Bombardier annuncia i risultati finanziari del secondo trimestre, chiuso il 31 luglio 2011

Paris, 01/09/2011 (informazione.it - comunicati stampa - scienza e tecnologia)

MONTRÉAL, QUÉBEC - (Marketwire - 31 agosto 2011) - Bombardier Inc. (TSX: BBD.A)(TSX: BBD.B)

 

(Tutti gli importi indicati in questo comunicato stampa sono denominati in dollari USA, salvo diversa indicazione.)

 

• Ricavi consolidati pari a USD 4,7 Mld, da USD 4 Mld dell'esercizio precedente
• EBIT pari a USD 296 Mio ovvero 6,2% dei ricavi, da USD 249 Mio ovvero 6,2% dell'esercizio precedente
• Utile netto pari a USD 211 Mio, da USD 139 Mio dell'esercizio precedente
• Utile per azione pari a USD 0,12, da USD 0,07 dell'esercizio precedente
• Free cash flow usage of $1.1 billion, compared to a usage of $562 million last fiscal year
• Cash position of $3.2 billion, compared to $4.2 billion as at January 31, 2011
• Strong backlog of $56.9 billion, compared to $52.7 billion as at January 31, 2011
• Signature of 43 firm orders for the CSeries family of aircraft for a total value of $2.8 billion, based on list prices
• Renewal of BA and BT's letter of credit and the revolving credit facilities at improved conditions

 

Bombardier today reported its financial results for the second quarter ended July 31, 2011. This is the second interim reporting period under IFRS(i). Revenues increased by 17% to reach $4.7 billion, compared to $4 billion for the corresponding period last fiscal year. Earnings before financing income, financing expense and income taxes (EBIT) totalled $296 million, versus $249 million last fiscal year. The EBIT margin stands at 6.2%, the same as last fiscal year.

 

Net income for the second quarter ended July 31, 2011 amounted to $211 million, compared to $138 million for the same period last fiscal year. Diluted earnings per share (EPS) was $0.12, compared to $0.07 last fiscal year. Free cash flow (cash flows from operating activities less net additions to property, plant and equipment and intangible assets) usage totalled $1.1 billion for the second quarter ended July 31, 2011, compared to a usage of $562 million last fiscal year. The cash position amounted to $3.2 billion as at July 31, 2011, compared to $4.2 billion as at January 31, 2011. The overall backlog reached $56.9 billion as at July 31, 2011, compared to $52.7 billion as at January 31, 2011.

 

"We delivered good results for the second quarter with increased revenues, profitability and EPS," said Pierre Beaudoin, President and Chief Executive Officer, Bombardier Inc.

 

"Bombardier Transportation's level of activity remained strong and its book-to-bill ratio of 1.5, in a context of increased revenues for the second quarter, is a clear indication of the strength of this segment. While Bombardier Aerospace's level of new orders in both business aircraft and CSeries commercial aircraft improved substantially year-over-year, we continue to monitor the economic uncertainty and market volatility in the U.S. and Europe," continued Mr. Beaudoin.

 

"Both groups were in a situation of free cash flow usage again this quarter, so we must keep our focus on execution. Nevertheless, our very large backlog of $56.9 billlion, added to our portfolio of great products, position us well for the years ahead," concluded Mr. Beaudoin.

 

In May 2011 and June 2011, Bombardier Transportation and Bombardier Aerospace renewed their letter of credit facilities. These facilities no longer require collateral, thus enabling the increase of the overall liquidity of the company by $705 million. Also in June 2011, Bombardier Inc. increased its $500-million unsecured revolving credit facility to $750 million which will mature in June 2014. This revolving credit facility has not been used since its inception.

 

Bombardier Aerospace

 

Bombardier Aerospace's revenues totalled $2.1 billion, compared to $1.9 billion last fiscal year. EBIT totalled $105 million translating into an EBIT margin of 5% for the second quarter ended July 31, 2011, compared to $101 million, or 5.2%, last fiscal year.

 

Free cash flow usage totalled $448 million compared to a usage of $343 million for the same period last fiscal year, reflecting the group's continuing investments in its programs and a lower level of advances from customers. Given the economic uncertainty in the U.S. and Europe, Bombardier Aerospace expects a continued lower level of advances from customers than initially anticipated for the current fiscal year, mainly due to the postponement of orders in the regional aircraft market. Therefore, cash flows from operating activities will be lower than the group's net investment in capital expenditures, resulting in a free cash flow usage for the current fiscal year.

 

A total of 56 aircraft were delivered during the second quarter ended July 31, 2011 compared to 49 for the same period last fiscal year. Bombardier Aerospace's backlog increased by 20% reaching $23 billion as at July 31, 2011, compared to $19.2 billion as at January 31, 2011.

 

According to the latest General Aviation Manufacturers Association (GAMA) report, for the first six months of calendar year 2011, Bombardier Aerospace was again the business aircraft industry leader, both in terms of revenues and units delivered in the market categories in which it competes. The Business Aircraft division continued to experience an increasing level of orders for the second quarter ended July 31, 2011, with 43 net orders, compared to 14 for the same period last year. This includes a firm order for 10 Global 8000 aircraft from VistaJet of Switzerland for a value of $650 million, based on list price.

 

During the second quarter, Bombardier Aerospace received 43 net orders for the CSeries family of aircraft for a value of $2.8 billion, based on list prices. Among these, an order from Korean Air for 10 CS300 aircraft with 10 options on CS300 aircraft, makes this airline the launch customer for the CSeries aircraft in Asia. There were 133 aircraft firm orders for the CSeries aircraft family with 119 options as at July 31, 2011.

 

Bombardier Transportation

 

Bombardier Transportation increased its revenues by 26%, reaching $2.7 billion for the second quarter ended July 31, 2011, compared to $2.1 billion for the same period last fiscal year. EBIT was $191 million, compared to $148 million last fiscal year, translating into an EBIT margin of 7.2% versus 7% last fiscal year. Free cash flow usage amounted to $473 million for the second quarter ended July 31, 2011, compared to a usage of $122 million for the same period last fiscal year. The order backlog totalled $33.9 billion as at July 31, 2011, compared to $33.5 billion as at January 31, 2011.

 

The order activity in the transportation industry continues at a high level across large European customers and Bombardier Transportation has continued to show its leadership in the market. During the second quarter, Bombardier Transportation reported $3.9 billion of new orders, representing a book-to-bill ratio of 1.5, compared to $4.3 billion of new orders last fiscal year.

 

The orders included a partnership with Siemens AG of Germany for the development and supply of components for ICx high speed trains for a Deutsche Bahn (DB) contract, under which a firm order was obtained for 130 trains valued at $1.8 billion. Bombardier Transportation also won an order from the London Underground for a CITYFLO 650 CBTC signalling system for a value of $577 million as well as an order from the Queensland Government of Australia for the Gold Coast Rapid Transit light rail system and a 15-year maintenance contract, for a value of $265 million.

 

During the quarter, Bombardier Transportation also signed a framework agreement with DB Regio AG, Germany, for 200 TRAXX diesel locomotives with multi-engine propulsion, estimated at $867 million. Under this agreement, a firm order for 20 locomotives was received, valued at $90 million.

 

Subsequent to the end of the second quarter, the Chicago Transit Authority (CTA), U.S. exercised an option for 300 additional rapid transit cars, valued at $331 million.

 

 

FINANCIAL HIGHLIGHTS
(In millions of U.S. dollars, except per share amounts, which are shown in dollars)
Three-month periods
ended July 31
									2011									2010
			BA			BT			Total			BA			BT			Total
Results of operations
Revenues		$	2,085		$	2,662		$	4,747		$	1,932		$	2,113		$	4,045
Cost of sales			1,803			2,229			4,032			1,648			1,756			3,404
Gross margin			282			433			715			284			357			641
SG&A			157			207			364			153			186			339
R&D			24			34			58			44			32			76
Other expense (income)			(4	)		1			(3	)		(14	)		(9	)		(23	)
EBIT		$	105		$	191			296		$	101		$	148			249
Financing expense									179									179
Financing income									(144	)								(113	)
EBT									261									183
Income taxes									50									45
Net income								$	211								$	138
Attributable to :
	Equity holders of Bombardier Inc.							$	210								$	134
	Non-controlling interests								1									4
								$	211								$	138
EPS (in dollars)
	Basic and diluted							$	0.12								$	0.07
Segmented free cash flow		$	(448	)	$	(473	)	$	(921	)	$	(343	)	$	(122	)	$	(465	)
Net income taxes and net interest paid									(146	)								(97	)
Free cash flow								$	(1,067	)							$	(562	)
Six-month periods
ended July 31
									2011									2010
			BA			BT			Total			BA			BT			Total
Results of operations
Revenues		$	4,273		$	5,135		$	9,408		$	3,889		$	4,420		$	8,309
Cost of sales			3,660			4,297			7,957			3,289			3,688			6,977
Gross margin			613			838			1,451			600			732			1,332
SG&A			317			410			727			306			382			688
R&D			57			65			122			88			65			153
Other expense (income)			(7	)		1			(6	)		(28	)		(9	)		(37	)
EBIT		$	246		$	362			608		$	234		$	294			528
Financing expense									352									337
Financing income									(281	)								(228	)
EBT									537									419
Income taxes									106									86
Net income								$	431								$	333
Attributable to :
	Equity holders of Bombardier Inc.							$	430								$	328
	Non-controlling interests								1									5
								$	431								$	333
EPS (in dollars)
	Basic and diluted							$	0.24								$	0.18
Segmented free cash flow		$	(616	)	$	(641	)	$	(1,257	)	$	(548	)	$	(156	)	$	(704	)
Net income taxes and net interest paid									(219	)								(75	)
Free cash flow								$	(1,476	)							$	(779	)

 

BA : Bombardier Aerospace; BT : Bombardier Transportation

 

Financial Results for the Second Quarter Ended July 31, 2011
ANALYSIS OF RESULTS

 

Consolidated results

 

Consolidated revenues totalled $4.7 billion for the second quarter ended July 31, 2011, compared to $4 billion for the same period last year. For the six-month period ended July 31, 2011, consolidated revenues amounted to $9.4 billion, compared to $8.3 billion for the same period last year.

 

For the second quarter ended July 31, 2011, EBIT totalled $296 million, or 6.2% of revenues, compared to an EBIT of $249 million, or 6.2%, for the same period the previous year. For the semester ended July 31, 2011, EBIT amounted to $608 million, or 6.5% of revenues, compared to an EBIT of $528 million, or 6.4%, for the same period last fiscal year.

 

Net financing expense amounted to $35 million for the second quarter ended July 31, 2011, compared to $66 million for the corresponding period last year. The $31-million decrease is mainly due to lower net financing expense related to retirement benefits, lower accretion expense on provisions and other financial liabilities and a net gain on certain financial instruments. For the six-month period ended July 31, 2011, net financing expense amounted to $71 million, compared to $109 million for the same period last year. The $38-million decrease is mainly due to lower net financing expense related to retirement benefits.

 

The effective income tax rate was 19.2% and 19.7% respectively for the three- and six-month periods ended July 31, 2011, compared to the statutory income tax rate of 28.4%. The lower effective tax rates are mainly due to the positive impact of the recognition of income tax benefits related to operating losses and temporary differences, partially offset by permanent differences.

 

As a result, net income amounted to $211 million, or $0.12 per share, for the second quarter ended July 31, 2011, compared to $138 million, or $0.07 per share, for the same period the previous year. For the first semester ended July 31, 2011, net income was $431 million, or $0.24 per share, compared to $333 million, or $0.18 per share, for the same period the previous year.

 

For the three-month period ended July 31, 2011, free cash flow usage totalled $1.1 billion, compared to a usage of $562 million for the corresponding period the previous year. For the semester ended July 31, 2011, free cash flow usage totalled $1.5 billion, compared to a usage of $779 million for the corresponding period the previous year.

 

As at July 31, 2011, Bombardier's order backlog stood at $56.9 billion, compared to $52.7 billion as at January 31, 2011.

 

Bombardier Aerospace

 

• Revenues of $2.1 billion
• EBITDA of $149 million, or 7.1% of revenues
• EBIT of $105 million, or 5% of revenues
• Free cash flow usage of $448 million
• 56 aircraft deliveries
• 86 aircraft net orders
• Order backlog of $23 billion
• Signature of 43 firm orders for the CSeries family of aircraft for a total value of $2.8 billion, based on list prices

 

Bombardier Aerospace's revenues amounted to $2.1 billion for the three-month period ended July 31, 2011, compared to $1.9 billion for the same period the previous year. The increase is mainly due to increased manufacturing revenues due to higher deliveries of business and commercial aircraft, and higher parts services and aircraft maintenance revenues.
For the second quarter ended July 31, 2011, EBIT totalled $105 million, or 5% of revenues, compared to $101 million, or 5.2%, for the same period the previous year. The 0.2 percentage-point decrease is mainly due to higher cost of sales per unit (mainly due to price escalation of materials) and reduction in other income (mainly due to a net negative variance resulting from financial instruments carried at fair value), partially offset by lower research and development (R&D) expenses (mainly due to lower amortization of program tooling as a result of the change from a straight-line amortization method to a method based on units produced), higher margins from parts services and higher absorption of selling, general and administrative (SG&A) expenses.

 

Free cash flow usage totalled $448 million for the second quarter ended July 31, 2011, compared to a usage of $343 million for the same period last fiscal year. The $105-million decrease is mainly due to higher net additions to property, plant and equipment (PP&E) and intangible assets due to our significant investments in new products.

 

For the quarter ended July 31, 2011, aircraft deliveries totalled 56, compared to 49 for the same period the previous year. The 56 deliveries consisted of 35 business, 20 commercial and 1 amphibious aircraft (30 business, 18 commercial and 1 amphibious aircraft for the corresponding period last fiscal year).

 

Bombardier Aerospace recorded 86 net orders during the quarter ended July 31, 2011, compared to 29 during the corresponding period the previous year. The 86 net orders consisted in 43 net orders for business aircraft (56 new orders with 13 cancellations) and 43 new orders for commercial aircraft (14 net orders of business aircraft and 15 new orders of commercial aircraft for the corresponding period last fiscal year).

 

Bombardier Aerospace's firm order backlog stood at $23 billion as at July 31, 2011, compared to $19.2 billion as at January 31, 2011. The 20% increase in the order backlog is mainly attributable to an increase in large business aircraft and CSeries family of aircraft orders, partially offset by a lower order backlog for turboprops and regional jets.

 

Bombardier Transportation

 

• Revenues of $2.7 billion
• EBITDA of $225 million, or 8.5% of revenues
• EBIT of $191 million, or 7.2% of revenues
• Free cash flow usage of $473 million
• Order intake totalling $3.9 billion (book-to-bill ratio of 1.5)
• Order backlog of $33.9 billion

 

Bombardier Transportation's revenues amounted to $2.7 billion for the three-month period ended July 31, 2011, compared to $2.1 billion for the same period last year. The increase is mainly due to rolling stock's higher activities due to ramp-up of production on existing contracts and new orders in metro cars in Europe and Asia, in mass transit and locomotives in North America, in commuter and regional trains mainly in Europe, in locomotives in Europe and in intercity, high speed and very high speed trains in Europe; partially offset by lower activities due to phasing out of existing contracts ahead of ramping-up production on new contracts in rolling stock in Asia, in light rail vehicles in Europe, and in propulsion and controls. The increase also reflects a positive currency impact.
For the second quarter ended July 31, 2011, EBIT totalled $191 million, or 7.2% of revenues, compared to an EBIT of $148 million, or 7%, for the same quarter the previous year. The 0.2 percentage-point increase is mainly due to higher absorption of SG&A and R&D expenses, partially offset by lower margin recognition as a consequence of an unfavourable contract mix in the short-term and timing of new orders.

 

Free cash flow usage was $473 million for the quarter ended July 31, 2011, compared to a usage of $122 million for the same period last fiscal year. The $351-million decrease is mainly due to a negative period-over-period variation in net change in non-cash balances related to operations.

 

The order intake for the second quarter ended July 31, 2011 was $3.9 billion, for a book-to-bill ratio of 1.5, compared to $4.3 billion of order intake for the same period last fiscal year.

 

Bombardier Transportation's backlog stood at $33.9 billion as at July 31, 2011, compared to $33.5 billion as at January 31, 2011. The $0.4-billion increase is due to the strengthening of most foreign currencies, mainly the euro, versus the U.S. dollar as at July 31, 2011 compared to January 31, 2011.

 

DIVIDENDS ON COMMON SHARES

 

Class A and Class B Shares

 

A quarterly dividend of $0.025 Cdn per share on Class A Shares (Multiple Voting) and of $0.025 Cdn per share on Class B Shares (Subordinate Voting) is payable on October 31, 2011 to the shareholders of record at the close of business on October 14, 2011.

 

 

Holders of Class B Shares (Subordinate Voting) of record at the close of business on October 14, 2011 also have a right to a priority quarterly dividend of $0.000390625 Cdn per share.

 

DIVIDENDS ON PREFERRED SHARES

 

Series 2 Preferred Shares

 

A monthly dividend of $0.0625 Cdn per share on Series 2 Preferred Shares has been paid on June 15, July 15, and on August 15, 2011.

 

Series 3 Preferred Shares

 

A quarterly dividend of $0.32919 Cdn per share on Series 3 Preferred Shares is payable on October 31, 2011 to the shareholders of record at the close of business on October 14, 2011.

 

Series 4 Preferred Shares

 

A quarterly dividend of $0.390625 Cdn per share on Series 4 Preferred Shares is payable on October 31, 2011 to the shareholders of record at the close of business on October 14, 2011.

 

(i) Comparative figures have been restated to comply with IFRS.

 

About Bombardier

 

A world-leading manufacturer of innovative transportation solutions, from commercial aircraft and business jets to rail transportation equipment, systems and services, Bombardier Inc. is a global corporation headquartered in Canada. Its revenues for the fiscal year ended January 31, 2011, were $17.7 billion, and its shares are traded on the Toronto Stock Exchange (BBD). Bombardier is listed as an index component to the Dow Jones Sustainability World and North America indexes. News and information are available at www.bombardier.com or follow us on Twitter @Bombardier.

 

CS300, CSeries, CITYFLO, Global, Global 8000 and TRAXX are trademarks of Bombardier Inc. or its subsidiaries.

 

The Management's Discussion and Analysis and the interim consolidated financial statements are available at www.bombardier.com.

 

FORWARD LOOKING STATEMENTS

 

This press release includes forward-looking statements, which may involve, but are not limited to, statements with respect to our objectives, targets, goals, priorities and strategies, financial position, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business conditions outlook, prospects and trends of the industry; expected growth in demand for products and services; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry into service of products and services, orders, deliveries, testing, lead times, certifications and project execution in general; our competitive position; and the expected impact of the legislative and regulatory environment and legal proceedings on our business and operations. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "anticipate", "plan", "foresee", "believe" or "continue", the negative of these terms, variations of them or similar terminology. By their nature, forward-looking statements require us to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. While we consider our assumptions to be reasonable and appropriate based on information currently available, there is a risk that they may not be accurate. For additional information with respect to the assumptions underlying the forward-looking statements made in this press release, refer to the respective Forward-looking statements sections in Bombardier Aerospace and Bombardier Transportation sections in the Management's Discussion and Analysis ("MD&A") in the Corporation's annual report for fiscal year 2011.

 

Certain factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include risks associated with general economic conditions, risks associated with our business environment (such as risks associated with the financial condition of the airline industry and major rail operators), operational risks (such as risks related to developing new products and services; doing business with partners; product performance warranty and casualty claim losses; regulatory and legal proceedings; to the environment; dependence on certain customers and suppliers; human resources; fixed-price commitments and production and project execution), financing risks (such as risks related to liquidity and access to capital markets, certain restrictive debt covenants, financing support provided for the benefit of certain customers and reliance on government support) and market risks (such as risks related to foreign currency fluctuations, changing interest rates, decreases in residual value and increases in commodity prices). For more details, see the Risks and uncertainties section in Other. Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements. The forward-looking statements set forth herein reflect our expectations as at the date of the Corporation's MD&A and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

 

CAUTION REGARDING NON-GAAP EARNINGS MEASURES

 

This press release is based on reported earnings in accordance with International Financial Reporting Standards (IFRS). It is also based on EBITDA and Free Cash Flow. These non-GAAP measures are directly derived from the Consolidated Financial Statements, but do not have a standardized meaning prescribed by IFRS; therefore, others using these terms may calculate them differently. Management believes that a significant number of the users of its MD&A analyze the Corporation's results based on these performance measures and this presentation is consistent with industry practice.

 

Contact Information
Contacts:
Isabelle Rondeau
Director, Communications
+514-861-9481

 

Shirley Chenier
Senior Director, Investor Relations
+514-861-9481
www.bombardier.com

 

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