Transcript
May 3rd, 2011 May 3rd, 2011
FIRST QUARTER 2011 RESULTS FIRST QUARTER 2011 RESULTS
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Forward Looking StatementForward 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.
• KLM Cityhopper converts options for five E-Jets.
• Agreement for the delivery of 20 E-Jets to Alitalia .
• Sale of four EMBRAER 190 jets to Trip Linhas Aéreas.
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• CDB Leasing contract for twenty EMBRAER 190 Jets.
• Chinese Hebei Airlines order for ten EMBRAER 190 and
purchase rights for additional five units.
• Arrangement with Dniproavia to deliver ten EMBRAER 190, plus five options.
Recent HighlightsRecent Highlights
• Embraer expands its customer support network in Chi na, Middle East,
India, Africa, Australia and USA (Provo, UT and Win dsor Locks, CT).
• Embraer inaugurates its first U.S. final assembly p lant in Melbourne, FL.
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• Legacy 650 receives FAA certification.
• Phenom 300 wins Flying Magazine Editors’ Choice Awar d.
• Agreement with AVIC for industrial cooperation to a ssembly Legacy 600/650 in China.
Recent HighlightsRecent Highlights
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• Contract with Brazilian Air Force – FAB to overhaul
43 AMX jet fighters.
• Embraer Defense and Security acquires 65% of OrbiSa t’s radar division.
• Agreement with AEL Sistemas focusing the UAV market.
• Acquisition of 50% of Atech.
• Contract to modernize 11 additional F-5 jet fighter s for FAB.
Recent HighlightsRecent Highlights
55% 62% 60%48%
61%
12%14% 19%
32% 10%
19%13% 7% 12%
12%
14% 11% 14% 8%17%
1Q10 2Q10 3Q10 4Q10 1Q11
Defense and security
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Revenue by SegmentRevenue by Segment
Commercial aviation Executive aviation Aviation services and others
1.04Revenue US$ Billion1.00 1.35 1.051.97
58%
10%
22%
10%
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Executive Large Jets*
Aircraft DeliveriesAircraft Deliveries
Executive Light Jets**Commercial Jets
2011 deliveries estimates • 102 commercial jets• 18 executive large jets*• 100 executive light jets**
Legacy e LineagePhenom
***
2129
2030
3 1 213
217
39
22
48
6
20
1Q10 2Q10 3Q10 4Q10 1Q11
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Firm Order BacklogFirm Order Backlog
Firm Order Backlog Backlog/Revenue (Years)
US$ Billion
14.818.8 20.9
16.6 15.6 16.0
2.8 3.03.8
3.2 3.0 2.9
2006 2007 2008 2009 2010 1Q2011
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Revenues and Gross MarginRevenues and Gross Margin
IFRS - US$ Million IFRS - R$ Million
Revenues Gross Margin
2011 Outlook: Revenue - US$ 5.60 billion
9921,358
1,044
1,970
1,056
24.3%
16.8%
20.5%20.2%20.8%
1Q10 2Q10 3Q10 4Q10 1Q11
1,757
3,342
1,8202,435
1,783
24.3%
16.8%20.6%20.2%20.8%
1Q10 2Q10 3Q10 4Q10 1Q11
155 168 155179
6388
92
103
95
157
1Q10 2Q10 3Q10 4Q10 1Q11
86 94 89106
3549 53
6157
94
1Q10 2Q10 3Q10 4Q10 1Q11
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SG&A ExpensesSG&A Expenses
Selling Expenses
247
282
142
167
121
143218
256
IFRS - US$ Million
G&A Expenses
151 252
IFRS - R$ Million
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Income from OperationsIncome from Operations
EBIT
IFRS - US$ Million
EBIT Margin
IFRS - R$ Million
2011 Outlook: EBIT - US$ 420 million / EBIT Margin - 7.5%
122
66
132
7194
7.2%
9.0%
6.4%
6.7% 8.9%
1Q10 2Q10 3Q10 4Q10 1Q11
219
116
225
157127
8.9%6.7%
6.4%
9.0%
7.1%
1Q10 2Q10 3Q10 4Q10 1Q11
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EBITDAEBITDA
EBITDA
IFRS - US$ Million
EBITDA Margin
IFRS - R$ Million
2011 Outlook: EBITDA - US$ 610 million / EBITDA Marg in - 11%
117
166131
197156
11.8% 12.2% 12.5%
10.0%
14.8%
1Q10 2Q10 3Q10 4Q10 1Q11
260335
227298
210
14.8%
10.0%
12.5%12.2%11.8%
1Q10 2Q10 3Q10 4Q10 1Q11
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Net IncomeNet Income
Net Income
IFRS - US$ Million
Net Margin
IFRS - R$ Million
2457
126 123105
2.4%4.2%
12.1%
6.2%9.9%
1Q10 2Q10 3Q10 4Q10 1Q11
174208220
102
44
9.9%
6.2%
12.1%
4.2%
2.5%
1Q10 2Q10 3Q10 4Q10 1Q11
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Inventories / Free Cash FlowInventories / Free Cash Flow
Free Cash FlowInventories
(126)
193
(66)
220
(60)
1Q10 2Q10 3Q10 4Q10 1Q11
2,482 2,3712,708
2,198
2,561
1Q10 2Q10 3Q10 4Q10 1Q11
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Indebtedness Profile / Net CashIndebtedness Profile / Net Cash
Long-term Short-termLoans Average Maturity (Years)
Indebtedness Maturity Net Cash
94% 95%
26% 22%
74%78%
90%
6% 5% 10%
5.0
5.86.1 6.3
5.7
1Q10 2Q10 3Q10 4Q10 1Q11
Total Debt 1Q11: US$ 1.51 Billion
444
652 618692
505
1Q10 2Q10 3Q10 4Q10 1Q11
Total Cash 1Q11: US$ 2.02 Billion
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