Upload
embraer-ri
View
1.784
Download
3
Tags:
Embed Size (px)
DESCRIPTION
Citation preview
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
1
Investor Relations
Phone: +55 12 3927 4404 [email protected]
www.embraer.com
Oct/12
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
2
Corporate and Business Strategy
• Product strategy.
• Diversification and expansion of customer base.
• Excellence in Customer Experience (ECE).
• Market share growth.
• Margins improvement.
• Product strategy and customer support focus.
• Organic growth.
• Margins enhancement through the P3E.
• Business and revenues diversification.
• Establish Embraer as the defense house of Brazil.
• Organic growth and acquisitions.
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
3
36 3721
126
83
19 166
2
98
40
2007 2008 2009 2010 2011 9M2012
133
165
125101
83105
2007 2008 2009 2010 2011 9M2012
Aircraft Deliveries
Large Jets - Legacy & Lineage
Light Jets - Phenom
Commercial Jets Executive Jets
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
4
Revenues
2012 Outlook: US$ 5.8 – 6.2 billion
2007-2008: USGAAP
2009-2012: IFRS
US$ Million
5,245
6,3355,498 5,364
5,803
4,278
2007 2008 2009 2010 2011 9M2012
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
5
Revenues by Segment – 2012 Outlook
1,4051,364
2,025
1,156
1,717
3Q11 4Q11 1Q12 2Q12 3Q12
259
189
293
232266
3Q11 4Q11 1Q12 2Q12 3Q12
167149
603
152
261
3Q11 4Q11 1Q12 2Q12 3Q12
9569961,078
760
1,176
3Q11 4Q11 1Q12 2Q12 3Q12
Commercial Aviation: US$ 3.70 – 3.85 Billion
Executive Aviation: US$ 1.10 – 1.30 Billion Defense and Security: US$ 900 – 950 Million
Embraer: US$ 5.8 – 6.2 Billion
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
6
69%61% 64%
17%23% 19%
12% 15% 15%
2% 1% 2%
2009 2010 2011
22%13%
20%
33%
33%25%
7%15% 11%
11% 13% 17%
21% 22% 23%
6% 4% 4%
2009 2010 2011
Revenues Breakdown
Revenues by Segment Revenues by Region
Commercial aviation
Executive aviation Others
Defense and security North America
Brazil
Europe
Asia Pacific
Latin America Others
Revenues
US$ Billion 5.80 5.49 5.36 5.80 5.49 5.36 Revenues
US$ Billion
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
7
Firm Order Backlog
US$ Billion
16.0 15.4 14.712.9 12.4
3Q11 4Q11 1Q12 2Q12 3Q12
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
8
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
9
Embraer Commercial Aviation
OVER 80 AIRLINES IN MORE THAN 50 COUNTRIES
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
10
Product Portfolio
capacity: 70 to 80 seats
range: 2,100 nm (3,900 Km)
capacity: 78 to 88 seats
range: 2,000 nm (3,700 Km)
capacity: 98 to 114 seats
range: 2,400 nm (4,500 Km)
capacity: 108 to 122 seats
range: 2,200 nm (4,100 Km)
capacity: 37 seats
range: 1,750 nm (3,250 Km)
capacity: 50 seats
range: 1,550 nm (2,900 Km)
capacity: 50 seats
range: 2,000 nm (3,700 Km)
capacity: 44 seats
range: 1,650 nm (3,050 Km)
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
11
E-Jets Customer Base Evolution
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
E-Jets Family Order Book – 3Q12
E-JETS Firm orders Deliveries Firm Backlog
EMBRAER 170 192 182 10
EMBRAER 175 191 160 31
EMBRAER 190 543 441 102
EMBRAER 195 137 102 35
Total 1,063 885 178
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
13
Worldwide Distribution
E-Jets Customer Base by Business Model
(% of E-Jets Fleet+Backlog)
Firm Orders
Commercial Jets Market Share Evolution Worldwide
Considering Accumulated Net Orders
60-120 Seats Jets
19%
33%
48%
12%9%
27%17%
35%
16%
8%
30%13%
33%
Backlog
Europe & CIS
Middle East & Africa
Latin America
North America
Asia Pacific & China
43%
30%
3%
7% 5%
Low Cost Carriers
Regional Airlines
Network Airlines
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
14
E-Jets Deployment
World
Right-sizing New Markets Replacement of
old Jets
Natural
Growth
helping airlines to be more efficient
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
15
Embraer Market Forecast (2012-2031)
North
America
840 32%
North
America
2,195 32%
Latin
America
315 12%
Latin
America
670 10%
Europe
580 22%
Europe
1,460 22%
Russia /
CIS
155 6%
Russia /
CIS
445 7%
Africa
80 3%
Africa
210 3%
Middle
East
105 4%
Middle
East
305 4%
Asia
Pacific
210 8%
Asia
Pacific
505 7%
China
340 13%
China
1,005 15%
Projected Deliveries - Jets
Market Segment
(Seats)
2010 – 2019
Deliveries
30 - 60 60
61 - 90 1,015
91 - 120 1,550
30 - 120 2,625
Market Segment
(Seats)
2012 – 2031
Deliveries
30 - 60 405
61 - 90 2,625
91 - 120 3,765
30 - 120 6,795
• Scope Clauses relaxation allowing 80-seater aircraft as a natural growth of RJ50s in the US
• Right-sizing of narrow-body operations
• Regional aviation development in Emerging Markets
• Acceleration of replacement of old & inefficient jets
Around 6,795 jet deliveries (30-120 seats) in the next 20 years (US$ 315 bi)
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
16
110 Seats
Competitive Landscape
70-90 Seats
100 Seats CRJ 1000
MRJ70
MRJ90
ARJ21
E195
E190
E175
E170
SSJ100/95
CS100
CRJ900
CRJ700
60
70
80
90
100
110
120
1600 1800 2000 2200 2400 2600 2800 3000
Range Nominal
Cap
acit
y 3
2'' p
itch
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
18
Embraer Executive Jets
MORE THAN 550 AIRCRAFT DELIVERED IN OVER 40 COUNTRIES
Embraer Executive Jet
Delivered in Brazil
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
19
Product Portfolio
Large
Aircraft Model
Phenom 100
Phenom 300
Legacy 450
Legacy 500
Legacy 600
Lineage 1000
Seats / Range
up to 8 occupants/
1,178 nm
up to 11 occupants/
1,971 nm
7 to 9 passengers/
2,300 nm
8 to 12 passengers/
3,000 nm
13 to 14 passengers/
3,400 nm
13 to 19 passengers/
4,500 nm
Entry
Light
Mid-light
Mid-size
Ultra-large
Super Mid-Size
Certified: 2008
Certified: 2009
Under development
Certified: 2001
Certified: 2008
Ultra-Long Range
Competitors
• Cessna - Mustang CJ1+/M2
• HondaJet
• Cessna - CJ2+/CJ3/CJ4
• Hawker - PremierIA/400XP
• Bombardier - Learjet 40XR
• SyberJet - SJ30
• Bombardier - Learjet 45XR
• Cessna - XLS+/Latitude
• Hawker 750
• Bombardier - Learjet 60XR/85
• Cessna - Sovereign
• Hawker - H900XP
• Gulfstream – G150
• Bombardier - CL605/GL5000
• Dassault - Falcon 2000/900LX
• Gulfstream - G350/G450
• Airbus - ACJ 318/319/320
• Boeing – BBJ/BBJ2/BBJ3
• SSJ VIP/ ARJ21B / An-148VIP
Legacy 650 13 to 14 passengers/
3,900 nm Certified: 2010
• Bombardier - GL XRS
• Gulfstream – G500/G550/G650
• Dassault – Falcon 7X
• Bombardier - CL300/CL850
• Cessna - X/Ten
• Dassault - Falcon 2000S
• Gulfstream - G200/G280
• Hawker - H4000
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
20
26% 24% 22% 21% 20%
26% 35% 37% 40%
33%
9% 7% 7% 6%
9%
15% 13% 13% 14% 11%
14% 3% 3% 3%
14%
7% 16% 16% 14% 11%
2% 3% 2% 1% 2%
2011 2006 2007 2008 2009
% O
EM S
har
e –
To
tal u
nit
s
703 885 1,040 1,154 870
Market Share
Others Hawker-Beech Embraer Gulfstream
Dassault Cessna Bombardier
Deliveries share (units) Revenues share (US$ - based on B&CA list prices)
33% 29% 28% 29% 28%
9% 16% 17% 18% 12%
15% 11% 12% 12% 18%
27% 23% 23% 24% 21%
4% 5% 4% 6%
4% 9% 8% 8% 8%
7% 8% 6% 5% 6%
2011 2006 2007 2008 2009
% O
EM S
har
e –
Tota
l Rev
en
ue
s U
S$
$18.1Bi $16.6Bi $19.3Bi $22.2Bi $17.2Bi
2010
763
7%
2010
$18.2Bi
19%
27%
7%
22%
21%
6% 10%
20%
23%
12%
13%
10%
3%
6%
Market Revenues 2011: US$18.1 billion
Embraer Revenues: US$1.0 billion
Market Deliveries 2011: 703 units
Embraer Deliveries: 99 units
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
21
2013-22 Market Forecast - World Deliveries
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
22
2013-22 Market Forecast
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
23
Business Jets Used Market Inventory
Improvement halted
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
24
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
25
OVER 50 ARMED FORCES IN 48 COUNTRIES
Embraer Defense and Security
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
26
Embraer Defense and Security
Embraer Defense and Security, partners and affiliated companies
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
27
Embraer Defense and Security Results
Não contabiliza as receitas provenientes da OGMA nos anos de 2006 a 2010.
Revenues Evolution (US$ Million)
EBIT Evolution (%) Backlog Evolution (US$ Billion)
227346
505 499670
852
6% 7% 8% 9%
13%15%
2006 2007 2008 2009 2010 2011
Reven
ue P
art
icip
ati
on
(%
)
GAGR 33%
6.3%
12.4% 12.2% 12.0%13.4%
9.6%
2006 2007 2008 2009 2010 2011
1.1 1.01.5
3.2 3.3 3.3
2006 2007 2008 2009 2010 2011
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
28
Super Tucano
Firm orders: 190 aircraft
Brazil: 99
Colombia: 25
Dominican Republic: 8
Chile: 12
Ecuador: 18
Indonesia: 16
Greystone (TACAir): 1
Undisclosed: 11
Deliveries: 168 aircraft
Total Market Forecast:
300 aircraft / US$ 3.5 billion
800
2,000
700Medium-term
Long-term
Short-term
Addressable Market Forecast 2020 (US$ million)
Partnership with Boeing to provide weapons integration, increasing capabilities of the aircraft.
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
29
EMBRAER KC-390
• A new tactical military transport and tanker aircraft
• First flight in 2014
• Six countries
• Letters of intent totalizing 60 aircraft
• Agreement with Boeing to share technical knowledge and
evaluate markets for joint sales efforts.
• The Brazilian Air Force (FAB) and Embraer concluded the
Preliminary Design Review.
Brazil
(28)
Colombia
(12)
Argentina
(6)
Chile
(6)
Portugal
(6)
Czech Rep.
(2)
Total Market Forecast 2025:
700 aircraft / US$ 50+ bi
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
30
A1-M F-5M A-4
Brazilian Navy A-4
12 aircraft
2 prototypes at GPX-CS
Brazilian Air Force A-1M
43 aircraft
14 received by Embraer for the modernization
Brazilian Air Force F-5M
46 a/c + 11 a/c (2nd batch)
45 already delivered
* Considering the market for F-5 and Tucano modernization
Modernization Programs
Addressable Market Forecast 2025 (US$ million)
Total Market Forecast*:
234 aircraft / US$ 1.6 billion
527
505
567
Medium-term
Long-term
Short-term
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
31
New Portfolio
HARPIA
Command and Control Systems
Onboard Systems
Simulation Systems
Electronic Warfare Systems
Intelligence Systems
Air Traffic Management and Control Systems
JV with Elbit/AEL Sistemas where Embraer Defense and
Security has a major participation
UAS, simulators and modernization of avionics systems
Air, ground and sea surveillance radars
Remote sensing
Engine and Component Maintenance
Overhaul and Modernization
Aerostructure Manufacturing and Assembling
Satellite VISIONA
Security of Critical
Infrastructure
Public Security (sporting events, cities, states)
Airport Management
Systems
SISFRON
SisGAAZ
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
32
SISFRON Integrated Borders Monitoring System
First phase: US$ 400 Million
Total estimate: US$ 4 Billion
Comprising radars, communication networks, C4I,
unmanned air vehicles (UAV) and armored vehicles
Brazilian Army Priorities
Comm9% UAV
12%
SW20%
Sensors59%
Satellite Estimate: US$ 400 Million
Participation in the first Brazilian Geostationary Satellite
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
33
New Business
• Airport Management Systems
• SisGAAz (“Blue Amazon” Integrated Management System)
• Security of Critical Infrastructure
• Public Security (sporting events, cities, states)
Transport
4%
Light Attack and
Combat
9%
KC-390
34%
Radar, C4I, UAV,
MRO
18%
New Business
14%
Sisfron, Satellite
10%
Services
11%2020
Revenues Breakdown Evolution
2011 Services
10%
Modernization 25%
Radar, C4I, UAV, MRO 27%
Light Attack 9%
ISR 10%
KC-390 19%
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
34
2012 Outlook
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
35
EBIT
EBIT margin
2012 Outlook
EBITDA
EBITDA margin
US$ 670 – 780 Million
11.5% – 12.5%
8.0% – 8.5%
US$ 460 – 530 Million
9.0% – 9.5%
US$ 520 – 590 Million
US$ 720 – 840 Million
12.5% – 13.5%
Commercial aviation
Executive aviation
Others
Defense and security Net Revenues US$ 5.8 – 6.2 billion
Outlook in 1Q12 Current Outlook (Revised in 2Q12)
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
36
US$ 350 million Development
CAPEX US$ 200 million
Research US$ 100 million
CAPEX
R&D
Investment/Revenue
US$ Million
TOTAL
US$ 650
million
2012 Outlook
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
38
US$
2010 198 374
2011 262 420
Net Revenues / SG&A Expenses
Net Revenues - US$ Million SG&A Expenses - US$ Million
US$
2010 5,364 19.1%
2011 5,803 22.5%
Net Revenues Gross Margin Selling Expenses G&A Expenses
1,364
2,025
1,156
1,7171,405
21.2%22.5%
23.2% 23.6%25.3%
3Q11 4Q11 1Q12 2Q12 3Q12
103 114 109 119
6972 71
75
59
111
3Q11 4Q11 1Q12 2Q12 3Q12
172 186
194
170 180
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
39
Income from Operations / EBITDA
Income from Operations - US$ Million EBITDA - US$ Million
US$
2010 392 7.3%
2011 318 5.5%
EBIT EBIT Margin US$
2010 611 11.4%
2011 557 9.6%
EBITDA EBITDA Margin
10.2%
42
(6)
86
197
124101
9.1%
-0.3%
7.4%
11.5%
7.2%
3Q11 4Q11 1Q12 2Q12 3Q12
14.9%
42
Without Chautauqua non-recurring event
188
59
148
265
166
13.8%
2.9%
12.8%
15.4%
11.8%
3Q11 4Q11 1Q12 2Q12 3Q12
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
40
Net Income / Free Cash Flow
Net Income - US$ Million Free Cash Flow - US$ Million
Net Margin Net Income US$
2010 330 6.2%
2011 112 1.9%
Free cash flow
Additions to PP&E
Net cash generated (used) by operating activities*
Additions to Intangible
* Net of Financial assets adjustment
US$
2010 287
2011 1
* Reflects re-calculation of Company’s income tax base
2
-92
105
55 650.1%
-4.5%
9.1%
3.2%4.6%
3Q11 4Q11 1Q12 2Q12 3Q12* *
20
155
(30)(77)
(40)
(76) (50)
414
(70)(73)
(60) (60)
(65)(55) (58)
(112)
277
(174)
25
(138)
3Q11 4Q11 1Q12 2Q12 3Q12
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
41
Indebtedness Profile / Net Cash
Indebtedness Maturity Net Cash - US$ Million
Long-term Short-term
Loans Average Maturity (Years)
US$ 2.08 Billion Total Debt 3Q12 Total Cash 3Q12 US$ 2.21 Billion
193
446
302 290
123
3Q11 4Q11 1Q12 2Q12 3Q12
74% 78%
26%15%
74%85% 83%
26% 22% 17%
4.54.8
4.2
6.1 6.0
3Q11 4Q11 1Q12 2Q12 3Q12
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
42
Investments
2012 Outlook YTD 2012
US$ Million
176132
100
350
200
52
RESEARCH DEVELOPMENT CAPEX
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
43
Investors’ Return
Pay Out EPADS
2006-2008: US GAAP
2009-2011: IFRS *
EPADS and Pay Out Dividend Yield (%)
1.83
2.572.14
2.64
2.11
0.62
34%26%
52%
68%53%
115%
2006 2007 2008 2009* 2010* 2011*
35%
1.68
2.132.01
2.91
4.34
3.28
2.23
2006 2007 2008 2009 2010 2011
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
44
724,040,044 Voting Shares
Ownership Structure
June, 2012
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
45
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
46
Sustainability Initiatives
Brazilian Alliance for Bio-fuel
Reforestation Projects
ISO 14001 and OHSAS
18001 Certifications
1st ethanol powered
aircraft in the World
Ipanema Recycling
Corporate Values Greener Technology
Social Activities
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
47
Lean Results
E-Jets Final Assembly Line Transformation
“Dock” layout - 2008 Assembly Line – 2009 Assembly Line – 2011
0
0
68
8
4
Mar/11
(10ac/month)
00,21,51,510Over time (% of work
hours)
001,7732Number of non-conformity
per a/c
688995106212Work in process (US$mi)
78101218Cycle time (days)
445612Number of positions
Out/11
(12ac/month)
June/2010
(8ac/month)
Sep/2009
(10ac/month)
July/2009
(10ac/month)
May/2008
(15ac/month)
Performance indicators
0
0
68
8
4
Mar/11
(10ac/month)
00,21,51,510Over time (% of work
hours)
001,7732Number of non-conformity
per a/c
688995106212Work in process (US$mi)
78101218Cycle time (days)
445612Number of positions
Out/11
(12ac/month)
June/2010
(8ac/month)
Sep/2009
(10ac/month)
July/2009
(10ac/month)
May/2008
(15ac/month)
Performance indicators
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
48
Lead Time (E-Jets)
2005 2006 2007 2008 2009 2010 2011
40% reduction on the production cycle
40%
P3E Results
Kaizen - E-Jets Cycle Reduction Cost of Non Quality Reduction
44% reduction on CNQ
Cost of Non Quality
2008 2009 2010
44%
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
49
2,52,2
0,40,9 1,2 0,5 0,8
1,6 1,3 1,6 2,53,1
24,022,7
3,5
9,110,7
7,28,4
10,612,7
14,5
22,7
28,3
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Cost: US$ 18.9 mi
Benefit: US$ 175.5 mi
“Boa Idéia” Program Evolution
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
50
This information is property of Embraer and cannot be used or reproduced without written permission. Investor Relations
51
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.