Bombardier annonce ses résultats du premier trimestre 2017
English follows
Bombardier annonce ses résultats du premier trimestre 2017
– Bombardier affiche une expansion de sa marge(1) menée par une forte performance chez Transport et Avions d’affaires
– Amélioration continue de la performance de trésorerie(1) par rapport au trimestre correspondant de 2016
– Prévisions pour l’exercice réaffirmées
– Pierre Beaudoin devient président non exécutif du conseil d’administration, achevant la transition harmonieuse de ses responsabilités exécutives
MONTRÉAL, QUÉBEC–(Marketwired – 11 mai 2017) – Bombardier (TSX:BBD.A)(TSX:BBD.B)(OTCQX:BDRBF) a publié aujourd’hui ses résultats du premier trimestre 2017, lesquels démontrent la poursuite de l’exécution de son plan de redressement. La forte croissance interne de Transport, la hausse soutenue des marges(1) chez Transport et Avions d’affaires et l’amélioration importante de la performance de trésorerie(1)par rapport au trimestre correspondant de 2016 mettent en évidence les progrès accomplis par l’entreprise.
Bombardier a affiché des revenus de 3,6 milliards $ et un RAII avant éléments spéciaux de 128 millions $. La marge RAII avant éléments spéciaux a progressé pour s’établir à un solide 8,0 % chez Transport, à 7,6 % chez Avions d’affaires et à 7,5 % chez Aérostructures. Avions commerciaux a enregistré une perte RAII conforme à l’exercice précédent. L’utilisation des flux de trésorerie disponibles s’est améliorée de 157 millions $, atteignant 593 millions $ pour le trimestre.
« Nous continuons à renforcer notre élan en exécutant notre plan de transformation et en commençant à tirer parti de la pleine valeur du portefeuille de Bombardier, a dit Alain Bellemare, président et chef de la direction, Bombardier Inc. L’expansion soutenue de nos marges et l’amélioration de notre performance de trésorerie démontrent toutes deux les premiers bénéfices de nos actions ainsi que le potentiel à long terme de notre entreprise. »
Bombardier a aussi annoncé que Pierre Beaudoin entend quitter son poste de président exécutif du conseil d’administration. Ce changement entrera en vigueur le 30 juin 2017 et M. Beaudoin continuera de servir à titre de président non exécutif du conseil d’administration.
« Ce changement reflète le grand succès de la transition du leadership exécutif de Bombardier à Alain au cours des deux dernières années, a dit M. Beaudoin. Je suis heureux de continuer à travailler avec le conseil d’administration pour appuyer Alain et son équipe à titre de président du conseil. Avec la très solide équipe de haute direction désormais en place, l’entreprise est résolument en bonne voie d’exécuter son plan de redressement et de renouer avec une croissance durable à long terme. »
Le changement de poste de M. Beaudoin reste sujet à l’approbation formelle du conseil d’administration de Bombardier, laquelle devrait être obtenue après l’assemblée annuelle des actionnaires plus tard aujourd’hui.
PRINCIPAUX RÉSULTATS
| Trimestres clos les 31 mars | 2017 | 2016 | Variance | |||||
| Revenus | 3 576 | $ | 3 914 | $ | (9 | )% | ||
| RAII | 105 | $ | 56 | $ | 88 | % | ||
| Marge RAII | 2,9 | % | 1,4 | % | 150 pdb | |||
| RAII avant éléments spéciaux(2) | 128 | $ | 130 | $ | (2 | )% | ||
| Marge RAII avant éléments spéciaux(2) | 3,6 | % | 3,3 | % | 30 pdb | |||
| RAIIA avant éléments spéciaux(2) | 206 | $ | 219 | $ | (6 | )% | ||
| Marge RAIIA avant éléments spéciaux(2) | 5,8 | % | 5,6 | % | 20 pdb | |||
| Résultat net | (31 | ) | $ | (138 | ) | $ | ins | |
| RPA dilué (en dollars) | (0,02 | ) | $ | (0,07 | ) | $ | ins | |
| Résultat net ajusté(2) | 2 | $ | (34 | ) | $ | ins | ||
| RPA ajusté (en dollars)(2) | 0,00 | $ | (0,03 | ) | $ | ins | ||
| Additions nettes aux immobilisations corporelles et incorporelles | 276 | $ | 294 | $ | (6 | )% | ||
| Utilisation des flux de trésorerie disponibles(2) | (593 | ) | $ | (750 | ) | $ | 21 | % |
| Aux | 31 mars 2017 | 31 décembre 2016 | ||||||
| Sources de financement disponibles à court terme(3) | 3 867 | $ | 4 477 | $ | (14 | )% |
Tous les montants de ce communiqué de presse sont exprimés en dollars américains, à moins d’indication contraire.
Les montants des tableaux sont en millions, sauf les montants par action, à moins d’indication contraire.
Bombardier a affiché des revenus consolidés de 3,6 milliards $ pour le trimestre, ce qui est conforme aux attentes et souligne l’élan renouvelé de croissance de Transport. Le RAII avant éléments spéciaux a été de 128 millions $, en hausse par rapport à 104 millions $ au quatrième trimestre et aligné sur l’an dernier, alors que les marges continuent de démontrer les bénéfices du plan de transformation. La marge RAII avant éléments spéciaux a progressé pour s’établir à un solide 8,0 % chez Transport et a atteint 7,6 % chez Avions d’affaires et 7,5 % chez Aérostructures et Services d’ingénierie. L’utilisation des flux de trésorerie disponibles s’est améliorée pour atteindre 593 millions $ tandis que Bombardier a continué à investir dans la phase d’essais et de certification des programmes d’avions Global 7000 et Global 8000 ainsi que dans les stocks soutenant l’accélération de la production des avions C Series et dans certains projets clés de Transport. Ces résultats amènent Bombardier à réitérer ses prévisions pour l’exercice, soit une croissance des revenus de quelques points de pourcentage, compte non tenu de l’incidence des taux de change, un RAII avant éléments spéciaux entre 530 millions $ et 630 millions $ et une utilisation de flux de trésorerie disponibles entre 1,0 milliard $ et 750 millions $.
RÉSULTATS SECTORIELS ET FAITS SAILLANTS
| Avions d’affaires | ||||||
| Trimestres clos les 31 mars | 2017 | 2016 | Écart | |||
| Revenus | 1 007 | $ | 1 303 | $ | (23 | )% |
| Livraisons d’avions (en unités) | 29 | 31 | (2 | ) | ||
| RAII | 74 | $ | 82 | $ | (10 | )% |
| Marge RAII | 7,3 | % | 6,3 | % | 100 pdb | |
| RAII avant éléments spéciaux | 77 | $ | 87 | $ | (11 | )% |
| Marge RAII avant éléments spéciaux | 7,6 | % | 6,7 | % | 90 pdb | |
| RAIIA avant éléments spéciaux | 97 | $ | 112 | $ | (13 | )% |
| Marge RAIIA avant éléments spéciaux | 9,6 | % | 8,6 | % | 100 pdb | |
| Additions nettes aux immobilisations corporelles et incorporelles | 208 | $ | 153 | $ | 36 | % |
| Aux | 31 mars 2017 | 31 décembre 2016 | ||||
| Carnet de commandes (en milliards de dollars) | 15,2 | $ | 15,4 | $ | (1 | )% |
- Les livraisons et les revenus pour le premier trimestre s’alignent sur les tendances saisonnières habituelles, les livraisons effectuées représentant plus de 20 % des 135 livraisons prévues pour l’exercice.
- La marge RAII avant éléments spéciaux s’est améliorée de 90 pdb, passant de 6,7 % à 7,6 % au premier trimestre.
- Nous avons continué à faire d’importants progrès dans le développement du programme d’avions Global 7000 et Global 8000, deux FTV ayant démontré un haut degré de maturité lors de leurs essais en vol. Après la fin du trimestre, le troisième FTV a rejoint le programme d’essais en vol. Les deux autres FTV sont à divers stades avancés de production. La mise en service de l’avion Global 7000 est prévue pour le deuxième semestre de 2018.
| Avions commerciaux | ||||||
| Trimestres clos les 31 mars | 2017 | 2016 | Écart | |||
| Revenus | 540 | $ | 616 | $ | (12 | )% |
| Livraisons d’avions (en unités) | 15 | 20 | (5 | ) | ||
| Commandes nettes (en unités) | 11 | 2 | 9 | |||
| Ratio de nouvelles commandes sur livraisons | 0,7 | 0,1 | 0,6 | |||
| RAII | (56 | )$ | (66 | )$ | 15 | % |
| Marge RAII | (10,4 | )% | (10,7 | )% | 30 pdb | |
| RAII avant éléments spéciaux | (55 | )$ | (66 | )$ | 17 | % |
| Marge RAII avant éléments spéciaux | (10,2 | )% | (10,7 | )% | 50 pdb | |
| RAIIA avant éléments spéciaux | (37 | )$ | (40 | )$ | 8 | % |
| Marge RAIIA avant éléments spéciaux | (6,9 | )% | (6,5 | )% | (40) pdb | |
| Additions nettes aux immobilisations corporelles et incorporelles | 75 | 113 | $ | (34 | )% | |
| Aux | 31 mars 2017 | 31 décembre 2016 | ||||
| Carnet de commandes (en unités) | 432 | 436 | (4 | ) | ||
- Les 10 avions C Series livrés à Swiss International Air Lines (SWISS) et Air Baltic Corporation AS (airBaltic) maintenant en service offrent de bonnes performances.
- Au premier trimestre, nous avons accéléré considérablement la cadence de production des avions C Series en prévision d’une hausse des livraisons au deuxième semestre de 2017, qui seront stimulées par l’obtention récente de la certification pour approche à forte pente par l’avion CS100 à l’aéroport London City, la livraison attendue du premier avion CS300 à SWISS et la mise en service commerciale des avions CS300 de Korean Air.
- Au cours du trimestre, nous avons reçu des commandes de CityJet pour 10 avions CRJ900, ce qui portera sa flotte d’avions CRJ Series à 22. Selon le prix affiché, les commandes fermes sont évaluées à 467 millions $.
- Après la fin du trimestre, l’avion CS100 a obtenu ses certifications pour approche à forte pente de Transports Canada et de l’Agence européenne de sécurité aérienne, ce qui lui permettra d’atterrir à des aéroports difficiles d’accès comme l’aéroport London City.
| Aérostructures et Services d’ingénierie | ||||||
| Trimestres clos les 31 mars | 2017 | 2016 | Écart | |||
| Revenus | 388 | $ | 468 | $ | (17) | % |
| Nouvelles commandes externes | 103 | $ | 99 | $ | 4 | % |
| Ratio de nouvelles commandes externes sur revenus externes | 1,0 | 0,9 | 0,1 | |||
| RAII | 29 | $ | 15 | $ | 93 | % |
| Marge RAII | 7,5 | % | 3,2 | % | 430 pdb | |
| RAII avant éléments spéciaux | 29 | $ | 35 | $ | (17) | % |
| Marge RAII avant éléments spéciaux | 7,5 | % | 7,5 | % | – | |
| RAIIA avant éléments spéciaux | 45 | $ | 49 | $ | (8) | % |
| Marge RAIIA avant éléments spéciaux | 11,6 | % | 10,5 | % | 110 pdb | |
| Additions nettes aux immobilisations corporelles et incorporelles | 8 | $ | 4 | $ | 100 | % |
| Aux | 31 mars 2017 | 31 décembre 2016 | ||||
| Carnet de commandes externes (en millions de dollars) | 38 | $ | 42 | $ | (10) | % |
| Transport | ||||||
| Résultats du trimestre | ||||||
| Trimestres clos les 31 mars | 2017 | 2016 | Écart | |||
| Revenus | 1 923 | $ | 1 880 | $ | 2 | % |
| Nouvelles commandes (en milliards de dollars) | 2,2 | $ | 1,2 | $ | 83 | % |
| Ratio de nouvelles commandes sur revenus | 1,1 | 0,7 | 0,4 | |||
| RAII | 134 | $ | 23 | $ | 483 | % |
| Marge RAII | 7,0 | % | 1,2 | % | 580 pdb | |
| RAII avant éléments spéciaux | 153 | $ | 115 | $ | 33 | % |
| Marge RAII avant éléments spéciaux | 8,0 | % | 6,1 | % | 190 pdb | |
| RAIIA avant éléments spéciaux | 177 | $ | 139 | $ | 27 | % |
| Marge RAIIA avant éléments spéciaux | 9,2 | % | 7,4 | % | 180 pdb | |
| Additions nettes aux immobilisations corporelles et incorporelles | 6 | $ | 23 | $ | (74) | % |
| Aux | 31 mars 2017 | 31 décembre 2016 | ||||
| Carnet de commandes (en milliards de dollars) | 30,9 | $ | 30,1 | $ | 3 | % |
- La progression de l’exécution de projets clés stimule la croissance des revenus, lesquels ont enregistré une hausse de 5 % par rapport à ceux du trimestre correspondant de l’exercice précédent, compte non tenu de l’incidence des taux de change.
- La marge RAII avant éléments spéciaux a augmenté de 190 pdb par rapport à celle du trimestre correspondant de l’exercice précédent, atteignant 8,0 %, et tient compte de l’incidence positive des initiatives de transformation.
- Au cours du premier trimestre de 2017, nous avons obtenu plusieurs commandes importantes en Europe, surtout en France, en Allemagne et en Suisse, ainsi qu’en Malaisie, poussant le ratio de nouvelles commandes sur revenus à 1,1. La majorité de nos nouvelles commandes au premier trimestre de 2017 repose sur les plateformes de produits actuelles qui favorisent la réutilisation des technologies existantes.
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Bombardier Reports First Quarter 2017 Results
– Reports EBIT margin(1) expansion led by strong performance at Transportation and Business Aircraft
– Continued improvement in year-over-year cash performance(1)
– Full year guidance reaffirmed
– Pierre Beaudoin to assume role of Non-Executive Chairman, concluding smooth transition of executive responsibilities
MONTRÉAL, QUÉBEC–(Marketwired – May 11, 2017) – Bombardier (TSX:BBD.A)(TSX:BBD.B)(OTCQX:BDRBF) today reported its first quarter 2017 results, demonstrating continued momentum executing its turnaround plan. Highlighting the company’s progress was strong organic growth at Transportation, EBIT margin(1) expansion at both Transportation and Business Aircraft, and significantly improved year-over-year cash performance(1).
Bombardier reported revenues of $3.6 billion and EBIT before special items was $128 million. EBIT margins before special items grew to a robust 8.0% at Transportation, 7.6% at Business Aircraft and 7.5% at Aerostructures, while Commercial Aircraft recorded an EBIT loss in line with the prior year. Free cash flow usage improved by $157 million to $593 million for the quarter.
« We continue to gain momentum as we execute our transformation plan and begin to unleash the full value of the Bombardier portfolio, » said Alain Bellemare, President and Chief Executive Officer, Bombardier Inc. « Our continued margin expansion and improving cash performance demonstrate both the early benefits of our actions and the long-term potential of our company. »
Bombardier also announced that Pierre Beaudoin intends to step down as Executive Chairman of the Board effective June 30, 2017. Mr. Beaudoin will continue to serve as Non-Executive Chairman.
« This change reflects the very successful transition of Bombardier’s executive leadership to Alain over the past two years, » said Beaudoin. « As Chairman I look forward to working with the Board of Directors to provide continuing support to Alain and the leadership team. The Company is firmly on the right path, with a very strong leadership team now in place to execute its turnaround plan and return Bombardier to long-term, sustainable growth. »
The change to Mr. Beaudoin’s position is subject to the formal approval of Bombardier’s Board of Directors, which is expected following the Company’s Annual General Meeting later today.
SELECTED RESULTS
| Three-month periods ended March 31 | 2017 | 2016 | Variance | |||||
| Revenues | $ | 3,576 | $ | 3,914 | (9 | )% | ||
| EBIT | $ | 105 | $ | 56 | 88 | % | ||
| EBIT margin | 2.9 | % | 1.4 | % | 150 bps | |||
| EBIT before special items(2) | $ | 128 | $ | 130 | (2 | )% | ||
| EBIT margin before special items(2) | 3.6 | % | 3.3 | % | 30 bps | |||
| EBITDA before special items(2) | $ | 206 | $ | 219 | (6 | )% | ||
| EBITDA margin before special items(2) | 5.8 | % | 5.6 | % | 20 bps | |||
| Net loss | $ | (31 | ) | $ | (138 | ) | nmf | |
| Diluted EPS (in dollars) | $ | (0.02 | ) | $ | (0.07 | ) | nmf | |
| Adjusted net income (loss)(2) | $ | 2 | $ | (34 | ) | nmf | ||
| Adjusted EPS (in dollars)(2) | $ | 0.00 | $ | (0.03 | ) | nmf | ||
| Net additions to PP&E and intangible assets | $ | 276 | $ | 294 | (6 | )% | ||
| Free cash flow usage(2) | $ | (593 | ) | $ | (750 | ) | 21 | % |
| As at | March 31, 2017 | December 31, 2016 | ||||||
| Available short-term capital resources(3) | $ | 3,867 | $ | 4,477 | (14 | )% | ||
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 $3.6 billion in the quarter, which is in line with expectations and highlights renewed growth momentum in Transportation. EBIT before special items was $128 million, up from $104 million in the fourth quarter and in line with last year, as margins continue to demonstrate the benefits of the transformation plan. EBIT margin before special items grew to a robust 8.0% in Transportation and achieved 7.6% in Business Aircraft and 7.5% in Aerostructures and Engineering Services. Free cash flow usage improved to $593 million while Bombardier continued to invest in the Global 7000 and Global 8000 aircraft program testing and certification phase as well as inventories supporting the production ramp-up of the C Series aircraft program and certain key Transportation projects. These results lead Bombardier to reiterate its full year guidance of revenue growth in the low-single digits, excluding currency impacts, EBIT before special items between $530 million and $630 million and free cash flow usage between $1.0 billion and $750 million.
SEGMENTED RESULTS AND HIGHLIGHTS
Business Aircraft
| Results of the quarter | ||||||||
| Three-month periods ended March 31 | 2017 | 2016 | Variance | |||||
| Revenues | $ | 1,007 | $ | 1,303 | (23 | )% | ||
| Aircraft deliveries (in units) | 29 | 31 | (2 | ) | ||||
| EBIT | $ | 74 | $ | 82 | (10 | )% | ||
| EBIT margin | 7.3 | % | 6.3 | % | 100 bps | |||
| EBIT before special items | $ | 77 | $ | 87 | (11 | )% | ||
| EBIT margin before special items | 7.6 | % | 6.7 | % | 90 bps | |||
| EBITDA before special items | $ | 97 | $ | 112 | (13 | )% | ||
| EBITDA margin before special items | 9.6 | % | 8.6 | % | 100 bps | |||
| Net additions to PP&E and intangible assets | $ | 208 | $ | 153 | 36 | % | ||
| As at | March 31, 2017 | December 31, 2016 | ||||||
| Order backlog (in billions of dollars) | $ | 15.2 | $ | 15.4 | (1 | )% | ||
- Deliveries and revenues for the first quarter reflect typical seasonal patterns, achieving in excess of 20% of full year guidance of 135 deliveries.
- EBIT margin before special items improved by 90 bps from 6.7% to 7.6% in the first quarter.
- Continued to make significant strides in the development of the Global 7000 and Global 8000 aircraft program, with two FTVs in flight testing demonstrating a high degree of maturity. Subsequent to the end of the quarter, the third FTV joined the flight test program. The two remaining FTVs are in advanced stages of production. The Global 7000 aircraft is expected to enter into service in the second half of 2018.
Commercial Aircraft
| Results of the quarter | ||||||||
| Three-month periods ended March 31 | 2017 | 2016 | Variance | |||||
| Revenues | $ | 540 | $ | 616 | (12 | )% | ||
| Aircraft deliveries (in units) | 15 | 20 | (5 | ) | ||||
| Net orders (in units) | 11 | 2 | 9 | |||||
| Book-to-bill ratio(4) | 0.7 | 0.1 | 0.6 | |||||
| EBIT | $ | (56 | ) | $ | (66 | ) | 15 | % |
| EBIT margin | (10.4 | )% | (10.7 | )% | 30 bps | |||
| EBIT before special items | $ | (55 | ) | $ | (66 | ) | 17 | % |
| EBIT margin before special items | (10.2 | )% | (10.7 | )% | 50 bps | |||
| EBITDA before special items | $ | (37 | ) | $ | (40 | ) | 8 | % |
| EBITDA margin before special items | (6.9 | )% | (6.5 | )% | (40) bps | |||
| Net additions to PP&E and intangible assets | $ | 75 | $ | 113 | (34 | )% | ||
| As at | March 31, 2017 | December 31, 2016 | ||||||
| Order backlog (in units) | 432 | 436 | (4 | ) | ||||
- The C Series aircraft are performing well with now 10 C Series aircraft in service with both Swiss International Air Lines (SWISS) and Air Baltic Corporation AS (airBaltic).
- Significantly ramped-up C Series aircraft production in the first quarter in preparation for an acceleration of deliveries in the second half of 2017, which will be driven by the recently awarded London City Airport steep approach certification for the CS100 aircraft as well as the anticipated delivery of the first CS300 aircraft to SWISS and the entry into revenue generating service of the CS300 aircraft in Korean Air’s fleet.
- During the quarter, we received orders for 10 CRJ900 aircraft from CityJet, increasing its CRJ Series fleet to 22 aircraft. Based on list price, the firm orders are valued at $467 million.
- Subsequent to the end of the quarter, Transport Canada and the European Aviation Safety Agency awarded the CS100 aircraft its steep approach certifications, allowing the aircraft to operate at challenging airports such as London City Airport.
Aerostructures and Engineering Services
| Results of the quarter | ||||||||
| Three-month periods ended March 31 | 2017 | 2016 | Variance | |||||
| Revenues | $ | 388 | $ | 468 | (17 | )% | ||
| External order intake | $ | 103 | $ | 99 | 4 | % | ||
| External book-to-bill ratio(5) | 1.0 | 0.9 | 0.1 | |||||
| EBIT | $ | 29 | $ | 15 | 93 | % | ||
| EBIT margin | 7.5 | % | 3.2 | % | 430 bps | |||
| EBIT before special items | $ | 29 | $ | 35 | (17 | )% | ||
| EBIT margin before special items | 7.5 | % | 7.5 | % | – | |||
| EBITDA before special items | $ | 45 | $ | 49 | (8 | )% | ||
| EBITDA margin before special items | 11.6 | % | 10.5 | % | 110 bps | |||
| Net additions to PP&E and intangible assets | $ | 8 | $ | 4 | 100 | % | ||
| As at | March 31, 2017 | December 31, 2016 | ||||||
| External order backlog (in millions of dollars) | $ | 38 | $ | 42 | (10 | )% | ||
Transportation
| Results of the quarter | ||||||||
| Three-month periods ended March 31 | 2017 | 2016 | Variance | |||||
| Revenues | $ | 1,923 | $ | 1,880 | 2 | % | ||
| Order intake (in billions of dollars) | $ | 2.2 | $ | 1.2 | 83 | % | ||
| Book-to-bill ratio(6) | 1.1 | 0.7 | 0.4 | |||||
| EBIT | $ | 134 | $ | 23 | 483 | % | ||
| EBIT margin | 7.0 | % | 1.2 | % | 580 bps | |||
| EBIT before special items | $ | 153 | $ | 115 | 33 | % | ||
| EBIT margin before special items | 8.0 | % | 6.1 | % | 190 bps | |||
| EBITDA before special items | $ | 177 | $ | 139 | 27 | % | ||
| EBITDA margin before special items | 9.2 | % | 7.4 | % | 180 bps | |||
| Net additions to PP&E and intangible assets | $ | 6 | $ | 23 | (74 | )% | ||
| As at | March 31, 2017 | December 31, 2016 | ||||||
| Order backlog (in billions of dollars) | $ | 30.9 | $ | 30.1 | 3 | % | ||
- Revenue growth is gaining momentum as execution of key projects progresses, increasing 5% compared to the same period last fiscal year excluding the currency impact.
- EBIT margin before special items increased by 190 bps compared to the same period last fiscal year, reaching 8.0%, including the positive impacts of transformation initiatives.
- During the first quarter of 2017, we won several significant orders in Europe, mainly in France, Germany and Switzerland, as well as in Malaysia, resulting in a book-to-bill ratio of 1.1. The majority of our order intake in the first quarter of 2017 is based on current product platforms, supporting the re-use of existing technologies.
About Bombardier
Bombardier is the world’s leading manufacturer of both planes and trains. Looking far ahead while delivering today, Bombardier is evolving mobility worldwide by answering the call for more efficient, sustainable and enjoyable transportation everywhere. Our vehicles, services and, most of all, our employees are what make us a global leader in transportation.
Bombardier is headquartered in Montréal, Canada. Our shares are traded on the Toronto Stock Exchange (BBD) and we are listed on the Dow Jones Sustainability North America index. In the fiscal year ended December 31, 2016, we posted revenues of $16.3 billion. News and information are available at www.bombardier.com or follow us on Twitter @Bombardier.
Bombardier, CRJ900, CRJ Series, CS100, CS300, C Series, Global, Global 7000 and Global 8000 are trademarks of Bombardier Inc. or its subsidiaries.
The Management’s Discussion and Analysis and the Interim Consolidated Financial Statements are available at ir.bombardier.com.
| bps: | basis points |
| nmf: | information not meaningful |
| (1) | Margin refers to EBIT margin before special items. Cash performance refers to free cash flow usage. Non-GAAP financial measures. See Caution regarding non-GAAP measures at the end of this press release. |
| (2) | Non-GAAP financial measures. See Caution regarding non-GAAP measures at the end of this press release. |
| (3) | Defined as cash and cash equivalents plus the amount available under the revolving credit facilities. |
| (4) | Defined as net orders received over aircraft deliveries, in units. |
| (5) | Defined as new external orders over external revenues. |
| (6) | Defined as new orders over revenues. |
CAUTION REGARDING NON-GAAP MEASURES
This press release is based on reported earnings in accordance with International Financial Reporting Standards (IFRS). Reference to generally accepted accounting principles (GAAP) means IFRS, unless indicated otherwise. This press release is also based on non-GAAP financial measures including EBITDA, EBIT before special items and EBITDA before special items, adjusted net income, adjusted earnings per share and free cash flow. These non-GAAP measures are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS; therefore, others using these terms may define them differently. Management believes that providing certain non-GAAP performance measures, in addition to IFRS measures, provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Refer to the Non-GAAP financial measures and Liquidity and capital resources sections in Overview and each reporting segments’ Analysis of results sections in the Corporation’s MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.
| Reconciliation of segment to consolidated results | |||||||
| Three-month periods ended March 31 |
|||||||
| 2017 | 2016 | ||||||
| Revenues | |||||||
| Business Aircraft | $ | 1,007 | $ | 1,303 | |||
| Commercial Aircraft | 540 | 616 | |||||
| Aerostructures and Engineering Services | 388 | 468 | |||||
| Transportation | 1,923 | 1,880 | |||||
| Corporate and Elimination | (282 | ) | (353 | ) | |||
| $ | 3,576 | $ | 3,914 | ||||
| EBIT before special items | |||||||
| Business Aircraft | $ | 77 | $ | 87 | |||
| Commercial Aircraft | (55 | ) | (66 | ) | |||
| Aerostructures and Engineering Services | 29 | 35 | |||||
| Transportation | 153 | 115 | |||||
| Corporate and Elimination | (76 | ) | (41 | ) | |||
| $ | 128 | $ | 130 | ||||
| Special Items | |||||||
| Business Aircraft | $ | 3 | $ | 5 | |||
| Commercial Aircraft | 1 | – | |||||
| Aerostructures and Engineering Services | – | 20 | |||||
| Transportation | 19 | 92 | |||||
| Corporate and Elimination | – | (43 | ) | ||||
| $ | 23 | $ | 74 | ||||
| EBIT | |||||||
| Business Aircraft | $ | 74 | $ | 82 | |||
| Commercial Aircraft | (56 | ) | (66 | ) | |||
| Aerostructures and Engineering Services | 29 | 15 | |||||
| Transportation | 134 | 23 | |||||
| Corporate and Elimination | (76 | ) | 2 | ||||
| $ | 105 | $ | 56 | ||||
| Reconciliation of EBITDA before special items and EBITDA to EBIT | |||||
| Three-month periods ended March 31 |
|||||
| 2017 | 2016 | ||||
| EBIT | $ | 105 | $ | 56 | |
| Amortization | 78 | 89 | |||
| EBITDA | 183 | 145 | |||
| Special items(1) | 23 | 74 | |||
| EBITDA before special items | $ | 206 | $ | 219 | |
(1) Refer to the Consolidated results of operations section in the Corporation’s MD&A for details regarding special items.
| Reconciliation of adjusted net income (loss) to net loss and computation of adjusted EPS | |||||||||||||
| Three-month periods ended March 31 | |||||||||||||
| 2017 | 2016 | ||||||||||||
| (per share) | (per share) | ||||||||||||
| Net loss | $ | (31 | ) | $ | (138 | ) | |||||||
| Adjustments to EBIT related to special items(1) | 23 | $ | 0.01 | 74 | $ | 0.03 | |||||||
| Adjustments to net financing expense related to: | |||||||||||||
| Net change in provisions arising from changes in interest rates and net (gain) loss on certain financial instruments | (8 | ) | 0.00 | 15 | 0.01 | ||||||||
| Accretion on net retirement benefit obligations | 19 | 0.01 | 17 | 0.01 | |||||||||
| Transaction costs related to the conversion option embedded in the CDPQ investment(1) | – | – | 8 | 0.00 | |||||||||
| Tax impact of special(1) and other adjusting items | (1 | ) | 0.00 | (10 | ) | (0.01 | ) | ||||||
| Adjusted net income (loss) | 2 | (34 | ) | ||||||||||
| Net loss (income) attributable to NCI | 3 | (23 | ) | ||||||||||
| Preferred share dividends, including taxes | (6 | ) | (5 | ) | |||||||||
| Adjusted net loss attributable to equity holders of Bombardier Inc. | $ | (1 | ) | $ | (62 | ) | |||||||
| Weighted-average diluted number of common shares (in thousands) | 2,194,840 | 2,221,787 | |||||||||||
| Adjusted EPS (in dollars) | $ | 0.00 | $ | (0.03 | ) | ||||||||
(1) Refer to the Consolidated results of operations section in the Corporation’s MD&A for details regarding special items.
| Reconciliation of adjusted EPS to diluted EPS (in dollars) | |||||||
| Three-month periods ended March 31 | |||||||
| 2017 | 2016 | ||||||
| Diluted EPS | $ | (0.02 | ) | $ | (0.07 | ) | |
| Impact of special and other adjusting items | 0.02 | 0.04 | |||||
| Adjusted EPS | $ | 0.00 | $ | (0.03 | ) | ||
| Reconciliation of free cash flow usage to cash flows from operating activities | |||||||
| Three-month periods ended March 31 |
|||||||
| 2017 | 2016 | ||||||
| Cash flows from operating activities | $ | (317 | ) | $ | (456 | ) | |
| Net additions to PP&E and intangible assets | (276 | ) | (294 | ) | |||
| Free cash flow usage | $ | (593 | ) | $ | (750 | ) | |
Mais le titre BBD lui, il décolle! En forte hausse de 8.78% à 11:20h
Il était qu’il y ait des nouvelles positives pour Bombardier Inc.
Lors de l’assemblée annuelle, Alain Bellemare a maintenu et expliqué la prévision de 30 à 35 livraisons de C Series en 2017:
https://www.flightglobal.com/news/articles/bombardier-outlines-second-half-cseries-ramp-up-437133/
M. Bellemare parle de Pratt & Whitney, mais pas de Zodiac.
Je sais, mais la livraison du premier CS300 à SWISS n’a toujours pas eu lieu, comme SWISS avait planifié le premier vol pour le 15 mai, nous avons une date de référence. Nous pourrons donc évaluer par la suite.
https://www.ch-aviation.com/portal/news/55550-swiss-delays-maiden-cs300-delivery-to-late-2q17
C’est vrais, j’ai pas lue ou entendu d’info sur Zodiac à l’assemblée du (11) mai. Si c’est bien le cas sa demande des explications de la par de bombardier. Alain Bellemare dit les 30/35 livraison en 2017 sont maintenus, je veux bien, mais si le cas Zodiac est pas résolu comment livrer ??????En attendre d’une réponse je vais prendre un café et un muffin multigrain.
L’article de ch-aviation doit ressembler à ça (traduction de l’allemand d’un autre article, trouvée sur stockhouse):
MONTREAL – The Swiss airline SWISS hopes to receive the first Bombardier CS300 in a few weeks (fin juin apparemment). This is the first to fly with the CS100 and the CS300.
Worldwide, eleven copies of the CSeries are now running: eight CS100’s at SWISS and three CS300’s at airBaltic.
SWISS becomes the second user of the CS300, which has 20 seats more than the CS100 and seats up to 145 passengers. The first CS300 of the Swiss company is stationed in Genve, replacing the outdated Avro RJ100.
Last weekend, the first CS300 for SWISS made her first flight from Montreal, where the Bombardier factory is located.
Recently, SWISS changed its order for the CSeries to ten CS100’s and twenty CS300’s.