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The leading partner for major aerospace manufacturers Full-year results 2024/25 10 June 2025
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2 Disclaimer Full-year results 2024/25 – June 2025 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.
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3 Highlights Full-year results 2024/25 – June 2025 1. FIGEAC AÉRO delivering on all targets & promises 2. Unprecedented market & business visibility 3. Solid PILOT 28 execution, despite short-term pressures 4. 2028 profitable growth & deleveraging targets reiterated
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Market dynamics01
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5 Air traffic momentum Market dynamics01 Full-year results 2024/25 – June 2025 - 5,0 10,0 15,0 20,0 25,0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2033 2043 Projection 2024-2043 ▪ Passenger traffic projections +4.7% pa ▪ Cargo traffic projections +4.0% pa ▪ Demand for new aircraft 42,000 – 44,000 Growth drivers ▪ GDP growth ▪ Emerging economies (SE-Asia & India) ▪ E-commerce growth Source: IATA, data as at 30 April 2025, Airbus, Boeing 2024 ▪ Passenger traffic +10.4% ▪ Cargo traffic +11.3% ▪ Passenger traffic ▪ Cargo traffic 2025e +5.8% +3.4% +6.0% +3.4% 2025 YTD 5 billion passengers
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6 Major OEM production rates & order backlog Market dynamics01 Full-year results 2024/25 – June 2025 - 20,0 40,0 60,0 - 5,0 10,0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 2028e 75 / mo 50 / mo 14 / mo A330 12 / mo 4 / mo Source: Airbus, data as at 31 May 2025, Boeing, excluding military aircraft, data as at 30 April 2025 Order backlog A220 6% A320f 83% A330 3%A350 8% B737 76% B767 1% B787 13%B777 10% 8,630 6,205 Narrowbody Widebody 38 / mo 7 / mo 42 / mo
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7 FIGEAC AÉRO’s top programmes Market dynamics01 Full-year results 2024/25 – June 2025 A320 B737 A350 7,180 4,746 733 Backlog 583 311 avg 33/mo YTD 56 Deliveries (LTM) 620 462 113 Orders (LTM) United Airlines - 40 A321neo BOC Aviation – 55 A321neo / 15 A320neo Jackson Square Aviation – 33 A321neo / 17 A320neo AviLease – 20 B737-8 BOC Aviation – 50 B737-8 IndiGo – 30 A350-900 IAG – 6 A350-1000 / 6 A350-900 China Airlines - 10 A350-1000 Recent announcements Source: Airbus, data as at 31 May 2025, Boeing, excluding military aircraft, data as at 30 April 2025, Dassault Aviation, data as at 31 December 2024, various press outlets Commercial Defense BacklogDeliveries (FY24) Orders (FY24) Recent announcements Rafale 22021 30 Indian Navy – 22 F4-M / 4 F4 two-seater Indonesia – new order, expected to be 18 F4 Rate 4 by 2028/29 & Rate 5 under study A400M 487 - Potential for additional orders in Europe & ME prolonging production
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Full-year results 2024/2502
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9 FY24/25 – Consolidated P&L Full-year results 2024/2502 Full-year results 2024/25 – June 2025 IFRS, €m (audit in the final stages) FY24/25 FY23/24 Chg. Org. chg. Revenue 432.3 397.2 +8.8% +8.1% Current EBITDA 69.5 52.2 +33.0% Current EBITDA margin 16.1% 13.2% +290 bp Current operating income (loss) 22.61 4.7 +379.1% Current operating margin 5.2% 1.1% +410 bp Operating income (loss) 22.4 2.8 ns Financial income (loss) (28.8) (24.0) +20.2 Net income (loss), Group share 3.6 (12.2) ns Note: a P&L table is available in the appendices to this document 1 Since the beginning of the 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 as well as certain tangible assets had risen above previous estimates, implying longer amortisation periods and, consequently, lower amortisation charges recognised on these assets. Net depreciation, amortisation and provisions amounted to €45.6 million. The amount recognised would have been €50.0 million without the change in this accounting estimate, corresponding to a €4.4 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. ▪ Annual revenue target achieved Simplified consolidated P&L (€m) Highlights ▪ Annual EBITDA target achieved, with revenue growth, cost control, inflation-related adjustments & a very strong H2 ▪ Continued progress on current operating income ▪ Increased loss due to non-cash charges related to the convertible bond Return to positive net income, due to continued overall improvement
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10 FY24/25 - Q4 & full-year revenue Full-year results 2024/2502 Full-year results 2024/25 – June 2025 AIRBUS ATLANTIC 26% SAFRAN 20% AIRBUS 13% SPIRIT 8% COLLINS 2% EMBRAER 2% BOMBARDIER 2% GKN AEROSPACE 1% OTHER CLIENTS 26% Revenue by client A320 24% A350 20%LEAP 7% GLOBAL 7500 3% A330 3% E2 2% LEGACY 450 1% CF34 1% OTHER PROGRAMMES 39% Revenue by programme Q4 2024/25 FY 2024/25 397,2 34,3 -2,0 2,8 432,3 FY 23/24 Aero Diversification FX & scope FY 24/25 +10.3% +9.5% org. -5.5% +8.8% +8.1% org. Based on full-year identifiable revenue across programmes and customer Revenue for the period (€m) Breakdown ▪ Sustained growth of Airbus programmes ▪ mainly single-aisle ▪ Decrease in LEAP-1B ▪ partially compensated by -1A & -1C ▪ Inflation compensation effects ▪ Sustained growth of Airbus programmes ▪ notably A320 & A330 ▪ Expected softness in LEAP-1B ▪ Inflation compensation effects 119,3 6,4 0,4 2,9 128,9 4Q 23/24 Aero Diversification FX & scope 4Q 24/25 +3.6% +8.1% +5.6% org. +8.5% +5.8% org.
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11 2,9 52,2 10,2 4,3 69,5 FY23/24 Operational leverage Recovery in Mexico Improved renegotiations FY24/25 FY24/25 – Current EBITDA 02 Full-year results 2024/25 – June 2025 ▪ Strong current EBITDA & current EBITDA margin growth ▪ Positive impact of operational leverage ▪ Sharp recovery in progress at the Mexican facility ▪ Improved renegotiations include one-off compensations of inflation as well as price increases, and overall improved terms & conditions 16.1% 13.2% Current EBITDA over the period (€m) Highlights Full-year results 2024/25
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12 FY24/25 – Consolidated cash flow statement Full-year results 2024/2502 Full-year results 2024/25 – June 2025 IFRS, €m (audit in the final stages) FY24/25 FY23/24 Chg. Cash-flow1 63.3 42.1 +50.5% Change in WCR 11.4 28.1 Cash-flow from operating activities 74.7 70.2 +6.4% Cash-flow from investing activities (36.8) (46.1) (20.2)% Free cash-flow1 37.9 24.1 +57.4% Cash-flow from financing activities (50.5) (41.5) +21.8% o/w interest expense (14.4) (13.2) o/w debt amortization (net) (48.1) (17.6) o/w capital increase 6.9 - o/w advances on carrying of inventory 13.4 - 1 Before cost of financial debt and taxes Note: a cash-flow statement is available in the appendices to this document FCF at new record level, above the annual target (€30m - 35m) Simplified cash flow statement (€m) Highlights ▪ Significant increase in operational cash generation ▪ Positive WC contribution from receivables and cash advances, despite increased inventory ▪ Significant reduction in CAPEX ▪ Capital increase related to bond conversions to new shares
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13 FY24/25 – Financial debt Full-year results 2024/2502 Full-year results 2024/25 – June 2025 1 excluding non-interest bearing debt 2 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 39 36 54 38 62 159 9 0 1 2 3 4 5 6 0,0 20,0 40,0 60,0 80,0 100,0 120,0 140,0 160,0 180,0 FY 23/24 FY 24/25 FY 25/26e FY 26/27e FY 27/28e FY 28/29e FY 29/30e 3.8x ~3x <2x 5.5x Debt amortization schedule & projected leverage2 (€m) Key figures Average cost 5.2% Cash €84.0m Net debt €266.6m1 In line with deleveraging trajectory, opening new refinancing opportunities
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14 A much stronger financial structure vs pre-COVID Full-year results 2024/2502 Full-year results 2024/25 – June 2025 (in €m, except for margins & ratios) FY24/25 FY19/20 Chg. Operational & financial performance Revenue 432.3 446.7 -3.2% Current EBITDA 69.5 69.4 +0.1% Current EBITDA margin 16.1% 15.5% +60 bp Free Cash Flow 37.9 9.4 +303.3% Financial robustness Gross debt1 350.6 389.2 -9.9% Net debt1 266.6 282.4 -5.6% Leverage 3.8 4.1 1 excluding non-interest bearing debt 2 Leverage is calculated by dividing net debt excluding non-interest bearing debt by current EBITDA
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PILOT 28 03
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16 PILOT 28 overview PILOT 2803 Full-year results 2024/25 – June 2025 Performance of sales P I L O T Innovation Lower impact Optimisation of financial performance Transformation of model €80m - €100m incremental revenue from new business Continued investment for productivity gains and innovative manufacturing processes Improved extrafinancial performance and lowered carbon footprint >€60m FCF through margin, WC & CAPEX optimization Establish best practice through FIGEAC AÉRO Operating System
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17 PILOT 28: Performance of sales PILOT 2803 Full-year results 2024/25 – June 2025 Performance of sales P I L O T Innovation Lower impact Optimisation of financial performance Transformation of model €80m - €100m annual revenue from new business Continued investment for productivity gains and innovative manufacturing processes Improved extrafinancial performance and lowered carbon footprint >€60m FCF through margin, WC & CAPEX optimization Establish best practice through FIGEAC AÉRO Operating System >€32m in expected annual revenue by FY27/28 across 19 new awards ▪ Momentum expected to continue in H1 with imminent wins ▪ Sales project portfolio > €100m ▪ Impact of ReArm Europe program Objective >40% already secured Upcoming growth opportunities Commercial 91% Defense 9% A320 47% B737 19% A220 8% Business jets 17%Military 9% France 45% North America 25% North Africa 30% ▪ High value-added M88 engine casing, thanks to demonstrated superior skills ▪ c. €5m in contract value ▪ Significant potential related to Rafale production rates and partnership with SAE Major win on the Rafale
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18 Strong order backlog Outlook04 Full-year results 2024/25 – June 2025 Order backlog A320 30% A350 37% B737 8% A330 4% E2 3% GLOBAL 7500 4% LEGACY 450 2% RAFALE 2% OTHER PROGRAMMES 10% €4.6bn (-2%) Based on full-year identifiable revenue across programmes and customers, and on customer rate projections
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19 New record FCF generation in FY24/25 Further improvements expected by FY27/28 PILOT 28: Optimization of financial performance PILOT 2803 Full-year results 2024/25 – June 2025 Performance of sales P I L O T Innovation Lower impact Optimisation of financial performance Transformation of model €80m - €100m incremental revenue from new business Continued investment for productivity gains and innovative manufacturing processes Improved extrafinancial performance and lowered carbon footprint >€60m FCF through margin, WC & CAPEX optimization Establish best practice through FIGEAC AÉRO Operating System ▪ €37.9m FCF generation due to : ▪ Operational performance ▪ WC contribution ▪ Controlled CAPEX ▪ Increased activity through higher production rates & new business ▪ Further contract margin optimizations & efficiency initiatives ▪ Reinforced customer partnerships ▪ Control on inventory build-up & CAPEX 5,4 24,1 37,9 >60 FY22/23 FY23/24 FY24/25 FY25/26e FY26/27e FY27/28e
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20 PILOT 28: Lower impact PILOT 2803 Full-year results 2024/25 – June 2025 Performance of sales P I T Innovation Transformation of model €80m - €100m incremental revenue from new business Continued investment for productivity gains and innovative manufacturing processes Establish best practice through FIGEAC AÉRO Operating System ▪ Completion of a CSR governance structure : ▪ Board & Executive Committee involvement ▪ CSR committee ▪ Local CSR ambassadors ▪ Reinforcement of internal sustainability reporting tools in line with CSRD application ▪ Integration of CSR in overall Group strategy ▪ Reduction of carbon intensity ▪ ISO 14001 certification ▪ Optimization of energy consumption ▪ Circularity of raw materials ▪ Fostering sustainability within supply chain ▪ Optimization of talent attractivity & turnover ▪ Figure-based targets to be set in FY25/26 Successful first step in improving extra-financial performance Set priorities O Optimisation of financial performance >€60m FCF through margin, WC & CAPEX optimization L Lower impact Improved extrafinancial performance and lowered carbon footprint
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21 Deploying PILOT 28 while managing short-term pressures – US tariffs PILOT 2803 Full-year results 2024/25 – June 2025 Total flows to the US : c. $30m (c. 6% of revenue) Flow to the US Flow to other countries A350 work packages to Spirit A320 P&W nacelle parts to Collins Business jet spars to Gulfstream Majority shipped to Canada Various small flows to US Group main export flows Highlights ▪ Very limited expected direct impact from US tariffs before mitigation measures ▪ Overwhelming majority of flows are A350 & A320 work packages from Europe & subsequently reexported ▪ Duty drawback systems ▪ Mitigation measures include customer negotiation & targeted production relocation ▪ Limited expected disruptions ▪ Strong focus on increasing production rates ▪ High cost for significant shifts in production setups ▪ Potential for beneficial long-term impact for European A&D
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Outlook 04
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23 FY26 guidance in line with FY28 targets Outlook04 Full-year results 2024/25 – June 2025 REVENUE CURRENT EBITDA FREE CASH FLOWS 1 2 3 FY25/26e €470-490m €77-83m €35-40m LEVERAGE 4 ~3x FY27/28e >€600m >17% >€60m <2x FY24/25 €432.3m (guid. €420-440m) €69.6m (guid. €67-73m) €37.9m (guid. €30-35m) 3.8x (guid. c. 4x)
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24 Outlook04 Full-year results 2024/25 – June 2025 Confidential New wings to FIGEAC AÉRO’s investment case Unique positioning ▪ One-stop shop for metal aerospace parts ▪ Global industrial footprint ▪ Critical partner for OEMs ▪ Combination of know-how / technology / innovation Improved financial performance • Operational leverage • Margin optimization • WC & CAPEX control • Shift in OEM relations Strong growth drivers • Long-term air traffic growth • Sizeable existing backlogs • Increasing build rates Revenue growth • Increasing production rates on existing scope • New business • Better pricing terms Solid execution • Excess capacity • Optimized industrial performance x x += IMPROVING FUNDAMENTALS Liquidity increase ▪ Stock performance ▪ Increased investor interest ▪ Increased float Accelerated deleveraging • Increased EBITDA & FCF generation • Bond conversions • Incremental refinancing opportunities towards FY28 + ADDRESSING THE MAIN ISSUES Aerospace market consolidation ▪ Leader with global footprint, long- standing T1 customers & unparalleled visibility ▪ Interest from A&D players, market contenders & private equity ▪ Recent transactions supporting EV/EBITDA multiples > 10 Exposure to defense • Exposure to strategic programs • 6% of total revenue • Increasing contribution to 9% by FY28 despite significant growth in civil segment + GAINING FURTHER MOMENTUM
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Q&A
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Appendices
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27 Consolidated P&L Appendices Full-year results 2024/25 – June 2025 IFRS, €m (audit in the final stages) FY24/25 FY23/24 Chg. Revenue 432.3 397.2 +8.8% Other finished products and WIP 10.1 2.2 ns Cost of bought-in goods and services and external expenses (268.8) (250.5) +7.3% Personnel expenses (100.7) (93.6) +7.6% Taxes and duties (4.7) (4.1) +16.1% Net depreciation, amortisation and provisions1 (45.6) (46.4) (1.7)% Current operating income (loss) 22.6 4.7 +379.1% Other non-recurring operating income & expenses 0.4 (2.6) ns Share of net income (loss) of joint ventures (0.6) 0.6 ns Operating income (loss) 22.4 2.8 ns Cost of net financial debt (22.1) (18.3) +20.9% Foreign exchange gains and losses 2.5 (6.7) ns Unrealised gains and losses on derivative instruments (8.6) 1,6 ns Other financial income and expenses (0.7) (0.5) ns Financial income (loss) (28.8) (24,0) +20.2% Profit before tax (6.4) (21,2) (69.7)% Tax income (expense) 10.0 9,0 +11.8% Consolidated net income (loss) 3.6 (12,2) ns Net income (loss), Group share 3.6 (12,2) ns Non-controlling interests - (0.0) ns 1 Since the beginning of the 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 as well as certain tangible assets had risen above previous estimates, implying longer amortisation periods and, consequently, lower amortisation charges recognised on these assets. Net depreciation, amortisation and provisions amounted to €45.6 million. The amount recognised would have been €50.0 million without the change in this accounting estimate, corresponding to a €4.4 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.
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28 Consolidated balance sheet Appendices Full-year results 2024/25 – June 2025 IFRS, €m (audit in the final stages) 31/03/25 31/03/24 Fixed assets 281.5 269.6 Other non-current assets 29.8 18.5 Inventory 215.1 190.6 Contract assets 12.8 37.2 Trade receivables 47.4 49.6 Current tax assets 2.9 7.1 Other current assets 15.9 20.4 Cash & cash equivalents 84.0 88.7 TOTAL ASSETS 689.4 681.5 Shareholders’ equity 73.6 57.7 Non-current financial liabilities 292.9 334.3 Non-current liabilities 43.6 23.7 Current portion of financial liabilities 62.6 49.9 Trade payables and related accounts 110.2 88.7 Contract liabilities 27.7 42.2 Other current liabilities 78.8 84.9 TOTAL LIABILITIES 689.4 681.5
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29 Consolidated cash flow statement Appendices Full-year results 2024/25 – June 2025 IFRS, €m (audit in the final stages) FY24/25 FY23/24 Net profit 3.6 (12.2) Depreciation, amortization and provisions 41.0 47.0 Other non-cash adjustments 3.8 (7.1) Tax expense 0.4 1.3 Cost of debt 14.4 13.2 Cash-flow before cost of debt and taxes 63.3 42.1 Change in working capital requirement 11.4 28.1 Cash-flow from operating activities 74.7 70.2 Cash-flow from investing activities (36.8) (46.1) Free cash-flow 37.9 24.1 Disposals (acquisitions) of treasury shares 2.5 0.5 Change in borrowings and repayable advances (48.1) (17.6) Repayment of lease liabilities (10.9) (11.2) Inventory carrying transaction with Aerotrade 13.4 - Capital increase 6.9 - Interest paid (14.4) (13.2) Cash-flow from financing activities (50.5) (41.5) Change in cash position (12.6) (17.4) Cash position - opening date 77.1 94.4 Change in translation adjustment 0.3 0.1 Cash position - closing date 64.8 77.1
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30 FY24/25 – Working capital Appendices Full-year results 2024/25 – June 2025 WCR & DIO over the period (in days of revenue) 173 152 145 321 236 210 175 182171 130 95 242 161 132 82 65 FY17/18 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 DIO WCR
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31 Strategic positions on the main aircraft programmes Appendices Full-year results 2024/25 – June 2025 A220 A220 Shipset value1: €0.04m / aircraft AEROSTRUCTURES E2-Jets E2 Shipset value1: €0.15m / aircraft AEROSTRUCTURES A320 A320 Shipset value1: €0.21m / aircraft AEROSTRUCTURES A350 A350 Shipset value1: €1.3m / aircraft AEROSTRUCTURES Rafale RAFALE Shipset value1: €0.25m / aircraft B737 B737 Shipset value1: €0.07m / aircraft AEROSTRUCTURES Global 7500 GLOBAL 7500 Shipset value1: €0.51m / aircraft AEROSTRUCTURES 1 Includes revenue generated from the engines equipping this programme AEROENGINES LEAP-1A AEROENGINES TRENT XWB AEROENGINES LEAP-1B AEROENGINES PASSPORT 20 AEROENGINES M88 AEROSTRUCTURES AEROENGINES AEROENGINES Commercial programmes Military programmes Rafale A400M Shipset value1: €0.42m / aircraft AEROENGINES TP400 AEROSTRUCTURES
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32 Aerospace & Defense recent transactions Appendices Full-year results 2024/25 – June 2025 Flight control & actuation product support Acquirer Private equity Private equity Industrial Industrial Private equity Industrial Industrial Industrial Private equity Transaction date February 2025 Fabruary 2025 December 2024 October 2023 January 2024 December 2023 December 2023 2024 2024 EV / EBITDA (estimated, forward-looking) 11,0 15,8 9-10 11,5 14,8 13,8 14,5 9,5 10,1 average EV/EBITDA multiple for recent deals : 12,3 Source : S&P Global Market Intelligence, Mergermarket, Oddo-BHF, company websites, management estimates (revised offer rejected by board) (FY25)
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33 Glossary Appendices Full-year results 2024/25 – June 2025 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