FACC 2Q 20 - Impairments drive pandemic related loss
As expected FACCs 2Q was defined by the Covid-19 crisis impact on the airline industry, production shutdowns at OEMs and production rate decreases. Revenues plummeted 48% yoy in 2Q (broadly in line with RCBe) and came in at EUR 98.3 mn. Short time work provided some support in the quarter (EUR 17 mn), however cost savings were not sufficient to break-even on EBITDA (EUR -13.5 mn vs. RCBe EUR -9.4 mn). Additionally, impairments of goodwill, fixed assets and development costs of EUR EUR 37.4 mn drove the negative EBIT of EUR 50 mn.FACC AG is an Austria-based company engaged in the aerospace and defense industry. The Company specializes in the manufacture of aircraft parts and components. It divides its business into three divisions: Aerostructures, Engines & Nacelles, and Interior. The Aerostructures division covers control surfaces, fairings and wing components. The Engines & Nacelles division provides engine and nacelles components. The Interior division offers interior design services for commercial aircraft, business jets/private jets, freighters and helicopters. The Company's services range from on-site support with field engineering, spares service, and repairs to assembly training of customer staff for components and systems delivered by the Company. The Company's products are manufactured at four production sites in Austria.
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