Umsatz erhöhte sich auf 272 Mio. Euro
Operatives Ergebnis im Vergleich zum Vorjahr beträchtlich verbessert
Hoher Auftragspolster sichert weiteres profitables Wachstum
Ried. FACC AG returned to its planned rate of growth during the past fiscal year by virtue of strong operational business developments. Revenue rose 8% to 272 million Euro (previous year: 251 million Euro). Contrary to the economic outlook at the end of 2009, the global economy developed much better and faster during the 2010/11 fiscal year, than previously expected. This general reversal in the economic trend stabilized the aircraft industry during the second half-year of 2010/11, signaling an increase in production rates, which was already evident within the first few months, and continues to be reaffirmed and further strengthened.
EBITDA (earnings from business operations before depreciation) amounted to 42.6 million Euro, an increase of 16.8 million Euro over the previous year.
Profit from ordinary business activities before market values (EBT) changed from 7.4 million Euro in the previous year to 24.8 million Euro.
EBIT (earnings from business operations before interest and tax) increased by 220% over the previous year and amounted to 26.3 million Euro.
"We can be very happy with business developments during the past fiscal year. We have generated positive revenue growth, achieved new records for earnings and have more than fulfilled our objectives for the entire year", said Walter Stephan, Chief Executive Officer of FACC AG. "We have consistently promoted a full range of activities to optimize value creation and efficiency. By increasing the degree of automation in manufacturing we have been able to significantly improve our productivity and increase our profitability. "
On 28. February 2011, the total number of employees in Austria was 1600, with an additional 61 employees abroad. On average, FACC AG had 1582 employees during the fiscal year 2010/11 (previous year: 1529 employees).
At the end of the fiscal year, the company possessed an order backlog of $2.88 billion USD, which compared to the comparative value from the previous year, was an increase of 71.87% ($1.68 billion USD). This positive growth is the result of FACC's strategic positioning with major aircraft manufacturers and partnerships with all of the major aircraft families, with the largest share of current orders constituted by the aircraft families, A350 XWB, Boeing 787, A380, A320 and Boeing 737.
Development of business segments during the 2010/11 year
Business Segment: Aerostructures
Thanks to slight increases in the demands for passenger aircrafts during the third and fourth quarters, the Aerostructures business segment, contrary to the planned budget, was able to further increase revenue. This pertained to both Boeing Aerostructures and Airbus Aerostructures. Investments in new projects, made in recent years, now constitute a substantial part of Aerostructures revenue, further contributing to increased growth.
In sum, the Aerostructures business segment, compared to the previous year, was able to generate an 11% growth in revenue of 146 million Euro (previous year: 131.0 million).
Business Segment: Engine & Nacelle
As compared to the previous year, the market situation for engine components (Engine) has recovered substantially; in particular a boost in the business jet market has lead to a strong growth in revenue. Product revenues in the area of engine cowlings (Nacelle) remain below the initial budget prognosis, as a result of program delays.
In sum, the Engine & Nacelle business segment, as compared to the previous year, was able to achieve a minimal revenue increase of 44 million Euro (previous year: 43 million Euro).
Business Segment: Interiors
During the 2010/11 fiscal year, the Interiors business segment was able to initiate a turnaround in revenue and achieve a growth of 5.4% as compared to the same period during the previous year. While revenue for products for commercial jets was able to increase by 21%, revenues for products for business-jets further decreased by -9.5%. The further decline in the business jet sector was firstly attributable to customer cancellations and sales of parked airplanes that were already equipped with cabins, and secondly due to an overall market decline for business jets, as compared to the previous year. However, the strong growth in commercial jets is, to a greater extent, due to the increased rates for Airbus aircraft programs, and to a lesser extent due to first sales revenues from new orders.
In sum, the Interiors business segment, as compared to the previous year, was able to increase revenue to 81.7 million Euro (previous year: 76.9 million Euro).
Outlook for 2011/12: Renewed expectation for a very positive operative result
The airline industry environment changed greatly in 2010. Initial estimates from industry experts (IATA) for airline traffic volume and airline profitability have been repeatedly revised upwards. In September 2010, traffic volumes were again able to reach pre-crisis levels. The positive trend has led to an announcement for an increase in production rates for popular aircraft types, such as Boeing 737, Boeing 777, A320 and A330. Although presently there are positive developments, airlines and the airline industry are nevertheless facing a hitherto never-before seen volatility and uncertainty in the market place. Political unrest in Arabic regions and related changes to significant profit-determining factors (e.g. airplane load factors, jet-fuel prices) could, as early as 2011, weaken the airline's profitability and influence the behavior of sustainable ordering.
While the aforementioned established aircraft types will record production rate increases in the upcoming quarters, new aircraft programs will continue to face technical problems in development and production, which may lead to service entry delays for these aircraft.
For the current fiscal year, FACC AG expects, based upon today's perspective, a further increase in revenue, during which the record levels from the EBITDA and EBIT operating results from the previous 2010/11 year should be repeated. Thanks to major new contracts for the A350 XWB aircraft, A380, SSJ100, C919, as well as the business jets, Falcon 2000, Falcon 900, Hawker 800, order backlog has risen to $2.88 billion USD and will continue to ensure long-term profitable growth for the company. To ensure further profitable growth, FACC AG will significantly increase investments during the upcoming fiscal year.
About FACC
FACC AG is one of the world's leading companies in the development and production of advanced fibre reinforced composite components and systems for the aviation industry. Their range of products reaches from structural components for the fuselage and wings to engine and nacelle components to complete passenger cabins for passenger planes and helicopters. FACC is a supplier to all large aircraft manufacturers such as Airbus, Boeing, Bombardier, Embraer, COMAC and Sukhoi as well as for engine manufacturers and sub-suppliers of OEMs.
Disclaimer
In so far as forecasts or expectations are expressed in this press release or where our statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties. Actual results or developments may vary, depending on changes in the operating environment. FACC AG assumes an obligation to update the forecasts, expectations or statements contained in this release. All financial information is in accordance with the figures from the individual financial statements of the FACC AG, which applied the International Financial Reporting Standards as adopted by the EU.