EANS-Adhoc: FACC AG Final result of FACC AG for financial year 2014/15
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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annual result
21.05.2015
- Group revenues decreased to EUR 528.9 million
- Product revenues recorded a further growth of +13.3%
- EBIT was negative at minus EUR 4.5 million
FACC AG recorded in the financial year 2014/15 a positive trend in order
backlog. Delays in revenue recognition with two key customer programs, however,
led to a decline in group revenues and a negative operating profit of EUR 4.5
million.
The FACC Group generated revenues of EUR 528.9 million in the 2014/15 financial
year. This means a decline of EUR 18.5 million or 3.4% compared to the previous
year's level. Product revenues increased from EUR 416.0 million to EUR 471.4
million (+13.3%), whereas revenues from engineering services fell from EUR 131.4
million to EUR 57.5 million in the period under review. Earnings before
interest, taxes and fair value measurement (EBIT) amounted to EUR - 4.5 million
in the 2014/15 financial year (2013/14: EUR 41.9 million).
This change in the earnings position is materially attributable to the fact that
a higher amount was invoiced for engineering services in the Aerostructures
division in the 2013/14 financial year, which had a higher positive impact on
earnings. In contrast, revenues generated from the product business could be
maintained at a sustainably high level in the Aerostructures division. In the
Engines & Nacelles division, the earnings contribution from engine programmes
could be further increased. However, the Boeing 787 Translating Sleeve project
within the nacelles programmes had a negative impact on the earnings performance
of the division and consequently on overall group results. This is mainly
attributable to significant product modifications, which led to a considerable
increase in product costs. Last but not least, the earnings situation of the
Interiors division in the year under review was affected by numerous new
projects, which were ramped up simultaneously, with production costs being
negatively impacted by modifications required by the customers along with
changes resulting from flight tests for new projects.
Outlook
The global commercial aerospace sector is currently witnessing an unparalleled
super cycle. As a result, the civil aviation industry closed the 2014 business
year with record deliveries of 1,352 aircraft (2013: 1,274). In addition, new
orders once again exceeded the very high level of the previous year. Airbus and
Boeing jointly registered 2,888 net new orders in 2014, which corresponds to an
increase of 86 aeroplanes compared to 2013. This growth trend is expected to
continue moving forward. According to the market analysis of the major OEMs,
passenger volumes will show a constant annual growth rate of more than 5%.
With a further increase over the previous year, the order situation of FACC is
very positive, so revenues are expected to grow in 2015/16 and the following
years. In its planning for the current financial year, FACC assumes that growth
will be in the single digit percentage range. The company will only reach a
sustainable double-digit growth rate after the further ramp up of series
production. In the near future, revenues from development services will fail to
match the levels recorded in the 2012/13 and 2013/14 financial years. The result
for the financial year 2015/16 will largely depend on the completion of customer
negotiations currently underway and the continuation of efficiency enhancement
measures in connection with the aforementioned increase in output rates for new
projects.
The annual report, the annual financial report as well as the presentation is
available for download via www.facc.com - investor relations.
Further inquiry note:
Investor Relations:
Manual Taverne
Director Investor Relations
Mobil: 0664/801192819
E-Mail: m.taverne@facc.com
end of announcement euro adhoc
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issuer: FACC AG
Fischerstraße 9
A-4910 Ried im Innkreis
phone: +43/59/616-0
FAX: +43/59/616-81000
mail: office@facc.com
WWW: www.facc.com
sector: Industrial Components
ISIN: AT00000FACC2
indexes:
stockmarkets: Regulated free trade: Wien
language: English
