MONTREAL, QUEBEC--(Marketwire - 3 dicembre 2009) - Bombardier Inc . (TSX: BBD . A)(TSX: BBD . B)(Tutte le cifre di questo comunicato stampa sono in dollari USA eccetto dove indicato)- Utili consolidati di 4,6 miliardi di %24;, in linea con l ultimo anno fiscale- EBITDA di 388 milioni di %24;, contro i 435 milioni di %24; dell ultimo anno fiscale- EBIT di 262 milioni di %24;, contro i 296 milioni di %24; dell ultimo anno fiscale- Reddito netto di 168 milioni di %24;, contro i 226 milioni di %24; dell ultimo anno fiscale- Utile per azione di 0,09 %24;, contro i 0,12 %24; dell ultimo anno fiscale- Free cash flow of %24;72 million, compared to a usage of %24;226 million last fiscal year- Strong cash position at %24;3 billion- Backlog of %24;47 . 4 billion- Landmark order to supply 80 ZEFIRO 380 very high speed trains in China- Subsequent to quarter end, order for 22 CRJ700 regional jetsBombardier today reported its financial results for the third quarter ended October 31, 2009 . Revenues reached the same level as last year at %24;4 . 6 billion . Earnings before financing income, financing expense and income taxes (EBIT) totalled %24;262 million, compared to %24;296 million last fiscal year, while the EBIT margin reached 5 . 7% compared to last year s 6 . 5% . Net income amounted to %24;168 million, compared to %24;226 million for the same period last fiscal year . Free cash flow (cash flows from operating activities less net additions to property, plant and equipment and intangible assets) stood at %24;72 million for the third quarter, compared to a free cash flow usage of %24;226 million for the same period last fiscal year . The cash position remains strong at %24;3 billion, compared to %24;3 . 5 billion as at January 31, 2009 . The overall backlog stood at %24;47 . 4 billion, compared to %24;48 . 2 billion as at January 31, 2009 . "Despite early signs of a recovery, the economic environment remains difficult and continued to impact our activities and financial results, especially in Bombardier Aerospace", said Pierre Beaudoin, President and Chief Executive Officer, Bombardier Inc . "However, Bombardier Transportation continues to improve its revenues, profitability and order intake . ""Our backlog and balance sheet are strong . Both groups continue to look for ways to reduce overall costs in their operations and improve their working capital, while maintaining investments in new product development . We will be ready when the economy recovers", concluded Mr . Beaudoin . Bombardier AerospaceBombardier Aerospace s revenues amounted to %24;2 . 1 billion, compared to %24;2 . 3 billion last fiscal year . EBIT totalled %24;103 million, or 5% of revenues, compared to %24;176 million, or 7 . 7%, for the same period last fiscal year . Free cash flow for the third quarter ended October 31, 2009 reached %24;61 million compared to %24;9 million for the same period last fiscal year . The backlog stood at %24;18 . 1 billion as at October 31, 2009, compared to %24;23 . 5 billion as at January 31, 2009 . Although the business aircraft market is still experiencing difficulties, there are some signs of stabilization . Bombardier Business Aircraft net orders for the third quarter ended October 31, 2009 returned to a positive position for the first time since the third quarter of last fiscal year . Bombardier Commercial Aircraft experienced a low level of order intake during the three-month period ended October 31, 2009 reflecting the significantly reduced demand for commercial aircraft, consistent with the current worldwide economic environment . However, subsequent to quarter end, AMR Eagle Holding Corporation, the parent company of American Eagle Airlines, Inc . , signed a firm order agreement for 22 CRJ700 regional jets, for a value of approximately %24;779 million . The transaction represents the conversion of 22 of the options held by the airline . Despite this recent order, projected CRJ aircraft sales remain insufficient to maintain the current production plan . Bombardier Aerospace thus announced on November 26 a further reduction of the CRJ aircraft production rates . Total deliveries of 61 aircraft compare to 80 for the same period last fiscal year with the Commercial Aircraft segment contributing 27 of these deliveries compared to 22 last fiscal year . Bombardier Aerospace continues to invest in products, such as the CRJ1000 NextGen regional jet, the Global Vision flight deck, the Learjet 85 and the CSeries aircraft . Highlights of the CSeries program include the groundbreaking of the new testing facility in Mirabel, Canada, and the construction of a new state-of-the-art aircraft wing manufacturing and assembly facility in Belfast, Northern Ireland . Bombardier TransportationBombardier Transportation revenues rose to %24;2 . 5 billion, a %24;254-million increase over the same period last fiscal year . EBIT reached %24;159 million, up from %24;120 million a year ago, while EBIT margin increased to 6 . 3% versus 5 . 3% . Free cash flow reached %24;32 million, compared to a usage of %24;243 million last fiscal year . The order backlog stood at %24;29 . 3 billion as at October 31, 2009, compared to %24;24 . 7 billion as at January 31, 2009, mainly due to a positive currency impact . Economic uncertainty continues to affect the rail industry with low funding availability for the private sector and an ongoing decline in freight traffic . As a result, Bombardier Transportation s freight locomotives and services segments are seeing a lower level of activity . On a positive note, Bombardier Transportation reported new orders worth %24;3 . 6 billion, compared to %24;2 . 8 billion last fiscal year, leading to a book-to-bill ratio of 1 . 4 . In September 2009, Bombardier Sifang Transportation won a %24;4 billion landmark contract to supply 80 ZEFIRO 380 very high speed trains capable of speeds of up to 380 km/h for the Chinese Ministry of Railways . Bombardier s share of the contract is worth %24;2 billion . The group also signed a contract for 99 FLEXITY trams, valued at %24;431 million, for Berlin s transport operator BVG (Berliner Verkehrsbetriebe) . Subsequent to the quarter, Bombardier Transportation received an order for 100 E464 locomotives from Trenitalia, Italian Railways, amounting to approximately %24;383 million . Financial highlights(Unaudited, in millions of U . S . dollars, except per share amounts, whichare shown in dollars) | | | | | | | | | | | Three-month | periods | | | | | | | | | | | | | ended | October | 31 | | | | | | | | 2009 | | | | | | 2008 | | | | | | | | | | | | | Restated(1) | | | | | BA | | BT | | Total | | BA | | BT | | Total | | Revenues | $ | 2,064 | $ | 2,533 | $ | 4,597 | $ | 2,292 | $ | 2,279 | $ | 4,571 | | EBITDA | $ | 197 | $ | 191 | $ | 388 | $ | 288 | $ | 147 | $ | 435 | | Amortization | | 94 | | 32 | | 126 | | 112 | | 27 | | 139 | | EBIT | $ | 103 | $ | 159 | | 262 | $ | 176 | $ | 120 | | 296 | | Financing income | | | | | | -29 | | | | | | -80 | | Financing expense | | | | | | 70 | | | | | | 105 | | EBT | | | | | | 221 | | | | | | 271 | | Income taxes | | | | | | 53 | | | | | | 45 | | Net income | | | | | $ | 168 | | | | | $ | 226 | | Attributable to: | | | | | | | | | | | | | | Shareholders of Bombardier Inc . | | | | | $ | 167 | | | | | $ | 222 | | Non-controlling interests | | | | | $ | 1 | | | | | $ | 4 | | | | | | | | | | | | | | | | Basic & diluted EPS (in dollars) | | | | | $ | 0 . 09 | | | | | $ | 0 . 12 | | Segmented free cash flow | $ | 61 | $ | 32 | $ | 93 | $ | 9 | $ | -243 | $ | -234 | | Income taxes and net financing expense | | | | | | -21 | | | | | | 8 | | Free cash flow | | | | | $ | 72 | | | | | $ | -226 |
| | | | | | | | | | | Nine-month | periods | | | | | | | | | | | | | ended | October | 31 | | | | | | | | 2009 | | | | | | 2008 | | | | | | | | | | | | | Restated(1) | | | | | BA | | BT | | Total | | BA | | BT | | Total | | Revenues | $ | 6,682 | $ | 7,332 | $ | 14,014 | $ | 7,188 | $ | 7,104 | $ | 14,292 | | EBITDA | $ | 648 | $ | 531 | $ | 1,179 | $ | 947 | $ | 460 | $ | 1,407 | | Amortization | | 281 | | 88 | | 369 | | 322 | | 94 | | 416 | | EBIT | $ | 367 | $ | 443 | | 810 | $ | 625 | $ | 366 | | 991 | | Financing income | | | | | | (87) | | | | | | (223) | | Financing expense | | | | | | 210 | | | | | | 305 | | EBT | | | | | | 687 | | | | | | 909 | | Income taxes | | | | | | 159 | | | | | | 195 | | Net income | | | | | $ | 528 | | | | | $ | 714 | | Attributable to: | | | | | | | | | | | | | | Shareholders of Bombardier Inc . | | | | | $ | 521 | | | | | $ | 699 | | Non-controlling interests | | | | | $ | 7 | | | | | $ | 15 | | | | | | | | | | | | | | | | Basic & diluted EPS (in dollars) | | | | | $ | 0 . 29 | | | | | $ | 0 . 39 | | Segmented free cash flow | $ | (479) | $ | (79) | $ | (558) | $ | 399 | $ | 120 | $ | 519 | | Income taxes and net financing expense | | | | | | (169) | | | | | | (86) | | Free cash flow | | | | | $ | (727) | | | | | $ | 433 |
(1) Restated following a change in accounting policy related to a newaccounting principle on fair value measurements and following our earlyadoption of section 1602 "Non-controlling interests" . BA: Bombardier Aerospace; BT: Bombardier TransportationFINANCIAL RESULTS FOR THE THIRD QUARTER ENDED OCTOBER 31, 2009ANALYSIS OF RESULTSConsolidated resultsConsolidated revenues totalled %24;4 . 6 billion for the third quarters ended October 31, 2009 and 2008 . For the nine-month period ended October 31, 2009, consolidated revenues reached %24;14 billion, compared to %24;14 . 3 billion for the same period last year . For the third quarter ended October 31, 2009, EBIT amounted to %24;262 million, or 5 . 7% of revenues, compared to %24;296 million, or 6 . 5%, for the same period the previous year . For the nine-month period ended October 31, 2009, EBIT amounted to %24;810 million, or 5 . 8% of revenues, compared to %24;991 million, or 6 . 9%, for the same period last fiscal year . Net financing expense came to %24;41 million for the three-month period ended October 31, 2009, compared to %24;25 million for the corresponding period last year . For the nine-month period ended October 31, 2009, net financing expense totalled %24;123 million, compared to %24;82 million for the same period last year . The %24;16-million and %24;41-million increases for the three- and nine-month periods are mainly due to lower interest income, consistent with lower variable interest rates, and a lower average level of cash on hand and a lower level of invested collateral required under the new BT and BA letter of credit facilities; partially offset by lower interest expense on long-term debt, after the effect of hedges, consistent with lower variable interest rates and positive variations in fair value of financial instruments . The effective income tax rate was 24% and 23 . 1% respectively for the three- and nine-month periods ended October 31, 2009, compared to the statutory income tax rate of 31 . 3% . The lower effective tax rates are mainly due to the positive impact of the recognition of tax benefits related to operating losses and temporary differences . As a result, net income amounted to %24;168 million, or %24;0 . 09 per share, for the third quarter of fiscal year 2010, compared to %24;226 million, or %24;0 . 12 per share, for the same period the previous year . For the nine-month period ended October 31, 2009, net income was %24;528 million, or %24;0 . 29 per share, compared to %24;714 million, or %24;0 . 39 per share, for the same period the previous year . For the three-month period ended October 31, 2009, free cash flow totalled %24;72 million, compared to a free cash flow usage of %24;226 million for the corresponding period the previous year . For the nine-month period ended October 31, 2009, free cash flow usage totalled %24;727 million, compared to free cash flow of %24;433 million for the corresponding period the previous year . As at October 31, 2009, Bombardier s order backlog stood at %24;47 . 4 billion, compared to %24;48 . 2 billion as at January 31, 2009 . Bombardier Aerospace- Revenues of %24;2 . 1 billion- EBITDA of %24;197 million, or 9 . 5% of revenues- EBIT of %24;103 million, or 5% of revenues- Free cash flow of %24;61 million- Net orders of seven aircraft- Order backlog of %24;18 . 1 billionBombardier Aerospace s revenues amounted to %24;2 . 1 billion for the three-month period ended October 31, 2009, compared to %24;2 . 3 billion for the same period the previous year . The decrease is mainly due to a decrease in manufacturing revenues reflecting lower deliveries and selling prices for business aircraft, partially offset by a higher percentage of wide-body aircraft deliveries; partially offset by higher revenues for commercial aircraft mainly due to higher deliveries . For the third quarter ended October 31, 2009, EBIT totalled %24;103 million, or 5% of revenues, compared to %24;176 million, or 7 . 7% of revenues, for the same period the previous year . The 2 . 7 percentage-point decrease is mainly due to lower selling prices for business aircraft, higher cost of sales per unit, mainly due to price escalations of materials, the mix between business and commercial aircraft deliveries, lower margins for services activities, a provision for the write-down of inventories mainly due to lower market values for pre-owned aircraft, and the net negative impact in other expense (income) from the revaluation at the balance sheet date of certain balance sheet accounts in foreign currencies; partially offset by liquidated damages from customers, mainly as a result of business aircraft order cancellations, a net positive variance on certain financial instruments carried at fair value, lower selling, general and administrative expenses, mainly due to lower business aircraft deliveries, and lower amortization expense due to the aerospace program tooling on some aircraft models being fully amortized . Free cash flow amounted to %24;61 million for the third quarter ended October 31, 2009, compared to %24;9 million for the same period last fiscal year . The free cash flow increase is mainly due to a positive period-over-period variation in net change in non-cash balances related to operations; partially offset by lower profitability, and higher net additions to property, plant and equipment and intangible assets . For the quarter ended October 31, 2009, Bombardier Aerospace delivered 61 aircraft, compared to 80 for the same period the previous year . The 61 deliveries consisted of 33 business, 27 commercial,
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