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Deutsche Bank
Global Emerging Markets Conference
New York September 2003
Forward Looking StatementForward Looking Statement
This presentation includes forward-looking statements or statements about events or circumstances which have not occurred. We have based these forw ard -looking statements largely on our current expectations and projections about future events and f inancial trends affecting our business and our future f inancial performance. Th ese forward -looking statements are subject to r isks, uncertaint ies and assumptions, including, among other things: general economic, pol i t ical and business condit ions, both in Brazi l and in our market.
The words “believes,” “may,” “will, ” “est imates,” “continues,” “anticipates,” “intends,”“expects” and similar words are intended to identi fy forward -looking statements. We undertake no obl igations to update publ icly or revise any forward-looking statements because of new information, future events or other factors. In light of these r isks and uncertainties, the forward -looking events and circumstances discussed in this presentat ion might not occur. Our actual results could differ substantial ly from those ant ic ipated in our forward-looking statements.
CommercialCommercialAviationAviationBacklogBacklogDiversificationDiversification
Commercial Backlog GrowthCommercial Backlog Growth
0
200
400
600
800
1000
1200
1998 June 2003
Nu
mb
er
of
Air
cra
ft
ERJ 145 Family EMBRAER 170/190 Family
1997 - 8 RJs customersToday - 34 RJs customers
120
40
80
160
Narrow Body Large Aircraft
Seat Capacity
30 Seat Tprops
50 SeatERJ 145
37 - 44 Seat ERJ 135/140
Filling the Seat Capacity Gap Filling the Seat Capacity Gap
GeographicDiversification
Global PresenceGlobal Presence
Operations in Brazil, USA, Europe, Asia and Austrália
BrasilG a v i ã o P e i x o t o
B o t u c a t u
S ã o J o sé d o s C a m p o s
EUAN a s h v i l l e
A t l a n t aP a l m B e a c h G a r d e n s
F o r t L a u d e r d a l e
FrançaL e B o u r g e t
GBW e y b r i d g e
ChinaB e i j i n gH a r b i n
AustráliaM e l b o u r n e
CingapuraC i n g a p u r a
Recent Geographic DiversificationRecent Geographic Diversification
Q Acquisition of the assets of Celsius Aerotech in
2002
Q JV in China, in 2003
Q Plans for an assembly l ine in Jacksonvil le, FL -
USA, in 2003
BusinessSegmentDiversification
Current SalesDistribution
FY2002
Expected Sales DistributionIn Five Years
Defense
Revenue DiversificationRevenue Diversification
30%30%
CommercialCommercial70%70%
CorporateJets
CustomerService
Defense
5%
Customer
Services
6%
Corporate
Aviation
6%
Commercia l
8 3 %
DefenseMarket
Defense Growth StrategyDefense Growth Strategy
Q Market the existing programs to other Air Forces
QExplore synergies with our strategic partners
(Dassault, Thales, Snecma and EADS)
QDevelop new alliances and partnerships
Defense Products
Today
Planta Industrial em Jacksonville
•Invited to jo in the team in the compet i t ion to develop the U.S.
Army ’s next generat ion Intel l igence, Survei l lance and Reconnaissance system, known as the Aer ia l Common Sensor (ACS).
Industrial Facility Jacksonville
• F o r t h e U . S . d e f e n s e a n d h o m e l a n d s e c u r i t y m a r k e t s .
• E M B 1 4 5 a s s e m b l y l i n e
• Fully qualifies as a compliant U.S. government supplier for defense and homeland security programs.
EMB 145 AEW&CEMB 145 AEW&CEMB 145 platform:• Lower operational cost• In Operation with the SINVAM Project
EMB 145 E-2C C-130 E-3
1000
3000+3500+
Direct
Operating
Cost
(USD/h)
8000+
CorporateAircraft Market
Legacy - A New ConceptLegacy - A New Concept
QQBased on a proven airplane platform (ERJ 135), Based on a proven airplane platform (ERJ 135), with almost 700 aircraft in operationwith almost 700 aircraft in operation
QQRepresents value for customersRepresents value for customersüüComfort Comfort
üüPerformancePerformance
üüCost EfficiencyCost Efficiency
üüReliabilityReliability
QQBest cost benefit alternativeBest cost benefit alternative
Market SegmentationMarket Segmentation
$2.4 - 5.0M
$12 - 13.0M
$6.0 - 7.0M
$9 – 10 M
$16.0 - 22.0M
$24.0 - 32.0M
$ 46 - 64.0M• BBJ1 / BBJ 2• Airbus 319 CJ
• Challenger 604• Falcon 900
• G 400
• Citation X • Falcon 50
• Falcon 2000 • G200 • Challenger 300 • Horizon
• Hawker 800 XP • G100
• Lear 60 • Sovereign
• Lear 45 • Excel
$20.8M
• G 500 / G 550
• Global Express• Falcon 7X• Global 5000
$ 33 - 45.0M
• Citation Jet • CJ1 • CJ2 •
• SJ-30 • Premier • Mustang
• Beechjet400A • Lear 31 • Bravo
Global
Ultra-Long Range
Large
Supermidsize
MidsizeMidlight
Light
Entry
2002
Learsand Citations
$10.0 - 13.0M
$5.0 - 7.0M
$13.0 - 20.0M
$20.0 - 30.0M Challenger
G IV-S P
Lear 55/60
Hawker 800;
Citation VII
Supermidsize
Midsize
Small
Large
Falcon 50
1993
Learsand Citations
$10.0 - 13.0M
$5.0 - 7.0M
$13.0 - 20.0M
$20.0 - 30.0M Challenger
G IV-S P
Lear 55/60
Hawker 800;
Citation VII
Legacy in flightLegacy in flight
Legacy Executive - interior
Supermidsize categorySupermidsize 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)
Large categoryLarge category
10 20 30 40 50ft
m 3 6 9 12 15
Falcon 200026‘4”(8,01m)
G40041’(12,49m)
42’6”(12,94m)
Legacy Shuttle - InteriorLegacy Shuttle - Interior
Airline MarketAirline Market
Airline Market TodayAirline Market Today
NorthAmerica
38%
Europe
24%
Latin America & Caribbean
6%
Africa & Middle East
6%
Asia/ Pacific
20%
China
6%
Scheduled airline services - Capacity share % by region
Source: OAG (Jan/2003), Fleet PC (Dec/2002)
Regional80993363Total Fleet 8664Single AisleTwin Aisle Regional69512642Total Fleet 5339Single AisleTwin Aisle Regional80993363Total Fleet 8664Single AisleTwin Aisle Regional69512642Total Fleet 5339Single AisleTwin Aisle
Flee in Service
516Regional
577Single Aisle
94Twin Aisle
516Regional
577Single Aisle
94Twin Aisle
247Regional
433Single Aisle
333Twin Aisle
247Regional
433Single Aisle
333Twin Aisle
1346Regional
1523Single Aisle
520Twin Aisle
1346Regional
1523Single Aisle
520Twin Aisle
67Regional
442Single Aisle
151Twin Aisle
67Regional
442Single Aisle
151Twin Aisle
626Regional
673Single Aisle
864Twin Aisle
626Regional
673Single Aisle
864Twin Aisle
2537Regional
3303Single Aisle
680Twin Aisle
2537Regional
3303Single Aisle
680Twin Aisle
Fleet in Service
Market Evolution - USAMarket Evolution - USA
Share of US Domestic Passenger Enplanements
91%84%
71% 65%
7%16%
19%
5% 9% 13% 16%3%
0%
20%
40%
60%
80%
100%
1980 1990 2000 2Q2002
Majors Low Cost/New Entrants Regionals
Source: AvStat Associates, Inc. analysis of U.S. DOT data.
Jan 1995 – 336 Routes
Low Cost Networks - USALow Cost Networks - USA
Source: BACK OAG (Southwest, Jetblue, Airtran and Frontier)
Jan 2003 – 944 Routes
Source: AEA, ERA, ATI
Share of Intra-European RPKs
86% 82% 82% 81% 79% 78% 73% 73%
8%
14% 17% 17% 17% 18% 17% 19% 19%
5%4%2%1%1%1%
8%
0%
20%
40%
60%
80%
100%
1995 1996 1997 1998 1999 2000 2001 2002
Majors Low Cost Regionals
2002 Low Cost Data Estimated Low Cost: easyJet + Go + Ryanair
Market Evolution - EuropeMarket Evolution - Europe
Low Cost Networks - EuropeLow Cost Networks - Europe
Source: BACK OAG (Ryanair, easyjet, Buzz and GO)
Jan 1995 – 18 Routes
Jan 2003 – 374 Routes
Airline industryAirline industryfinancialfinancialperformanceperformance
$100
$110
$120
$130
$140
$150
$160
Source:
Oct NovJan MarFeb Apr DecMay SepJulJun Aug
199919991999
200020002000
200120012001
200220022002
US Domestic Fare EvolutionUS Domestic Fare Evolution
199819981998
Average Domestic Fare (1,000 miles trip)
20020033
40
45
50
55
60
65
ASM(Billions)
Source:
Oct NovJan MarFeb Apr DecMay SepJulJun Aug
19981998
1999199920002000
20012001
20022002
US Domestic Capacity EvolutionUS Domestic Capacity Evolution
A new marketA new marketcategory is borncategory is born
Seating Capacity
25 50 75 100 125 150 175+
70 to110 Seats
70 to110 Seats
B7
57
B7
37
MD
80
B7
57
B7
37
B7
37
A3
20
A3
19
B7
57
B7
37
MD
80
B7
37
B7
37
B7
57
B7
37
B7
37
B7
37
B7
57
DC
9
B7
57
A3
20
MD
80
B7
37
A3
20
B7
37
A3
19
F10
0
AA
Seat Capacity “Gap” Seat Capacity “Gap”
A3
19
A3
20
E1
70
Seating Capacity
Different European “Fleet Gap” Different European “Fleet Gap”
25 50 75 100 125 150 175+
37 – 80 103 – 270+
37 – 85 112 – 206+
50–70 109 – 169+
44 – 66 131 – 283+
50 - 80 108 – 189+
110 – 180+50 – 111
50 – 213+
Regional Jets or Mainliners? Regional Jets or Mainliners?
Increasing involvement of majors in the acquisition process:
• Wholly owned subsidiaries
• Fleet/ services harmonization among feeders
• Joint procurement by airlines alliances
Increasing pressure for seamless services:
• Mainline cabin confort and features
• Baggage capacity
Fleet management flexibility
- Common logistics
- Same cockpit training
State of the art aircraft technology
- Load factor optimization - aircraft tailored size
Low maintenance costs
Minimum down-time (TAT, checks)
High schedule reliability
Fly-by-Wire
Regional Jets or Mainliners?
Both - New Generation of JetsBoth - New Generation of Jets
Mainline service and aircraft technical characteristics...
... at RJ operating costs and flexibility.
264 aircraft with more than 20 years
(36% of total fleet in service)
264 aircraft with more than 20 years
(36% of total fleet in service)
Market Opportunities – USAMarket Opportunities – USA
9 72
16
71
1311
137
7067
92108
95
827
0
100
200
0 - 5 6 - 10 11 - 15 16 - 20 21 - 25 26 - 30 31 - 35 > 35
Aircraft Age (Years)
Nu
mb
er o
f A
ircr
aft
61 - 90 91 - 120
Fleet in Service (61-120 seat segment - Dec/2002)
Source: BACK -Fleet PC (Scheduled Airlines, Active in Service and All Passenger Configuration)
The Need for 70-110 Seat Jets The Need for 70-110 Seat Jets
Mainline NetworkDomestic USAFebruary 2003
Source: T100 Back (DOT)
Opportunities for Optimizing Capacity
39% of flights depart
with loads appropriate
for 90-110 seat aircraft}7%
5%
8%
10%
13%14%
12%11%
7%
5%
3%2%
4%
0%
4%
8%
12%
16%
20%
50> 50 60 70 80 90 100 110 120 130 140 150 150+
PAX per Departure
23% of flights depart
with loads appropriate
for 70-seat aircraft }
EMBRAER 190 / 195 in low cost environmentEMBRAER 190 / 195 in low cost environment
ü Offer similar cost per asm of the small narrowbody aircraft (A318, A319, B717, B737-600)
ü Offer lower cost per trip then any narrowbody aircraft
ü State of the art technology
ü Superior comfort to narrowbody aircraft
ü Equivalent or greater individual space per passenger
ü No middle seating
Lower breakeven load factor per flight
Lower risk / higher return alternative for network expansion
Capture of thinner markets
Possibility of higher frequencies in existing markets
JetBlue Airways
Attractive Market Opportunities
n Mid-sized markets lack low-fare service from low-cost carriers (LCCs).
n These markets lack the volume to profitably fill the full-sized jets flown by LCCs with sufficient frequencies.
n Service is limited to small Regional Jets (RJs) operated by major airline affiliates.
— RJs have limited capacity and high unit costs
n JetBlue’s solution for mid-sized markets is a mid-sized, low-cost aircraft to permit profitable market entry.
Mid-sized markets are the largest segment of the U.S. domestic market
U.S. Domestic Markets By Passenger Volume
807
532
359
13072 47 17 15 7 7 3 7
0100200300400500600700800900
50-1
00 200
400
600
800
1000
1200
1400
1600
1800
2000
> 22
00
Passengers Per Day Each Way (PDEWs)
Nu
mb
er o
f Mar
kets
Attractive Market Opportunities
Higher Average Daily Utilization
Estimated Average Daily Utilization
0 1 2 3 4 5 6 7 8 9 10 11 12
Block Hours per Aircraft per Day
Typical Regional Jet
Embraer 190
Mid-sized aircraft is optimal to permit profitable entry in mid-sized markets
Typical Narrowbody Aircraft = 120-199 Seats
Embraer 190 = 100 Seat Aircraft
Typical Regional Airline = 35-70 Seats
Embraer 190: The Ideal Mid-Sized Aircraft
n A high technology, non-derivative aircraftØ Brand-new designØ Learning from past experienceØ International collaboration of GE, Honeywell, Kawasaki, Goodrich, Hamilton-
Sundstrand and othersØ Fly-By-Wire flight controls
n Near-transcon range of 2,100 nm
n Requires only two flight attendants
Embraer 190: The Ideal Mid-Sized Aircraft
Breakeven with 42% Fewer Customers per Flight
Breakeven Customer Load per Flight
162
100113
65
0102030405060708090
100110120130140150160170180
Cu
sto
mer
s
Customer Capacity per Flight Breakeven Customer Load per FlightAirbus A320 Embraer 190
Program StatusEMBRAER 170 / 190
Program StatusEMBRAER 170 / 190
EMBRAER 170 Schedule
GO AHEAD
Initial Definitions Phase
Joint Definition Phase
Detailing and Manufacturing
Roll out
Flight Preparation
First Flight
Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 31999 2000 2001 2002 2003
Certification Tests
FAA/JAA Certification
Q 4
Single Path Certification2
2 Basic, CAT II, Windshear, Autothrottle, additional Flap settings
EMBRAER 170 – Certification Strategy ReviewEMBRAER 170 – Certification Strategy Review
Basic Certification
Mid year
Follow onCertification1
November
1 CAT II, Windshear
EMBRAER 170 – Certification Strategy ReviewEMBRAER 170 – Certification Strategy Review
Single Path Certification*
* Basic cert, CAT II, Windshear, Autothrottle, additional Flap settings
• Certification effort optimization
• Schedule risk reduction
• Training optimization
• Higher maturity at entry into serviceNovember
EMBRAER 175 Schedule
Initial Definitions Phase
Technical Interface Meetigns
Detail Design
CDRs
Detail Design and Manufacturing
1st Flight
Certification Tests
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2002 2003 2004
ü Accomplished
ü Accomplished
ü Accomplished
ü Accomplished
On going
Type Certification CTA
Type Certification FAA/JAA
Technical Interface Meetings
Detail Design & Manufacturing
First Flight
Certification Campaign
1st Delivery
2003 2004 2005 2006Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Preliminary Studies
EMBRAER 190 Schedule - Previous
Certification Campaign
Technical Interface Meetings
Detail Design & Manufacturing
First Flight
1st Delivery
2003 2004 2005 2006Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Preliminary Studies
Certification
First Flight
EMBRAER 190 Schedule - New
20062001 2002 2003 2004 2005Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Initial Definitions Phase
JointDefinition Phase
Detail Design and Manufacturing
First Flight
Certification Tests
Type Certification
Accomplished
Q1 Q2 Q3 Q4
Accomplished
EMBRAER 195 Schedule - Previous
Detail Design and Manufacturing
Certification Tests
20062001 2002 2003 2004 2005Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Initial Definitions Phase
JointDefinition Phase
First Flight
Type Certification
Accomplished
Q1 Q2 Q3 Q4
Accomplished
EMBRAER 195 Schedule - New
Embraer’sEmbraer’sOrderbookOrderbook
206
79
106
21
Firm
Backlog
6701361485876Total
5021015434581ERJ 145
6821945174ERJ 140
1001276121ERJ 135
DeliveriesTotalOptionsFirm Orders
ERJ145 Family Orderbook
June / 2003
EMBRAER 170/190 Family Orderbook
230120110EMBRAER 190
553309244Total
473215EMBRAER 195
276157119EMBRAER 170
TotalOptionsFirm Orders
June / 2003
Backlog
US$ billion
10.37.99.010.711.4
6.44.13.01.2
16.8
11.313.2
12.712.7
11.3
0
5
10
15
20
25
30
1996 1997 1998 1999 2000 2001 2002 1Q03 2Q03
OptionsFirm Orders
1.23.0
4.1
17.7
24.1 23.4 22.2
19.2
27.1
Deliveries Forecast
77%
51%
37%
15% 13%
7%
2003 2004
ERJ 145 Family EMBRAER 170 Family Corporate
77%
51%
37%
15% 13%
7%
2003 2004
ERJ 145 Family EMBRAER 170 Family Corporate
110 expected deliveries for 2003 and 160 for 2004
2nd Quarter 2003Financial Results
US GAAP
Second Quarter Highlights• Real (R$) appreciation against US Dollar (US$):
ü Negative impact on Gross Margin
ü Contribution to a higher R&D expense
ü Non-realized $85MM loss on swap transactions
• Successive Trade Accounts Receivables collection postponments:
ü Short-term debt and financial expenses increase
ü Mismatched real-denominated assets and liabilities
US$ 4.9 MM Net Income
Second Quarter Highlights• 4 new orders for the EMBRAER 170/190 new jet family:
ü US Airways - 85 firm orders for the EMBRAER 170
ü JetBlue Airways - 100 firm orders for the EMBRAER 190
ü LOT - 10 firm orders for the EMBRAER 170
ü Undisclosed - 10 firm orders for the EMBRAER 190
• Intention of establishing an industrial facility in Jacksonville:
ü It will be used to supply aircraft for the US defense and national security markets
• EMBRAER 175 first flight took place successfully in June.
• Embraer revised the total number of jets to be delivered:
ü In 2003 – from 132 to 110
ü In 2004 – from 136 to 160
• 23 Legacy Shuttle from Indigo excluded from backlog.
Income StatementHighlights
Jet Deliveries
Units
23
28
41
303030
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03
US$ Exchange Rate Volatility
1%
20%
37%
-9%-5%
-14%
1T02 2T02 3T02 4T02 1T03 2T03
Final Rate
US$ Million
Net Sales & Gross Margin
798
489567
557
581590
36.5%
39.9% 39.2% 39.3% 39.1%39.7%
0
250
500
750
1000
1Q02 2Q02 3Q02 4Q02 1Q03 2Q0330%
40%
US$ Million - 2Q03
Cost of Goods Sold
2.7%9.4%
87.9%
Material Labor Others
Sales per Segment
First Half 2003
Sales per Market
First Half 2003
Revenue Breakdown
Customer Serviçes
6%
Corporate9%
Defense9%
Comercial76%
Foreing Market
97%
Brazil3%
US$ Million
SG&A and Others Expenses
Note: SG&A includes Profit Sharing and does not include R&D
8576
91
124
7686
15.1%15.5%15.5%15.7%
13.0%
15.2%
-
30
60
90
120
150
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03
0%
3%
6%
9%
12%
15%
18%
SG&A and Others SG&A , Others (% of Net Sales)
US$ Million
R&D
4135
26
46
36
51
9.1%
7.3%
4.5%
6.0%
7.4%
5.8%
-
20
40
60
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03
0%
2%
4%
6%
8%
10%
R&D R&D (% of Net Sales)
US$ Million
Income from Operations
14283 70
119 1119712.3%
17.0%17.9%19.1%
20.3%
17.3%
0
200
400
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03
10%
15%
20%
25%
Net Income & Margin
77
44
5
4137
68
12.2%
6.2%7.0%
9.7% 9.0%
0.9%0
50
100
150
1Q02 2Q02 3Q02 4Q02 1Q03 2Q030%
5%
10%
15%
US$ Million
Net Income 1Q03 x 2Q03
- -
44
(1)
78 ( 66)
(26)
(83)
58 5
1Q03 NET SALES COGS operatingexpense
Financialtransaction
Non-operating
Taxes 2Q03
Balance SheetHighlights
Trade Accounts Receivable
US$ Million
707
247326
736
913790
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03
Note: In the short-term
Trade Accounts Receivable
US$ Million
548 511
213
232
287
147
143
24344
27
47
4Q02 1Q03 2Q03
BNDES BNDES negotiation Market Others
736
913790
Inventories
995 992
946
865
1013 1005
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03
US$ Million
Inventories by program
81 82 75 74
775 749707
575659
613
67 8097
110
141 196
72 8167
105
128 130
75 77
995 992946
1,0131,005
865
0
200
400
600
800
1000
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03
Others ERJ 145 Family/Legacy EMBRAER 170/190 Defense
Net Cash (Debt)
US$ Million
39
360
217
104
(212)
43
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03
Bank Debt - US$ 825.4 million
June 30, 2003
Loans Breakdown
Debt MaturityCurrency Breakdown
• Considering Currency Swaps• Average R$ debt cost: 19.5% p.a. (74.8% of CDI)• Average US$ debt cost: 5.5% p.a.
• Loan Average Maturity: 2 years and 7 months
Long Term39%
Short Term61%
US$ 42%
R$ 58%
Balance SheetCurrencyExposure
Balance Sheet by currency
16% 12% 11% 11% 15% 14%
74%88% 79%
89% 85% 87%
10%10%
Assets Liabilities Assets Liabilities Assets Liabilities
12/31/2002 03/31/2003 06/30/2003
R$ US$ (BNDES) US$
Without swap
Balance Sheet by currency
16% 23%11%
26%15%
26%
74% 77% 79% 74%85%
74%
10%10%
Assets Liabilities Assets Liabilities Assets Liabilities
12/31/2002 03/31/2003 06/30/2003
R$ US$ (BNDES) US$
With swap
PlannedInvestments
US$ million
PP&E and R&D
16
36
60
114
144152
19
70
100
159
0
20
40
60
80
100
120
140
160
180
1999 2000 2001 2002 1Q03
PP&E
R&D
Production Cycle
In Months
3.7
5.04.95.5
6.06.0
8.0
0
2
4
6
8
10
1996 1997 1998 1999 2000 2001 2002
Planned Investments
R&D Total
- Commercial Aviation
- Corporate Aviation
- Others
Defence
20042003
167
126
14
27
53
187
72
3
112
44
Productivity and PP&E 58 44
TOTAL 278 274
US$ million
Estimated US$1.2 billion in investments during the next five years.Defence Investments are funded by their contracts and are not included in the R&D expenses, but in Cost of Sales and Services.