embraer day ny 2009 - finnancial presentation
TRANSCRIPT
2008 Financial Overview2008 Financial OverviewLuizLuiz Carlos Carlos AguiarAguiar
EVP Finance & CFOEVP Finance & CFO
Financial ResultsFinancial Results
Jet DeliveriesJet Deliveries
Highest deliveries in a year in the Company’s history, and consistent with delivery guidance.
Highest deliveries in a year in the Company’s history, and consistent with delivery guidance.
130
169
202 + 2
2006 2007 2008
Net Revenue by SegmentNet Revenue by Segment
2007 2008
Executive
Aviation
14%
Aviation
Services
9%
Others
2%
Commercial
Aviation
67%Defense and
Government
8%
Others
3%Aviation
Services
10%
Executive
Aviation
16%
Defense and
Government
7%
Commercial
Aviation
64%
Diversification of revenues reduces the exposure to different business cycles.
Diversification of revenues reduces the exposure to different business cycles.
Net Revenue by MarketNet Revenue by Market
2007 2008
Risk mitigation of geographical exposure. Diversification!Risk mitigation of geographical exposure. Diversification!
Others
8%Asia
Pacific
6%
Europe
24%
Latin
America
12%
Brazil
4%
North
America
46%
Europe
18%
Latin
America
10%
Brazil
4%
North
America
43%
Asia Pacific
18%
Others
7%
Net RevenueNet Revenue
US$ Million
3,760
5,2456,335
21.2%22.0%25.3%
2006 2007 2008
Net Revenues Gross Margin
Stabilization trend on Gross Margin. Stabilization trend on Gross Margin.
407328
608
10.8%8.3%
9.6%
2006 2007 2008
EBITDA EBITDA Margin
EBITDAEBITDA
US$ Million
Recovery process of EBITDA Margin and productivity gains. Recovery process of EBITDA Margin and productivity gains.
6.3%
105
Net IncomeNet Income
US$ Million
Operational hedge losses impact.Operational hedge losses impact.
389
489
390
10.4%6.1%
9.3%
2006 2007 2008
Net Income Net Margin
9
US$ Million
Net CashNet Cash
*Total cash do not include a US$ 500 MM credit facility.*Total cash do not include a US$ 500 MM credit facility.
416
740
376
1,765
2,4932,202
2006 2007 2008
Net Cash (Debt) Total Cash*
US$ Million
DividendsDividends
151
249
127
39.0%
50.8%
32.7%
2006 2007 2008
Dividends Pay-Out Ratio
Aggressive dividends distribution policy compared to industry.Aggressive dividends distribution policy compared to industry.
March 16, 2009
723,665,044 Voting Shares*723,665,044 Voting Shares*
* Does not include16.8 million shares held on treasury.
THORNBURG
INVESTMENT
5.2%
OPPENHEIMER
FUND'S
6.2%
FEDERAL
GOVERNMENT
0.3%
BOVESPA
OTHERS
20.9%
BNDESPAR
5.2%
PREVI
14.2%NYSE OTHERS
28.5%
JANUS CAPITAL
6.4%
BARCLAYS
5.1%
BOZANO GROUP
8.3%
Ownership StructureOwnership Structure
BOVESPA
48.5%
NYSE
51.5%
US$ Billion
Order BacklogOrder Backlog
14.8
18.820.9
2006 2007 2008
Highest level in the Company’s history at year end.Highest level in the Company’s history at year end.
Guidance Guidance
2008 / 20092008 / 2009
2008 Guidance X Effective2008 Guidance X Effective
• Deliveries: 195 to 200 aircraft + 10 Phenom
We delivered: 202 aircraft + 2 Phenom
• Revenue: US$ 6.5 bi.
We delivered: US$ 6.4 bi.
• EBIT Margin: 8% to 9%
We delivered: 8.5%
• Investments: R&D: US$ 230 mi. / PP&E: US$ 270 mi.
We delivered: US$ 197 mi. / US$ 234 mi.
Revenues (US$ billion)Revenues (US$ billion)
2.52.1
3.4 3.8 3.8
5.2
6.45.5
2002 2003 2004 2005 2006 2007 2008 2009
*
* Estimate
Deliveries (# a/c)Deliveries (# a/c)
Previous: 270 aircraft (125 Commercial Jets + 35 Legacy 600 and Lineage 1000 + 110 Phenom)
Revised: 242 aircraft
(115 Commercial Jets + 17 Legacy 600 and Lineage 1000 + 110 Phenom)
19%
12%
16%
14%
9%
7%
10%8.5%
2002 2003 2004 2005 2006 2007 2008 2009
EBIT MarginEBIT Margin
*
5%
*
* Estimate
Investor RelationsInvestor RelationsPhone: +55 12 3927 4404Phone: +55 12 3927 4404
[email protected]@embraer.com.br
www.embraer.comwww.embraer.com