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GCF - Our Added Value in A&D Sector 0923.pdf

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GCF - Our Added Value in A&D Sector 0923.pdf

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OUR ADDED VALUE & M&A TRENDS
IN THE AERONAUTICS & DEFENSE SECTOR
BUY SIDE – FUNDRAISING – SELL SIDE
SEPTEMBER 2023
2
P R I V A T E & C O N F I D E N T I A L
TABLE OF CONTENT
I. Market and M&A trends in the Aeronautics & Defense sector 03
III. Our expertise, added-value & methodology
in the Aeronautics & Defense sector 12
IV. About GEREJE Corporate Finance 25
II. M&A trends valuation & recent transactions 08
MARKET AND M&A
TRENDS IN THE
AERONAUTICS &
DEFENSE SECTOR
I
4
P R I V A T E & C O N F I D E N T I A L
Forecast of Global Revenue Passerger Kilometers
(2019 - 2040)
0
3000
6000
9000
12000
15000
18000
21000
2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040
COVID-19 HAS DISCRUPTED THE AERONAUTICS & DEFENSE SECTOR
Increased focus on short-haul and domestic travel
▪ In 2022, domestic RPKs recovered faster (80% of 2019 traffic) than
international RPKs (62% of 2019 traffic).
Defense was more resilient: revenue up 2% at top 6
US defense companies
Sources : PwC, Deloitte, Airbus – GMF, Fitch Ratings, IATA, GCF Research
Market trends
Change of behaviors
The Covid crisis has led to a slowdown in the sector, especially in commercial aeronautics. The sector is slowly
recovering, driven by changes of behaviors and the easing of restrictions
Commercial aeronautics is most affected: in 2022,
the traffic recovered nearly 70% of 2019 RPKs
▪ Noted a 66% decline in RPK in 2020 vs. 2019
Decrease in lucrative business flights
▪ The rise of new communication technologies such as Zoom has
accelerated the substitution of in-person meetings to virtual ones
CAGR 19-40
+ 3.9%
RPK (billion)
5
P R I V A T E & C O N F I D E N T I A L
Environmental pressure
▪ Considering the global environmental pressure and the funds given by the
governments to pass the crisis, Airline companies will have to reduce CO2
emissions. Electric air transport is growing rapidly : by 2025, 25% of the
aviation sector will be composed of electric or hybrid aircraft.
Sources : PwC, Deloitte, ASD, Boursorama, Airbus, GCF Reseach
Airbus A320 family monthly production rate
(2022-2025)
The resumption of deliveries is a reliable indicator of an end of the crisis: Airbus forecasts for its A320 family, a
monthly production rate of 75 aircrafts by 2026. New deliveries over the next 20 years are estimated around 40,000
aircrafts
50
65
75
0
10
20
30
40
50
60
70
80
2022e 2024f 2026f
New opportunities amid the sector’ reshaping
▪ The adaptation to the current market situation will result in M&A
opportunities (consolidation, economies of scale, innovation, …)
Resilience of low-cost companies which are mainly using
single-aisle aircrafts (A320 family)
▪ Faster recovery due to lower fixed costs
▪ Preference for direct flights: reinforcing the low-cost companies' strategy
NEW OPPORTUNITIES IN THE AERONAUTICS & DEFENSE SECTOR
6
P R I V A T E & C O N F I D E N T I A L
Global MRO Market evolution in $bn
(2019 – 2031)
The global Aeronautics & Defense MRO (Maintenance, Repair & Operations) market has been valued at $87bn in
2021 and is expected to reach $108bn by 2026, increasing at a CAGR of 4%
Increase of investments in MRO equipment which help reduce
operational expenditure (process efficiency, reduce of
downtime’s length).
Sources GMI, OliverWyman, Les Echos , Statista, Xerfi, GCF Research
The growth of air travel and the aircraft production will
support the MRO industry
▪ Air traffic passengers is expected to reach 7.2bn in 2035 (+200% vs. 2021)
87,3
108,4
117,7
0
20
40
60
80
100
120
140
2021 2026f 2031f
CAGR 26-31
+ 1.5%
CAGR 19-26
+ 4%
RESILIENCE OF THE GLOBAL MRO MARKET
Consolidation of the fragmented sector
▪ Leaders of the market are looking to increase their size, to achieve scale
economies and to complete their offer
▪ Numerous small companies with targeted skills, especially in engines and
components segments which represent over 60% of the market
N2
France is the N°2 MRO market (18% of total Europe revenue)
after Germany (40%) in Europe

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GCF - Our Added Value in A&D Sector 0923.pdf

  • 1. OUR ADDED VALUE & M&A TRENDS IN THE AERONAUTICS & DEFENSE SECTOR BUY SIDE – FUNDRAISING – SELL SIDE SEPTEMBER 2023
  • 2. 2 P R I V A T E & C O N F I D E N T I A L TABLE OF CONTENT I. Market and M&A trends in the Aeronautics & Defense sector 03 III. Our expertise, added-value & methodology in the Aeronautics & Defense sector 12 IV. About GEREJE Corporate Finance 25 II. M&A trends valuation & recent transactions 08
  • 3. MARKET AND M&A TRENDS IN THE AERONAUTICS & DEFENSE SECTOR I
  • 4. 4 P R I V A T E & C O N F I D E N T I A L Forecast of Global Revenue Passerger Kilometers (2019 - 2040) 0 3000 6000 9000 12000 15000 18000 21000 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 COVID-19 HAS DISCRUPTED THE AERONAUTICS & DEFENSE SECTOR Increased focus on short-haul and domestic travel ▪ In 2022, domestic RPKs recovered faster (80% of 2019 traffic) than international RPKs (62% of 2019 traffic). Defense was more resilient: revenue up 2% at top 6 US defense companies Sources : PwC, Deloitte, Airbus – GMF, Fitch Ratings, IATA, GCF Research Market trends Change of behaviors The Covid crisis has led to a slowdown in the sector, especially in commercial aeronautics. The sector is slowly recovering, driven by changes of behaviors and the easing of restrictions Commercial aeronautics is most affected: in 2022, the traffic recovered nearly 70% of 2019 RPKs ▪ Noted a 66% decline in RPK in 2020 vs. 2019 Decrease in lucrative business flights ▪ The rise of new communication technologies such as Zoom has accelerated the substitution of in-person meetings to virtual ones CAGR 19-40 + 3.9% RPK (billion)
  • 5. 5 P R I V A T E & C O N F I D E N T I A L Environmental pressure ▪ Considering the global environmental pressure and the funds given by the governments to pass the crisis, Airline companies will have to reduce CO2 emissions. Electric air transport is growing rapidly : by 2025, 25% of the aviation sector will be composed of electric or hybrid aircraft. Sources : PwC, Deloitte, ASD, Boursorama, Airbus, GCF Reseach Airbus A320 family monthly production rate (2022-2025) The resumption of deliveries is a reliable indicator of an end of the crisis: Airbus forecasts for its A320 family, a monthly production rate of 75 aircrafts by 2026. New deliveries over the next 20 years are estimated around 40,000 aircrafts 50 65 75 0 10 20 30 40 50 60 70 80 2022e 2024f 2026f New opportunities amid the sector’ reshaping ▪ The adaptation to the current market situation will result in M&A opportunities (consolidation, economies of scale, innovation, …) Resilience of low-cost companies which are mainly using single-aisle aircrafts (A320 family) ▪ Faster recovery due to lower fixed costs ▪ Preference for direct flights: reinforcing the low-cost companies' strategy NEW OPPORTUNITIES IN THE AERONAUTICS & DEFENSE SECTOR
  • 6. 6 P R I V A T E & C O N F I D E N T I A L Global MRO Market evolution in $bn (2019 – 2031) The global Aeronautics & Defense MRO (Maintenance, Repair & Operations) market has been valued at $87bn in 2021 and is expected to reach $108bn by 2026, increasing at a CAGR of 4% Increase of investments in MRO equipment which help reduce operational expenditure (process efficiency, reduce of downtime’s length). Sources GMI, OliverWyman, Les Echos , Statista, Xerfi, GCF Research The growth of air travel and the aircraft production will support the MRO industry ▪ Air traffic passengers is expected to reach 7.2bn in 2035 (+200% vs. 2021) 87,3 108,4 117,7 0 20 40 60 80 100 120 140 2021 2026f 2031f CAGR 26-31 + 1.5% CAGR 19-26 + 4% RESILIENCE OF THE GLOBAL MRO MARKET Consolidation of the fragmented sector ▪ Leaders of the market are looking to increase their size, to achieve scale economies and to complete their offer ▪ Numerous small companies with targeted skills, especially in engines and components segments which represent over 60% of the market N2 France is the N°2 MRO market (18% of total Europe revenue) after Germany (40%) in Europe
  • 7. 7 P R I V A T E & C O N F I D E N T I A L 439 444 364 574 439 0 100 200 300 400 500 600 700 2018 2019 2020 2021 2022 Number of M&A Deals Number of deals STRONG M&A ACTIVITY IN THE SECTOR Source Janes Capital Partners The M&A activity in the A&D sector returned to its pre-crisis level in 2022 after a peak in 2021. In 2023, the sector is estimated to witness a comparable M&A activity. Consolidation trends in the sector especially in the MRO segment and maturing markets Increase of policies and demands for environment compliant solutions and processes In 2022, Hy24 raised a €2bn fund to deploy and finance infrastructures for carbon-free hydrogen Digitalization & needs of disruptive technologies Government Services, IT Services & Software is the most active segment: 20% of 2022 deals Sources Bain & Company, Janes Capital Partners, KMPG, Xerfi, GCF Research Key Drivers
  • 8. M&A TRENDS VALUATION & RECENT TRANSACTIONS II
  • 9. 9 P R I V A T E & C O N F I D E N T I A L VALUATION METRICS Year Buyer Target Sector Transaction Value TEV/ EBITDA 2021 H.I.G Capital SMTC Corporation Provider of Electronics Manufacturing Services $172m 9,2x 2021 UMS JEP Manufacturer of high precision equipment $31m 11,65x 2020 Avon Protection Systems Team Wendy Defense $130m 9,7x 2020 TT Electronics Excelitas Technologies Components & systems $18m 10,4x 2020 SFPI-FPIM & Sabena Aerospace SABCA Manufacturer of aeronautical components $88m 4,9x 2019 Nitta Corporation Korea Nitta Moore Plastic-extruding products manufacturer $20m 7,55x Source Merger Market et Janes Capital Partners Aerospace & Defense, (rapport 2022) ➢ Company Size The larger the company, the higher the multiple with key thresholds ➢ Profitability EBITDA margin is the most important benchmark for companies of similar size ➢ Market position A leading position in a market improves a valuation multiple 3 factors influence the valuation multiples:
  • 10. 10 P R I V A T E & C O N F I D E N T I A L RECENT STRATEGIC OPERATIONS Source: Fusacq, Mergermarket, crunchbase, GCF analysis Year Investors Target Information Group est. revenue See More Mar. 2023 AAR (US): a leading provider of aviation services to commercial and government operators Trax (US): a provider of aircraft MRO and fleet management software $1.8bn here Nov. 2022 Sabena Technics (FR): MRO services in aeronautics Heli-Union (FR): a leading helicopter services provider €650m here Dec. 2021 Mecachrome (FR): a global leader in precision mechanics WeAre Group (FR): an aeronautic subcontractor €345m here Aug. 2021 Gerard Perrier Industrie (FR): an industrial group AECE (FR): a manufacturer of electronic and electrical equipment €210m here July 2021 Mecachrome (FR): a global leader in precision mechanics Hitim Group (FR): a high precision mechanics manufacturer €220m here June 2021 ACI Groupe (FR): a subcontractor for cutting edge industries Dviation (Malaysia): a subcontractor in aeronautics €45m here
  • 11. 11 P R I V A T E & C O N F I D E N T I A L Year Investors Target Information Transaction Value See More Mar. 2023 Ascendance (FR): Developer of sustainable flight solutions: a cutting-edge VTOL aircraft based on hybrid-electric propulsion technology. €21m here Jun. 2022 Flying Whales (FR) : offers a pioneering solution for air cargo transportation €122m here Jan. 2022 ACI Groupe (FR): a subcontractor for cutting edge industries €7m here Oct. 2021 Satys Aerospace (FR): aircraft painting, sealing and surface treatment €40m here Sept. 2021 Figeac Aero (FR): a leading European aeronautical subcontractor €35m here May 2021 Cebu Pacific (Philippines): a leading low-cost airline company $250m here RECENT FUNDRAISING DEALS Source: Fusacq, Mergermarket, crunchbase, GCF analysis
  • 12. OUR EXPERTISE, ADDED-VALUE & METHODOLOGY IN THE AERONAUTICS & DEFENSE SECTOR II
  • 13. 13 P R I V A T E & C O N F I D E N T I A L OUR EXPERTISE & ADDED VALUE [1/2] We have a specific expertise and experience in the mobility & environment sector. We have a direct access to >300 companies in this specific sector in Europe, Asia, and internationally 1. Our Expertise & Experience in the Mobility & Environment sector 2. Our International presence Entrepreneurs close to Entrepreneurs = reactivity & adaptability 3. Our “entrepreneurial” culture Privileged access to > 400 investors (Cap development funds, VC, debt funds, Family Offices), with a specific interest in the Mobility & Environment sector 4. Our Privileged access to Strategic & Financial Investors Our multicultural teams with our own offices in Europe and in Asia (Paris , Singapore, Geneva, Lyon, Nantes, Vienna, Lisbon, Munich), and our partners in the Middle East, Africa and the US
  • 14. 14 P R I V A T E & C O N F I D E N T I A L OUR EXPERTISE & ADDED VALUE [2/2] We prefer to act over the long term as partners alongside business leaders 5. Advisor & Partner With over 80 closings between 2016 & 2022, GEREJE is No. 1 & No. 2 between 2016 & 2021 in the Advisory Fusacq ranking – Corporate banking fundraising rankings in France 6. Our Track-Record Our expertise in structuring complex operations : Earn-Out, Management Buy-Out, Owner Buy-Out, Joint Venture… 7. Our Expertise in complex structuring We work with no conflict of interests and ensure confidentiality & discretion 8. Our independence
  • 15. 15 P R I V A T E & C O N F I D E N T I A L Companies ~300 companies in Europe, Asia and Worldwide - listed in our proprietary data base Investors ~ 400 investors (PE, VC, CVC, Family Offices, etc.) with a specific interest in the sector - listed in our proprietary data base ● ● ● OUR DIRECT ACCESS TO FINANCIAL AND STRATEGIC PLAYERS
  • 16. 16 P R I V A T E & C O N F I D E N T I A L Laurent GOBINET Partner at GEREJE Corporate Finance Industrial Expertise in France and abroad Education : DESS electronic & MBA Purchasing, Bordeaux, France Key Points: ● + 25 years of experience in the Aeronautics/Naval/Defense & All-terrain vehicles sectors ● + 20 years of international experience EXPERIENCE & EXPERTISE ➢ + 20 years of experience in large groups ➢ Industrial Strategy : production & services ➢ Aero., naval, defense, All-terrain vehicles , energies, etc. ➢ Purchasing, Supply Chain & Management ➢ VP Neopolia (regional business network with 5 business clusters: Aerospace, Rail, MRE, Marine and Energies) ➢ Specific expertise: ▪ Previous President et Deputy General Manager at GESTAL ▪ Previous Purchasing & Logistics Director at STELIA/SOGERMA SERVICES (AIRBUS) ▪ Chantiers de l'Atlantique, Manitou, etc OUR EXPERTISE IN THE INDUSTRY SECTOR
  • 17. OUR EXPERTISE IN THE INDUSTRY SECTOR 17 P R I V A T E & C O N F I D E N T I A L Fabrice LOMBARDO Founder & CEO of GEREJE Corporate Finance Expertise at the international level, in Europe, Asia (especially ASEAN), Middle East & Africa, in GEREJE’s 8 key sectors Education: BBA at Oxford Brookes Université, Grenoble Business School, Executive MBA at ESSEC, SFAF Certified Key Points: ● + 12 years in Business Dev. (multinationals) ● Creation of GEREJE: 2008 ● +100 deals closed EXPERIENCE & EXPERTISE ➢ + 15 years in M&A consulting for SMID & Large Caps ➢ Buy-Side Mandate & Sell-Side Mandate ➢ Fundraisings (Equity / Debt) ➢ Valuation & Structuring ➢ Speaker and lecturer at ESSEC Paris, EGE, EDC Paris ➢ Specific expertise in Industry ▪ Previous Managing Director Asia at EDELCOM (subsidiary of Citelum Group : EDF-Veolia) ▪ Previous Export Manager at BWT ▪ Previous APAC Area Manager at CATU (Legrand / Sicame Group ▪ M&A Consulting : VINCI, EGIS, SOCOTEC, M+W Group, etc.
  • 18. 18 P R I V A T E & C O N F I D E N T I A L OUR BUY-SIDE METHODOLOGY Option: Preparation of a "Long-List" of potential targets in the targeted sector and geographical area and ranking them in order of interest and according to M&A criteria (sales, EBITDA, etc.) Initiate contact between GEREJE and the target(s) (without giving the name of the client) to validate their actionability Meeting between GEREJE and the client to select a short list of targets to be approached in phase 2 Assist our client in the final Due Diligence Optimize the discussions between all involved parties: legal, audit, accounting… Advise on the best strategy and tactic for final negotiations with the target(s) until closing. Assist in the drafting & proof-reading of final contracts. Drafting & negotiation of a Letter of Intent (LOI) Management of client’s questions & requests (Q&A) Optimize the negotiations with the target Advise on the best structuring (equity / debt / mix) in the interest of the shareholders Option : Preparation of a strategic and financial note (detailed profile of the target) for the client Signing of the Letter of Intent (LOI) Signing of a Reciprocal Confidentiality Agreement (RCA). Meeting between the target and the client to confirm the strategic fit and the mutual willingness to enter negotiations Phase 1 – 1 to 3 months Market Screening & Preliminary Approach Phase 2 – 4 to 9 months Maximization of Negotiations – Signing of LOI Phase 3 – 2 to 4 months Final DD – Offer – Optimization of the Closing
  • 19. 19 P R I V A T E & C O N F I D E N T I A L TRACK RECORD OF OUR EXPERTS’ NETWORK Click on the logos to access the website.
  • 20. 20 P R I V A T E & C O N F I D E N T I A L BUY-SIDE BEST PRACTICES [1/2] DEFINE clear & ambitious strategies for yourself & the potential target 1 2 BE PROACTIVE: approach actionable and specific targets → value creation 3 TIME is the essence: giving rhythm by respecting a structured process 4 COMMUNICATION: take the time to explain every step until the closing 1 2 3 4
  • 21. 21 P R I V A T E & C O N F I D E N T I A L BUY-SIDE BEST PRACTICES [2/2] OPTIMIZE the structuring to align the interests regarding valuation 5 THINK about the forward value by working on a joint business model 6 ANTICIPATE tax and legal issues (shareholders' agreement) 7 ANTICIPATE the cultural differences (cross border) 8
  • 22. 22 P R I V A T E & C O N F I D E N T I A L OUR TAILOR-MADE FUNDRAISING & SELL-SIDE PROCESS Phase 1 – 1 to 2 months Preparation phase Financial analysis (past results and business plan) Analysis of possible structuring schemes (equity/debt/mix) Set-up of an electronic dataroom Blind Teaser online on our web platform In order to optimize the process, it is essential to prepare the project seriously, explain the use of the funds and demonstrate the positive impact on turnover and margins Phase 2 – 2 to 8 months Selection, teasing and approach of investors - Maximization of negotiations Identification of candidates (”long list”) Checking of candidates’ seriousness, e- NDA signing, transmission of documents Management and optimization of negotiations with the most serious candidates Phase 3 – 1 to 2 months Closing optimization Optimize the discussions between all involved parties, in particular, legal & audit advisors of both parties Supervision of financial audits (option) Advise on strategy and tactics for final negotiations Prepare a Strategic & Financial Note for investors Negotiation and signature of the Letter of Intent (LOI), including all the key terms of the deal Transition to phase 2 after mutual consent Valuation report for business owner(s) Approach of candidates with a 100% digitalized process Set-up of a calendar & deadlines Advise on the different structuring schemes (earn out) and final review of the documents in a M&A point of view Prepare the executive managers for the negotiations with the investors in Phase 2
  • 23. 23 P R I V A T E & C O N F I D E N T I A L DIFFERENT TYPE OF INVESTORS Strategic and financial investors have different investment criteria and objectives involving different sales strategies and structuring scenarios themselves • Strategic investors are often competitors, suppliers or customers of the target. • Their objective is to identify companies whose products or services can be integrated in synergy with their existing portfolio or gain market share, in order to create long-term value for their shareholders. • The main driver of the acquisition is strategic (vs. rapid return on investment). These buyers may also be unconnected to the target and seek to expand in its market to diversify their revenue sources. Strategic investors • Financial investors/buyers include private equity firms, hedge funds, family offices ... • These players make investments in companies and achieve a return on investment within 5-7 years with a sale or IPO. • Some Family Offices have an unlimited time horizon and can invest large sums of money to support the growth of the business at all stages of its development. Financial investors These buyers have fundamentally different objectives, so the way they will approach the activities of the targets in an M&A process will differ considerably.
  • 25. 25 P R I V A T E & C O N F I D E N T I A L In the 13th century, the Emperor Kublai Khan awarded Marco Polo a gold tablet in the form of a long piece of currency named « GEREGE » along with a password, which ensured numerous privileges to the beholder. With this golden passport, Marco Polo obtained all necessary protections, supplies and assistance which included horses, food and equipment for his safe return to Venice accompanied by his immense fortune. The GEREJE, first diplomatic passport, ensuring safe and secure cross border transactions, is a powerful symbol matching perfectly our mission and goals GEREJE team members share a common passion in dealing with cross border transactions and are united around the GEREJE symbol reflecting our mind set as well as our working philosophy. THE “GEREJE” PHILOSOPHY
  • 26. 26 P R I V A T E & C O N F I D E N T I A L OUR WORLDWIDE REACH We are an independent M&A firm with an “entrepreneurial” culture, providing both strategic and financial advisory services, composed of a multidisciplinary team based between Europe & Asia Our Corporate Film EUROPE ▪ Paris ▪ Lyon ▪ Geneva ▪ Nantes ▪ Vienna ▪ Lisbon ▪ Munich ASIA ▪ Singapore ▪ Hong-Kong EUROPE MOYEN-ORIENT ASIE
  • 27. 27 P R I V A T E & C O N F I D E N T I A L EXECUTION TEAM ENSURING THE QUALITY OF THE DOCUMENTS Fabrice LOMBARDO Founder & CEO Antoine ALEMANY Partner, Lisbon Clarisse SUN M&A Associate, Paris Laurent GOBINET Partner, Nantes Hugo MONNET M&A Vice President, Lyon Servais MICOLOT Partner, Geneva Hannah DERENBACH M&A Analyst, Paris
  • 28. 16 P R I V A T E & C O N F I D E N T I A L SENIORS BRINGING SECTOR & GEOGRAPHIC EXPERTISES François LAURENT Senior Advisor, Hong-Kong Olivier JOB Senior Advisor, Lyon Arnaud BEASSE Senior Advisor, Vienna Maurice LAM Executive Director, Singapore Bertrand LAM Partner, Singapore Jeff CZELUSTA Directeur M&A, Munich
  • 29. 29 P R I V A T E & C O N F I D E N T I A L Partial or Total Sell mandate Managing and Optimizing a sell process, leveraging on our structuring experience, valuation expertise & international network to maximize the transaction price. Using every financial tool to align the interests of all parties. OUR SERVICES The quality of our services relies in our 100% in-house team enabling us to manage the entire transaction process, thereby ensuring efficiency, confidentiality and tangible results Buy mandate / Acquisition / Joint Ventures Optimizing external cross-borders expansion strategies. Global Knowhow, Local Approach Strategic Advisory – Business Consultancy The experience and operational know-how of the senior team allows us to optimize the development strategies of companies and thus facilitate the management of corporate finance issues (Fundraising or acquisition) Fund raising mandate & IPO – Capital development Structure a solid & realistic business plan in order to maximize the valuation forward and raise the capital needed (Equity, Debt, Convertible Shares). Local Markets Approach and Implementation Assistance for IPO to maximize forward value & optimize Transaction Structuring
  • 30. 30 P R I V A T E & C O N F I D E N T I A L OUR PROVEN METHODOLOGY GEREJE is recognized for the quality of its documents (strategic & financial analysis) based on personalized execution, enhanced by a multidisciplinary team acting under one hat ! Execution Excellence Each assignment is managed by one Team leader to optimize the process We rely on our own proprietary research Our mandates are on an exclusivity basis only, including fixed and success fee Our mandates are tailor-made We manage 100% of the Transaction coordinating the process We deliver regular reports to optimize the momentum Our digital platform allows us to have constant access to all the necessary information
  • 31. 31 P R I V A T E & C O N F I D E N T I A L OUR RECENT TRACK RECORD With a total of 78 closings between 2016 and 2021, GEREJE is N1 or N2 M&A firm for SMICAP for the past 5 years in the Advisory Fusacq ranking – Corporate banking fundraising rankings in France. 2021 – Acquisition –€50m Sales 2021 – Joint Venture 2021 – Debt Financing: €2.5m 2019-20 – Capital Injection: €6m 2019 – Sell: €55m 2018 – Sell: €7m Target: Learn more Target: Learn more Investors: Learn more Crowdfunding: Investors: Learn more Investors : Learn more Acquirer: Learn more Groupe AMIQUAR 2021 – Acquisition – €10m Sales Target: Learn more 2021 – Fundraising: €7m Investors: Learn more
  • 32. 32 P R I V A T E & C O N F I D E N T I A L OUR REFERENCES– SMID & LARGE CAP Click on the logo to access the website.
  • 33. 33 P R I V A T E & C O N F I D E N T I A L OUR STRONG NETWORK OF PARTNERS Our solid network of partners in Europe and Asia enable us to get qualified, updated information in order to accompany our clients and create value. EUROPE Access to +1,100 Family Offices +150 banks & private bankers +100 law firms ASIA Access to +700 Family Offices +200 banks & private bankers +150 law firms Partnership signed with Business France (website) in 2021 Coverage of 110 countries, offering a direct access to international investors
  • 34. 34 P R I V A T E & C O N F I D E N T I A L TESTIMONIES In this complicated economic environment, the support and involvement of the GEREJE teams were key to the success of the project. Mr. François- Denis POITRINAL Founder & CEO Thank you for the excellent work done by the GEREJE team. Mr. Kaci KÉBAÏLI Founder & Chairman In this complicated economic context, the support and involvement of the GEREJE teams were key elements in the success of the operation Mr. Guillaume RAGUET CEO *click on a logo to access the website GEREJE's efficiency and discipline, as well as the fluidity of our exchanges, have been essential to the successful financing of the LAPSA group's R&D projects! Mme. Maroua BEN MARZOUK Chargée d’affaires Entreprises
  • 35. 35 P R I V A T E & C O N F I D E N T I A L BIBLIOGRAPHY Articles Surveys Gifas - Airbus prévoit un doublement de la flotte mondiale d'avions Gifas - Entretien avec Guillaume Faury qui prévoit une reprise de la demande de gros-porteurs Le Figaro - Airbus réorganise son activité de cybersécurité Gifas - Safran a fait du site de Toulouse son centre d'excellence de la pile à combustible hydrogène depuis 2019 Gifas - Airbus anticipe des livraisons mondiales de près de 39 500 avions neufs d'ici 2041 Kearney - A bird’s eye view: opportunities in aerospace and defense M&A McKinsey & Company - How airlines can chart a path to zero-carbon flying KPMG - The Aviation Industry Leaders Report 2022 Bain & Company - Aerospace and defense M&A report 2023 KPMG - Mergers & Acquisitions help transform Aerospace & Defense PwC - Aerospace and defense: US Deals 2023 outlook
  • 36. DISCLAIMER This presentation is being distributed against the signature of a Non-Disclosure Agreement and is strictly confidential. This presentation may not be reproduced, summarized or disclosed, in whole or in part, without the prior written authorization of GCF, and by accepting this presentation you hereby agree to be bound by the restrictions contained herein. This presentation is based on publicly available information and/or data provided by GCF’s client which have not been independently verified by GCF. Any estimates and projections contained herein involve significant elements of subjective judgment and analysis, which may or may not be correct. Neither GCF nor any of its affiliates, or any of its direct or indirect shareholders, or any of its or their respective members, employees or agents provides any guarantee or warranty (express or implied) or assumes any responsibility with respect to the authenticity, origin, validity, accuracy or completeness of the information and data contained herein or assumes any obligation for damages, losses or costs (including, without limitation, any direct or consequential losses) resulting from any errors or omissions in this presentation. This presentation was prepared by GCF (GEREJE Corporate Finance) exclusively in the framework of an agreement for the benefit of its clients in connection with the possible Transaction. GCF has duly and professionally challenged all information & data provided by our clients, including past & existing figures, assumptions of the Business Plan as well as the professionalism of the management team/ shareholders. The economic valuations and proposed deal structuring contained in this presentation are fair and based on current market practices, which may change significantly over a short period of time. Changes and events occurring after the date hereof may, therefore, affect the validity of the information contained in this presentation and GCF assumes no obligation to update and/or revise this presentation or the information and data upon which it has been based. GCF designates the companies, whilst legally they are independent entities, sharing GCF corporate identity, logo, documents, working methodology & ethical rules. All GCF offices are working as an integrated group of companies under the governance of a written agreement for the interest of the clients. GCF legal entities are privately owned and independent structures. GEREJE Advisory Asia Pte Ltd (Singapore) is MAS (Monetary Authority of Singapore) Exempt Corporate Finance Advisor © Copyright 2023 GEREJE Corporate Finance. All rights reserved