Resultados Embraer 1Q10
-
Upload
embraer-ri -
Category
Documents
-
view
315 -
download
0
Transcript of Resultados Embraer 1Q10
2
Forward Looking StatementForward Looking Statement
This presentation includes forward-looking statements or statements about events or circumstances
which have not occurred. We have based these forward-looking statements largely on our current
expectations and projections about future events and financial trends affecting our business and our
future financial performance. These forward-looking statements are subject to risks, uncertainties and
assumptions, including, among other things: general economic, political and business conditions, both
in Brazil and in our market. The words “believes,” “may,” “will,” “estimates,” “continues,” “anticipates,”
“intends,” “expects” and similar words are intended to identify forward-looking statements. We
undertake no obligations to update publicly or revise any forward-looking statements because of new
information, future events or other factors. In light of these risks and uncertainties, the forward-looking
events and circumstances discussed in this presentation might not occur. Our actual results could
differ substantially from those anticipated in our forward-looking statements.
3
1Q10 Highlights
4
100th Phenom 100 jet delivered.100th Phenom 100 jet delivered.
Business HighlightsBusiness Highlights
Legacy 450 and 500 program development on track. In April, first metal cut for the first Legacy 500 prototype.
Legacy 450 and 500 program development on track. In April, first metal cut for the first Legacy 500 prototype.
Confirmed the sale of 20 EMBRAER 190 jets for Austral, in April.Confirmed the sale of 20 EMBRAER 190 jets for Austral, in April.
First deliveries of two EMBRAER 170 jets to Gulf Air, the national carrier from the Kingdom of Bahrain.
First deliveries of two EMBRAER 170 jets to Gulf Air, the national carrier from the Kingdom of Bahrain.
Sale and delivery of a Legacy 600 to the Government of Panama.Sale and delivery of a Legacy 600 to the Government of Panama.
First four Super Tucano delivered to Ecuador Air Force.First four Super Tucano delivered to Ecuador Air Force.
KC 390 program continues on track, at the final phase of preliminary studies.
KC 390 program continues on track, at the final phase of preliminary studies.
5
Financial HighlightsFinancial Highlights
Jet deliveries: 41 aircrafts - 21 commercial jets, 19 executive jets and 1 aircraft for defense.Jet deliveries: 41 aircrafts - 21 commercial jets, 19 executive jets and 1 aircraft for defense.
Net revenues of US$ 990 million. Defense and aviation services positively impacting gross margin.Net revenues of US$ 990 million. Defense and aviation services positively impacting gross margin.
EBIT of US$ 57 million and EBIT margin of 5.8%, in line with the 6% guidance.EBIT of US$ 57 million and EBIT margin of 5.8%, in line with the 6% guidance.
Backlog at US$ 16.0 billion or 3.2 years of annual revenues.Backlog at US$ 16.0 billion or 3.2 years of annual revenues.
EBITDA margin of 8.1%, above the 7.5% projection for the year.EBITDA margin of 8.1%, above the 7.5% projection for the year.
Solid net cash of US$ 459 million.Solid net cash of US$ 459 million.
Net income of US$ 35 million and EPS - ADS of US$ 0,1952.Net income of US$ 35 million and EPS - ADS of US$ 0,1952.
Jet DeliveriesJet Deliveries
2010 projected deliveries • 90 commercial jets• 17 Legacy / Lineage• 120 Phenom
2010 projected deliveries • 90 commercial jets• 17 Legacy / Lineage• 120 Phenom
6
3441
35 36
615
22
55
1724
1Q09 2Q09 3Q09 4Q09 1Q10
PhenomPhenomCommercial Jets, Legacy and LineageCommercial Jets, Legacy and Lineage
7
Firm Order BacklogFirm Order Backlog
US$ Billion
4.16.4
11.4 10.79.0
10.6 10.1 10.4
14.8
18.816.6 16.0
20.9
2.2 2.3
3.94.2 4.2
3.12.6 2.8 2.8 3.0
3.8
3.3 3.2
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1Q10
Firm Order Backlog Backlog/Revenue (Years)
8
Revenue by SegmentRevenue by Segment
Commercial aviationCommercial aviation Executive aviationExecutive aviation OthersOthersAviation servicesAviation servicesDefenseDefense
75%67% 66%
44%53%
6%7% 6%
16%
19%
6% 14% 16%26%
12%
11% 10% 10% 11% 14%
3% 2%2% 2%2%
1Q09 2Q09 3Q09 4Q09 1Q10
9
Financial Results
10
Net Revenues and Net Revenues and Gross MarginGross Margin
US Gaap - US$ Million
Net RevenuesNet Revenues Gross MarginGross Margin
BR Gaap - R$ Million
2010 Guidance: Net revenues - US$ 5.0 billion2010 Guidance: Net revenues - US$ 5.0 billion
1,1541,457
1,246
1,610
990
18.2% 23.1% 18.8%20.8% 21.7%
1Q09 2Q09 3Q09 4Q09 1Q10
1,780
3,0192,667
2,3282,799
22.1%17.1%
19.5%17.7%
20.7%
1Q09 2Q09 3Q09 4Q09 1Q10
152 155 135161
86 9896
9663
156
1Q09 2Q09 3Q09 4Q09 1Q10
11
SG&A ExpensesSG&A Expenses
Selling ExpensesSelling Expenses General and Adm. ExpensesGeneral and Adm. Expenses
US Gaap - US$ Million BR Gaap - R$ Million
121121
66 74 7392
3747 52
55
35
86
1Q09 2Q09 3Q09 4Q09 1Q10
238238 253253
103103
121121 125125
147147
231231257257
219219
12
Income from OperationsIncome from Operations
US Gaap - US$ Million BR Gaap - R$ Million
Income from OperationsIncome from Operations Operating MarginOperating Margin2010 Guidance:2010 Guidance:
EBIT - US$ 300 million
EBIT margin - 6.0%
EBIT - US$ 300 million
EBIT margin - 6.0%
27
175
68 66 57
5.8%
4.1%5.5%
12.0%
2.4%
1Q09 2Q09 3Q09 4Q09 1Q10
400
162
60109 122
2.2%
6.9%7.0%
13.3%
4.1%
1Q09 2Q09 3Q09 4Q09 1Q10
13
EBITDAEBITDA
US Gaap - US$ Million BR Gaap - R$ Million
EBITDAEBITDA EBITDA MarginEBITDA Margin2010 Projection:2010 Projection:EBITDA - US$ 375 million
EBITDA margin - 7,5%
EBITDA - US$ 375 million
EBITDA margin - 7,5%
47
196
90 89 80
13.5%
7.2%5.6%
8.1%
4.1%
1Q09 2Q09 3Q09 4Q09 1Q10
202170265
513
210
11.4%
6.1%
17.0%
11.4%
7.9%
1Q09 2Q09 3Q09 4Q09 1Q10
14
Net IncomeNet Income
Net IncomeNet Income Net MarginNet Margin
US Gaap - US$ Million BR Gaap - R$ Million
35
146
5868
(23)
3.6%
9.1%
4.6%4.7%
-2.0%1Q09 2Q09 3Q09 4Q09 1Q10
44
168222
467
38
15.5%
6.0%
1.4%2.5%
9.5%
1Q09 2Q09 3Q09 4Q09 1Q10
15
InventoriesInventories
US Gaap - US$ Million BR Gaap - R$ Million
3,0642,875
2,723
2,340 2,359
1Q09 2Q09 3Q09 4Q09 1Q10
7,579
6,012
5,1934,5764,424
1Q09 2Q09 3Q09 4Q09 1Q10
16
Indebtedness ProfileIndebtedness Profile
Total Debt 1Q10: US$ 1.8 Billion
Long-termLong-term Short-termShort-term
Loans Average Maturity (Years)Loans Average Maturity (Years)
Indebtedness Maturity
53%71%
27%
49%
51%73%
75%
47% 29%25%
2.13.3 2.6
4.9 5.0
1Q09 2Q09 3Q09 4Q09 1Q10
17
Operating Cash Flow Operating Cash Flow Net CashNet Cash
Operating Cash Flow: US Gaap - US$ Million Net Cash: US Gaap - US$ Million
12252 71
503459
1Q09 2Q09 3Q09 4Q09 1Q10
Total Cash 1Q10: US$ 2.3 Billion
(246)
40
404
(46)(62)
1Q09 2Q09 3Q09 4Q09 1Q10
18