2005* ubs 6th annual conference embraer presentation
DESCRIPTION
TRANSCRIPT
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UBS Sixth Annual CEOs Conference
March 8, 2005Rio de Janeiro
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
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 Looking Statement
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Product Diversification
70’s 90’s 00’s80’s
BANDEIRANTE(EMB 110/111)
TUCANO(EMB 312)
BRASÍLIA(EMB 120)
ERJ 145
AEW&C/ RS/ MP
ERJ 135
EMB 326
EMB 321
EMB 121
AMX
BRASÍLIA(EMB 120)
ERJ 140
AL X(EMB 314)
LEGACY
ERJ 145
ERJ 135
ERJ 140
EMBRAER 170EMBRAER 175
EMBRAER 190EMBRAER 195
AMX-TAEW&C/ RS/ MP
AL X(EMB 314)
Mirage 2000 BR ?
AMX
ERJ 145 XR
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Customer Diversification
Civil & Defense Aircraft flying in 58 countries on 5 continents
EMBRAER 170/175/190/195
ERJ 135/140/145
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Global Presence
Operations in Brazil, United States, Europe, Asia and Australia
BrazilGavião Peixoto
BotucatuSão José dos Campos
USANashville
JacksonvilleFort Lauderdale
Palm Beach
FranceLe Bourget
ChinaBeijingHarbin
AustraliaMelbourne
SingaporeSingapore
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Business Diversification
Sales by Segment
2004E
Corporate; 4%
Defense; 12%
Customer Services & Others; 6%
Commercial;78%
2005E
Corporate; 6%
Defense; 17%
Customer Services & Others; 7%
Commercial ; 70%
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Airline Market Status, Trends
and Outlook
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Share of US Domestic RPM
8 5 %7 8 %
6 9 %
5 2 %
3 % 5 % 8 %1 9 %1 2 %
1 7 %2 2 %
2 9 %
0 %
2 0 %
4 0 %
6 0 %
8 0 %
1 0 0 %
1 9 9 5 2 0 0 0 2 0 0 3 2 0 1 4 F
M a j o r s L o w C o s t s R e g i o n a l s
...
Source: WATS, Embraer
US Airline Industry Evolution
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
U.S Passenger Yields Down Sharply from 2000
• Airlines were forced to drop fares in order to stimulate demand.
• In addition, the more recent growth in low cost carriers and real-time availability of fare information on the Internet has led to a dramatic shift in customer purchasing habits – passenger expect fair fares.
US Domestic Yields: Down Forever?
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
US: Majors and Regionals Performance
2Q20042Q2003
• Regional airlines still considered as a very useful defensive tool by Majors due to lower trip costs and ability to maintain market presence while reducing capacity.
• Regional airlines with profitable operation and increasing their market share.
Source : BTS (2nd Qtr 2004)
Domestic Operating Margin (%)
- 3 0 %
- 2 0 %
- 1 0 %
0 %
1 0 %
2 0 %
A m e r i c a n C o n t i n e n t a l D e l t a N o r t h w e s t U n i t e d U S A i r w a y s
MAJOR
- 1 5 %- 1 0 %
- 5 %0 %5 %
1 0 %1 5 %2 0 %
A C A E x p r e s s J e t A m e r i c a n E a g l e C o m a i r S k y w e s t
REGIONAL
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
37 Seats
44 Seats
50 Seats
50 Seats (2,000 nm range)
Responding to Market Needs
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
There are currently 5244 TPs in Active Service Worldwide
TP<201304%
TP3588028%
TP5072323%
TP7038212%
TP20104533%
TP<2026713%
TP20154475%
TP35754%
TP501427%
TP70161%
Scheduled Flights(3160 TPs)
Non-Scheduled Flights(2084 TPs)
Opportunities for Turbo-Prop Substitution
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
70 – 78 Seats
78 – 86 Seats
98 - 106 Seats
108 – 118 Seats
Engineering Ergonomics Economics Efficiency
The E- Jets Family
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
*Based on Total Operating Costs; Average OW net fare 500 sm USD 90; 600 sm USD 98
USA Environment
EMBRAER 170 78 seat
EMBRAER 17586 seats
EMBRAER 190106 seats
EMBRAER 195118 seats
PROFITBREAK-EVEN*
40 PAX (51%) 38 PAX
44 PAX (51%) 42 PAX
57 PAX (54%) 49 PAX
62 PAX (53%) 56 PAX
*Based on Total Operating Cost
500 sm for EMBRAER 170/175
600 sm for EMBRAER 190/195
Profitable by Design
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
E 170 (31")
E 175 (31")
CRJ 700 (31")
CRJ 900 (31")
-10%
-5%
0%
5%
10%
15%
-10% -5% 0% 5% 10% 15%
COC per trip
CO
C p
er A
SM
USA Environment
Cash Operating Cost Comparison (COC)
• The EMBRAER 170 offers equivalentcash operating costs per trip and an11% advantage in cash operatingcosts per seat-mile over the CRJ 700 – while flying 11% more passengersfarther and in more comfort !
• The EMBRAER 175 offers a 6% advantage in cash operating costs per trip and per seat-mile versus the CRJ 900 – flying the same number of passengers in much greater comfortand operating in more challengingairports.
* Cash Operating Cost: Crew, fuel, directmaintenance, landing fees, aiplane handling fees
500 sm tripIn summary, in a Regional Carrieroperating / economic environment:
EC 07/Jun/04
COC* per trip versus COC per seat-mile
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
E 195 (32")
E 190 (32") A318 (32")B717 (32")
B737-600 (32")
-10%
-5%
0%
5%
10%
15%
-10% -5% 0% 5% 10% 15%
COC per trip
CO
C p
er A
SM
USA Environment
Cash Operating Cost Comparison (COC)
• The EMBRAER 195 offers cashoperating costs per trip lower than itscompetitors – 8% when compared to the B717 and up to 12% when compared to the A318. These big advantages are further enhanced by a cost per seat-mile 2% to 5% below the competitor airplanes.
• The EMBRAER 190 offers cashoperating costs per trip 12% lowerthan the nearest competitor airplane(B717). At the same time, the 190 can offer equivalent seat-mile costs.
600 sm trip
* Cash Operating Cost: Crew, fuel, directmaintenance, landing fees, aiplane handling fees
In summary, in a Low Cost Carrieroperating / economic environment:
EC 07/Jun/04
COC* per trip versus COC per seat-mile
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
4 8 13 13 8 7 5 2 220150
5
10
15
20
25
50 60 70 80 90 100 110 120 130 140 >150
%35% of flights
depart with loads appropriate for
90-110 seat aircraft
25% of flights depart with loads
appropriate for 70-80 seat
aircraft
Excess capacity translates into wasted
seats, higher operating costs, andgreater potential for
unprofitability
Source: Back (US DOT T100)
USA - Opportunities for Right Sizing
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.Source: BACK -Fleet PC (Scheduled Airlines , Active in Service and All Passenger Configuration)
Replacement of Ageing AircraftWorld Fleet in Service (100+seat segment - Dec/2003)
387
524
380
262
199241
315
0
100
200
300
400
500
600
0 - 5 6 - 10 11 - 15 16 - 20 21 - 25 26 - 30 >30
Aircraft Age (Years)
Nu
mb
er o
f A
ircr
aft
848 aircraft with more than 20 years (37% of total fleet in service)
Need for Replacing Old Jets – Global
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Seat Capacity
25 50 75 100 125 150 175+
B75
7
B73
7
B73
7
B73
7
B75
7
A31
9
A32
0
B75
7
A32
0
MD
80B
737
A32
0
B73
7A
319
MD
80
B75
7
B73
7
A32
0
A31
9
B75
7
B73
7
B75
7
B73
7
MD
80
B73
7
70 to110 Seats
70 to110 Seats
Seat Capacity Gap - USA
Sco
pe
Cla
use
s
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Competitive
Environment
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
30Y30Y 50Y50Y 70Y70Y 90Y90Y 110Y110Y 130Y130Y
Scope
PotentialNew Entrants
Embraer Commercial Jets Unique Position
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
45%42% 44%45%46%
50%
7%
17%
32%43%
52%
93%
83%
67%
51%54%51%
45%
49% 50%
4% 5%4%6%5%
0%
20%
40%
60%
80%
100%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
EMBRAER BOMBARDIER AVCRAFTSource:
Embraer
Market Share Evolution (30-60 pax)
50%
45%
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
21%
28%33% 36%
16% 19%
72%
53%
49%52%
87%
64%67%
14%
32% 30%27%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
EMBRAER BOMBARDIER FAIRCHILD DORNIERSource:
Embraer
Market Share Evolution (61-90 pax)
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
0% 0% 0% 0%
7%7%6%
25%
7%
73%66%
61%
67%
100%
59%55%
26%32%
26%
20%16%
31%
14%
0%
20%
40%
60%
80%
100%
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
EMBRAER BOEING AIRBUSAs of 2nd
Quarter 2004Source:
Embraer
Market Share Evolution (91-120 pax)
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Airline Market
Forecast
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Worldwide Jet Deliveries by Capacity Segment
30 to 12030 to 120--seat segment value = US$ seat segment value = US$ 170170 billionbillion
Embraer Market Forecast 2005-2024
4,600
1,750
1,550
1,300
2015 - 2024
7,800
3,000
2,850
1,950
2005- 2024
3,200TOTAL
1,25091 – 120
1,30061 – 90
65030 - 60
2005 - 2014Segment
4,600
1,750
1,550
1,300
2015 - 2024
7,800
3,000
2,850
1,950
2005- 2024
3,200TOTAL
1,25091 – 120
1,30061 – 90
65030 - 60
2005 - 2014Segment
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
AsiaPacific
471
6%
China6358%
Africa &Middle East
177
3%
USA, Canada& Caribbean
4,165
53%
30 - 120 Seats: 7,800 Jets
Europe1,319
17%
LatinAmerica
538
7%
CIS4956%
Market Forecast 2005-2024
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Commercial Backlog
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
103
66
20
17
FirmBacklog
7981237336901Total
618998314684ERJ 145
741142094ERJ 140
1061252123ERJ 135
DeliveriesTotalOptionsFirm(as of 4th Quarter, 2004)
ERJ 145 Family Orderbook
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
EMBRAER 170 / 190 Family Orderbook
15---15EMBRAER 175
297
15
155
112
FirmBacklog
46755427343Total
-352015EMBRAER 195
-385230155EMBRAER 190
46335177158EMBRAER 170
DeliveriesTotalOptionsFirm(as of 4th Quarter, 2004)
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Corporate Aircraft Market Status, Trends
and Outlook
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Corporate Aviation Segments
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Note: * aircraft under development
Product Category
Other
Very light Mustang* Eclipse 500*
Avocet* A700*
Entry CJ1, CJ1+* CJ2, CJ2* Premier I SJ-30*
Light Lear 40 Lear 40 XR*
CJ3 Bravo
Hawker 400XP
Midlight Lear 45 Lear 45 XR
Encore XLS
Midsize Lear 60 Sovereign Hawker 800 XP G100 G150*
Super Midsize Challenger 300 Citation X Horizon* G200 50 EX 2000
2000 EX Legacy
Large Challenger 604 Global 5000
G350 G400 G450*
900 C 900 EX 900 DX*
Ultra-Long Range
Global Express Global XRS* G500
G550 Falcon 7X
Global BBJ1, BBJ2 ACJ
Corporate Aviation Product Range
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Super-midsize category
10 20 30 40 50ft
m 3 6 9 12 15
Challenger 30023‘8”(7,22m)
25‘(7,62m)
Horizon
G20024‘6”(7,46m)
42’6”(12,94m)
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Large category
10 20 30 40 50ft
m 3 6 9 12 15
Falcon 200026‘4”(8,01m)
G40041’(12,49m)
42’6”(12,94m)
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
40 aircraft, 11 countries, the right choice
The world has discovered the Legacy
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Higher Productivity @ Lower cost leading to Greater value
Price vs. Productivity Index
Challenger 300
HorizonG200
Legacy
Falcon 2000
200
220
240
260
280
300
320
340
360
15.00020.00025.00030.00035.000
Price US$ x 1,000
Pro
du
ctiv
ity
Ind
ex [
(Sp
eed
x C
abin
Vo
lum
e x
Ran
ge)
/TO
FL
] x
1,00
0
BETTER
A Differentiated Value for Customers
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
2,430 aircraft in target segment
Embraer Market Forecast
5,130
945
1,485
Deliveries(aircraft)
Embraer Forecast (Embraer Forecast (20052005--20142014): ): 77,5,56060 aircraft aircraft -- US$ 130 billionUS$ 130 billion
71.3Other
28.5Large
30.0Super Midsize
Revenues(US$ bi)
Category
Revenues (cumulative)Deliveries (cumulative)
Very Light6%
Entry13%
Light11%
Mid light14%
Mid Size13%
Large13%
Ultra Long range9%
Global2%
Super midsize18%
Entry4%
Light4%
Mid Size10%
Large22%
Very Light1%
Global6%
Mid light8%
Ultra Long range22%
Super midsize
18%
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Defense Market
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Super Tucano
AMX/AMX-T
F-5 BR
Mirage 2000 BR
Super Tucano
AMX-T
Training Systems
EMB 145 AEW&C
EMB 145 MP/ASW
EMB 145 RS/AGS
EMB 135/145
Legacy
EMB 120K
Integrated Ground Command and Control
Integrated Systems
Data-Link
Defense Market Products
CombatTrainingIntelligence,
Surveillance andReconnaissance
TransportSystems & Services
Integrated Market Approach
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
ACS – Aerial Common Sensor
Embraer, part of the Lockheed Martin team, will provide its ERJ 145 platform for the U.S. Army’s next-generation battlefield surveillance system
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Backlog & Delivery Forecast
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
0,6 1,23 4,1
6,4
11,4 10,7 9 10,6 10,1
11,3
12,7 12,713,2
17,5 17,5
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
In 4th Quarter 2004 - US$ 27.6 billion in total orders, including US$ 10.1 billion in firm orders
Backlog
US$ billion
Firm Orders Options
1.23.0
4.1
17.7
24.1 23.422.2
28.1 27.6
0.6
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Deliveries Forecast
4
32
59
96
160 161
131
101
148 145 145
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005E 2006E
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Deliveries Forecast Breakdown
Corporate Aircraft includes corporate authority transportation
60%
36%
15%
31%
50%73%
9% 14% 12%
2004 2005 2006
ERJ 145 Family EMBRAER 170 Family Corporate Aircraft
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Financial Data
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
764
1,837
1,354
2,486
2,144
2,526
2,9272,762
1997 1998 1999 2000 2001 2002 2003 9M04
US$ million
Net Revenue
Q 98% of sales are exports (9M04)
Sales by Segment - 9M04
7%Customer Services &
Others
4%Corporate
Market
11%Defense Market
78%Airline Market
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Income from Operations
US$ million
49
172
368
462
651
470
275
402
1997 1998 1999 2000 2001 2002 2003 9M04
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
US$ million
Net Income
3
145
235
321 328
223
136
297
1997 1998 1999 2000 2001 2002 2003 9M04
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Inventories
US$ Million
1,158 1,258 1,2311,390
1,111
3Q03 4Q04 1Q04 2Q04 3Q04
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Accounts Receivables
US$ Million
Others = Defense + Customer Services
886
190 271 315 514
95
166 194 157 189
3Q03 4Q03 1Q04 2Q04 3Q04
Commercial Airline Market Others
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
1,169
454
41119
274
281
Total Short Term 2005 2006 2007 2008 - 2015
Short Term37%
Long Term63%
Short and Long-Term Loans
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Net Cash (Debt)
US$ Million
(178)
222 178304
220
3Q03 4Q03 1Q04 2Q04 3Q04
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THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
US$ million
PP&E and R&D – Cash Flow
Gross R&D amounts
111
64
44
77
5970
158173
136119
66
143
114100
0
20
40
60
80
100
120
140
160
180
200
2000 2001 2002 2003 2004 E 2005 E 2006 E
PP&E
R&D