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ascoworld.com

Founded Year

1967

Stage

Debt | Alive

Total Raised

$42.07M

Last Raised

$42.07M | 8 yrs ago

Revenue

$0000 

About ASCO Group

ASCO Group is a global provider of outsourced logistics services and solutions to the oil and gas industry.

ASCO Group Headquarter Location

Regent Centre Regent Road

Aberdeen, Scotland, AB11 5NS,

United Kingdom

+44 (0)1224 580396

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Latest ASCO Group News

Montana Aerospace : Press Release - Annual Report 2021

Apr 4, 2022

04/04/2022 | 01:14am EDT Message : +41 62 765 25 00 Alte Aarauerstrasse 11 5734 Reinach NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL. CHE-248.340.671 FOR RELEASE IN SWITZERLAND - THIS IS A RESTRICTED COMMUNICATION AND YOU MUST NOT FORWARD IT OR ITS CONTENTS TO ANY PERSON TO WHOM FORWARDING THIS COMMUNICATION IS PROHIBITED BY THE LEGENDS CONTAINED HEREIN. CORPORATE NEWS [Ad hoc announcement pursuant to art. 53 SIX Listing Rules] MONTANA AEROSPACE AG REPORTS STRONG FY 2021 FINANCIALS AT 25% SALES GROWTH AND SOLID ADJ. EBITDA PERFORMANCE (+25%), UNDERPINNING THE POSITIVE OUTLOOK AMIDST RECOVERY AND CONSOLIDATION OF THE GLOBAL AEROSPACE INDUSTRY Montana Aerospace AG (the "Company") and its operating subsidiaries (the "Group" or "Montana Aerospace"), a leading, highly-vertically integrated manufacturer and supplier of system components and complex assemblies for the aerospace-, e-mobility- and energy industry with worldwide engineering and manufacturing operations, publishes its first annual report today, announcing further growth. HIGHLIGHTS 2021 ▪ Capital Markets: Successful IPO in May 2021, providing financial flexibility for organic and inorganic growth opportunities ▪ Financials: Sales grew by 24.9% YoY to EUR 790.1 million1, adj. EBITDA2 performance in line, reaching EUR 56.1 million (+25.2% YoY) and underpinning the Groups strong and sustainable recovery from the Covid-19 crisis ▪ Balance Sheet: Strong balance sheet position with EUR 81.8m of net debt (representing a 1,45x net debt / EBITDA ratio), EUR 509.1 of cash and cash equivalents as well as an equity ratio of 50.5% 1 The increase of EUR 22.6 million compared to unaudited sales of EUR 767.5 million are due to the inclusion of scrap sales (previously recognized under "other operating income"), triggered by KPMG 2 Adjusted for one-off and non-operative effects - most notably the listing on the stock exchange, legal cost for the Arconic lawsuit as well as Management stock option program related cost ▪ Financials: CAPEX investments of EUR 121.4 million in 2021; total amount invested since 2018 >EUR 580 million, giving us a significant head start and strengthening our resilience against market turbulence amidst current market uncertainties ▪ Guidance: With around EUR 1.1 billion of sales (thereof ~87% organic- and ~13% inorganic growth) and an adj. EBITDA of a high euro double-digit figure in the millions, guidance confirmed for 2022 ▪ Production: Ramp-up of new plants in Baia Mare / RO, DaNang / VN and Mediescu Aurit / RO on schedule; final ramp-up steps to be taken; construction start of new plant in Bosnia-Herzegovina (Energy segment) ▪ M&A: Executed on M&A strategy with 5 signed deals - Belgian ASCO Industries, Brazilian copper wire expert São Marco, French titanium specialist Cefival, Austrian Industry 4.0 innovator IH Tech and the acquisition of the remaining 25% of our Brazilian subsidiary in the Energy segment ▪ ESG: More investments into solar panels at production sites to reduce dependence on commodity prices and increase percentage of green electricity ▪ HR: Kai Arndt joined the Management board of Montana Aerospace as COO in 2021. He has extensive know-how and experience in the aerostructures industry and will take over the management of our 'Aerospace/Aerostructures' segment as well as the position of CEO of ASCO Industries ▪ HR: Silvia Buchinger joined Montana Aerospace as Global CHRO, and will focus on further talent acquisition initiatives and workplace development 2021: A YEAR OF RECOVERY & INDUSTRY RAMP-UP PREPARATION With sales of EUR 790.1 million, Montana Aerospace increased revenues by 25% compared to the preceding year and is now almost back to pre-crisis levels. We also made substantial gains in earnings with adj. EBITDA growing by 25% to EUR 56.1 million. All three business segments - Aerospace, E-Mobility and Energy - contributed to this highly gratifying development. The management of Montana Aerospace perceived the crisis as an opportunity. We continued to develop the M&A strategy announced at the time of the IPO and this helped us achieve great progress. With the acquisition of the Belgian ASCO Group, Montana Aerospace is now well-positioned as a leading provider of high-lift mechanisms and considerably enhanced its expertise in hard-metal machining and the production of complex and large structural components. In the future, a good portion of the basic materials for hard-metal will come from our own extrusion plants - like from Cefival, which was acquired in May 2021 and integrated into Montana Aerospace, and from the new titanium extrusion plant in Baia Mare, Romania. Our new plants in Baia Mare, Romania, and in Da Nang, Vietnam, started operations right on schedule. Starting out from a situation of steeply dropping demand in 2020 due to the pandemic, the new plants are now benefiting from the broad recovery of the aerospaceindustry. More than 90% of the machinery and equipment have been installed and commissioned for operation, we have obtained the necessary process qualifications required by customers, we have manufactured sample parts successfully, and over 90% of the more than 6,000 new parts have already been approved by the customer for serial production. At sales revenues in the double-digit millions range, the two new plants started contributing to growth already in 2021. In 2022, actual serial production will start, again increasing sales. In accordance with our long-term strategy, we made our next planned investment and erected the new heavy press plant in Mediescu Aurit, Romania. The 8,300-ton press equipped for horizontal heat treatment represents the technological high-end in the production of high-stress resistant profiles for the aerospace industry. With the construction of the adjacent recycling and extrusion billet foundry planned for 2022, we will have one of the most productive, environmentally friendly and cost-effective plants of its kind in the world. It took less than eight months from the ground breaking at the greenfield site for the plant to the shipment of the first sample parts to our customers - an incredible achievement by our employees and suppliers that clearly demonstrates the capabilities of the Montana Aerospace Group. FINANCIALS With our IPO in May, where we raised approximately EUR 400 million and with our successful capital increase in November (approx. EUR 150 million) we are fully equipped to execute the M&A plans we presented during the IPO. We have already proven our capabilities with recent acquisitions in a turbulent market environment and expect to see initial benefits of aerospace supply chain consolidation not only from M&A synergies, but also due to the possibility of taking over the contracts of less resilient competitors. Additionally, our strong equity base (50.5%) and our low net debt of less than 5% (EUR 81.8 million) of total balance sheet are a guarantee for stability, thus reassuring our customers, partners and shareholders. The solid financial position and the re-installation of the Aerospace segment as our largest segment and driver of growth after the acquisition of ASCO, additionally boosts our financial performance as a Group. We also managed to actively built up inventories on materials, to mitigate the current commodity price uncertainties. With the help of our long value chain, recycling capabilities as well as higher raw materials stock, we proactively reduce the risk from shortages or price fluctuations in the global materials supply chain. While this has increased our trade working capital, we are already seeing the benefit of this measure in our improved day-to-day operations resilience. 2021 also showed that greatly improved production output (net sales plus change in finished goods) was achieved with personnel expenses (EUR 173.6 million vs. EUR 157.0 million) increasing in line with the larger workforce and other operating expenses (EUR 102.4 million vs. EUR 93.7 million). In preparation for higher shipset value due to market share gains andhigher build rates in 2022, Montana Aerospace increased its workforce in 2021 to approximately 5,550 employees (excl. ~1,100 new colleagues from the ASCO acquisition). We believe access to qualified personnel is a crucial milestone to achieving growth in the future. FULL YEAR NET SALES DEVELOPMENT AND ADJ. EBITDA PER SEGMENT in EURm 8.2 Starting with this annual results, Montana Aerospace reports financial results accordingly to its three segments - Aerospace, E-mobility and Energy. Segment sales and EBITDA performance in 2021 show that we have mastered the key challenges: Aerospace as a key driver of our business expansion posted stable growth of 7.7% with a total revenue of EUR 284.9 million and an adj. EBITDA of EUR 42.9 million, even though the whole aerospace industry was still confronted with several hurdles in 2021 (like low build rates of OEMs). E-Mobility raised its revenues by 37.3%, now returning a positive result after ramping up the third plant and generating total sales of EUR 122.5 million at an adj. EBITDA of EUR 6.5 million. Energy, driven by the high material prices on the commodity markets and the high demand by infrastructural projects, reported sales of EUR 383.0 million at an adj. EBITDA of EUR 8.6 million. The trend reversal and the ramp-up seen in the industry are driving growth. This is seen in the development of year-on-year figures in all three of our segments: Aerospace will expand with a high double-digit growth rate in 2022, restoring Aerospace to the rank as the largest segment in terms of absolute sales ahead of Energy and E-Mobility, both of which also will increase sales to double-digit growth rates this year. Adj. EBITDA for the Group will more than double compared to the 2020 result, driven by operational performance and synergy effects. OUTLOOK 2022 Financial Performance: Our higher revenues of around EUR 1.1 billion for 2022 (thereof ~87% organic growth and ~13% inorganic growth) are driving our Group's sustainable development. As regards profitability, we expect to reach a high euro double-digit figure in the millions. Ramp-Up: With steep increases in demand from major aircraft manufacturers, whose build rates are approaching pre-pandemic levels, we are gradually ramping up our production. Thanks to the high level of investment in capacity expansions with new plants in Romania and Vietnam, we are now in a position to support our customers even where our competitors - due to therecent years of crisis - are having difficulties meeting the surge in demand. As a highly vertically integrated supplier, we are not only able to significantly reduce complexities in project execution, but also to significantly reduce delivery time. Integration of ASCO Industries: With ASCO, we now have another hidden champion from the aerostructures industry on board. The integration of ASCO into the 'Aerospace / Aerostructures' business segment under the leadership of our COO, Kai Arndt, will create significant efficiency gains and synergy effects. The integration will enable us to expand our market presence and, above all, our engineering know-how and manufacturing competencies. ASCO capitalizes on its worldwide recognition and knowledge as an industry benchmark in the design, development, manufacture, treatment, and assembly of complex high-lift assemblies and critical structural (sub-)assemblies to position itself as an industry leader in technology development within the aerospace industry. ASCO's product portfolio is focused on large and complex fuselage, wing and landing gear components. Combined with Montana Aerospace's material competence and best-cost-country footprint, this will accelerate our growth as a leading industrial company best-positioned to meet the customer needs of tomorrow. Kai Arndt, COO of the Group and CEO of the newly acquired ASCO Industries adds: "I strongly believe that with the backing of our experienced employees, their drive for innovation and high standards, we will continue to be a game changer in the aerospace supply chain and play a key role in shaping the future. We are proud to have such incredibly motivated and talented people at Montana Aerospace." Commodities: As raw material prices are soaring on the markets right now, we want to reaffirm that for most materials, Montana Aerospace is able to deal with price inflation based on the pass-through clauses in its contracts. Besides cost inflation, the availability of certain materials and alloys plays an important role. Montana Aerospace can mitigate sourcing and supply risk through its high recycling capabilities and usage of scrap material (especially aluminum, where up to 70% of the material used come from recycled materials). Apart from this, we have focused on building up inventory over the last few weeks and months to ensure higher independence from current supply chain shortages, including stock to keep production going for around 18 months in certain areas. Therefore, there is no active, direct risk for Montana Aerospace from raw materials, and we even have opportunities to swiftly enter into new contracts. Energy: Energy costs in Europe quadrupled in early 2022. In 2021, Montana Aerospace had around EUR 16.6 million of energy costs. Even though we are able to (directly and indirectly) pass through the majority of any incremental cost, we still have to absorb a minority of any additional costs. Energy costs increases are covered in our guidance. However, over the This is an excerpt of the original content. To continue reading it, access the original document here . Attachments

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  • When was ASCO Group founded?

    ASCO Group was founded in 1967.

  • Where is ASCO Group's headquarters?

    ASCO Group's headquarters is located at Regent Centre, Aberdeen.

  • What is ASCO Group's latest funding round?

    ASCO Group's latest funding round is Debt.

  • How much did ASCO Group raise?

    ASCO Group raised a total of $42.07M.

  • Who are the investors of ASCO Group?

    Investors of ASCO Group include EMCORE Corporation and Clearstone Venture Partners.

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