farnborough airshow - apresentação financeira

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  • 1. 5th Annual Investors and Analysts Meeting November 18 & 19, 2004 So Jos dos Campos - Brazil Financial Antonio Luiz Pizarro Manso CFO
  • 2. Forward Looking Statement This presentation 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 market. 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 presentation might not occur. Our actual results could differ substantially from those anticipated in our forward-looking statements. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAERS WRITTEN CONSENT.
  • 3. Shareholder Base
  • 4. Embraer Voting Capital Ordinary Shares: 242,544,448 33.78% 2% Individuals 20% 60% Controlling European Group Shareholders 7% Foreign Institutional Investors 11% Brazilian Institutional Investors 20% European Group 60% Controlling Shareholders Dassault 5.67% PREVI (Pension Fund) 20% Thales 5.67% SISTEL (Pension Fund) 20% EADS 5.67% Snecma 2.99% Cia. Bozano 20% THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAERS WRITTEN CONSENT.
  • 5. Preferred Shares Preferred Shares : 475,411,026 66.22% 2% 17% Individuals Controlling Shareholders 10% BNDES 3% Brazilian Institutional Investors 68% Foreign Investors THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAERS WRITTEN CONSENT.
  • 6. Dividends 500 60% 404 421 400 49.8% 50% 327 43.3% 40% 300 36.1% 36.1% 228 195 30% 27.2% 200 20% 100 10% 0 0% 2000 2001 2002 2003 9M04 Dividends Pay Out Ratio R$ million THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAERS WRITTEN CONSENT.
  • 7. Main Differences between Brazilian GAAP & US GAAP
  • 8. Revenue Recognition BR Gaap & US Gaap Commercial Airline & Corporate Segments Revenues are generally recognized as the deliveries are made Defense Defense segment operates in a business environment that differs from Commercial Airline and Corporate markets segments. The main characteristics are: Long-term contracts with customers to develop defense products based on each customer need Quantities and selling price are generally fixed at the beginning of the program Exposed to risks in the execution of the contract Given these characteristics, revenues are recognized under the long-term contract rules and uses the percentage-of-completion method. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAERS WRITTEN CONSENT.
  • 9. Defense Revenue and Costs Defense contract accounting Long-term contract accounting requires management to estimate the total contract cost. These cost consist of designing, engineering, manufacturing and entry into service. Total estimated contract costs include: Raw material Supplier components Direct Labor, including engineering Manufacturing overhead Estimated total Price to percent of complete x price = be recognized to date Revenue to be - Revenue recognized = Current period Recognized to date in prior periods revenue THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAERS WRITTEN CONSENT.
  • 10. Defense Revenue and Costs Defense contract accounting Contract monitoring and related adjustments: Review is made on a quartely basis As part of these reviews, additional revenues arising from change order requests and additional cost from over spending are identified and reflected in a revised contract margin. The effect of any revision is accounted for by way of a cumulative catch-up adjustment to margin Physical progress Percent of complete = Costs incurred to date Most recent estimate of total cost THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR