Rollover at Airtificial
- Airtificial has turned EBITDA around in 2022 and closes with a positive EBITDA of 3.5 million, a 176% improvement over the negative EBITDA of 4.6 million in 2021. In addition, the three Company’s divisions, Intelligent Robots, Aerospace & Defense and Civil Works, have closed 2022 with positive EBITDA.
- The company increases revenue to €92 million, up 15.7% from €79.5 million in 2021; and undertakes a fundamental change in the structure of its debt, moving from structural to project-linked current assets.
Madrid, 28th February 2023. Airtificial’s results at the end of 2022 endorse the Company’s turnaround towards profitability. Airtificial has turned EBITDA around and closed the year in positive, both as a group and by divisions; it has increased turnover by 15.7% ; it has cut losses by half and has converted the group’s structural debt into current debt linked to its projects. In addition, the Company closed 2022 with the largest new order book in its history, in sectors with high growth potential and with the entry into new countries. The Company closes 2022 with its financial and shareholding structure reinforced by SEPI’s financing and the capital increase of the Company’s main shareholders, and starts 2023 as the listed company which presents the highest daily revaluation of all the Spanish Stock Exchange and an average of around 13 Million shares in daily transactions.
Airtificial closed 2022 with a positive EBITDA of €3.5 million, a 176% improvement compared to a negative €4.6 million in 2021. This path is endorsed by the fact that all of the Company’s divisions achieved a positive EBITDA result, evidencing the strength of each of them and their leadership positioning in their respective.
Intelligent Robots leads with an EBITDA result of 3.6 million, an increase of 48% over the previous year; Aerospace & Defense achieved a result of 2 million, improving by 111% on the 2021 result; and, finally, Inypsa Civil Works achieved an EBITDA result of 0.8 million, significantly improving on the negative result of the previous year.
Turnover increased by 15.7%
The Company’s geographic and business diversification strategy has paid off and the Company has invoiced close to 92 million in 2022, 15.7% more than the 79.5 million revenue at the end of 2021. By business units, all three have performed positively, with increases in Group revenue. Intelligent Robots contributed the most, with a turnover of 50.2 million euros, 29% more than in the previous year (39 million euros). Intelligent Robots now accounts for 55% of Airtificial’s total revenues and has become the fastest-growing division, as a result of increased production and international expansion.
For its part, Aerospace & Defense closes 2022 with a turnover of 25.8 million euros, 14% more than the previous year, which confirms the change of trend in the aerospace sector after the crisis in which it was immersed during the pandemic, and the takeoff of the defense sector with the war in Ukraine. A&D has contributed 28% of the Group’s total revenues and has new projects in strategic countries, as well as entering strongly into the growing railroad sector.
Inypsa Civil Works had a turnover of 15.8 million euros, 11% less than the previous year and 17% of the company’s total. This reduction in turnover is part of the division’s strategy, whose objective is to seek greater profitability by focusing on engineering projects and concentrating on projects with a high social and environmental impact in the LATAM environment, with a special focus on Peru and Colombia.
The increase in turnover has been accompanied by a significant growth in contracts awarded to the company, which have exceeded 95 million euros, representing an improvement of 46% compared to 2021. This figure reflects the company’s high level of contracting and demonstrates the confidence that its clients have in Airtificial, in addition to its participation in sectors with good growth prospects.
Cutting losses by half
Although the Company has faced significant, but non-recurring, expenses in 2022 due to the deep internal restructuring process it has undergone, it has managed to cut losses by half. The minimization of operating costs together with the increase in turnover has enabled the Company to slim net losses to 7.4 million, down 52% from 15.4 million in 2021.
It is also significant that the Company’s operating income was very close to break-even, with a negative figure of 0.8 million euros. This result reflects an operating improvement throughout the year that brings the Company closer to control and definitive reversal of the negative balance, in an environment in which it has been affected by the increase in interest rates, disruptions in global supply chains, the increase in raw material prices and financial costs.
Goal: to reach profitability
With the financing from SEPI and the capital increase from the main shareholders, Airtificial has succeeded in strengthening its financial structure in order to continue on this path of operating and results improvement, with the ultimate goal of reaching profitability and more reasonable debt levels. Regarding debt, the Company has undertaken an important change in the structure of its debt, executing a change in the debt mix, converting the structural debt linked to financial institutions and public administrations has been exchanged for current debt linked to projects, with the objective of financing the growth of the group.
Airtificial’s new CEO, Guillermo Fernández de Peñaranda, appointed in January 2023, states that “These results are evidence of the Company’s new direction. We have implemented a strong policy of concentration and control of corporate costs, and we also seek to increase the revenues of all divisions significantly and sustainably, in order to face the future with a stable turnover that ensures the solvency and strength of the Company as a whole”.
Airtificial provides global and innovative design and manufacturing solutions for the automotive, aeronautics, infrastructure, and other industrial sectors, integrating advanced technologies, such as robotics and artificial intelligence that, together with human interaction, contribute to a more sustainable development. It has an operational presence in thirteen countries in the main markets of Europe, America, and Asia; and contributes to the digital transformation and the automation and optimisation of its customers’ processes in the industrial field through sustainable and competitive growth.
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