INTERIM FINANCIAL REPORT
9M 2024
WE SHAPE THE FUTURE. WITH EXPERIENCE, A SPIRIT OF INNOVATION AND THE HIGHEST STANDARDS,
WE ARE SETTING OUT FOR NEW HORIZONS.
2 INTERIM REPORT 9M 2024 | MONTANA AEROSPACE AG
MONTANA AEROSPACE AG - SELECTED KEY FIGURES
(financial figures in M€)
Net Sales
EBITDA
Adjusted EBITDA
Adjusted EBITDA margin (%)
Operating result
Result from continuing operations
Result for the period
Cash Flow from operating activities
Cash Flow from investing activities
Cash Flow from financing activities
Free Cash Flow
CAPEX spent
Trade Working Capital*
Equity Ratio (%)*
Net Debt (cash)*
Total Assets*
Employees**
For the nine months ended 30 September
2024 | 2023 |
1,086.3 | 914.8 |
113.870.4
118.175.6
10.9% | 8.3% |
43.7-1.8
-2.3 | -38.0 |
-28.4 | |
-28.4 |
31.77.4
-54.2 | -52.6 |
-70.9 | |
-27.6 | |
-45.2 | |
-22.5 | |
-57.3 | -46.9 |
365.7294.7
46.5% | 48.3% |
346.2275.8
1,925.2 | 1,935.5 |
7,001 | |
8,252 |
yoy change
171.5
43.4
42.5
2.6%
45.5
35.7
-0.04
24.3
-1.6
43.3
22.7
-10.4
71.0
-1.8%
70.4
-10.3
1,251
- comparison period is December 2023
- still including employees of the E-Mobility segment and Alpine Metal Tech GmbH (segment Other), which was re-acquired in August 2024.
3 INTERIM REPORT 9M 2024 | MONTANA AEROSPACE AG
TABLE OF CONTENTS
MONTANA AEROSPACE AG - SELECTED KEY FIGURES | 3 |
FINANCIAL OVERVIEW | 5 |
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS | 11 |
THE MONTANA AEROSPACE EQUITY STORY | 35 |
ABOUT MONTANA AEROSPACE | 37 |
DISCLAIMER | 38 |
4 INTERIM REPORT 9M 2024 | MONTANA AEROSPACE AG
FINANCIAL OVERVIEW
Earnings
For the nine months ended 30 September 2024
(in TEUR)
Net Sales
Change in finished and unfinished goods
Own work capitalized
Other operating income
Cost of materials, supplies and services
Personnel expenses
Other operating expenses
EBITDA*
Legal costs
M&A and PMI related expenses
Stock option plans (share-based payment) MSOP
ASTA IPO preparation costs
Adjusted EBITDA
Adjusted EBITDA margin
Depreciation and amortization
Operating Profit (EBIT)
Financial result
Share of result of equity-accounted investees, net of tax
Result before tax
Income tax expense / income
Result from continuing operations
Result from discontinued operation, net of tax***
Result for the period
Thereof attributable to:
Owners of Montana Aerospace AG
Non-controlling interests
2024 | 2024 |
(adjustments) |
1,086,320
31,887
7,310
19,941
-692,871
-211,342
-127,491
113,754
3,341
-
963
-
118,058
10.9%
-70,075
43,679
-38,888
-2,717
2,074
-4,349
-2,275
-26,141
-28,416
-28,188
-228
2023 restated**
914,751
14,782
8,239
19,813
-591,334
-182,970
-112,925
70,356
-72,150
-1,794
-38,310
-933
-41,037
3,000
-38,037
9,656
-28,381
-28,070
-311
2023
(adjustments)
2,421
925
1,650
290
75,641
8.3%
- EBITDA is calculated as result for the period before income tax expense, interest income, other financial income, interest expenses, other financial expenses and depreciation and amortization.
- The comparative information has been restated due to a discontinued operation (see Note 14).
- The Group has elected to present the result after tax of the discontinued operation in a separate amount in the statement of comprehensive income and has disaggregated this separate amount into revenue, expenses and result before tax in Note 14.
5 INTERIM REPORT 9M 2024 | MONTANA AEROSPACE AG
FINANCIAL OVERVIEW
Net Sales
In the first nine months of 2024, Montana Aerospace generated consolidated net sales of EUR 1,086.3 million, resulting in an 18.8% increase compared to EUR 914.8 million in the first three quarters of the previous year. The largest contribution to net sales was made by the Aerostructures segment, which generated EUR 612.0 million, followed by the Energy segment, which contributed EUR 469.4 million. The positive net sales development was driven primarily by organic growth. The loss of net sales through the divestiture of the E-Mobility segment by the end of 2024 needs to be considered. Overall, Montana Aerospace shows a constant order to bill ratio of greater 1.
EBITDA
After accounting for non-recurring and non-operational items, mainly expenses related to legal fees and management stock option program (MSOP), the adjusted EBITDA reached EUR 118.1 million in the first nine months of 2024, up from EUR 75.6 million in the same period of 2023. This equates to an adjusted EBITDA margin of 10.9%, up from 8.3% in the same period last year.
On an unadjusted basis, the Group's reported EBITDA increased from EUR 70.4 million in the first nine months of 2023 to EUR 113.8 million in 2024, representing a 61.7% growth rate. This is in line with the increase in adjusted EBITDA, which grew by 56.1% compared to the previous period. The increase in EBITDA is primarily attributable to a substantial enhancement in production output, which includes net sales and the change in finished goods (+EUR 188.7 million compared to 9M of 2023). This growth is driven by gains in market share, complemented by the expansion of our workforce to approximately 8,200 employees.
The two adjustments to the reported EBITDA in the nine months of 2024 were the legal costs (EUR 3.3 million) and the expenses related to the management stock option program (MSOP) (EUR 1.0 million), resulting in a total of EUR 4.3 million.
Concerning trade working capital (TWC), we anticipate reaching significantly lower and more sustainable TWC levels across all segments by the end of 2024, in line with our previous guidance.
As net sales grew by approximately 19%, trade working capital increased by only around 5%, which we view as a positive indicator of our effective trade working capital management practices.
The financial result remained stable at EUR -38.9 million at the end of 9M 2024 compared to EUR -38.3 million at the end of 9M 2023. We note that the financial result is impacted by various non-cash items, including FX and consolidation, amounting to approximately EUR 15 million in 9M 2024.
6 INTERIM REPORT 9M 2024 | MONTANA AEROSPACE AG
FINANCIAL OVERVIEW
Net Sales and adj. EBITDA development per segment
in EURm
Net Sales
yoy growth
Adj. EBITDA
yoy growth
Aerostructures | Energy | E-Mobility | |||||||||||
(discontinued operation) | |||||||||||||
9M 2023 | 9M 2024 | 9M 2023 | 9M 2024 | 9M 2023 | 9M 2024 | ||||||||
497.7 | 612.0 | 418.0 | 469.4 | 127.9 | 126.0 | ||||||||
+23.0% | +12.3% | -1.5% | |||||||||||
56.0 | 94.2 | 18.7 | 25.5 | 18.3 | 4.6 | ||||||||
+68.1% | +36.0% | -75.0% | |||||||||||
Segment sales and EBITDA in the nine months of 2024 showed Aerostructures and Energy as the main drivers of Montana Aerospace's business expansion. Aerostructures posted growth of +23.0% with total net sales of EUR 612.0 million, while Energy showed growth of +12.3% with total net sales of EUR 469.4 million. The Energy segment achieved an adjusted EBITDA of EUR 25.5 million, an increase of +36.0% compared to the third quarter of 2023, establishing itself as a strong growth business and reflecting the state of the market. Aerostructures also showed a significant improvement of +68.1% compared to the same period of the previous year and achieved an adjusted EBITDA of EUR 94.2 million, despite issues from Spirit AeroSystems and Boeing.
Operating Result (EBIT)
As a result of the strong EBITDA, the operating result (EBIT) reached EUR 43.7 million as of 30 September 2024, a tremendous improvement compared to EUR -1.8 million EBIT in the first nine months of 2023.
Total depreciation and amortization expenses amounted to EUR 70.1 million in the first nine months of 2024 compared to EUR 72.2 million in the same period of 2023. The small improvement reflects the impact of close monitoring of CAPEX and the postponement of new investments. No adjustments to depreciation and amortization (impairment) were made.
7 INTERIM REPORT 9M 2024 | MONTANA AEROSPACE AG
FINANCIAL OVERVIEW
Cash flow statement
(in TEUR)
Cash and cash equivalents at the beginning of the period
Net cash provided / used in operating activities
Net cash used in investing activities
Net cash used in / from financing activities
+/- effect of exchange rate fluctuations on cash held
Cash and cash equivalents at the end of the period*
* including discontinued operation (E-Mobility segment).
For the nine months ended 30 September | |
2024 | 2023 |
175,252 | 426,215 |
31,724 | 7,373 |
-54,223 | -52,599 |
-27,590 | -70,881 |
-1,791 | 628 |
123,372 | 310,736 |
Balance sheet
(in TEUR)
ASSETS
Non-current assets
Current assets
o/w cash and cash equivalents
Total Assets
EQUITY AND LIABILITIES
Total equity
Non-current liabilities
Current liabilities
Total equity and liabilities
30 September 2024 |
1,001,588 |
923,611 |
116,543 |
1,925,199 |
895,167 |
544,150 |
485,882 |
1,925,199 |
31 December 2023
1,148,124
787,336
175,252
1,935,460
934,358
548,943
452,159
1,935,460
As of 30 September 2024, total assets amounted to EUR 1,925.2 million (31 December 2023: EUR
1,935.5 million), with total non-current assets of EUR 1,001.6 million (31 December 2023: EUR 1,148.1 million). Total non-current assets included mainly intangible assets and goodwill of EUR 304.3 million (31 December 2023: EUR 290.4 million) and property, plant, and equipment of EUR 642.2 million (31 December 2023: EUR 723.0 million). Within the total current assets of EUR 923.6 million (31 December 2023: EUR 787.3 million), inventories amounted to EUR 377.7 million (31 December 2023: EUR
334.4 million), trade receivables to EUR 178.8 million (31 December 2023: EUR 159.3 million), other receivables and assets to EUR 78.3 million (31 December 2023: EUR 83.6 million), and cash and cash equivalents to EUR 116.5 million (31 December 2023: EUR 175.3 million).
8 INTERIM REPORT 9M 2024 | MONTANA AEROSPACE AG
FINANCIAL OVERVIEW
Total liabilities were at EUR 1,030.0 million as of 30 September 2024 (31 December 2023: EUR 1,001.1
million), of which EUR 485.9 million are current liabilities (31 December 2023: EUR 452.2 million) and
EUR 544.2 million are non-current liabilities (31 December 2023: EUR 548.9 million).
Non-current liabilities include bank loans and borrowings of EUR 296.7 million (31 December 2023: EUR 258.9 million), other financial liabilities of EUR 99.5 million (31 December 2023: EUR 95.1 million) and other liabilities and accruals of EUR 48.9 million (31 December 2023: EUR 85.1 million).
Current liabilities include loans and borrowings of EUR 65.0 million (31 December 2023: EUR 82.3
million) and trade payables of EUR 232.0 million (31 December 2023: EUR 230.4 million).
Total equity decreased to EUR 895.2 million (31 December 2023: EUR 934.4 million) and includes EUR
922.4 million of share premium (31 December 2023: EUR 921.1 million).
At 30 September 2024, Montana Aerospace's trade working capital amounted to EUR 365.72 million compared to EUR 294.7 million as of 31 December 2023.
The main changes in the balance sheet positions are the result of presenting the previously reportable segment "E-mobility" as a disposal group held for sale and is also classified as a discontinued operation (see note 14).
9 INTERIM REPORT 9M 2024 | MONTANA AEROSPACE AG
FINANCIAL OVERVIEW
Supplemental financial information
USAGE OF ALTERNATIVE PERFORMANCE MEASURES
Montana Aerospace AG is managed in accordance with internally defined financial and non-financial key figures in the interest of achieving a sustainable increase in value. The following key financial figures are used for the purpose of value-oriented management and in the context of the 9M 2024 Interim Report:
- Organic Growth refers to increases in net sales (in %) excluding any contributions from acquired companies.
- EBITDA refers to operating profit before interest, taxes, depreciation and amortization.
- Adjusted EBITDA refers to operating profit before interest, taxes, depreciation and amortization adjusted for one-off effects.
- Operating Cash Flow is defined as net cash used / provided in operating activities.
- Investing Cash Flow is defined as net cash used / provided in investing activities.
- Financing Cash Flow is defined as net cash used / provided in financing activities.
- Free Cash flow is defined as the sum of operating cash flow and investing cash flow.
- CAPEX (capital expenditures) refers to payments made for purchase of PPE and intangible assets.
- Equity Ratio refers to total equity in % of total equity and liabilities.
- Trade Working Capital includes trade receivables and inventories less trade payables and advances received from customers.
Due to the Group's dynamic growth, the trend in the number of employees is also an important non-financial indicator.
10 INTERIM REPORT 9M 2024 | MONTANA AEROSPACE AG