Bombardier Announces Financial Results for the Second Quarter Ended
July 31, 2009
(Thomson Reuters ONE) - MONTREAL, QUEBEC--(Marketwire - September 02, 2009) - Bombardier Inc.(TSX: BBD.A)(TSX: BBD.B)(All amounts in this press release are in U.S. dollars unlessotherwise indicated.)- Consolidated revenues of $4.9 billion, in line with last fiscalyear- EBITDA of $436 million, compared to $508 million last fiscal year- EBIT of $313 million, or 6.3% of revenues, compared to $371million, or 7.5%, last fiscal year- Net income of $202 million, compared to $259 million last fiscalyear- Earnings per share of $0.11, compared to $0.14 last fiscal year- Solid cash position of $2.8 billion- Renewal of a North American letter of credit facility for an amountof $600 million- Closing of a $500-million two-year unsecured revolving creditfacility- Strong backlog of $47.5 billionBombardier today reported financial results for the second quarter offiscal year 2010. Revenues totalled $4.9 billion, the same as thecorresponding period last fiscal year. Earnings before financingincome, financing expense and income taxes (EBIT) totalled $313million, compared to $371 million last fiscal year. EBIT marginreached 6.3% versus last year's 7.5%.Net income for the second quarter ended July 31, 2009 amounted to$202 million, compared to $259 million for the same period lastfiscal year. Diluted earnings per share (EPS) reached $0.11, comparedto $0.14 last fiscal year. Free cash flow (cash flows from operatingactivities less net additions to property, plant and equipment andintangible assets) totalled $18 million for the second quarter endedJuly 31, 2009, compared to $99 million last fiscal year. The cashposition amounted to $2.8 billion as at July 31, 2009, compared to$3.5 billion as at January 31, 2009. The overall backlog stands at$47.5 billion, as at July 31, 2009, compared to $48.2 billion as atJanuary 31, 2009."We are taking the necessary actions to face the current difficulteconomic environment, which continues to have an impact on ourresults", said Pierre Beaudoin, President and Chief ExecutiveOfficer, Bombardier Inc. "The aerospace industry as a whole continuesto experience challenging conditions, nevertheless, BombardierAerospace delivered 80 aircraft during the quarter, compared to 89last year, and increased its market share position in businessaircraft.""Bombardier Transportation had a good quarter. Revenues, EBIT marginas well as free cash flow improved compared to last year and thegroup is well on its way to achieving its target EBIT margin of 6%for the full fiscal year.""Overall, we have strong fundamentals, a large backlog, a solidliquidity position, and we remain focused on reducing costs andimproving cash flow generation," concluded Mr. Beaudoin.On September 1, 2009, Bombardier's Board of Directors approved a$500-million two-year unsecured revolving credit facility with asyndicate of commercial banks and other institutions, arranged byNational Bank Financial Inc. This facility will be available for thegeneral working capital needs of the Corporation.Bombardier AerospaceBombardier Aerospace's revenues totalled $2.4 billion compared to$2.5 billion last fiscal year. EBIT reached $154 million translatinginto an EBIT margin of 6.4% for the second quarter ended July 31,2009, compared to $243 million, or 9.7%, last fiscal year. Free cashflow usage totalled $10 million versus a free cash flow of $100million for the same period last fiscal year. The level of free cashflow in the second quarter ended July 31, 2009 represents a$520-million improvement over the first quarter of the current fiscalyear. Bombardier Aerospace's backlog totalled $19.6 billion as atJuly 31, 2009, compared to $23.5 billion as at January 31, 2009.During the second quarter, business aircraft cancellations continuedto exceed the level of new orders. However, there are some signs ofstabilization in the business aircraft industry, though historically,a lag exists between economic recovery and its positive impact onrevenues. According to the latest General Aviation ManufacturersAssociation (GAMA) report, Bombardier Aerospace remains the leader inbusiness aircraft both in terms of revenues and units delivered.In the commercial aircraft division, lower passenger traffic andairline profitability remain a concern, affecting the level of neworders for regional jets. Deliveries for the quarter increased to 28aircraft compared to 23 for the same period last year. BombardierAerospace received orders for 15 Q400/Q400 NextGen turboprops,compared to nine for the corresponding period last year.Bombardier TransportationBombardier Transportation revenues reached $2.5 billion for thesecond quarter ended July 31, 2009, an increase of $131 million overthe same period last fiscal year, despite a negative currency impactof $306 million. EBIT totalled $159 million, compared to $128 millionlast fiscal year, while EBIT margin reached 6.2% versus 5.3% lastfiscal year. Free cash flow amounted to $149 million for the secondquarter ended July 31, 2009, compared to $105 million for the sameperiod last fiscal year. The order backlog stood at $27.9 billion asat July 31, 2009, compared to $24.7 billion as at January 31, 2009.During the second quarter, Bombardier Transportation reported neworders worth $3 billion, compared to $2.1 billion last fiscal year,leading to a book-to-bill ratio of 1.2, compared to 0.9 for the sameperiod last fiscal year. These orders include a $735-millionagreement with the Toronto Transit Commission, the largest singleorder ever awarded for light rail vehicles worldwide. In Brazil, thegroup also received a $120-million service contract for themodernization of the 30-year old Electrical Multiple Units (EMUs) ofCompanhia do Metropolitano de Sao Paulo (CMSP).Subsequent to quarter end, Bombardier Transportation obtained anorder for the supply, operations and maintenance of the INNOVIAAutomated People Mover (APM) system for Phoenix Sky HarborInternational Airport in the U.S. valued at $255 million. Thiscontract represents the largest new-start APM project in NorthAmerica in the last decade.Financial highlights(unaudited, in millions of U.S. dollars, except per share amounts, whichare shown in dollars) Three-month periods ended July 31 2009 2008------------------------------------------------------------------------- Restated (1)------------------------------------------------------------------------- BA BT Total BA BT Total-------------------------------------------------------------------------Revenues $2,399 $2,547 $4,946 $2,516 $2,416 $4,932-------------------------------------------------------------------------EBITDA $247 $189 $436 $348 $160 $508Amortization 93 30 123 105 32 137-------------------------------------------------------------------------EBIT $154 $159 313 $243 $128 371Financing income (23) (82)Financing expense 72 118-------------------------------------------------------------------------EBT 264 335Income taxes 62 76-------------------------------------------------------------------------Net income $202 $259--------------------------------------------------------------------------------------------------------------------------------------------------Attributable to: Shareholders of Bombardier Inc. $198 $251 Non-controlling interests $4 $8--------------------------------------------------------------------------------------------------------------------------------------------------Earnings per share (in dollars) : Basic $0.11 $0.14 Diluted $0.11 $0.14--------------------------------------------------------------------------------------------------------------------------------------------------Segmented free cash flow $(10) $149 $139 $100 $105 $205Income taxes and net financing expense (121) (106)-------------------------------------------------------------------------Free cash flow $18 $99------------------------------------------------------------------------- Six-month periods ended July 31 2009 2008------------------------------------------------------------------------- Restated (1)------------------------------------------------------------------------- BA BT Total BA BT Total-------------------------------------------------------------------------Revenues $4,618 $4,799 $9,417 $4,896 $4,825 $9,721-------------------------------------------------------------------------EBITDA $451 $340 $791 $659 $313 $972Amortization 187 56 243 210 67 277-------------------------------------------------------------------------EBIT $264 $284 548 $449 $246 695Financing income (58) (143)Financing expense 140 200-------------------------------------------------------------------------EBT 466 638Income taxes 106 150-------------------------------------------------------------------------Net income $360 $488--------------------------------------------------------------------------------------------------------------------------------------------------Attributable to: Shareholders of Bombardier Inc. $354 $477 Non-controlling interests $6 $11--------------------------------------------------------------------------------------------------------------------------------------------------Earnings per share (in dollars) : Basic $0.20 $0.27 Diluted $0.20 $0.26--------------------------------------------------------------------------------------------------------------------------------------------------Segmented free cash flow $(540) $(111) $(651) $390 $363 $753Income taxes and net financing expense (148) (94)-------------------------------------------------------------------------Free cash flow $(799) $659--------------------------------------------------------------------------------------------------------------------------------------------------(1) Restated following a change in accounting policy related to a new accounting principle on fair value measurements and following our early adoption of section 1602 "Non-controlling interests".BA: Aerospace; BT: TransportationFinancial Results for the Second Quarter Ended July 31, 2009ANALYSIS OF RESULTSConsolidated resultsConsolidated revenues totalled $4.9 billion for the second quartersended July 31, 2009 and 2008. For the six-month period ended July 31,2009, consolidated revenues reached $9.4 billion, compared to $9.7billion for the same period last year.For the second quarter ended July 31, 2009, EBIT reached $313million, or 6.3% of revenues, compared to an EBIT of $371 million, or7.5% of revenues, for the same period the previous year. For thesemester ended July 31, 2009, EBIT amounted to $548 million, or 5.8%of revenues, compared to an EBIT of $695 million, or 7.1% ofrevenues, for the same period last fiscal year.Net financing expense amounted to $49 million for the second quarterof fiscal year 2010, compared to $36 million for the correspondingperiod last year. For the six-month period ended July 31, 2009, netfinancing expense reached $82 million, compared to $57 million forthe same period last year. The $13-million and $25-million increasesare mainly due to lower interest income on cash and cash equivalentsand lower interest income on invested collateral; partially offset bylower interest expense on long-term debt and positive variations infair value of financial instruments.The effective income tax rate was 23.5% and 22.7% respectively forthe three- and six-month periods ending July 31, 2009, compared tothe statutory income tax rate of 31.5%. The lower effective tax ratesare mainly due to a net change in the recognition of tax benefitsrelated to operating losses and temporary differences. For thesix-month period, the reduction in the effective income tax rate wasalso due to lower effective income tax rates of foreign investees,partially offset by permanent differences.As a result, net income amounted to $202 million, or $0.11 per share,for the second quarter of fiscal year 2010, compared to $259 million,or $0.14 per share, for the same period the previous year. For thefirst semester of fiscal year 2010, net income was $360 million, or$0.20 per share, compared to $488 million, or $0.26 per share, forthe same period the previous year.For the three-month period ended July 31, 2009, free cash flowtotalled $18 million, compared to $99 million for the correspondingperiod the previous year. For the semester ended July 31, 2009, freecash flow usage totalled $799 million, compared to a free cash flowof $659 million for the corresponding period the previous year.As at July 31, 2009, Bombardier's order backlog stood at $47.5billion, compared to $48.2 billion as at January 31, 2009.Bombardier Aerospace- Revenues of $2.4 billion- EBITDA of $247 million, or 10.3% of revenues- EBIT of $154 million, or 6.4% of revenues- Free cash flow usage of $10 million- Negative 38 aircraft net orders- Order backlog of $19.6 billionBombardier Aerospace's revenues amounted to $2.4 billion for thethree-month period ended July 31, 2009, compared to $2.5 billion forthe same period the previous year. The decrease is mainly due to adecrease in manufacturing revenues due to lower deliveries andselling prices for business aircraft, partially offset by a higherpercentage of wide-body aircraft deliveries; partially offset byhigher deliveries and selling prices for commercial aircraft and thesale of an additional amphibious aircraft.For the second quarter ended July 31, 2009, EBIT reached $154million, or 6.4% of revenues, compared to $243 million, or 9.7% ofrevenues, for the same period the previous year. The 3.3percentage-point decrease is mainly due to higher cost of sales perunit, mainly due to price escalations of materials and disruptioncosts in connection with changes in production rates, lower sellingprices for business aircraft, and the mix between business andcommercial aircraft deliveries; partially offset by liquidateddamages from customers as a result of business aircraft ordercancellations, a positive variance on certain financial instrumentscarried at fair value, lower selling, general and administrativeexpenses, improved selling prices for commercial aircraft and loweramortization expenses.Free cash flow usage totalled $10 million for the second quarterended July 31, 2009, compared to free cash flow of $100 million forthe same period last fiscal year. The $110-million decrease is mainlydue to lower profitability and higher net additions to property,plant and equipment and intangible assets; partially offset by apositive period-over-period variation in net change in non-cashbalances related to operations.For the quarter ended July 31, 2009, aircraft deliveries totalled 80,compared to 89 for the same period the previous year. The 80deliveries consisted of 51 business, 28 commercial and one amphibiousaircraft (66 business and 23 commercial aircraft for thecorresponding period last fiscal year).Bombardier Aerospace recorded 38 negative net orders during thequarter ended July 31, 2009, compared to 175 net orders during thecorresponding period the previous year. The 38 negative net ordersconsisted of 27 new orders and 80 cancellations of business aircraftand 15 new orders of commercial aircraft (162 business, 11 commercialand two amphibious aircraft for the corresponding period last fiscalyear).Bombardier Aerospace's firm order backlog stood at $19.6 billion asat July 31, 2009, compared to $23.5 billion as at January 31, 2009.The decrease in the order backlog for business and regional jetsreflects the significantly higher business aircraft cancellations, aswell as a level of new orders lower than revenues. This decline waspartially offset by orders received for the CSeries family ofaircraft in the first quarter of the current fiscal year.Bombardier Transportation- Revenues of $2.5 billion- EBITDA of $189 million, or 7.4% of revenues- EBIT of $159 million, or 6.2% of revenues- Free cash flow of $149 million- New order intake totalling $3 billion (book-to-bill ratio of 1.2)- Order backlog of $27.9 billionBombardier Transportation's revenues amounted to $2.5 billion for thethree-month period ended July 31, 2009, compared to $2.4 billion forthe same period last year. The improvement is mainly due to increasedactivities for rolling stock in the intercity and high-speed segmentin China and in the Netherlands, in the locomotive segment, mainly inGermany and in Spain, and in the commuter and regional trainssegment, mainly in Denmark, Germany and in the U.K. The increase inrevenues was partially offset by a negative currency impact amountingto $306 million.For the second quarter ended July 31, 2009, EBIT totalled $159million, or 6.2% of revenues, compared to an EBIT of $128 million, or5.3% of revenues, for the same quarter the previous year. The 0.9percentage-point increase is mainly due to better contract executionand better absorption of fixed costs as a result of the ramp-up inproduction; partially offset by a net gain related to foreignexchange fluctuations and certain financial instruments carried atfair value during the same period of last fiscal year.Free cash flow was $149 million for the quarter ended July 31, 2009,compared to $105 million for the same period last fiscal year. The$44-million increase is mainly due to higher profitability and apositive period-over-period variation in net change in non-cashbalances related to operations; partially offset by higher netadditions to property, plant and equipment and intangible assets.The order intake for the second quarter ended July 31, 2009 was $3billion, compared to $2.1 billion for the same period last fiscalyear, for a book-to-bill ratio of 1.2.Bombardier Transportation's backlog stood at $27.9 billion as at July31, 2009, compared to $24.7 billion as at January 31, 2009. Theincrease is due to the strengthening of foreign currencies as at July31, 2009 compared to January 31, 2009, mainly the euro and poundsterling compared to the U.S. dollar; partially offset by revenuesrecorded being higher than order intake.DIVIDENDS ON COMMON SHARESClass A and Class B SharesA quarterly dividend of $0.025 Cdn per share on Class A Shares(Multiple Voting) and of $0.025 Cdn per share on Class B Shares(Subordinate Voting) is payable on October 31, 2009 to theshareholders of record at the close of business on October 16, 2009.Holders of Class B Shares (Subordinate Voting) of record at the closeof business on October 16, 2009 also have a right to a priorityquarterly dividend of $0.000390625 Cdn per share.DIVIDENDS ON PREFERRED SHARESSeries 2 Preferred SharesA monthly dividend of $0.04688 Cdn per share on Series 2 PreferredShares has been paid on June 15, on July 15, and on August 15, 2009.Series 3 Preferred SharesA quarterly dividend of $0.32919 Cdn per share on Series 3 PreferredShares is payable on October 31, 2009 to the shareholders of recordat the close of business on October 16, 2009.Series 4 Preferred SharesA quarterly dividend of $0.390625 Cdn per share on Series 4 PreferredShares is payable on October 31, 2009 to the shareholders of recordat the close of business on October 16, 2009.About BombardierA world-leading manufacturer of innovative transportation solutions,from commercial aircraft and business jets to rail transportationequipment, systems and services, Bombardier Inc. is a globalcorporation headquartered in Canada. Its revenues for the fiscal yearended Jan. 31, 2009, were $19.7 billion, and its shares are traded onthe Toronto Stock Exchange (BBD). Bombardier is listed as an indexcomponent to the Dow Jones Sustainability World and North Americaindexes. News and information are available at www.bombardier.com.CSeries, INNOVIA, NextGen and Q400 are trademarks of Bombardier Inc.or its subsidiaries.The Management's Discussion and Analysis and the interim consolidatedfinancial statements are available at www.bombardier.com.FORWARD-LOOKING STATEMENTSThis press release includes forward-looking statements.Forward-looking statements generally can be identified by the use offorward-looking terminology such as "may", "will", "expect","intend", "anticipate", "plan", "foresee", "believe" or "continue" orthe negatives of these terms or variations of them or similarterminology. By their nature, forward-looking statements requireBombardier Inc. (the "Corporation") to make assumptions and aresubject to important known and unknown risks and uncertainties, whichmay cause the Corporation's actual results in future periods todiffer materially from forecasted results. While the Corporationconsiders its assumptions to be reasonable and appropriate based oncurrent information available, there is a risk that they may not beaccurate. For additional information with respect to the assumptionsunderlying the forward-looking statements made in this press release,refer to the respective Forward-looking statements sections in BA andBT in the Management's Discussion and Analysis ("MD&A") of theCorporation's annual report for fiscal year 2009.Certain factors that could cause actual results to differ materiallyfrom those anticipated in the forward-looking statements includerisks associated with general economic conditions, risks associatedwith the Corporation's business environment (such as the financialcondition of the airline industry), operational risks (such as risksinvolved in developing new products and services, risks in doingbusiness with partners, risks relating to product performancewarranty, casualty claim losses, risks from regulatory and legalproceedings, environmental risks, risks relating to the Corporation'sdependence on certain customers and suppliers, human resource risksand risks resulting from fixed-term commitments), financing risks(such as risks resulting from reliance on government support, risksrelating to financing support provided on behalf of certain customersand to reliance on government support, risks relating to liquidityand access to capital markets, risks relating to the terms of certainrestrictive debt covenants) and market risks (including foreigncurrency fluctuations, changing interest rates and commodity pricingrisk). For more details, see the Risks and Uncertainties section ofthe MD&A of the Corporation's annual report for fiscal year 2009.Readers are cautioned that the foregoing list of factors that mayaffect future growth, results and performance is not exhaustive andundue reliance should not be placed on forward-looking statements.The forward-looking statements set forth herein reflect theCorporation's expectations as at the date of this press release andare subject to change after such date. Unless otherwise required byapplicable securities laws, the Corporation expressly disclaims anyintention, and assumes no obligation to update or revise anyforward-looking statements, whether as a result of new information,future events or otherwise.CAUTION REGARDING NON-GAAP EARNINGS MEASURESThis press release is based on reported earnings in accordance withCanadian generally accepted accounting principles (GAAP). It is alsobased on EBITDA, and Free Cash Flow. These non-GAAP measures aredirectly derived from the Consolidated Financial Statements, but donot have a standardized meaning prescribed by GAAP; therefore, othersusing these terms may calculate them differently. Management believesthat a significant number of the users of its MD&A analyze theCorporation's results based on these performance measures.Contacts:Bombardier Inc.Isabelle RondeauDirector, Communications514-861-9481Bombardier Inc.Shirley ChenierSenior Director, Investor Relations514-861-9481www.bombardier.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 02.09.2009 - 12:27 Uhr
Sprache: Deutsch
News-ID 5393
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 219 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Bombardier Announces Financial Results for the Second Quarter Ended
July 31, 2009"
steht unter der journalistisch-redaktionellen Verantwortung von
Bombardier (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
