FIGEAC AERO : 2017/2018 PROVISIONAL INTERIM RESULTS

• Corrected EBITDA margin of 21%


• Increase in current operating income +20.8%


• Strong growth in Group share of net income +20.8%


• Positive cash flows generated by activity at €4.5 M


• Clear improvement in free cash flow for the period, in line with 2019 objectives


• 2020 growth targets confirmed

Today, the FIGEAC AÉRO Group (ticker symbol: FGA), a leading partner of major aerospace industry companies, announced its 2017/18 interim results, which are currently being audited, for the period ended 30 September 2017. The Audit Committee met on 15 December 2017, and the accounts will be approved by the Board of Directors on 26 December 2017.

In €K - IFRS at 30/09
H1 2016/2017
H1 2017/2018
Change


Revenue[1]
146,234
170,430
+16.5%


Corrected EBITDA[2]
32,996
35,791
+8.5%


Corrected EBITDA/Revenue
22.6%
21%
 


EBITDA
31,873
34,771
+9.1%


EBITDA/Revenue
21.8%
20.4%
 


Depreciation and amortisation
(10,053)
(15,519)
 


Net allocations to provisions
(6,206)
(384)
 


Current operating income
15,614
18,868
+20.8%


COI/Revenue
10.7%
11.1%
 


Other operating income
34
130
 


Other operating expenses
(11)
(936)
 


Operating income
15,637
18,062
+15.5%


Cost of net financial debt
(2,062)
(2,347)
 


Foreign exchange gains and losses
(10,809)
(6,916)
 


Unrealised gains and losses on financial instruments
16,394
7,981
 


Other financial income and expenses
(257)
(29)
 


Income tax expense
(5,795)
(1,023)
 


Net income
13,108
15,728
 


Net income (Group share)
13,016
15,727
+20.8%

Solid growth in 2017/2018 interim results

For the 1^st half of its 2017/18 financial period, FIGEAC AÉRO records revenue of €170.4 M, up by 16.5% in spite of unfavourable changes in €/$ foreign exchange hedging that worsened during the 2^nd quarter and represents a negative impact of €2.6 M for the half-year. The Auvergne Aéro Group, whose acquisition was finalised in November 2016, recorded revenue of €16.5 M.

This trend in activity was accompanied by an 8.5% increase in corrected EBITDA, at €35.8 M, representing a margin of 21%, that includes a dilutive effect resulting from the incorporation of the Auvergne Aéro Group (-€1.4 M) and an impact from the unfavourable change in the €/$ parity (-€1.3 M). At constant scope of consolidation and constant exchange rates, the corrected EBITDA margin rate is 22.4%.

Current operating income reached €18.9 M at 30 September 2017, strongly up by 20.8%, representing a current operating margin of 11.1%, for a 0.4-point improvement.

Operating income in the 1^st half of 2017 was €18.1 M, up by 20.7%.

After taking into account financial income, €/$ hedging items and taxes, the Group share of net income is up by 20.8% at 30 September 2017, reaching €15.7 M.

Financial structure: positive cash flows generated by activity

Driven by the good results, shareholder's equity is up by €30.7 M over six months to stand at €242.1 M. With net financial debt of €248.5 M, the gearing ratio remains controlled at 1.03.

For the first time since the March 2014 closing, cash flows generated by the activity over the period are positive and up significantly at €4.5 M (compared with -€9.8 M at 31 March 2017 and -€9.0 M for the first half of the 2016/2017 period).

This reflects a significant improvement of +35.3% in cash flow before borrowing costs and taxes at €27.4 M (€20.2 M one year earlier) and a noticeable drop of more than €6 M in the change in WCR in a context of business growth.

Consistent with the objectives announced to reduce investments over the current financial period, net investment in the period reached €28.8 M, down by €7.5 M over one year.

All the actions implemented within the Group are bearing fruit. For the 1^st half of 2017/18 (ended 30 September 2017), free cash flows are strongly improved by 46% at -€24.3 M (compared with -€45.3 M at 30 September 2016).

A positive outlook

For the period ended 31 March 2018, the Group anticipates free cash flows in around -€35 M, compared with -€86 M in the preceding period. Thus, the objective of recurring positive free cash flows starting in March 2019 is reinforced.

At the same time, the Group's ambitions for revenue of at least €650 M by March 2020 remain unchanged, on the basis of a €/$ exchange rate of 1.18 and aircraft manufacturers' latest production rates announced.

Upcoming publications

31 January 2018 after market close: publication of Q3 2017/18 revenue

FIGEAC AERO
ACTUS finance & communication


Jean-Claude Maillard

Chief Executive Officer

Tel: +33 (0)5 65 34 52 52
Corinne Puissant

Analysts/Investors

Tel: +33 (0)1 53 67 36 77

[email protected]
Jean-Michel Marmillon

Press Relations

Tel.: +33 (0)1 53 67 36 73

[email protected]

Source: Actusnews