Obbligazioni societarie Monitor Bond Industria Aeronautica Worldwide e Linee Aeree Europee

[Imark]

I Turboprop sono unanimente riconosciuti come molto + economici rispetto a i modelli turbofan (per intenderci un Turboprop è = ad ATR42 ad elica turbopropulsa; Turbofan è il classico a getto) quindi è un classico segno dei tempi.. risparmio, risparmio risparmio...

Bombardier confida su questo fattore che indichi, però il desiderio di risparmiare sui costi di carburante potrebbe facilmente venire meno con l'oil a 40$ al barile (e non è detto che la discesa sia finita lì...)

 

[lorenzo63]

Air France

PARIS -- Battered by fuel costs and hedging in deteriorating markets, Franco-Dutch airline Air France-KLM Friday said it swung to a fiscal third-quarter net loss and is planning a spate of cost-saving measures.

But the Paris-based company also said it expects an operating profit in the fiscal year ending March 31.

In the third quarter, it swung to a net loss of €505 million ($649.2 million) from a net profit of €139 million in the same period a year earlier. That was much wider than the estimated net loss of €274 million on average forecast by a consensus survey of 10 analysts provided by the company.


ReutersAmong measures to be taken, Air France-KLM said it will cut summer 2009 capacity by 2%, reduce capital expenditure by €1.2 billion, of which €600 million will be in the coming year, and eliminate 1,000 to 1,200 jobs this year through attrition.

Air France-KLM, Europe's largest airline by revenue, also posted an operating loss of €194 million for the third quarter compared to an operating profit of €311 million a year earlier. The company late last month said it expected to post an operating loss of around €200 million for the third quarter, though it didn't estimate the net result or comment on the fiscal year.

It was Friday cautious about the full-year operating profit it expects, saying, "Its level will depend on economic developments between now and the end of the year, their impact on the passenger activity, and especially on cargo, which is facing extremely difficult conditions."

Meantime, it said it will continue assessing costs to achieve more savings where possible.

Air France-KLM's revenue in the third quarter of €5.97 billion was little changed from €5.98 billion a year earlier. Analysts had expected revenue of €5.98 billion for the quarter.

The company said results were hurt by the cost of fuel hedging. Oil prices fell sharply in the fourth quarter from mid-year highs. As a result, Air France-KLM will unwind several of its fuel-hedging positions, giving a current hedged position of 43% for 2009-2010 and 20% for each of the following two years.

 

[mostromarino]

Rolls Royce chiude un 2008 positivo nonostante la crisi Thursday 12 February 2009 Nel 2008 il valore del portafoglio ordini di Rolls Royce è cresciuto di 9,6 miliardi di sterline (pari al 21%) raggiungendo un recordo di 55,5 miliardi (nel 2007 furono 45,9 i miliardi) con una crescita in tutti i rami di attività. Nel settore relativo all'aviazione civile Rolls Royce ha fatto grandi progressi nonostante la difficile congiuntura economica internazionale. Le consegne di nuovi motori, 987, hanno registrato la cifra più alta dal 2001. Sono saliti i ricavi relativi ai servizi (+7% rispetto al 2007). La serie di motori Trent ha ricevuto ordini per 408 propulsori. L'Airbus A350 XWB continua ad attirare forti interessi per i motori Trent XWB che spingeranno tutti i 400 aerei finora ordinati.
Nel mercato dei narrowbody i V2500 hanno effettuato importanti progressi raggiungendo il record di 351 motori consegnati per velivoli della serie Airbus A320. Nel settore dei velivoli regionali e business Rolls Royce ha consegnatoi l tremillesimo AE3007 mentre il nuovo BR725 per il Gulfstream G650 prosegue il suo sviluppo in perfetto orario.
Nel settore dell'aviazione militare rolls Royce ha visto un ulteriore rafforzamento del proprio business. Durante il 2008 sono stati siglati alcuni importantissimi contratti, incluso quello da 915 milioni effettuato da Alenia Aeronautica per il motore AE2100 destinato al C-27J.
Altri importanti traguardi del 2008 sono il primo volo del nuovo F-35 in versione STOVL (Short Take Off and Vertical Landing). Il motore F136, sviluppato assieme a GE per tutte le varianti dell'F-35, ha ottenuto i finanziamenti per il 2009 e ha superato tutti programmi di test.
L'altro importante programma militare congiungo, il motore TP400 per l'A400M ha compiuto importanti progressi nel 2008, completando oltre 2000 ore di ground testing e deffettuando il primo volo installato sul flying testbed.


http://www.ilvolo.it/index.php/200902123094/Costruttori-aeronautici/Rolls-Royce.html

 

[Imark]

Rolls Royce chiude un 2008 positivo nonostante la crisi Thursday 12 February 2009 Nel 2008 il valore del portafoglio ordini di Rolls Royce è cresciuto di 9,6 miliardi di sterline (pari al 21%) raggiungendo un recordo di 55,5 miliardi (nel 2007 furono 45,9 i miliardi) con una crescita in tutti i rami di attività. Nel settore relativo all'aviazione civile Rolls Royce ha fatto grandi progressi nonostante la difficile congiuntura economica internazionale. Le consegne di nuovi motori, 987, hanno registrato la cifra più alta dal 2001. Sono saliti i ricavi relativi ai servizi (+7% rispetto al 2007). La serie di motori Trent ha ricevuto ordini per 408 propulsori. L'Airbus A350 XWB continua ad attirare forti interessi per i motori Trent XWB che spingeranno tutti i 400 aerei finora ordinati.
Nel mercato dei narrowbody i V2500 hanno effettuato importanti progressi raggiungendo il record di 351 motori consegnati per velivoli della serie Airbus A320. Nel settore dei velivoli regionali e business Rolls Royce ha consegnatoi l tremillesimo AE3007 mentre il nuovo BR725 per il Gulfstream G650 prosegue il suo sviluppo in perfetto orario.
Nel settore dell'aviazione militare rolls Royce ha visto un ulteriore rafforzamento del proprio business. Durante il 2008 sono stati siglati alcuni importantissimi contratti, incluso quello da 915 milioni effettuato da Alenia Aeronautica per il motore AE2100 destinato al C-27J.
Altri importanti traguardi del 2008 sono il primo volo del nuovo F-35 in versione STOVL (Short Take Off and Vertical Landing). Il motore F136, sviluppato assieme a GE per tutte le varianti dell'F-35, ha ottenuto i finanziamenti per il 2009 e ha superato tutti programmi di test.
L'altro importante programma militare congiungo, il motore TP400 per l'A400M ha compiuto importanti progressi nel 2008, completando oltre 2000 ore di ground testing e deffettuando il primo volo installato sul flying testbed.


http://www.ilvolo.it/index.php/200902123094/Costruttori-aeronautici/Rolls-Royce.html

E' una bella azienda Rolls Royce ...

4.5% Rolls Royce 2011 è purtroppo oggi il solo bond disponibile al retail...

http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=10229987

 

[lorenzo63]

British Airways brucia cassa...

LONDON -- British Airways PLC's cash reserves are declining as the airline burns through £2.7 million ($3.9 million) a day, the company's finance chief said in a weekly internal newsletter.

"We are spending far more than we are earning and this is depleting our cash reserves," said Keith Williams, the U.K. flag carrier's chief financial officer.

As of Dec. 31, BA had £1.6 billion of cash and cash equivalents on its balance sheet, compared with £1.7 billion a year earlier.

"Strong cash reserves are the lifeblood of any business facing a turbulent economy," said Mr. Williams. "We also need to fund our investment plans, service our debts and meet our obligations to our pension schemes."

A spokesman for BA said the airline had no immediate plans to raise capital to support its depleting cash reserves. "Raising capital is an option we look at from time to time, but there are no plans at the moment," he said, but added that the company "doesn't rule out raising cash" altogether in the future.

Mr. Williams described the airline's outlook for the next 24 months as "bleak." In January, BA warned that it expects to post an operating loss of about £150 million for 2008, after an earlier forecast of a small profit, reflecting economic weakness and a fall in the value of sterling. Roughly 40% of the airline's costs are in dollars, with just under 10% in euros.

BA's earnings also have been hit by depleting demand, particularly in premium travel, which has come under pressure as jobs in the financial sector have been lost and costs are being cut. The airline generates about 40% of its corporate revenue from the financial sector, said Mr. Williams.

"We have already taken a number of actions, including cutting capacity, reducing management numbers by a third and freezing recruitment," said the spokesman. "We are continuing to review every aspect of the business and have taken further steps to preserve cash and reduce costs."

These measures include further jobs cuts and possibly the consolidation of roles, the spokesman said, adding that BA has financed aircraft orders through 2012.

 

[Imark]

Le indicazioni di Bombardier sulle consegne dei business jets nel Q4/2008. Come da attese, il calo è stato molto forte, con una riduzione attorno al 50% del totale, in quello che normalmente è per il più forte per le consegne dei business jets.

Molto più ridotto, anzi quasi nullo, il calo delle consegne negli altri comparti, nei quali il margine di profitto è tuttavia più basso che sui business jets.

Bombardier ha annunciato la riduzione della produzione di business jets nell'esercizio fiscale corrente.

Bombardier Business-Jet Deliveries Fell In 4Q Of '08 - GAMA
http://www.dj.com/
February 17, 2009: 02:42 PM ET

TORONTO -(Dow Jones)- Bombardier Inc. (BBD.B.T) shipped five fewer business jets in the fourth quarter of 2008 than it did in the previous quarter, highlighting the sudden decline of that market as the global economy slowed.

The fourth quarter has traditionally been the strongest for Bombardier's business-jet deliveries.

According to the General Aviation Manufacturers' Association, Bombardier delivered 54 aircraft in the last three months of the year compared to 59 in the third quarter. It had shipped 67 in each of the first two quarters, for a total of 247 in the year.

The drop in deliveries was primarily in the smaller Learjet 40/45 category, where they fell by more than half to seven from 15. The Montreal-based company also saw its Challenger 850 shipments decline to two from four, while shipments of its other business aircraft either rose or fell only marginally in the fourth quarter.

The numbers are in line with Bombardier's recent announcement that it would reduce production of its Learjet and Challenger aircraft in fiscal 2010, which began Feb. 1.

Last week, Bombardier said it delivered 239 business jets in fiscal 2009, up slightly from 232 a year earlier. For fiscal 2010, it expects business-jet deliveries to be about 10% below this level.

GAMA's numbers vary somewhat from Bombardier's since they are based on calendar years.

The industry association's data also show that the drop in fourth-quarter shipments pulled Bombardier out of the number-one spot in total sales for the first time in the year. Rival Gulfstream, a unit of General Dynamics Corp. (GD), reported sales of $1.53 billion compared to Bombardier's $1.42 billion. However, for the year as a whole, Bombardier reported $6.30 billion in billings compared to Gulfstream's $5.51 billion.

Bombardier isn't alone in its woes. GAMA said Tuesday that worldwide shipments of general aviation aircraft fell in 2008 for the first time in five years. Overall shipments fell by 7.1% in the year, although sales still rose 13.4% to $ 24.8 billion as they reflect orders placed during the boom years of 2006 and 2007.

 

[Imark]

L'outlook compartimentale di Moody's in deciso peggioramento, sebbene ancora stabile. Soccorre la consistenza del libro ordini, specie dei maggiori produttori.

[FONT=verdana,arial,helvetica]Moody's revises the Aerospace and Defense Industry Sector Outlook to Stable from Positive[/FONT]

[FONT=verdana,arial,helvetica]New York, February 23, 2009 -- Moody's Investors Service revised the Industry Sector Outlook regarding fundamental credit conditions for the Global Aerospace and Defense industry to stable from positive. In making the change, Moody's cited a number of increasing uncertainties leading into 2010 including: [/FONT]

[FONT=verdana,arial,helvetica]• Availability of the considerable financing required for planned airplane deliveries. [/FONT]

[FONT=verdana,arial,helvetica]• Declining air passenger traffic, which reduces the need for new airplanes. This will reduce the order rate for airplanes, as well as result in deferrals or cancellations in the existing order book at the producers. [/FONT]

[FONT=verdana,arial,helvetica]• How certain large U.S. defense programs in development or production could fare after review by the new administration. [/FONT]

[FONT=verdana,arial,helvetica]• How the revised practices for weapons acquisitions programs and the policy statements from the upcoming U.S. Quadrennial Defense Review (in 2010) could affect the overall returns of the defense contractors. [/FONT]

[FONT=verdana,arial,helvetica]"While these factors have the potential to affect the industry adversely, the magnitude of change and pace at which any erosion will occur will only become apparent over time", noted Bob Jankowitz at Moody's Investors Service. Nevertheless, they are likely to have sufficient importance to warrant changing the outlook for the sector to stable. [/FONT]

[FONT=verdana,arial,helvetica]Supporting the sector's stable outlook, Moody's noted the record high backlogs at the commercial airplane producers Boeing and Airbus (likely about $600 billion at year end, in total), as well as for long-term procurement and services contracts at most major defense contractors. Importantly, defense outlays in the US will be at a record level for this year, so the predictability of revenue for the contractors also supports the stable outlook. Finally, Moody's believes the major aerospace and defense contractors have some financial flexibility to manage through a downcycle. Most of the largest companies have good liquidity, and operate with lower financial leverage and better internal controls when compared to previous cyclical peaks, having restrained both shareholder enhancement activities and major acquisitions for some time. [/FONT]

[FONT=verdana,arial,helvetica]"Aerospace and defense remains a solid sector with near-term results supported by a good order book, but it is not immune to the uncertainties facing the global economies," said Jankowitz. [/FONT]


[FONT=verdana,arial,helvetica]COMMERCIAL AEROSPACE -- FINANCING IS AN INCREASING CONCERN [/FONT]
[FONT=verdana,arial,helvetica]In commercial aerospace, Moody's explained that 3rd party financing for the large commercial airplanes expected to be produced could well exceed $20 billion this year. Availability of financing from lenders becomes more uncertain the longer the world's economies remain in the trough of what Moody's central economic scenario anticipates will be a U-shaped recovery. During any extended trough period, investment capital will remain tight with higher capital costs as a result. Higher capital costs, combined with what is developing as a terrible revenue environment for the world's commercial airlines, of weakening yields compounded by declining passenger traffic, could challenge the business case for investment by the airlines in new airplanes at the numbers previously contemplated. [/FONT]

[FONT=verdana,arial,helvetica]THE BACKLOG FOR LARGE COMMERCIAL AIRPLANES COULD DROP SIGNIFICANTLY, WITH LOW ORDER RATES FOR SOME TIME [/FONT]
[FONT=verdana,arial,helvetica]If so, the record backlog of the large commercial airframers could start to look increasingly fragile. Nonetheless, the backlog of airplanes is now about 8 years at current production, so half of the number of airplanes on order could be cancelled yet the backlog would still be very high compared to historic levels. [/FONT]

[FONT=verdana,arial,helvetica]Even if the backlog is sustained at fairly robust levels, however, a protracted economic malaise implies that orders could be a fraction of the long-term trend for some time. New orders would be low because of declining passenger traffic and the accelerating capacity cuts by the airlines that would likely result. Lower orders would mean reduced deposits to the airframers; so, rather than building cash the manufacturers would use cash in the manufacturing process. [/FONT]

[FONT=verdana,arial,helvetica]"Taken together, these factors could produce an even longer period of decline, in what is normally a long-cycle industry," said Jankowitz. [/FONT]


[FONT=verdana,arial,helvetica]DEFENSE OUTLAYS AT A RECORD IN THE US -- YET PROGRAMS REVIEWS TO COME [/FONT]
[FONT=verdana,arial,helvetica]The US Defense budget for 2010 has been delayed, and is not expected until late April at the earliest. In the new budget, total outlays could be down from the record outlays planned for 2009 (about $710 billion, including supplementals), but the magnitude of decline is likely to be modest because a strong defense platform is a priority of the new administration. [/FONT]

[FONT=verdana,arial,helvetica]Nonetheless, most of the high-cost programs are expected to undergo rigorous review and are at risk of some modification, Future Combat Systems and certain missile programs are examples. Also during the year, decisions on several of the more politically sensitive programs, which are some of the largest, could be made including the proper balance of the F-22 (in production) and the F-35 (mid-development) advanced aircraft, the Navy's destroyer programs, and the replacement of the air-to-air refueling tanker. [/FONT]

[FONT=verdana,arial,helvetica]The year 2010 will bring the Quadrennial Defense Review which is likely to include a number of policy statements that could increase uncertainty for the defense contractors. As well, as review of the weapons procurement process is a priority, some progress in moving the defense outlays away from the use of Supplemental bills is likely, yet it is uncertain how much of the large Supplemental spending will move to the base budget. [/FONT]

[FONT=verdana,arial,helvetica]SMALLER SUPPLIERS AT RISK [/FONT]
[FONT=verdana,arial,helvetica]Generally, the larger manufacturers and defense contractors and their Tier 1 suppliers have been managed to sustain financial flexibility in a downcycle, but that is not necessarily the case at many of the smaller suppliers. Those suppliers with high financial leverage, or that are highly dependent on bank financing for capital, or those whose revenue depends on only a few major programs, are most at risk. [/FONT]

[FONT=verdana,arial,helvetica]INCREASING COMPETITION AMONG REGIONAL JET MAKERS [/FONT]
[FONT=verdana,arial,helvetica]Potential new entrants in the regional jet market could begin to challenge the two major regional jet makers -- Embraer and Bombardier. Competing aircraft from a Russian and a Chinese maker could enter the market over the next year or so, and from Japan in a couple of years. Local buyers will likely be most receptive to the Russian and Chinese offerings, although that could limit potential orders for Embraer and Bombardier in those markets. Regional jets face the same market pressures as the large commercial airplanes. [/FONT]

[FONT=verdana,arial,helvetica]BUSINESS JET MARKETS BECOMING PARTICULARLY CHALLENGING [/FONT]
[FONT=verdana,arial,helvetica]Business jet makers are facing considerable near term head wind, despite the very sizeable backlogs the major manufacturers reported at year end. Mid-size cabin jets are likely to be particularly hard hit; orders have largely dried up and deferrals or cancellations are reducing the backlog. Deliveries of the larger cabin jets could hold up somewhat better for the rest of this year. By 2010, however, it is likely to be challenging for all of the business jets with new orders being very low as there could be a structural change in the demand for business jets as well as more limited availability of aircraft financing[/FONT]

 

[lorenzo63]

..E la versione IATA sull' andamento (perdite) del settore

LONDON -- The world's major airlines had combined losses of as much as $8 billion in 2008, far more than the $5 billion previously predicted, as the industry downturn worsened significantly late in the year, the International Air Transport Association, or IATA, said Monday.

Airlines lost $4 billion in the fourth quarter of last year alone as the global economic downturn caused passenger and cargo volumes to tumble, and as airlines lost money on hedges set up when fuel prices were at record highs in the first half of last year, the trade body said in its Airlines Financial Health Monitor.

"Unlike earlier in the year, airlines are now losing money at the operating level," IATA said.

Even though jet-fuel prices have declined to about $50 a barrel from nearly $150 a barrel at the peak of the market last year, "many airlines have part of their fuel bill partly locked, through hedging, into higher prices," IATA said.

IATA -- which represents about 230 airlines, comprising 93% of global scheduled air traffic -- warned last week that the slump in traffic continued into January and hasn't ended yet.

Passenger traffic declined 5.6% January from a year earlier, compared with a 4.6% drop in December. Meanwhile, cargo markets continued an "alarming" slump, dropping 23% in January from a year earlier, a slightly steeper drop that recorded in December.

IATA expects airlines' combined revenues to fall $35 billion to $500 billion in 2009, leading to a loss of $2.5 billion for the industry

 

[Imark]

Il clima si fa difficile per i produttori dell'industria aeronautica. Le richieste di differimento delle consegne sarebbero molto elevate.

Boeing, Airbus face falling prices for new planes: analyst

By Christopher Hinton
Last update: 8:45 a.m. EST March 2, 2009


NEW YORK (MarketWatch) -- The price tag for aircraft is under pressure with customers eager to defer the delivery of hundreds of new planes in the economic downturn, according to a Monday note from Bernstein Research. Fresh from the World Forum on Aircraft Finance and Commercial Aviation in Geneva, analyst Douglas Harned said many airlines are already in deferral discussions with Boeing Co. and Airbus, but gaining short-term deferrals of six to 12 months looks difficult.

"Instead, we are seeing airlines park older airplanes or return aircraft as operating lease terms end and they take new deliveries," Harned said in a note. "Still, as large customers exercise their buyer power or weak carriers become unable to pay for their deliveries, the pressure on Boeing and Airbus for deferrals is likely to grow."

 

[Imark]

Una quadro abbastanza conforme alle attese emerge dall'aggiornamento trimestrale del backlog pubblicato ieri da Bombardier... se il segmento dei regional jets CRJ vede i nuovi ordinativi azzerati nel trimestre novembre 2008-gennaio 2009, che dunque è backlog negative (il backlog cala da 165 CRJ a fine ottobre ai 143 CRJ attuali per effetto delle consegne) il backlog dei turboelica Q series vedo un leggero incremento per effetto di un ordine da 15 Q400 piazzato nel trimestre. Si passa così ad un backlog di 120 turboelica Q series (quasi tutti, 114, del modello più grande, il Q400) contro i 113 dell'ottobre 2008.

http://www.flightglobal.com/article...rj-business-sluggish-as-q400-sees-uptick.html

CRJ business sluggish as Q400 sees uptick
By Mary Kirby


Bombardier failed to secure CRJ orders in the three months ended 31 January, underlining the impact of the global economic slump on the Canadian airframer's regional jets.

In its latest programme status update, Bombardier reports a total backlog of 146 CRJs - 55 CRJ900s, 46 CRJ700s and 45 CRJ1000s - as of 31 January, which marks the end of its fiscal fourth quarter.

This compares to a backlog of 165 CRJs at 31 October 2008. During the three-month period, Bombardier delivered 19 CRJs to customers.

At the same time, the Canadian airframer saw an increase in its Q Series backlog, listing a total 120 turboprops - including 114 for its largest model, the Q400 - at 31 January versus a backlog of 113 at 31 October. Bombardier delivered a total of 18 Q Series turboprops during the fiscal fourth quarter.

Contributing to the uptick was an order for 15 Q400s by Pinnacle Airlines subsidiary Colgan Air.

On 12 February, a Colgan Q400, operating a Continental Connection service, crashed into a house while on approach to Buffalo, New York. All 49 individuals on board and one person on the ground were killed.
Just prior to the crash, Bombardier announced plans to boost production of its Q400.

Although the airframer did not detail its exact production rate for the Q400 in FY2009/10, it said it anticipates output to be similar to FY2007/08 when Bombardier delivered 47 Q400s. By comparison, the company delivered 43 Q400s for FY2008/09.

Overall, Bombardier is forecasting total aircraft deliveries for FY2009/10 to be "slightly less" than FY2008/09, with about 10% fewer business aircraft, and about 10% more commercial aircraft