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1
Sukhoi Civil Aircraft Company
Executive conference
24 October 2007
London
2
INVESTOR PRESENTATION
Sukhoi Superjet 100 in brief
Current Program status
SCAC IFRS results
Contact information
3
General Company Information
Sukhoi Civil Aircraft Company (SCAC) was established in 2000 toimplement civil projects of Sukhoi
Core project: development of Sukhoi Superjet 100 aircraft family with 78and 98 seat capacity, base and longer range versions (with potentialdevelopment of more seating capacity aircraft, as well as business andcargo versions)
Sales target: at least 800 Superjet 100 a/c (78 and 98 seats) to bemarketed until 2024
SCAC has a strategic partner - Alenia Aeronautica (Italian concernFinmeccanica) Joint activities in sales and after-sales support
Raising project financing in proportion to shareholding
Superjet 100 Project enjoys the Government support of Russia, Italy,France
4
Mission and Strategy
SCAC mission is to meet and exceed the expectations of airlines and theirpassengers creating safe, innovative and efficient aircraft for them
The company aims at being a responsible member of the world community,known and respected all over the world.
The company is responsible for:
The shareholders and investors
The company focuses on efficient use of the available resources andseeks to maximize the profit.
The customers
SCAC delivers its customers high-quality products that are really valuefor money and supports the products during the whole life cycle.
The employees
The company focuses on creating favorable conditions forprofessional and personal growth of its employees. SCAC aims atmaintaining the work-life balance.
The world community
The company is concentrating on minimizing the negative impact of itsoperations on the environment. SCAC manufactures products thatmeet and exceed the most advanced environmental standards.
5
SCAC Goals
Short-term goals
2008-2010
Perform SSJ100 ground and flight tests
Providing 1st SSJ 100 to the Customer
Ensure an initial level of SSJ 100 production and sales
in key markets
Launch efficient sales and after sales systems
Prove declassed characteristics of the plane
Medium-term
goals
2011-2015
Reach 1.7 bn dollars annual turnover
Reach efficient results in the after sales business
Long-term goals
2016-2024
Capture 20% share of the regional jets market
Reach 2.0 Bn dollars annual turnover
Create a global brand, the core values of which are flight
safety and comfort for passengers, operation efficiency
for airlines and no negative emissions for the
environment
6
Worldwide cooperation
NORTH
AMERICA
EUROPE
RUSSIA
7
Project partners
Avionics
Flight control system,
Life support system
Undercarriage
Fuel system
Oxygen
system Hydraulic system
Power supply
system
Auxiliary power unit
Air-engine
8
Strategic Partnership
with Alenia Aeronautica
The Sukhoi SuperJet 100 project is run jointly with a Strategic Partner – Alenia
Aeronautica being a member of one of the largest European engineering concerns,Finmeccanica Group.
Cooperation with Alenia provides for:
Alenia to acquire an equity interest in SCAC of at least 25%+1 share
Joint Program financing plan includes mutually agreed parameters for equity capitalincreases and raising debt financing (loans) as well as government financing (bothfrom the Russian and Italian governments)
Joint Venture Company is based in Italy for sales and after-sales servicing ofdelivered Superjet 100 family aircraft internationally
Alenia provides for competences in the area of project control, sales, after-salessupport, marketing and provides for human resources
9
Start of final assembly of 1st
aircraft for flights
Program Schedule
Roll-out
2005 2006 2007 2008
Type certificate
(Landing category II)
Start of certification tests
6th Airlines Advisory Board
Delivery of 1st aircraft for
static tests
CDR –
Configuration freeze
5th Airlines Advisory Board
7th Airlines Advisory Board
2009
First flight
10
September 26, 2007, Komsomolsk-on-Amur
Roll out
The Project is going according to the schedule.
11
ITALI Airlines
(10+10option)
Armavia
(2+2option)
Dal-avia
(6+4option)
Air Union
(15+15option)
Financial Leasing
Company (10)
Aeroflot-Russian
Airlines (30)
Financial LeasingCompany (10)
Aeroflot-Russian Airlines(30)
Air Union (15+15option)
Dal-avia (6+4option)
Armavia (2+2option)
ITALI Airlines(10+10option)
SCAC Current Portfolio
At the present moment SCAC has 73 fixed order for SuperJet100 and 31 options what amounts to accordingly $ 3.1 Bn incatalogue prices 2007.
104
12
Advantages of SSJ 100
High level of airframe components and systems unification.
Availability of different aircraft configuration
Development and use of innovative design
Compliance with EASA and FAA requirements
Development of the aircraft on the basis of airlines’
requirements
Use of all classes landing field (A. B. C).
Ability to operate in tough meteorological conditions
High fuel efficiency
Low training, operational and maintenance costs
High safety level due to use of well-known suppliers
High comfort level
Entering market pricing policy
13
Sukhoi Superjet 100 Performance Landmarks
Items Values, in $ mln
Sales of Superjet 100 jets 800 a/c
Project revenue 27 456
Breakeven point, year 2011
Payback point, year 2013
Total cost of project Sukhoi
SuperJet 100 development 1 378
14
Sources of financing for 2007–2009:
Contribution
to equity capital
$ 285 mln.
Loans and borrowings
Government support
Russia
$ 340 mln.
Credit
EBRD
100 mln.euro
Credit
ЕDB
150 mln.euro
Credit
Sberbank
100 mln.euro
Credit
VEB
$ 50 mln.
Bond issue
5 bln.rub
Credit line
VTB
10 bln.rub
15
Sales Financing
SuperJet 100 during 2008 – 2010
40% 30%SPV
- specially established company
for realization the contract for
delivery SSJ
Contribution
to equity capital
from contracting parties
Asset securitization
SPVCarbon creditBank loans
France Government
/ COFACE
Russia Government
/ Vnesheconombank
Italy Government
/ SACE
Executive financial
institutes
(banks, leasing companies etc.)
FINANCING
Interest (leasing)
rates financing
GUARANTEE(according to OECD rules)
before 85%
GOVERNMENT SUPPORT OF SALES FINANCING BY COUNTRIES-PARTICIPANTS
MARKET INSTRUMENTS OF SALES FINANCING
COUNTERGUARANTEE
before 35%
16
SCAC IFRS RESULTS (2005-1h2007)
Item (in US$ thousand) 1half2007 2006 2005
Total assets 534,922 311,193 116,828
Non-current assets
Current assets
Total equity
inc. Share capital
Accumulated losses
Non-current liabilities
inc. loans and borrowings
Current liabilities
380,288 238,701 108,828
154,634 72,492 7,189
245 1,604 3,472
26,083 26,083 26,083
(26,230) (24,851) (22,807)
400,421 246,148 66,863
374,514 227,211 66,863
134,256 63,441 45,682
Источник ЗАО «ГСС»
source: SCAC
17
SCAC IFRS RESULTS (2005-1h2007)
Item (in US$ thousand) 1half2007 2006 2005
Revenue
Cost of sales
338 979 3,805
(73) (689) (4,113)
Gross profit/(loss)
Government grants
relating to income
Operating loss
Loss before taxing
Net loss for the period
supplemental information:
Government support
265 290 (308)
18,338 19,443 -
(3,007) (7,077) (10,639)
(1,255) (1,882) (12,189)
(1,379) (2,044) (9,508)
45,600 78,000
Источник ЗАО «ГСС»
source: SCAC
18
Contacts:
Maxim S. Grishanin
SCAC Senior Vice-President, Economics & Finance
Phone +7 (495) 727-19-88 e-mail: [email protected]
Thank you for your attention!