Michael Tojner’s aerospace supplier sees recovery in the aircraft industry. Sales are expected to climb from EUR 790 million to EUR 1.1 billion this year.
Montana Aerospace, owned by the Austrian investor Michael Tojner and listed on the SIX Swiss Exchange, is still aiming for a strong increase in sales to EUR 1.1 billion this year thanks to lively demand from major aircraft manufacturers. The company explained on Monday that this should be largely attributable to organic growth and around one eighth to inorganic growth. In 2021, sales increased by 25 percent to 790 million euros.
The operating loss (EBIT) at the end of the year was 25.8 million euros, following a minus of 39.9 million euros in the previous year. The continued negative financial result improved to EUR -17.7 (-21.3) million. The loss for the period was 49.4 million following minus 57.7 million euros.
Adjusted EBITDA – excluding costs related to the IPO in May 2021 and costs for a legal dispute and a management share program – increased by 25 percent to 56 million euros in 2021, according to the annual report. For 2022, adjusted EBITDA is expected to be in the high double-digit millions. The number of employees grew by 766 from 4788 to 5554 last year.
In view of the sharply increasing demand from large aircraft manufacturers, production is being ramped up step by step. Their numbers would approach the level before the Covid 19 pandemic. In addition to aviation, Montana Aerospace also supplies system components and assemblies for the e-mobility and energy sectors.
With regard to the currently rising raw material prices, Montana Aerospace states that the increase in the majority of materials can be managed through pass-through clauses. Procurement and delivery risks can be cushioned by high recycling capacities and the use of waste material (especially aluminum). At the moment one does not see an active direct raw material risk, but rather the possibility of being able to take on new orders.
In the case of energy, too, you can pass on the majority of any additional costs and only have to bear a small part yourself. Price increases in energy costs have already been taken into account in the guidance. In the medium term, however, they want to become less dependent on external energy supplies, which is why they are investing in photovoltaics (PV) in Romania.
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