Bombardier llega a
un acuerdo definitivo para adquirir las operaciones de manufactura y
los activos del ala Global 7500 de Triumph.
La adquisición
asegura el aumento de la producción y el éxito a largo plazo del
programa Global 7500 de Bombardier.
Bombardier
continuará operando la línea de producción e integrará a los
empleados que actualmente laboran en el programa en las instalaciones
de Triumph en Red Oak, Texas.
Se espera que la
transacción se cierre en el primer trimestre de 2019 tras un pago
total.
La adquisición
reforzará la posición de Bombardier como fabricante líder de
aeroestructuras.
No se espera que la
transacción tenga un impacto en el EBIT de 2019, en el flujo de
efectivo (1) de Bombardier, ni en las metas para 2020 .
Montreal, 24 de
enero de 2019 – Bombardier (TSX: BBD.B) anunció hoy un acuerdo
definitivo para adquirir el programa del ala de su avión Global 7500
de Triumph Group Inc. (NYSE: TGI). La adquisición reforzará la
posición de Bombardier como un fabricante líder de aeroestructuras
y asegurará el aumento de la producción y el éxito a largo plazo
del avión de negocios insignia de Bombardier.
Las operaciones
adquiridas se incorporarán al segmento de Aeroestructuras y
Servicios de Ingeniería de Bombardier. Con el fin de respaldar una
transición sin problemas de producción y las entregas de alas para
el programa Global 7500, que entró en servicio con éxito en
diciembre de 2018, Bombardier comenzará con un contrato de
arrendamiento para las instalaciones de Triumph en Red Oak, Texas, y
continuará operando la línea de producción con los empleados que
actualmente trabajan en el programa.
"Esta
adquisición es un ajuste estratégico perfecto para Bombardier
Aeroestructuras", dijo Danny Di Perna, presidente de Bombardier
Aeroestructuras y Servicios de Ingeniería. “Nos permitirá brindar
nuestra amplia experiencia técnica a uno de los programas de mayor
crecimiento de la industria, al tiempo que consolidará nuestra
posición como proveedor líder de ala s. Esperamos dar la bienvenida
a Bombardier a los empleados de Triumph y garantizar el éxito del
programa Global 7500 ".
Se espera que la
adquisición de los activos y obligaciones del programa por un pago
en efectivo, se cierre en el primer trimestre de 2019, sujeto a
ciertas condiciones de cierre de la operación. Bombardier asumirá
las inversiones de capital y los costos habituales asociados con el
aumento de la producción del programa, que se espera que caigan
dentro del EBIT consolidado de 2019 de Bombardier antes de ítems
especiales, rangos de guía de flujo de caja, y objetivos para el
2020.
A nivel de segmento
de negocios, el crecimiento de ingresos de Aeroestructuras para 2019
se ajusta al alza entre $ 2.25 mil millones y $ 2.50 mil millones, lo
que refleja los ingresos adicionales entre segmentos. El margen EBIT
de 2019 del segmento antes de ítems especiales (1) también se
ajusta a aproximadamente en 7.5%, lo que refleja las ganancias
marginales de estas ventas adicionales durante el aumento del
programa. Para 2020, el margen objetivo de la EBIT antes de ítems
especiales de 9% a 11% se mantiene sin cambios.
En el segmento de
aviones de negocios (Business Aircraft), el margen de EBIT de 2019
antes de la guía de ítems especiales de aproximadamente 7.5%
permanece sin cambios. Para 2020, aviones de negocios ahora tiene
como objetivo 50 puntos base de margen de crecimiento hasta
aproximadamente un 8%, el límite inferior del objetivo proporcionado
anteriormente, lo que refleja el impacto a corto plazo de la
maduración del proceso de producción del ala Global 7500.
Sobre el avión
global 7500 El avión Global 7500 ofrece la conducción suave y
exclusiva de Bombardier y una amplitud única entre los aviones de
negocios. Con su galardonado interior hecho a la medida que cuenta
con una cocina de tamaño completo y cuatro espacios habitables, el
avión Global 7500 ofrece la mejor experiencia en vuelo.
Estableciendo el punto de referencia para el interior de cabina más
excepcional, el avión Global 7500 ofrece las características más
innovadoras, como el asiento patentado Nuage de Bombardier,
meticulosamente diseñado para el máximo confort y el revolucionario
sistema de gestión de cabina Touch (CMS), una nueva forma de
conectarse con la cabina del avión Global 7500 a través de la
interfaz Bombardier Touch, que presenta la primera aplicación de
aviación de negocios de una pantalla OLED.
Acerca de Bombardier
Con más de 69,500
empleados a través de cuatro segmentos de negocio, Bombardier es el
líder global en la industria de la transportación, creando aviones
y trenes innovadores que cambian a la industria. Nuestros productos y
servicios proveen experiencias de transporte de clase mundial, que
establecen nuevos estándares en el confort de pasajeros, eficiencia
energética, confiabilidad y seguridad.
Con sede en
Montreal, Canadá, Bombardier tiene sitios de producción e
ingeniería en 28 países en los segmentos de Transportación,
Aviones de Negocios, Aviones Comerciales e Infraestructura y
Servicios de Ingeniería. Las acciones de Bombardier se comercializan
en la Bolsa de Valores de Toronto (BBD). En el año fiscal que
concluyó el 31 de diciembre de 2017, Bombardier registró ganancias
por $16.2 mil millones de dólares. Noticias e información están
disponibles en bombardier.com o síganos en Twitter @Bombardier.
FORWARD-LOOKING
STATEMENTS
This press release
includes forward-looking statements, which may involve, but are not
limited to: statements with respect to our objectives, guidance in
respect of various financial metrics and sources of contribution
thereto, targets, goals, priorities, marke t and strategies,
financial position, market position, capabilities, competitive
strengths, beliefs, prospects, plans, expectations, anticipations,
estimates and intentions; general economic and business outlook,
prospects and trends of an industry; expected growth in demand for
products and services; product development, including projected
design, characteristics, capacity or performance; expected or
scheduled entry -into-service of products and services, orders,
deliveries, testing, lead times, certifications and project execution
in general; competitive position; the expected impact of the
legislative and regulatory environment and legal proceedings on our
business and operations; strength of capital profile and balance
sheet, creditworthiness, available liquidities and capital resources,
expected financial requirements and ongoing review of strategic and
financial alternatives; the introduction of productivity enhancements
and restructuring initiatives and anticipated costs, intended ben
efits and timing thereof; the expected continued expansion of the
business aircraft aftermarket; the objectives and financial targets
underlyin g our transformation plan and the timing and progress in
execution thereof, including the anticipated business transition to
cash g eneration; the funding and liquidity of C Series Aircraft
Limited Partnership (CSALP); the impact and expected benefits of the
transaction w ith Airbus, on our
operations,
infrastructure, capabilities, development, growth and other
opportunities and prospec ts, geographic reach, scale, assets and
program value, footprint, financial condition, access to capital and
overall strategy; and the impact of such transaction on our balance
sheet and liquidity position. As it relates to the proposed
acquisition of Triu mph’s Global 7500 wing manufacturing operations
and assets discussed herein, this press release also contains
forward-looking statements with respect to: the expected terms,
conditions, and timing for completion thereof; the respective
anticipated consideration therefor, related costs and expenses,
working capital investments and costs associated with
the program’s
production ramp-up, the transition of wing production and deliveries
for the program, as well as the anticipated benefits of such
transaction and expected impact on our guidance and targets; and the
fact that closing of this transaction will be conditioned on certain
e vents occurring.
Forward-looking
statements can generally be identified by the use of forward -looking
terminology such as “may”, “will”, “shall”, “can”,
“expect”, “estimate”, “intend”, “anticipate”, “plan”,
“foresee”, “believe”, “continue”, “maintain” or
“align”, the negative of these te rms, variations of them or
similar terminology.
Forward-looking statements are presented for the purpose of assisting
investors and others in understanding certain key elements of our
current objectives, strategic priorities, expectations and plans, and
in obtaining a better understanding of our business and anticipated
operating environment. Readers are cautioned that such information
may not be appropriate for other purposes.
By their nature,
forward-looking statements require management to make assumptions and
are subject to important known and unknown risks and uncertainties,
which may cause our actual results in future periods to differ
materially from forecast results set forth in forward-looking
statements. While management considers these assumptions to be
reasonable and appropriate based on information currently avai lable,
there is risk that they may not be accurate. The assumptions
underlying forward -looking statements made in relation to the
transaction with Airbus include the following material assumptions:
the accuracy of our analyses and business case including estimated
cash flows and revenues over the expected life of the program and
thereafter; aircraft prices, unit costs and deliveries gradually
improving during the ac celeration phase; assumptions regarding the
strength and quality of Airbus’ scale, reach, sales, marketing and
support n etworks, supply chain and operational expertise, and
customer relationships; the fulfilment and performance by each party
of its obligations pursuant to the transa ction agreement and future
commercial agreements and absence of significant inefficiencies or
other issues in connection therewith; the realization of the
anticipated benefits and synergies of the transaction in the
timeframe anticipated; our ability to continue with our funding plan
of CSALP and to
fund, if required,
any cash shortfalls; adequacy of cash planning and management and
project funding; and the accuracy of our assessment of anticipated
growth drivers and sector trends. The assumptions underlying the
forward-looking statements made in this press release in relation to
the proposed acquisition of Triumph’s Global 7500 wing
manufacturing operations and assets discussed herein include the
following material assumptions: the satisfaction of all conditions of
closing and the successful completion of such transaction within the
anticipated timeframe. For additional information with respect to the
assumptions underlying the forward-looking statements relating to
2019 guidance and 2020 objectives made in this press release, refer
to our disclosure regarding such assumptions further in this press
release.
3With respect to the
transaction with Airbus specifically, certain factors that could
cause actual results to differ materiall y from those anticipated in
the forward-looking statements include, but are not limited to:
reliance on our analyses and business case including estimated cash
flows and revenues over the expected life of the program and
thereafter; the occurrence of an event, change or other development
ha ving an adverse effect on Airbus’ scale and reach, sales,
marketing or support networks, supply chain, operations, or customer
relationships; the failure by either party to satisfy and perform its
obligations pursuant to the transaction agreement and future
commercial ag reements and/or
significant
inefficiencies or other issues arising in connection therewith; the
failure to realize, in the timeframe anticipated or at all, the
anticipated benefits and synergies of the transaction; risks
associated with our ability to continue with our funding plan of
CSALP and to fund, if required, the cash shortfalls; inadequacy of
cash planning and management and project funding; and reliance on our
assessment of anticipated growth drivers and sector trends. Certain
other factors that could cause actual results to differ materially
from those anticipated in the forward-looking statements include, but
are not limited to, risks associated with general economic
conditions, risks associated with our business environment (such as
risks associated with “Brexit”, the financial condition of the
airline industry, bus iness aircraft customers, and the rail
industry; trade policy; increased competition; political instability
and force majeure events or natural disasters), operational risks
(such as risks related to developing new products and services;
development of new business; the certification and homologation of
products and services; fixed-price and fixed-term commitments and
production and project execution; pressures on cash flows and capital
expenditures based on project-cycle fluctuations and seasonality; our
ability to successfully implement and execute our strategy,
transformation plan, productivity enhancements and restructuring
initiatives; doing business with partners; product performance
warranty and casua lty claim losses; regulatory and legal
proceedings; environmental, health and safety risks; dependence on
certain customers and suppliers; human resources; reliance on
information systems; reliance on and protection of intellectual
property rights; and adequacy of insur ance coverage), financing
risks (such as risks related to liquidity and access to capital
markets; retirement benefit plan risk; exposure to credit risk;
substanti al existing debt and interest payment requirements; certain
restrictive debt covenants and minimum cash levels; financing suppor
t provided for the benefit of certain customers; and reliance on
government support), market risks (such as risks related to foreign
currenc y fluctuations; changing interest rates; decreases in
residual values; increases in commodity prices; and inflation ra te
fluctuations). For more details, see the Risks and uncertainties
section in Other in the Management’s Discussion and Analysis (MD&A)
of our financial report for the f iscal year ended December 31, 2017.
With respect to the proposed acquisition of Triumph ’s Global 7500
wing manufacturing operations and assets discussed herein
specifically, certain factors that could cause actual results to
differ materially from those anticipated in the forwa rd-looking
statements include, but are not limited to: the failure to satisfy
the conditions to the completion of such transaction or delay in
completing and uncertainty
regarding the length
of time required to complete such transaction and the benefits
thereof not being available to Bombardier in the time frame
anticipated or at all. Accordingly, there can be no assurance that
the proposed acquisition of Triumph’s Global 7500 wing
manufacturing operations and assets will occur or that the
anticipated benefits will be realized in their entirety, in part or
at all.
Readers are
cautioned that the foregoing list of factors that may affect future
growth, results and performance is not exhaustive and undue reliance
should not be placed on forward-looking statements. Other risks and
uncertainties not presently known to us or that we presently believe
are not material could also cause actual results or events to differ
materially from those expressed or implied in ou r forward-looking
statements. In addition, there can be no assurance that the
anticipated strategic benefits and operational, competitive and cost
synergies of the transaction with Airbus will be realized in their
entirety, in part or at all. The forward -looking statements set
forth herein reflect management’s expectations as at the date of
this press release and are subject to change after such date. Unless
otherwise required by applicable securities laws, we expressly
disclaim any intention, and assume no obligation to update or revise
any forward -looking statements, whether as a result of new
information, future events or otherwise. The forward-looking
statements contained in this press release are
expressly qualified
by this cautionary statement.
The Global 5500,
Global 6500, Global 7500 and Global 8000 aircraft are currently under
development, and as such are sub ject to changes in family strategy,
branding, capacity, performance, design and/or systems. All
specifications and data are approximate, may cha nge without notice
and are subject to certain operating rules, assumptions and other
conditions. This press release does not constitute an offer,
commitment, representation, guarantee or warranty of any kind.
CAUTION REGARDING
NON-GAAP MEASURES
This press release
is based on reported earnings in accordance with International
Financial Reporting Standards (IFRS). R eference to generally
accepted accounting principles (GAAP) means IFRS, unless indicated
otherwise. This press release is also based on n on-GAAP financial
measures including EBIT before special items, EBIT margin before
special items and free cash flow.
Management believes
that providing certain non-GAAP performance measures, in addition to
IFRS measures, provides readers with enhanced understanding of
Bombardier’s results and related trends and increases the
transparency and clarity of the core resu lts of Bombardier’s
business.
EBIT before special
items is defined as EBIT excluding the impact of restructuring
charges, significant impairment charges and reversals, as well as
other significant unusual items.
Free cash flow
(usage) is defined as cash flows from operating activities less net
additions to PP&E and intangible assets.
Refer to the
Non-GAAP financial measures and Liquidity and capital resources
sections in Overview and each reporting segments’ Analysis of
results sections in Bombardier’s 2018 Third Quarterly Report for
reconciliations of these metrics to the most comparable IFRS
measures.
Non-GAAP financial
measures are mainly derived from the consolidated financial
statements but do not have standardized meanings prescribed by IFRS.
The exclusion of certain items from non -GAAP financial measures does
not imply that these items are necessarily non - recurring. From time
to time, Bombardier may exclude additional items if it believes doing
so would result in a more transpar ent and
4comparable
disclosure. Other entities in Bombardier’s industry may define the
above measures differently than Bombardier does . In those cases, it
may be difficult to compare the performance of those entities to that
of Bombardier based on these similarly-named non-GAAP measures.
ASSUMPTIONS
The following are
the material assumptions underlying the 2019 guidance and 2020
objectives included in this press release:
All segments normal
execution and delivery of current firm orders and projects in the
backlog;
the ability to
understand customer needs and portfolio of products and services to
drive increasing market demand and secure key strategic orders;
continued deployment and execution of leading initiatives according
to plan to improve revenue conve rsion into higher earnings and free
cash flows (1) , through improved procurement cost, controlled
spending and labor efficiency; delivering on the transformation plan
targets, through restructurings and other initiatives addressing the
direct and indirect cost structure, focusing on sustained cost
reductions and operational improvements, while reducing working
capital consumption; the ability to leverage the global manufacturing
footprint and transfer best practices and technology across
production sites , and by leveraging lower cost geographies and
emerging economies; the ability of the supply base to support product
development and planned production rates; the ability to identify and
enter into further risk sharing partnerships and initiatives; the
effectiveness of disciplined capital deployment measures in new
programs and products to drive revenue growth; the ability to recruit
and retain highly skilled resources to deploy the product development
strategy; competitive global environment and global economi c
conditions to remain similar; the stability of foreign exchange rates
at current levels; the ability to have sufficient liquidity to
execute the strategic plan, to meet financial covenants and to pay
down long term debt or refinance bank facilities and maturities
starting in 2020.
financials reflect
IFRS 16 lease accounting starting January 1, 2019; Aerospace segments
closing of Q Series Aircraft program assets & Business Aircraft
flight and training activities transactions by the second hal f of
2019; the alignment of production rates to market demand; the ability
to ramp up production and deliveries of new programs, and meet
scheduled entry -into-service date for the Global 7500 and Global
5500, Global 6500 and Global 8000 aircraft program; continued ability
to capture and win campaigns and projects based on market forecasts
(2) , leading to estimated future order intake;
continued deployment
and execution of growth strategies, including the aftermarket
business; the reduction of investments and development spend to
normalized levels by 2019-2020; the realization of the anticipated
benefits and synergies of the transaction with Airbus in the
timeframe anticipated; our ability to continue with our current
funding plan of CSALP and to fund, if required, any cash shortfalls
and adequacy of cash planning and management and project funding.
Transportation our
ability to execute and deliver business model enhancement
initiatives;
revenue conversion
and phase out of our legacy contracts; a sustained level of public
sector spending;
(3) the realization
of upcoming tenders and our ability to capture them based on market
forecasts , leading to estimated future order intake; successful
deployment and execution of growth strategies, including the value
chain approach an d the creation of ecosystems, site specialization
and the creation of engineering centers of excellence, and the
evolution of the revenue mix towards more signa ling and systems and
operations and maintenance contracts.
For a discussion of
the material risk factors associated with the forward-looking
information, refer to the Caution regarding forward -looking
statements above in this press release and to the Risks and
uncertainties section in Other in the MD&A of our Financial Repor
t for the fiscal year ended December 31, 2017.
(1) Non-GAAP
measure. For further information on non-GAAP measures used in this
press release refer to our disclosure regarding non-GAAP measures
above in this press release.
(2) Demand forecast
for aerospace segments is based on the analysis of main market
indicators, including real GDP growth, industry confidence, wealth
creation, corporate profitability within the aerospace customer base,
aircraft utilization, pre -owned business jet inventory levels,
aircraft shipments and billings, passenger traffic levels, fuel
prices, airline profitability, pilot scope clauses,
environmental
regulations, globalization of trade, installed base and average age
of the fleet, replacement demand, new aircr aft programs and
non-traditional markets and their accessibility. For more details,
refer to the market indicators in the Industry and Economic
Environment sections in the respective aerospace reportable segments
in our 2017 Financial Report.
5(3)
Demand forecast in
the Transportation segment is based on sustained level of public
sector spending and the continuation of favourable megatrends,
including urbanization and environmental awareness trends, the
densification of cities and demand for mobility and digitalization
solutions. For more details, refer to the market indicators in the
Industry and Economic Environment section of the Transportation
segment in our 2017 Financial Report.
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