The document summarizes Embraer's 5th Annual Investors and Analysts Meeting held in November 2004. It discusses Embraer's shareholder base, dividends, differences between Brazilian GAAP and US GAAP accounting standards, reconciliation of net income and shareholders' equity between the two standards, and off-balance sheet exposure from financial guarantees, residual value guarantees, repurchase options, trade-in options, and trade-up options.
2006* Farnborough Airshow ApresentaçãO FinanceiraEmbraer RI
The document summarizes Embraer's 5th Annual Investors and Analysts Meeting that took place on November 18 & 19, 2004 in São José dos Campos, Brazil. It includes presentations on Embraer's financial results, shareholder base, dividends, and the main differences between Brazilian GAAP and US GAAP accounting standards, particularly regarding revenue recognition, defense contracts, translation effects, property, plant and equipment, deferred assets, and capital versus operating leases.
Toyota was the top selling automaker in Thailand in September 2012 with 46,568 vehicles sold. For the January-September period, Toyota sold 380,751 vehicles. In September, the top 10 best selling vehicles were dominated by pickup trucks and SUVs with the Toyota Hilux as the top seller at 20,364 units. For the first 9 months of the year, Toyota was also the top seller among passenger vehicles with 167,026 units sold. Overall automotive sales in Thailand for January-September 2012 reached 1,706,389 units, a 33% increase from the same period in 2011.
Electrolux Capital Markets Day 2012 - Presentation Alberto ZanataElectrolux Group
Electrolux Capital Markets Day. November 14, 2012, Stockholm, Sweden. Together with senior management, the President and CEO of Electrolux, Keith McLoughlin will present the Group’s strategy to create further sustainable economic value at today’s capital markets day.
Sales of the company grew substantially from 1999 to 2011, increasing from 0.17 billion euros in 1999 to approximately 1.2 billion euros in 2011. The company's share price increased significantly after its initial public offering (IPO) in 2005, rising from around 500 Czech koruna to over 1,000 Czech koruna by 2006. As of March 2006, the company had a market capitalization of 46.2 billion Czech koruna (1.9 billion US dollars) with 56% of shares held by free float shareholders and the remainder held by investment firm Warburg Pincus and company management and employees.
Digital advertising is becoming less effective as click-through rates decline. Only a small portion of internet users, around 8%, account for the majority of clicks on display ads. Additionally, heavy clickers are not representative of the overall online population in terms of their internet usage. However, digital advertising can still be effective for branding when measured by lift in awareness, purchase intent, favorability, and other metrics. It is also comparable to TV advertising in terms of driving sales, when accounting for frequency of exposure. The future of digital advertising effectiveness lies in more relevant metrics beyond clicks and the use of rich media formats with fewer ads to improve the user experience.
The document lists the top 100 most valuable global brands for 2010 according to brand value and percentage change from 2009. It includes brands such as Coca-Cola, Nintendo, Budweiser, Pepsi, Red Bull, Starbucks, and Playstation. The brand values range from $114 billion for #1 brand Coca-Cola to $7.28 billion for #100 brand.
The document analyzes credit trends at Fifth Third Bank in 2Q08. Key points:
1) Non-performing assets (NPAs) and net charge-offs (NCOs) increased significantly in 2Q08 and were driven by weakness in commercial real estate and residential mortgages, particularly in Michigan and Florida.
2) The commercial construction portfolio saw rising delinquencies, NPAs, and NCOs as the sector was impacted by declining property values. Over half the loans were in Florida and Michigan.
3) The homebuilder/developer portfolio also deteriorated with higher delinquencies, NPAs and NCOs as residential and land values weakened. Most loans supported projects
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.
2006* Farnborough Airshow ApresentaçãO FinanceiraEmbraer RI
The document summarizes Embraer's 5th Annual Investors and Analysts Meeting that took place on November 18 & 19, 2004 in São José dos Campos, Brazil. It includes presentations on Embraer's financial results, shareholder base, dividends, and the main differences between Brazilian GAAP and US GAAP accounting standards, particularly regarding revenue recognition, defense contracts, translation effects, property, plant and equipment, deferred assets, and capital versus operating leases.
Toyota was the top selling automaker in Thailand in September 2012 with 46,568 vehicles sold. For the January-September period, Toyota sold 380,751 vehicles. In September, the top 10 best selling vehicles were dominated by pickup trucks and SUVs with the Toyota Hilux as the top seller at 20,364 units. For the first 9 months of the year, Toyota was also the top seller among passenger vehicles with 167,026 units sold. Overall automotive sales in Thailand for January-September 2012 reached 1,706,389 units, a 33% increase from the same period in 2011.
Electrolux Capital Markets Day 2012 - Presentation Alberto ZanataElectrolux Group
Electrolux Capital Markets Day. November 14, 2012, Stockholm, Sweden. Together with senior management, the President and CEO of Electrolux, Keith McLoughlin will present the Group’s strategy to create further sustainable economic value at today’s capital markets day.
Sales of the company grew substantially from 1999 to 2011, increasing from 0.17 billion euros in 1999 to approximately 1.2 billion euros in 2011. The company's share price increased significantly after its initial public offering (IPO) in 2005, rising from around 500 Czech koruna to over 1,000 Czech koruna by 2006. As of March 2006, the company had a market capitalization of 46.2 billion Czech koruna (1.9 billion US dollars) with 56% of shares held by free float shareholders and the remainder held by investment firm Warburg Pincus and company management and employees.
Digital advertising is becoming less effective as click-through rates decline. Only a small portion of internet users, around 8%, account for the majority of clicks on display ads. Additionally, heavy clickers are not representative of the overall online population in terms of their internet usage. However, digital advertising can still be effective for branding when measured by lift in awareness, purchase intent, favorability, and other metrics. It is also comparable to TV advertising in terms of driving sales, when accounting for frequency of exposure. The future of digital advertising effectiveness lies in more relevant metrics beyond clicks and the use of rich media formats with fewer ads to improve the user experience.
The document lists the top 100 most valuable global brands for 2010 according to brand value and percentage change from 2009. It includes brands such as Coca-Cola, Nintendo, Budweiser, Pepsi, Red Bull, Starbucks, and Playstation. The brand values range from $114 billion for #1 brand Coca-Cola to $7.28 billion for #100 brand.
The document analyzes credit trends at Fifth Third Bank in 2Q08. Key points:
1) Non-performing assets (NPAs) and net charge-offs (NCOs) increased significantly in 2Q08 and were driven by weakness in commercial real estate and residential mortgages, particularly in Michigan and Florida.
2) The commercial construction portfolio saw rising delinquencies, NPAs, and NCOs as the sector was impacted by declining property values. Over half the loans were in Florida and Michigan.
3) The homebuilder/developer portfolio also deteriorated with higher delinquencies, NPAs and NCOs as residential and land values weakened. Most loans supported projects
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.
Farnborough Airshow - Apresentação FinanceiraEmbraer RI
The document summarizes Embraer's 5th Annual Investors and Analysts Meeting that took place on November 18-19, 2004 in São José dos Campos, Brazil. It provides an overview of Embraer's shareholder base, dividends, differences between Brazilian GAAP and US GAAP accounting standards, with a focus on revenue recognition, defense contracts, translation effects, property, plant and equipment, deferred assets, and capital versus operating leases. The CFO Antonio Luiz Pizarro Manso presented on Embraer's financial results and outlook.
Farnborough airshow apresentação financeiraEmbraer RI
The document summarizes Embraer's 5th Annual Investors and Analysts Meeting that took place on November 18 & 19, 2004 in São José dos Campos, Brazil. It includes presentations on Embraer's financial results, shareholder base, dividends, and the main differences between Brazilian GAAP and US GAAP accounting standards, particularly regarding revenue recognition, defense contracts, translation effects, property, plant & equipment, deferred assets, and capital vs operating leases.
Third Annual Analyst & Investor Meeting Financial PresentationEmbraer RI
This document summarizes Embraer's third annual investor meeting held on November 21-22, 2002. It provides an overview of Embraer's shareholder base, financial results for the third quarter of 2002, sales financing methods, asset management strategy, and working capital measures. The presentation discusses Embraer's commitment to customer financial needs while transitioning away from long-term aircraft financing. It also reviews Embraer's captive insurance company and aircraft leasing subsidiary used to manage risks and residual aircraft values.
2002 - Third Annual Analyst & Investor Meeting Financial PresentationEmbraer RI
This document summarizes Embraer's third annual investor meeting held on November 21-22, 2002. It provides an overview of Embraer's shareholder base, financial results for the third quarter of 2002, sales financing methods, asset management strategy, and working capital measures. The presentation discusses Embraer's commitment to customer financial needs while transitioning away from long-term aircraft financing. It also reviews Embraer's captive insurance company and aircraft leasing subsidiary used to manage risks and residual aircraft values.
Second Annual Analysts & Investors Presentation - Financial PresentationEmbraer RI
The document discusses Embraer's second annual investors and analyst meeting. It includes forward-looking statements about future events and financial trends that are subject to risks and uncertainties. The capital structure shows Embraer's voting shares are held by European and Brazilian entities, and preferred shares are listed on the NYSE and Bovespa. The presentation reviews Embraer's jet deliveries, revenues, profits, balance sheet, and performance indicators from 2000 to the third quarter of 2001. It also discusses investments, employment levels, production cycle times, and accounting differences between Brazilian GAAP and US GAAP.
2002* Segundo Encontro Anual Com Analistas E Investidores ApresentaçãO Fina...Embraer RI
The document discusses Embraer's second annual investors and analyst meeting. It provides an overview of Embraer's capital structure, stock dividends, third quarter results including the income statement, balance sheet, and key performance indicators. It also discusses Embraer's investments, revenue, earnings, employees, production cycle, and the differences between Brazilian GAAP and US GAAP accounting standards.
Segundo Encontro Anual Com Analistas E Investidores ApresentaçãO FinanceiraEmbraer RI
The document discusses Embraer's second annual investors and analyst meeting. It provides an overview of Embraer's capital structure, stock dividends, third quarter results including the income statement, balance sheet, and key performance indicators. It also discusses Embraer's investments, revenue, earnings, employees, production cycle, and the differences between Brazilian GAAP and US GAAP accounting standards.
2001 - Financial Results 3 Q Corporate LawEmbraer RI
The document summarizes Embraer's 3rd quarter 2001 results. Key points include delivery of 41 ERJ jets, including 13 after 9/11. Embraer received orders from the Brazilian Air Force, Midwest Airlines, and the Dominican Republic. As a result of 9/11, Embraer reduced staff by 1,800 to adapt to the new economic situation while maintaining capabilities. Backlog totaled $23.9 billion, including $11.2 billion in firm orders.
The document summarizes Embraer's 3rd quarter 2001 results. Key points include delivery of 41 ERJ jets, including 13 after 9/11. Embraer received orders from the Brazilian Air Force, Midwest Airlines, and the Dominican Republic. As a result of 9/11, Embraer reduced staff by 1,800 to adapt to the new economic situation while maintaining capabilities. Backlog totaled $23.9 billion, including $11.2 billion in firm orders.
Paris Air Show - Corporativo e Relações com InvestidoresEmbraer RI
The document is a presentation by the Executive Vice President and CFO of Embraer summarizing the company's performance in the first quarter of 2007. It includes forward-looking statements and discusses Embraer's jet deliveries, revenues, margins, earnings, and net income for both the quarter and compared to previous years. Charts and graphs show trends in these financial metrics from 2002 to 2007.
2007* Paris Air Show Corporativo E RelaçõEs Com InvestidoresEmbraer RI
The document is a presentation by Embraer's Executive Vice President and CFO providing results and performance metrics for Embraer's 2007 Air Show. It includes quarterly and yearly data on key financial figures such as jet deliveries, revenues, gross margin, EBIT, EBITDA, net income, and margins. Forward-looking statements are also presented along with risks and uncertainties. Charts show trends over time for these various metrics.
Paris air show corporativo e relações com investidoresEmbraer RI
The document provides an overview of Embraer's financial performance in the first quarter of 2007. Some key points include:
- Jet deliveries increased to 25 in Q1 2007 from 27 in Q1 2006.
- Net revenues were $843 million in Q1 2007, down slightly from $1,084 billion in the same period of 2006.
- EBIT margin declined to 0.5% in Q1 2007 from 7% in Q1 2006 due to lower commercial jet deliveries.
- Backlog remained strong at $15 billion though down from $18.2 billion in Q4 2006.
- Embraer forecast jet deliveries to increase to 165-170 in 2007 and 195-
Paris Air Show - Corporate and Investor RelationsEmbraer RI
The document provides an overview of Embraer's financial performance in the first quarter of 2007. Some key points include:
- Jet deliveries increased to 25 in Q1 2007 from 27 in Q1 2006.
- Net revenues were $843 million in Q1 2007, down slightly from $1,084 billion in the same period of 2006.
- EBIT margin declined to 0.5% in Q1 2007 from 7% in Q1 2006 due to lower commercial jet deliveries.
- Net income was $26 million in Q1 2007 compared to $124 million in Q1 2006.
- The firm backlog remained strong at $15 billion as of the end of Q1 2007.
2007* Paris Air Show Corporativo E RelaçõEs Com InvestidoresEmbraer RI
The document is a presentation by the Executive Vice President and CFO of Embraer summarizing the company's performance in the first quarter of 2007. It includes forward-looking statements and discusses Embraer's jet deliveries, revenues, margins, earnings, and net income for both the quarter and compared to previous years. Charts and graphs show trends in these financial metrics from 2002 to 1Q07.
It is a Presentation on Analysis of Fixed and Floating Interest rates of PGCIl Bonds. Also has the issue procedure of Bonds Issue and Characterstics of Bonds( YTM, Duration and Convexity)
2011 Capital Markets Day focused on delivering shareholder value through exceptional profitability, high cash conversion, and investing in business development while returning cash to shareholders. The company has sustained OIBDA margins above 35% through 2010 and converts over 70% of OIBDA to operating cash flow. Since 2006 it has invested $515 million in net business acquisitions and plans to pay $100 million in dividends in 2011, expanding its regional broadcast network in Russia to drive advertising revenue growth.
Capital Markets Day 2011 Delivering Shareholder ValueGrigory Kuznetsov
Boris Podolsky, CFO of CTC Media, presented on delivering shareholder value at the 2011 Capital Markets Day. CTC Media has achieved exceptional profitability with OIBDA margins above 35% through a stable cost structure and investing in programming. The company generates strong cash flow, converts over 70% of OIBDA to cash, and intends to increase dividends while also returning cash through acquisitions. Management incentives are aligned with shareholders through an emphasis on long-term equity incentives tied to performance. For full-year 2011, CTC Media expects around 20% revenue growth and an OIBDA margin of 34-36%.
The document summarizes the Bulgarian EAS (enterprise application software) market outlook. It finds that the EAS market grew 1.7% in 2008 to $18.22 million despite economic slowdown. SAP was the leading vendor with 34.5% market share while Microsoft saw the fastest growth. The ERM (enterprise resource management) segment remained the largest but SCM and OMA saw stronger growth. Most EAS spending came from manufacturing and wholesale industries while the small business segment remained underpenetrated. The document provides recommendations on improving IT alignment with business needs and reducing costs.
Hn & Hcm Market Presentation Q4 2009 Final Ensavillsvietnam
The Ha Noi office market saw a significant increase in activity in Q4 2009. Grade A office space rents are about double those of Grade C space. Occupancy rates remain high across all grades, though Grade A space commands the highest rents at around $40-50 per square meter per month. Overall supply consists of 83 buildings, with 14 considered Grade A and the rest Grade B or C. New supply entering the market includes the Capital Tower and CEO Tower projects.
by Location, FY 2010 (in INR Lakhs)
1) R&D operating costs in India have continued to decline over the past 24 months, generating significant cost savings for headquarters. However, strengthening of the INR against the USD had a marginal negative impact on further cost declines.
2) The cost of operations decreases as company size increases due to cost optimization efforts and economies of scale, and increases with larger headcounts due to overhead costs.
3) Bangalore has the highest personnel costs in India and therefore the maximum overall cost of operations.
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.
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The document summarizes Embraer's 3rd quarter 2001 results. Key points include delivery of 41 ERJ jets, including 13 after 9/11. Embraer received orders from the Brazilian Air Force, Midwest Airlines, and the Dominican Republic. As a result of 9/11, Embraer reduced staff by 1,800 to adapt to the new economic situation while maintaining capabilities. Backlog totaled $23.9 billion, including $11.2 billion in firm orders.
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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.
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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.
This document provides Embraer's earnings results for the 2nd quarter of 2015. It highlights record backlog and free cash flow. Key metrics like operating income, net income, and earnings per share all increased over the prior year. The outlook for full year 2015 was revised with increases to expected revenues, EBITDA, EBIT, and net income. Aircraft deliveries remained strong with growth in commercial, executive, and defense segments.
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
Reimagining Your Library Space: How to Increase the Vibes in Your Library No ...Diana Rendina
Librarians are leading the way in creating future-ready citizens – now we need to update our spaces to match. In this session, attendees will get inspiration for transforming their library spaces. You’ll learn how to survey students and patrons, create a focus group, and use design thinking to brainstorm ideas for your space. We’ll discuss budget friendly ways to change your space as well as how to find funding. No matter where you’re at, you’ll find ideas for reimagining your space in this session.
Leveraging Generative AI to Drive Nonprofit InnovationTechSoup
In this webinar, participants learned how to utilize Generative AI to streamline operations and elevate member engagement. Amazon Web Service experts provided a customer specific use cases and dived into low/no-code tools that are quick and easy to deploy through Amazon Web Service (AWS.)
1. 5th Annual Investors and Analysts Meeting
November 18 & 19, 2004
São José dos Campos - Brazil
Financial
Antonio Luiz Pizarro Manso
CFO
2. Forward Looking Statement
This presentation includes forward-looking statements or statements about events or
circumstances which have not occurred. We have based these forward-looking statements
largely on our current expectations and projections about future events and financial trends
affecting our business and our future financial performance. These forward-looking
statements are subject to risks, uncertainties and assumptions, including, among other
things: general economic, political and business conditions, both in Brazil and in our
market. The words “believes,” “may,” “will,” “estimates,” “continues,” “anticipates,” “intends,”
“expects” and similar words are intended to identify forward-looking statements. We
undertake no obligations to update publicly or revise any forward-looking statements
because of new information, future events or other factors. In light of these risks and
uncertainties, the forward-looking events and circumstances discussed in this presentation
might not occur. Our actual results could differ substantially from those anticipated in our
forward-looking statements.
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
4. Embraer Voting Capital
Ordinary Shares: 242,544,448 33.78%
2% Individuals
20% 60% Controlling
European Group Shareholders
7%
Foreign
Institutional Investors
11%
Brazilian
Institutional Investors
20% European Group 60% Controlling Shareholders
Dassault 5.67% PREVI (Pension Fund) 20%
Thales 5.67%
SISTEL (Pension Fund) 20%
EADS 5.67%
Snecma 2.99% Cia. Bozano 20%
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
5. Preferred Shares
Preferred Shares : 475,411,026 66.22%
2%
17%
Individuals
Controlling Shareholders
10%
BNDES
3% Brazilian
Institutional Investors
68% Foreign Investors
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
6. Dividends
500 60%
404 421
400 49.8% 50%
327 43.3%
40%
300 36.1% 36.1%
228
195 30%
27.2%
200
20%
100 10%
0 0%
2000 2001 2002 2003 9M04
Dividends Pay Out Ratio
R$ million
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
8. Revenue Recognition – BR Gaap & US Gaap
Commercial Airline & Corporate Segments
Revenues are generally recognized as deliveries are made
Defense
Defense segment operates in a business environment that differs from
Commercial Airline and Corporate market segments. The main characteristics are:
Long-term contracts with customers to develop defense products
Based on each customer need
Quantities and selling price are generally fixed
At the beginning of the program
Exposed to risks in the execution of the contract
Given these characteristics, revenues are recognized under the long-term
contract rules which uses the percentage-of-completion method.
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
9. Cost Recognition – BR Gaap & US Gaap
Commercial Airline & Corporate Segments
BR GAAP
R&D capitalized as a deferred asset
Amortization based on total serial production
US GAAP
No program accounting
Cost as incurred
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
10. Defense Revenue and Costs
Defense contract accounting
Long-term contract accounting requires management to estimate the total
contract cost. These costs consist of designing, engineering, manufacturing and entry
into service.
Total estimated contract costs include:
Raw material
Supplier components
Direct Labor, including engineering
Manufacturing overhead
Estimated total Price to
percent of complete x price = be recognized to date
Revenue to be - Revenue recognized = Current period
Recognized to date in prior periods revenue
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
11. Defense Revenue and Costs
Defense contract accounting
Contract monitoring and related adjustments:
Review is made on a quartely basis
As part of these reviews, additional revenues arising from change
order requests and additional cost from over spending are identified
and reflected in a revised contract margin.
The effect of any revision is accounted for by way of a cumulative
catch-up adjustment to margin
Physical progress
Percent of complete = Costs incurred to date
Most recent estimate of total cost
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
12. Translation Effects (R$ x US$)
BR GAAP
ü Non monetary items no longer indexed by the UFIR (adjusted
to current purchasing power)
ü There is no functional currency concept
US GAAP
ü Functional Currency is the US$ (SFAS 52)
ü Non Monetary items (Assets and Liabilities) are accounted in
historical US$ values
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
13. PP&E
BR GAAP
ü Assets revaluation at market value is allowed
ü Since 1996 interest capitalization is not accounted
US GAAP
ü Interest capitalization over Long-term assets construction (SFAS 34)
ü Capitalization of assets acquired through capital leases (SFAS 13)
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
14. Deferred Assets
BR GAAP
üCapitalization of expenses will be amortized over future fiscal
years
üDeferral of pre-operation costs
US GAAP
üR&D expense accounted as incurred in the income statement
üPre-operation costs are not deferred
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
15. Capital & Operating Lease
BR GAAP
üCapital and operating lease are accounted as rent
US GAAP
üCapital (financing) and operating lease concept explained
by SFAS 13
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
16. Derivatives
BR GAAP
ü No CVM or IBRACON specific rule
ü Accounted by the accrual method
US GAAP
ü SFAS 133 in use since 2001
ü Gains and losses recognized during the
period
ü Fair value of derivatives is mandatory
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
17. Deferred Income Taxes
BR GAAP
ü Differences between accounting and fiscal records
US GAAP
ü All BR GAAP and US GAAP accounting diferences are considered
to calculate the deferred income tax
1999 (*) 2000 2001 2002 2003 9M04
No IOSE 27.9% (27.4%) (34.5%) (33.4%) (38.9%) (33.7%)
Benefit
BR GAAP
With IOSE 27.9% (24.2%) (30.6%) (26.6%) (29.8%) (22.5%)
Benefit
US GAAP With Benefit (23.8%) (26.8%) (40.3%) (45.6%) 25.8% (25.7%)
of IOSE
IOSE = Interest on Shareholders’ Equity
(*) 1999 no IOSE distribution
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
18. SPEs Consolidation
Some of the sales transactions are structured financings
through which an SPE purchases the aircraft, pays the full
purchase price on delivery or at the conclusion of the sales
financing structure, and leases the related aircraft to the
ultimate customer.
BR GAAP
ü New rule to be applied in 2005
US GAAP
ü Accounted as collateralized accounts receivable and non-
recourse and recourse debt
ü Starting in 2004 FIN 46 and FIN 46R becomes effective and
basic consolidation conditions were maintained
ü Before 2004 other rules were used for SPE consolidation
Source: 20 F note 8
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
19. Financial Guarantees
BR GAAP
ü No specific rule available
ü Disclosure under notes to consolidated financial statements is
mandatory
US GAAP
ü Since 01/01/2003 guarantees given to third parties are
measured at fair value and recognized on income (FIN 45)
In both Gaaps, IBNR (incurred but not reported) accounts for
problable losses through the ECC Insurance
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
20. Reconciliation between BR & USGAAP
Shareholders Equity
(09/30/04)
Period end exchange rate US$ Million
1.600
1.503 3 0 11
1.400
-4 121 3 1.327
1.200
-280 -1 -16 -13
1.000
800
600
400
200
-
BR GAAP Translation PP&E Inventories Financial Deferred Derivatives Fin 45 Operacional Deferred Others USGAAP
Effects Lease Assets (R&D) fair Value Lease Income Taxes
Adjusments
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
21. Reconciliation between BR & USGAAP
Net Income
(9M04)
US$ Million
Average
exchange rate
350
327 -55
22 -5 -4 -13 22 297
300 4 -9 5
-4 7
104
250
200
150
100
50
-
BR GAAP Translation PP&E Inventories Financial Deferred Derivatives Fin 45 Operacional Deferred Others Exchanges USGAAP
Effects Lease Assets fair Value Lease Income rate effect
(R&D) Adjusments Taxes
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
22. Financial Guarantees
Financial Guarantees
Provided in the form of guarantees of lease payments, to mitigate
default-related losses.
These guarantees are mainly issued for the benefit of the customers
financing agent.
Exercised when customers do not meet their payment obligations during
the term of the financing.
Collateralized by the aircraft.
Upon an event of default, the Company usually is the agent for the
guaranteed party for the refurbishment and remarketing of the underlying
aircraft. The Company may be entitled to a fee for such remarketing services.
Typically a claim under the guarantee shall be made only upon surrender of the
underlying aircraft for remarketing
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
23. Financial Guarantees & RVGs
Residual Value Guarantees (RVGs)
Provide a third party with a specific guaranteed asset value at the end
of the financing agreement
In the event of a decrease in market value of the aircraft, the Company
shall bear the difference between the specific guaranteed amount and
the actual fair market value
In order to benefit from the guarantee, the guaranteed party has to make
the aircraft to meet tight specific return conditions
Financial Guarantees & RVGs
In the event both guarantees were issued for the same aircraft,
the residual value guarantees can only be exercised if the financial
guarantees have expired without having been triggered, and therefore,
are mutually exclusive.
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
24. Financial Guarantees & RVGs
Provisioning of financial guarantees and RVGs
In order to cover the exposure related to financial guarantees, a provision
is recorded at the time of the delivery.
Use of sophisticated models to measure the provision:
External appraisals of expected aircraft value
Credit ratings of the airlines companies
Current and future market outlook
Aircraft expected availability level in the market
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
25. Off Balance Sheet Exposure
The maximum potential payments represent the “worst-case scenario,” and do
not necessarily reflect the expected results by the Company.
Estimated proceeds from performance guarantees and underlying assets
represent the anticipated values of assets the Company could liquidate or
receive from other parties to offset its payments under guarantees.
US$ million 2002 2003
Financial Guarantees 1,175 1,229
RVGs 624 627
Mutually Exclusive Exposure (362) (392)
Provisions & Liabilities Recorded (14) (67)
Off Balance Sheet Exposure 1,422 1,297
Estimated proceeds from performance
guarantees and underlying assets 1,748 1,650
Source: 20 F note 34
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
26. Off Balance Sheet Exposure
Repurchase Options (Put Options)
Provide the customer with the right to sell the aircraft back to the
Company in the future according to defined pricing rules.
These put options may become exercisable at various times
Can be exercised at the customer’s sole discretion.
The put price per aircraft is less than the original sales price of the aircraft
and less than management’s estimation for the future market value of the
aircraft during the exercise period as assessed at the date of sale.
Put obligations:
As of December 2003 US$ 500 million
As of today ~ US$ 100 million
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
27. Off Balance Sheet Exposure
Trade-in options
Provide a customer with the right to trade-in existing aircraft upon the
purchase of a new aircraft.
The trade in price per aircraft is less than the original sales price of the
aircraft and less than management’s estimation for the future market value
of the relevant aircraft.
6 Commercial jets are subject to trade-in
Trade up options
When the Company launches a new corporate jet model,
the customer has the right to trade-up to the new model and has the right
to sell the aircraft back to the Company in the future.
The trade-up price is determined as a percentage of the original purchase
price of the corporate jets.
11 Corporate jets are subject to trade up
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
29. Net Sales & Gross Margin
R$ Million US$ Million
BR GAAP US GAAP
36.2% 924 937
38.1%
35.3% 35.0%
36.8%
649 626
32.2% 439 33.2%
31.8% 3,034 32.6%
2,734 32.3%
1,929 1,816
1,296
3Q03 4Q03 1Q04 2Q04 3Q04 3Q03 4Q03 1Q04 2Q04 3Q04
Revenue Gross Margin
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
30. Gross Margin Evolution
BR GAAP US GAAP
44.6%
41.6% 39.6% 39.4% 37.7%
31.1% 32.0%
35.8% 32.8%
33.2% 32.0%
26.9% 28.3% 28.6% 26.9% 28.3%
160 161 36 36
160 161
131 131
96 101 96 101
60 70 60 70
32 32
1997 1998 1999 2000 2001 2002 2003 9M04 1997 1998 1999 2000 2001 2002 2003 9M04
EMBRAER 170 Jet Deliveries Gross Margin EMBRAER 170 Jets Deliveries Gross Margin
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
31. Revenue Breakdown
US GAAP & BR GAAP US GAAP & BR GAAP
Sales per Segment Sales per Market
9M04 9M04
Brazil
7%
Defense
11%
Corporate
4%
Commercial
Airline
Customer Foreign
78%
Services &
Market
Others
7% 93%
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
32. EBIT & Margin
R$ Million US$ Million
BR GAAP US GAAP
17.6% 18.4%
17.1% 16.9% 24.4%
14.1%
13.3% 13.6%
558 11.0% 153
462 11.3%
123 127
339
221 255 73
49
3Q03 4Q03 1Q04 2Q04 3Q04 3Q03 4Q03 1Q04 2Q04 3Q04
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
33. Net Income & Margin
R$ Million US$ Million
BR GAAP US GAAP
16.5%
14.5% 14.5%
12.6%
10.7% 12.1%
10.4%
8.7%
114
6.9% 382 397 103
80
280 68
4.4%
195
89 19
3Q03 4Q03 1Q04 2Q04 3Q04 3Q03 4Q03 1Q04 2Q04 3Q04
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
35. Accounts Receivables
R$ Million US$ Million
BR GAAP US GAAP
2,821
981
2,052
703
1,292 1,457
970 465 472
356
3Q03 4Q03 1Q04 2Q04 3Q04 3Q03 4Q03 1Q04 2Q04 3Q04
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
36. Accounts Receivables
US$ Million - US GAAP
95
189
886 157
194
166 514
271 315
190
3Q03 4Q03 1Q04 2Q04 3Q04
Commercial Airline Market Others
Others = Defense + Customer Services
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
37. Inventories
R$ Million US$ Million
BR GAAP US GAAP
4,155
3,647 3,823 1,390
3,328 3,346 1,258 1,231
1,111 1,158
3Q03 4Q03 1Q04 2Q04 3Q04 3Q03 4Q03 1Q04 2Q04 3Q04
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
38. Net Cash (Debt)
R$ Million US$ Million
BR GAAP US GAAP
944
304
642 629 222 220
516 178
(521) (178)
3Q03 4Q03 1Q04 2Q04 3Q04
3Q03 40
Q3 1Q04 20
Q4 3Q04
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
40. Hedging Strategy
• Firm backlog of US$11.0 billion
• 93% revenues in US$
• 83% of R&D and PP&E investments in R$
• 37% of total cash disbursements in R$
Main Objective of the Hedging Strategy
Optimize the Natural Hedge of the Cash Flow
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
41. Loans Breakdown
Bank Debt - US$ 1,169.2 million
September 30, 2004
Currency Breakdown Debt Maturity
Local
Currency
7%
Long Term
63%
Short Term
37%
Foreign
Currency
93%
Considering Swap effects; from US$ and Yen to R$
Cost of Local Currency = 12.4 • Loan Average Maturity: 2 years and 11 months
Cost of Foreing Currency = US$ variation + 3.9% p/a
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
42. Balance Sheet
US GAAP
79% 87% 82% 84% 86% 86%
88% 88%
21% 18% 16% 14% 14%
13% 12% 12%
Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities
12/31/2003 03/31/2004 06/30/2004 09/31/2004
Other Currencies US$
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
43. Balance Sheet
US GAAP
Includes Derivatives
79% 82% 84% 86%
88% 88% 89% 87%
21% 18% 16% 14%
12% 12% 11% 13%
Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities
12/31/2003 03/31/2004 06/30/2004 09/31/2004
Other Currencies US$
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
45. ECA’s - Export Credit Agencies
Aerospace Sector Support*
US$ Billion
7
6.3
5.9 5.8
6
5.0
5 4.5
4.2
4 3.5
2.7 3.0 2.9
3 2.6 2.72.6 2.7
2.4
2.2
1.8 1.95
2
1.4 (a)
1.0
1 0.6 0.7
0
1998 1999 2000 2001 2002 2003
US-EXIM EU-ECA's EDC BNDES
•US-EXIM & EU-ECA’s: commercial aircraft more than 70 seats (a) Direct and indirect disbursement
•EDC commercial aircraft of 50-70-90 seats
Source: US-Exim - Competitiveness Report 2001/2002
•BNDES: commercial aircraft 30-50 seats EDC Annual Report 2000/2001/2002/2003
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
46. ERJ 145 Family* and EMBRAER 170
Financing Methods – Year 2004
Total Regional Jets delivered: 106 (through Sep/04)
Total amount exported: US$ 2.05 Billion
Total amount financed by BNDES: US$ 490 Million
Market
76.1%
BNDES
23.9%
* Includes Corporate and Authority Transportation
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
47. ERJ 145 Family* and EMBRAER 170
Financing Methods
Total Regional Jets delivered: 847 (through Sep/04)
Total amount exported: US$ 14.46 Billion
Total amount financed by BNDES: US$ 6.42 Billion
BNDES
44.4%
Market
55.6%
* Includes Corporate and Authority Transportation
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
48. ERJ Financing Methods
Total RJ Aircraft Delivered: 847 (Sep 04)
Cash
5% Finance Lease
5%
Operating Lease
5%
Tax Lease
46%
Straight
Financing
Bridge 34%
3%
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
49. ERJ Financing Methods
Tax Lease
UK Tax Japanese Tax
Polish Tax
Lease Lease
Lease
9% 1%
Single Investor 3%
Lease
18%
USLL
68%
French Tax
Lease
1%
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
51. EETC – Annual volume of new issues
Amount US$ Million
8,084
(1994~2004)
6,621
6,030
3,594
2,688
2,204 2,305
1,486
762 985 785
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Oct/04
Source: Citigroup – EETC Trading Observer – October 14, 2004
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
52. Aircraft Financing – EETC 2003
2003-ERJ1 Pass Through Trust Certificate Offering
ü U$ 415 million total volume
ü Standard&Poor’s BBB and Moody’s Ba3
ratings
ü Priced at T + 347 bps with coupon of 7.875%
ü Unwrapped Single Tranche transaction – first
unwrapped transaction since October 2001
ü More than 3 times oversubscribed and spread
over (75) different accounts
ü Citigroup and Morgan Stanley as Joint
Bookrunners
ü Awarded “Deal of the Year” by Airfinance
Journal for 2003
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
53. Aircraft Financing – EETC 2004
2004-ERJ1 Pass Through Trust Certificate Offering
ü U$ 174 million total volume
üUnwrapped Single Tranche transaction
ü Significant portion of aircraft pre-funded
üPriced at T + 484 bps with coupon of 9.5%
ü Standard&Poor’s BBB- and Moody’s Ba2
ratings
ü Citigroup and Morgan Stanley as Joint
Bookrunners with Citigroup acting as sole
structuring agent
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
55. PP&E and R&D – Cash Flow
US$ million
200
180 158.6
PP&E 99.6
160
114.2
R&D 136
140
60.1 69.6 143.8
120
100
80 18.8
127.7
60 44.1
40
20
0
2000 2001 2002 2003 2004 E
Does not include cash contribution from risk sharing partners
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
56. Cash Contribution – Risk Sharing Partners
US$ million
300
246 14
250
- 1 107
-
200
150
72
100
24
50
28
-
Total 2001 2002 2003 2004E 2005E 2006E 2007/2010E
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
57. Investments Forecast
Defence investments are funded by their contracts and are not
included in the R&D expenses but in Cost of Sales and Services.
US$ million
2005 2006
R&D Total 119 66
- Commercial Aviation 89 37
- Corporate Aviation 11 12
- Others 19 17
Defence 88 38
Productivity and PP&E 77 59
TOTAL 284 163
Does not include new programs
THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
58. Backlog
17.5 17.7 17.8 18.5
17.3
10.4 10.6 10.9 10.5 11.0
3Q03 4Q03 1Q04 2Q04 3Q04
Firm Orders Options
US$ Billion
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