Bombardier Reports Fourth Quarter and Full Year 2016 Results
(Thomson Reuters ONE) -
Bombardier Inc. /
Bombardier Reports Fourth Quarter and Full Year 2016 Results
. Processed and transmitted by Nasdaq Corporate Solutions.
The issuer is solely responsible for the content of this announcement.
- Consolidated earnings and cash performance(1) exceeded 2016 guidance
- Full-year margin(1) targets exceeded at Transportation, Business and
Commercial Aircraft
- All new program milestones met; CS100 and CS300 in service, Global 7000 in
flight testing
- 2017 guidance affirmed, on track to achieve all 2018 and 2020 targets
- Liquidity(2) secured, turnaround plan in full motion
MONTREAL, QUEBEC--(Marketwired - Feb 16, 2017) - Bombardier
(TSX:BBD.A)(TSX:BBD.B)(OTCQX:BDRBF) today reported its fourth quarter and full
year 2016 results. The Company also affirmed its guidance for 2017 and
highlighted another quarter of solid performance as it executes its turnaround
plan.
"Our turnaround plan is in full motion," said Alain Bellemare, President and
Chief Executive Officer, Bombardier Inc. "In 2016, Bombardier delivered on its
financial commitments. We met our program milestones and we've positioned the
Company to achieve all of the financial goals in our five-year turnaround plan,
including being cash flow break-even in 2018."
On a consolidated basis, Bombardier exceeded its 2016 guidance range for EBIT
before special items((3)); improved its year-over-year cash performance by $778
million; and delivered approximately 200 basis points of margin improvement at
its Transportation, Business Aircraft and Aerostructures segments. With the
successful refinancing of $1.4 billion of senior notes in the fourth quarter,
the Company also successfully completed the de-risking phase of its turnaround
plan in 2016, securing the liquidity necessary to fully execute the final two
phases of the plan: building earnings and cash flow and de-leveraging its
balance sheet.
Further highlighting the Company's progress in the fourth quarter was the
successful entry-into-service of the CS300 aircraft with airBaltic, which
followed the strong performance of the CS100 aircraft with SWISS since starting
commercial operations over six months ago. Bombardier's all-new, class-defining,
ultra-long range business jet, the Global 7000, also began flight testing in the
fourth quarter and remains on schedule to enter service in the second half of
2018.
"As we begin 2017, we are confident in our strategy, our turnaround plan and in
our ability to unleash the full value of the Bombardier portfolio," Bellemare
continued. "We remain focused on improving operational efficiency, flawlessly
ramping up our new programs and maintaining a disciplined and proactive approach
to deliver value to customers and shareholders in any market environment."
For 2017, as per guidance introduced in December 2016, the Company expects to
resume revenue growth in the low-single digits, driven by an increase in
Transportation revenues and an acceleration of C Series aircraft deliveries.
EBIT before special items for 2017 is forecast to increase by 35% at the mid-
point of the $530 million to $630 million range, with margins improving across
all business segments. Free cash flow usage should continue to improve by up to
$300 million, falling in the range of $750 million to $1.0 billion as the
Company continues to come down the learning curve on the C Series aircraft.
Selected results
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For the fiscal years ended December 31 2016 2015
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Revenues $ 16,339 $ 18,172
EBIT $ (58 ) $ (4,838 )
EBIT margin (0.4 )% (26.6 )%
EBIT before special items $ 427 $ 554
EBIT margin before special items((3)) 2.6 % 3.0 %
EBITDA before special items((3)) $ 798 $ 992
EBITDA margin before special items((3)) 4.9 % 5.5 %
Net loss $ (981 ) $ (5,340 )
Diluted EPS (in dollars) $ (0.48 ) $ (2.58 )
Adjusted net income (loss)((3)) $ (268 ) $ 326
Adjusted EPS (in dollars)((3)) $ (0.15 ) $ 0.14
Net additions to PP&E and intangible assets $ 1,201 $ 1,862
Free cash flow usage((3)) $ (1,064 ) $ (1,842 )
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As at December 31 2016 2015
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Available short-term capital resources((2)) $ 4,477 $ 4,014
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For the fourth quarters ended December 31 2016 2015
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Revenues $ 4,380 $ 5,017
EBIT $ 74 $ (657 )
EBIT margin 1.7 % (13.1 )%
EBIT before special items $ 104 $ 16
EBIT margin before special items 2.4 % 0.3 %
EBITDA before special items $ 203 $ 139
EBITDA margin before special items 4.6 % 2.8 %
Net loss $ (259 ) $ (677 )
Diluted EPS (in dollars) $ (0.12 ) $ (0.31 )
Adjusted net income (loss) $ (141 ) $ 9
Adjusted EPS (in dollars) $ (0.07 ) $ 0.00
Net additions to PP&E and intangible assets $ 327 $ 543
Free cash flow((3)) $ 496 $ 527
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All amounts in this press release are in U.S. dollars, unless otherwise
indicated.
Amounts in tables are in millions except per share amounts, unless otherwise
indicated.
SEGMENTED RESULTS AND HIGHLIGHTS
Business Aircraft
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For the fiscal years ended December 31 2016 2015 Variance
------------------------------------------------------------------------------
Revenues $ 5,741 $ 6,996 (18 )%
Aircraft deliveries (in units) 163 199 (36 )
Net orders (in units) 114 (24 ) 138
Book-to-bill ratio((4)) 0.7 nmf nmf
EBIT $ 477 $ (1,252 ) nmf
EBIT margin 8.3 % (17.9 )% nmf
EBIT before special items $ 369 $ 308 20 %
EBIT margin before special items 6.4 % 4.4 % 200 bps
EBITDA before special items $ 528 $ 492 7 %
EBITDA margin before special items 9.2 % 7.0 % 220 bps
Net additions to PP&E and intangible assets $ 721 $ 722 - %
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As at December 31 2016 2015
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Order backlog (in billions of dollars) $ 15.4 $ 17.2 (10 )%
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* Business Aircraft's 2016 financial performance exceeded guidance on all
fronts, delivering a total of 163 aircraft, while reaching revenues of $5.7
billion and EBIT margins before special items of 6.4%, a 200-basis point
improvement over the prior year.
* Financial results for 2016 demonstrated our continued focus on driving
sustainable margin expansion through increasing production efficiency,
transforming our cost structure, improving our production agility and the
enhancement to our pre-owned aircraft business.
* We also made significant progress on the development of the Global 7000 and
Global 8000 aircraft program, setting the standard for a new category of
large business jets. We successfully completed, on November 4, 2016, the
maiden flight of the first Global 7000 FTV, dedicated to testing basic
system functionality and assessing the handling and flying qualities of the
aircraft. The Global 7000 aircraft is the first and only clean-sheet
business jet with four living spaces. Engineered with a next-generation
transonic wing design, the aircraft offers a steep approach capability and
short field performance, coupled with highly efficient engines, the largest
cabin in this category and a highly advanced cockpit.((5))
Commercial Aircraft
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For the fiscal years ended December 31 2016 2015 Variance
-------------------------------------------------------------------------------
Revenues $ 2,617 $ 2,395 9 %
Aircraft deliveries (in units) 86 76 10
Net orders (in units) 161 51 110
Book-to-bill ratio((4)) 1.9 0.7 1.2
EBIT $ (903 ) $ (3,970 ) nmf
EBIT margin (34.5 )% nmf nmf
EBIT before special items $ (417 ) $ (170 ) (145 )%
EBIT margin before special items (15.9 )% (7.1 )% (880) bps
EBITDA before special items $ (353 ) $ (66 ) nmf
EBITDA margin before special items (13.5 )% (2.8 )% (1070) bps
Net additions to PP&E and intangible
assets $ 392 $ 963 (59 )%
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As at December 31 2016 2015
-------------------------------------------------------------------------------
Order backlog (in units) 436 361 75
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* Commercial aircraft's financial performance for 2016 was marked by the
production ramp-up and the start of the revenue-generating phase of the C
Series aircraft program. Revenues and deliveries were in line with guidance.
The EBIT loss compares favourably relative to guidance, stemming from strong
execution while ramping up production and cost control during the initial
months following EIS and supported by the reliability of the aircraft in
service. Our focus is now on improving efficiency while ramping up to full
production, continuing to increase our order backlog, delivering the C
Series aircraft and providing customer support.
* Commercial Aircraft reached a historic milestone in 2016 as it certified and
brought to market both variants of the C Series aircraft, the first all-new
clean-sheet designed family of single-aisle aircraft in the 100- to 150-seat
segment in nearly 30 years. With a total of seven aircraft delivered by year
end, both the CS100 and CS300 aircraft are delivering on their operating
cost advantage, superior operating flexibility, exceptional performance and
range, as well as passenger comfort.
* During the year, significant orders solidified the C Series aircraft program
in the 100- to 150-seat category. A total of 129 firm orders and 80 options
were added to the backlog, from Delta Air Lines, Air Canada, airBaltic and
Air Tanzania, with a combined value of $10.1 billion at list prices.
* During the year, we closed the $1.0-billion equity investment by the
Government of Québec (through Investissement Québec) in return for a 49.5%
equity stake in a newly-created limited partnership, the C Series Aircraft
Limited Partnership (CSALP), which carries on the operations related to our
C Series aircraft program and continues to be consolidated in our financial
results.
Aerostructures and Engineering Services
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For the fiscal years ended December 31 2016 2015 Variance
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Revenues $ 1,549 $ 1,797 (14 )%
External order intake 392 474 (17 )%
External book-to-bill ratio((6)) 0.9 0.9 -
EBIT $ 128 $ 105 22 %
EBIT margin 8.3 % 5.8 % 250 bps
EBIT before special items $ 124 $ 104 19 %
EBIT margin before special items 8.0 % 5.8 % 220 bps
EBITDA before special items $ 175 $ 154 14 %
EBITDA margin before special items 11.3 % 8.6 % 270 bps
Net additions to PP&E and intangible assets $ 20 $ 26 (23 )%
----------------------------------------------------------------------------
As at December 31 2016 2015
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External order backlog $ 42 $ 80 (48 )%
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* We achieved revenue and profitability((1)) in line with guidance for 2016.
Margin expansion was driven by strong execution of our transformation
initiatives, aiming to optimize our operations.
Bombardier Transportation
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For the fiscal years ended December 31 2016 2015 Variance
----------------------------------------------------------------------------
Revenues $ 7,574 $ 8,281 (9 )%
Order intake (in billions of dollars) $ 8.5 $ 8.8 (3 )%
Book-to-bill ratio((7)) 1.1 1.1 -
EBIT $ 396 $ 465 (15 )%
EBIT margin 5.2 % 5.6 % (40) bps
EBIT before special items $ 560 $ 465 20 %
EBIT margin before special items 7.4 % 5.6 % 180 bps
EBITDA before special items $ 657 $ 564 16 %
EBITDA margin before special items 8.7 % 6.8 % 190 bps
Net additions to PP&E and intangible assets $ 116 $ 155 (25 )%
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As at December 31 2016 2015
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Order backlog (in billions of dollars) $ 30.1 $ 30.4 (1 )%
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* Our operational transformation is gaining traction. During 2016, the EBIT
margin before special items of 7.4% exceeded our guidance. Our 2016 revenues
of $7.6 billion are lower than guidance, which is mainly attributed to our
active project management resulting in the continued deferral of certain
revenue under long-term contract accounting.
* Strong order intake of $8.5 billion across all product segments and
geographic regions led to a book-to-bill ratio of 1.1 for the fiscal year
and brought the backlog to $30.1 billion at year end.
* On February 11, 2016, we closed the sale to the CDPQ of a $1.5-billion
equity investment in convertible shares representing a 30% stake in
Bombardier Transportation (Investment) UK Limited (BT Holdco), which,
following the completion of a corporate reorganization, owns essentially all
of the assets and liabilities of Bombardier's Transportation business
segment. BT Holdco continues to be controlled by Bombardier Inc. and
consolidated in its results.
About Bombardier
Bombardier is the world's leading manufacturer of both planes and trains.
Looking far ahead while delivering today, Bombardier is evolving mobility
worldwide by answering the call for more efficient, sustainable and enjoyable
transportation everywhere. Our vehicles, services and, most of all, our
employees are what make us a global leader in transportation.
Bombardier is headquartered in Montréal, Canada. Our shares are traded on the
Toronto Stock Exchange (BBD) and we are listed on the Dow Jones Sustainability
North America Index. In the fiscal year ended December 31, 2016, we posted
revenues of $16.3 billion. News and information are available at bombardier.com
or follow us on Twitter (at)Bombardier.
Bombardier Inc. uses its website as a channel of distribution for material
company information. Financial and other material information regarding
Bombardier Inc. is routinely posted on its website and accessible at
bombardier.com. Investors are hereby notified information about regular
dividends declared and paid by Bombardier is only made available through its
website, unless otherwise required by applicable securities laws.
Bombardier, CS100, CS300, C Series, Global, Global 7000 and Global 8000 are
trademarks of Bombardier Inc. or its subsidiaries.
Readers are strongly advised to view a more detailed discussion of our results
by segment in our Management's Discussion and Analysis and Consolidated
financial statements which are posted on our website at ir.bombardier.com.
bps: basis points
nmf: information not meaningful
((1)) Earnings, profitability, margin and operating margin refer to EBIT
before special items or EBIT margin before special items. Cash performance
refers to free cash flow usage. Non-GAAP financial measures. See Caution
regarding non-GAAP measures at the end of this press release.
((2) )Defined as cash and cash equivalents plus the amount available under the
Corporation's revolving credit facilities.
((3) )Non-GAAP financial measures. See Caution regarding non-GAAP measures at
the end of this press release.
((4)) Ratio of net orders received over aircraft deliveries, in units.
((5)) See the Global 7000 and Global 8000 aircraft program disclaimer in the
MD&A of the Corporation's financial report for the fiscal year ended December
31, 2016.
((6) )Ratio of new external orders over external revenues.
((7)) Ratio of new orders over revenues.
CAUTION REGARDING NON-GAAP MEASURES
This press release is based on reported earnings in accordance with
International Financial Reporting Standards (IFRS). Reference to generally
accepted accounting principles (GAAP) means IFRS, unless indicated otherwise.
This press release is also based on non-GAAP financial measures including
EBITDA, EBIT before special items and EBITDA before special items, adjusted net
income, adjusted earnings per share and free cash flow. These non-GAAP measures
are mainly derived from the consolidated financial statements but do not have
standardized meanings prescribed by IFRS; therefore, others using these terms
may define them differently. Management believes that providing certain non-GAAP
performance measures, in addition to IFRS measures, provides users of our
Financial Report with enhanced understanding of our results and related trends
and increases the transparency and clarity of the core results of our business.
Refer to the Non-GAAP financial measures and Liquidity and capital resources
sections in Overview and each reporting segments' Analysis of results sections
in the Corporation's MD&A for definitions of these metrics and reconciliations
to the most comparable IFRS measures.
Reconciliation of segment to consolidated results
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Fourth quarters Fiscal years
ended December 31 ended December 31
-------------------------------------------------------------------------------
2016 2015 2016 2015
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Revenues
Business Aircraft $ 1,651 $ 2,086 $ 5,741 $ 6,996
Commercial Aircraft 699 644 2,617 2,395
Aerostructures and Engineering
Services 319 443 1,549 1,797
Transportation 1,948 2,164 7,574 8,281
Corporate and Elimination (237 ) (320 ) (1,142 ) (1,297 )
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$ 4,380 $ 5,017 $ 16,339 $ 18,172
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EBIT before special items
Business Aircraft $ 100 $ 28 $ 369 $ 308
Commercial Aircraft (141 ) (87 ) (417 ) (170 )
Aerostructures and Engineering
Services 30 (9 ) 124 104
Transportation 181 123 560 465
Corporate and Elimination (66 ) (39 ) (209 ) (153 )
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$ 104 $ 16 $ 427 $ 554
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Special Items
Business Aircraft $ 1 $ 380 $ (108 ) $ 1,560
Commercial Aircraft 3 240 486 3,800
Aerostructures and Engineering
Services 6 - (4 ) (1 )
Transportation 20 - 164 -
Corporate and Elimination - 53 (53 ) 33
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$ 30 $ 673 $ 485 $ 5,392
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EBIT
Business Aircraft $ 99 $ (352 ) $ 477 $ (1,252 )
Commercial Aircraft (144 ) (327 ) (903 ) (3,970 )
Aerostructures and Engineering
Services 24 (9 ) 128 105
Transportation 161 123 396 465
Corporate and Elimination (66 ) (92 ) (156 ) (186 )
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$ 74 $ (657 ) $ (58 ) $ (4,838 )
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Supplemental information
Adjusted net income $ (141 ) $ 9 $ (268 ) $ 326
Adjusted EPS $ (0.07 ) $ - $ (0.15 ) $ 0.14
Free cash flow usage $ 496 $ 527 $ (1,064 ) $ (1,842 )
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Reconciliation of EBITDA before special items and EBITDA to EBIT
-------------------------------------------------------------------------------
Fourth
quarters Fiscal years
ended ended December
December 31 31
-------------------------------------------------------------------------------
2016 2015 2016 2015
-------------------------------------------------------------------------------
EBIT $ 74 $ (657 ) $ (58 ) $ (4,838 )
Amortization 99 123 371 438
Impairment charges on PP&E and
intangible assets((1)) 10 296 10 4,300
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EBITDA 183 (238 ) 323 (100 )
Special items excluding impairment
charges on PP&E and intangible
assets((1)) 20 377 475 1,092
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EBITDA before special items $ 203 $ 139 $ 798 $ 992
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Reconciliation of adjusted net income (loss) to net loss and computation of
adjusted EPS
-------------------------------------------------------------------------------
Fourth quarters ended December 31
---------------------------------------------------------------------------------
2016 2015
---------------------------------------------------------------------------------
(per (per
share) share)
---------------------------------------------------------------------------------
Net loss $ (259 ) $ (677 )
Adjustments to EBIT
related to special
items((1)) 30 $ 0.01 673 $ 0.30
Adjustments to net
financing expense
related to:
Loss on repurchase
of long-term
debt((1)) 86 0.04 - -
Accretion on net
retirement benefit
obligations 16 0.01 17 0.01
Net change in
provisions arising
from changes in
interest rates and
net loss on certain
financial
instruments (12 ) (0.01 ) (5 ) 0.00
Tax impact of
special((1) )and other
adjusting items (2 ) 0.00 1 0.00
---------------------------------------------------------------------------------
Adjusted net income (loss) $ (141 ) $ 9
---------------------------------------------------------------------------------
Net (income) loss
attributable to NCI 8 (2 )
Preferred share dividends,
including taxes (14 ) (2 )
---------------------------------------------------------------------------------
Adjusted net income (loss)
attributable to equity
holders of Bombardier Inc. (147 ) 5
---------------------------------------------------------------------------------
Weighted-average diluted
number of common shares
(in thousands) 2,194,304 2,221,868
---------------------------------------------------------------------------------
Adjusted EPS $ (0.07 ) $ 0.00
---------------------------------------------------------------------------------
Reconciliation of adjusted net income (loss) to net loss and computation of
adjusted EPS
---------------------------------------------------------------------------------
Fiscal years ended December 31
---------------------------------------------------------------------------------
2016 2015
---------------------------------------------------------------------------------
(per
share) (per share)
---------------------------------------------------------------------------------
Net loss $ (981 ) $ (5,340 )
Adjustments to EBIT
related to special
items((1)) 485 $ 0.22 5,392 $ 2.59
Adjustments to net
financing expense
related to:
Loss on
repurchase of
long-term
debt((1)) 86 0.04 22 0.01
Accretion on net
retirement
benefit
obligations 66 0.03 72 0.03
Net change in
provisions
arising from
changes in
interest rates
and net loss
(gain) on
certain
financial
instruments((1)) 63 0.03 75 0.04
Interest portion
of gains related
to special
items((1)) 26 0.01 - -
Transaction
costs related to
the conversion
option embedded
in the CDPQ
investment((1)) 8 0.01 - -
Tax impact of
special((1) )and other
adjusting items (21 ) (0.01 ) 105 0.05
---------------------------------------------------------------------------------
Adjusted net income
(loss) (268 ) 326
Net (income) loss
attributable to NCI (41 ) (7 )
Preferred share
dividends, including
taxes (32 ) (23 )
---------------------------------------------------------------------------------
Adjusted net income
(loss) attributable to
equity holders of
Bombardier Inc. (341 ) 296
---------------------------------------------------------------------------------
Weighted-average diluted
number of common shares
(in thousands) 2,212,547 2,082,683
---------------------------------------------------------------------------------
Adjusted EPS $ (0.15 ) $ 0.14
---------------------------------------------------------------------------------
Computation of diluted EPS
-------------------------------------------------------------------------------
Fiscal
Fourth quarters years
ended December 31 ended December 31
-------------------------------------------------------------------------------
2016 2015 2016 2015
-------------------------------------------------------------------------------
Net loss attributable
to equity holders of
Bombardier Inc. $ (251 ) $ (679 ) $ (1,022 ) $ (5,347 )
Preferred share
dividends, including
taxes (14 ) (2 ) (32 ) (23 )
-------------------------------------------------------------------------------
Net loss attributable
to common equity
holders of Bombardier
Inc. $ (265 ) $ (681 ) $ (1,054 ) $ (5,370 )
-------------------------------------------------------------------------------
Weighted-average
diluted number of
common shares (in
thousands of shares) 2,194,304 2,221,868 2,212,547 2,082,683
-------------------------------------------------------------------------------
Diluted EPS (in
dollars) $ (0.12 ) $ (0.31 ) $ (0.48 ) $ (2.58 )
-------------------------------------------------------------------------------
Reconciliation of adjusted EPS to diluted EPS (in dollars)
---------------------------------------------------------------------------
Fourth quarters ended December 31
---------------------------------------------------------------------------
2016 2015
---------------------------------------------------------------------------
Diluted EPS $ (0.12 ) $ (0.31 )
Impact of special((1) )and other adjusting items 0.05 0.31
---------------------------------------------------------------------------
Adjusted EPS $ (0.07 ) $ 0.00
---------------------------------------------------------------------------
Reconciliation of adjusted EPS to diluted EPS (in dollars)
---------------------------------------------------------------------------
Fiscal years ended December 31
---------------------------------------------------------------------------
2016 2015
---------------------------------------------------------------------------
Diluted EPS $ (0.48 ) $ (2.58 )
Impact of special((1) )and other adjusting items 0.33 2.72
---------------------------------------------------------------------------
Adjusted EPS $ (0.15 ) $ 0.14
---------------------------------------------------------------------------
(1) Refer to the Consolidated results of operations section in the MD&A of the
Corporation's financial report for the fiscal year ended December
31, 2016 for details regarding special items.
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements, which may involve, but
are not limited to: statements with respect to the Corporation's objectives,
guidance, targets, goals, priorities, market and strategies, financial position,
beliefs, prospects, plans, expectations, anticipations, estimates and
intentions; general economic and business outlook, prospects and trends of an
industry; expected growth in demand for products and services; product
development, including projected design, characteristics, capacity or
performance; expected or scheduled entry-into-service of products and services,
orders, deliveries, testing, lead times, certifications and project execution in
general; competitive position; the expected impact of the legislative and
regulatory environment and legal proceedings on the Corporation's business and
operations; available liquidities and ongoing review of strategic and financial
alternatives; the impact and expected benefits of the investment by the
Government of Québec in the C Series Aircraft Limited Partnership and of the
private placement of a minority stake in Transportation by the CDPQ on our
operations, infrastructure, opportunities, financial condition, access to
capital and overall strategy; and the impact of such investments on our balance
sheet and liquidity position.
Forward-looking statements can generally be identified by the use of forward-
looking terminology such as "may", "will", "shall", "can", "expect", "estimate",
"intend", "anticipate", "plan", "foresee", "believe", "continue", "maintain" or
"align", the negative of these terms, variations of them or similar terminology.
By their nature, forward-looking statements require management to make
assumptions and are subject to important known and unknown risks and
uncertainties, which may cause our actual results in future periods to differ
materially from forecast results set forth in forward-looking statements. While
management considers these assumptions to be reasonable and appropriate based on
information currently available, there is risk that they may not be accurate.
Certain factors that could cause actual results to differ materially from those
anticipated in the forward-looking statements include, but are not limited to,
risks associated with general economic conditions, risks associated with our
business environment (such as risks associated with the financial condition of
the airline industry, business aircraft customers, and the rail industry; trade
policy; increased competition; political instability and force majeure),
operational risks (such as risks related to developing new products and
services; development of new business; the certification and homologation of
products and services; fixed-price and fixed-term commitments and production and
project execution; pressures on cash flows based on project-cycle fluctuations
and seasonality; our ability to successfully implement and execute our strategy
and transformation plan; doing business with partners; product performance
warranty and casualty claim losses; regulatory and legal proceedings; the
environment; dependence on certain customers and suppliers; human resources;
reliance on information systems; reliance on and protection of intellectual
property rights; and adequacy of insurance coverage), financing risks (such as
risks related to liquidity and access to capital markets; retirement benefit
plan risk; exposure to credit risk; substantial existing debt and interest
payment requirements; certain restrictive debt covenants and minimum cash
levels; financing support provided for the benefit of certain customers; and
reliance on government support), market risks (such as risks related to foreign
currency fluctuations; changing interest rates; decreases in residual values;
increases in commodity prices; and inflation rate fluctuations). For more
details, see the Risks and uncertainties section in Other in the Management's
Discussion and Analysis (MD&A) of the Corporation's financial report for the
fiscal year ended December 31, 2016. For additional information with respect to
the assumptions underlying the forward-looking statements made in this press
release, refer to the Guidance and forward-looking statements sections in
Overview, Business Aircraft, Commercial Aircraft, Aerostructures and Engineering
Services, and Transportation in the MD&A of the Corporation's financial report
for the fiscal year ended December 31, 2016.
Readers are cautioned that the foregoing list of factors that may affect future
growth, results and performance is not exhaustive and undue reliance should not
be placed on forward-looking statements. The forward-looking statements set
forth herein reflect management's expectations as at the date of this press
release and are subject to change after such date. Unless otherwise required by
applicable securities laws, the Corporation expressly disclaims any intention,
and assumes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. The forward-
looking statements contained in this press release are expressly qualified by
this cautionary statement.
CONTACT INFORMATION
Simon Letendre
Senior Advisor,
Media Relations and Public Affairs
Bombardier Inc.
+514 861 9481
Patrick Ghoche
Vice President,
Investor Relations
Bombardier Inc.
+514 861 5727
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bombardier Inc. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 16.02.2017 - 14:09 Uhr
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