Montana Aerospace Ag · SIX:AERO
Montana Aerospace — Q3 2022 Earnings Presentation
21 slides from Montana Aerospace's earnings presentation, Nov 10, 2022
Slide 1: Q3 2022 Earnings Presentation
Montana Aerospace AG 10 November 2022 Q3 2022 Earnings Presentation
Slide 2: Presenters
Presenters Michael Pistauer Marc Vesely Co-CEO & CFO Head of M&A and IR -2- Montana Aerospace
Slide 3: COVID-19 and number of air passengers
COVID-19 5 4,5 4 crisis Financia Number of Passengers (in bn.) 3,5 SARS 9/11 attacks crisis Asian 3 Gulf crisis war Iran-Iraq 2,5 Oil crisis 2 1,5 1 0,5 0 1980 1990 2000 2010 2020* Total Domestic International -3- Montana Aerospace Source: https://www.icao.int/Newsroom/Pages/2021-global-air-passenge
Slide 4: Market news: energy transition, Wizz Air fleet, workforce shortages
FHL Infrastructure, Oct. 2022 Aerotime, Sep. 2022 The Diplomat, Nov. 2022 Energy transition driving Wizz Air targets 500-plane fleet by Workforce shortages: how to win infrastructure sector boom 2030, plans to buy 75 A321neos the ongoing war for talents Many infrastructure assets have a contractual
Slide 5: Investment and ramp-up now bearing the fruits
INVESTMENT & RAMP-UP… …NOW BEARING THE FRUITS! Massive >600m CAPEX program Maintenance CAPEX forward looking only Contracted sales growth Win of market share (from low/single digit €m amount to >5bn as of Q3 2022) Globalization expansion & ramp-up Operative phase running – industrialization complete
Slide 6: Net Sales and Adj. EBITDA: clear development towards guidance
Net Sales (EURm) Adj. EBITDA (EURm) 62,3% 922,6 +28,1% 55,1 568,3 494,0 43,0 38,5 Q3 2020 Q3 2021 Q3 2022 HY1 2020 HY1 2021 HY1 2022 CLEAR DEVELOPMENT TOWARDS ANNOUNCED GUIDANCE - 6-
Slide 7: Segment net sales development
in EURm +120,1% +21,0% 433,8 348,6 +68,2% 288,0 213,6 197,1 214,5 140,8 66,2 83,7 Q3 2020 Q3 2021 Q3 2022 Q3 2020 Q3 2021 Q3 2022 Q3 2020 Q3 2021 Q3 2022 - 7-
Slide 8: Stand-alone quarterly result per segment
in EURm +122% +31,5% 167,6 176,3 62,9% 92,2 112,9 108,6 118,8 121,2 79,5 89,2 89,9 28,4 39,6 45,4 49,2 46,2 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 (stand-alone quarterly result per segment) - 8-
Slide 9: Net sales and adj. EBITDA by segment
NET SALES in EURm (YTD) Q3 2021 Q3 2022 YoY change Aerostructures 197.1 433.8 +120.1% E-Mobility 83.7 140.8 +68.3% Energy 288.0 348.6 +21.1% Adj. EBITDA* in EURm (YTD) Q3 2021 Q3 2022 YoY change Aerostructures 27.6 36.4 +31.6% E-Mobility 4.8 12.7 +163.6% Energy 8.7 10.0 +14.9% * Segment adj. EBITDA
Slide 10: Montana Aerospace
- 10 - Montana Aerospace
Slide 11: Key financials Q3 2022
in EURm (YTD) Q3 2021 Q3 2022 yoy change Net Sales 568.3 922.6 +354.3 ✓ Adj. EBITDA 43.0 55.1 +12.1 ✓ CAPEX spent* -92.3 -59.7 +32.6 ✓ TWC** 265.2 503.7 +238.5 ~ Total Assets** 1,792.4 2,285.1 +492.7 ✓ (*) Acquisition of intangible assets and property, plant and equipment; (**) comparison period: De
Slide 12: Net Sales, Adjusted EBITDA, Result for the period
Net Sales Adjusted EBITDA(1) Result for the period in EURm in EURm in EURm +62% +28% -29,5m 922,6 55,1 43,0 568,3 -25,1 Q3 2021 Q3 2022 Q3 2021 Q3 2022 -54,6 Q3 2021 Q3 2022 ▪ Strong sales, driven by the ▪ Increased EBITDA strongly impacted ▪ Increased depreciation and aerostructures business segmen
Slide 13: Production performance, personnel and other operating expenses
Production Performance Personnel expenses Other operating expenses in EURm in EURm in EURm ▲ in finished & unfinished goods Net Sales 58,0% 102,6% 61,2% 951,8 29,2 590,5 -71,7 22,2 -123,5 -195,1 -145,2 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 ▪ Deliveries surpass pre-Covid levels ▪ Demand inc
Slide 14: Net Debt, Equity Ratio, Number of Employees
Net Debt Equity Ratio Number of Employees in EURm in % in absolute figures +387,0m -8,8% 29,8% 468,8 50,5% 7.210 41,7% 5.554 81,8 EOY 2021 Q3 2022 EOY 2021 Q3 2022 EOY 2021 Q3 2022 ▪ Increase mostly as a result of the ▪ Lower ratio mostly as a result of ▪ In-organic growth by acquisitions recent acq
Slide 15: Trade Working Capital, Balance Sheet Structure, Contracted Sales
Trade Working Capital Balance Sheet Structure Contracted Sales in EURm in EURm in EURm +90% >30% 503,7 2.285 2.285 >5.000 Non-Current 3.900 265,2 392,9 1.188 953 Equity Inventories Assets Trade 245,4 Receivables 264,4 Contract 129,1 13,5 Assets Current 1.332 29,6 Assets 1.097 Debt -103,2 Trade -158,
Slide 16: Free Cash Flow and CAPEX
Free Cash Flow CAPEX in EURm in EURm -32,6 -98,3 92,3 59,7 -106,4 -204,7 Q3 2021 Q3 2022 Q3 2021 Q3 2022 ▪ FCF impacted by high investing cash ▪ No large new investments, instead flow through acquisitions and high finishing steps of previous ramp-up inventory projects from past years (esp. Vietnam a
Slide 17: Guidance 2022
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Slide 18: Total Sales Guidance, Sales Split, Segment Sales Guidance
Total Sales Guidance Sales Split Segment Sales Guidance in EURbn in EURbn in EURm, approximated ~45% >1.16 >1.16 >85% 420** 0.79 190 550* >15% FY 2021 2022 Total Organic In-organic Aerostructures E-Mobility Energy ▪ Sales increase driven by sustainable ▪ Total revenue estimated to grow by ▪ Aerostru
Slide 19: Adj. EBITDA margin, CAPEX cash-out, Outlook 2023 & onwards
Adj. EBITDA margin (approx.) CAPEX cash-out OUTLOOK 2023 & ONWARDS in % in EURm >7% Sales increase by 2023 ~10% -26% another ~20% >8.0 121,4 7,1 >7.5 90,0 Overproportional EBITDA growth Massive CAPEX reduction FY 2021 B 2022 Update FY 2021 B 2022 2022 Positive Free Cash Flow ▪ EBITDA margin developm
Slide 20: 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
Slide 21: Montana Aerospace
- 21 - Montana Aerospace