Hexcel revenue breakdown by business segment: 80.9% from Composite Materials and 19.1% from Engineered Products

Hexcel revenue breakdown by geographic segment: 9.5% from Spain, 8.1% from United Kingdom, 10.4% from Germany, 17.0% from France, 47.5% from United States and 7.4% from Other

USD | FY, 2013 | Y, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Revenue | 1.7b | 1.9b | 1.9b | 2.0b | 2.0b |

| 11% | 0% | 8% | (2%) | |

## Cost of goods sold | 1.2b | 1.3b | 1.3b | 1.4b | 1.4b |

## Gross profit | 454.0m | 508.8m | 532.8m | 564.6m | 551.8m |

| 27% | 27% | 29% | 28% | 28% |

## R&D expense | 44.3m | 46.9m | 49.4m | ||

## General and administrative expense | 156.1m | 157.6m | 151.8m | ||

## Operating expense total | 200.4m | 204.5m | 201.2m | ||

## EBIT | 270.9m | 305.8m | 332.4m | 360.1m | 350.6m |

| 16% | 16% | 18% | 18% | 18% |

## Interest expense | 7.3m | 8.0m | 14.2m | 22.1m | 27.4m |

## Pre tax profit | 318.2m | 337.6m | 323.2m | ||

## Income tax expense | 76.0m | 89.3m | 83.0m | 90.3m | 42.5m |

## Net Income | 187.9m | 209.4m | 237.2m | 249.8m | 284.0m |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 412.3m | 461.7m | 470.1m | 451.9m | 471.8m | 475.7m | 448.8m | 497.7m | 522.6m | 500.5m | 478.8m | 491.3m | 491.5m | 540.1m | 547.5m | 540.5m |

## Cost of goods sold | 300.2m | 332.5m | 341.0m | 329.9m | 330.0m | 336.6m | 324.7m | 354.7m | 372.3m | 364.8m | 344.7m | 351.4m | 355.9m | 397.5m | 402.7m | 397.5m |

## Gross profit | 112.1m | 129.2m | 129.1m | 122.0m | 141.8m | 139.1m | 124.1m | 143.0m | 150.3m | 135.7m | 134.1m | 139.9m | 135.6m | 142.6m | 144.8m | 143.0m |

| 27% | 28% | 27% | 27% | 30% | 29% | 28% | 29% | 29% | 27% | 28% | 28% | 28% | 26% | 26% | 26% |

## R&D expense | 13.8m | 13.0m | 13.9m | |||||||||||||

## General and administrative expense | 32.9m | 41.0m | 37.1m | 32.9m | 46.7m | 38.1m | 35.5m | 47.4m | 38.6m | 35.1m | 42.9m | 38.1m | 34.7m | 46.4m | 35.3m | 32.6m |

## Operating expense total | 32.9m | 41.0m | 37.1m | 32.9m | 46.7m | 38.1m | 35.5m | 47.4m | 38.6m | 35.1m | 42.9m | 38.1m | 34.7m | 60.2m | 48.3m | 46.5m |

## EBIT | 69.0m | 74.6m | 75.1m | 79.0m | 82.6m | 90.6m | 78.0m | 83.9m | 100.1m | 89.1m | 78.6m | 89.7m | 89.1m | 82.4m | 96.5m | 96.5m |

| 17% | 16% | 16% | 17% | 18% | 19% | 17% | 17% | 19% | 18% | 16% | 18% | 18% | 15% | 18% | 18% |

## Interest expense | 1.9m | 1.8m | 2.0m | 2.1m | 1.9m | 2.5m | 4.6m | 5.6m | 5.7m | 5.5m | 6.2m | 6.8m | 7.0m | 8.0m | 8.7m | 10.6m |

## Pre tax profit | 74.4m | 87.8m | 85.9m | |||||||||||||

## Income tax expense | 18.7m | 22.8m | 22.9m | 21.2m | 12.9m | 27.0m | 20.7m | 22.7m | 28.7m | 16.1m | 8.6m | 22.1m | 13.6m | 14.1m | 20.0m | 7.8m |

## Net Income | 48.7m | 50.1m | 50.6m | 55.8m | 68.1m | 61.7m | 53.5m | 56.0m | 66.1m | 68.2m | 64.6m | 61.6m | 69.7m | 61.6m | 68.8m | 80.1m |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|---|

## Cash | 65.5m | 70.9m | 51.8m | 35.2m | 60.1m | |

## Accounts Receivable | 232.4m | 233.5m | 234.0m | 245.6m | 248.7m | |

## Prepaid Expenses | 40.8m | 35.2m | 33.9m | |||

## Inventories | 265.3m | 290.1m | 307.2m | 291.0m | 314.0m | |

## Current Assets | 656.4m | 681.7m | 633.8m | 607.0m | 656.7m | |

## PP&E | 1.1b | 1.2b | 1.4b | 1.6b | 1.9b | |

## Goodwill | 58.9m | 72.2m | 148.7m | |||

## Total Assets | 1.8b | 2.0b | 2.2b | 2.4b | 2.8b | |

## Accounts Payable | 135.9m | 175.0m | 148.9m | 137.3m | 144.1m | |

## Short-term debt | 4.3m | 4.3m | ||||

## Current Liabilities | 268.7m | 310.6m | 292.6m | 271.9m | 262.1m | |

## Long-term debt | 576.5m | 684.4m | 805.6m | |||

## Total Debt | 576.5m | 688.7m | 809.9m | |||

## Total Liabilities | 1.0b | 1.2b | 1.3b | |||

## Common Stock | 1.1m | 1.1m | 1.1m | |||

## Additional Paid-in Capital | 642.3m | 678.5m | 715.8m | 738.8m | 774.3m | |

## Retained Earnings | 636.1m | 845.5m | 1.0b | 1.3b | 1.5b | |

## Total Equity | 1.2b | 1.2b | 1.2b | 1.5b | 1.3b | |

## Debt to Equity Ratio | 0.5 x | 0.6 x | 0.5 x | |||

## Debt to Assets Ratio | 0.3 x | 0.3 x | 0.3 x | |||

## Financial Leverage | 1.6 x | 1.9 x | 1.9 x | 1.9 x |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 59.7m | 50.0m | 43.8m | 37.7m | 22.7m | 35.3m | 43.2m | 24.2m | 38.9m | 45.7m | 82.1m | 45.5m | 119.1m | 49.8m | 39.1m | 47.2m |

## Accounts Receivable | 236.2m | 280.9m | 281.5m | 255.6m | 289.8m | 283.7m | 257.6m | 310.1m | 290.3m | 254.4m | 267.4m | 253.3m | 245.0m | 295.6m | 287.2m | 270.3m |

## Prepaid Expenses | 34.5m | 38.4m | 29.1m | |||||||||||||

## Inventories | 260.3m | 283.9m | 288.4m | 300.7m | 314.4m | 326.8m | 326.2m | 333.1m | 331.5m | 315.1m | 303.6m | 313.0m | 313.4m | 300.8m | 305.4m | 308.7m |

## Current Assets | 653.1m | 701.7m | 693.8m | 668.5m | 711.2m | 752.0m | 727.5m | 691.9m | 684.6m | 641.1m | 686.8m | 648.4m | 707.5m | 715.9m | 707.8m | 699.0m |

## PP&E | 995.3m | 1.1b | 1.1b | 1.2b | 1.3b | 1.3b | 1.4b | 1.5b | 1.5b | 1.6b | 1.7b | 1.8b | 1.9b | 1.9b | 1.9b | |

## Goodwill | 150.2m | 145.3m | 144.6m | |||||||||||||

## Total Assets | 1.8b | 1.9b | 1.9b | 2.0b | 2.1b | 2.2b | 2.2b | 2.3b | 2.4b | 2.4b | 2.6b | 2.6b | 2.7b | 2.9b | 2.8b | 2.8b |

## Accounts Payable | 108.3m | 131.8m | 128.0m | 131.2m | 140.1m | 146.0m | 134.2m | 142.6m | 140.4m | 149.3m | 141.7m | 139.5m | 128.6m | 154.8m | 147.1m | 143.1m |

## Short-term debt | 2.8m | 2.8m | 2.8m | 200.0k | 1.3m | 1.3m | 4.4m | 9.3m | 9.3m | |||||||

## Current Liabilities | 243.3m | 263.9m | 267.6m | 259.7m | 279.5m | 280.9m | 277.5m | 264.2m | 271.6m | 276.6m | 274.8m | 270.8m | 257.8m | 270.8m | 293.8m | 270.9m |

## Long-term debt | 262.0m | 352.0m | 395.0m | 430.0m | 480.0m | 508.0m | 596.4m | 688.0m | 706.8m | 670.2m | 837.0m | 817.3m | 829.6m | 835.6m | 930.1m | 980.7m |

## Total Debt | 262.0m | 354.8m | 397.8m | 432.8m | 480.2m | 509.3m | 597.7m | 688.0m | 706.8m | 670.2m | 837.0m | 817.3m | 829.6m | 840.0m | 939.4m | 990.0m |

## Total Liabilities | 641.6m | 739.7m | 791.2m | 832.6m | 921.7m | 953.1m | 1.0b | 1.1b | 1.1b | 1.1b | 1.3b | 1.3b | 1.3b | 1.3b | 1.4b | 1.5b |

## Common Stock | 1.1m | 1.1m | 1.1m | |||||||||||||

## Additional Paid-in Capital | 644.9m | 663.7m | 671.3m | 674.2m | 706.8m | 709.7m | 712.9m | 727.4m | 730.2m | 735.0m | 754.9m | 763.1m | 766.5m | 787.7m | 792.0m | 295.2m |

## Retained Earnings | 589.0m | 686.2m | 736.8m | 792.6m | 904.0m | 956.1m | 999.9m | 1.1b | 1.1b | 1.2b | 1.3b | 1.4b | 1.4b | 1.5b | 1.6b | 1.7b |

## Total Equity | 1.1b | 1.2b | 1.2b | 1.2b | 1.2b | 1.2b | 1.2b | 1.3b | 1.3b | 1.3b | 1.4b | 1.6b | 1.4b | 1.4b | ||

## Debt to Equity Ratio | 0.2 x | 0.3 x | 0.3 x | 0.4 x | 0.5 x | 0.6 x | 0.6 x | 0.5 x | 0.7 x | 0.6 x | 0.6 x | 0.5 x | 0.7 x | 0.7 x | ||

## Debt to Assets Ratio | 0.1 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x |

## Financial Leverage | 1.6 x | 1.6 x | 1.7 x | 1.8 x | 1.9 x | 1.9 x | 1.9 x | 1.9 x | 2 x | 2 x | 1.9 x | 1.8 x | 2 x | 2.1 x |

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Net Income | 209.4m | 237.2m | 249.8m | 284.0m |

## Depreciation and Amortization | 71.2m | 76.4m | 93.3m | 104.5m |

## Accounts Receivable | (15.0m) | (18.4m) | (17.4m) | 20.2m |

## Inventories | (39.0m) | (25.0m) | 10.8m | 2.3m |

## Accounts Payable | 40.1m | (10.4m) | (7.9m) | (2.1m) |

## Cash From Operating Activities | 318.0m | 301.0m | 401.4m | 428.7m |

## Cash From Investing Activities | (270.4m) | (305.3m) | (366.5m) | (354.1m) |

## Long-term Borrowings | (139.8m) | (1.7m) | (323.3m) | |

## Dividends Paid | (38.3m) | (39.8m) | (42.6m) | |

## Cash From Financing Activities | (36.9m) | (10.9m) | (46.8m) | (58.3m) |

## Net Change in Cash | (19.1m) | 16.6m | 24.9m | |

## Free Cash Flow | (4.3m) | 73.5m | 150.6m |

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 68.1m | 61.7m | 53.5m | 56.0m | 66.1m | 68.2m | 64.6m | 61.6m | 130.4m | 210.5m | |

## Depreciation and Amortization | 29.8m | 59.6m | 90.8m | ||||||||

## Accounts Receivable | 289.8m | 283.7m | 257.6m | 310.1m | 290.3m | 254.4m | 267.4m | (41.2m) | (43.4m) | (27.7m) | |

## Inventories | 314.4m | 326.8m | 326.2m | 333.1m | 331.5m | 315.1m | 303.6m | (14.6m) | (28.6m) | (32.1m) | |

## Accounts Payable | 140.1m | 146.0m | 134.2m | 142.6m | 140.4m | 149.3m | 141.7m | 7.0m | 24.7m | 200.0k | |

## Cash From Operating Activities | 62.6m | 157.2m | 278.4m | ||||||||

## Cash From Investing Activities | (59.5m) | 101.9m | 150.9m | ||||||||

## Long-term Borrowings | (105.0m) | (248.2m) | (181.2m) | ||||||||

## Dividends Paid | (11.2m) | (22.4m) | (35.5m) | ||||||||

## Cash From Financing Activities | 1.0m | (15.5m) | (73.3m) | (136.8m) | |||||||

## Net Change in Cash | (10.3m) | (21.0m) | (12.9m) | ||||||||

## Free Cash Flow | 3.1m | 55.3m | 128.2m |

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