Airbus Exhibits for Analysis
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![Page 1: Airbus Exhibits for Analysis](https://reader036.fdocuments.in/reader036/viewer/2022082609/55cf9969550346d0339d44dc/html5/thumbnails/1.jpg)
Exhibit 1
1
Exhibit 1 Sales of Commercial Airplane and Aviation Support Services ($ 1999, billions)
Aircraft DeliveriesRegional Aircraft $3.8 NA NAAirbus 16.0 $60.6 $729.5Boeing 36.7 56.9 692.5
Total Aircraft Deliveries $56.5 $117.5 $1,422.0
Aircraft Support ServicesAirplane Servicing 13.8 32.3 441Heavy Airplane Maintenance 18.5 43 588Engine Repair (off wing) 8.4 19.6 268Airframe Component Repair 12.3 28.8 394Major Airplane Modification 1.8 3.5 43Airframe and Engine Repair Parts 8.1 18.8 257Flight Crew Training 1.7 3.4 49Airport and Route Infrastructure 21.4 43 622Used Airplane Remarketing 0.7 1.4 20
Total Support Services $86.7 $193.8 $2,682
Total Deliveries and Services $143.2 $311.3 $4,104
1999Annual Sales
(Actual)
2019Annual Sales
(Estimate)
2000-2019Cumulative Sales
(Estimate)
Sources: Boeing Current Market Outlook, 2000; The Airline Monitor, July 2000.
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Exhibit 3
2
Boeing Aircraft Airbus Aircraft
737 A-300 A-310 A-320 A-330 A-340
Average Number of Seats 140 390 220 410 350 265 220 150 310 300
Actual Deliveries1967 41968 1051969 114 31970 37 401971 29 401972 22 171973 18 191974 47 151975 51 19 11976 41 21 61977 25 18 101978 40 28 101979 77 60 181980 92 67 311981 108 53 371982 95 24 20 371983 82 22 55 19 171984 67 15 29 17 261985 115 24 25 15 261986 141 35 24 10 181987 161 23 36 10 191988 165 24 53 17 28 141989 146 4 35 41 24 23 571990 174 8 60 62 18 18 571991 215 2 62 62 23 19 1191992 218 0 63 61 22 23 1111993 152 51 55 22 22 72 1 211994 121 40 40 23 2 48 9 251995 89 36 25 13 17 2 32 30 191996 76 42 25 32 14 2 38 10 281997 135 41 39 59 6 2 57 14 331998 274 47 53 74 13 1 80 23 241999 295 44 47 83 8 0 101 44 20
Total 3,531 581 763 510 261 428 248 786 131 170Average Yearly Deliveries 107 25 42 46 52 17 15 66 19 24
2000 285 0 41 18 41 4 0 82 33 142001 255 0 34 24 54 8 0 139 49 212002 188 0 21 18 37 11 3 126 25 322003 125 0 10 6 18 9 1 96 14 312004 95 0 3 3 17 3 1 46 19 142005 40 0 1 3 9 0 0 22 13 52006 25 0 0 1 8 0 0 8 0 12007 0 0 0 1 0 0 0 4 0 02008 0 0 0 0 0 0 0 0 0 0
Total 1,013 0 110 74 184 35 5 523 153 118
Note: The Boeing 737 includes three model versions: 737-200 (1967-1988), 737-3/500 (1984-present), and 737-6/900 (1997-present).
Exhibit 3 Orders and Deliveries for Select Passenger Aircraft
747-1/2/300
767-2/3/400
747-400
777-2/300
Current Order Book by Scheduled Delivery Date
Sources: The Airline Monitor, May 2000 (deliveries); CSFB Global Commercial Aerospace Monthly, May 2000 (orders).
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Exhibit 4A
3
Airbus Industrie1995 1996 1997 1998 1999 1995 1996 1997 1998 1999
Balance SheetCash and Short-term Investments $3,730 $5,469 $4,420 $2,741 $3,554 Total Assets 22,040 37,880 38,024 36,672 36,147 Total Debt 2,615 7,489 6,854 6,972 6,732
Income StatementSales 32,960 35,453 45,800 56,154 57,993 $9,600 $8,800 $11,600 $13,300 $16,700Depreciation and amortization 1,306 1,267 1,458 1,622 1,645
EBIT (316) 2,618 (355) 1,567 3,349 NA NA 335 579Net Income (36) 1,818 (178) 1,120 2,309
Market ValueNumber of Shares (millions) 344 347 973 938 871 Stock Price (year end) 78 107 49 33 41
Bond Rating AA AA AA AA- AA-Market Share (% by Units)
Deliveries 67.5% 68.1% 67.3% 70.7% 66.9% 32.5% 31.9% 32.7% 29.3% 33.1%Orders NA 71.1% 56.1% 53.6% 45.2% NA 28.9% 43.9% 46.4% 54.8%
Exhibit 4A Financial Statements ($ millions)
The Boeing Companya
896b
Sources: Boeing Annual Reports; Airbus Industrie Website; The Airline Monitor, July 2000; The Wall Street Journal, June 26, 2000, p. A28.
aBoeing acquired McDonnell Douglas on August 1, 1997. The income statement and balance sheet data (except for 1995 balance sheet) reflect the combined financial statements.
bEADS Offering Memorandum dated July 9, 2000, p. 48. Because launch aid was ganted to the partners, not to Airbus, the partners recognized the effects of launch aid on their own financial statements. In 1999, BAE Systems (a 20% owner) reported a loss of £42 million ($67 million) after launch aid repayment.
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Exhibit 4B
4
EADS Participants
Ownership of Airbus Industrie 20.0% 37.9% 37.9% 4.2% 80.0%Balance Sheet
Cash and Short-term InvestmentsFixed Assets 13,742 8,218 1,576 192 19,591 Total Assets 28,079 16,194 9,737 1,268 35,640 Total Debt 5,122 3,681 217 110 5,696 Stockholder’s Equity 11,991 1,778 2,397 507 8,123
Income StatementRevenues 14,381 12,236 7,455 931 22,553 Cost of Sales 8,823 (9,624) (5,914) (735) (18,278)Gross Margin 789 2,612 1,541 196 4,275 Income before income taxes 739 750 461 114 815 Net Income (loss) 522 (644) (39) 74 (1,009)
Ownership 100% Public 48% French State3% Lagardere
17% Public2% Employees
18.5 8.6
S&P Bond Rating A A- NA
Source: EADS Offering Memorandum, July 9, 2000; BAE Systems 1999 Annual Report.
Exhibit 4B Airbus Partners at Year-end 1999 ( millions)a
BAE Systems
PLC(U.K.)
AerospatialeMatra S.A.b
(France)
DaimlerChryslerAerospace AG
(DASA)b
(Germany)
ConstruccionesAeronáuticas SA
(CASA)b
(Spain)EADSc
(pro forma)
e1,306 e759 e3,958 e570 e3,175
100% Publicd100% Spanish
State
Market Capitalization (e)b 59.1d
A+d
aThe e/$ exchange rate on June 30, 2000 was e1=$0.9545; The e/£ exchange rate on June 30, 2000 was e1=£0.6209.bPresented in accordance with International Accounting Standards (IAS).cUnaudited, pro-forma consolidation of Aerospatiale Matra, DASA, and CASA after accounting adjustments and eliminations. Different forms of accounting recognition (full consolidation vs. equity method) prevent the amounts from summing across the EADS participants. EADS net loss is due to an extraordinary charge of e1.9 billion related to foreign currency hedging positions.
dThis figure refers to the parent corporation, DaimlerChrysler AG.
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Exhibit 6
5
1995 1996 1997 1998 1999 2000
Forecast Period to 2014 to 2015 to 2016 to 2017 to 2018 to 2019
Passenger Traffic Growth (per year)Airbus 5.1% NA 5.2% 5.0% 5.0% 4.9%Boeing 5.1% 5.1% 4.9% 4.9% 4.7% 4.8%
Commercial Aircraft in Operation (in 20 years)Airbus 16,588 NA 17,184 17,920 22,506 22,620Boeing (including regional jets <70 seats) 20,683 23,080 23,600 26,200 28,400 31,755
Deliveries of New Comm. Aircraft (over 20 years)Airbus 12,933 NA 13,758 15,518 15,500 15,364Boeing 15,462 15,900 16,160 17,650 20,150 22,315
Value of 20-Year Market for New Aircraft ($ billions)Airbus NA NA NA $1,170 $1,290 $1,310Boeing $1,000 $1,100 $1,100 $1,250 $1,380 $1,490
Deliveries of VLA Passenger Aircraft (500 seats)Airbus 1,374 NA 1,442 1,332 1,208 1,235Boeing NA NA 460 405 365 330
Airbus NA NA NA NA 301 315Boeing NA NA NA NA 275 270
Exhibit 6 Comparison of Boeing and Airbus 20-Year Market Forecasts (by year of forecast)
Deliveries of Large Cargo Aircrafta
Sources: Boeing Current Market Outlook, Airbus Global Market Forecast, and casewriter estimates. (Airbus did not issue a GMF in 1996 and did not publish data on the cargo market until 1999).
aIncludes both the Boeing 747-400 and the Airbus A3XX.
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Exhibit 8
6
A-330 40,300 5.00% 106,928 1,000 67,628 10.0% 6,763 12A-340 48,300 5.00% 128,154 1,000 80,854 10.0% 8,085 15777-2/300 90,650 5.60% 269,554 1,500 180,404 10.0% 18,040 33747-1/2/300 134,550 6.00% 431,520 127,697 424,667 35.0% 148,633 270747-400 191,907 7.00% 742,620 34,935 585,648 85.0% 497,800 905
Total 505,707 1,678,776 166,132 1,339,201 679,323 550 1,235
Sources: Casewriter estimates; Lehman Brothers Equity Research Report, December 6, 1999; Airbus Industrie Global Market Forecast 2000.
Notes:
(D) Retirements are based on current fleet age and composition.
(H) The number of seats per VLA is a function of the mix of plane types.
(I) Does not include VLA freighters, which could represent another 315 new aircraft to be delivered by 2019, according to Airbus.
Exhibit 8 Estimated Market for Very Large Aircraft (VLA, >500 seats) by 2019
Aircraft
Seats inCommercialFleet in 1999
(A)
EstimatedAnnualGrowth
(B)
Seats Neededin 2019
(C=[1+B]20)
EstimatedRetirements
andConversions
(D)
Total NewSeats
Required(E=C-A+D)
AssumedConversion
to VLA Aircraft
(F)
PotentialMarket for
VLA Aircraft(G=E*F)
Seatsper VLA
(H)
EstimatedVLA
Market(I=G/H)
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Exhibit 9
7
1997 Widebody Fleet 2001 Widebody Fleet
Airline 747's Total 747's Total
1 Japan Airlines Asia 79 130 60.8% 73 136 53.7% 4.6%2 British Airways Europe 69 117 59.0% 71 140 50.7% 19.7%3 United Airlines US 51 153 33.3% 45 161 28.0% 5.2%4 Singapore Airlines Asia 48 83 57.8% 53 104 51.0% 25.3%5 Korean Air Asia 45 86 52.3% 39 89 43.8% 3.5%6 Air France Europe 43 74 58.1% 33 86 38.4% 16.2%7 Northwest Airlines US 43 80 53.8% 42 86 48.8% 7.5%8 All Nippon Airlines Asia 38 109 34.9% 34 113 30.1% 3.7%9 Cathay Pacific Asia 38 59 64.4% 33 68 48.5% 15.3%
10 KLM Europe 32 51 62.7% 33 53 62.3% 3.9%11 Qantas Australia 30 60 50.0% 34 63 54.0% 5.0%12 Lufthansa Europe 30 67 44.8% 29 83 34.9% 23.9%13 Saudi Arabian Airlines Mid-East 28 65 43.1% 26 64 40.6% -1.5%14 China Airlines Asia 18 34 52.9% 22 41 53.7% 20.6%15 Air China International Asia 18 31 58.1% 22 44 50.0% 41.9%
Total 610 1,199 50.9% 589 1,331 44.3% 11.0%
Note: Widebody jets include Boeing's 747, 767, MD-11, L10-111, and 777, and Airbus' A300, A310, A330, and A340.
Exhibit 9 Fleet Composition for the 15 Largest Boeing 747 Operators in 1997
Headquarters'Location
747's as% ofTotal
747's as% ofTotal
1997-2001Growth inWidebodyFleet Size
Source: Aviation Week and Space Technology Aerospace Sourcebook 2000.
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Exhibit 10
8
Investment 2001 2002 2003 2004 2005 2006 2007 2008 Total
R&D Expenditure $1,100 $2,200 $2,200 $2,200 $1,320 $880 $660 $440 $11,000Capital Expenditures 0 250 350 350 50 0 0 0 $1,000Working Capital 0 150 300 300 200 50 0 0 $1,000
Total R&D Cost $1,100 $2,600 $2,850 $2,850 $1,570 $930 $660 $440 $13,000
Source: Dresdner Kleinwort Benson, Aereospace and Defense Report, May 8, 2000.
Exhibit 10 Airbus Development Expenditure by Year ($ millions)
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Exhibit 11
A3XX Orders Orders Options Total
Announced Orders Air France 10 - 10Emirates 7 5 12International Lease Finance Corp. (ILFC) 5 5 10
Total 22 10 32
Probable Orders
8 6 14
10 5 15Singapore Airlines 10 6 16Virgin Atlantic 6 4 10
Total 34 21 55
Potential OrdersCathay Pacific 6 4 10
6 4 10Korean Air 6 4 10Malaysian Airways 6 4 10Qantas 6 4 10
Total 30 20 50
Total Potential Orders 86 51 137
Exhibit 12 Airbus A3XX Orders as of July 26, 2000
Atlas Aira
Federal Expressa
Cargoluxa
Source: Lehman Brothers Aerospace and Defense Report, June 23, 2000; The Wall Street Journal,July 26, 2000, p. A21.
aDenotes cargo operator.