Embraer reported financial results for the first quarter of 2001, with net income up 124.2% over the same period in 2000. Net sales increased 47.7% to R$1,524.9 million due to higher production and delivery rates of 42 aircraft as well as currency appreciation. Operating margin improved to 27.6% from improved gross margin of 39.5% compared to 29.1% previously. EBITDA more than doubled to R$465.3 million, up 121% over the first quarter of 2000, demonstrating strong cash generation. The financial report provided details on key financial indicators and performance metrics to analyze Embraer's results.

1. 1ST QUARTER- 2001
Earnings Release
Unless otherwise indicated, the company's operational and financial information is based on
consolidated figures in Brazilian reais according to the corporate law accounting method. The
amounts expressed in US dollars were obtained using an average exchange rate (R$ 1.9295 for the
fourth quarter of 2000 and R$ 2.0160 for the first quarter of 2001) or the final commercial dollar
exchange rate for the corresponding periods (R$ 1.95544 for December 31, 2000 and R$ 2.1616
for March 31, 2001), depending on whether they refer to income statement or balance sheet data,
respectively
São José dos Campos, May 15, 2001 - Embraer - Empresa Brasileira de Aeronáutica S/A (BOVESPA:
EMBR3, EMBR4)(NYSE: ERJ), the fourth largest commercial aircraft manufacturer in the world based
on 2000 net sales of commercial aircraft and the largest Brazilian exporter in 2000, closed the first quarter
of 2001 with an order backlog of R$ 51.2 billion (US$ 23.7 billion), consisting of R$ 23.6 billion (US$ 10.9
billion) in firm orders and R$ 27.6 billion (US$ 12.8 billion) in options. Net income for the first quarter of
2001 was R$ 218.7 million 124.2% higher than net income for the first quarter of 2000.
1st Quarter Highlights
• Accumulated net sales for the first three months of 2001 was R$ 1,524.9 million, equivalent to
US$ 756.4 million, 47.7% higher than net sales for the same period of the prior year.
• EBITDA - Earnings before interest, taxes, depreciation and amortization for the first quarter of
2001 was R$ 465.3 million and equivalent to US$ 230.8 million, being 121.0% higher EBITDA for
the first quarter of 2000.
• Net income for the first quarter of 2001 increased 124.2% as compared to the net income for the
same period in 2000.
• In the beginning of February 2001, American Eagle, the launch customer for the ERJ 140,
exercised six out of its 31 options such aircraft.
• On March 22, 2001 during a ceremony held at the industrial facilities at São José dos Campos,
Embraer handed over the 400th regional jet, produced for the Swiss company Crossair.

2. Economic and Financial Performance
The following table sets forth a comparative analysis of the principal economic and financial indicators for
the first quarter of. 2000 and 2001 and for fourth quarter of 2000.
Income Statement 1st Quarter 4th quarter
Data 2000 2001 2000
R$ US$ R$ US$ R$ US$
(stated in millions except % and earnings per share)
Net sales 1,032.5 582.6 1,524.9 756.4 1,489.7 772.1
Gross profit 300.4 169.5 603.0 299.1 474.2 245.7
Gross Margin (%) 29.1 29.1 39.5 39.5 31.8 31.8
Operating Expenses (*) (124.4) (70.2) (181.7) (90.1) (209.4) (108.5)
Operating Income 176.0 99.3 421.3 209.0 264.8 137.2
Operating Margin (%) 17.0 17.0 27.6 27.6 17.8 17.8
Depreciation
and amortization 34.6 19.5 44.0 21.8 42.4 22.0
EBITDA 210.6 118.8 465.3 230.8 307.2 157.7
EBITDA margin (%) 20.4 20.4 30.5 30.5 20.6 20.6
Financial income (expense) (9.8) (5.6) 46.6 23.1 25.0 13.0
Monetary and exchange variations (2.3) (1.3) (160.4) (79.6) (23.7) (12.3)
Net income 97.6 55.1 218.7 108.5 246.6 127.8
Net Margin (%) 9.4 9.4 14.3 14.3 16.6 16.6
Number of shares at
end of period 489,552,874 489,552,874 543,409,874 543,409,874 543,409,874 543,409,874
Earnings per share 0.199365 0.112552 0.402500 0.199653 0.453724 0.235152
(*) Including employee profit-sharing
Embraer's net sales increased 47.7% from R$1,032.5 million in the first quarter of 2000 to R$ 1,524.9
million in the first quarter of 2001. This increase is result of the increase in the production rate, which
enabled Embraer to deliver 42 aircraft of the ERJ 135/145 family during the first three months of 2001. In
the first quarter of 2001, 28 ERJ 145 and 14 ERJ 135 aircraft were delivered, representing an increase of
23.5% as compared with total deliveries during the corresponding period of 2000, when 24 ERJ 145 and 10
ERJ 135 aircraft were delivered, including one aircraft to the Greek government. In addition, since 98% of
company revenues consist of exports, the increase in net sales is also a result of the appreciation of the
dollar over the period.
Embraer returned a gross margin increased 10.4% from 29.1% in the first quarter of 2000 to 39.5% in the
first quarter 2001. This increase is mainly due to gains on the exchange rate variation between the
purchase date of components and raw materials, generally imported and denominated in US dollar, and the
delivery of the respective aircraft. During the first quarter of 2001, the US dollar appreciated by 10.5%.
Net sales for the first quarter of 2001 increased by 2.4% as compared to net sales for the last quarter of
2000. In the fourth quarter of 2000, Embraer delivered 42 regional jets of the ERJ 135/145 family and two
ERJ 135 aircraft to the corporate aviation market. The higher number of deliveries in the fourth quarter of
2000 was due to the greater number of business days during such period.
Embraer’s operating margin, before financial income (expense) and including employee profit sharing, in
the first quarter of 2001 was 27.6%, representing an increase of 10.6 % from the operating margin in the
same period of 2000. Operating expenses, including equity in unconsolidated subsidiaries and employee
profit-sharing, increased 46.1%, from R$ 124.4 million in the first quarter of 2000 to R$ 181.7 million in the
same period of 2001.
The 75.6% increase in selling expenses from the first quarter of 2000 to the same period in 2001 is directly
attributed to the increase in the number of aircraft delivered over the first quarter of 2001, plus sales
activities and marketing efforts for the ERJ 135/140/145 and ERJ 170/190 regional jet families and for

3. defense aircraft. The 24.0% increase in administrative expenses was primarily due to the hiring of new
employees to adjust the administrative personnel in order to support increased production. Because
employee profit-sharing is established in accordance with dividends distributed to Embraer shareholders,
the provision made in the first quarter of 2001 was based on the distribution of interest on shareholders'
equity during such period. In addition, a reduction in other operating expenses, net occurred due to the
recognition of R$ 18.5 during the first quarter of 2000 related to preliminary studies and the join defenition
phase of the ERJ 170 aircraft.
Comparing the operating margin for the fourth quarter of 2000 against the f quarter of 2001, an
irst
increase of 9.8% can be verified, from 17.8% in the fourth quarter of 2000 to 27.6% in the first quarter of
2001. Administrative expenses for the same periods increased 7.2% and selling expenses decreased
9.4%. We should point out that in the fourth quarter of 2000, Embraer distributed profits its employees the
aggregate amount of R$ 41.0 million, whilst in the first quarter of 2001, a provision of R$ 10.4 million was
made. Therefore operating expenses before financial income (expenses) and including employee profit-
sharing in the fourth quarter of 2000 totaled R$ 209.4 million.
Cash generation measured by the EBITDA - Earnings before interest, taxes, depreciation and
amortization, for the first quarter of 2001 was R$ 465.3 million, being 120.9% higher than EBITDA for the
first quarter of 2000. Similarly, from the fourth quarter of 2000 to the first quarter of 2001 EBITDA
increased 52.9% from R$ 304.3 million in the fourth quarter 2000 to R$ 465.3 million in the first quarter of
2001.
Net financial income (expense), without considering the effects of the distribution of interest on
shareholders' equity and the inflationary and exchange effects, increased from an expense of R$ 9.8
million in the first quarter of 2000 to an income o R$ 46.6 million in the same period of 2001. This
f
increase can be attributed to the 3.2% reduction in interest expense, from R$ 31.4 million in the first
quarter of 2000 to R$ 30.4 million in the same period of 2001. Interest income increased significantly, from
R$ 21.6 million in the first quarter of 2000 to R$ 77.0 million in the same period of 2001. The result
described above is basically due to the increase in cash availability and short-term financial investments
during the period.
Monetary and exchange variations increased from an expense of R$ 2.3 million in the first quarter of 2000
to an expense of R$ 160.4 million in the same period of 2001. This result is due to the 10.5% devaluation
of the real against the US dollar during the first quarter of 2001, compared to an appreciation of 2.3% of
the real against the US dollar during the first quarter of 2000. Such exchange effects gave rise to this
increase because Embraer’s liabilities tied to the US dollar (customers’ advances and bank indebtedness)
were greater than assets its assets tied to the US dollar.
A similar effect can be seen when comparing the first quarter of 2001 with the fourth quarter of 2000. In
the fourth quarter net financial income was R$ 25.0 million and monetary and exchange variations was R$
23.7 million.
The consolidated net income increased 124.2% from 97.6 million in the first quarter of 2000 to R$ 218.7
million in the first quarter of 2001
When comparing net income in the fourth quarter of 2000 and the first quarter of 2001, there was a
decrease of 11.3%, from R$ 246.6 million in the fourth quarter of 2000 to R$ 218.7 million in the first
quarter of 2001, as a result of the foregoing factors and due to the posting of a tax credit in the fourth
quarter of 2000 in the amount of R$ 82.3 million.

4. Financial Management
As of March 31, 2001, the Company's cash position was R$ 2,527.9 million. On the same date, total bank
indebtedness was R$ 908.2 million, including R$ 795.4 million equivalent to 87.6% of total bank
indebtedness indexed in foreign currencies. At the end of the first three months of 2001, the Company
showed a net cash position of R$ 1,619.8 million.
Balance Sheet Data and other March 31, December 31,
Information 2001 2000
Stated in millions
R$ US$ R$ US$
Cash & cash equivalents 2,527.9 1,169.5 2,325.6 1,189.3
Total bank indebtedness 908.2 420.1 894.2 457.3
Net cash (Indebtedness) 1,619.8 749.3 1,431.4 732.0
Shareholders' equity 1,732.7 801.6 1,538.7 786.9
Investments in R&D and Productivity
During the first three months of 2001, R$ 52.3 million (US$ 26.0 million) was invested in maintaining and
improving current products and development of new programs.
A further R$ 46.3 million (US$ 23.0 million) was invested in improving the Company's industrial
capabilities (improvements and modernization of the industrial and engineering processes), infrastructure
plans and increase in productivity.

5. New Orders, Deliveries and Backlog
Embraer closed the first quarter of 2001 with a firm order backlog of US$ 10.9 billion and US$ 12.8 billion
in options, totaling US$ 23.7 billion in firm orders and options. Firm orders increased by 42.5% from US$
7.7 billion at the end of March 2000 to US$ 10.9 billion at the end of March 2001.
• Commercial Aviation Market
The ERJ 145 is a twin-engined regional jet with capacity to carry up to 50 passengers, which has been
attending to the increasing demand from regional airlines for an economic aircraft offering speed and
comfort.
In March of 2001, a total number of 866 ERJ 145 aircraft had been sold, including 550 firm orders, 316
options and 316 aircraft already delivered and currently operating with 24 airlines in 17 different countries.
The ERJ 135 is a 37-seat regional jet using the same platform as the ERJ 145 and manufactured on the
same assembly line as the ERJ 145. The ERJ 135 has 96% commonality in parts and components with the
ERJ 145, resulting in the utilization of the same ground support equipment for customers that use both
aircraft and standardized pilot certification and maintenance procedures.
In March of 2001, sales of the ERJ 135 totaled 207 aircraft, including 146 firm orders, 61 options and the
75 aircraft already delivered up to that month.
The ERJ 140 is a 44-seat regional jet launched on November 30, 1999, to offer our customers greater
flexibility of aircraft selection. Developed from the ERJ 135 project, the new ERJ 140 will also be part of
the ERJ 135/145 regional jet family, with 96% commonality in parts and components with the ERJ 135 and
ERJ 145, providing our customers with significant operational and maintenance benefits.
The development process of the ERJ 140 is strictly on schedule and the aircraft made its maiden flight in
June 2000. We expect initial deliveries to commence in the second half of 2001.
American Eagle was the first company to select the ERJ 140 jet for its fleet. Amongst new orders and
conversions of ERJ 135 options, as of march 31, 2001, 164 aircraft had been ordered, consisting of 139
firm orders and 25 options.
The ERJ 170 and ERJ 190 make up the new Embraer regional jet family. The ERJ 170 will be a regional
jet for 70 passengers. The ERJ 190 will include two regional jets, the ERJ 190-100 for 98 passengers and
the ERJ 190-200 for 108 passengers. Development of this new family of regional jets continues strictly on
schedule.
First deliveries of the ERJ 170 are planned for December 2002, whilst deliveries of the ERJ 190-200 will
begin in July of 2004. As of March 2001, the order backlog for the ERJ 170 and the ERJ 190 regional jets
totaled 325 orders, consisting of 120 firm orders and 205 options.
• Corporate Aviation Market
The Legacy is an executive aircraft, developed based on the ERJ 135 regional jet platform. The Legacy,
which was officially launched on July 26, 2000 at the Farnborough Air Show in the United Kingdom, will
be available in executive, corporate shuttle and government authority transportation versions.
During the official launching ceremony of the Legacy at Farnborough, the first contract, worth
approximately US$ 1.0 billion, was announced with Swift Aviation of the United States, which acquired 50
aircraft of this type, comprising 25 firm orders and 25 options. In March 2001, the Legacy order backlog
totaled 63 aircraft, including 32 firm orders and 31 options. Two aircraft in the corporate shuttle version
have already been delivered.

6. Aircraft Orders during the Period:
Firm 1st Quarter 4th Quarter
Orders 2000 2001 2000
Commercial
ERJ 135/140 24 6 40
ERJ 145 86 1 15
Corporate
ECJ 135 - 1 6
Total 110 8 61
Between January and March of 2001, 42 aircraft of the ERJ 135/140/145 regional jet family were
delivered, consisting 28 ERJ 145s and 14 ERJ 135s.
Aircraft Deliveries during the period:
Deliveries 1st Quarter 4th Quarter
by market 2000 2001 2000
Commercial
ERJ 135 9 14 12
ERJ 145 24 28 30
Corporate
ERJ 135 - - 2
Defense
ERJ 135 1 - -
Total 34 42 44
Investor Relations
In the first quarter of 2001, the price of Embraer’s preferred shares appreciated 18.1%, reaching R$ 21.50
per share on March 30, 2001, with an average daily trading volume of R$ 5.1 million. The price of
Embraer’s common shares appreciated 28.3% during the same period, reaching R$ 15.84 per share. The
average daily trading volume of the common shares was R$ 6.5 million. During the same period, the São
Paulo stock exchange Ibovespa index fell by 5.4%.
During the quarter ended March 2001, the price of the ADSs traded on the New York Stock Exchange
decreased 4.6%, reaching US$ 37.90 on March 30, 2001, with an average daily trading volume of 243
thousand ADSs, equivalent to financial volume of US$ 9.5 million. During the same period, the Dow
Jones index fell by 8.4%.
The price of the ADSs on the NYSE since the initial public offering on July 21, 2000 at the initial price of
US$ 18.50, has appreciated 104.9%.

7. In the first quarter of 2001, Embraer’s board of directors approved the distribution of interest on
shareholders' equity for that period in the aggregate amount of R$ 33.8 million, consisting R$ 0.06493 per
preferred share and R$ 0.05903 per common share.
Recent Events
Order by Skyway:
In April 2001, Skyway Airlines, an airline based at Milwaukee, Wisconsin - USA, signed a memorandum
of understanding to acquire 20 ERJ 140 regional jets. The order also includes an equal number of options
and the possibility of including certain units of the ERJ 135 and ERJ 145 aircraft in the total order.
Skyway is the second customer to acquire the intermediate model of the ERJ 135/140/145 jet family. The
first delivery of the ERJ 140 to Skyway is planned for March 2002.
Skyway Airlines, known in United States as the Midwest Express Connection, is operated by Astral
Aviation, a company controlled by Midwest Express Airlines.
Exercise of Subscription Warrants:
On May 3, 2001 BNDES Participações S.A. – BNDESPAR, currently the only holder of debentures and
subscription warrants of Embraer, exercised the full amount of outstanding subscription warrants it held –
7,393,800 subscription warrants. As a result of its exercise of the warrants, BNDESPAR received
73,938,000 new preferred shares of Embraer, at an issue price of R$2.47685 per share.
In accordance with item 4.27 of the Deed of issuance of the debentures coupled with subscriptions
warrants, the aggregate issue price of the preferred shares issued as a result of the exercise of the
subscription warrants was paid by BNDESPAR by means of the cancellation of 73,938 debentures that
were issued with the subscription warrants.
The preferred shares issued will have the same characteristics and conditions and the same rights and
advantages as all preferred shares of Embraer, as set forth in Embraer’s bylaws. Such preferred shares
are also be entitled to receive all dividends and other cash benefits distributed by Embraer commencing on
May 3, 2001.
As a result of the exercise of the subscription warrants by BNDESPAR, Embraer’s restated paid-in
capital consists of 617,347,874 shares, of which 242,544,448 are common shares, including one class of
common share known as the “golden share,” and of which 374,803,426 are preferred shares.
BNDESPAR now owns 73,938,000 of Embraer’s preferred shares, or 19.73%, which corresponds to
11.98% of Embraer’s total shares.
The full version of the financial statements is available at the Company's web site,
www.embraer.com.
For additional information contact:
Embraer - Empresa Brasileira de Aeronáutica S/A
Anna Cecilia Bettencourt Milene Petrelluzzi
(55 12) 345 1106 (55 12) 345 3054
acecilia@embraer.com.br milene.petrelluzzi@embraer.com.br
This earnings release 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
markets; management’s expectations and estimates concerning our future financial performance, financing plans and programs, and
the effects of competition; successful development and marketing of new products; anticipated trends in our industry; our expenditure

8. plans; inflation and devaluation; our ability to develop and deliver our products on a timely basis; and existing and future
governmental regulation.
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 press release might not occur. Our actual results could differ substantially from those anticipated in
our forward-looking statements.

9. EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S.A.
CONSOLIDATED BALANCE SHEET
Stated in thousands of Reais – Corporate Law
ASSETS:
March 31, December 31,
2001 2000
CURRENT ASSETS:
Cash and cash equivalents 2,527,916 2,325,579
Trade accounts receivable 510,781 342,473
Allowance for doubtful accounts (32,787) (28,449)
Recoverable taxes 15,945 8,744
Deferred income tax and social
contribution 229,602 227,495
Other receivables 50,798 40,217
Inventories 1,427,548 1,121,562
Prepaid expenses 18,749 16,808
------------- -------------
Total Current Assets 4,748,552 4,054,429
------------- -------------
NON-CURRENT ASSETS
Trade accounts receivable 51,250 44,461
Recoverable taxes 510 4,505
Compulsory loans, guarantees and other
deposits 13,318 11,043
Other receivables 77,203 66,743
Deferred income tax and social
contribution 164,346 161,184
------------- -------------
Total Non-Current Assets 306,627 287,936
------------- -------------
PERMANENT ASSETS
Investments 8,952 8,112
Property, plant and equipment 564,996 522,551
Deferred charges 296,793 277,023
------------- -------------
Total Permanent Assets 870,741 807,686
------------- -------------
Total Assets 5,925,920 5,150,051
======== ========

10. EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S.A.
CONSOLIDATED BALANCE SHEET
Stated in thousands of Reais – Corporate Law
LIABILITIES
March 31, December 31,
2001 2000
CURRENT LIABILITIES:
Loans 734,212 716,744
Suppliers 946,946 521,175
Accounts payable 147,300 124,340
Customers’ advances 637,298 567,037
Taxes and social charges payable 170,463 149,681
Income tax and social contribution payable 74,893 78,047
Dealers and sales agents 2,186 1,261
Accrued liabilities 375,961 358,794
Dividends 73,524 116,127
Interest on shareholders' capital 29,792 33,780
Accrued interest on debentures 2,748 1,797
Deferred income tax 1,263 1,341
-------------- -------------
Total Current Liabilities 3,196,586 2,670,124
-------------- -------------
LONG-TERM LIABILITIES:
Loans 173,946 177,505
Accounts payable 320,079 280,580
Customers’ advances 176,249 158,771
Long term portion of refinanced taxes 51,778 52,531
Accrued liabilities 28,614 28,082
Debentures 181,655 177,677
Deferred income tax 46,250 49,657
-------------- -------------
Total Long-Term Liabilities 978,571 924,803
-------------- -------------
DEFERRED INCOME 449 409
-------------- -------------
MINORITY INTERESTS 17,570 15,989
-------------- -------------
SHAREHOLDERS’ EQUITY
Capital 808,984 808,984
Capital reserves 39,120 29,974
Legal reserve 62,135 62,135
Revenue reserve 637,633 637,633
Retained earnings 184,872 -
-------------- -------------
Total Shareholders’ Equity 1,732,744 1,538,726
-------------- -------------
Total Liabilities 5,925,920 5,150,051
======== ========

11. EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S.A.
INCOME STATEMENT - CONSOLIDATED
Stated in thousands of Reais – Corporate Law
Three months ended March
31
2001 2000
GROSS SALES:
Sales -
Domestic market 30,118 21,149
Foreign market 1,527,228 1,031,091
Sales taxes and deductions (32,434) (19,752)
------------- -------------
NET SALES 1,524,912 1,032,488
COST OF SALES (921,921) (732,091)
------------- -------------
GROSS PROFIT 602,991 300,397
------------- -------------
OPERATING EXPENSES :
Administrative (44,799) (30,000)
Selling (116,103) (66,140)
Other net expenses (10,378) (22,486)
Equity in subsidiaries - 123
Profit sharing (10,424) (5,894)
------------- -------------
INCOME FROM OPERATIONS (EXPENSES)
BEFORE FINANCIAL EXPENSES 421,287 176,000
------------- -------------
FINANCIAL INCOME (EXPENSE):
Interest expense (30,351) (31,408)
Interest income 76,993 21,568
Monetary and exchange variations, net (160,427) (2,311)
------------- -------------
INCOME FROM OPERATIONS AFTER
FINANCIAL INCOME (EXPENSES) 307,502 163,849
NON-OPERATING INCOME (EXPENSE), NET (5,105) 281
------------- -------------
INCOME BEFORE TAXES AND MINORITY
INTERESTS 302,397 164,130
PROVISION FOR INCOME TAX (91,090) (55,814)
DEFERRED INCOME TAX AND SOCIAL
CONTRIBUTION 8,754 (10,757)
------------- -------------
NET INCOME AFTER TAXES 220,061 97,559
MINORITY INTERESTS (1,338) -
------------- -------------
NET INCOME 218,723 97,559

12. ======= =======
EARNINGS PER SHARE AT END OF PERIOD 0.4025 0.19928
====== ======

13. EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S.A.
CASH FLOW - CONSOLIDATED
31de Março de 2001
OPERATING ACTIVITIES:
Net income for the year 218,723
Items that do not affect cash flow-
Depreciation and amortization 44,039
Allowance for doubtful accounts 4,338
Loss on permanent asset disposals (18)
Write-off of deferred charges (3)
Provision for losses 14,055
Deferred income and social contribution taxes (8,754)
Interest on loans, tax installments and debentures 14,914
Reserve for (reversal of) contingencies (64)
Monetary variations, net 59,480
Exchange variation of consolidated subsidiaries (15,411)
Minority interests 1,338
-------------
332,637
CHANGES IN CURRENT ASSETS AND LIABILITIES:
Trade accounts receivable (168,308)
Inventories (305,986)
Prepaid expenses (1,941)
Deferred and recoverable taxes (7,201)
Other receivables (10,581)
Trade accounts payable 425,771
Income tax and social contribution payable (3,154)
Accrued liabilities 17,167
Advances from customers 70,261
Taxes payable 21,712
Others 23,887
------------
61,627
Changes in noncurrent assets and liabilities
Accounts receivable (6,789)
Other receivables 5,044
Accounts payable 31,272
Customer advances 17,478
Accrued liabilities 596
Taxes payable (1,097)
Minority interest 243
----------
46,747
Net cash provided by operating activities 441,011
-----------
Investing activities
Sale of property, plant and equipment 78
Compulsory loans (2,275)
Additions to property, plant and equipment (43,901)

14. Additions to deferred charges (46,904)
----------
Net cash used in investing activities (93,002)
----------
Financing activities:
Loans paid (881,392)
New loans obtained 815,742
Payment of refinanced taxes (1,117)
Guarantee deposits (6,689)
Dividends and interest on capital (80,444)
Grant for investments from risk sharing suppliers 8,228
-----------
Net cash used in financing activities (145,672)
-----------
Net increase in cash and cash equivalents 202,337
Cash and cash equivalents, beginning of the period 2,325,579
-------------
Cash and cash equivalents, end of the period 2,527,916
========

15. EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S/A
ORDER BACKLOG AS OF MARCH 31, 2001
- ERJ 135:
Firm
Customer Country Firm Option Deliveries Backlog
American Eagle USA 40 0 40 0
British Midland United Kingdom 4 0 0 4
City Air Sweden 2 1 1 1
Continental Express USA 50 0 25 25
Proteus France 10 15 6 4
Regional Airlines France 5 0 3 2
Regional Air Lines Morocco 5 5 0 5
SA Airlink South Africa 30 40 0 30
TOTAL 146 61 75 71
- ERJ 140:
Firm
Customers Country Firm Option Deliveries Backlog
American Eagle USA 139 25 0 139
TOTAL 139 25 0 139
- ERJ 145:
Firm
Customers Country Firm Option Deliveries Backlog
Air Caraibes Guadalupe 2 0 2 0
Air Moldova Moldavia 2 2 0 2
Alitália Italy 8 13 6 2
American Eagle USA 56 17 50 6
Axon Airlines Greece 4 2 0 4
British Midland United Kingdom 10 6 7 3
British Regional United Kingdom 23 3 18 5
Brymon United Kingdom 7 14 7 0
Cirrus Germany 1 0 1 0
Continental Express USA 225 100 82 143
Crossair Switzerland 25 15 12 13
ERA Spain 2 0 2 0
KLM Exel Holland 3 2 2 1
LOT Poland 16 0 12 4
Luxair Luxemburg 9 2 9 0
Mesa USA 36 64 14 22
Portugália Portugal 8 0 8 0
Proteus France 13 0 10 3
Regional Airlines France 15 0 12 3
Rheintalflug Austria 3 5 3 0
Rio -Sul Brazil 16 15 16 0
Sichuan Airlines China 5 0 4 1
Skyways AB Sweden 4 11 4 0
Trans States USA 12 0 12 0
Wexford USA 45 45 23 22
Total 55 0 316 316 234
- ERJ 170:
Firm
Customers Country Firm Option Backlog
Crossair Switzerland 30 50 30
GECAS USA 50 78 50
Regional Airlines France 10 5 10
Total 90 133 90
- ERJ 190:
Firm
Customers Country Firm Option Backlog
Crossair Switzerland 30 50 30
GECAS USA 0 22 0
Total 30 72 30

17. Legacy:
Firm
Customers Country Firm Option Deliveries Backlog
SWIFT USA 25 25 0 25
Undisclosed USA 6 6 2 4
Conoco USA 1 0 0 1
TOTAL 32 31 2 30