Comunicato stampa : BOMBARDIER INC.

03/giu/2009 16.25.33 Hugin Group Contatta l'autore

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Alla cortese attenzione della Redazione - Servizio Borsa / Finanza


 BOMBARDIER INC.


Bombardier annuncia i risultati finanziari per il primo trimestre chiuso al 30 aprile 2009
03/06/2009 16:24:00



Bombardier annuncia i risultati finanziari per il primo trimestre chiuso al 30 aprile 2009

MONTREAL, QUEBEC--(Marketwire - 3 giugno 2009) - Bombardier Inc. (TSX: BBD.A)(TSX: BBD.B)

(Tutti gli importi indicati in questo comunicato stampa sono in dollari US salvo dove espressamente indicato.)

- Fatturato consolidato di 4,5 miliardi di $, contro i 4,8 miliardi di $ dell'ultimo anno fiscale

- EBITDA di 355 milioni di $, contro i 464 milioni di $ dell'ultimo anno fiscale

- EBIT di 235 milioni di $, contro i 324 milioni di $ dell'ultimo anno fiscale

- Utile netto di 158 milioni di $, o utili diluiti per azione di 0,09 $, contro i 229 milioni di $, o utili diluiti per azione di 0,12 $, ultimo anno fiscale

- Cash flow disponibile utilizzato di 817 milioni di $, contro un cash flow disponibile di 560 milioni di $ dell'ultimo anno fiscale

- Posizione di cassa di 2,7 mili ardi di $

- Backlog di 47,4 miliardi di $

Bombardier today released its financial results for the first quarter ended April 30, 2009. Revenues reached $4.5 billion, compared to $4.8 billion, while earnings before financing income, financing expense and income taxes (EBIT) totalled $235 million, compared to $324 million last fiscal year. The EBIT margin at 5.3% compares to last year's 6.8%.

Net income reached $158 million, compared to $229 million for the same period last year. Diluted earnings per share (EPS) reached $0.09, compared to diluted EPS of $0.12 last fiscal year. The overall backlog totalled $47.4 billion, compared to $48.2 billion as at January 31, 2009.

Free cash flow (cash flows from operating activities less net additions to property, plant and equipment and intangible assets) usage totalled $817 million. The cash position stands at $2.7 billion as at April 30, 2009, compared to $3.5 billion on January 31, 2009.

"The severe r ecession affecting most economies worldwide has continued to have a negative impact on our first quarter financial results. At Bombardier Aerospace, although overall deliveries have held up relatively well during the quarter, cancellations in business aircraft have outpaced the level of new orders," said Pierre Beaudoin, President and Chief Executive Officer, Bombardier Inc.

"For the rail industry, the fundamentals remain strong and the recession is not currently expected to have a significant impact. At Bombardier Transportation, we are making headway with our plan to increase profitability as EBIT margin reached 5.6% in the first quarter compared to 4.9% last year."

"We are taking action to cope with the present economic situation and we continue to invest in new products such as the CSeries, the Learjet 85, the ZEFIRO high-speed train and the ECO4 suite of technologies. At $47.4 billion, our large and well diversified backlog, combined with our strong balanc e sheet, high level of liquidity, and the cost cutting measures already in place, will enable us to weather the storm," added Mr. Beaudoin.

Bombardier Aerospace

At Bombardier Aerospace, revenues totalled $2.2 billion, compared to $2.4 billion for the first quarter last fiscal year, while EBIT reached $110 million, compared to $206 million. This translated into an EBIT margin of 5% for the first quarter ended April 30, 2009. Free cash flow usage of $530 million compares to a free cash flow of $290 million for the same period last fiscal year. Bombardier Aerospace's backlog stood at $22.4 billion as at April 30, 2009, compared to $23.5 billion as at January 31, 2009. Deliveries totalled 75 aircraft, compared to 87 for the same period last fiscal year.

The business aircraft industry as a whole is feeling the effect of the current recession. However, Bombardier Aerospace is the leader in terms of revenues and units delivered according to the latest General A viation Manufacturers Association (GAMA) report and it delivered 43 business jets during the first quarter of fiscal year 2010, compared to 58 last year. The development of the Learjet 85 aircraft continues as planned, joining the most extensive family of business aircraft in the industry.

Bombardier Aerospace delivered a total of 31 regional jets and turboprops, compared to 28 for the same period last year. Deutsche Lufthansa AG and Lease Corporation International placed two firm orders for the CSeries program for a total of 50 aircraft, confirming the attractiveness of this family of aircraft to airlines worldwide.

Bombardier Transportation

For the first quarter of fiscal year 2010, Bombardier Transportation revenues totalled $2.3 billion and EBIT reached $125 million, or 5.6% of revenues, compared to $118 million, or 4.9%, for the same period last fiscal year. Free cash flow usage of $260 million compares to a free cash flow of $258 million last fisca l year. The order backlog stood at $25 billion as at April 30, 2009, compared to $24.7 billion as at January 31, 2009. Bombardier Transportation reported new orders worth $1.2 billion for the first quarter, representing a book-to-bill ratio of 0.5.

Subsequent to quarter end, Bombardier Transportation received the following new orders worth $1.2 billion. A contract was awarded for 30 four-car ELECTROSTAR EMU trains plus a three-year maintenance contract from National Express in the United Kingdom (U.K.), valued at $249 million. The group also received an order for 83 EMUs from Deutsche Bahn Regio AG for a value of $605 million. Finally, an order for 180 double-deck commuter cars was awarded by the Regie Autonome des Transports Parisiens (RATP) of France for a value of $386 million.

In China, Bombardier Transportation delivered the first high-speed trains featuring its ZEFIRO technology, only 18 months after the notice to proceed.

Financial highlights
< BR>(unaudited, in millions of U.S. dollars, except per share amounts, which are shown in dollars)

 </ TR>< TD align=right> 
 
 
 
 
 
 
 
 
 
</ TD>
 
First 
quarters 
 
                    ended  April  30 
                      Restated(1)   
            2009            2008 
    BA    BT    Total    BA    BT    Total 
Revenues  2,219  2,252  4,471  2,38  2,409  4,789 
EBITDA  204  151  $   355  311  153  464 
Amortization    94    26    120    105    35    140 
EBIT  110  125    235  206  118    324 
Financing income            -35            -72 
Financing expense            68            93 
EBT         
202            303 
Income taxes            44            74 
Net income          158          229 
                         
Attributable to:                         
Shareholders of Bombardier Inc.          156          226 
Non-controlling interests                 
                         
Earnings per share (in dollars) :                         
Basic          0.09          0.13 
Diluted       
0.09          0.12 
Segmented free cash flow  -530  -260  -790  290  258  548 
Income taxes and net financing expense            -27            12 
Free cash flow          -817          560 


(1) Restated following a change in accounting policy related to a new accounting principle on fair value measurements and following our early adoption of section 1602 "Non-controlling interest".

BA: Aerospace; BT: Transportation

FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED APRIL 30, 2009

ANALYSIS OF RESULTS

Consolidated results

Consolidated revenues totalled $4.5 billion for the first quarter ended April 30, 2009, compared to $4.8 billion for the same period last year.

For the first quarter ended April 30, 2009, EBIT reached $235 million, or 5.3% of revenues, compared to $324 million, or 6.8%, for the same period the previous year.

Net financing expense amounted to $33 million for the first quarter of fiscal year 2010, compared to $21 million for the corresponding period last year. The $12-million increase is mainly due to lower interest income on cash and cash equivalents and lower interest income on invested collateral; partially offset by lower interest expense on long-term debt, after the effect of hedges.

The effective income tax rate was 21.8% for the first quarter of fiscal year 2010, compared to the statutory income tax rate of 31.5% (24.4% and 31.5% respectively, for the same period last fiscal year). The lower effective tax rate is mainly due to the lower tax rate for foreign investees and a net change in the recognition of tax benefits related to operat ing losses and temporary differences.

As a result, net income amounted to $158 million, or diluted EPS of $0.09, for the first quarter of fiscal year 2010, compared to $229 million, or diluted EPS of $0.12, for the same period the previous year.

For the three-month period ended April 30, 2009, free cash flow usage totalled $817 million, compared to free cash flow of $560 million for the corresponding period the previous year.

As at April 30, 2009, Bombardier's order backlog stood at $47.4 billion, compared to $48.2 billion as at January 31, 2009.

Bombardier Aerospace

- Revenues of $2.2 billion

- EBITDA of $204 million, or 9.2% of revenues

- EBIT of $110 million, or 5% of revenues

- Free cash flow usage of $530 million

- Order backlog of $22.4 billion

Bombardier Aerospace's revenues amounted to $2.2 billion for the three-month period ended April 30, 2009, compared to $2.4 billion for the same period the pre vious year. The decrease is mainly due to a decrease in service revenues reflecting lower fractional ownership and hourly flight entitlement programs' service activities and lower volume for spare parts, product support activities and business aircraft maintenance revenues due to the current economic environment, which has resulted in lower flight activity. It is also due to a decrease in manufacturing revenues, mainly as a result of lower deliveries of business aircraft, and lower revenues from the completion of interiors in wide-body business aircraft; partially offset by increased deliveries and improved selling prices for commercial aircraft.

For the first quarter ended April 30, 2009, EBIT reached $110 million, or 5% of revenues, compared to $206 million, or 8.7% for the same period the previous year. The 3.7 percentage-point decrease is mainly due to higher cost of sales per unit, mainly due to price escalations of materials and disruption costs in connection wi th changes in production rates, a provision for the write-down of pre-owned business aircraft and the mix between business and commercial aircraft deliveries; partially offset by liquidated damages from customers as a result of business aircraft order cancellations, and improved selling prices for commercial aircraft. The EBIT margin percentage was also impacted by the following non-recurring items: severance and other involuntary termination costs, an amount recorded as a reduction of research and development (R&D) expenses following the receipt of a contingently repayable investment from a government in connection with previously expensed R&D costs for the CSeries family of aircraft and a gain resulting from the sale of a building.

Free cash flow usage totalled $530 million for the first quarter ended April 30, 2009, compared to free cash flow of $290 million for the same period last fiscal year. The $820-million decrease is mainly due to a negative period-over-peri od variation in net change in non-cash balances related to operations, lower profitability and higher net additions to property, plant and equipment and intangible assets. The negative variance in the net change in non-cash balances related to operations is mainly due to the variation in advances on aerospace programs given the low level of net order intake in the first quarter of fiscal year 2010, compared to the same period last fiscal year, as a result of worsening business conditions.

For the quarter ended April 30, 2009, aircraft deliveries totalled 75 units, compared to 87 for the same period the previous year. The 75 deliveries consisted of 43 business aircraft, 31 commercial aircraft and one amphibious aircraft (58 business, 28 commercial aircraft and one amphibious aircraft for the corresponding period last fiscal year).

Aerospace received nine net orders during the quarter ended April 30, 2009, compared to 118 during the corresponding period the previ ous year. The nine net orders resulted from 20 orders offset by 61 cancellations of business aircraft and from 50 commercial aircraft (60 business and 58 commercial aircraft for the corresponding period last fiscal year).

Aerospace's firm order backlog reached $22.4 billion as at April 30, 2009, compared to $23.5 billion as at January 31, 2009. The decrease reflects significantly reduced orders, mainly attributable to business aircraft. This decline was partially offset by orders received for the CSeries family of aircraft in March 2009.

Bombardier Transportation

- Revenues of $2.3 billion

- EBITDA of $151 million, or 6.7% of revenues

- EBIT of $125 million, or 5.6% of revenues

- Free cash flow usage of $260 mil
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