Come see why VAS is your Best Partner for parts and aftermarket services in the global aviation industry. Visit booth #627 to learn more. April 8-10, <strong>2014</strong> Phoenix Convention Center Phoenix, Arizona Booth #627 www.vas.aero
Finance News 17 Bombardier posts earnings of $418m in fiscal year 2013 Bombardier Aerospace’s revenues amounted to $2.9bn for the threemonth period ended December 31, 2013, compared to $2.6bn for the corresponding period last fiscal year. For the year, revenues totalled $9.4bn, compared to $8.6bn last fiscal year. For the fourth quarter ended December 31, 2013, EBIT totalled $93m, or 3.2% of revenues ($94m, or 3.3%, before special items), compared to $84m, or 3.2%, for the same quarter the previous year. EBIT before special items totalled $388m or 4.1% of revenues for the year ended December 31, 2013, compared to $367m, or 4.3% last fiscal year. For the year, EBIT was $418m, or 4.5% of revenues, compared to $390m, or 4.5%, last fiscal year. Free cash flow totalled $87m for the fourth quarter ended December 31, 2013, compared to $277m for the corresponding period last fiscal year. For the year ended December 31, 2013, free cash flow usage totalled $1.2bn compared to a usage of $867m for the last fiscal year. A total of 238 aircraft were delivered during the year ended December 31, 2013, compared to 233 for the last fiscal year, mostly in line with guidance. Rolls-Royce 2013 full year results Rolls-Royce’s underlying revenue increased 27% to £15.5bn, including £2.6bn in revenue from Tognum. Excluding Tognum, the Group’s revenue increased 6% to £12.9bn, with 7% growth in original equipment and 4% growth in services. In 2013, 47% of the Group’s revenue was generated by the sale of aftermarket parts and services (52% in 2012). Underlying profit before tax increased 23% to £1.8bn, including a £180m increase from Tognum. Excluding Tognum, profit increased 11% to £1.5bn, reflecting volume growth, continued strong margins in Defence Aerospace and the restructured relationship with International Aero Engines. The order book increased 19%, to £71.6bn, up 16% excluding Tognum. Power Systems’ order book of £1.9bn, reflects growth of 6%. Rolls-Royce received orders for engines to power 334 widebody aircraft; a significant year for Civil Aerospace. The order book increased in Civil Aerospace, Marine, Energy and Power Systems, but decreased in Defence Aerospace. The order intake in 2013 included new orders of £18.9bn in Civil Aerospace, £1.6bn in Defence Aerospace, £2.7bn in Marine, £1.1bn in Energy and £2.7bn in Power Systems. The regional composition is broadly unchanged, with Asia and the Middle East representing 49% of the total order book. Héroux-Devtek acquires British landing gear company APPH Héroux-Devtek, a leading Canadian manufacturer of aerospace products, has acquired the entire share capital of U.K.-based APPH and U.S.-based APPH Wichita, subsidiaries of BBA Aviation. APPH is an integrated provider of landing gear and hydraulic systems and assemblies for original equipment manufacturer (“OEM”) and aftermarket applications. Headquartered in Runcorn, United Kingdom, APPH specializes in the design, engineering, manufacturing and aftermarket support of landing gear and hydraulic systems and assemblies for fixed and rotary wing civil and military aircraft. Héroux-Devtek is acquiring four plants located in the United Kingdom and one plant in Wichita, Kansas. These plants have a combined workforce of approximately 400 employees, including a design engineering department staffed with 40 professionals. APPH’s main design programs include landing gear systems for the Hawk, SAAB Gripen, AW101, C27J Spartan and EC175 aircraft. For the 12-month period ended December 31, 2013, APPH generated revenues of approximately US$77m and an adjusted EBITDA of approximately US$12.5m. The purchase price, net of about US$4m of cash acquired, is approximately US$124m. The transaction is being financed with the Corporation’s available cash and existing credit facilities. SIA Engineering Group posts profit of $60.5m for 3 rd quarter 2013-14 SIAEC Group posted a profit attributable to owners of the parent of $60.5m for the quarter ended 31 st December 2013. During the quarter, revenue increased by $5.6m or 2.0% to $283.8m, while expenditure grew at a higher rate of 4.7% or $11.6m. As a consequence, operating profit of $25.2m was $6.0m lower than that for the same quarter last year. The increase in expenditure was mainly from staff costs, subcontract and material costs. There was also a smaller exchange gain of $0.1m in the current period as compared to a gain of $1.6m in the third quarter of last year. Apollo Aviation Group ends 2013 with further acquisitions for SASOF II Apollo Aviation Group, a multi-strategy aviation investment manager specializing in mid-life and mature aircraft, has contracted to purchase five aircraft for $53m in the fourth quarter of 2013 on behalf of its second aviation fund, SASOF II. The aircraft include three in-production models (A320ceo family aircraft). Since SASOF II’s inception, Apollo Aviation has contracted to acquire 44 aircraft, eight engines and one airframe with a total gross purchase price of $640m. Boeing Commercial Airplanes reports full year revenue of $53bn Boeing Commercial Airplanes fourth-quarter revenue increased to $14.7bn and full-year revenue increased to a record $53bn on higher delivery volume. Fourth-quarter operating margin improved to 10.3% and full-year operating margin grew to 10.9% on the higher volume, favorable delivery mix and continued strong operating performance. During the quarter, the company launched the 777X with 259 orders and commitments. During the year, the 787 program completed first flight of the 787-9, successfully launched the 787-10 and began operating at a 10 per month production rate in final assembly. The 737 program delivered at a record production rate of 38 per month and has won nearly 1,800 firm orders for the 737 MAX since launch. In 2013, a record 648 commercial aircraft were delivered. In January <strong>2014</strong>, the company reached an eight-year contract extension through 2<strong>02</strong>4 with the International Association of Machinists & Aerospace Workers District 751 (IAM). Commercial Airplanes booked 465 net orders during the quarter and 1,355 during the year. Backlog remains strong with 5,080 airplanes valued at a record $374 billion. <strong>AviTrader</strong> <strong>MRO</strong> - February <strong>2014</strong>
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