Obbligazioni societarie Monitor Bond Industria Aeronautica Worldwide e Linee Aeree Europee

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A dicembre 2008 arriva la trimestrale del quarter conclusosi al 31 ottobre scorso, che ha visto un fatturato in salita dell’8% y-o-y. Il mercato obbligazionario non si è lasciato impressionare, ed ha guardato piuttosto al valore del portafoglio ordinativi complessivo (Bombardier conta due divisioni principali, impegnate rispettivamente nella realizzazione di aeroplani e di treni e veicoli su rotaia, che pesano ciascuna per un 50% circa nella generazione del fatturato), ridottosi da gennaio 2008 per effetto del rafforzamento del dollaro.

Notizie non brillanti dal fronte dei nuovi ordini, che hanno mostrato debolezza per i business airplanes, il segmento più profittevole fra quelli in cui è presente Bombardier e nel quale l’azienda è leader mondiale, ridottisi di numero di quasi i 2/3 rispetto al corrispondente trimestre dell’anno precedente (da 112 a 48 y-o-y); i commercial aircraft tuttavia sono aumentati a 20 contro 12 nello scorso anno, aiutati dalla richiesta per nuovi propulsori a maggiore efficienza nel consumo di carburante. Anche la divisione dei trasporti terrestri ha visto nel trimestre un calo in valore dei nuovi ordini in misura di circa il 10% su base annua (da 3,1 a 2,8 mld $).

Due articoli su Bombardier.

Bombardier results beat estimates as revenue rises

Thu Dec 4, 2008 7:08am EST

NEW YORK (Reuters) - Bombardier said on Thursday that quarterly earnings more than doubled, helped by an 8 percent rise in revenue, but new orders for both airplanes and trains fell as tough economic conditions weighed on demand.

Net income rose to $245 million, or 14 cents per share, in the third quarter ended on October 31 from $91 million, or 5 cents per share, a year earlier.

The results beat the analysts' average forecast by 2 cents per share, according to Reuters Estimates.
Revenue rose to $4.6 billion.

The overall backlog slipped to $51.9 billion, or an average of 2.7 years of revenue, from $53.6 billion at the end of January, as the dollar's strength weighed on the company's transportation segment.
Bombardier said commercial aircraft deliveries from its aerospace division fell by a third to 22 as customers requested deferral of deliveries to the fourth quarter.

Business aircraft deliveries were steady at 57 aircraft, but orders sank to 48 from 112 a year earlier as the economic crisis weighed on demand.

"Although it is too early to assess the severity and duration of the economic slowdown and its potential impact on both businesses (aerospace and transportation), we are confident in our future, having taken significant steps in the past few years to strengthen our operations and financial position," said Chief Executive Pierre Beaudoin.

The company said it expected to deliver a slightly higher level of aircraft, in aggregate, this fiscal year, compared with the 361 deliveries last year.

Bombardier's transportation section, which makes railroad cars and locomotives, said that while revenue was strong, new orders fell to $2.8 billion in the quarter from $3.1 billion a year earlier.

Bombardier Profit Doubles, Plane Deliveries to Rise (Update2)
By Hugo Miller

Dec. 4 (Bloomberg) -- Bombardier Inc., the world’s third- largest maker of commercial aircraft, reported quarterly profit that more than doubled on tax gains and said annual plane deliveries will exceed last year’s because of back orders.
Net income rose to $245 million, or 14 cents a share, in the third quarter ended Oct. 31, from $91 million, or 5 cents, in the year-earlier period, Montreal-based Bombardier said today in a statement. The results beat analysts’ estimates as sales climbed 8.1 percent to $4.57 billion. Half of revenue came from aerospace and the rest from trains.

“Although it is too early to assess the severity and duration of the economic slowdown and its potential impact on both businesses, we are confident in our future,” Chief Executive Officer Pierre Beaudoin said in the statement. Bombardier’s rail division may be “less impacted” because of increased infrastructure spending, he said.

Bombardier, which makes Challenger corporate jets and CRJ- series regional planes, is counting on a combined rail and aircraft order backlog of $51.9 billion to sustain earnings growth. Shipments to emerging markets including Russia helped bolster results as a U.S. recession and tightening credit prompted customers to limit spending.

Earnings per share surpassed the average estimate of 13 cents from 15 analysts surveyed by Bloomberg.

Shares Rise

Bombardier rose 16 cents, or 4.1 percent, to C$4.05 at 10:20 a.m. in Toronto Stock Exchange composite trading. The stock has dropped 35 percent this year through yesterday. The company ranks behind Airbus SAS of France and Chicago-based Boeing Co. in selling airliners.

Bombardier’s aircraft backlog climbed to $26 billion as of Oct. 31, from $22.7 billion at the end of January. Deliveries of business jets were unchanged in the quarter while orders slid to 48 from 112.

Commercial aircraft deliveries in the quarter fell to 22 from 33 a year earlier as some customers deferred purchases to the fourth quarter. Orders climbed to 20 planes from 12 a year earlier, helped by orders for a dozen of Bombardier’s fuel- efficient Q400 turboprops.

The backlog for Bombardier’s Berlin-based train division, which gets much of its business from Europe, dropped to $25.9 billion as of Oct. 31 from $30.9 billion at the end of January, reflecting the weakening of the euro and the pound against the dollar

 

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In occasione della diffusione della trimestrale a dicembre, il forecast per il 2009 resta sospeso, in quanto l’azienda non è in grado di valutare l’impatto complessivo della crisi economica sull’andamento del proprio business in questa fase, salvo che nel rilevare che esso sarà minore nel segmento dei trasporti terresti, in conseguenza dell’atteso rafforzamento della spesa pubblica in infrastrutture.

Nel comparto dei commercial aircraft, Bombardier non ha ricevuto cancellazioni di ordini a seguito dei recenti sviluppi della crisi finanziaria, ma solo richieste di posposizione delle consegne ed è apparentemente ottimista circa il fatto per cui gli ordinativi possano superare il numero di aeroplani consegnati, il che sarebbe positivo.

Ulteriori dettagli in questa intervista alla Reuter da parte del manager a capo delle attività di Bombardier in questo specifico settore.

UPDATE 1-Bombardier sees backlog up in 08, concerned on 09

Wed Dec 3, 2008 4:02am EST

By Fang Yan
SHANGHAI, Dec 3 (Reuters) - Canadian aircraft manufacturer Bombardier expects its orders this year to at least equal its deliveries, adding to its nearly two-year backlog, although it is concerned about the outlook for next year, a senior executive said on Wednesday.

Gary Scott, President of Bombardier Commercial Aircraft, also said the company had seen no order cancellations during the recent economic downturn, although a few airlines had asked to delay deliveries.
"We have close to a two-year backlog and orders continue to come in at pretty good clip," Scott told Reuters on the sidelines of an industry forum in Shanghai.
"We think it will be a year where again we add to our backlog. In other words, we get orders that will be equal to or greater than the deliveries."

Bombardier, the world's No. 1 passenger train maker and No. 3 in civil aircraft, is in talks with potential buyers in China and neighbouring regions about its CSeries jets and expects to announce orders soon, he said. He did not name the airlines or elaborate on the size of the orders.

The 110 to 130 seat passenger jet, which the company launched in July, represents a branching out into bigger aircraft from its current lines of regional jets and turboprops and is touted as using more fuel-efficient technology.

NO CANCELLATIONS

Aircraft makers such as Boeing are facing requests for delays in aircraft delivery from airlines hit badly by high operating costs and weak air traffic demand as the global economy falters.

Scott said his firm was holding up well so far because of its strong order backlog, but he was concerned about the trend in the airline industry.

"We haven't had any real cancellations to date. We have had a very few airlines ask for some delays. Some were related to the economic conditions, others unrelated," he said.

Alaska Air Group said last month it was in talks with Bombardier about deferring deliveries of Q400 turboprop aircraft to its Horizon Air unit.

The Canadian manufacturer has already proposed a deferral schedule that would include the delivery of one aircraft by the end of this year, five next year, five in 2010, and the last three sometime later, it said.

Bombardier's turboprop line had enjoyed a resurgence earlier this year as rising fuel prices drove carriers to order more efficient aircraft. But in recent months, fuel costs have plunged along with the deteriorating outlook for global economic growth.

 

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Prima delle vacanze di Natale, Bombardier ha ottenuto le lettere di credito sindacate per un importo destinato per la gran parte a coprire i costi di produzione per la realizzazione degli ordinativi raccolti per aeroplani e vetture ferroviarie con consegne previste nei prossimi anni (la principale lettera di credito, per un finanziamento da 3,75 mld euro, va in scadenza nel 2013). Segue un comunicato stampa della stessa Bombardier che informa della circostanza.

PRESS RELEASE
[FONT=inherit!important]Bombardier Announces Signing of Two Syndicated Letter of Credit Facilities Totalling Approximately $6.3 Billion US[/FONT]


Last update: 10:26 a.m. EST Dec. 18, 2008
MONTREAL, QUEBEC, Dec 18, 2008 (MARKET WIRE via COMTEX) -- Bombardier announces today that Bombardier Transportation signed a EUR3.75 billion (approximately $5.4 billion US) Letter of Credit Facility agreement on December 17, 2008 with a syndicate of first quality international financial institutions.

The facility is set up in Europe for the sole benefit of Bombardier Transportation and matures in 2013. Simultaneously, Bombardier amended its existing syndicated Letter of Credit Facility, which matures in December 2011, by reducing the facility amount to $840 million US (from EUR4.3 billion). This amended facility is now subscribed by a core group of preferred North American banks and will be dedicated to supporting Bombardier Aerospace's operations and the general needs of the Corporation.

Bombardier attained its objectives of securing availability of letters of credit for an extended term in Europe, preserving its letters of credit issuance capacity and releasing a portion of the existing cash collateral for its general corporate purposes (approximately EUR275 million), while at the same time optimizing the alignment of its banking facilities with the activities of its two industrial groups.

"In these difficult economic times, Bombardier is pleased with this clear demonstration of bank support for its business plan," said Francois Lemarchand, Senior Vice President and Treasurer.

BNP Paribas, Calyon, Commerzbank, Deutsche Bank and J.P. Morgan, have jointly arranged the new Bombardier Transportation facility as Mandated Lead Arrangers and Joint Bookrunners. Over the next year, Bombardier will work primarily with its core North American banks to address the renewal of the amended facility and cater to the needs of Bombardier Aerospace and the Corporation in the future.

 

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Notizia di pochi giorni fa. I ritardi di Airbus e Boeing nella effettiva produzione di nuovi modelli di aeromobili per i quali – all’atto della raccolta ordini - erano state date deadlines di produzione e consegna poi spostate fortemente in avanti creerebbe difficoltà anche per i CSeries che Bombardier programma di consegnare a partire dal 2013.

C’è una lettera di intenti di Lufthansa per 30 di questi aeroplani, con una opzione per altri 30, non tradottasi ad oggi in un ordinativo. Bombardier è al lavoro affinché la lettera di intenti possa preludere in tempi brevi all’acquisizione di un ordine che, secondo un top manager della società, potrebbe essere in dirittura di arrivo.

Bombardier’s New Jet Hit Amid Boeing, Airbus Delays (Update1)
By Andrea Rothman

Jan. 20 (Bloomberg) -- Bombardier Inc., the world’s third- largest planemaker, is struggling to win buyers for its CSeries jet as delays at Boeing Co. and Airbus SAS make airlines wary of new aircraft, an executive at the Canadian company said.

“Our teams are having a difficult time with this, because the last two big aircraft programs are two-three years late,” Benjamin Boehm, Bombardier’s vice president for commercial aircraft programs, said today at a conference in Dublin. “That unfortunately destroys airlines’ faith in seeing new products. The question is: how do we restore market faith in new aircraft development programs?”

Bombardier, based on Montreal, last July said it planned to enter the market for 110- to 130-seat planes, taking on Boeing and Airbus at the low end of the market with its new CSeries program. It won a “letter of interest” from Deutsche Lufthansa AG for the purchase of 30 planes and another 30 options, although it hasn’t yet booked any firm orders. Bombardier has promised first deliveries in 2013.

Boeing’s new 787 Dreamliner, originally set for deliveries starting in May 2008, has been delayed four times, putting it two years behind schedule. Airbus, whose delivery schedule for the A380 superjumbo is two years and three months behind the original schedule, said last week that it’ll only manage to deliver 18 A380s in 2009 instead of the 21 planned.

Boehm said Lufthansa may be set to make a commitment soon, although he didn’t indicate whether it would be a firm order or a preliminary agreement.

Lufthansa Interest

Lufthansa Chief Executive Wolfgang Mayrhuber said in October that he expected to commit to the CSeries by yearend. Bombardier’s fiscal year ends Jan. 31, while Lufthansa’s ended in December.
“Stay tuned for an announcement soon,” Boehm said in the interview, without being more specific.

Lufthansa declined to say anything on the timing.
“We are sticking to our letter of intent and continue to hold talks with Bombardier, but there is no deadline and no firm orders,” Lufthansa spokesman Peter Scheckenleitner said in a phone interview. Lufthansa considers the CSeries a “very good” plane, he said.

Bombardier plans to use lightweight carbon fiber to attract airlines looking to save fuel. The plane will be powered by United Technologies Corp.’s Pratt & Whitney engines, the same engine that Mitsubishi Heavy Industries Ltd. plans to use on its MRJ, Japan’s first passenger jet.

The Bombardier executive said airlines’ chilling experience with Boeing and Airbus prevents them from committing to new programs.
50% Chance

Teal Group, a Fairfax, Virginia-based consulting company, dropped the CSeries from its annual 10-year forecast in 2009 because it says the plane has a less-than-50 percent chance of ever getting built.
“Technological risk, weak airline traffic and low fuel prices all work against new aircraft programs,” said Richard Aboulafia, vice president of Teal. “Those are three great reasons not to be in a new jetliner program today. We just don’t see it happening.”

Boehm said that the new jet has won interest from other potential customers. Qatar Airways International and U.S.-based leasing company International Lease Finance Corp. remain interested, he said. He also confirmed that Mongolia’s Eznis Airways has signed a letter of interest to purchase up to seven of the CSeries jets. He declined to name other possibilities.

The CSeries would also compete with Empresa Brasileira de Aeronautica SA’s Embraer 190 model, which seats 98 to 114 passengers, as well as with jetliners planned by OAO Sukhoi Aviation Holding Co. and Mitsubishi Heavy Industries Ltd

 

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Intanto è arrivata oggi la trimestrale Q4/2008 di Boeing, chiusa in leggera perdita per effetto di poste negative una tantum.

Uno sciopero del personale ha inciso sulla produzione e sulle consegne di aeromobili, incidendo in una certa misura sul valore delle vendite contabilizzato nel quarter, calato complessivamente del 27%.

In merito agli ordinativi, Boeing ha significato come quelli attuali coprano oltre 5 anni di piena attività, con gli ordinativi per aeroplani commerciali (passeggeri e cargo) in crescita del 7% a fine 2008, al netto di cancellazioni e differimenti nelle consegne.

Ad inizio 2009, la società ha annunciato il taglio di 4.500 posti di lavoro a riduzione dei costi nella divisione che si occupa della produzione di aeroplani commerciali (e che genera circa il 50% degli utili di Boeing), ma in attività non direttamente collegate alla produzione.

PS: Importante... Boeing ha abbassato la propria stima di utili per il 2009 di circa il 25%...

Boeing swings to fourth-quarter loss, cuts outlook
Strike by machinists behind sharp drop in commercial plane deliveries

By Christopher Hinton, MarketWatch
Last update: 8:47 a.m. EST Jan. 28, 2009


NEW YORK (MarketWatch) -- Boeing Co. swung to a fourth-quarter loss due to the machinist strike that ended last fall, charges related to delays in its 747 jet program and a contribution to its litigation reserve, the aerospace giant's financial results showed Wednesday.

Boeing also lowered its 2009 earnings forecast to a range of $5.05 to $5.35 a share, down from its prior view of $6.80 to $7 a share. Analysts polled by FactSet Research had been looking for earnings of $5.76 a share, on average.

In the latest quarter, the Chicago-based aircraft, satellite and missile-defense systems builder had a net loss of $56 million, or 8 cents a share, a reversal from the prior year's profit of $1 billion, or $1.36 a share.

Results for the quarter ended Dec. 31 include the impact of the eight-week strike by machinists against its commercial airplane unit, estimated at $1.09 a share, as well as a charge of a 61 cents a share related to its 747 program and a contribution of 9 cents a share to a litigation reserve.
The FactSet-derived consensus forecast stood at a profit of 76 cents a share. Estimates typically exclude one-time charges, but analysts had factored the impact of the strike into their forecasts.

Also reflecting the strike that ended with a union vote on Nov. 1, Boeing's quarterly sales fell 27% to $12.68 billion from $17.48 billion. Aircraft deliveries for the period fell to 50, down from 112 in the same period last year.

Analysts had been looking for sales of $13.5 billion, on average.
Boeing, a Dow Jones Industrial Average component, receives slightly more than half its earnings from commercial airplanes, a business that's seen strong demand over the last several years from customers seeking to meet higher traffic demand for passenger and cargo services.

However, the recent global economic downturn has led to a sharp decline in air traffic, raising concerns that Boeing and other manufacturers will see an uptick in order cancellations and deferments. All the same, the company noted its current commercial backlog stands at more than five years of steady work.

As of the end of 2008, Boeing said its commercial backlog grew about 7% to 669 planes, with an unspecified number of cancellations and deferments.

Total company backlog was up 8% at year's end to $352 billion, driven by commercial-airplane orders and new integrated-defense systems contract awards.

Shares of Boeing traded down a fraction ahead of the opening bell to $43. Since mid-September, the stock has lost some 24% of its value.

Earlier this month, Boeing said it plans to cut 4,500 jobs in commercial airplanes this year as it reins in costs, with most of the reductions in areas not directly related to airplane production.

And last month, the company postponed its long-awaited 787 Dreamliner for a fifth time because of problems with its supply chain and the machinists' strike. In response, Boeing restructured its commercial division, placing production and development under a new airplane-programs organization, headed by Pat Shanahan.

In addition to the 787, Boeing announced delays in its 747-8 deliveries

 

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28.01.09 15:18 - Boeing: nostri clienti hanno difficolta' a reperire fondi
CHICAGO (MF-DJ)--Sono tempi duri per le societa' che intendono acquistare aerei, perche' la crisi delle banche ha reso difficile ottenere finanziamenti.

Lo ha dichiarato Boeing, precisando che nel 2009 punta a consegnare 485 velivoli.

Il gruppo aerospaziale statunitense ha spiegato che, data la debolezza del settore finanziario,
le societa' di leasing devono fare maggior riferimento sugli stessi produttori di aerei o sulle agenzie governative per ottenere fondi.

Una situazione simile a quella in cui versa il competitor europeo Airbus,
i cui clienti riceveranno probabilmente aiuti finanziari dai Governi francese e tedesco per poter acquistare nuovi aerei.

 

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I tagli ai posti di lavoro salgono per Boeing a 10.000 da 4.500

[FONT=arial,elvetica]Boeing verso 10mila tagli all'organico [/FONT]

[FONT=arial,helvetica]Boeing (NYSE: BA - notizie) si prepara a ridurre di 10mila unità la propria forza lavoro. Lo ha detto il presidente Jim McNemey in una conference call seguita alla presentazione prima dell'apertura di Wall Street dei conti trimestrali. In precedenza il gruppo di Seattle aveva annunciato licenziamenti limitati a 4500 unità[/FONT]

 

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26 gennaio bombardier

Bombardier Tgt Cut To C$7 From C$8.10 By Dundee

Ed il 23/1/2009


PARIS (Dow Jones)--ATR said Friday that it had shelved plans to boost production of turboprop aircraft as air travel demand slows and falling fuel prices reduce their advantage over regional jets.

The Franco-Italian company is the world's largest maker of passenger turboprops, a market that had shrunk as airlines opted to introduce regional jets, or RJs.

Soaring jet fuel prices last year led to dozens of RJs, notably smaller 50-seat models, being parked in the desert. High prices also boosted the advantage of turboprops for shorter routes alongside growing demand from emerging markets.

Stephane Mayer, ATR's chief executive, told reporters that it planned to keep production rates at the six-a-month rate reached at the end of last year.

Bombardier Inc. (BDRBF), its only rival in the turboprop market and one of two RJ manufacturers, said Friday it continued to monitor market conditions and would discuss production levels at its next quarterly earnings call.

ATR delivered 55 aircraft last year, short of its targeted 60 but ahead of the 44 produced in 2007. It is projecting more than 60 deliveries in 2009.

The company, a joint venture between European Aeronautic Defence & Space Co. NV (5730.FR) and Italy's Finmeccanica SpA (FNC.MI), said revenue rose to $1.3 billion in 2008 from $1.10 billion a year earlier. It expects 2009 revenue to top $1.4 billion.

It booked orders for 42 new aircraft last year compared with 113 and 26 respectively in 2006 as airlines postpone fleet expansion or renewal plans due to the economic downturn.

The order backlog contracted to 169 aircraft, equivalent to 2 1/2 years of production, at the end of last year from 195 a year before.

Bombardier had a backlog of 103 Q400 aircraft at Oct. 31 and has secured orders for 23 more since then. It is discontinuing some smaller variants. The company said that the backlog equaled 28 months of production compared with an internal target of 18 to 21 months.

ATR suffered 13 order cancellations last year, Mayer said. The planes earmarked for delivery in 2009 are all allocated, he added, though not all are financed.

Financing is becoming an increasing headache for aircraft manufacturers including Boeing Co. (BA) and Airbus as lending banks pull back from the sector.

 

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29.01.09 12:30 - MARKET TALK: Credit Suisse, Eads ha bisogno di fondi
PARIGI (MF-DJ)--
Eads potrebbe aver bisogno di piu' di 9 miliardi di dollari per coprire le spese, dicono gli analisti di Credit Suisse.

La banca d'affari e' scettica sulla situazione del gruppo, soprattutto in scia alle condizioni del gruppo Airbus,
che rischia un calo del 29% della produzione.

Confermato il rating a underperform con target price di 9 euro. A Parigi il titolo Eads cede l'1,5% a 13,62 euro.

 

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29.01.09 12:30 - MARKET TALK: Credit Suisse, Eads ha bisogno di fondi
PARIGI (MF-DJ)--
Eads potrebbe aver bisogno di piu' di 9 miliardi di dollari per coprire le spese, dicono gli analisti di Credit Suisse.

La banca d'affari e' scettica sulla situazione del gruppo, soprattutto in scia alle condizioni del gruppo Airbus,
che rischia un calo del 29% della produzione.

Confermato il rating a underperform con target price di 9 euro. A Parigi il titolo Eads cede l'1,5% a 13,62 euro.

Sto ancora picchiando robuste testate conto il muro per non aver preso EADS a 10 euro (parlo dell'equity), pur avendolo segnalato sul FOL... se ne fanno di quazzate, altroché...

PS: fra l'altro, e poi chiudo con l'OT, il suo andamento è inversamente correlato a quello del USD/Euro, e adesso si poteva vendere senza troppi patemi d'animo...