1 2021 HY1 2022 HY1 2021 HY1 2022 HY1 2021 HY1 2022 ▪
Slide 13: Solid financial basis for future growth
SOLID FINANCIAL BASIS FOR FUTURE GROWTH Net Debt Equity Ratio Number of Employees in EURm in % in absolute figures +326,6m -6,6% 23,0% 408,4 50,5% 6.829 43,9% 5.554 81,8 EOY 2021 Q2 2022 EOY 2021 Q2 2022 EOY 2021 HY1 2022 ▪ Increase mostly as a result of ASCO ▪ Lower ratio mostly as a result of ▪ In
Slide 14: Inventory strategically held at high level to prevent supply-chain constraints
INVENTORY STRATEGICALLY HELD AT HIGH LEVEL TO PREVENT SUPPLY-CHAIN CONSTRAINTS Trade Working Capital Balance Sheet Structure Contracted Sales in EURm in EURm in EURm +92% +28% 455,6 2.210 2.210 >5.000 Non-Current 3.900 237,2 364,1 1.144 971 Equity Inventories Assets Trade 226,8 Receivables 244,1 Con
Slide 15: Financial basis on stable level
FINANCIAL BASIS ON STABLE LEVEL Operating Cashflow Free Cash Flow CAPEX in EURm in EURm in EURm +2,6 -21,0 -76,2 16,2 18,8 59,8 38,8 -76,1 -21,8 -52,2 -152,3 HY1 2021 HY1 2022 HY1 Adj. HY1 Adj. HY1 2021 HY1 2022 2021 HY1 2022 HY1 2021** 2022 ** ▪ Operating cash flow in 2022 lower ▪ FCF impacted by h
Slide 16: Rising energy and transportation cost can mostly be passed through
RISING ENERGY AND TRANSPORTATION COST CAN MOSTLY BE PASSED THROUGH Energy Cost Freight Cost ~3x ~2/3 of increase ~2x passed through HY1 2021 HY1 2022 HY1 2021 HY1 2022 The relative size of the bar charts does not represent the actual cost hike of Energy and Freight cost. - 16 -
Slide 17: Guidance 2022
GUIDANCE 2022 - 17 - Montana Aerospace
Slide 18: Montana Aerospace build rate assumptions: an expected new normal
MONTANA AEROSPACE BUILD RATE ASSUMPTIONS: AN EXPECTED NEW NORMAL Montana Aerospace management expects build rates to stabilize at new levels Build rates by key platforms 2019 2020 2021 pre-covid covid-figures covid-figures 2022 2023 2024 2025 A220 n/a n/a n/a 6/mo 8/mo 10/mo 10/mo A320 60/mo 34/mo 4
Slide 19: Guidance for 2022
GUIDANCE FOR 2022 Total Sales Guidance Sales Split Segment Sales Guidance in EURbn in EURbn in EURm, approximated ~45% >1.16 >1.16 >0.85% 420** 0.79 190 550* >0.15% FY 2021 2022 Total Organic In-organic Aerospace E-Mobility Energy ▪ Sales increase driven by sustainable ▪ Total revenue estimated to g
Slide 20: Guidance for 2022
GUIDANCE FOR 2022 Adj. EBITDA margin (approx.) CAPEX cash-out OUTLOOK 2023 & ONWARDS in % in EURm ~10% Sales increase by 2023 -26% another ~20% >7.5 121,4 7,1 90,0 Overproportional EBITDA growth Massive CAPEX reduction FY 2021 B 2022 FY 2021 B 2022 Positive Free Cash Flow ▪ EBITDA margin development
Slide 21: Key areas of focus in 2022
KEY AREAS OF FOCUS IN 2022 2020-2021: COVID-19 2022: BUILD RATE RAMP-UP ENERGY COST INFLATION HUMAN RESOURCES TRANSPORTATION MATERIAL - Pass-through clauses cover >2/3 - Chasing for talent – skilled - Supply chain under pressure, - Stable and diversified supply of current global energy cost rise emp
Slide 22: Montana Aerospace
- 22 - Montana Aerospace