1Q05 Results Presentation
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Transcript of 1Q05 Results Presentation
May 17, 2005
1st Quarter 2005 Financial Results
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
Forward 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.
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
1Q05 Highlights
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
Republic Airways Holdings added 16 firm and 34 option EMBRAER 170s to its order book. Of the 16 new firm aircraft, two were already accounted for in Embraer’s fourth-quarter 2004 order book.
Harbin Embraer announced on March 24, 2005 the sale of five ERJ 145s to China Eastern Airlines Jiangsu Ltd.
Embraer delivered its 900th jet of the ERJ 145 family to European customer Luxair.
Highlights
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
Embraer signed in February a Memorandum Of Understanding with the Indian Defense, Research and Development Organisation to support the Indian Air Force new Airborne Early Warning & Control system development
The consortium formed by Embraer and the European Aeronautic Defense and Space Company (EADS) received approval to acquire 65% of OGMA -Indústria Aeronáutica de Portugal S.A., one of the largest maintenance, repair and overhaul facilities in Europe
Highlights
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
Results & Performance
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
Jet Deliveries
23
4340 42
30
1Q04 2Q04 3Q04 4Q04 1Q05
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
US$ million
Net Revenues and Gross Margin
626924 937 954
763
32.3%
35.1%37.6%
33.2%32.6%
1Q04 2Q04 3Q04 4Q04 1Q05
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
Net Revenue by Segment and Market
1Q04 1Q05
Customer Sevices and Others 8%
Defense 21%
Commercial Airline Market
71%
Business Jet Market4%
Customer Services & Others 10%
Defense 10%
Commercial Airline Market
76%
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
US$ Million
Income from Operations
153123 127 142 125
16.3%14.9%13.6%13.3%
24.4%
1Q04 2Q04 3Q04 4Q04 1Q05
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
Net Income
US$ Million
10380
114
8397
12.6%
8.7%
12.1%
16.5%
8.7%
1Q04 2Q04 3Q04 4Q04 1T05
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
Accounts Receivable Breakdown
US$ Million
194 157 189 157250
271 315
514 529
607
1Q04 2Q04 3Q04 4Q04 1T05
Others Commercial Airline Market
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
US$ Million
Inventories
1,273 1,2471,390 1,428
1,570
1Q04 2Q04 3Q04 4Q04 1Q05
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
Total Debt of US$ 1,037.7 Million
• Average cost in R$ = 14.8 %p/a
• Average cost in US$ = 5.3% p/a
Indebtedness
Long-Term Loan Average Maturity: 3 years and 3 months
Brazilian Currency
2%
Foreign Currency
98%
Long Term 78%
Short Term 22%
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
Indebtedness Maturity
US$ million
101
312
191
156 45
232
1,037
Total Short Term 2006 2007 2008 2009 Beyond
2010
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
US$ Million
Net Cash (Debt) Position
178
304220
22
-166
1Q04 2Q04 3Q04 4Q04 1Q05
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
Backlog and Delivery Forecast
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
ERJ 145 Family Orderbook
(as of 1st quarter, 2005)
82
47
20
15
FirmBacklog
8161,131233898Total
634892211681ERJ 145
741142094ERJ 140
1081252123ERJ 135
DeliveriesTotalOptionsFirms
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
15-352015EMBRAER 195
301
155
15
116
FirmBacklog
56744387357Total
-385230155EMBRAER 190
-15-15EMBRAER 175
56309137172EMBRAER 170
DeliveriesTotalOptionsFirms
(as of 1st quarter, 2005)
EMBRAER 170/190 Family Orderbook
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
Backlog
US$ Billion
10.9 10.5 11.0 10.1 9.9
17.8 18.517.5
15.017.7
1Q04 2Q04 3Q04 4Q04 1Q05
Firm Options
THE INFORMATION CONTAINED HEREIN IS PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR DISSEMINATED WITHOUT EMBRAER’S WRITTEN CONSENT
Jet Deliveries Forecast
4
32
59
96
160 161
131
101
148 145 145
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