FACC AG Financial Year 2020
24th March 2021
FACCAG - Confidentialand/orProprietary
PASSENGER TRAVEL
Revenue passenger kilometers
> Recovery of passenger travel faltered after summer 2020
> Covid-19 mutants are delaying the recovery
> Intercontinental flights to be impacted the most with longer recovery
> 70% decline in RPKs globally: Regional 43%, international 85%
(as of December 2020)
PASSENGER TRAVEL
Recovery of Europe is lagging behind
OEM ORDERBOOK 2020
High order levels
Deliveries
Orders
Backlog
863
768
7482
7184
> Airlines postpone deliveries, but relatively few cancelations
Airbus
566
> Airbus and Boeing still hold 12.171 firm orders
268
2019 2020
2019
2020
2019 5624
2020
> Narrow body planes with majority - A220/A320 are most sold platforms with 6.372 firm orders
380
246
4987
> Boeing 737 MAX with currently 3.995 firm orders
Boeing
184
157
2019
2020
2019
2020
2019
2020
MARKET DEVELOPMENT
Mid- and longterm: stable upward trend
> Market trough reached in August 2020
> Stabilisation since then, but no growth in 2021
> Short and medium-range aircraft should resume
growth in 2022
> Pre-Corona market levels of 2019 should be
reached again in 2025
> 4% p.a. annual growth to be expected after 2025
22.460
aircraft in service prior to COVID-19
-66 %
lower passenger travel compared to 2019
9.000
aircraft currently not in service
1.800
mature aircraft will be retired
FLEET DEVELOPMENT
Over 43k new aircraft / 40% going to Asia-Pacific region
FINANCIAL YEAR 2020
Review
Robert Machtlinger, CEO
8
OVERVIEW FY 2020
FACC takes on new market environment
> Strong revenue and EBIT in Q1 2020
> Passenger travel dropped significantly due to COVID-19 from February 2020 onwards
> Immediate implementation of COVID-19 protection measures - Strong protection measures for workforce - Securing delivery capabilities and financial strength
> Recalibration of markets - significant revenue decline in Q2 and Q3 (-50%)
> Stabilization of revenues in Q4 (+30%)
> New medium term plan and implementation of cost savings and efficiency programs
> Strict investment control, but investments in technology, innovation and new projects continued
> Strategy roll-out of FACC 2030: Setting the course for the next decade
GROUP FIGURES
COVID-19 pandemic heavily impacted key figures of FY 2020
EUR 526,9 mill.
Revenues (-34%)
EUR 15 mill.
Corona savings program
EUR -26,8 mill.
Operating EBIT
EUR -47,6 mill.
One-off effects
EUR -74,4 mill.
Reported EBIT
EUR 15,2 mill.
Investments in technology and innovation
37,4 %
Equity ratio
USD 500 mill.
New orders
USD 5,7 bill.
Order backlog
MILESTONES 2020
FACC is a best-in-class performer of the aerospace industry
> First delivery of new A320 Airspace Entrance Area
> Serial production of new XL-Bins for A320
> Flight test approval in Austria for EHang 216 drone
> New development project worth USD 500 mill.
> Further development of Aftermarket Services -
- EN 9110 certification for parts of all OEMs
- Chinese CAAC Part-145 approval as maintainance organisation
- Introduction of LAV4ALL - a 100% barrier-free lavatory
- New products for safe and healthy flying developed and patented
KEY PRIORITIES 2020
Protection of our employees and on-time delivery of our customers
Adapting to new market environment
Measures for cost improvement, consolidation of supply chain
Securing liquidity and financial stability
Investments in growth: new projects, insourcing, vertical integration
Innovation: new materials, efficient processes, sustainable products
Shaping the future: Road map 2030 created and setting the course for the future
FACCAG - Confidentialand/orProprietary
GLOBAL TRENDS
POPULATION GROWTHURBANIZATIONCLIMATE CHANGEGLOBALIZATION & DIGITALIZATION
IDEAL PREREQUISITES
FOR OUR LIGHTWEIGHT INNOVATIONS
FACCAG - Confidentialand/orProprietary
14
ROADMAP FACC 2030
Aviation - Urban Air Mobility - Space Travel
FLIGHT PATH
FACCAG - Confidentialand/orProprietary
FACC 2030
in a nutshell
80 % of global population have never entered an airplane.
Climate agenda is ambitious and important.
Our core market is currently about USD 70 bill. and is about to double. FACC will grow in this market. The market provides huge opportunities.
FACC technologies are the right solution for these topics.
Urban Air Mobility and space flights grow fast and new markets develop
UAM market will be USD 90 bill. in the year 2050. Space market will grow from current USD 200 bill. to USD 900 bill. until 2030. FACC lightweight technologies are a perfect fit and will generate additional business growth.
REVENUES
Revenues heavily impacted by COVID-19 pandemic
Revenue development
Revenue distribution
in million EUR
EBIT
Reported EBIT influenced by many one-off items due to COVID-19
EBIT development
in million EUR
EBIT one-off effects FY 2020
in million EUR
FACC AG | Confidential and/or Proprietary | |
REVENUES AND EBIT | |
Quarter by quarter | |
Revenues development | Reported EBIT development |
in million EUR | in million EUR |
214,6
188,9
181,0
Q1
Q2
Q3
SQQ1
Q2
Q3
Q4
20,0 10,0 0,0 -10,0 -20,0 -30,0 -40,0 -50,0
-45,7
Q1
Q2
Q3
SQQ1
Q2
Q3
Q4
2019
2020
2019
2020
DIVISION RESULTS
Revenue and EBIT declined distributed across all segments
Segment reporting
in million EUR
226,9
-4,5
-11,0
-11,2
-26,7 | -22,9 | -24,7 |
Aerostructures | Engines & Nacelles | Cabin Interiors |
RevenuesEBIT reportedEBIT operatingInvestments
CASHFLOW
Strong Cashflow control throughout the year
Free cashflow - SFY 2019
Free cashflow - FY 2020
in million EUR
in million EURin million EUR
FINANCIAL STATUS
In a nutshell - ensuring stable liquidity no.1 priority for 2020
Waiver negotiations with syndicated loan banks successfully concluded in December 2020
Covenant holiday and covenant reset agreed for 2021 and 2022
Next testing on 31.12.2021 (Net Debt/EBITDA < 5,25)
No leverage covenant in existing Schuldschein (EUR 70 mill.)
Senior Debt and Cash (Key Elements)
Committed Syndicated Loan Facilities
in thousand EUR
31.12.2020 31.12.2019 Syn Loan (7 banks) | Total 31.12.2020 Used 31.12.2020 Available 31.12.2020 |
Bond | 0 | 89 916 | Revolving Credit Facility | 100 000 | 0 | 100 000 |
Promissory Notes | 70 000 | 70 000 | KRR Facility (OEKB) | 50 000 | 50 000 | 0 |
Cash | 92 548 | 75 790 | M&A Facility | 50 000 | 0 | 50 000 |
Net Debt (incl. IFRS16) | 232 082 | 213 232 | Term Loan Facility (OEKB) | 18 750 | 18 750 | 0 |
Net Debt/EBITDA | N/A | 3.28 | KRR Facility (OEKB - Covid19) | 60 000 | 60 000 | 0 |
278 750 | 128 750 | 150 000 |
2 4
FINANCIAL STATUS
Cashflow improvement measures
Inventory reduction program ongoing (USD 40 mill.)
Increase of factoring program under negotiation (USD 20 mill.)
Implementation of supply chain finance program under negotiation (USD 10 mill.)
Strict investment control
Strong focus on overdue invoice collection
Collection of Frozen Money from Fake President Incident
COST REDUCTION MTP | STATUS SUMMARY
EUR 59 mill. potentials are located in three target areas
AREA
MATERIAL AND PROCUREMENT COSTMANUFACTURINGFIXED COST
PLAN
PRE CORONA
€ 26 Mio.
€ 16 Mio.
€ 17 Mio.
PLAN
POST CORONA
€ 18 Mio.
€ 10,5 Mio.
€ 17 Mio.
AS-IS
€ 26,4 Mio.
€ 19,5 Mio.
€ 13,4 Mio.
7%
Overall group margin target in 2025
MARGIN IMPROVEMENT REQUIRES SALES GROWTH TO PRE CORONA VALUES. COST SAVING ACTIONS ARE
LARGELY WITHIN OUR
CONTROL.
FACCAG - Confidentialand/orProprietary
OUTLOOK
Forecast for 2021
> World-wide COVID-19 stabilization necessary for sustainable market recovery
> OEM demands stabilized, but local measures (lock-downs and regional developments) influence market dynamics in the first half of 2021
> Moderate OEM demand increase (narrow body only) forecasted for 2nd half of 2021
> Efficiency increases at FACC are pursued with full vigor
> FACC forecasts revenues around EUR 500 mil. and a balanced EBIT for FY 2021 with a stable positive EBIT only to be expected in Q4
> New project execution and prepare for new project ramp up's
> Win market share from signing new contracts in core business
> FACC return to pre-crisis revenue levels in steps until 2024/2025
FACCAG - Confidentialand/orProprietary
23.03.2021
DISCLAIMER
This document contains forward-looking statements. Words such as 'outlook', 'believe', 'intend', 'anticipate', 'plan', 'expect', 'objective', 'goal', 'estimate', 'may', 'will' and similar expressions often identify these forward-looking statements.
Forward-looking statements are subject to future events, risks and uncertainties - currently known or unknown. Actual results, performance or events may therefore differ materially from those expressed or implied in these forward-looking statements.
Neither FACC nor any other person assumes responsibility for the accuracy or completeness of any forward-looking statements. FACC will not update these forward-looking statements in order to reflect changes to facts, assumptions or expectations.
This document or statements related to it do not constitute an offer, recommendation or invitation to purchase or sell securities of FACC.
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FACC AG published this content on 24 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 March 2021 10:58:05 UTC.
