Bombardier Announces Financial Results for the Second Quarter Ended July 31, 2007 » MyForex


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	Bombardier Announces Financial Results for the Second Quarter Ended July 31, 2007 5 сентября 2007, 22:30
	Bombardier released financial results for the second quarter of fiscal year 2008 that show strong performance before the write-off of its investment in Metronet. Earnings before financing income, financing expense and income taxes, from continuing operations (EBIT) before special items, grew by $87 million to reach $213 million. The EBIT margin before special items was 5.3%, compared to 3.6% for the same period last fiscal year. Free cash flow (cash flows from operating activities less net additions to property, plant and equipment) reached $633 million, compared to $146 million for the same period last fiscal year. Cash and cash equivalents totalled $3 billion, compared to $2.6 billion as at January 31, 2007. "Our continued efforts, rigorous management of our cost base and improved execution have generated solid performances from both groups during this second quarter," said Laurent Beaudoin, Chairman of the Board and Chief Executive Officer, Bombardier Inc. "The Aerospace group made good progress in all areas, with increased profitability and high order intake for both regional and business aircraft, raising its backlog to a record level. At Transportation, in addition to a strong improvement in free cash flow, we are seeing new orders from emerging markets such as China, India and Russia, a tribute to the quality and reliability of our products," added Mr. Beaudoin. "Our solid backlog and cash position, as well as diversified product portfolio, form the backbone of our ongoing improvement in profitability." Bombardier Aerospace EBIT reached $133 million, an increase of $67 million compared to the second quarter of fiscal year 2007. This represents an EBIT margin of 6.0%, compared to last year's 3.5% for the same quarter. Meanwhile free cash flow rose to $477 million, an improvement of $184 million over the same period last year. Bombardier Aerospace's backlog has grown by 38% since the start of this fiscal year, reaching a historically high level of $18.2 billion. Similarly, net orders for the second quarter more than doubled compared to the corresponding period last fiscal year, with 187 aircraft versus 77. In regional aircraft, Bombardier Aerospace maintained its leadership position with its products offering the industry's lowest operating costs, its investment in next-generation versions of the CRJ700 and CRJ900 regional jets, and the launch of the CRJ1000 regional jet. As a result, Bombardier Aerospace received 84 net orders for regional aircraft for the second quarter, including 54 orders for regional jets, compared to nine regional aircraft during the same period last fiscal year. On the strength of its improved backlog and confirmed commitments from suppliers, Bombardier Aerospace decided to increase production of CRJ700 and CRJ900 regional jets from a rate of one aircraft every five days to a rate of one aircraft every four days. Bombardier Aerospace expects to produce approximately 50 CRJ700 and CRJ900 aircraft during this fiscal year and approximately 57 regional jets during fiscal year 2009. Turboprops also generated strong demand, with orders for 30 aircraft compared to nine for the same period last year, reflecting this aircraft family's success and combination of operating economics and performance. The 800th turboprop was delivered during the second quarter of the current fiscal year. In a strong business aircraft market, Bombardier Aerospace once again asserted its leadership with 103 net orders in the second quarter, compared to 67 for the same period during last fiscal year. With the entry into service of the Learjet 60 XR, Bombardier Aerospace further strengthened its product portfolio, the most complete of the business aircraft industry. Bombardier Transportation Bombardier Transportation's EBIT before special items rose to $80 million compared to $60 million for the same period last fiscal year. This represents an EBIT margin before special items of 4.4%, versus 3.7% for the same period last year. Particularly strong free cash flow of $296 million also resulted in an improvement of $305 million over last year. Bombardier Transportation's pursuit of business opportunities in emerging markets produced significant gains during the quarter. The group solidified its prominent position in China's rail transportation market, with an order for 192 MOVIA metro cars from Shanghai Mass Transit Line 7 Development Co., and an order for a fully automated people mover (APM) system from Guangzhou Metro Corporation. Subsequent to the quarter, Bombardier Transportation was also awarded a breakthrough contract for rail signalling equipment for a very high-speed rail line by China Railway Signalling and Communications Corp. In India, Bombardier Transportation became one of the first private companies chosen to build complete rail vehicles, with a contract from Delhi Metro Rail Corporation Ltd. for 340 MOVIA metro cars. In other markets, Bombardier Transportation received an additional order for 19 high-capacity AGC type trains from the French National Railway (SNCF). At nearly 700 units, this is the largest order for the same-type trains in today's rail industry. As previously announced, during the second quarter of fiscal year 2008, the Corporation recorded a special item of $162 million to write-off the carrying value of its investment in Metronet Rail BCV Ltd. and Metronet Rail SSL Ltd. (Metronet). Bombardier Transportation's turnkey supply contracts with Metronet for new trains, signalling, refurbishment of trains and fleet maintenance activities, valued at approximately $6.7 billion, are progressing well and Transportation continues to work as per contractual requirements.

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