2008* embraer day apresentação financeira
TRANSCRIPT
Antonio Antonio LuizLuiz Pizarro Pizarro MansoManso
Executive ViceExecutive Vice--President, Finance & CFOPresident, Finance & CFO
Corporate GovernanceCorporate Governance
October 31, 2008
Embraer Capital Structure Embraer Capital Structure
723,665,044 Voting Shares*723,665,044 Voting Shares*
* Does not include16.8 million shares held on treasury.
THORNBURG
INVESTMENT
5.3%OPPENHEIMER
FUND'S
6.2%BOVESPA
OUTROS
18.7%
BNDESPAR
5.2%
PREVI
14.2%
GRUPO BOZANO
10.1%
NYSE OUTROS
28.6%
JANUS CAPITAL
11.4%
UNIAO FEDERAL
0.3%
BOVESPA
48.5%
NYSE
51.5%
General Meeting 2008General Meeting 2008
• Announcement issued with an anticipation of 30 days
including the notice call and the instructions to vote with the
PROXY card for the foreign Shareholders with enough time to
analyze an issue and answer
• Shareholders’ participation of 82,7%
• Approval for almost all the proposal subjects
Market CommunicationMarket Communication
• Issuance of Quarters Releases (BR e US GAAP)
• Conference call to announce the results
• Issuance of Quarters delivered aircraft and backlog
• Analysts meeting held each Quarter in Brazil, USA and Europe
• Embraer Day
• Analysts and investors meeting
• Road shows and banks conference participation
• Investor Relations website
EmbraerEmbraer’’s Participations Participation
Em
bra
er
Em
bra
er’ ’s s
Sh
are
s E
vo
lutio
nS
ha
res
Ev
olu
tion
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BR
3B
ove
spa
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ago/00
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ago/08
ER
JD
ow
Jones
Dividends PolicyDividends Policy
• The mandatory distribution of the Brazilian Corporate Law is
based on a percentage of adjusted net income, not lower than
25%, rather than a mixed monetary amount per share
• The Company’s dividends policy is set to distribute around
40 to 50% of net income to it’s Shareholders
187151 127
249
63.0%
39.0%
50.8%
45.9%
2005 2006 2007 9M08
Dividends Pay-Out Ratio
DividendsDividends
449
224327
444
62.7%
53.4%
68.3%
117.2%
2005 2006 2007 9M08
Dividendos Pay Out
US$ Million
R$ Million
Financial ResultsFinancial Results
Jet Deliveries ForecastJet Deliveries Forecast
* Estimated
169
131
101
148 141 130145
200*
10*
2002 2003 2004 2005 2006 2007 2008
ERJ, E-Jets, Legacy 600 and Lineage 1000 Phenom 100
Net Revenue by SegmentNet Revenue by Segment
3Q07 3Q08
Others
1.6%Aviation
Services
10.8%Executive
Aviation
14.8%
Defense and
Government
4.1%
Commercial
Aviation
68.7%
Others
3.1%Aviation
Services
9.8%Executive
Aviation
14.4%
Defense and
Government
8.8%
Commercial
Aviation
63.9%
Net Revenues / Gross Margin Net Revenues / Gross Margin -- QuarterQuarter
2,6952,315
2,7293,311
2,639
20.9%
13.4%
14.8%16.0%
15.5%
3T07 4T07 1T08 2T08 3T08
Receita Líquida Margem Bruta
1,428
1,875
1,336
1,635 1,546
21.2%
22.6%
20.4%
21.9% 21.7%
3Q07 4Q07 1Q08 2Q08 3Q08
Net Revenue Gross Margin
US$ Million
R$ Million
Net Revenues / Gross MarginNet Revenues / Gross Margin
US$ Million
R$ Million
9,0478,265
9,983
7,649
16.1% 16.5%21.6%20.9%
2005 2006 2007 9M08
Receita Líquida Margem Bruta
3,789 3,760
5,2454,516
22.5%21.4%
25.3%27.7%
2005 2006 2007 9M08
Net Revenues Gross Margin
EBIT EBIT -- QuarterQuarter
144
892
242
347
3.4%
9.2%12.7%
4.4%
0.3%
3T07 4T07 1T08 2T08 3T08
Lucro Operacional Margem Operacional
162 165
49
113101
11.4%
8.8%
3.6%
6.9% 6.5%
3Q07 4Q07 1Q08 2Q08 3Q08
Income from Operations Margin
US$ Million
R$ Million
EBITEBIT
US$ Million
R$ Million
793
622528
341
4.5%5.3%
8.8%7.5%
2005 2006 2007 9M08
Lucro Operacional Margem Operacional
262
374343
510
9.1%
13.5%
7.1%5.8%
2005 2006 2007 9M08
Income from Operations Margin
Net Income Net Income -- QuarterQuarter
US$ Million
R$ Million
306
213
63
176
(48)
2.7%
-1.8%
11.2%
6.5%6.4%
3T07 4T07 1T08 2T08 3T08
Lucro Líquido Margem Líquida
195 201
85
134
58
13.6%
10.7%
6.4%
8.2%
3.7%
3Q07 4Q07 1Q08 2Q08 3Q08
Net Income Net Margin
277
489
390446
6.1%
11.8%
9.3%
10.4%
2005 2006 2007 9M08
Net Income Net Margin
Net Income Net Income
US$ Million
R$ Million
709622 657
191
2.5%
7.8% 7.5%
6.6%
2005 2006 2007 9M08
Lucro líquido Margem Líquida
Income Tax Calculation Income Tax Calculation -- ConceptConcept
1 Income Before IT (BRGAAP) ____
(+) Additions ____
(-) Exclusions ____
(-) Interest on Capital (JCP) ____
Income Tax Basis ____
A (x 34%) Income Tax ____
Temporary Differences
Provisions, Tax losses...
Deferred Income Tax Basis ____
B (x) 34% ____
A + B Total Income Tax Expense/Benefit
(A+B) / 1 Income Tax Effective Rate
Conversion R$ to USD
Income (BRGAAP) in USD
Adjustments of the Conversion from
BRGAAP to USGAAP
Income in USGAAP
C Deferred Tax on Difference of Practices
A + B + C = USGAAP Income Tax
Income Tax Calculation Income Tax Calculation -- 3Q083Q08
3Q08 Ajustment 3Q08R$ Thousands CONVERSION BRGAAP to US$ Thousands
BRGAAP R$ to US$ USGAAP USGAAP
Income Before Tax (127.897) (76.702) 133.936 57.234
Additions/Exclusions 160.604 96.314 - 96.314
Interest on Capital (JCP) (92.948) (44.837) - (44.837)
Ajustments on Practice Differences - (17.813) (133.936) (151.749)
Income Tax Basis (60.241) (43.038) - (173.899)
Income Tax Benefit (Expense) 20.482 14.633 14.633
Income Tax Effective Rate -16,0% -19,1% 25,6%
Differed Income Tax
Temporary Differences 186.664 111.942 111.942
Ajustments on Practice Differences - (149.019) (149.019)
Differed Income Tax Basis 186.664 (37.077) (37.077)
Differed Income Tax 63.466 (12.606) (12.606)
Differed Effective Tax Rate -49,6% 16,4% -22,0%
Income Tax 83.948 2.027 2.027
IFRS IFRS -- International Financial International Financial
Reporting StandardsReporting Standards
Brazil ScenarioBrazil Scenario
July – CVM issues Instruction 457 determining Full IFRS application for Consolidated Financial Reporting from 2010 on.
December –Law 11638/07, changes current Public Companies Requirements and brings new concepts based on IFRS statements.
Early Adoption of Full IFRS for Consolidated Financial Reports, according to Instruction CVM 457/07.
Mandatory application of Law 11638
2007 2008 2009 2010
Mandatory Adoption Full IFRS statements from 2010 on according to Instruction CVM 457/07.
US ScenarioUS Scenario
August – SEC issues concept release for IFRS use for US registrants.
December – SEC allows filing IFRS Financial Reporting of 2007 for FPI’s with no reconciliation for USGAAP.
2007 2008 2009 2010 2011 2012 2013 2014 2015
Voluntary Application of IFRS allowed for US registrants
Mandatory Application of IFRS for US registrants
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidado
BR GAAPDF’s
Consolidado
BR GAAPDF’s
Consolidado
BR GAAPDF’s
Consolidado
WorkflowWorkflow
Before
Basis:
• Accountings standards
• Tax legislation
• People
• Process
• Systems
BR GAAPFS´s
Parent Comp.
BR GAAPFS’s
Consolidated
US GAAPFS’s
Consolidated
Tax Books
Law 6.404 FASB
+
BR GAAPDF’s
Consolidado
BR GAAPDF’s
Consolidado
BR GAAPDF’s
Consolidado
WorkflowWorkflow
After
BR GAAPFS’s
Parent Comp.
IFRSFS’s
Consolidated
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidado
US GAAPFS’s
Consolidated
FS’sTax
Law 11.638 FASB
+
IFRS
Law 6.404
- Transitory till 2010
Expectation
BR GAAPFS’s
Parent Comp.
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidadas
FS’sTax
Law 11.638 FASBIFRSReform
- In 2010 (harmonization)
XBR GAAP
DF’sConsolidado
BR GAAPDF’s
Consolidado
BR GAAPDF’s
Consolidado
IFRSFS’s
Consolidated
WorkflowWorkflow
Convergence Effects Convergence Effects -- Attention PointsAttention Points
Functional CurrencyFunctional Currency
Deferred TaxesDeferred Taxes
Deferred/Intangible Deferred/Intangible
Financial GuaranteesFinancial Guarantees
Financial Instruments (fair value)Financial Instruments (fair value)
Impairment Impairment
Key IssuesKey Issues
Law 11638
• 2008 Application
• Conversion Adjustments - Shareholders Equity (past result) and
Income Statement Effect. (actual results)
IFRS Full
• 2009 - Strategy to adopt first time
• Conversion Adjustments - Shareholders Equity and Income
Statement Effect
Balance Balance SheetSheet
InventoriesInventories
5,571
5,0405,225
5,665
5,217
3T07 4T07 1T08 2T08 3T08
2,6812,491
2,6882,838 2,925
3Q07 4Q07 1Q08 2Q08 3Q08
US$ Million
R$ Million
Accounts ReceivableAccounts Receivable
US$ Million
346 394 370 401 406
236
309
280 302 262 284
98 71 119126
37 3534 34
19
3Q07 4Q07 1Q08 2Q08 3Q08
Accounts Receivable Customer Financing
Aircraft Leased Aircraft Available for Sale and Prototipes
Net Cash (Debt) PositionNet Cash (Debt) Position
450
740
492524
650
3Q07 4Q07 1Q08 2Q08 3Q08
810
1,314
916809
1,140
3T07 4T07 1T08 2T08 3T08
US$ Million
R$ Million
Total Debt of US$ 1,430 Million
• Average cost in R$ = 7.71 % p/a
• Average cost in US$ = Libor + 1.16% p/a
• Loans Average Maturity: 3.5 years
LoansLoans
Short
Term
45%
Long
Term
55%
Foreign
Currency
73%
Brazilian
Currency
27%
Aircraft AppraisalsAircraft Appraisals
Overview of Appraisal Process Overview of Appraisal Process
Appraisal community main considerations for forecasting aircraft residual values
• Economic scenario – current and forecasted
• Industry conditions – current and forecasted
• Specific market within industry (narrow body, regional, etc,) – current and forecasted
• Aircraft customer base – is there good asset liquidity?
• Fleet concentration
• Specific versions and variants of aircraft type – less versions support asset liquidity
• Long-term aircraft application (i.e. cargo conversion) - is there a solid secondary market to support long-term utilization of aircraft?
• Actual aircraft transaction information (price, lease rates, terms, etc.) – the newer the product, the less information is available to support accurate residual value forecasts
• Personal expectations – appraiser’s individual market perceptions, etc.
• Others
Aircraft appraisals are, to a large extent, reactive to market movements!
Overview of Appraisal Process Overview of Appraisal Process
Embraer’s current residual value monitoring process and continued work with appraisal community include:
• Subscription to all major appraisal company’s value publications
• Includes Embraer and competing products
• Continued monitoring and updating of database to reflect latest aircraft appraisals
• Annual analysis, focused on Embraer products, considering all major appraisal companies, analyzed information includes:
• Base Values (BV)
• Current Market Values (CMV)
• Future Values (uninflated 25 year forecast)
• Two annual meetings to provide comprehensive information on Embraer’s products, market and business to appraisal community
• Active participation in appraisal related industry events and organizations (ISTAT, US valuation conference)
• Continued open channel of communication with appraisal community to assure alignment and maximize positive information flow
Value Definitions Value Definitions ISTAT Appraisal Guidelines ISTAT Appraisal Guidelines
Base Value - Is the Appraiser's opinion of the underlying economic value of an aircraft in an
open, unrestricted, stable market environment with a reasonable balance of supply and demand,
and assumes full consideration of its “highest and best use.” An aircraft’s Base Value is founded in
the historical trend of values and in the projection of value trends and presumes an arm’s-length,
cash transaction between willing, able and knowledgeable parties, acting prudently, with an
absence of duress and with a reasonable period of time available for marketing. In most cases, the
Base Value of an aircraft assumes its physical condition is average for an aircraft of its type and
age, and its maintenance time status is at mid-life, mid-time (or benefiting from an above-average
maintenance status if it is new or nearly new, as the case may be). Because it is related to long-term
market trends, the Base Value definition is commonly applied to analyses of historical values and
projections of residual values.
Current Market Value – Is the appraiser's opinion of the most likely trading price that may be
generated for an aircraft under the market circumstances that are perceived to exist at the time in
question. Market Value assumes that the aircraft is valued for its highest, best use, that the parties
to the hypothetical sale transaction are willing, able, prudent and knowledgeable, and under no
unusual pressure for a prompt sale, and that the transaction would be negotiated in an open and
unrestricted market on an arm’s-length basis, for cash or equivalent consideration, and given an
adequate amount of time for effective exposure to prospective buyers.
ERJ 145 Family- AGE = 15 - OCT/08 Dollars
4,50
5,00
5,50
6,00
6,50
7,00
7,50
2002
Q4
2003
Q1
2003
Q2
2003
Q3
2003
Q4
2004
Q1
2004
Q2
2004
Q3
2004
Q4
2005
Q1
2005
Q2
2005
Q3
2005
Q4
2006
Q1
2006
Q2
2006
Q3
2006
Q4
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
Quarter
US
$ M
illi
on
s
ERJ-145
ERJ-145 XR
CRJ-100
CRJ-200
ERJ 145 Family ERJ 145 Family –– Competition Comparison Competition Comparison
EMBRAER 170/190 Family - AGE = 15 - OCT/08 Dollars
6,00
7,00
8,00
9,00
10,00
11,00
12,00
13,00
2002
Q4
2003
Q1
2003
Q2
2003
Q3
2003
Q4
2004
Q1
2004
Q2
2004
Q3
2004
Q4
2005
Q1
2005
Q2
2005
Q3
2005
Q4
2006
Q1
2006
Q2
2006
Q3
2006
Q4
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
Quarter
US
$ M
illio
ns
Embraer 170
Embraer 175
Embraer 190
Embraer 195
CRJ-700
CRJ-900
B737-600
A318
EMBRAER 170/190 Family EMBRAER 170/190 Family Competition Comparison Competition Comparison
20F Disclosure 20F Disclosure –– Dec 2007 Dec 2007 –– RVGs onlyRVGs only
Maximum residual value guarantees 946,366 Off Balance NET UNDERLYING ASSETS related to ALL RVGs
1,297,533
ALL RVG Exposure vs. Related Underlying assets
(US$ thousands)
RVGs Levels and Average Appraisers %RVGs Levels and Average Appraisers %
1) 2008 Appraisals
2) ISTAT certified Appraisers included: SH&E, AVAC, AV Solutions, AVITAS, GRA Av
Specialists, BK & Associates, IBA Group, AISI, MBA and Air Claims.
Average
RVG Levels
Average
Maximum
Exposure
Appraiser
01
Appraiser
02
Appraiser
03
Appraiser
04
Appraiser
05
Appraiser
06
Appraiser
07
Appraiser
08
Appraiser
09
Appraiser
10
32,3% 18,3% 33,2% 45,4% 45,3% 39,0% 32,3% 37,3% 50,0% 46,1% 38,8% 43,2%
Average Values % (by Appraiser)
ALL RVGs with Exercise Dates from 2008 to 2025
Secondary Market Secondary Market
43
Short term ERJ Availability Short term ERJ Availability –– ECC ECC
Aircraft 2008 2009 2010 2011 Total
ERJ 135 4 8 12
ERJ 145 3 3 1 1 8
7 11 1 1 20
Em
bra
er
Co
mm
itm
en
t
21 Aircraft under lease with monthly revenue of USD 2,837,000
Thank You!Thank You!
Investor Relations Investor Relations + 5512 3927 4404+ 5512 3927 4404
[email protected]@embraer.com.br
www.embraer.comwww.embraer.com
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
Material de Apoio em PortuguêsMaterial de Apoio em Português
AssemblAssemblééia Geral 2008ia Geral 2008
• Anúncio de Convocação emitido com 30 dias de antecedência,
inclusive convocação e instrução de voto por procuração
(PROXY) aos acionistas estrangeiros com tempo hábil para
análise e respostas às propostas.
• Realização na mesma data de Assembléia Geral Ordinária e
Extraordinária com presença de 82,6% do Capital da Empresa.
• Aprovação por maioria de todas as matérias propostas.
ComunicaComunicaçção com o Mercadoão com o Mercado
• Publicação de Resultados Trimestrais (LS e US GAAP)
• Teleconferência de Divulgação de Resultados
• Publicação Trimestral de Entregas de Aeronaves
• APIMEC’s Trimestrais
• Embraer Day
• Dois Encontros com Analistas e Investidores no Exterior por ano nos Estados Unidos e um na Europa
• Participações em Conferências de Bancos, Non-Deal Roadshows e Reuniões com Analistas e Investidores na sede da Empresa
• Portal de Relações com Investidores
PolPolííticatica de de DividendosDividendos
• A Lei das S.A’s determina a distribuição mandatória de no
mínimo 25% do resultado líquido.
• A Política de distribuição de dividendos da Embraer consiste
na distribuição de 40 a 50 por cento do seu resultado líquido
aos acionistas
CenCenáário Brasileirorio Brasileiro
Julho – CVM divulga Intrução 457 determinando a aplicação do IFRS Full para as DF’s Consolidadas a partir de 2010
Dezembro – Divulgada a Lei 11.638 reformulando a antiga
Lei das S/A’s introduzindo conceitos das normas internacionais de contabilidade para controladora.
Permitida a aplicação antecipada do IFRS Full para as DF’s Consolidadas conforme Instrução CVM 457/07
Aplicação obrigatória das alterações introduzidas pela Lei 11.638 nas DF’s da Controladora e Consolidado
2007 2008 2009 2010
Aplicação obrigatória de IFRS Fullnas DF’s Consolidadas de 2010 conforme Instrução CVM 457/07
CenCenáário nos EUArio nos EUA
Agosto – SEC emite concept release para uso de IFRS para US registrants
Dezembro – SEC autoriza arquivamento em IFRS a partir de 2007 para as FPI’s, sem a reconciliação para USGAAP
2007 2008 2009 2010 2011 2012 2013 2014 2015
Permitida a aplicação voluntária de IFRS para US registrants
Aplicação obrigatória de IFRS para US registrants.
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidado
BR GAAPDF’s
Consolidado
BR GAAPDF’s
Consolidado
BR GAAPDF’s
Consolidado
Mecanismos OperacionaisMecanismos Operacionais
Antes
BR GAAPDF´s
Controladora
BR GAAPDF´s
Consolidado
US GAAPDF´s
Consolidadas
LALUR
Lei 6.404 FASB
+
Base de Sustentação:
• Normas contábeis
• Legislação tributária
• Pessoas
• Processos
• Sistemas
BR GAAPDF’s
Consolidado
BR GAAPDF’s
Consolidado
BR GAAPDF’s
Consolidado
Mecanismos OperacionaisMecanismos Operacionais
Depois
BR GAAPDF’s
Controladora.
IFRSDF’s
Consolidado
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidado
DF’sTributário
Lei 11.638 FASB
+
IFRS
Lei 6.404
- Transitório até 2010
Depois
BR GAAPDF’s
Controladoria
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidado
US GAAPDF’s
Consolidadas
DFsTributária
Lei 11.638 FASBIFRSReforma
- Em 2010 (harmonização)
XBR GAAP
DF’sConsolidado
BR GAAPDF’s
Consolidado
BR GAAPDF’s
Consolidado
IFRSDF’s
Consolidado
Mecanismos OperacionaisMecanismos Operacionais
Efeitos da Convergência Efeitos da Convergência -- Pontos de AtenPontos de Atenççãoão
Moeda FuncionalMoeda Funcional
Imposto de Renda DiferidoImposto de Renda Diferido
Diferido / Intangível Diferido / Intangível
Garantias FinanceirasGarantias Financeiras
Instrumentos Financeiros (valor justo)Instrumentos Financeiros (valor justo)
ImpairmentImpairment
Convergência Convergência -- DatasDatas
Lei 11638
• 2008 Aplicação;
• Ajustes de Conversão – Patrimônio Líquido (resultado do
passado) e Resultado do período (resultados do ano).
IFRS Full
• 2009 -Intenção de adoção pela primeira vez;
• Ajustes de Conversão – Patrimônio Líquido e Resultado do
período.
Bases do Processo de AvaliaBases do Processo de Avaliaçção de Aeronavesão de Aeronaves
Principais considerações dos avaliadores quanto ao valor residual de aeronaves
• Cenário Econômico – atual e estimado
• Condições da Industria– atual e estimado
• Mercado específico dentro da Industria (narrow body, regional, etc,) – atual e estimado
• Base de clientes de aeronaves – há boa liquidez do ativo?
• Concentração da frota
• Versões específicas e variações de aeronaves – menos versões suportam liquidez do ativo
• Utilização da aeronave no longo prazo (i.e. conversão para cargueiro) – Existe um sólido mercado secundário para suportar a utilização da aeronave a longo prazo?
• Informações atualizadas sobre negociação de aeronaves (preço, taxas de leasing, termos, etc.) – quanto mais novo o produto, menos informações existe disponível para se determinar corretamente o valor residual das aeronaves
• Expectativas Pessoais – percepção individual dos avaliadores, etc.
Avaliadores de aeronaves reagem aos movimentos dos mercados!
O processo atual de monitoramento do valor residual de aeronaves e acompanhamento do trabalho dos avaliadores inclui:
• Subscrição das principais publicações sobre avaliação de aeronaves
• Inclui tanto Embraer quanto competidores
• Monitoramento contínuo e atualização da base de dados para refletir as informações mais atualizadas
• Análise anual, focada nos produtos Embraer, considerando as maiores empresas de avaliadores inclui:
• Valor Base (VB)
• Valores de mercados atuais (CMV)
• Valores Futuros (estimativa de 25 anos)
• Realização de duas reuniões anuais para melhor informação sobre produtos, mercados e negócios da Embraer
• Participação ativa nos eventos promovidos pela comunidade de avaliadores (ISTAT, US valuation conference)
• Amplo canal de comunicação com a comunidade de avaliadores para assegurar e maximizar o fluxo de informações
Bases do Processo de AvaliaBases do Processo de Avaliaçção de Aeronavesão de Aeronaves
ISTAT ISTAT -- DefiniDefiniçções ões
Valor Base - Consiste na opinião do avaliador sobre o valor econômico de determinada aeronave
em condições de um mercado aberto, irrestrito e estável com um razoável equilíbrio de oferta e
demanda, assumindo a utilização máxima da aeronave. O valor base de uma aeronave se baseia na
tendência histórica dos valores e na projeção de tendências. Na maioria dos casos, o Valor Base de
uma aeronave assume que o estado da mesma esteja de acordo com o seu tipo e idade, além das
manutenções feitas durante a sua vida. Devido à sua relação com tendências de mercado de longo
prazo, a definição do Valor Base é geralmente baseada nos valores históricos e nas projeções de
valores residuais.
Valor de Mercado Atual – Consiste na opinião do avaliador sobre o preço mais provável que
uma aeronave pode atingir em condições atuais de mercado. O Valor de Mercado Atual assume que
a aeronave seja avaliada pela sua utilização máxima, melhor utilização, desejadas pelas partes
envolvidas numa negociação, em um mercado aberto e irrestrito, onde os possíveis compradores
tenham tido tempo suficiente para analisar todas as condições do negócio.