2001 - Financial Results 2 Q Corporate Law And Us Gaap
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Transcript of 2001 - Financial Results 2 Q Corporate Law And Us Gaap
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2nd Quarter 2001Results
August 13, 2001
2nd Quarter 2001Results
August 13, 2001
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Forward LookingForward Looking
This presenta t ion inc ludes forward-look ing s ta tements or s ta tements about events or
c i rcumstances wh ich have not occur red . We have based these fo rward-look ing s ta tements
large ly on our cur rent expectat ions and pro ject ions about fu ture events and f inanc ia l t rends
a f fec t ing our bus iness and our fu ture f inanc ia l per formance. These fo rward-look ing
s ta tements are sub jec t to r isks , uncer ta in t ies and assumpt ions, inc lud ing , among o ther
th ings: genera l economic, po l i t ica l and business condi t ions, both in Brazi l and in our
marke t The words “ bel ieves, ” “ may ,” “ will,” “ es t imates,” “con t inues ,” “ ant ic ipates,” “in tends ,”
“ expec ts” and s imi lar words are in tended to ident i fy forward-look ing s ta tements . We
undertake no obl igat ions to update publ ic ly or rev ise any forwar d-look ing s ta tements
because of new informat ion, fu ture events or other factors. In light of these r isks and
uncer ta in t ies , the forward-look ing events and c i rcumstances d iscussed in th is press
re lease might not occur . Our actual resul ts could d i f fer substant ia l ly f rom those ant ic ipated
in our forward-look ing s ta tements
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2n d Quarter Highlights2n d Quarter Highlights
• Net Income for the second quarter was US$ 147.9 millions - a record in Embraer’s history
• Embraer’s total backlog reached US$ 23.5 billions
• Embraer largest exporter Brazil ian company in Brazil - US$ 1,5 billions exports for the 1H01
• Skyway Airl ines signed a memo of understading placing 20 firm
orders plus 20 options for the ERJ 140
• The Secondary Offering increased the preferred shares “free float ”to 58.5%
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• Chautaqua Airlines confirmed 28 options of the ERJ 145 to ERJ 140 and orderaed more 25 options
• Transtates Airlines placed a new order for 10 ERJ 140 and an additional 25 options
• Embraer announced that Brazil’s TAM airlines signed a Memo of
understanding for the purchase of up to 100 ERJ 190 –200
• Embraer and ATR presented AEROChain, a new e-business marketplace aimed to improve commercial relationship with its custommers and suppliers
• Embraer announced orders of 7 new Legacy business jet during Le Bourget Air Show
2n d Quarter Highlights2n d Quarter Highlights
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3 43 8
4 4 4 44 2
4 4
0
1 0
2 0
3 0
4 0
5 0
6 0
1Q00 2Q00 3Q00 4Q00 1Q01 2Q01
Jet DeliveriesJet Deliveries
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Net SalesNet Sales
US$ Millions
583
766 772 756
659
838
0
200
400
600
800
1.000
1Q00 2Q00 3Q00 4Q00 1Q01 2Q01
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170
260 246
299
187
38033,9%
31,8%
28,9%29,1%
39,5%
45,3%
0
100
200
300
400
500
1Q00 2Q00 3Q00 4Q00 1Q01 2Q01
0 %
10%
20%
30%
40%
50%
US
$ M
M
US$ Millions
Ma
rgin
%
Gross ProfitGross Profit
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209
177
1039 9
137
261
23,0%
17,8%
15,6%17,0%
27,6%
31,1%
0
100
200
300
400
1Q00 2Q00 3Q00 4Q00 1Q01 2Q01
0 %
10%
20%
30%
US
$ M
M
US$ Milhões
Ma
rgin
%
EBITEBIT
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119
199
158
231
121
28226,0%
20,4%18,3%
20,4%
30,5%
33,6%
0
100
200
300
400
1Q00 2Q00 3Q00 4Q00 1Q01 2Q01
0 %
10%
20%
30%
40%
US
$ M
M
Ma
rgin
%
EBITDAEBITDA
US$ Milhões
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5 5
104
128
109
6 3
14813,5%
16,6%
9,5%9,4%
14,3%
17,6%
0
5 0
100
150
200
1Q00 2Q00 3Q00 4Q00 1Q01 2Q01
0 %
5 %
10%
15%
20%
US
$ M
M
U$ Milhões
Ma
rgin
%
Net IncomeNet Income
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2n d Quarter Results – Corporate Law2n d Quarter Results – Corporate Law
Gross Margin
EBIT Margin
EBITDA Margin
Net Income
Net Sales
Gross Profit
EBIT
EBITDA
Net Margin
Finacial Income (Expenses)
Monetary & Exchange Variations
2Q01
(US$ millions)
2Q00
45%28%
31%16%
34%18%
147.962.6
$838.1$658.6
379.9186.9
260.8102.7
281.9120.8
18%9%
24.4(7.0)
(65.5)(26.5)
Earnings per ADS US$0.95US$0.40
136%
27%
103%
154%
133%
(449)%
147%
136%
% Changed
(*) Calculation based on total number of shares oustanding as of /30/01
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1st Half Results – Corporate Law1st Half Results – Corporate Law
1H01
(US$ millions)
1H00
43%29%
30%16%
32%19%
258.8117.7
$1,599.7$1,241.4
684.1355.2
473.1201.9
515.9239.6
16%9%
47.6(12.6)
(144.2)(28.0)
US$1.67US$0.76
120%
29%
93%
134%
115%
(478)%
415%
120%
% Changed
Gross Margin
EBIT Margin
EBITDA Margin
Net Income
Net Sales
Gross Profit
EBIT
EBITDA
Net Margin
Finacial Income (Expenses)
Monetary & Exchange Variations
Earnings per ADS
(*) Calculation based on total number of shares oustanding as of /30/01
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Total Debt
Short Term
7 8 %
Long Term
2 2 %Foreign
Currency
92%
Local
Currency
8%
US$ 567.3 millions Total Debt
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US$ Milhões
Net Cash (Debt)
(208)
696749732
108
(37)
($400)
($200)
$ 0
$200
$400
$600
$800
1Q00 2Q00 3Q00 4Q00 1Q01 2Q01
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Quarter Results – US GaapQuarter Results – US Gaap
Gross Margin
EBIT Margin
EBITDA Margin
Net Income
Net Sales
Gross Profit
EBIT
EBITDA
Net Margin
Finacial Income (Expenses)
Monetary and Exchange Variat ions
2Q01
(US$ millions)
1Q01
34%30%
18%16%
19%18%
74.071.1
$844.5$686.5
290.4206.0
151.6110.0
160.7120.9
9 %10%
(2.1)10.1
(1.1)(11.5)
4 %
23%
41%
38%
33%
(121)%
(90)%
% Changed
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1st Half Results – US Gaap1st Half Results – US Gaap
1H01
(US$ millions)
1H00
32%33%
17%20%
18%19%
145.1130.4
$1,531.0$1,087.0
496.4357.8
261.6213.0
281.6228.0
9 %12%
8.0(25.0)
(12.6)(12.1)
11%
41%
39%
23%
24%
(132)%
4 %
% Changed
Gross Margin
EBIT Margin
EBITDA Margin
Net Income
Net Sales
Gross Profit
EBIT
EBITDA
Net Margin
Finacial Income (Expenses)
Monetary and Exchange Variat ions
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11.410.9
8.6
7.6
11.1 10.7
0
2
4
6
8
10
12
14
1Q00 2Q00 3Q00 4Q00 1Q01 2Q01
US
$ B
illi
on
US$23.5 Bil l ions in Orders, including US$ 10.7 Bil l ionsin Firm Orders
Firm Order BacklogFirm Order Backlog
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18
Order BookOrder Book
Firm Options Total
ERJ 135 148 63 211
ERJ 140 139 25 164
ERJ 145 551 315 866
Total 838 403 1,241
Firm Options Total
ERJ 135 148 63 211
ERJ 140 139 25 164
ERJ 145 551 315 866
Total 838 403 1,241J u n e, 2 0 0 1J u n e, 2 0 0 1
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Firm Options Total
ERJ 170 90 133 223
ERJ 190 30 72 102
Total 120 205 325
Firm Options Total
ERJ 170 90 133 223
ERJ 190 30 72 102
Total 120 205 325
Order BookOrder Book
J u n e, 2 0 0 1J u n e, 2 0 0 1
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New Orders
C u s t o m e r M o d e l Firm Opt ions Tota l
Midwest Espress ERJ 140 20 20 40
Transtates ERJ 140 35 10 45
Chautaqua/ Wexford ERJ 140 28 25 53
TAM ERJ 190-200 25 75 100
T O T A L 108 130 238
US$5.0 Bill ions in New Orders