Slides
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1H24/25 results presentation 12 December 2024 The leading partner for major aerospace manufacturers
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2 GROUPE Disclaimer Before reading this presentation, you acknowledge that you are fully aware of the observations and limitations below: This document was prepared by Figeac Aéro (the “Company”) exclusively for information purposes. The information and opinions contained in this document may be updated, supplemented, revised, reviewed and amended, and the information may be substantially modified. The Company is not under any obligation to update the information contained in this document, and any opinions expressed therein may be amended without prior notice. The information contained in this document has not been submitted for an independent review. No declaration, guarantee or commitment, whether explicit or implicit, is made and cannot be used as the basis of a claim pertaining to the accuracy, completeness or consistency of the information or opinions contained in this document. The Company, its boards and its representatives accept no responsibility for the use of this document or its content, or in relation to this document in any way whatsoever. This document contains information about the Company’s markets as well as its competitive positions, notably the size of its markets. This information is drawn from a number of sources or from estimates made by the Company itself. Investors cannot base their investment decisions on this information. Some of the information contained in this document includes forward-looking statements. These statements are not guarantees as regards the Company’s future performance. This forward-looking information relates to the Company’s future prospects, development and commercial strategy, and is based on an analysis of forecasts of future results and estimations of amounts that cannot yet be determined. By its very nature, forward-looking information entails risks and uncertainties because it relates to events and depends on circumstances that may, or may not, occur in the future. The Company draws your attention to the fact that forward-looking statements do not constitute under any circumstances a guarantee of its future performances and that its actual financial position, results and cash flows, as well as changes in the sector in which the Company operates, may differ significantly from those proposed or suggested in the forward- looking statements contained in this document. Moreover, even if the Company’s financial position, results and cash flows, or the changes in the sector in which the Company operates, prove consistent with the forward-looking information contained in this document, said results or said changes may not be a reliable indication of the Company’s future results or development. The Company does not commit in any way to updating or confirming the expectations or estimates of analysts, or to making public any corrections made to forward-looking information, in order to reflect events or circumstances occurring after the date on which this document was published. This presentation does not constitute an offer of sale or subscription, or a request to place a purchase or subscription order for securities in France, the United States or any other country. Company shares or any other securities may be offered or sold in the United States only after they are registered under the U.S. Securities Act of 1933, as amended, or under an exemption to this registration requirement. No public offering of financial securities will be made in France or abroad prior to the issuance of a prospectus visa by the French Financial Markets Authority pursuant to the provisions of Directive 2003/71/EC, as amended. The Company does not intend to make any kind of share offering in France or another country. 1H24/25 results | December 2024
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3 GROUPE FIGEAC AÉRO continues to deliver on its targets Opening statement 1H24/25 results | December 2024 +12.0% Organic revenue growth +190 bp Current EBITDA margin €28.3m FCF at record level Solid execution Set to reach / surpass targets for 4th consecutive year FCF guidance revised upwards €30m - 35m Strong upside Deployment in line or in advance of expectations PILOT 28
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Flight plan 1. GROUP OVERVIEW 2. MARKET DYNAMICS 3. FINANCIAL HIGHLIGHTS 4. PILOT 28 UPDATE 5. OUTLOOK
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Sommaire Group overview 01
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6 GROUPE FIGEAC AÉRO in a nutshell Group overview01 1H24/25 results | December 2024 Strong positions on growth industries Global coverage Local presence Combination of tech, expertise & innovation Critical partner Strong CSR commitment Aerospace Defense Energy 350 state-of-the-art machines 30-year know-how c. 4% revenue in R&D 14 facilities 8 countries 3,500 employees Strategic T1/T2 supplier Positions on all main aerospace programmes All types of metallic parts All aerospace metals Across the whole aircraft One-stop shop for aerospace parts Comprehensive capabilities Industrial process decarbonization Clean aviation Full coverage of the value chain 1 Based on FY2023/24 and identifiable revenue across programmes and customer Revenue breakdown by industry Revenue breakdown by programme1 Revenue breakdown by customer1 A320 19% A350 18% LEAP 8% GLOBAL 7500 4% A330 3%E2 JETS 2% LEGACY 450 2% G650 2% GLOBAL 5500 1% Others 41% Airbus Atlantic 24% Safran 19% Airbus 12% Spirit 8% Embraer 3% Bombardier 2% Collins 2% Gulfstream 1% Rolls Royce 1% Others 28% Aerostructures & Aeroengines 91% Diversification Activities 9% €397m €397m €397m
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7 GROUPE 208 252 325 372 428 447 205 282 342 397 420 - 440 Revenue (M€) Current EBITDA (M€) FCF (M€) 50,6 58,8 71,9 71,8 76,0 69,4 2,0 32,3 40,3 52,2 67 - 73 -38,8 -52,1 -86,0 -33,9 12,4 9,4 -43,7 5,4 5,4 24,1 30 – 35 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25e FY25/26e FY26/27e FY27/28e A steadily improving financial performance over time Group overview01 PILOT 28 ▪ Higher-than-market revenue growth ▪ Accelerated deleveraging of balance sheet Note: modified scale for visbility purposes COVID 550 - 600 Reach critical size ▪ Heavy investment phase Over €600 millions invested in new capacity & global footprint ▪ Revenue growth +20% CAGR Transformation 21 + Route 25 ▪ Adaptation of cost and capital structure & governance ▪ Return to pre-crisis levels, with increased cash flow generation 1H24/25 results | December 2024 All financial targets achieved 3 years in a row
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Sommaire Market dynamics02
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9 GROUPE Air traffic resiliency supported by mega-trends Market dynamics02 0 5000 10000 15000 20000 25000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2033f 2043f Projection 2024-2043 ▪ Passenger traffic +4.7% pa ▪ Cargo traffic +4.0% pa ▪ New aircraft demand 42,000 – 44,000 o/w c. 50% from fleet growth Air traffic growth drivers ▪ GDP growth (+2.6% pa) ▪ Emerging economies (SE-Asia & India) ▪ E-commerce growth Source: IATA, Airbus, Boeing, YTD air traffic data as at 31 October 2024 2024 YTD ▪ Passenger traffic +10,8% ▪ Capacity +9.3% ▪ Load factor 83.5% (+1.2 pt) ▪ Cargo traffic +12.2% 1H24/25 results | December 2024 RPKs in millions
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10 GROUPE Driving ever increasing projected production rates Market dynamics02 - 20,0 40,0 60,0 - 5,0 10,0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024e 2025e 2026e 2027e 2028e 75 / mo 50 / mo 14 / mo A330 12 / mo 4 / mo Source: Airbus, Boeing, excluding military aircraft, data as at 31 October 2024 NarrowbodyWidebody Net orders & backlog YTD A220 6% A320f 83% A330 3%A350 8% B737 78% B787 13%B777 9% 8,697 6,176 742 net orders (vs 643 deliveries) 335 net orders (vs 295 deliveries) 1H24/25 results | December 2024
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11 GROUPE A paradigm change in OEM / subcontractor relations Market dynamics02 COVID OEM ▪ Increased outsourcing ▪ Supply chain competition → Optimize prices and cash profile ▪ Dependent on critical suppliers ▪ Need to reduce backlog duration → Focus on securing ramp-up and supply chain robustness Subcontractors ▪ Numerous small players ▪ Heavy investments required → Reach critical size ▪ Select group of strategic suppliers ▪ Constrained investment capacity → Consolidation of financial performance Post-COVID relations are marked with more favorable terms & conditions 1H24/25 results | December 2024
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Sommaire Financial highlights03
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13 GROUPE 1H24/25 - P&L Financial highlights03 IFRS, €m (audit in the final stages) 1H24/25 1H23/24 Chg. Org. chg. Revenue 200.0 181.2 +10.3% +12.0% Current EBITDA 25.8 19.9 +30.0% Current EBITDA margin 12.9% 11.0% +190bp Current operating income (loss) 4.91 (3.9) ns Operating income (loss) 2.4 (4.9) ns Financial income (loss) (11.8) 1.0 ns Net income (loss), Group share (4.4) (5.3) (16.9)% Note: a P&L table is available in the appendices to this document 1 At the close of the first half of its financial year, the FIGEAC AÉRO Group was required to adjust its amortisation methods for certain assets. Under accounting standard IAS 8, it appeared that the expected useful lifetime of intangible assets relating to the capitalisation of Research & Development expenses had risen above previous estimates, implying longer amortisation periods and, consequently, lower amortisation charges recognised on these intangible assets. Net depreciation, amortisation and provisions amounted to €20.3 million in the first half of financial year 2024/25. The amount recognised would have been €22.2 million without the change in this accounting estimate, corresponding to a €1.9 million decrease. The change has no impact on the revenue or current EBITDA figures reported by the Group. It does, however, have an impact corresponding to the same amount on current operating income and on downstream income statement aggregates. +12.0% organic revenue growth EBITDA margin up 190bp Current operating income & operating income now positive Financial income: ▪ Stability of interest expense ▪ €(8.0)m variation in realized currency gains/losses ▪ €(4.8)m variation in non-cash unrealized gains/losses on derivative instruments €5.0m activation of tax loss carry-forwards 1H24/25 results | December 2024
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14 GROUPE 1H24/25 - Q2 & H1 revenue Financial highlights03 Driven by commercial jets, LEAP stability, inflation & inventory In line with annual objective (€420 – 440m) AIRBUS ATLANTIC 27% AIRBUS 13% SAFRAN 18% SPIRIT 8% COLLINS 2% EMBRAER 2% BOMBARDIER 2% OTHER CLIENTS 28% Revenue by client A320 21% A350 16% LEAP 6% GLOBAL 7500 3%A330 3% OTHER PROGRAMMES 51% Revenue by programme Revenue over the period (in €m) +21.7% +24.3% org. +6.6% +20.6% +23.0% org. Q2 2024/25 6M 2024/25 +12.8% +14.7% org. -12.6% +10.3% +12.0% org. 1H24/25 results | December 2024
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15 GROUPE 1H24/25 – Current EBITDA Financial highlights03 In line to reach full-year target (€67 – 73m) Current EBITDA €25.8m, +30.0% ▪ Increased revenue ▪ Tight cost control ▪ Improvements in Mexico Current EBITDA margin 12.9%, +190bp Stronger contribution expected in H2: ▪ Increased revenue ▪ Impact of price increases 12.9% Current EBITDA over the period (€m) 11.0% 1H24/25 results | December 2024
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16 GROUPE 1H24/25 – Cash flows Financial highlights03 IFRS, €m (audit in the final stages) 1H24/25 1H23/24 Chg. Cash-flow1 23.9 22.4 +6.3% Change in WCR 19.5 13.7 Cash-flow from operating activities 43.4 36.2 +19.9% Cash-flow from investing activities (15.1) (26.9) (44.0)% Free cash-flow 28.3 9.3 Cash-flow from financing activities (32.7) (26.0) +25.9% o/w interest expense (6.9) (6.8) o/w debt amortization (net) (21.4) (13.5) 1 Before cost of financial debt and taxes Note: a cash-flow statement is available in the appendices to this document Increase in cash flow Very positive impact from WCR: ▪ Improved receivables ▪ Cash advances ▪ Negative impact of inventories FCF at €28.3m, thanks to working capital and reduced investments FCF at record level, already at upper range of full-year target 1H24/25 results | December 2024
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17 GROUPE 1H24/25 - Financial situation Financial highlights03 1 excluding non-interest bearing debt 2 FCFs after cost of financial debt and taxes 3 Leverage is calculated by dividing net debt excluding non-interest bearing debt by current EBITDA Note : the balance sheet and debt structure are available in the appendices to this document Average cost 5.5%1 Cash €86.5m Net debt €275.5m1 Fixed rate debt ~ 77% 38,7 46,3 35,8 35,0 58,4 176,9 5,4 0 1 2 3 4 5 6 0,0 50,0 100,0 150,0 200,0 FY 23/24 FY 24/25 FY 25/26 FY 26/27 FY 27/28 FY 28/29 FY 29/30 Debt amortization schedule & projected leverage3 ~3x ~4x 2-2.5x Cash stable at a comfortable level Significant debt reduction Next milestones include: ▪ Leverage 3x as a threshold ▪ Target leverage FY2027/28: 2-2.5x Further deleveraging expected with positive net FCFs2 and higher EBITDA 5.5x 1H24/25 results | December 2024
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Sommaire PILOT 28 advances04
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19 GROUPE PILOT 28: a new strategic horizon on March 2028 PILOT 28 advances04 Profitable growth with revenue €550-600m and current EBITDA margin >16% Accelerated deleveraging with leverage 2-2,5x Performance of sales Innovation Lower impact Optimisation of financial performance Transformation of model ▪ 17 new agreements (civil & defense) ▪ Several advanced discussions ▪ Significant pipeline ▪ Continued R&D on automation & process improvements ▪ 3 major facilities ISO14001 certified ▪ Board Director in charge of CSR ▪ Significant new price increase agreements to impact H2 ▪ Continued control on capital expenditures ▪ Reinforcement of internal capabilities ▪ Implementation of Figeac Aero Operating System (FOS) P I L O T 36% New business 80 100 €28.3m FCF generation 50 (1H24/25) 70% (in 2025) Environmental certification 100%(as a % of total workforce) 1H24/25 results | December 2024
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20 GROUPE Backlog as at 30 September 2024 PILOT 28 advances04 A320 33% A350 36% B737 8% A330 3% GLOBAL 7500 3% E2 3% LEGACY 450 2% RAFALE 2% OTHER CLIENTS 10% Main highlights €4.7bn (vs €4.2bn) ▪ Higher medium-to-long-term rates on main commercial programmes ▪ Positive LEAP contribution despite short-term drop in LEAP-1B rates ▪ New business, especially on A320 family ▪ Price increases with most major customers 1H24/25 results | December 2024
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Sommaire Outlook 05
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22 GROUPE Short-term & medium-term guidance REVENUE CURRENT EBITDA FREE CASH FLOWS 1 2 3 FY24/25e €420-440m €67-73m €30-35m FY27/28e €550-600m >16% ~€50m LEVERAGE 4 ~4 2-2.5 of revenue (vs €20 – 28m) Outlook05 1H24/25 results | December 2024
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23 GROUPE FIGEAC AÉRO ideally positioned to continue to deliver profitable growth in foreseeable future 23 Unique competitive positioning ▪ Aerospace pure player ▪ One-stop shop for metal aerospace parts ▪ Global industrial footprint ▪ Combination of expertise / state-of-the-art technology / innovation ▪ Critical partner for OEMs Improved financial performance • Increased activity • Efficiency initiatives & optimization of mix • Impact of rebalancing of OEM relations • WC & CAPEX control Strong market fundamentals • Long-term air traffic growth • Sizeable existing backlogs Revenue growth • Increasing production rates on existing scope • New business • Price increases & compensation of inflation Solid execution • Excess capacity • Optimized industrial performance / customer satisfaction • Financial robustness X X X= 1H24/25 results | December 2024 Outlook05
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Sommaire Q&A
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Sommaire Appendices
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26 GROUPE Consolidated P&L Appendices IFRS, €m (audit in the final stages) 1H24/25 1H23/24 Chg. Revenue 200.0 181.2 +10.3% Other finished products and WIP 8.8 6.7 +32.7% Cost of bought-in goods and services and external expenses (132.1) (121.1) +9.1% Personnel expenses (50.0) (46.7) +7.1% Taxes and duties (1.4) (0.8) +62.3% Net depreciation, amortisation and provisions1 (20.3) (23.1) (12.0)% Current operating income (loss) 4.9 (3.9) ns Other non-recurring operating income & expenses (2.3) (1.8) ns Share of net income (loss) of joint ventures (0.2) 0.92 ns Operating income (loss) 2.4 (4.9) ns Cost of net financial debt (9.7) (10.0) (2.9)% Foreign exchange gains and losses (2.6) 5.4 ns Unrealised gains and losses on derivative instruments 1.0 5.7 ns Other financial income and expenses (0.5) (0.1) ns Financial income (loss) (11.8) 1.0 ns Profit before tax (9.5) (3.8) +146.7% Tax income (expense) 5.1 (1.5) ns Consolidated net income (loss) (4.4) (5.3) (17.0)% Net income (loss), Group share (4.4) (5.3) (16.9)% Non-controlling interests (0.0) (0.0) ns 1H24/25 results | December 2024 1 At the close of the first half of its financial year, the FIGEAC AÉRO Group was required to adjust its amortisation methods for certain assets. Under accounting standard IAS 8, it appeared that the expected useful lifetime of intangible assets relating to the capitalisation of Research & Development expenses had risen above previous estimates, implying longer amortisation periods and, consequently, lower amortisation charges recognised on these intangible assets. Net depreciation, amortisation and provisions amounted to €20.3 million in the first half of financial year 2024/25. The amount recognised would have been €22.2 million without the change in this accounting estimate, corresponding to a €1.9 million decrease. The change has no impact on the revenue or current EBITDA figures reported by the Group. It does, however, have an impact corresponding to the same amount on current operating income and on downstream income statement aggregates. 2 In accordance with IAS 28, the FIGEAC AÉRO Group has restated its obligations towards Sami Figeac Aero Manufacturing (SFAM). At period-end, the Group estimated that it had no legal, contractual or implicit obligation to meet the company’s liabilities or participate in a capital increase carried out by the company. The carrying amount of equity-accounted securities in SFAM was therefore reduced to zero, corresponding to a positive restatement of €1.3 million.
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27 GROUPE Consolidated balance sheet (simplified) Appendices IFRS, €m (audit in the final stages) 30/09/24 31/03/24 Fixed assets 265.2 269.6 Other non-current assets 26.8 18.5 Inventory 203.6 190.6 Contract assets 14.2 37.2 Trade receivables 34.3 49.6 Current tax assets 4.2 7.1 Other current assets 17.1 20.4 Cash & cash equivalents 86.5 88.7 TOTAL ASSETS 649.0 681.5 Shareholders’ equity 57.3 57.7 Non-current financial liabilities 310.1 334.3 Non-current liabilities 18.1 23.7 Current portion of financial liabilities 56.4 49.9 Trade payables and related accounts 89.7 88.7 Contract liabilities 32.4 42.2 Other current liabilities 88.1 84.9 TOTAL LIABILITIES 649.0 681.5 1H24/25 results | December 2024
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28 GROUPE Consolidated cash flow statement (simplified) Appendices IFRS, €m (audit in the final stages) 1H24/25 1H23/24 Net profit (4.4) (5.3) Depreciation, amortization and provisions 20.3 23.1 Other non-cash adjustments 0.6 (2.3) Tax expense 0.4 0.1 Cost of debt 6.9 6.8 Cash-flow before cost of debt and taxes 23.9 22.4 Change in working capital requirement 19.5 13.7 Cash-flow from operating activities 43.4 36.2 Cash-flow from investing activities (15.1) (26.9) Free cash-flow 28.3 (9.3) Disposals (acquisitions) of treasury shares 0.0 (0.1) Change in borrowings and repayable advances (20.8) (13.4) Repayment of lease liabilities (5.0) (5.8) Interest paid (6.9) (6.8) Cash-flow from financing activities (32.7) (26.0) Change in cash position (4.4) (16.7) Cash position - opening date 77.1 94.4 Change in translation adjustment (0.0) 0.2 Cash position - closing date 72.7 77.9 1H24/25 results | December 2024
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29 GROUPE Financial debt structure Appendices Debt Amount Type1 Rate State-guaranteed loan (PGE) 127.1 A Fixed Bonds 69.1 B Fixed Bonds 16.5 B Variable Bank debt 53.1 A Fixed Bank debt 51.5 A Variable Leases 18.7 A Fixed Others 12.3 A Factoring 13.6 ns Variable Gross debt2 361.9 ~80% amort. 77% fixed Average cost 5.5%2 Net debt2 275.5 2 A : amortizinge, B : bullet 2 excluding non-interest-bearing debt 1H24/25 results | December 2024
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30 GROUPE WCR update 145 321 236 210 175 186 95 242 161 132 82 58 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 1H24/25 DIO WCR WCR and DIO over the financial year (in number of days of revenue) 1H24/25 results | December 2024 Appendices
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31 GROUPE Appendices Revenue trend over the course of the plan (€m) FY 2027/28: approaching the €600m mark €80-€100m New business Commercial / Defence / Services 342 550 - 600 ~€170m Build rates ~€30m Adjustments Attrition, price, lags in build rate increase 2023-2028 CAGR > 10% Note: financial targets presented here are based on the following assumptions: realisation of build rates projected by aircraft manufacturers, a EUR/USD exchange rate of 1.13 for 2023/24, 1.11 for 2024/25, 1.10 for 2025/26, 1.11 for 2026/27, and 1.12 for 2027/28, and no deterioration in the economic climate, notably in terms of sourcing, inflation, hiring and client financial support PILOT 28’s trajectory: consolidation and development of the Group’s leadership 1H24/25 results | December 2024
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32 GROUPE PILOT 28’s trajectory : mechanic impact of the production rate of the main aerospace programmes Appendices Revenue impact of the production rate increases over the course of the plan (€m) An increase in revenue largely secured by the Group’s order backlog ~75 ~55 ~20 ~20 ~170 Note: figures presented here include revenue arising from engine parts on the corresponding programme 1H24/25 results | December 2024
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33 GROUPE Appendices FCF trend over the course of the plan (€m) FY 2027/28: cash generation scaled up to ~€50m >16% EBITDA Increased activity / efficiency initiatives 5.4 ~50WCR Optimisation initiatives / client financing / sub- contracting 6-8% of revenue Lower CAPEX EBITDA to FCF conversion > 50% PILOT 28’s trajectory: acceleration of deleveraging (1/2) Note: financial targets presented here are based on the following assumptions: realisation of build rates projected by aircraft manufacturers, a EUR/USD exchange rate of 1.13 for 2023/24, 1.11 for 2024/25, 1.10 for 2025/26, 1.11 for 2026/27, and 1.12 for 2027/28, and no deterioration in the economic climate, notably in terms of sourcing, inflation, hiring and client financial support 1H24/25 results | December 2024
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34 GROUPE Appendices Financial leverage trend over the course of the plan (net debt / EBITDAc) FY2027/28: a deleveraged financial structure with a low leverage ratio of between 2.0x and 2.5x Higher EBITDA 7.0 2.0 – 2.5 Lower net debt Net FCF > 0 since FY2023/24 ~4 in FY 2024/25 ~3 in FY 2025/26 PILOT 28’s trajectory: acceleration of deleveraging (2/2) Note: financial targets presented here are based on the following assumptions: realisation of build rates projected by aircraft manufacturers, a EUR/USD exchange rate of 1.13 for 2023/24, 1.11 for 2024/25, 1.10 for 2025/26, 1.11 for 2026/27, and 1.12 for 2027/28, and no deterioration in the economic climate, notably in terms of sourcing, inflation, hiring and client financial support 1H24/25 results | December 2024
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35 GROUPE Our strategic positions on the main aircraft programmes Appendices A220 Shipset value1: €0.05m / aircraft AEROSTRUCTURES E2-Jets Shipset value1: €0.15m / aircraft AEROSTRUCTURES A320 Shipset value1: €0.2m / aircraft AEROSTRUCTURES A350 Shipset value1: €1.3m / aircraft AEROSTRUCTURES Pearl 700 Shipset value1: €0.04m / aircraft Rafale Shipset value1: €0.2m / aircraft B737 Shipset value1: €0.06m / aircraft AEROSTRUCTURES Global 7500 Shipset value1: €0.54m / aircraft AEROSTRUCTURES 1 Includes revenue generated from the engines equipping this programme AEROENGINES LEAP-1A AEROENGINES TRENT XWB AEROENGINES LEAP-1B AEROENGINES AEROENGINES PASSPORT 20 AEROENGINES M88 AEROSTRUCTURESAEROENGINES AEROENGINES AEROSTRUCTURES 1H24/25 results | December 2024
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36 GROUPE Glossary Appendices Term / indicator Definition OEM (Original Equipment Manufacturer) Aircraft manufacturers, engine manufacturers and other airframers Build-to-Print The manufacture of parts and sub-assemblies by a sub-contractor based on plans and specifications provided by the client OTD (On-Time Delivery) Percentage of line items in a purchase order delivered to the client on time Current EBITDA / EBITDAc Current EBITDA = Current operating income (loss) adjusted for net depreciation, amortisation and provisions before the breakdown of R&D expenses capitalised by the Group by type Backlog Sum of orders received and to be received extrapolated over a 10-year period for each contract and request for proposals won, based on build rates announced and then projected and a EUR/USD exchange rate of 1.12 Organic At constant scope and exchange rates DIO (Days of Inventory Outstanding) Average number of days of revenue for which an item of inventory is held Net debt Debt, net of cash, excluding non-interest bearing debt Leverage Ratio of net debt to current EBITDA Capex Investments in fixed assets ORNANE Bonds redeemable into cash and/or new and/or existing shares EBITDA-to-FCF Free Cash Flows divided by current EBITDA ROCE (Return On Capital Employed) Net operating income after taxes (NOPAT) divided by the economic assets (fixed assets and working capital) Free cash-flow / net Net cash-flow from operating activities before cost of financial debt and taxes, minus net cash-flow from investing activities / after cost of financial debt and taxes 1H24/25 results | December 2024
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Address Zone industrielle de l’Aiguille 46100 FIGEAC FRANCE Investor and analyst contact Simon Derbanne VP Investor Relations +33 (0)5 81 24 63 91 simon.derbanne@figeac-aero.com