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| Air & Cosmos - Auto-Curation

Bombardier Reports Second Quarter 2016 Results

- Reaffirms full year guidance for 2016

- Reports margin expansion at Business Aircraft and Transportation for Q2

- Improved cash performance in line with turnaround plan

- C Series enters service; begins revenue generation

MONTREAL, QUEBEC--(Marketwired - Aug 5, 2016) - Bombardier (TSX:BBD.A)(TSX:BBD.B)(OTCQX:BDRBF) today reported its second quarter 2016 results and reaffirmed its full year guidance.

"We continue to make very good progress executing our turnaround plan," said Alain Bellemare, President and Chief Executive Officer, Bombardier Inc. "We delivered on our financial commitments, achieved our program milestones and positioned Bombardier to meet both our full year guidance and 2020 goals."

Highlighting the company's recent progress is the C Series entry-into-service and the certification of the CS300 aircraft - the larger version of the C Series. These significant milestones reflect the completion of the C Series' development phase and transition into production ramp-up. As the industry's first clean-sheet designed narrow-body aircraft in nearly 30 years, the C Series offers the best passenger experience, environmental performance and operating costs in the 100- to 150-seat class.

"This was a pivotal quarter for the C Series as both variants are now certified and the program has begun generating revenue," Bellemare continued. "Having firmly placed Bombardier on a path to profitable earnings growth and cash generation, we remain focused on delivering customer and shareholder value by improving productivity, executing flawlessly on our programs and applying a disciplined and proactive approach to our portfolio."

Results of the quarter
Three-month periods ended June 30 2016 2015
Revenues $ 4,309 $4,620
EBIT $ (251) $226
EBIT margin (5.8) %4.9%
EBIT before special items(1) $ 106 $226
EBIT margin before special items(1) 2.5 %4.9%
EBITDA before special items(1) $ 204 $329
EBITDA margin before special items(1) 4.7 %7.1%
Net income (loss) $ (490) $125
Diluted EPS (in dollars) $ (0.24) $0.06
Adjusted net income (loss)(1) $ (83) $145
Adjusted EPS (in dollars)(1) $ (0.06) $0.06
Net additions to PP&E and intangible assets $ 332 $439
Free cash flow usage(1) $ (490) $(808)
 
 
Results year-to-date
Six-month periods ended June 30 2016 2015
Revenues $ 8,223 $9,017
EBIT $ (195) $454
EBIT margin (2.4) %5.0%
EBIT before special items $ 236 $463
EBIT margin before special items 2.9 %5.1%
EBITDA before special items $ 423 $674
EBITDA margin before special items 5.1 %7.5%
Net income (loss) $ (628) $225
Diluted EPS (in dollars) $ (0.32) $0.11
Adjusted net income (loss) $ (117) $315
Adjusted EPS (in dollars) $ (0.09) $0.15
Net additions to PP&E and intangible assets $ 626 $818
Free cash flow usage $ (1,240) $(1,553)
As at June 30, 2016 December 31, 2015
Available short-term capital resources(2) $ 4,355 $4,014

All amounts in this press release are in U.S. dollars unless otherwise indicated.
Amounts in tables are in millions except per share amounts, unless otherwise indicated.

  
Bombardier reported consolidated revenues of $4.3 billion in the quarter and $8.2 billion for the first six-month period, relative to $4.6 billion and $9.0 billion for the same periods last year, explained for the most part by the planned reduction in business aircraft revenues. EBIT before special items was $106 million and $236 million respectively for the quarter and year-to-date, as margin improvements at Business Aircraft and Transportation were offset by the production ramp-up effect of the C Series, as it entered into service. Improved free cash flow usage for the first six months of the year and the completion of the equity investment by the Government of Québec (through Investissement Québec) have resulted in pro forma liquidity of $4.9 billion as at June 30, 2016. These results place Bombardier on track to meet its full year guidance of revenues between $16.5 billion and $17.5 billion, EBIT between $200 million and $400 million, and free cash flow usage between $1.0 billion and $1.3 billion.

SEGMENTED RESULTS AND HIGHLIGHTS

Business Aircraft

Results of the quarter
Three-month periods ended June 30 2016 2015Variance
Revenues $ 1,473 $1,815(19)%
Aircraft deliveries (in units) 42 47(5)
Net orders (in units) 30 822
Book-to-bill ratio(3) 0.7 0.20.5
EBIT $ 212 $11978%
EBIT margin 14.4 %6.6%780 bps
EBIT before special items $ 98 $119(18)%
EBIT margin before special items 6.7 %6.6%10 bps
EBITDA before special items $ 146 $161(9)%
EBITDA margin before special items 9.9 %8.9%100 bps
Net additions to PP&E and intangible assets $ 162 $177(8)%
As at June 30, 2016 December 31, 2015
Order backlog (in billions of dollars) $ 17.0 $17.2(1)%
  • In the first half of 2016, we delivered 73 aircraft and achieved a book-to-bill ratio of 1.0 validating the strategic decisions we took in 2015 to re-align aircraft supply to market demand. We also realized an improved EBIT margin before special items of 6.7% in what continued to be a challenging market environment.
  • As outlined in our latest 10-year forecast, we remain confident in the significant long-term growth potential of the industry primarily driven by wealth creation, globalization of trade and replacement demand.

Commercial Aircraft

Results of the quarter
Three-month periods ended June 30 2016 2015Variance
Revenues $ 764 $59828%
Aircraft deliveries (in units) 27 198
Net orders (in units) 159 3156
Book-to-bill ratio(3) 5.9 0.25.7
EBIT $ (586) $(10)nmf
EBIT margin (76.7) % (1.7)%nmf
EBIT before special items $ (103) $(10)nmf
EBIT margin before special items (13.5) % (1.7)%nmf
EBITDA before special items $ (90) $14nmf
EBITDA margin before special items (11.8) % 2.3%nmf
Net additions to PP&E and intangible assets $ 137 $239(43)%
  • The C Series aircraft program is transitioning from the development phase to the revenue-generating phase, a historic milestone as we bring to market the first clean-sheet designed narrow-body aircraft in nearly 30 years.
  • On June 29, 2016, we delivered the first CS100 aircraft to launch operator Swiss International Air Lines (SWISS). The aircraft achieved successful entry-into-service on July 15, 2016 with its maiden commercial flight taking passengers from Zurich to Paris.
  • Recent significant orders totalling 127 firm orders and 80 options from Delta, Air Canada and airBaltic solidified the C Series aircraft program in the 100- to 150-seat category. These firm orders are valued at $9.9 billion based on list prices. The program entered into service with a firm order backlog above our target of 300 aircraft.
  • In the quarter, we signed a firm order for 10 CRJ900 aircraft with an undisclosed customer. Based on list price, the firm order is valued at $472 million.
  • On June 30, 2016, we closed the $1.0-billion investment by the Government of Québec (through Investissement Québec) in return for a 49.5% equity stake in a newly created limited partnership, the C Series Aircraft Limited Partnership (CSALP). We also received the first $500-million installment and the second $500-million installment is expected on September 1, 2016.
  • Free cash flow usage of approximately $470 million on a year-to-date basis, as we ramp-up production for the C Series aircraft, is on track to our full year target of $1.0 billion.
  • Subsequent to the end of the second quarter, we restructured the purchase agreement signed in 2013 with Ilyushin Finance Co. (IFC), a Moscow-based leasing company, to align with their current market needs. The firm order has been modified from 32 CS300 aircraft and options for an additional 10 CS300 aircraft to 20 CS300 aircraft and one Q400 aircraft with options for five additional Q400 aircraft.

Aerostructures and Engineering Services

Results of the quarter
Three-month periods ended June 30 2016 2015Variance
Revenues $ 425 $472(10)%
External order intake $ 105 $131(20)%
External book-to-bill ratio(4) 1.0 1.1(0.1)
EBIT $ 69 $4264%
EBIT margin 16.2 % 8.9%730 bps
EBIT before special items $ 30 $42(29)%
EBIT margin before special items 7.1 % 8.9%(180) bps
EBITDA before special items $ 42 $55(24)%
EBITDA margin before special items

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