04 30 2009 i first quarter results 2009 usgaap
TRANSCRIPT
First Quarter 2009 First Quarter 2009
ResultsResultsApril 30, 2009
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.
Forward Forward LookingLooking StatementStatement
SummarySummary
• Embraer Lineage 1000 jet received FAA Certification
• Embraer sold an ERJ 135 jet to the Government of Thailand
• Embraer sold eight Super Tucano aircraft to the Dominican Republic
• ECC Leasing sold the second ERJ 145 jet to Brazil’s Federal Police
• Embraer confirmed the sale of 24 Super Tucano airplanes to Equador
• In the beginning of 2Q09, Embraer signed a contract with the Brazilian
Government for the development of the military transport jet KC-390 and
for the modernization of 12 jets for the Brazilian Navy, which totaled
US$1.44 billion
Results & Results &
PerformancePerformance
Jet DeliveriesJet Deliveries
4552
48
59
40
1Q08 2Q08 3Q08 4Q08 1Q09
(34 + 6)
Net RevenueNet Revenue
US$ Million
1,154
1,8181,5461,635
1,336
18.2%
20.8%21.7%21.9%20.4%
1Q08 2Q08 3Q08 4Q08 1Q09
Net Revenue Gross Margin
SG&A ExpensesSG&A Expenses
US$ Million
93.3106.2 101.8
91.7
52.8
59.157.6
62.9
36.9
65.8
1Q08 2Q08 3Q08 4Q08 1Q09
Selling Expenses General and Adm. Expenses
Income from OperationsIncome from Operations
US$ Million
49
113 101
275
27
3.6%
6.9% 6.5%
15.1%
2.4%
1Q08 2Q08 3Q08 4Q08 1Q09
Income from Operations Margin
5.2%
32
EBITDAEBITDA
US$ Million
65
129 119
295
47
7.9%7.7%
16.2%
4.1%4.9%
1Q08 2Q08 3Q08 4Q08 1Q09
EBITDA EBITDA Margin
6.8%
32
Net IncomeNet Income
US$ Million
85
134
58
112
(23)
6.4%
8.2%
3.7%
6.1%
-2.0%
Net Income Net Margin
1Q08 2Q08 3Q08 4Q08
1Q09
Accounts Receivable and Clients FinancingAccounts Receivable and Clients Financing
US$ Million
370 401 406 430
35 34 34 14
373382 410
485 538
444
34
1Q08 2Q08 3Q08 4Q08 1Q09
Accounts Receivable CCF A/c Leasing/Remarketing
InventoriesInventories
US$ Million
2,6882,838 2,925 2,837
3,064
1Q08 2Q08 3Q08 4Q08 1Q09
IndebtednessIndebtedness
• Average Cost in Brazilian Currency (R$): 8.06% p/a
• Average Cost in Foreign Currency (US$): Libor + 3.08% p/a
Total Debt: US$ 1,560 Million
Loans Average Maturity: 3 years and 3 months
Short
Term
27%
Long
Term
73%
1Q094Q08
Long
Term
71%
Short
Term
29%
Net Cash (Debt)Net Cash (Debt)
US$ Million
650
524
122
376
492
1Q08 2Q08 3Q08 4Q08 1Q09
BacklogBacklog
EMBRAER 170/190 Family Order BookEMBRAER 170/190 Family Order Book
783318776111EMBRAER 195
354
218
18
40
Firm
Backlog
5211667792875Total
218895459436EMBRAER 190
117308173135EMBRAER 175
15327784193EMBRAER 170
DeliveriesTotalOptionsFirm Orders
(as per 1st Quarter, 2009)
Order BacklogOrder Backlog
US$ Billion
20,320,7
21,620,9
19,7
1Q08 2Q08 3Q08 4Q08 1Q09
Investor RelationsInvestor RelationsPhone: +55 12 3927 4404Phone: +55 12 3927 4404
[email protected]@embraer.com.br
www.embraer.comwww.embraer.com