Embraer announced its third quarter 2006 results according to US GAAP. Net sales totaled $894.1 million and net income was $61.4 million. 30 aircraft were delivered in Q3, down from 41 in the prior year. Revenue and profit declined due to lower deliveries and higher R&D expenses. The firm order backlog reached a record $13.3 billion. Embraer revised its 2006 delivery forecast to 135 aircraft due to production issues but expects to deliver at least 160 aircraft in 2007.
Embraer announced its second quarter 2006 results according to US GAAP. Net sales were $1,020.9 million and net income was $139.1 million, up 25.6% and 67.4% respectively from the second quarter of 2005. A total of 36 aircraft were delivered. Notable events in the quarter included listing shares on the Novo Mercado of Bovespa and NYSE, an agreement with Kawasaki to assemble E-Jet wings, and certification of the E195 airliner. The firm order backlog remained stable at $10.2 billion including over $1 billion for executive jets, demonstrating continued strong market acceptance.
Embraer announced its third quarter 2005 results reported in US GAAP. Net sales were $1,064.3 million and net income was $110.2 million. Key highlights included the certification of the EMBRAER 170/175 and delivery of the first EMBRAER 175 and 190 aircraft. Gross margin decreased to 28.1% due to currency appreciation and learning curve costs for new models. Net cash position improved to $97 million due to lower inventory and receivables.
Embraer announced its fourth quarter and full year 2005 results according to US GAAP. In 2005, Embraer achieved record net sales of $3.8 billion, an 11.3% increase over 2004. Net income also reached a record $445.7 million, a 17.2% increase over 2004. The order backlog totaled $10.4 billion in firm orders and $24 billion including options. Embraer delivered its 100th E-Jet in the fourth quarter and saw increasing demand for its Legacy 600 business jet.
Embraer released its first quarter 2009 results according to US GAAP, reporting a net loss of $23.4 million compared to net income of $85 million in Q1 2008. Net sales decreased 13.6% to $1,154.1 million due to fewer aircraft deliveries. The operating margin fell to 2.4% from 3.6% in Q1 2008 due to lower revenues, costs from layoffs, and penalties from cancelled orders. Embraer revised its full-year guidance downward due to the economic downturn's effects on the aviation industry.
Embraer announced its third quarter 2003 results, reporting net sales of $438.6 million and net income of $19.3 million, down from $580.6 million and $40.6 million respectively in the third quarter of 2002. Key highlights included the delivery of 20 jets, three new sales contracts signed, and continued progress on aircraft programs. The company also provided income statement details and breakdown of sales by market segment.
Embraer achieved record production of regional jets, delivering 34 models in the quarter. This led to gross sales of over R$1 billion and net income growth over 500%. Key contracts with American and European airlines expanded orders for Embraer's regional jet models. Research and development made progress on new aircraft, while market share and profitability grew substantially in the commercial aviation and defense sectors.
Embraer reported its second quarter 2007 results according to US GAAP. Net sales increased 11.3% to $1.11 billion compared to the second quarter of 2006. Net income was $67.3 million, down 51.6% from the prior year. Embraer delivered 36 aircraft in the quarter, consistent with the number delivered in the second quarter of 2006. The company maintained its full year delivery forecast of 165-170 aircraft for 2007.
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Attribution: activitiesJoyce Seitzinger (@catspyjamasnz/ www.cats-pyjamas.net) -May 2010
Embraer announced its second quarter 2006 results according to US GAAP. Net sales were $1,020.9 million and net income was $139.1 million, up 25.6% and 67.4% respectively from the second quarter of 2005. A total of 36 aircraft were delivered. Notable events in the quarter included listing shares on the Novo Mercado of Bovespa and NYSE, an agreement with Kawasaki to assemble E-Jet wings, and certification of the E195 airliner. The firm order backlog remained stable at $10.2 billion including over $1 billion for executive jets, demonstrating continued strong market acceptance.
Embraer announced its third quarter 2005 results reported in US GAAP. Net sales were $1,064.3 million and net income was $110.2 million. Key highlights included the certification of the EMBRAER 170/175 and delivery of the first EMBRAER 175 and 190 aircraft. Gross margin decreased to 28.1% due to currency appreciation and learning curve costs for new models. Net cash position improved to $97 million due to lower inventory and receivables.
Embraer announced its fourth quarter and full year 2005 results according to US GAAP. In 2005, Embraer achieved record net sales of $3.8 billion, an 11.3% increase over 2004. Net income also reached a record $445.7 million, a 17.2% increase over 2004. The order backlog totaled $10.4 billion in firm orders and $24 billion including options. Embraer delivered its 100th E-Jet in the fourth quarter and saw increasing demand for its Legacy 600 business jet.
Embraer released its first quarter 2009 results according to US GAAP, reporting a net loss of $23.4 million compared to net income of $85 million in Q1 2008. Net sales decreased 13.6% to $1,154.1 million due to fewer aircraft deliveries. The operating margin fell to 2.4% from 3.6% in Q1 2008 due to lower revenues, costs from layoffs, and penalties from cancelled orders. Embraer revised its full-year guidance downward due to the economic downturn's effects on the aviation industry.
Embraer announced its third quarter 2003 results, reporting net sales of $438.6 million and net income of $19.3 million, down from $580.6 million and $40.6 million respectively in the third quarter of 2002. Key highlights included the delivery of 20 jets, three new sales contracts signed, and continued progress on aircraft programs. The company also provided income statement details and breakdown of sales by market segment.
Embraer achieved record production of regional jets, delivering 34 models in the quarter. This led to gross sales of over R$1 billion and net income growth over 500%. Key contracts with American and European airlines expanded orders for Embraer's regional jet models. Research and development made progress on new aircraft, while market share and profitability grew substantially in the commercial aviation and defense sectors.
Embraer reported its second quarter 2007 results according to US GAAP. Net sales increased 11.3% to $1.11 billion compared to the second quarter of 2006. Net income was $67.3 million, down 51.6% from the prior year. Embraer delivered 36 aircraft in the quarter, consistent with the number delivered in the second quarter of 2006. The company maintained its full year delivery forecast of 165-170 aircraft for 2007.
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This document appears to be a list of 5 names: Nuno, Fábio, Bruno José, Joel, and Fábio. It is unclear what the purpose or context of this list is from the limited information provided.
Este documento menciona varios lugares notables de la India como fuertes históricos, lagos, ríos, playas, islas, santuarios, valles y cataratas; incluyendo el Fuerte Jaipur, Lago Pichola, Cataratas Athirappalli, Gulmarg, Río Silabati, Fuerte Aguada, Isla Santa María, Kovalam, Lago Chillika, Isla Balgaram, Periyar, Cataratas Kutraalam, Cataratas Ellora, Taj Mahal, Valle de las Flores, Orch
This document contains a list of dates from May 31st with various numbers listed afterwards, providing minimal context or information about the purpose or meaning of the dates and numbers. The high-level summary is that this appears to be an unsorted listing of date codes from May 31st without additional explanatory details.
This document provides summaries of several entrepreneurs and businesses. It begins with an overview of Neal Bloom's business The Portfolium, an online platform for showcasing work and experiences. It then discusses several Pepperdine alumni entrepreneurs including Jennifer Estes and her #SELFiE T-shirt line, Paul McCloskey III and his products Renny! and The Fuser headphones, Noelle Nguyen's online shopping site American Love Affair, Erik Forbes Paxman's nail wrap business PAX Designs, and Darren Popek's ready-to-drink beverage company Crafted Beverage Company. The document concludes with contact information for Launch! Magazine.
1) The document discusses partnerships between Westmere School and its community through various groups like the Board of Trustees, Parentnet, and a Fundraising Steering Team.
2) Parentnet aims to welcome new parents and promote a positive relationship between home and school through social and fundraising events.
3) A proposal is made to strengthen communication between parents and the school through providing regular updates on strategic goals and allowing parents to request more information.
A 20-year-old is experiencing hair loss and seeks advice. The response recommends drinking plenty of water, eating a nutrient-rich diet with proteins, fruits and vegetables to address potential nutrient deficiencies. Additionally, the response suggests using a natural shampoo without harsh chemicals like sulfates or parabens to reduce hair shedding and loss.
Dental hygienist programs in Nevada include associate degrees from the College of Southern Nevada and Truckee Meadows Community College. To become a dental hygienist requires obtaining a qualification from an accredited dental hygiene program, which can be a certificate, associate degree, or bachelor's degree. The document provides contact information for the two Nevada schools that offer associate degrees in dental hygiene.
The document discusses the history and evolution of web search engines from the early tools like Archie and Veronica that indexed file names on FTP sites to the first search engines like W3Catalog, Aliweb, and JumpStation that indexed web pages to the first "full text" search engines like WebCrawler and Lycos that let users search for any word on any webpage and became the standard for major search engines today. Early search engines used various techniques like notifications from site administrators or web robots to find and index web pages to build their searchable databases before the rise of crawler-based search engines.
Embraer announced its second quarter 2006 results according to US GAAP. Net sales were $1,020.9 million and net income was $139.1 million, up 25.6% and 67.4% respectively from the second quarter of 2005. A total of 36 aircraft were delivered. Notable events in the quarter included listing shares on the Novo Mercado of Bovespa and NYSE, an agreement with Kawasaki to assemble E-Jet wings, and certification of the E195 airliner. The firm order backlog remained stable at $10.2 billion including over $1 billion for executive jets, demonstrating continued strong market acceptance.
- Embraer reported lower net sales and net income in Q4 2006 and fiscal year 2006 compared to the same periods in 2005, due to difficulties ramping up production of the E190 and E195 models that resulted in fewer aircraft deliveries.
- Net sales were $1.08 billion in Q4 2006, down from $1.19 billion in Q4 2005. Fiscal year 2006 net sales were $3.81 billion compared to $3.83 billion in 2005.
- Net income was $124.4 million in Q4 2006, down from $156 million in Q4 2005. Fiscal year 2006 net income was $390.1 million, down from $446 million in 2005
Embraer announced its third quarter 2007 results according to US GAAP. Net sales increased 62.9% to $1.428 billion due to higher aircraft deliveries. Net income was $194.9 million, up from $61.3 million in the third quarter of 2006. Operating income was $230.3 million compared to $52.4 million in the prior year period. Embraer delivered 47 jets in total during the quarter and maintained its delivery forecast of 165-170 aircraft for 2007. The company also continued development of new programs including the Phenom 100 and 300 jets.
Embraer released its second quarter 2009 results according to US GAAP. Net sales were US$1,456.6 million, a 10.9% decrease from the second quarter of 2008. Net income was US$67.8 million, compared to US$134.4 million in the second quarter of 2008. Embraer delivered 56 jets in the second quarter, including 35 commercial jets. The firm order backlog remained stable at US$19.8 billion despite difficult market conditions. Operating income increased to US$174.6 million due to productivity gains and cost controls.
Embraer announced its first quarter 2006 results according to US GAAP. Net sales increased 5.9% to $808.3 million while net income decreased 32.5% to $65.3 million. Operating margin declined to 4.5% from 16.3% due to lower gross margin and higher operating expenses driven by investments in new products and appreciation of the Brazilian real against the dollar. The firm order backlog totaled $10.4 billion and Embraer had a net cash position of $302.5 million.
Embraer released its third quarter 2009 results reported under US GAAP. Net sales were $1.246 billion, a 19.4% decrease from the prior year, due to lower revenues from commercial aircraft deliveries. Net income was $57.7 million, stable compared to the prior year. Embraer delivered 57 jets in total during the quarter, including 29 commercial jets, 27 executive jets, and one defense jet. The order backlog remained strong at $18.6 billion.
Embraer announced its fourth quarter and full year 2003 results according to US GAAP. In Q4 2003, Embraer delivered 30 jets and reported net sales of $649.1 million and net income of $67.9 million. For the full year 2003, Embraer delivered 101 jets with net sales of $2.14 billion and net income of $136 million. Embraer's order backlog at the end of 2003 totaled $28.1 billion, consisting of $10.6 billion in firm orders and $17.5 billion in options.
Embraer announced its first quarter 2007 results according to US GAAP. Net sales increased 4.3% to US$843.4 million due to product mix, despite a 7.4% decrease in aircraft deliveries to 25 jets. Net income was US$26.2 million, down from US$65.3 million in the first quarter of 2006, due to a lower gross margin of 25.7% impacted by hiring and training of 2,000 employees and non-recurring inventory adjustments, as well as higher operating expenses. Embraer took actions to address supply chain issues and increase production capabilities to achieve its 2007 delivery target of 165-170 aircraft.
- Embraer reported record quarterly and annual results for 4Q07 and FY2007 with net sales reaching $1.875 billion and $5.245 billion respectively.
- Net income totaled $200.9 million for 4Q07 and $489.3 million for FY2007, representing decreases in net margins due to increased production costs.
- Firm order backlog reached a record high of $18.8 billion at the end of 2007, highlighting sales in executive aviation and commercial jets.
- Embraer reported financial results for the fourth quarter and full year of 2007 in US GAAP. Net sales for 4Q07 were $1.875 billion and $5.245 billion for the full year.
- Net income for 4Q07 was $200.9 million and $489.3 million for the full year. Earnings per share increased for both periods compared to the prior year.
- Increased production activities to meet delivery targets resulted in higher costs and reduced margins compared to the prior year. The firm order backlog reached a record high of $18.8 billion.
2008 - 4th Quater And Fiscal Year Results 2007Embraer RI
Embraer reported financial results for the fourth quarter and full year of 2007. Net sales in the fourth quarter reached $1.88 billion, a 77% increase over the previous year, and full year 2007 net sales totaled $5.25 billion, up 39.5% from 2006. Net income for the fourth quarter was $201 million and $489 million for the full year. Production costs increased due to hiring and overtime to meet delivery targets, lowering gross and net margins compared to the previous year. The backlog reached a record $18.8 billion in firm orders at the end of 2007.
Embraer reported financial results for the fourth quarter and full year of 2008. Net sales in the fourth quarter were $1.8 billion and $6.3 billion for the full year. Net income for the fourth quarter was $111.7 million and $388.7 million for the full year. Embraer delivered 59 jets in the fourth quarter and a record 204 jets for the full year. Firm order backlog decreased to $20.9 billion due to the economic downturn. Embraer continued expanding its customer base and delivered several first E-Jets to new customers in the fourth quarter.
Embraer announced record results for 2004, with net sales of $3.44 billion, up 60.5% from 2003, and net income of $380.2 million, more than double the previous year. Key highlights included delivering 148 commercial jets, securing $10.1 billion in firm backlog, and gaining new orders totaling $132 jets. The EMBRAER 170 entered service successfully and production of the new family will drive continued growth. However, US Airways' bankruptcy impacted results, leading Embraer to adjust delivery guidance downward.
Embraer announced its third quarter 2004 results reported in US GAAP. Net sales reached a historical high of $936.5 million, up 113.5% from the prior year. Net income was $113.7 million, up 487.6% from the prior year. A total of 40 jet aircraft were delivered during the quarter. Embraer revised its total deliveries forecast for 2004 and 2005 from 160 and 170 aircraft respectively to 145 deliveries for each year. The order backlog totaled $29.5 billion including $11 billion in firm orders and $18.5 billion in options.
This document appears to be a list of 5 names: Nuno, Fábio, Bruno José, Joel, and Fábio. It is unclear what the purpose or context of this list is from the limited information provided.
Este documento menciona varios lugares notables de la India como fuertes históricos, lagos, ríos, playas, islas, santuarios, valles y cataratas; incluyendo el Fuerte Jaipur, Lago Pichola, Cataratas Athirappalli, Gulmarg, Río Silabati, Fuerte Aguada, Isla Santa María, Kovalam, Lago Chillika, Isla Balgaram, Periyar, Cataratas Kutraalam, Cataratas Ellora, Taj Mahal, Valle de las Flores, Orch
This document contains a list of dates from May 31st with various numbers listed afterwards, providing minimal context or information about the purpose or meaning of the dates and numbers. The high-level summary is that this appears to be an unsorted listing of date codes from May 31st without additional explanatory details.
This document provides summaries of several entrepreneurs and businesses. It begins with an overview of Neal Bloom's business The Portfolium, an online platform for showcasing work and experiences. It then discusses several Pepperdine alumni entrepreneurs including Jennifer Estes and her #SELFiE T-shirt line, Paul McCloskey III and his products Renny! and The Fuser headphones, Noelle Nguyen's online shopping site American Love Affair, Erik Forbes Paxman's nail wrap business PAX Designs, and Darren Popek's ready-to-drink beverage company Crafted Beverage Company. The document concludes with contact information for Launch! Magazine.
1) The document discusses partnerships between Westmere School and its community through various groups like the Board of Trustees, Parentnet, and a Fundraising Steering Team.
2) Parentnet aims to welcome new parents and promote a positive relationship between home and school through social and fundraising events.
3) A proposal is made to strengthen communication between parents and the school through providing regular updates on strategic goals and allowing parents to request more information.
A 20-year-old is experiencing hair loss and seeks advice. The response recommends drinking plenty of water, eating a nutrient-rich diet with proteins, fruits and vegetables to address potential nutrient deficiencies. Additionally, the response suggests using a natural shampoo without harsh chemicals like sulfates or parabens to reduce hair shedding and loss.
Dental hygienist programs in Nevada include associate degrees from the College of Southern Nevada and Truckee Meadows Community College. To become a dental hygienist requires obtaining a qualification from an accredited dental hygiene program, which can be a certificate, associate degree, or bachelor's degree. The document provides contact information for the two Nevada schools that offer associate degrees in dental hygiene.
The document discusses the history and evolution of web search engines from the early tools like Archie and Veronica that indexed file names on FTP sites to the first search engines like W3Catalog, Aliweb, and JumpStation that indexed web pages to the first "full text" search engines like WebCrawler and Lycos that let users search for any word on any webpage and became the standard for major search engines today. Early search engines used various techniques like notifications from site administrators or web robots to find and index web pages to build their searchable databases before the rise of crawler-based search engines.
Embraer announced its second quarter 2006 results according to US GAAP. Net sales were $1,020.9 million and net income was $139.1 million, up 25.6% and 67.4% respectively from the second quarter of 2005. A total of 36 aircraft were delivered. Notable events in the quarter included listing shares on the Novo Mercado of Bovespa and NYSE, an agreement with Kawasaki to assemble E-Jet wings, and certification of the E195 airliner. The firm order backlog remained stable at $10.2 billion including over $1 billion for executive jets, demonstrating continued strong market acceptance.
- Embraer reported lower net sales and net income in Q4 2006 and fiscal year 2006 compared to the same periods in 2005, due to difficulties ramping up production of the E190 and E195 models that resulted in fewer aircraft deliveries.
- Net sales were $1.08 billion in Q4 2006, down from $1.19 billion in Q4 2005. Fiscal year 2006 net sales were $3.81 billion compared to $3.83 billion in 2005.
- Net income was $124.4 million in Q4 2006, down from $156 million in Q4 2005. Fiscal year 2006 net income was $390.1 million, down from $446 million in 2005
Embraer announced its third quarter 2007 results according to US GAAP. Net sales increased 62.9% to $1.428 billion due to higher aircraft deliveries. Net income was $194.9 million, up from $61.3 million in the third quarter of 2006. Operating income was $230.3 million compared to $52.4 million in the prior year period. Embraer delivered 47 jets in total during the quarter and maintained its delivery forecast of 165-170 aircraft for 2007. The company also continued development of new programs including the Phenom 100 and 300 jets.
Embraer released its second quarter 2009 results according to US GAAP. Net sales were US$1,456.6 million, a 10.9% decrease from the second quarter of 2008. Net income was US$67.8 million, compared to US$134.4 million in the second quarter of 2008. Embraer delivered 56 jets in the second quarter, including 35 commercial jets. The firm order backlog remained stable at US$19.8 billion despite difficult market conditions. Operating income increased to US$174.6 million due to productivity gains and cost controls.
Embraer announced its first quarter 2006 results according to US GAAP. Net sales increased 5.9% to $808.3 million while net income decreased 32.5% to $65.3 million. Operating margin declined to 4.5% from 16.3% due to lower gross margin and higher operating expenses driven by investments in new products and appreciation of the Brazilian real against the dollar. The firm order backlog totaled $10.4 billion and Embraer had a net cash position of $302.5 million.
Embraer released its third quarter 2009 results reported under US GAAP. Net sales were $1.246 billion, a 19.4% decrease from the prior year, due to lower revenues from commercial aircraft deliveries. Net income was $57.7 million, stable compared to the prior year. Embraer delivered 57 jets in total during the quarter, including 29 commercial jets, 27 executive jets, and one defense jet. The order backlog remained strong at $18.6 billion.
Embraer announced its fourth quarter and full year 2003 results according to US GAAP. In Q4 2003, Embraer delivered 30 jets and reported net sales of $649.1 million and net income of $67.9 million. For the full year 2003, Embraer delivered 101 jets with net sales of $2.14 billion and net income of $136 million. Embraer's order backlog at the end of 2003 totaled $28.1 billion, consisting of $10.6 billion in firm orders and $17.5 billion in options.
Embraer announced its first quarter 2007 results according to US GAAP. Net sales increased 4.3% to US$843.4 million due to product mix, despite a 7.4% decrease in aircraft deliveries to 25 jets. Net income was US$26.2 million, down from US$65.3 million in the first quarter of 2006, due to a lower gross margin of 25.7% impacted by hiring and training of 2,000 employees and non-recurring inventory adjustments, as well as higher operating expenses. Embraer took actions to address supply chain issues and increase production capabilities to achieve its 2007 delivery target of 165-170 aircraft.
- Embraer reported record quarterly and annual results for 4Q07 and FY2007 with net sales reaching $1.875 billion and $5.245 billion respectively.
- Net income totaled $200.9 million for 4Q07 and $489.3 million for FY2007, representing decreases in net margins due to increased production costs.
- Firm order backlog reached a record high of $18.8 billion at the end of 2007, highlighting sales in executive aviation and commercial jets.
- Embraer reported financial results for the fourth quarter and full year of 2007 in US GAAP. Net sales for 4Q07 were $1.875 billion and $5.245 billion for the full year.
- Net income for 4Q07 was $200.9 million and $489.3 million for the full year. Earnings per share increased for both periods compared to the prior year.
- Increased production activities to meet delivery targets resulted in higher costs and reduced margins compared to the prior year. The firm order backlog reached a record high of $18.8 billion.
2008 - 4th Quater And Fiscal Year Results 2007Embraer RI
Embraer reported financial results for the fourth quarter and full year of 2007. Net sales in the fourth quarter reached $1.88 billion, a 77% increase over the previous year, and full year 2007 net sales totaled $5.25 billion, up 39.5% from 2006. Net income for the fourth quarter was $201 million and $489 million for the full year. Production costs increased due to hiring and overtime to meet delivery targets, lowering gross and net margins compared to the previous year. The backlog reached a record $18.8 billion in firm orders at the end of 2007.
Embraer reported financial results for the fourth quarter and full year of 2008. Net sales in the fourth quarter were $1.8 billion and $6.3 billion for the full year. Net income for the fourth quarter was $111.7 million and $388.7 million for the full year. Embraer delivered 59 jets in the fourth quarter and a record 204 jets for the full year. Firm order backlog decreased to $20.9 billion due to the economic downturn. Embraer continued expanding its customer base and delivered several first E-Jets to new customers in the fourth quarter.
Embraer announced record results for 2004, with net sales of $3.44 billion, up 60.5% from 2003, and net income of $380.2 million, more than double the previous year. Key highlights included delivering 148 commercial jets, securing $10.1 billion in firm backlog, and gaining new orders totaling $132 jets. The EMBRAER 170 entered service successfully and production of the new family will drive continued growth. However, US Airways' bankruptcy impacted results, leading Embraer to adjust delivery guidance downward.
Embraer announced its third quarter 2004 results reported in US GAAP. Net sales reached a historical high of $936.5 million, up 113.5% from the prior year. Net income was $113.7 million, up 487.6% from the prior year. A total of 40 jet aircraft were delivered during the quarter. Embraer revised its total deliveries forecast for 2004 and 2005 from 160 and 170 aircraft respectively to 145 deliveries for each year. The order backlog totaled $29.5 billion including $11 billion in firm orders and $18.5 billion in options.
Embraer announced its second quarter 2005 results reported under US GAAP. Net sales were $812.4 million, down 12% from the prior year due to fewer aircraft deliveries. However, net income increased to $83 million compared to $80.2 million in the prior year. Embraer's order backlog grew to $10.9 billion. While gross margins declined slightly to 31.4% due to currency impacts, net margins improved to 10.2% compared to 8.7% in the prior year.
Embraer reported financial results for the first quarter of 2008 in accordance with US GAAP. Net sales were $1.335.9 million and net income was $85.0 million, with diluted earnings per ADS of $0.4633. The firm order backlog increased 8.0% over the previous quarter to a record high of $20.3 billion. Embraer delivered 45 jets total. Net revenues increased 60.6% over first quarter 2007 due to increased deliveries and product mix. Gross margin decreased to 20.4% from 22.5% in first quarter 2007 mainly due to exchange rate impact and contractual supplier cost adjustments. Income from operations was $48.7 million with an operating
- Embraer announced its second quarter 2004 results reported under US GAAP, registering record net sales of $924.3 million and net income of $80.2 million.
- Key highlights included the highest quarterly net sales in the company's history, driven by a 63% increase in commercial aviation sales and growth across all business segments.
- Net income increased almost 17 times over the prior year period due to higher sales and a $10 million gain on derivative instruments, though gross margins declined slightly from aircraft mix changes.
- The company exited the quarter with a record backlog of $28.3 billion and a net cash position of $303.9 million.
- Embraer announced its first quarter 2005 results recorded in accordance with US GAAP.
- Net sales in the first quarter of 2005 were $763.3 million, a 21.9% increase over the same period last year.
- Net income for the first quarter was $96.5 million, a 6.6% decrease from the first quarter of 2004.
4Q06 and FY2006 Earnings Results EMBRAEREmbraer RI
Embraer reported strong financial results for 4Q06 and FY2006. Highlights included record backlog of $14.8 billion, net revenues increasing to $3.8 billion, net income of $313 million, and delivery of 165-170 jets forecast for 2007. Strategic moves included listing on Novo Mercado segment of Bovespa stock exchange and signing a deal for 50 ERJ 145s and 50 E190s with Chinese airline HNA Group.
2007 - 4 Q06 And Fy2006 Earnings Results EmbraerEmbraer RI
Embraer reported strong financial results for 4Q06 and FY2006. Highlights included record backlog of $14.8 billion, net revenues increasing to $3.8 billion, net income of $277 million, and delivery of 165-170 jets forecast for 2007. Strategic moves included listing on Novo Mercado segment of Bovespa stock exchange and sale of 100 jets to Chinese airline. New orders were received for ERJ 145 and EMBRAER 170/190 families. Development continued on Phenom and Lineage jets and new service centers were opened.
This document provides a summary of Embraer's corporate and business strategy, product strategy, financial performance, and market outlook. The key points are:
1) Embraer's strategy focuses on organic growth, margin enhancement, business diversification, and establishing itself as Brazil's defense leader.
2) In 2015, Embraer's order backlog was $22.5 billion, with 95-100 E-Jet deliveries expected.
3) Embraer forecasts 6,350 new 70-130 seat jet deliveries globally between 2015-2034 worth $300 billion.
5.0 embraer day ny march2016 defense r.15Embraer RI
This document provides an overview of Embraer's Defense & Security Aviation division, including highlights from 2015 and information on major programs. It discusses the KC-390 flight test campaign progress, financial results, key defense programs like the Gripen NG and Brazilian satellite, and international exposure through contracts in countries like the UK. The document outlines revenue, backlog, impacts from currency fluctuations, and expansion of service and support activities. It presents Embraer as offering an integrated portfolio of solutions including aircraft, satellites, radar, and mission systems.
4.0 embraer day br 2016 commercial aviation rev7Embraer RI
This document provides an overview and highlights of Embraer, a Brazilian aerospace company, and its E-Jets aircraft family. Some key points:
- Embraer had record backlog and deliveries in 2015 and received 176 new orders. The E2 series is in development.
- Financial results have been strong with rising revenues and deliveries between 2009-2015.
- The E-Jets have captured over half of the market share and outsold competitors, with over 1,200 delivered to 70 airlines in 50 countries.
- The E2 series is expected to provide fuel burn reductions of 16-24% per seat compared to previous models.
Embraer provides an overview of its executive jet business. It has experienced healthy business growth with a CAGR of 21% from 2002-2015. It now has a global footprint with over 975 jets delivered to over 60 countries. The document discusses Embraer's product portfolio and the market for executive jets, forecasting strong future growth in the small and medium jet segments. It highlights key achievements and models in Embraer's line-up, including high delivery and sales numbers for the Phenom 100E, Phenom 300, Legacy 450/500, and Lineage 1000E.
The document outlines the agenda for Embraer Day 2016 in Brazil, including presentations on 2015 results and 2016 guidance, commercial and executive aviation, defense and security, and Q&A sessions. Presenters include the Director of Investor Relations, President & CEO, Executive Vice President & CFO, and presidents of the commercial aviation, executive jets, and defense and security divisions. A cocktail reception follows from 5-7pm at the hotel.
This document provides an earnings results presentation for Embraer for 4Q15 and FY2015. It summarizes key financial highlights including a backlog of $22.5 billion, free cash flow generation of $178 million, and net revenues of $5.93 billion. It also outlines deliveries, financial results, segment performance, expenses, cash flow, debt profile, and the 2016 outlook with projected net revenues of $6-6.4 billion and EBITDA of $800-870 million.
The document provides an overview of Embraer's defense and security division, including its products and programs. Key points discussed include the KC-390 transport aircraft program, sales of the Super Tucano aircraft, and efforts to adjust programs in response to budget cuts from the Brazilian government. The document outlines Embraer's focus on finalizing KC-390 development, improving efficiency, boosting international sales, and adapting to the Brazilian budget situation.
This document provides an overview of the business jet market and Embraer's position within it. It discusses factors influencing the market recovery, including corporate profits, wealth levels, and used aircraft prices. Forecasts indicate slow but steady growth over the next decade. Embraer aims to strengthen its presence in light and midsize categories with new models and upgrades. Services are expanding with a new service center in São Paulo.
This document provides an overview of Embraer's corporate and business strategy, financial performance, product portfolio, and market outlook. Key points include organic growth and margin enhancement through new product lines; diversifying revenues and expanding customer base; improving market share and margins through product focus and customer support. Charts show growing order backlog, revenues, and aircraft deliveries as well as market forecasts through 2034 for 70-130 seat aircraft demand.
This document provides an overview of Embraer's corporate and business strategy, financial performance, commercial and executive jet portfolios and market outlook. The key points are:
- Organic growth, margin enhancement, business diversification and product strategy are priorities.
- Firm order backlog was $22.1 billion in 3Q15 with planned commercial jet deliveries of 95-100 E-Jets.
- Net revenues for 2015 are forecasted between $5.8-6.3 billion.
- The E-Jets family dominates the 70-130 seat market with over 1,600 orders and Embraer aims to establish the E2 as the most efficient aircraft in its class.
5 embraer day 2015 vae bf-final_v2_sc_siteEmbraer RI
This document summarizes Embraer's comprehensive product portfolio and strong growth over the past decade. Some key points include:
- Embraer has experienced 20% compound annual growth rate (CAGR) since 2002 and has grown its market share from 2.7% to 16.5% for executive aviation deliveries.
- It has a global footprint with over 70 service centers worldwide supporting more than 900 aircraft in 60 countries.
- Embraer consistently ranks highly in worldwide customer support and satisfaction surveys.
This document provides an overview of Embraer's corporate and business strategy, financial performance, commercial jet programs, and market outlook. Key points include growing revenues through new product launches like the E2 family, expanding the customer base globally, and forecasting strong demand in the commercial and executive jet markets with over 9,000 jet deliveries projected from 2015-2024.
This document contains Embraer's earnings results for the 3rd quarter of 2015. It highlights strong order backlog and aircraft deliveries. Net revenues increased compared to the same period last year. Income from operations and EBITDA margins were in line with expectations. However, net income was negative due to currency fluctuations. Research, development and capital expenditures remained on track with annual targets.
This document summarizes Embraer's business growth and global expansion over the past decade. Some key points include:
- Embraer has experienced 20% compound annual growth rate (CAGR) since 2002, increasing its market share of deliveries from 2.7% to 16.5%.
- It has a global footprint with 74 service centers worldwide and over 900 jets in service across 60 countries.
- Embraer has consistently ranked highly in worldwide customer support and satisfaction surveys.
2015 10 8 emb day - commercial rev-finalEmbraer RI
This document summarizes information about Embraer's commercial aviation business in 2015. It notes that Embraer delivered 122 commercial jets in 2015, had firm orders of 165 aircraft for the year, and expects deliveries of 95-100 and revenues of $3.2-$3.4 billion for 2015. It also provides an overview of Embraer's E-Jets family and the in-development E2 series, which is expected to provide fuel burn reductions of 16-24% per seat compared to current E-Jets models.
- Embraer Defense and Security achieved several accomplishments in recent years including sales of the Super Tucano to the US Air Force and progress on the KC-390 program.
- In 2015, Embraer faced new challenges including a 50% depreciation of the Brazilian real which reduced projected revenue by $1.1-1.25 billion and impacted programs.
- Embraer's main focuses moving forward are finalizing KC-390 development, improving operational efficiency, increasing international sales, and adjusting programs to the Brazilian government's budget.
This document contains Embraer's earnings results for the 3rd quarter of 2015. It highlights strong order backlog and aircraft deliveries. Net revenues increased compared to the same period last year. Income from operations and EBITDA margins were in line with expectations. However, net income was negative due to currency fluctuations. Research, development and capital expenditures remained on track with annual targets.
- Embraer delivered 122 commercial jets in 2015 and has a record backlog of 530 aircraft.
- Revenues in 2015 were between $3.2-3.4 billion, meeting guidance.
- The E-Jets E2 program is on schedule with 640 commitments so far and the E-Jets have a 60% market share in the 70-130 seat segment.
- The E-Jets E2 are expected to have 24% lower fuel burn per seat and 25% lower maintenance costs per seat compared to current E-Jets.
This document provides Embraer's earnings results for the 2nd quarter of 2015. It summarizes key highlights including record backlog, positive free cash flow, and net income. The outlook for 2015 is also revised with increased guidance for net revenues, EBITDA, and EBIT. Overall the document presents Embraer's financial performance and outlook in a favorable light with continued growth.
This document provides an overview of Embraer's corporate and business strategy, including:
- Organic growth, margin enhancement, business diversification, and organic growth through acquisitions.
- Establishing Embraer as the defense house of Brazil and focusing on product strategy, customer base expansion and excellence in customer experience.
- Details on Embraer's commercial jet portfolio, order backlog, revenues, and outlook for 2015 aircraft deliveries.
- Information on the E-Jets family and new E2 models in development.
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1. THIRD QUARTER 2006
RESULTS IN US GAAP
EMBRAER ANNOUNCES THIRD QUARTER
2006 RESULTS IN US GAAP
The Company's operating and financial information is presented, except where
otherwise stated, on a consolidated basis in United States dollars (US$) in
BOVESPA: EMBR3 accordance with US GAAP. The financial data presented in this document for the
NYSE: ERJ
quarters ended September 30, 2006, June 30, 2006 and September 30, 2005 are
www.embraer.com derived from our unaudited financial statements. In order to better understand the
Company’s operating performance, we also present at the end of this release
certain information in accordance with the Brazilian Corporate Law (“Brazilian
Investor Relations
Anna Cecilia Bettencourt GAAP”).
Carlos Eduardo Camargo
Paulo Ferreira São José dos Campos, November 13, 2006 - Embraer (BOVESPA:
EMBR3; NYSE: ERJ), the world’s leading manufacturer of commercial
Tel: (55 12) 3927 4404 jets up to 110 seats, recorded third quarter 2006 net sales of US$894.1
investor.relations@embraer.com.br
million and net income of US$61.4 million, equivalent to diluted earnings
per ADS of US$0.3308. The firm order backlog as of September 30,
2006, totaled US$13.3 billion.
In the third quarter of 2006, intense sales efforts conducted in all Embraer
business areas resulted in 137 new firm orders for the Commercial
Aviation segment, including 50 ERJ 145 and 50 EMBRAER 190 jets to
the HNA Group, 30 EMBRAER 175 jets to Republic Airways, six
EMBRAER 170 jets to EgyptAir, and one EMBRAER 170 to an
undisclosed customer. Sales for the Executive jets segment continue to
grow, especially for the Phenom family with firm orders for more than 300
aircraft as of September 30, 2006. The Company’s firm order backlog
reached the record level of US$13.3 billion by the end of the third quarter,
an increase of 30.4% over the previous quarter. The EMBRAER 170/190
family currently has 543 firm orders and 421 options booked.
As a result of difficulties with the production ramp-up of the EMBRAER
190 and EMBRAER 195 aircraft, especially those related to their wing
assembly and supply chain delays, Embraer revised its delivery forecast
for 2006 to 135, from the 145 originally forecasted. Appropriate steps
have been taken to overcome these difficulties and, in 2007, a minimum
of 160 aircraft are expected to be delivered, in order to compensate this
year’s delays, up from the previously announced 150.
A total of 30 aircraft were delivered during the third quarter of 2006,
contributing to net revenues of US$894.1 million, compared to 41
deliveries and net revenues of US$1,064.3 million in the same period last
year. Despite the 7.2% average appreciation in the BRL/USD between
3Q06 and 3Q05 and the above mentioned difficulties with the production
of the EMBRAER 190 and EMBRAER 195 aircraft, our gross margin
remained at 28.3% in the third quarter of 2006, compared to 28.1% in the
same period last year and to 28.2% in the 2Q06.
Page 1 of 18
2. THIRD QUARTER 2006
RESULTS IN US GAAP
Income from operations reached US$46.4 million in the third quarter of
2006, down from the same period last year. This decrease is due to the
lower number of deliveries in the quarter, higher operating expenses and
an increase in R&D expenses.
The decrease in operating results led to lower levels of net income and
net margin, which totaled US$61.4 million and 6.9% in 3Q06 compared to
US$110.2 million and 10.4% in 3Q05, respectively.
During the third quarter of 2006, the Company maintained its high level of
1
liquidity and at September 30, its net cash position totaled US$507.3
million.
1
Net cash = Cash and cash equivalents + Temporary cash investments - Loans
Page 2 of 18
3. THIRD QUARTER 2006
RESULTS IN US GAAP
3RD QUARTER 2006 HIGHLIGHTS
Net revenues and income from operations totaled US$894.1 million and US$46.4 million in
3Q06, respectively, as a result of a lower number of deliveries. Net revenues for the nine
months ended September 30, 2006 were US$2,723.3 million, a 3.2% increase over the
same period last year.
Net income reached US$61.4 million in 3Q06 compared to US$110.2 million in 3Q05. In
the first nine months of 2006 net income reached US$265.7 million compared to
US$289.7 million in the same period last year.
A total of 30 jets were delivered during 3Q06, including 22 jets from the commercial
aviation segment, and eight Legacy 600 jets from the executive aviation segment.
Embraer announced in July that the European Aviation Safety Agency (EASA) issued the
type certificate for the EMBRAER 190 airliner, enabling it to enter service with European
operators Finnair and Régional (Air France’s regional subsidiary).
Also in July, Mandarin Airlines chose the EMBRAER 190 and EMBRAER 195 E-Jets as
the core aircraft for their future fleet. Mandarin has elected to initially acquire a fleet of
three EMBRAER 190 and five EMBRAER 195 aircraft under operating leases. These
orders will come from the existing GECAS backlog.
During the Farnborough Airshow held in July, the European Aviation Safety Agency
(EASA) issued the type certificate for the EMBRAER 195 aircraft, allowing the first delivery
of that model to the British low-cost carrier Flybe.
Embraer announced by the end of July the sale of 30 EMBRAER 175 aircraft to Republic
Airlines Inc.
In early August, Embraer announced the decision of its Board of Directors to appoint
Frederico Fleury Curado to succeed Maurício Botelho as President and CEO of Embraer,
to be elected in April 2007.
Embraer and BNP Paribas closed a US$500 million syndicated standby credit facility, in
late August, comprised of a US$250 million Trade Finance Credit Facility, and a US$250
million Revolving Credit Facility available for multiple draw-downs.
Also in August, Embraer announced the sale of 50 ERJ 145s and 50 EMBRAER 190s to
HNA Group, the fourth largest airline in China. The deal marks the first contract involving
an E-Jet in mainland China.
Embraer announced in September that the EMBRAER 175 aircraft received type
certification from the U.S. Federal Aviation Administration (FAA), paving the way for
deliveries to begin in the United States.
In September, EgyptAir Holding Company placed a firm order for six EMBRAER 170s,
with options for another six aircraft of the same type.
Page 3 of 18
4. THIRD QUARTER 2006
RESULTS IN US GAAP
INCOME STATEMENT HIGHLIGHTS
The following table presents items of Embraer’s consolidated income statement for the three months ended September
30, 2005 and 2006 (3Q05 and 3Q06) and for the three months ended June 30, 2006 (2Q06).
(Unaudited)
Income Statement 2Q06 3Q05 3Q06
In US$ million, except % and earnings per ADS
Net Sales 1,020.9 1,064.3 894.1
Gross Profit 288.3 299.5 253.2
Gross Margin 28.2% 28.1% 28.3%
Selling, general administrative, other expenses (152.9) (111.1) (153.2)
Research and development 12.9 (5.6) (39.8)
Employee profit sharing (13.4) (12.8) (13.8)
Income from operations 134.9 170.1 46.4
Operating margin 13.2% 16.0% 5.2%
Net financial income (expenses) 26.9 (17.2) 40.8
Foreign exchange gain (loss), net (4.2) (21.4) 1.9
Other non-operating income (expense), net 10.3 0.7 (0.2)
Income before income taxes 167.9 132.2 88.8
Income tax expense (25.7) (11.1) (25.7)
Minority interest (3.1) (10.9) (1.7)
Net income 139.1 110.2 61.4
Net margin 13.6% 10.4% 6.9%
Earnings per ADS - basic 0.7532 0.6311 0.3322
Earnings per ADS - diluted 0.7500 0.6280 0.3308
Net Sales and Cost of Sales & Services
A total of 30 jets were delivered during 3Q06, including 22 jets from the commercial aviation segment and eight Legacy
600 jets from the executive aviation segment.
As a result of a lower number of aircraft delivered, net revenues reached US$894.1 million during 3Q06, representing a
16.0% decrease over the same period in 2005. In the first nine months of 2006, net revenues amounted to US$2,723.3
million, vs. US$2,640.0 million during the same period of 2005.
Page 4 of 18
5. THIRD QUARTER 2006
RESULTS IN US GAAP
Aircraft delivered by segment * 2Q06 3Q05 3Q06
Commercial Aviation 30 35 22
ERJ 145 5 9 1
EMBRAER 170 9(1) 15(1) 9
EMBRAER 175 4 9 3
EMBRAER 190 12 2 8
EMBRAER 195 - - 1
Defense and Government Market 1 3 -
EMBRAER 190 1 - -
Legacy 600 - 3 -
Executive Jet Market 5 3 8
Legacy 600 5 3 8
Total 36 41 30
Deliveries identified by parentheses were aircraft delivered under operating leases.
Net revenues related to the commercial aviation segment totaled US$567.3 million and represented 63.5% of total
revenues in 3Q06, compared to 74.9% in 3Q05.
As a result of the higher number of Legacy 600 jets delivered, net revenues for the executive aviation segment reached
US$183.5 million in 3Q06, increasing its share of total revenues to 20.5%, compared to US$61.9 million and a 5.8%
share in the same period in 2005.
Net revenues for the defense and government segment in 3Q06 totaled US$12.6 million compared to US$111.7 million
in the same period in 2005. In 3Q05, we delivered three aircraft specially configured for government authority
transportation, and in 3Q06 no transportation aircraft were delivered.
Revenues from customer services and other segments reached US$130.7 million and represented 14.6% of total
revenues, compared to US$93.9 million and 8.8% of total revenues for the same period last year.
Net sales (Unaudited)
by segment 2Q06 3Q05 3Q06
US$M % US$M % US$M %
Commercial Aviation 739.9 72.5 796.8 74.9 567.3 63.5
Defense and Government 60.2 5.9 111.7 10.5 12.6 1.4
Executive Aviation 89.7 8.8 61.9 5.8 183.5 20.5
Customer Services and Others 131.1 12.8 93.9 8.8 130.7 14.6
Total 1,020.9 100.0 1064.3 100.0 894.1 100.0
Gross margin remained stable at 28.3% in the third quarter of 2006, compared to 28.1% in the same period last year and
to 28.2% reached in the 2Q06, due to a more favorable product mix, which included higher Legacy 600 deliveries, which
was partially offset by the 7.2% average appreciation in the BRL/USD exchange rate between 3Q06 and 3Q05 and the
above-mentioned production difficulties.
Operating Expenses & Income from Operations
During 3Q06, operating expenses totaled US$206.9 million, compared to US$129.5 million in the same period in 2005
due to higher R&D expenses, expenses related to supporting the EMBRAER 190 aircraft in revenue service and our
sales and marketing strategy to promote the new executive jets, as previously discussed, in addition to the 7.2% average
appreciation of the BRL/USD exchange rate between the 3Q06 and 3Q05.
Selling expenses totaled US$111.6 million in 3Q06, an increase of US$58.3 million over 3Q05, and a decrease of
US$3.7 million over 2Q06. In 3Q05, with the conclusion of pending financing structures for certain aircraft delivered,
selling expenses benefited from the recovery of US$ 32.9 million related to guarantees on those aircraft.
R&D investments totaled US$39.8 million in 3Q06, against US$5.6 million in 3Q05. In the first nine months of the year,
Page 5 of 18
6. THIRD QUARTER 2006
RESULTS IN US GAAP
R&D expenses reached US$76.6 million, compared to US$62.1 million in the same period last year.
In 3Q06, R&D investments were related mainly to the development of our new executive jets and the E-jets family, which
was partially offset by US$4.6 million related to contributions from risk sharing partners. While in the same period last
year, with the certification of the EMBRAER 190 aircraft and the fulfillment of certain contractual milestones theses
contributions totaled US$35.6 million.
General and administrative expenses reached US$55.7 million in 3Q06, a 12.8% increase compared to 3Q05 mainly due
to a stronger Brazilian real as well the payment of the fees related to the corporate restructuring.
Other operating expenses, net represented an income of US$14.0 million this quarter compared to an expense of
US$8.4 million in the same period last year, mainly reflecting the reversal of accrued tax penalties resulting from the
favorable settlement of tax disputes during the quarter.
A total of US$13.8 million was accrued for employee profit sharing in 3Q06. The employee profit sharing plan is tied to
the Company’s action plan achievements and to distribution of interest on shareholders` equity and/or dividends to
Embraer’s shareholders.
As a result of lower revenues and higher operating expenses, the Company’s operating margin in 3Q06 was 5.2%
compared to 16.0% in the same period in 2005. In the first nine months of 2006 operating margin was 8.0%, compared to
14.9% in the same period last year.
Net Income
Total net financial income totaled US$40.8 million in 3Q06 compared to a net expense of US$17.2 million in the same
period in 2005 mainly due to a US$21.3 million gain related to tax dispute settlements and the higher average net cash
available during the quarter.
Foreign exchange gain (loss) reflects exchange variations on monetary assets and liabilities denominated in other
currencies which are translated to U.S. dollars at the end of each period. Foreign exchange produced a revenue of
US$1.9 million over 3Q06, compared to an expense of US$21.4 million in 3Q05.
Income tax expenses in 3Q06 totaled US$25.7 million and represented an effective tax rate of 29.0%. Brazil’s statutory
tax rate is 34.0%. The difference between the statutory and effective tax rate is mainly attributed to the recognition of
interest on shareholders` equity of US$42.5 million during 3Q06, which is tax-deductible in Brazil.
Net income in 3Q06 was US$61.4 million, representing a net margin of 6.9%, compared to net income of US$110.2
million and a net margin of 10.4% in 3Q05. In the first nine months of 2006, the Company`s earnings reached US$265.7
million, compared to US$289.7 million in the same period last year.
Page 6 of 18
7. THIRD QUARTER 2006
RESULTS IN US GAAP
BALANCE SHEET HIGHLIGHTS
As of September 30, 2006, Embraer’s cash and cash equivalents and temporary cash investments totaled US$2,107.0
million. On the same date, short- and long-term loans (excluding non recourse debt and recourse debt) totaled
US$1,599.8 million. Therefore, the Company had a net cash position (total loans minus cash and cash equivalents and
temporary cash investments) of US$507.3 million at the end of the third quarter.
Balance Sheet Data (Unaudited)
(in US$ million) 2Q06 3Q05 3Q06
Cash and cash equivalents 814.9 976.1 1,230.4
Temporary cash investments 1,240.6 821.5 876.6
Trade accounts receivable 471.8 790.1 397.7
Inventories 1,638.8 1,601.0 1,882.3
Fixed assets 391.2 399.4 391.6
Trade accounts payable 696.8 618.0 808.6
Loans 1,528.6 1,700.6 1,599.8
Shareholders' equity 1,777.3 1,507.9 1,780.4
Net cash (debt) * 526.9 97.0 507.3
* Net cash = Cash and cash equivalents + Temporary cash investments - Loans
Cash and Cash Equivalents and Temporary Cash Investments
Embraer’s cash and cash equivalent and temporary cash investments on September 30, 2006 was US$2,107.0 million,
compared US$2,055.5 million on June 30, 2006 and US$1,797.6 million on September 30, 2005. Of the total US$2,107.0
million balance in cash and cash equivalents and temporary cash investments, 40.1 % is denominated in U.S. dollars
and the remaining 59.9% is comprised of investments primarily in reais. Embraer’s investment strategy is to maintain
sufficient cash availability to minimize the currency and interest rate risks of its assets and liabilities. This strategy also
takes into account expected future R&D and capital expenditures, substantially denominated in reais.
Trade Accounts Receivable and Customer and Commercial Financing
During 3Q06, trade accounts receivable decreased by US$74.1 million to US$397.7 million, confirming the Company`s
commitment to reduce its exposure to bridge financings. Of this total amount, US$32.4 million is related to aircraft
delivered for which sales financing arrangements are in the process of being structured.
Customer and commercial financing totaled US$480.7 million in 3Q06, US$164.0 million of which is related to certain
aircraft sales financing structures. The remaining balance refers to our portfolio of pre-series and pre-owned aircraft, the
majority of which are leased or marketed.
Therefore, Embraer’s total exposure to sales financing activities was US$ 196.4 million in this quarter.
Inventories
During 3Q06, inventories increased to US$1,882.3 million, compared to US$1,638.8 million in 2Q06, because of the
production ramp-up of the EMBRAER 190 and EMBRAER 195 aircraft, in addition to the postponement of 10 aircraft
deliveries to 2007, due to wing assembly difficulties and supply chain delays.
Page 7 of 18
8. THIRD QUARTER 2006
RESULTS IN US GAAP
Short-Term and Long-Term Loans
As of September 30, 2006, Embraer’s total debt was US$1,599.8 million, compared to US$1,528.6 million at the end of
June 2006, and US$1,700.6 million at the end of September 2005. The average tenor of Embraer’s total debt was 1.9
years at September 30, 2006, shorter than the average tenor of 2.1 years at June 30, 2006 and 3.3 years at September
30, 2005.
Of the total debt at the end of September, 25.0% is effectively denominated in reais and indexed to the TJLP, at a
weighted average interest rate of 9.2% per annum. The remaining US$1,199.5 million is denominated in other
currencies, primarily U.S. dollars, with a weighted average interest rate of 7.4% per annum.
In order to create an important tool for a liability management process which will result in a reduction of the Company’s
overall cost of debt, Embraer concluded a US$500 million syndicated standby facility, comprised of a US$250 million
Trade Finance Credit Facility, available for disbursement in the next three years with a two-year repayment term; and a
US$250 million Revolving Credit Facility, available for multiple draw-downs within the term determined by the Company
at the drawdown date not exceeding five years from the closing date.
In addition, in October 2006, with the objective to extend its debt tenor, one of Embraer’s subsidiaries - Embraer
Overseas Limited - concluded an offering of US$400.0 million aggregate principal amount of 6.375% Guaranteed Notes
due in 2017, in an offering exempt from registration with the Securities and Exchange Commission. The notes are
unconditionally guaranteed by Embraer. The net proceeds of the offering will be used primarily to repay Embraer’s
existing indebtedness and for general corporate purposes. Standard & Poor’s (S&P) and Moody’s assigned investment
grade rating of BBB- and Baa3, respectively, to the notes. Embraer believes that with this issuance, the Company will be
able to decrease its total debt cost and expects to extend its debt average tenor to five years.
Due to a lower LTM Adjusted EBITDA of US$397.1 million in 3Q06, Total debt/ LTM adjusted EBITDA increased from
2.92x on June 30, 2006 to 4.03x on September 2006. Meanwhile, total debt/capitalization was maintained at the level of
47.0%.
Interest coverage as measured by LTM adjusted EBITDA/Interest paid (gross) was reduced, from 6.02x at the end of the
second quarter 2006, to 4.86x on September 30, 2006.
At and for the twelve-months ended
Certain Financial Ratios 2Q06 3Q05 3Q06
(Unaudited)
Total debt to Adjsuted EBITDA (1) 2.92 2.84 4.03
Net debt to Adjusted EBITDA (2) (1.01) (0.16) (1.28)
Total debt to capitalization (3) 0.48 0.53 0.47
Adjusted EBITDA to interest expense (gross) (4) 6.02 8.54 4.86
Adjusted EBITDA (5) 523.2 599.5 397.1
(1) Total debt represents short- and long-term loans and financing.
(2) Net debt represents cash and cash equivalent plus temporary cash investments minus short- and long-term loans and
financing.
(3) Total capitalization represents short- and long-term loans and financing plus shareholders equity.
(4) Interest expense (gross) includes only interest and commissions on loans.
(5) The table at the end of this release sets forth the reconciliation of net income to Adjusted EBITDA, calculated on the basis of
financial information prepared in accordance with U.S. GAAP, for the periods indicated.
Capital Expenditures
Investments in the improvement and modernization of the Company’s industrial and engineering processes, and in
property, plant, and equipment totaled US$31.5 million during 3Q06, compared to US$20.4 million in the same period
last year.
Page 8 of 18
9. THIRD QUARTER 2006
RESULTS IN US GAAP
ADDITIONAL INFORMATION ACCORDING TO BRAZILIAN GAAP
Today Embraer also reported its 3Q06 financial statements in accordance with the corporate law accounting method
(Brazilian GAAP), which according to Brazilian legislation, are the basis for calculating distribution of dividends and
interest on shareholders’ equity, income tax and social contribution. The following is a selection of consolidated income
data in accordance with Brazilian GAAP and in reais (R$).
Net sales in 3Q06 totaled R$1,943.4 million and gross profit was R$479.1 million, with a gross margin of 24.7%. Income
from operations for the period totaled R$102.1 million, with an operating margin of 5.3%. Income before taxes was
R$210.9 million. Income tax and social contribution totaled R$43.2 million, representing an effective tax rate of 20.5%.
Net income for the period totaled R$163.4 million, representing 8.4% of net revenues.
COMMERCIAL AVIATION, EXECUTIVE AVIATION, AND DEFENSE AND GOVERNMENT
SEGMENTS
Commercial Aviation
Embraer announced on July 6, 2006 that the European Aviation Safety Agency (EASA) issued the type certificate for the
EMBRAER 190 airliner, enabling the 100-seater aircraft to enter service with European operators Finnair and Régional
(Air France’s regional subsidiary).
On July 10, 2006, Mandarin Airlines selected the EMBRAER 190 and EMBRAER 195 E-Jets as the core aircraft for their
future fleet requirements. Mandarin has elected to initially acquire a fleet of eight aircraft under operating leases and has
signed a contract with GE Commercial Aviation Services (GECAS) to lease three EMBRAER 190s and five EMBRAER
195 aircraft. These orders will come from the existing GECAS backlog.
The European Aviation Safety Agency (EASA) issued the type certificate for the EMBRAER 195, the largest E-Jet of the
EMBRAER 170/190 family, on July 17, 2006, during the Farnborough Airshow, just two weeks after its Brazilian type
certificate, was granted, on June 30, by the National Civil Aviation Agency (ANAC).
Embraer announced, on July 19, 2006, that it will offer EMBRAER 170/190 family aircraft in high-capacity variants as a
response to the growing interest among airlines, which are focused on maximizing their revenue potential in specific
markets. No structural changes or new testing will be necessary to certify the new EMBRAER 170/190 configurations,
which will have a maximum capacity of 80 seats for the EMBRAER 170, 88 seats for the EMBRAER 175, 114 seats for
the EMBRAER 190 and 122 seats for the EMBRAER 195.
On July 24, 2006, Embraer reached an agreement for a firm order of 30 EMBRAER 175 aircraft by Republic Airlines Inc..
This brings the total number of E-Jets on order for Republic to 78 firm and 75 options.
Embraer announced on August 30, 2006 the sale of 50 ERJ 145s and 50 EMBRAER 190 jets to HNA Group, the fourth
largest airline in China. The deal marks the first contract involving an E-Jet in mainland China. Deliveries are expected to
commence in September 2007 for the ERJ 145s that will be produced by the Harbin Embraer Aircraft Industry (HEAI)
joint venture, in the city of Harbin, in Heilongjiang Province. For the EMBRAER 190, deliveries are planned to start in
December 2007 and the aircraft will be manufactured at the plant in São José dos Campos, Brazil.
On September 17, 2006, Embraer announced that EgyptAir Holding Company placed a firm order for six EMBRAER 170
jets, with options for another six aircraft of the same type. The first aircraft delivery is scheduled for April 2007.
Executive Aviation
Embraer announced on July 17, 2006 that an agreement was signed with KIPCO Group’s United Aviation for the sale of
one Phenom 100, one Phenom 300 and one Legacy 600. One of the leading VIP Aircraft Charter Operations in the
Middle East, United Aviation becomes the launch customer for Embraer’s Phenom in the region.
Page 9 of 18
10. THIRD QUARTER 2006
RESULTS IN US GAAP
In the beginning of August, 2006 Embraer announced the sale of five Phenom 100 jets to Gold Aviation Services of Ft.
Lauderdale, Florida. The contract includes options for 10 additional Phenom 100 or Phenom 300 jets. The Phenom jets
will be managed, maintained and chartered by Gold Aviation Services, under a management and charter program for the
Legacy 600 and Phenom jets.
Embraer announced, on August 18, 2006, the sale of one Phenom 100 and one Phenom 300 jet to ABC Táxi Aéreo, a
subsidiary of the Algar Group in Brazil. This will be the launch charter customer for the Phenom jets in Latin America.
ABC Táxi Aéreo has been an Embraer customer since 1978, as well as an authorized service center for Embraer
turboprop aircraft.
On September 5, 2006, Embraer displayed the full scale Phenom 300 mock-up in front of the New York Stock Exchange
(NYSE) building, for public showing of the Phenom mock-up in New York City. Embraer officers also rang the NYSE
opening bell for the day’s trading session and held meetings with the press and investors on Embraer’s Executive Jets
business.
At that same event at the New York Stock Exchange, Embraer announced that Houston-based Magnum Jet acquired 50
Phenom 100 executive jets and placed an option for an additional 50 aircraft. The contract allows Magnum Jet to convert
its positions into either the Phenom 100 or the Phenom 300.
Defense and Government
Embraer presented a proposal to the Turkish government on July 14, 2006 to sell between 36 and 55 Super Tucano
trainer aircraft. The proposal is associated with a technology transfer and industrial participation program involving local
defense companies.
BACKLOG & DELIVERY FORECAST
On September 30, 2006, Embraer presented the following firm order backlog:
Firm Order
Model Firm Orders Options Deliveries
Backlog
ERJ 135 108 1 108 -
ERJ 140 74 - 74 -
ERJ 145 732 132 677 55
EMBRAER 170 152 133 120 32
EMBRAER 175 52 - 22 30
EMBRAER 190 298 248 41 257
EMBRAER 195 41 40 1 40
Total 1,457 554 1,043 414
*Includes aircraft from the Defense and Government segment (Satena and TAME)
As a result of difficulties with the production ramp-up of the EMBRAER 190 and EMBRAER 195 aircraft, especially those
related to their wing assembly and supply chain delays, Embraer revised its delivery forecast for 2006 to 135, from the
145 originally forecasted. Appropriate steps have been taken to overcome these difficulties and, in 2007, a minimum of
160 aircraft are expected to be delivered, up from the previously announced 150, in order to compensate this year’s
delays.
As of September 30, 2006, Embraer’s firm order backlog, including the Commercial Aviation, the Executive Aviation and
the Defense and Government segments totaled a record US$13.3 billion.
Page 10 of 18
11. THIRD QUARTER 2006
RESULTS IN US GAAP
Firm Order Backlog (US$ billion)
10.4 10.4 10.4 10.2 13.3
3Q05 4Q05 1Q06 2Q06 3Q06
INVESTOR RELATIONS
Embraer’s American Depositary Shares (ADS) traded on the New York Stock Exchange (NYSE) closed at US$39.27 at
the end of September 2006, representing a valuation of 7.7% during the third quarter.
The Company’s common shares traded on the Bolsa de Valores de São Paulo (BOVESPA) closed at R$21.30 at the end
of September 2006, representing a increase of 7.9% during the third quarter of 2006.
The average daily ADS trading volume during the third quarter of 2006 was US$18.0 million and 479,652 shares.
CORPORATE GOVERNANCE
Embraer announced at August 4, that its Board of Directors appointed Frederico Fleury Curado to succeed Maurício
Botelho as President and CEO of Embraer, to be elected in April 2007, in accordance with a previously defined and
publicly announced schedule.
After April 2007, Maurício Botelho will remain as Chairman of Embraer’s Board of Directors, a position he has held since
last March 31, with a three-year mandate ending in April 2009.
Page 11 of 18
12. THIRD QUARTER 2006
RESULTS IN US GAAP
RECENT EVENTS
EMBRAER ANNOUNCES NORTHWEST AIRLINES ORDER FOR 36 EMBRAER 175 JETS
Embraer announced, on October 5, 2006, that U.S. based carrier Northwest Airlines placed a firm order for 36
EMBRAER 175 jets, with options for additional 36 aircraft of the same type and up to 100 rolling purchase rights. The
new E-Jets will be operated by Northwest’s regional subsidiary Compass Airlines, and will fly under the Northwest Airlink
brand name. Deliveries are scheduled to begin in the second quarter of 2007.
EMBRAER CONCLUDES THE ISSUANCE OF GUARANTEED NOTES
In October 2006, Embraer announced that its subsidiary Embraer Overseas Limited issued Guaranteed Notes due 2017,
in an offering exempt from the registration with the Securities and Exchange Commission. The notes are unconditionally
guaranteed by Embraer. The initial amount of the offering was US$300 million, but to meet the increase in demand, that
reached ten times the initial amount offered, Embraer raised the aggregate principal amount to US$400 million, with a
6.375% coupon. The proceeds will be used to repay part of Embraer’s existing indebtedness, and for general corporate
purposes.
EMBRAER TO BUILD FOUR EXECUTIVE JETS SERVICE CENTERS IN NORTH AMERICA AND EUROPE
Embraer announced at the NBAA (National Business Aviation Association), that it plans to build three new service
centers in the U.S., dedicated to full-service care for the Phenom 100, Phenom 300 and Legacy 600 aircraft. A fourth
service center is expected to be built in 2007, at the Le Bourget airport, in Paris, France.
EMBRAER ANNOUNCES NEW FIRM ORDERS FOR THE PHENOM 100 AND PHENOM 300 AT THE NBAA
During the NBAA, Embraer announced that Avantair, a leading provider of fractional aircraft shares, has placed an order
for 20 Phenom 100 executive jets. Valencia-based Wondair also acquired 24 Phenom 100 jets. The Spanish on-demand
operator has also placed an option for an additional 12 aircraft. The contract allows Wondair to convert its positions from
Phenom 100 to Phenom 300. Another customer, Eagle Creek Aviation Services, a full-service provider of aircraft sales,
management and maintenance services, purchased 12 Phenom 100 and four Phenom 300 jets, with options for an
additional five units that can be converted into either aircraft model.
Page 12 of 18
13. THIRD QUARTER 2006
RESULTS IN US GAAP
CONFERENCE CALL INFORMATION
Embraer will hold a conference call to review its 3Q06 Results in US GAAP on November 14, 2006.
English ( US GAAP) Portuguese (BR GAAP)
8:00 am (NY Time) 6:00 am (NY Time)
11:00 am (SP Time) 9:00 am (SP Time)
Dial-in Numbers Dial-in Number
(1-800) 860-2442 (+55)11-4688-6301
(1-412) 858-4600 Code: Embraer
55 11 4688-6301
Code: Embraer
Replay Number Replay Number
(+55) 11 4688-6225 (+55) 11 4688-6225
Code: 597 Code: 442
The conference call will also be broadcast live over the web at www.embraer.com
For additional information please contact:
Investor Relations
(+55 12) 3927-4404
investor.relations@embraer.com.br
ABOUT EMBRAER
Embraer (Empresa Brasileira de Aeronáutica S.A. - NYSE: ERJ; Bovespa: EMBR3) is the world’s leading manufacturer
of Commercial jets up to 110 seats with 37 years of experience in designing, developing, manufacturing, selling and
providing after sales support to aircraft for the Commercial Aviation, Executive Aviation, and Defense and Government
segments. With headquarters in São José dos Campos, State of São Paulo, the Company has offices and customer
service bases in the United States, France, Portugal, China and Singapore. Embraer is among Brazil’s leading exporting
companies. As of September 30, 2006, Embraer had a total workforce of 18,336 people, and its firm order backlog
totaled US$13.3 billion.
This document may contain forward-looking statements regarding circumstances or events yet to take place. Such
statements are based largely on current expectations, forecasts of future events, assumptions and on financial
tendencies that affect the Company’s businesses, and may prove not to be accurate and are not guarantees of
performance. They are subject to risks, uncertainties and assumptions that are difficult to predict and that may include,
among others: general economic, political and trade conditions in Brazil and in those markets where the Company does
business; expectations on industry trends; the Company’s investment plans; its capacity to develop and deliver products
on the dates previously agreed upon; and existing and future governmental regulations. The actual results can,
therefore, differ substantially from those previously published as Company expectations. Further, in view of the inherent
risks and uncertainties, the estimates, events and circumstances in such statements may not occur. The words
“believe”, “may”, “is able”, “will be able”, “estimate”, “intend”, “continue”, “project”, “anticipate”, “expect” and other similar
terms are supposed to identify such forward-looking statements. The Company is not obligated to publish updates nor to
revise any such statements due to new information, future events or otherwise.
Page 13 of 18
14. THIRD QUARTER 2006
RESULTS IN US GAAP
EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S.A.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars)
ASSETS
As of June 30, As of September 30,
2006 2006
CURRENT ASSETS (Unaudited) (Unaudited)
Cash and cash equivalents 814,869 1,230,423
Temporary cash investments 1,240,613 876,622
Trade accounts receivable,net 465,275 392,849
Collateralized accounts receivable 70,347 87,466
Customer and commercial financing 27,796 11,811
Inventories 1,638,835 1,882,287
Deferred income taxes 114,579 126,201
Other current assets 521,153 588,204
Total current assets 4,893,467 5,195,864
NONCURRENT ASSETS:
Trade accounts receivable,net 6,499 4,815
Collateralized accounts receivable 803,531 730,929
Customer and commercial financing 487,076 468,868
Property, plant and equipment, net 391,190 391,604
Investments 32,391 33,465
Deferred income taxes 346,115 340,460
Other noncurrent assets 372,313 330,350
Total noncurrent assets 2,439,115 2,300,491
TOTAL ASSETS 7,332,582 7,496,355
Page 14 of 18
15. THIRD QUARTER 2006
RESULTS IN US GAAP
LIABILITIES AND SHAREHOLDERS' EQUITY
As of June 30, As of September 30,
2006 2006
CURRENT LIABILITIES (Unaudited) (Unaudited)
Loans 633,639 759,753
Capital lease obligation 2,498 1,809
Non recourse and recourse debt 376,596 400,129
Trade accounts payable 693,457 808,582
Advances from customers 593,271 666,685
Other payables and accrued liabilities 388,244 470,768
Taxes and payroll charges payable 117,941 119,585
Accrued taxes on income 14,823 16,926
Deferred income taxes 49,805 67,385
Contingencies 22,635 14,784
Accrued dividends 47,025 54,053
Total current liabilities 2,939,934 3,380,460
LONG-TERM LIABILITIES
Loans and financing 895,001 840,036
Capital lease obligation 2,155 1,649
Non recourse and recourse debt 471,543 428,315
Trade accounts payable 3,268 -
Advances from customers 130,865 151,320
Contribution from suppliers 140,095 114,514
Taxes and payroll charges payable 574,483 411,499
Other payables and accrued liabilities 114,453 108,812
Deferred income taxes 193,653 203,875
Contingencies 38,413 22,278
Total long-term liabilities 2,563,929 2,282,297
MINORITY INTEREST 51,374 53,199
SHAREHOLDERS' EQUITY: 1,777,345 1,780,400
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7,332,582 7,496,355
Page 15 of 18
16. THIRD QUARTER 2006
RESULTS IN US GAAP
EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S.A.
CONSOLIDATED STATEMENTS OF INCOME
In thousands of U.S.dollars except per share data
Three Months Ended Nine Months Ended
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
September 30, 2005 September 30, 2006 September 30, 2005 September 30, 2006
Net sales 1,064,332 894,075 2,640,049 2,723,322
Cost of sales and services (764,803) (640,843) (1,817,226) (1,949,843)
Gross profit 299,529 253,232 822,823 773,479
Operating expenses
Selling expenses (53,299) (111,567) (177,933) (305,154)
Research and development (5,608) (39,801) (62,095) (76,641)
General and administrative (49,363) (55,705) (138,945) (151,926)
Employee profit sharing (12,800) (13,822) (35,166) (27,184)
Other operating expense, net (8,404) 14,025 (15,271) 5,139
Income from operations 170,055 46,362 393,413 217,713
Net financial income(expense) (17,216) 40,767 (25,393) 99,662
Foreign exchange gain (loss) ,net (21,364) 1,860 (19,520) (1,026)
Other non-operating income (expense), net 681 (239) (725) 13,609
Income before income taxes 132,156 88,750 347,775 329,958
Income tax expense (11,052) (25,731) (47,530) (59,455)
Income before minority interest 121,104 63,019 300,245 270,503
Minority interest (7,761) (1,668) (7,454) (4,797)
Equity in income (loss) from affiliates (3,096) - (3,096) -
Net income 110,247 61,352 289,695 265,707
Earnings per share
Basic
Common 0.1434 0.0831 0.3769 0.3597
Preferred 0.1578 - 0.4146 -
Diluted
Common 0.1427 0.0827 0.3750 0.3582
Preferred 0.1570 - 0.4125 -
Weighted average shares (thousands of shares)
Basic
Common 242,544 738,697 242,544 738,697
Preferred 478,219 - 478,219 -
Diluted
Common 242,544 741,862 242,544 741,862
Preferred 481,746 - 481,746 -
Earnings per share - ADS basic (US$) 0.6311 0.3322 1.6585 1.4388
Earnings per share - ADS diluted (US$) 0.6280 0.3308 1.6501 1.4326
Page 16 of 18
17. THIRD QUARTER 2006
RESULTS IN US GAAP
EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S.A.
CONSOLIDATED STATEMENTS OF CASH FLOWS
In thousands of U.S.dollars except per share data
Three months ended on September 30, Nine months ended on September 30,
2005 2006 2005 2006
CASH FLOWS FROM OPERATING ACTIVITIES (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net income 110,247 61,352 289,695 265,707
Adjustments to reconcile net income to net cash
provided by(used in) operating activities:
Depreciation and amortization 16,737 14,336 52,190 55,699
Provision for contingencies - 1,333 - 2,604
Allowance for doubtful accounts 3,665 3,197 5,495 8,276
Provision for inventory obsolescence 12,018 6,688 19,935 16,596
Deferred income taxes 3,821 21,835 2,556 40,875
Exchange loss, net 21,364 (1,860) 19,520 1,026
Loss (gain) on permanent assets disposals 90 2,051 (50) (4,680)
Equity in income (loss) from affiliates 3,096 - 3,096 (961)
Accrued interest in excess of interest paid (paid in excess of accrued) 11,780 6,995 12,342 8,163
Minority interests 7,761 1,668 7,454 4,797
Other (204) (5,787) 449 (6,070)
Changes in assets and liabilities: (505,769) 370,051 (887,852) (417,265)
Net cash used in operating activities (315,394) 481,857 (475,170) (25,234)
CASH FLOW FROM INVESTING ACTIVITIES
Additions to property, plant and equipment (20,402) (17,282) (50,387) (70,087)
Net cash used in investing activities 17,035 (90) (138) (90)
Sales of property, plant and equipment 137 (196) 351 18,924
Net cash provided by investing activities (3,230) (17,569) (50,174) (51,254)
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of loans (103,412) (185,981) (777,356) (705,679)
Proceeds from borrowings 378,266 189,910 1,126,232 718,270
Proceeds from issuance of shares 1,637 - 6,934 423
Dividends and/or Interest on capital paid (47,552) (51,659) (146,953) (99,314)
Payments on capital lease obligations (895) (1,155) (2,025) (2,856)
Net cash provided by (used in) financing activities 228,044 (48,886) 206,832 (89,157)
Effect of exchange rate changes on cash and cash equivalents 18,427 152 87,317 56,909
Net increase (decrease) in cash and cash equivalents (72,153) 415,554 (231,195) (108,736)
Cash and cash equivalents, at beginning of period 1,048,246 814,869 1,207,288 1,339,159
Cash and cash equivalents, at end of period 976,093 1,230,423 976,093 1,230,423
Page 17 of 18
18. THIRD QUARTER 2006
RESULTS IN US GAAP
RECONCILIATION BETWEEN US GAAP AND “NON GAAP” INFORMATION
Adjusted EBITDA represents earnings before interest, taxation, depreciation and amortization. Adjusted
EBITDA is not a financial measurement of our financial performance under U.S. GAAP. Adjusted EBITDA is
presented because we use it internally as a measure to evaluate certain aspects of our business, including
our financial operations. We also believe that some investors find it to be a useful tool for measuring a
company’s financial performance. Adjusted EBITDA should not be considered as an alternative to, in
isolation from, or a substitution for analysis of our financial condition or results of operations, as reported
under U.S. GAAP. Other companies in our industry may calculate Adjusted EBITDA differently than we have
for purposes of our earnings releases, limiting Adjusted EBITDA’s usefulness as a comparative measure.
Adjusted EBITDA Reconciliation 2Q06 3Q05 3Q06
(Unaudited)
Net income 82.9 110.2 61.4
Minority interest (1.6) 7.8 1.7
Equity in income (loss) from affiliates - 3.1 0.0
Cumulative effect of accounting change -
Income tax benefit (expense) 14.0 11.1 25.7
Interest income (expense), net 1.1 17.2 (40.8)
Exchange gain (loss), net 1.0 21.4 (1.9)
Other non-operating income (expenses), net 1.4 (0.7) 0.2
Depreciation and amortization 18.3 35.5 14.3
Adjusted EBITDA 117.1 205.5 60.7
Page 18 of 18