2023-07-05 15:05:00
(AOF) – Aeronautical subcontractor, Figéac Aéro rose 3.23% to 5.12 euros the day following solid annual results. Over the whole of the 2022-2023 financial year, operating profitability continued to improve with an EBITDA margin of 11.8% of revenue, up 30 basis points compared to the 2021 financial year/ 22. In absolute value, recurring EBITDA came to 40.3 million euros, reflecting, as announced, a strong improvement in the second half of the year at 25.4 million euros, ie a margin of 13.3%. The group thus achieved its profitability target for the year.
In addition, Figeac Aéro’s net loss fell over the period to €18.1 million compared to a loss of €43.1 million in 2021-2022.
In addition, the group recorded a turnover growth of 21.2% (+14%) compared to the previous financial year, to 341.6 million euros, thus achieving its turnover objective. . The group is in line with its trajectory of returning to pre-crisis turnover levels (447 million euros in March 2020).
Sales growth was mainly driven by the increase in production rates in the Aerostructures & Aeromotors division, which recorded a 22.7% jump in sales over the period and, to a lesser extent, by foreign exchange and impact of inflation.
Diversification activities are also well oriented with an increase in turnover for the year of 6.7%.
The recovery of the Group’s accounts for the 2022/23 financial year is also reflected in a sharp increase in cash generation, with a cash flow of 22.8 million euros, compared to 18.3 million euros a year earlier, an increase of 24.6%. In total, the net cash flows generated by the activity over the period amount to 31.1 million euros.
In accordance with the announced objective, free cash flows are thus positive at 5.4 million euros, the same level as the previous year, despite the non-recurring investments.
In terms of prospects, the group has set itself for the 2023-2024 financial year to reach a turnover of between 375 and 390 million euros, with a current Ebitda between 48 and 53 million euros.
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The end of a duopoly?
For several decades, the American Boeing and the European Airbus have shared 99% of the world market for airliners with more than 110 seats. This market weighs more than 100 billion dollars per year. However, this duopoly seems to be weakened in 2022 for several reasons. First, for the first time, two medium-haul single-aisle aircraft, the Chinese Comac’s C919 and the Russian Irkut’s MC-21, are regarding to enter service. Added to this is the Boeing 737 MAX crisis. With the cessation of deliveries of this aircraft between 2019 and 2021, the production balance has been broken. In 2021 Boeing posted 340 deliveries, with Airbus remaining well ahead with 611.
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