FACC AG: Preliminary results for the financial year 2021

EQS-Media / 24.02.2022 / 07:15

Preliminary results for the financial year 2021

– Revenue of EUR 497.6 million in line with management forecasts,
operational turnaround implemented as planned

– EBIT before one-time effects at EUR +4.3 million, negative one-time
effects of EUR -29.4 million, EBIT including one-time effects at EUR -25.1
million

– Free cash flow: EUR 70.5 million

– Outlook for 2022: above-average revenue growth of approximately 10%
expected; management focus on roughly tripling operating EBIT.

In the 2021 financial year, FACC AG implemented the operational turnaround
as planned while correctly assessing the COVID-19 market environment. With
revenue of EUR 497.6 million and operating EBIT of EUR 4.3 million, the
group was able to meet its forecasts for 2021. The positive operating
result was negatively impacted by an extraordinary one-time effect related
to the ruling of a London arbitration court on past contracts. The strong
cash flow generation, as reflected in a high free cash flow of EUR 70.5
million and a substantial reduction of net debt to EUR 177.8 million,
deserves special mention in this regard.

Key aviation markets continued to stabilize in H2/2021, resulting in an
increase in customer call-offs, particularly for short and medium-haul
aircraft. The business jet segment also performed well, returning to its
pre-pandemic level in Q3/2021. Demand for wide-body and long-haul aircraft
remained dampened due to the continued severe restrictions on
intercontinental travel. Due to the ongoing constraints on international
travel as a result of the COVID-19 pandemic, the market for long-haul
aircraft is recovering more slowly than expected.

Outlook

From today’s perspective, the continental markets of the USA, Asia and
Europe should continue to develop positively. Airlines are starting to
restock their fleets, especially on short and medium-haul platforms. In
response to the rising demand, OEMs are beginning to steadily ramp up
production rates. FACC is able to profit from the increasing demand in the
short and medium-haul aircraft segment and its business jet projects,
signing contracts with a total value in excess of USD 1 billion in 2021.
In line with the increased order intake for 2022, FACC is hiring more than
200 new members of staff at its sites in Upper Austria and is set to
invest EUR 150 million over the next 5 years.

After a year of stabilization, FACC AG is back on track for growth in
2022. Above-average revenue growth of approximately 10% is expected for
the financial year. EBIT is set to develop in line with this positive
trend, and will be in the low double-digit million euro range.

The figures quoted are preliminary figures prepared by FACC AG in
accordance with IFRS, and have not yet been audited. The Annual Financial
Report of FACC AG as well as the comprehensive outlook for the financial
year 2022 will be published on 30 March 2022.

End of Media Release

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Issuer: FACC AG
Key word(s): Finance

24.02.2022 This Press Release was distributed by EQS Group AG. www.eqs.com

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Language: English
Company: FACC AG
Fischerstraße 9
4910 Ried im Innkreis
Germany
Phone: +43/59/616-0
Fax: +43/59/616-81000
E-mail: office@facc.com
Internet: www.facc.com
ISIN: AT00000FACC2
WKN: A1147K
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt,
Munich, Stuttgart, Tradegate Exchange; Vienna Stock Exchange
(Official Market)
EQS News ID: 1286757

 
End of News EQS Media

1286757  24.02.2022 

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