1. Results &
Performance
Antonio Luiz Pizarro Manso
Executive Vice- President
Corporate and CFO

2. Jet Deliveries
160 161
148
141
131
96 101
59
1998 1999 2000 2001 2002 2003 2004 2005

3. Net Revenue
US$ Million
3 9 .6 % 3 9 .4 % 3 7 .7 %
3 4 .1%
3 0 .2 %
3,830
3,441
2,927
2,526
2,144
2001 2002 2003 2004 2005
Net Revenue Gross Margin

4. Income from Operations
US$ Million
22.3%
18.6%
16.7%
15.8%
12.3%
651 13.2%
544
470 505
462
265
2000 2001 2002 2003 2004 2005
EBIT Margin

5. Net Income
US$ Million
11.1% 11.6%
11.2%
8.8%
446
6.3% 380
328
223
136
2001 2002 2003 2004 2005
Net Income Net Margin

6. Accounts Receivable
• US$ Million
736
686
597
451
356
2001 2002 2003 2004 2005

7. Inventories
US$ Million
1.428 1.511
1.173
1.038
880
2001 2002 2003 2004 2005

8. Loans
Total Debt of US$1,553.4 Million
Brazilian
Currency
14% Long Term
69%
Foreign Short Term
Currency 31%
86%
• Average cost in R$ = 12.28% p/a Long-Term Loan Average Maturity:
• Average cost in US$ = 6.35% p/a 2 years and 5 months

9. Loans Maturity
US$ million
475
315
1,553
308
201
254
Total Short-term 2007 2008 2009 Beyond
2010

10. Net Cash (Debt)
US$ million
360
222
104
22
-22
2001 2002 2003 2004 2005

11. Dividends
US$ Million
63%
54%
50%
47%
204
187
104
68
2002 2003 2004 2005
D ivid e n d s P a y -O u t R a t io
4.58 1.09 3.79 2.77
YIELD

12. Investments

13. PP&E and Gross R&D
US$ million
200
189
173
158 153
143 148
114 111
100
70 64 72
59 62
50
2000 2001 2002 2003 2004 2005 2006E 2007E
PP&E R&D
*Gross R&D amounts. Does not take into consideration
contributions from risk-sharing partners

14. Contributions from Risk Sharing Partners
US$ million
246 14
1
108
-
55
42
17
20
Total
2001
2002
2003
2004
2005
2006E
2007E
2008/2010E

15. Investments Forecast
Defense investments are funded by their contracts and are not
included in R&D expenses but in Cost of Sales and Services.
US$ million
2006 2007
R&D Total 200 189
- Airline Market 88 54
- Business Jet Market 70 88
- Others 42 47
Defense 18 21
Productivity and PP&E 72 62
TOTAL 290 272
Does not include future programs

16. Backlog and
Deliveries

17. Order Backlog
US$ Billion
17.5 17.5
12.7 13.6
13.2
10.7 9.0 10.6 10.1 10.4
2001 2002 2003 2004 2005
Firm Orders Options

18. Projected Deliveries
160 161
148 145 150
141
131
96 101
59
1998 1999 2000 2001 2002 2003 2004 2005 2006E 2007E

19. Projected Deliveries
12% 15% 14%
51%
76% 79%
37%
9% 7%
2005 2006E 2007E
ERJ 145 family EMBRAER 170/190 family Legacy 600

20. Investor Relations
Phone: + 5512 3927-4404
investor.relations@embraer.com.br
www.embraer.com.br