La société brésilienne Embraer a vu ses résultats financiers se détériorer fortement au cours du troisième trimes. La perte nette s’est chiffrée à 109,6 millions $us. L’an dernier, le troisième trimestre s’était soldé par une perte nette de 10,7 millions $. Une grande partie de cette détérioration est attribuable à la chute de 28%du Réal par rapport au dollar américain au cours du trimestre. Cette dévaluation est également responsable d’une augmentation des taxes à payer. Celles-ci ont été de 164,4 millions $us comparativement à 77,1 millions l’an dernier.
Par contre les revenus d’Embraer ont augmenté à 1,284 millions $ comparativement à 1,239 millions au cours du même trimestre l’an dernier, ce qui constitue une hausse de 3,62%. La compagnie de Sao Paolo a livré 51 avions, soit 21 avions commerciaux et 30 avions d’affaires, comparativement à 34 l’an dernier. Cette augmentation des livraisons a été très bien accueillie par les investisseurs qui ont poussé le cours de l’action d’Embraer en hausse de 4,8 % à la Bourse de Sao Paolo au cours des heures qui ont suivies la publication de ces résultats. Le carnet de commande est demeuré inchangé à 22,8 milliards $us.
Les grandes lignes (Extrait du communiqué d’Embraer et graphiques tirés du site internet d’Embraer)
REVENUES AND GROSS MARGIN
Embraer delivered a total of 21 commercial and 30 executive aircraft (21 light jets and 9 large jets) in 3Q15, compared to a total of 19 commercial and 15 executive aircraft (15 light jets) in 3Q14. Over the first nine months of 2015, the Company delivered 68 commercial and 75 executive aircraft (57 light jets and 18 large jets), compared to 62 commercial and 64 executive aircraft (54 light jets and 10 large jets) in the first nine months of 2014. Revenues in 3Q15 totaled US$ 1,284.6 million, representing an increase of 3.6% compared to 3Q14, driven by growth in the Commercial Aviation and Executive Jets segments, as revenues in the Defense & Security segment declined 47.5% in the quarter. Year-to-date (YTD), consolidated revenues totaled US$ 3,853.7 million, which was down 9.2% from the US$ 4,243.3 million in the same period of 2014.
Gross margin fell from 19.5% in 3Q14 to 17.5% in 3Q15, driven mainly by a cost base revision for certain contracts in the Defense & Security segment due to the negative impact of foreign exchange variation during the quarter. Gross margin in the first nine months of the year was 19.8% compared to 21.1% in the first nine months of 2014, impacted by the combination of lower revenues compared to last year, negatively affecting fixed cost dilution, and cost base revisions for contracts in the Defense & Security segment.
NET SALES
US$ Million
Data consolidated in accordance with the IFRS.
EBIT
Embraer generated EBIT of US$ 84.4 million in 3Q15, with an EBIT margin of 6.6%, compared to the US$ 68.1 million in EBIT and 5.5% EBIT margin reported in 3Q14, given slightly higher revenues combined with cost control of operating expenses in the quarter. Administrative expenses totaled US$ 42.6 million in 3Q15, which was a decline from the US$ 51.6 million reported in 3Q14, demonstrating the Company’s ongoing efforts on cost efficiency. Selling expenses also declined relative to last year’s quarter, at US$ 78.4 million in 3Q15 compared to US$ 99.2 million in 3Q14, due largely to efficiency gains in the quarter. Research expense of US$ 8.6 million was lower than the US$ 9.7 million booked in 3Q14. Other operating income (expense), net improved from an expense of US$ 13.5 million in 3Q14 to an expense of US$ 10.6 million in 3Q15. In the first nine months of 2015, EBIT and EBIT margin were US$ 266.2 million and 6.9%, respectively, compared to EBIT of US$ 347.0 million and EBIT margin of 8.2% in the first nine months of 2014.
A more favorable exchange rate contributed to the decrease in Administrative, Selling, and Research expenses in 3Q15, considering that the average Brazilian Real to U.S. dollar exchange rate in 3Q15 at R$ 3.54 was 56% weaker compared to the average exchange rate of R$ 2.27 in 3Q14.
NET RESULTS
Net loss attributable to Embraer and Loss per basic ADS for 3Q15 were US$ (109.6) million and US$ (0.6013), respectively. Net margin was -8.5% in 3Q15 compared to -0.9% in 3Q14, due to a combination of US$ 24.2 million in foreign exchange losses in 3Q15 vs. US$ 5.7 million in foreign exchange gains in 3Q14, and income tax expense of US$ 164.4 million in 3Q15 compared to income tax expense of US$ 77.1 million in 3Q14. The Real devaluation of 28% versus the U.S. dollar during the quarter explains most of the income tax variation, due to non-cash deferred income taxes on non-monetary assets.
Adjusted Net Income, excluding the deferred income tax and social contribution loss, was US$ 71.5 million in 3Q15, representing an Adjusted Net margin of 5.6% and Adjusted Earnings per basic ADS of US$ 0.3923 for the quarter.
NET INCOME
US$ Million
Data consolidated in accordance with the IFRS.
NET CASH (DEBT)
US$ million
TOTAL BACKLOG
During 3Q15, Embraer delivered a total of 21 commercial and 30 executive aircraft. Considering all deliveries and firm orders obtained during the period, the Company’s firm order backlog remained largely stable at US$ 22.8 billion at the end of 3Q15. The following chart presents the Company’s backlog evolution, in billions of dollars.
FINANCIAL BACKLOG
US$ Billion
SEGMENT RESULTS
The Commercial Aviation segment represented 53.6% of consolidated revenues in 3Q15, stable compared to the same period last year. The portion of Executive Jets increased meaningfully from 17.2% in 3Q14 to 31.3% in 3Q15 due to the higher deliveries in the quarter. The share of Defense & Security revenues fell from 27.9% in 3Q14 to 14.1% in 3Q15 in response to the weaker Real and cost base revisions on certain contracts in the segment. Others segment revenues as a percentage of total 3Q15 revenues were 1.0% versus 1.5% in the prior year period.
Embraer E195-E2
Photo: Embraer.
COMMERCIAL AVIATION
During 3Q15, Embraer delivered 21 commercial aircraft, as follows:
DELIVERIES 2Q15 3Q14 3Q15 YTD15 Commercial Aviation 27 19 21 68 EMBRAER 170 – – – – EMBRAER 175 22 16 20 62 EMBRAER 190 3 2 – 3 EMBRAER 195 2 1 1 3
During the third quarter of 2015, Embraer announced that it signed a firm order with SkyWest, Inc. for 18 E175 jets. The order, which was included in Embraer’s 2015 third-quarter backlog, has an estimated value of US$ 800.0 million, based on current list prices. The aircraft will be operated by SkyWest Airlines, under an amendment to an existing Capacity Purchase Agreement (CPA) with United Airlines. With this new 18 aircraft purchase, the total number of SkyWest E175 firm orders reached 73 units of this model.
The development program of the E2 family of E-Jets continued to progress as expected during the quarter. The Company expects roll-out and first flight of the E190-E2 jet in 2016, with entry into service expected in the first half of 2018. In the segment of commercial jets with 70 to 130 seats, Embraer maintains its leadership with more than 50% of the sales and 60% of the deliveries on the world market.
Embraer Phenom 100.
Photo: Embraer.
EXECUTIVE JETS
The Executive Jets segment delivered 21 light jets and 9 large jets, totaling 30 aircraft in 3Q15. This number is twice the amount delivered during the same period of 2014.
DELIVERIES 2Q15 3Q14 3Q15 YTD15 Executive Aviation 33 15 30 75 Light Jets 26 15 21 57 Large Jets 7 – 9 18
In July, Embraer delivered the first Phenom 300 to Luxaviation, the second largest business jet operator in the world. In the same month, the Legacy 500 received its certification from the Mexican and Chinese authorities. The first Legacy 500 delivery to the Mexican market took place in the month of August.
DEFENSE & SECURITY
Embraer Super Tucano.
Embraer Defense & Security is the leading aerospace and defense company in Latin America. In addition to the A-29 Super Tucano light attack and advanced trainer and the multi-mission KC-390 military airlifter, it provides a full line of integrated solutions and applications such as C4I, radars, ISR (Intelligence, Surveillance & Reconnaissance) and space solutions. This also includes integrated systems for information, communications, border monitoring and surveillance as well as aircraft for transport of authorities and for special missions. With a growing presence in the global market, Embraer Defense & Security products and solutions are present in more than 60 countries.
Embraer KC-390.
Following the signing of the financing agreement between the Brazilian government and the Swedish Export Credit Corporation (SEK), the contract between Embraer and Saab for joint management of the F-X2 Project for the Brazilian Air Force became effective in September 2015. Under this agreement, Embraer will be responsible for a considerable amount of work in systems development, integration, flight testing, final assembly and aircraft deliveries. The Company will also participate in the coordination of all development and production activities in Brazil and both companies will be responsible for the full development of the two-seat version of the Gripen NG. In October 2015, the Company will send the first group of Brazilian engineers to Sweden to mark the beginning of the technology transfer process, and has already started work under the Gripen Design and Development Network (GDDN) in the industrial plant of Gavião Peixoto, in São Paulo.
With respect to the KC-390 program, the prototype underwent ground tests in preparation for its flight test campaign, which was expected to resume in October 2015.
Under the Light Air Support program (LAS), the United States Air Force received two A-29 Super Tucano aircraft in the third quarter, bringing the total to 10 aircraft already delivered under this contract.
The Brazilian Geostationary Defense and Communication Satellite Program (SGDC) execution is progressing as planned, with the foundations of the project antennas in Brasilia and Rio de Janeiro constructed, and the first shipment of the ground segment equipment of SGDC received in Brazil.
Moreover, in July 2015, the Consortium “Águas Brasileiras”, formed by Embraer, Bradar and Savis for the SisGAAz (Blue Amazon Management System) Competition, met with the Brazilian Navy to detail its proposal and answer questions from the project’s Evaluation Committee.
NUMBER OF EMPLOYEES
Quantity
* In 2015 numbers do not include employees of its subsidiaries not-full.
SEC/DOJ INVESTIGATIONS UPDATE
The Company received in September, 2010 a subpoena from the SEC and associated inquiries from the U.S. Department of Justice, or DOJ, concerning possible non-compliance with the U.S. Foreign Corrupt Practices Act, or FCPA, in relation to certain aircraft sales outside of Brazil. In response, the Company retained outside counsel to conduct an internal investigation of sales in three countries.
In light of additional information, the Company voluntarily expanded the scope of the internal investigation to include sales in other countries, reported on these matters to the SEC and the DOJ and otherwise cooperated with them. The U.S. government inquiries, related inquiries and developments in other countries and the Company’s internal investigation are continuing and the Company will continue to cooperate with the governmental authorities, as circumstances may require. The Company has begun discussions with the DOJ for a possible resolution of the allegations of non-compliance with the FCPA. A resolution of the U.S. government inquiries, and related inquiries, proceedings and developments in other countries would result in fines, which may be substantial, and possibly other substantial sanctions and adverse consequences. Based upon the opinion of its outside counsel, the Company believes that there is no adequate basis at this time for estimating accruals or quantifying any contingency with respect to these matters.
In light of the above, we embarked on a comprehensive effort to improve and expand our compliance program worldwide. This multi-year task involved reexamining every aspect of our compliance systems, and where appropriate, redesigning or adding to them. Some of the key enhancements include the creation of a Compliance Department, the appointment of a Chief Compliance Officer reporting directly to the Risk and Audit Committee of the Board of Directors, the development of a program to monitor engagement of and payments to third parties, improvements to compliance policies, procedure and controls, the enhancement of anonymous and other reporting channels, and the development of a comprehensive training and education program designed to maintain and reinforce a strong compliance culture at all levels of Embraer globally. The Company will continue to promote enhancements and update its compliance program
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