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Figeac Aéro — Earnings Release 2017
Jan 31, 2017
1329_10-q_2017-01-31_b0f31131-d5ff-48fe-b575-a6c550859187.pdf
Earnings Release
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PRESS RELEASE
Figeac, 31 January 2017
THIRD QUARTER 2016/2017 BUSINESS
34.7% growth in the 3rd quarter
Revenue objective of €340 million at 31 March 2017 confirmed
The Figeac Aéro Group (Ticker code: FGA), a key partner of major aerospace industry players, today published its revenue for the third quarter of the financial year ended 31 March 2017.
| € millions - IFRS Unaudited data1 |
2015/16 | 2016/17 | % 2016/17 vs. 2015/16 |
|---|---|---|---|
| H1 revenue | 118.9 | 146.2 | +23% |
| Q3 revenue | 66.9 | 90.1 | +34.7% |
| 9-month revenue at 31/12/16 | 185.8 | 236.3 | +27.2% |
Sharp increase in business activity
In the 3rd quarter of FY 2016/17 (01/10 to 31/12), FIGEAC AERO's consolidated revenue amounted to €90.1 million, with a spectacular 34.7% increase over the 3rd quarter of FY 2015/16 (33.5% at constant exchange rates). On a comparable consolidation basis, excluding the integration of the Auvergne Aéro Group (from 25/11 to 31/12), the Group posted sharp growth during the quarter, at 31.6%.
As announced, the growth dynamics in the 3rd quarter 2016/17 was mainly driven by the ramp-up of the Airbus A350 programme. The Aerostructures business thus posted growth of 41.3% over the period (39.9% at constant exchange rates and 37.7% on a comparable consolidation basis), while on-site assembly business practically doubled (+87.2%).
At the end of the first 9 months of FY 2016/17, the Group posted total growth of 27.2% (26.1% on a comparable consolidation basis and 27.4% at constant exchange rates), in line with forecasts.
1 2016/17 revenue is calculated using the average monthly EUR/USD rate of 1.1068 for the period, and 2015/16 revenue is calculated using the average monthly EUR/USD rate of 1.1040 for the period
Annual growth of 35% confirmed
In keeping with its operating plan, for the current financial year (ending 31 March 2017) the Group confirms its annual financial objectives, with expected record revenue growth of 35% to around €340 million, and an EBITDA2 margin in line with Group standards, which would be an historic level.
On the strength of recent commercial successes, the objectives to March 2020 are maintained, with revenue expected to range between €650 and €750 million3 , i.e. nearly a three-fold increase in the space of 4 years, along with an EBITDA3 margin remaining at the current levels.
ABOUT FIGEAC AERO
The FIGEAC AÉRO Group, a leading partner of major aerospace manufacturers, specialises in the production of light alloy and hard metal structural parts, engine parts, landing gear parts and sub-assemblies. An international group with a workforce of over 3,000 employees, FIGEAC AÉRO operates in France, the United States, Morocco, Mexico and Tunisia. In the year ended 31 March 2016, the Group reported annual revenue of €252.3 million. Its year-end order backlog was €3.9 billion.
FIGEAC AERO
Jean-Claude Maillard Chief Executive Officer Tel.: +33 (0)5 65 34 52 52
ACTUS Finance & Communication
Corinne Puissant Analyst/Investor Relations 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]
2 EBITDA = current operating income + depreciation and amortisation + net provisions
3 based on EUR/USD exchange rate of 1.18