It is difficult to get right at first glance the plot of a story in which two of the main protagonists are the owner of one of the largest groups of funeral homes in Spain and a former television presenter and whose setting places us on the eve of Three Kings' Day.. One might think that this is a Christmas story, but in this case, the date is nothing more than a mere coincidence and what we are talking about is business.
Specifically, from the moment when Leonardo Sánchez Heredero, owner of the Parcesa funeral home, and Ladislao Azcona, better known as Lalo Azcona and former TVE news presenter, decided to acquire the 11% of Airtificial owned by the investment fund Black Toro and bet on the future of a company that, just over a year before, had to be rescued by the State Society of Industrial Participations (SEPI) during the pandemic. Barely 11 months later, the share value of the group specialized in industrial automation skyrockets by 150%, making it the second most lustrous share on the entire Spanish stock market so far this year, behind Tubos Reunidos.
“I think the turning point was when we decided to strategize the company. This company was born from the merger of Inypsa, civil works engineering, and Carbures, which was a very imaginative company, with fantastic ideas, but the turning point is when a Board and management arrive capable of landing all those ideas,” he explains. to Economic News the president of the Council, Eduardo Montes, who also highlights the promotion of the SEPI. If Sánchez-Heredero and Azcona make up the group's shareholder duo, Montes and the general director, Guillermo Fernández de Peñaranda, embody the other key couple in this new stage of the firm.
Montes places the strategic change shortly before the aforementioned afternoon of January 5. The veteran manager, who became number two at Siemens worldwide, heads the Board with several heavyweights from the Spanish company, such as Sánchez Heredero and Azcona themselves, who already successfully created Tecnocom -sold to Indra-, José Antonio Iturriaga, former senior bank manager, and María del Mar Ruiz (Banco Santander).
“When you talk about a company, the first thing you see is who is on the Board. Fortunately, all of ours have a splendid reputation in the markets, in addition to a very high commitment. We are all willing to use our relationship with the markets to help the company,” explains Montes.
The numbers agree with Montes when he talks about the effect of this landing by the company. The 34 million euros of financing that the SEPI granted it in June 2022 served to alleviate problems exacerbated by the pandemic, but that came from behind, from the merger of Carbures and Inypsa.
Since its merger, the company has experienced various management changes and capital injections that have led to numerous losses (34.7 million in 2019, 23.3 million in 2020 and 15.5 million in 2021).. However, the landing referred to by Montes has had its first effects: losses were reduced by half in 2022 and the group already registers a positive gross operating profit (ebitda) so far in 2023.. There have been other tailwinds, such as a loan of five million to expand the capacity of its factory in Sant Fruitós de Bages (Barcelona), which is celebrating its 25th birthday.
“The company is doing well. We have increased sales compared to last year, we have positive ebitda (…) It is a company that works in a very exciting field, with very happy and top-level clients,” says Montes.
Operational takeoff
To transform those illusions into reality, the company hired Fernández de Peñaranda as general director last January.. The manager has proposed, together with Montes, to take another step in the integration of the two souls of Airtificial and mainstream the company to create a portfolio of unique products.
Currently, the group has three business branches: Intelligence Robots, its industrial automation area that contributes more than half of the revenue, Aerospace and Defense and the civil engineering division, inherited from the former Inypsa, and focused on sustainability.. With the new strategy, Airtificial is looking for a hybrid proposal that adapts, for example, the most advanced aviation materials to new fields such as electric motorcycles.
“With this strategy we seek to find market niches within current markets, but also outside, and offer projects that no one else can offer,” highlights Fernández de Peñaranda.. Among the group's clients are Airbus, ITP Aero and numerous automotive companies.
Precisely, the transition to electric mobility in the automotive sector is one of the aspects in which the group is investing decisively and which is being fundamental in its internationalization process towards the Asian market, with India and China as the main markets.
In fact, the group is studying increasing its presence with a specialized center in the first of the countries, taking advantage of the high number of engineers in the country.
“The focus of innovation in the electric car is in Asia, it represents a huge opportunity,” explains Fernández de Peñaranda, who highlights that it is a market that requires “proximity”, hence the importance of establishing a relevant presence.. Asked about returning to the path of profit, the manager is also emphatic: “Of course we are looking for it and we will achieve it based on growth to achieve EBITDA and thus compensate for the increasing financial costs,” he remarks.
To advance in this expansion, the company is not closed to any alternative and is already studying its options in the field of corporate operations, where it could execute acquisitions to accelerate its internationalization or add new technical capabilities.. To make the path easier, one option would be the route of European funds, an alternative under study, but to which the company (digital and focused on innovation and sustainability) has not managed to access in the end.. “Until now it has not happened,” says Montes, so Airtificial will have to trust in the tailwind of demand from its clients and the stock market to complete its rebirth.