2013-02-21 15:07:42 -
Bombardier Inc. /
Bombardier Announces Financial Results for the Fourth Quarter and the Fiscal
Year Ended December 31, 2012
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
MONTREAL, QUEBEC--(Marketwire - February 21, 2013) - (TSX: BBD.A)(TSX: BBD.B)
(All amounts in this press release are in U.S. dollars unless otherwise
indicated. This press release contains both IFRS and non-GAAP measures, with
certain measures also presented on a pro forma basis to reflect the impact of
the January 2013 debt issuance. Non-GAAP measures are defined and reconciled to
the most comparable IFRS measures in our MD&A. See Caution regarding Non-GAAP
measures at the end of this press release.)
The fourth quarter and fiscal year ended December 31, 2011 comprise two
and 11
months of Bombardier Aerospace results, and three and 12 months of Bombardier
Transportation results.
* Revenues of $16.8 billion, compared to $18.3 billion last fiscal year
* EBIT before special items(1) of $835 million, or 5.0% of revenues, compared
to $1.2 billion, or 6.6%, last fiscal year
* Adjusted net income(1) of $692 million, compared to $865 million last fiscal
year
* Adjusted earnings per share(1) of $0.38, compared to $0.48 last fiscal year
* Free cash flow usage(1) of $741 million, compared to a usage of $1.2 billion
last fiscal year
* Available short-term capital resources of $4.3 billion including cash and
cash equivalents of $2.9 billion as at December 31, 2012, compared to $4.1
billion and $3.4 billion respectively, as at December 31, 2011; $6.3 billion
as at December 31, 2012 on a pro forma basis giving effect to the January
2013 debt issuance
* Record backlog in both groups for a consolidated backlog of $66.6 billion,
compared to $55.8 billion as at December 31, 2011
(1) See Caution regarding Non-GAAP measures at the end of this press release.
Bombardier today reported its financial results for the fourth quarter and the
year ended December 31, 2012. Revenues totalled $4.8 billion for the fourth
quarter ended December 31, 2012, compared to $4.3 billion for the corresponding
period last fiscal year. For the year, revenues totalled $16.8 billion, compared
to $18.3 billion for the last fiscal year.
For the fourth quarter ended December 31, 2012, earnings before financing
expense, financing income and income taxes (EBIT) before special items totalled
$175 million, or 3.7% of revenues, compared to $293 million, or 6.8%, for the
corresponding period the previous year. For the year, EBIT before special items
was $835 million, or 5.0% of revenues, compared to $1.2 billion, or 6.6%, last
fiscal year. For the fourth quarter ended December 31, 2012, EBIT was $12
million, or 0.3% of revenues, compared to $293 million, or 6.8%, for the
corresponding period the previous year. For the year, EBIT amounted to $695
million or 4.1% of revenues, versus $1.2 billion or 6.6% last fiscal year.
On an adjusted basis, net income amounted to $188 million, or adjusted earnings
per share (EPS) of $0.10, for the fourth quarter ended December 31, 2012,
compared to $227 million, or adjusted EPS of $0.13, for the corresponding period
the previous year. Adjusted net income for the year ended December 31, 2012
amounted to $692 million, compared to $865 million for the last fiscal year,
resulting in an adjusted EPS of $0.38, compared to an adjusted EPS of $0.48 last
fiscal year. Net income amounted to $14 million, or diluted EPS of nil, for the
fourth quarter ended December 31, 2012, compared to $214 million, or diluted EPS
of $0.12, for the corresponding period the previous year. Net income for the
year ended December 31, 2012 amounted to $598 million, compared to $837 million
for the last fiscal year. For the year, diluted EPS was $0.32, compared to
diluted EPS of $0.47 last fiscal year.
For the three-month period ended December 31, 2012, free cash flow (cash flows
from operating activities less net additions to property, plant and equipment
and intangible assets) totalled $850 million, compared to $590 million for the
corresponding period the previous year. Free cash flow usage totalled $741
million for the year ended December 31, 2012, compared to a free cash flow usage
of $1.2 billion last fiscal year. Available short-term capital resources of $4.3
billion include cash and cash equivalents of $2.9 billion as at December
31, 2012, compared to $4.1 billion and $3.4 billion respectively as at December
31, 2011 ($6.3 billion on a pro forma basis as at December 31, 2012, giving
effect to the debt issuance of January 2013). The overall backlog increased by
$10.8 billion since the beginning of the year, reaching a record level of $66.6
billion as at December 31, 2012.
"Our results for 2012 are not reflective of our potential," said Pierre
Beaudoin, President and Chief Executive Officer, Bombardier Inc. "After proving
our resilience throughout the economic crisis, today, Bombardier is at a turning
point. With our outstanding backlog of $66.6 billion, an increase of 19% over
last year, we're forging ahead with breakthrough products and expanding our
reach in pivotal growth markets."
"In Aerospace, we were in line with our delivery guidance and we've garnered an
impressive 481 net orders bringing our backlog to a record level of $32.9
billion at the end of 2012. We're the clear leader in business aviation both in
terms of revenues and deliveries, and in commercial aircraft, we had some
significant orders for both jets and turboprops. Our development programs are
making solid progress and the CSeries' first flight will take place by the end
of June 2013."
"In Transportation, we won many important orders around the world in 2012, which
brought our backlog to $33.7 billion, its highest level ever. Meanwhile, we took
various measures to improve our cost structure and competitiveness. These
inititatives are aimed at securing our leadership and improving our
profitability."
"Our three main drivers will allow us to deliver long-term sustainable growth.
The first driver is our portfolio of state-of-the-art products and services,
which will be further fortified as several innovative platforms roll out of our
facilities starting in 2014. The second is our expanding presence in key markets
worldwide which brings us closer to our customer base, and finally, the
strengthening of customer satisfaction through flawless execution on every
order. These are exciting times at Bombardier and we're on the cusp of seeing
significant revenue growth," concluded Mr. Beaudoin.
Bombardier Aerospace
Bombardier Aerospace's revenues amounted to $2.6 billion for the three-month
period ended December 31, 2012, compared to $2.0 billion for the corresponding
period last fiscal year. For the year, revenues totalled $8.6 billion, the same
level as last fiscal year.
EBIT before special items totalled $382 million, or 4.4% of revenues, for the
year ended December 31, 2012, compared to $502 million, or 5.8%, last fiscal
year. For the fourth quarter ended December 31, 2012, EBIT totalled $89 million,
or 3.4% of revenues, compared to $127 million, or 6.3%, for the corresponding
last fiscal year. For the year, EBIT was $405 million, or 4.7% of revenues,
compared to $502 million, or 5.8%, last fiscal year.
Free cash flow totalled $277 million for the fourth quarter ended December
31, 2012, compared to $110 million for the corresponding period last fiscal
year. For the year ended December 31, 2012, free cash flow usage totalled $867
million compared to a free cash flow usage of $453 million for the last fiscal
year.
A total of 233 aircraft were delivered during the year ended December 31, 2012,
compared to 245 for the last fiscal year.
Bombardier Business Aircraft saw a remarkable level of order intake with 343 net
orders compared to 191 for the last fiscal year. The business unit obtained two
of its biggest orders in its history with a firm order from VistaJet for 56
Global aircraft, valued at $3.1 billion and a firm order from NetJets Inc. for
100 Challenger aircraft, valued at $2.6 billion, based on list prices. Even
excluding these two orders and a significant order from NetJets Inc. in 2011,
the business aircraft order intake still increased by 43%.
Bombardier Commercial Aircraft received 138 firm orders during the year,
compared to 54 for the last fiscal year. Some of the largest orders received are
from WestJet Airlines Ltd., which placed a firm order for 20 Q400 NextGen
aircraft valued at $683 million, Delta Air Lines Inc. which purchased 40 CRJ900
NextGen aircraft valued at $1.9 billion and finally, airBaltic which placed a
firm order for 10 CS300 aircraft valued at $764 million.The value of these firm
orders are all based on list prices.
Bombardier Aerospace's backlog increased by 38% reaching $32.9 billion as at
December 31, 2012, compared to $23.9 billion as at December 31, 2011.
The CSeries aircraft program development is progressing steadily: the assembly
of the first Flight Test Vehicle (FTV1) in Mirabel, Quebec, is in the advanced
stages with all primary structures now assembled on the aircraft. Key components
and systems are in place, namely the wing, landing gear, horizontal/vertical
stabilizers, and most recently, the engines as we proceed with ongoing systems
installations. In February 2013, the engine that will power the CSeries
aircraft, Pratt and Whitney's PW1500 geared-turbofan engine, was awarded
Transport Canada certification. These are critical steps in supporting the
progressive transfer of FTV1 to the flight test program in the coming weeks.
Progress has also been made in the build of the subsequent flight test vehicles
which will join FTV1 in the flight test program.
Additionally, the build for the Complete Airframe Static Test (CAST) article,
our aircraft destined for ground testing, was completed in December 2012
followed by the start of the first certification and Safety of Flight tests in
February 2013. As well, the Complete Integrated Aircraft Systems Test Area
(CIASTA/Aircraft 0) rig was recently upgraded to first flight configuration to
allow for formal Safety of Flight testing. The validation process from all the
on-the-ground integrated systems tests is progressing as expected.
The Learjet 85 aircraft program is making solid progress having achieved several
key milestones. The first flight test aircraft is significantly advanced: the
complete pressure fuselage, including the nose, aft fuselage and empennage have
been joined, the landing gear has been installed and the wing is attached to the
fuselage. However, while we have successfully dealt with several new technology
challenges, the program's timeline has been impacted. Entry-into-service is now
scheduled for summer 2014.
In 2013, the EBIT margin should be at a similar level as 2012. However, in
2014, Bombardier Aerospace expects to achieve an EBIT margin of approximately
6%, after an anticipated 2% dilutive impact from the entry-into-service of the
CSeries aircraft.
The group expects cash flows from operating activities of approximately $1.4
billion in 2013, while the net additions to property, plant and equipment (PP&E)
and intangible assets are expected to be approximately $2 billion. The level of
net additions to PP&E and intangible assets is expected to decrease in 2014 by
approximately $500 million and in 2015 by approximately another $500 million.
In 2013, Bombardier Aerospace expects to deliver approximately 190 business and
55 commercial aircraft.
Bombardier Transportation
Bombardier Transportation's revenues amounted to $2.2 billion for the three-
month period ended December 31, 2012, compared to $2.3 billion for the same
period last year. Revenues totalled $8.1 billion for the year ended December
31, 2012, compared to $9.8 billion for the last fiscal year.
For the fourth quarter ended December 31, 2012, EBIT before special items
totalled $86 million, or 4.0% of revenues, compared to $166 million, or 7.2%,
for the same quarter the previous year. For the year, EBIT before special items
was $453 million, compared to $700 million last fiscal year, translating into an
EBIT margin of 5.6% of revenues versus 7.2% last fiscal year. For the three-
month period ended December 31, 2012, the loss before financing expenses,
financing income and income taxes totalled $77 million, or 3.6% of revenues,
compared to an EBIT of $166 million, or 7.2%, for the same quarter the previous
year. EBIT for the year was $290 million, compared to $700 million last fiscal
year, translating into an EBIT margin of 3.6% versus 7.2% last fiscal year.
Free cash flow totalled $673 million for the quarter ended December 31, 2012,
compared to $564 million for the same period last fiscal year. Free cash flow
amounted to $386 million for the year ended December 31, 2012, compared to a
free cash flow usage of $424 million for the last fiscal year.
New orders reached $9.4 billion (book-to-bill ratio of 1.2), compared to $9.7
billion (book-to-bill ratio of 1.0) for the last fiscal year. The order backlog
totalled a record $33.7 billion as at December 31, 2012, compared to $31.9
billion as at December 31, 2011.
The group continued to secure orders around the world and across all its product
segments, as illustrated by the orders from Metrolinx/GO Transit in Toronto, for
10 years of operation and maintenance services, valued at $937 million and from
San Francisco Bay Area Rapid Transit District (BART) for 410 metro cars, valued
at $897 million. The City of Basel's Transport Authority, Switzerland, signed an
agreement for 60 FLEXITY trams valued at $241 million, Abellio Rail NRW GmbH of
Germany ordered 35 TALENT 2 Electrical Multiple Units (EMU) valued at $226
million, and Public Transport Victoria (PTV) of Australia placed an order for
40 VLocity Diesel Multiple Unit (DMU) cars valued at $216 million.
The group also announced measures to improve its competitiveness and cost
structure. These include the closure of a plant in Aachen, Germany, and the
reduction of direct and indirect personnel by approximately 1,200 employees
worldwide, including Aachen. A restructuring charge of $119 million in
connection with these planned measures was recorded in the fourth quarter of
fiscal year 2012.
In 2013, revenues are expected to be higher than in 2012, with a percentage
growth in the high single digits, excluding currency impacts, and the group
should maintain its free cash flow generally in line with EBIT, although it may
vary significantly from quarter to quarter. Bombardier Transportation extended
its target date, to achieve an EBIT margin of 8% by 2014.
FINANCIAL HIGHLIGHTS
(In millions of U.S. dollars, except per share amounts, which are shown
in dollars)
-------------------------------------------------------------------------------
For the fourth
quarters December December
ended(1) 31, 2012 31, 2011
-------------------------------------------------------------------------------
BA BT Total BA BT Total
-------------------------------------------------------------------------------
Results of
operations
Revenues $ 2,597 $ 2,158 $ 4,755 $ 2,016 $ 2,300 $ 4,316
Cost of sales 2,254 1,875 4,129 1,717 1,884 3,601
-------------------------------------------------------------------------------
Gross margin 343 283 626 299 416 715
SG&A 187 170 357 132 207 339
R&D 52 51 103 27 48 75
Share of income
of associates - (18 ) (18 ) - (1 ) (1 )
Other expense
(income) 15 (6 ) 9 13 (4 ) 9
-------------------------------------------------------------------------------
EBIT before
special
items(2) 89 86 175 127 166 293
Special items - 163 163 - - -
-------------------------------------------------------------------------------
EBIT $ 89 $ (77 ) 12 $ 127 $ 166 293
Financing
expense 144 156
Financing
income (111 ) (123 )
-------------------------------------------------------------------------------
EBT (21 ) 260
Income taxes
(recovery) (35 ) 46
-------------------------------------------------------------------------------
Net income $ 14 $ 214
-------------------------------------------------------------------------------
EPS (basic and
diluted; in
dollars) $ - $ 0.12
-------------------------------------------------------------------------------
Supplemental
information
-------------------------------------------------------------------------------
EBIT before
special
items(2) $ 89 $ 86 $ 175 $ 127 $ 166 $ 293
Amortization 75 34 109 39 36 75
-------------------------------------------------------------------------------
EBITDA before
special
items(2) $ 164 $ 120 $ 284 $ 166 $ 202 $ 368
-------------------------------------------------------------------------------
On an adjusted
basis
-------------------------------------------------------------------------------
Adjusted net
income(2) $ 188 $ 227
Adjusted EPS
(in dollars)(2) $ 0.10 $ 0.13
-------------------------------------------------------------------------------
Cash flows from
operating
activities $ 852 $ 729 $ 442 $ 623
Net additions
to PP&E and
intangible
assets (575 ) (56 ) (332 ) (59 )
-------------------------------------------------------------------------------
Segmented free
cash flow(2) $ 277 $ 673 $ 950 $ 110 $ 564 $ 674
Net income
taxes and net
interest paid (100 ) (84 )
-------------------------------------------------------------------------------
Free cash
flow(2) $ 850 $ 590
-------------------------------------------------------------------------------
BA: Bombardier Aerospace; BT: Bombardier Transportation
(1) Our fourth quarter ended December 31, 2011 comprises two months of BA's
results and three months of BT's results.
(2) Non-GAAP financial measure. Refer to the Non-GAAP financial measures and
Consolidated results of operations sections in Overview of the
Corporation's MD&A for definitions of these metrics. Refer also to the
Consolidated results of operations and Liquidity and capital resources
sections in Overview and Analysis of results sections in BA and BT of the
Corporation's MD&A for reconciliations to most comparable IFRS measures.
(In millions of U.S. dollars, except per share amounts, which are shown in
dollars)
-------------------------------------------------------------------------------
For the
fiscal years December December
ended(1) 31, 2012 31, 2011
-------------------------------------------------------------------------------
BA BT Total BA BT Total
-------------------------------------------------------------------------------
Results of
operations
Revenues $ 8,628 $ 8,140 $ 16,768 $ 8,594 $ 9,753 $ 18,347
Cost of sales 7,418 6,851 14,269 7,355 8,089 15,444
-------------------------------------------------------------------------------
Gross margin 1,210 1,289 2,499 1,239 1,664 2,903
SG&A 699 744 1,443 621 818 1,439
R&D 155 144 299 122 149 271
Share of
income of
associates - (45 ) (45 ) - (4 ) (4 )
Other expense
(income) (26 ) (7 ) (33 ) (6 ) 1 (5 )
-------------------------------------------------------------------------------
EBIT before
special
items(2) $ 382 453 835 502 700 1,202
Special items (23 ) 163 140 - - -
-------------------------------------------------------------------------------
EBIT $ 405 $ 290 695 $ 502 $ 700 1,202
Financing
expense 596 681
Financing
income (599 ) (519 )
-------------------------------------------------------------------------------
EBT 698 1,040
Income taxes 100 203
-------------------------------------------------------------------------------
Net income $ 598 $ 837
-------------------------------------------------------------------------------
EPS (basic
and diluted;
in dollars) $ 0.32 $ 0.47
-------------------------------------------------------------------------------
Supplemental
information
-------------------------------------------------------------------------------
EBIT before
special
items(2) $ 382 $ 453 $ 835 $ 502 $ 700 $ 1,202
Amortization 242 129 371 195 138 333
-------------------------------------------------------------------------------
EBITDA before
special
items(2) $ 624 $ 582 $ 1,206 $ 697 $ 838 $ 1,535
-------------------------------------------------------------------------------
On an
adjusted
basis
-------------------------------------------------------------------------------
Adjusted net
income(2) $ 692 $ 865
Adjusted EPS
(in
dollars)(2) $ 0.38 $ 0.48
-------------------------------------------------------------------------------
Cash flows
from
operating
activities
(usage) $ 1,104 $ 504 $ 867 $ (269 )
Net additions
to PP&E and
intangible
assets (1,971 ) (118 ) (1,320 ) (155 )
-------------------------------------------------------------------------------
Segmented
free cash
flow
(usage)(2) $ (867 ) $ 386 $ (481 ) $ (453 ) $ (424 ) $ (877 )
Net income
taxes and net
interest paid (260 ) (355 )
-------------------------------------------------------------------------------
Free cash
flow usage(2) $ (741 ) $ (1,232 )
-------------------------------------------------------------------------------
BA: Bombardier Aerospace; BT: Bombardier Transportation
(1) Our fiscal year ended December 31, 2011 comprises 11 months of BA's
results and 12 months of BT's results.
(2) Non-GAAP financial measure. Refer to the Non-GAAP financial measures and
Consolidated results of operations sections in Overview of the
Corporation's MD&A for definitions of these metrics. Refer also to the
Consolidated results of operations and Liquidity and capital resources
sections and Analysis of results sections in BA and BT in Overview of the
Corporation's MD&A for reconciliations to most comparable IFRS measures.
SELECTED FINANCIAL INFORMATION
Bombardier Aerospace
Revenues by geographic region(1)
-------------------------------------------------------------------------------
12 months
ended 11 months ended
-------------------------------------------------------------------------------
December
31, 2012 December 31, 2011
-------------------------------------------------------------------------------
North America $ 4,811 56% $ 4,281 50%
Europe 1,723 20% 1,907 22%
Asia-Pacific 1,126 13% 1,282 15%
Rest of world(2) 968 11% 1,124 13%
-------------------------------------------------------------------------------
$ 8,628 100% $ 8,594 100%
-------------------------------------------------------------------------------
(1) Revenues are attributed to countries based on the location of the
customer.
(2) The region Rest of world includes South America, Central America, Africa,
the Middle East and the CIS.
Total aircraft deliveries
-------------------------------------------------------------------------------
Three months Two months 12 months 11 months
ended ended ended ended
-------------------------------------------------------
December 31 December 31 December 31 December 31
(in units) 2012 2011 2012 2011
-------------------------------------------------------------------------------
Business aircraft
Excluding those of
the Flexjet
fractional
ownership program 59 47 176 161
Flexjet fractional
ownership
program(1) 1 1 3 2
-------------------------------------------------------------------------------
60 48 179 163
Commercial aircraft 16 11 50 78
Amphibious aircraft 1 1 4 4
-------------------------------------------------------------------------------
77 60 233 245
-------------------------------------------------------------------------------
(1) An aircraft delivery is included in the above table when the equivalent
of 100% of the fractional shares of an aircraft model has been sold to
external customers through Flexjet, or when a whole aircraft has been
sold to external customers through the Flexjet One program.
Total aircraft net orders
-------------------------------------------------------------------------------
December
31, 2012 December 31, 2011
-------------------------------------------------------------------------------
Gross Cancel- Net Gross Cancel- Net
orders lations orders orders lations orders
-------------------------------------------------------------------------------
Three months
Fourth quarters ended ended Two months ended
-------------------------------------------------------------------------------
Business aircraft
(including those of the
Flexjet fractional
ownership program) 141 (17 ) 124 44 (3 ) 41
Commercial aircraft 60 - 60 2 - 2
-------------------------------------------------------------------------------
201 (17 ) 184 46 (3 ) 43
-------------------------------------------------------------------------------
Fiscal years ended 12 months ended 11 months ended
-------------------------------------------------------------------------------
Business aircraft
(including those of the
Flexjet fractional
ownership program) 392 (49 ) 343 223 (32 ) 191
Commercial aircraft 138 - 138 54 - 54
Amphibious aircraft - - - 4 - 4
-------------------------------------------------------------------------------
530 (49 ) 481 281 (32 ) 249
-------------------------------------------------------------------------------
Book-to-bill ratio(1)
-------------------------------------------------------------------------------
Two
Three months months 12 months 11 months
ended ended ended ended
-------------------------------------------------------------------------------
December
December 31 31 December 31 December 31
2012 2011 2012 2011
-------------------------------------------------------------------------------
Business aircraft 2.1 0.9 1.9 1.2
Commercial aircraft 3.8 0.2 2.8 0.7
-------------------------------------------------------------------------------
Total 2.4 0.7 2.1 1.0
-------------------------------------------------------------------------------
(1) Defined as net orders received over aircraft deliveries, in units.
Total order backlog
-------------------------------------------------------------------------------
As at
-------------------------------------------------------------------------------
(in billions of dollars) December December
31, 2012 31, 2011
-------------------------------------------------------------------------------
Aircraft programs $ 29.5 $ 21.4
Long-term maintenance and spares support
agreements 2.8 1.9
Military Aviation Training 0.6 0.6
-------------------------------------------------------------------------------
$ 32.9 $ 23.9
-------------------------------------------------------------------------------
Bombardier Transportation
Revenues by geographic region
-------------------------------------------------------------------------------
Three months ended 12 months ended
December 31 December 31
-------------------------------------------------------------------------------
2012 2011 2012 2011
-------------------------------------------------------------------------------
Europe(1) $ 1,326 61% $ 1,467 64% $ 5,141 63% $ 6,275 64%
North America 359 17% 373 16% 1,454 18% 1,396 14%
Asia-Pacific 326 15% 257 11% 1,004 12% 1,444 15%
Rest of world(2) 147 7% 203 9% 541 7% 638 7%
-------------------------------------------------------------------------------
$ 2,158 100% $ 2,300 100% $ 8,140 100% $ 9,753 100%
-------------------------------------------------------------------------------
(1) The decreases in Europe reflect negative currency impacts of $42 million
and $403 million, respectively, for the fourth quarter and fiscal year
ended December 31, 2012.
(2) The region Rest of world includes South America, Central America, Africa,
the Middle East and the CIS.
Order intake and book-to-bill ratio
-----------------------------------------------------------------------
Three months
ended 12 months ended
December 31 December 31
-----------------------------------------------------------------------
Order intake (in billions of dollars) 2012 2011 2012 2011
-----------------------------------------------------------------------
Rolling stock $ 0.7 $ 2.1 $ 5.1 $ 6.4
Services 1.5 0.5 2.5 1.1
System and signalling 0.8 0.4 1.8 2.2
-----------------------------------------------------------------------
$ 3.0 $ 3.0 $ 9.4 $ 9.7
-----------------------------------------------------------------------
Book-to-bill ratio 1.4 1.3 1.2 1.0
-----------------------------------------------------------------------
Order backlog
-----------------------------------------------------------------------
As at
-----------------------------------------------------------------------
(in billions of dollars) December December
31, 2012 31, 2011
-----------------------------------------------------------------------
Rolling stock(1) $ 22.3 $ 22.6
Services 7.1 5.5
System and signalling 4.3 3.8
-----------------------------------------------------------------------
$ 33.7 $ 31.9
-----------------------------------------------------------------------
(1) Of which $13.4 billion, or 60% of rolling stock order backlog, had a
percentage of completion from 0% to 25% as at December 31, 2012 ($15.3
billion, or 68%, as at December 31, 2011).
ADVANCE NOTICE BY-LAW
The Board of Directors of the Corporation has approved an amendment to the
Corporation's By-Law One to add an advance notice requirement (the By-Law
Amendment), which requires advance notice to the Corporation in certain
circumstances where nominations of persons for election as a director of the
Corporation are made by shareholders.
In the case of an annual meeting of shareholders, notice to the Corporation must
be made not less than 30 nor more than 65 days prior to the date of the annual
meeting; provided, however, that in the event that the annual meeting is to be
held on a date that is less than 50 days after the date on which the first
public announcement of the date of the annual meeting was made, notice may be
made not later than the close of business on the 10th day following such public
announcement.
In the case of a special meeting of shareholders (which is not also an annual
meeting), notice to the Corporation must be made not later than the close of
business on the 15th day following the day on which the first public
announcement of the date of the special meeting was made.
The By-Law Amendment is effective immediately. At the next meeting of
shareholders of the Corporation, shareholders will be asked to confirm and
ratify the By-Law Amendment.
DIVIDENDS ON COMMON SHARES
Class A and Class B Shares
A quarterly dividend of $0.025 Cdn per share on Class A Shares (Multiple Voting)
and of $0.025 Cdn per share on Class B Shares (Subordinate Voting) is payable on
March 31, 2013 to the shareholders of record at the close of business on March
15, 2013.
Holders of Class B Shares (Subordinate Voting) of record at the close of
business on March 15, 2013 also have a right to a priority quarterly dividend of
$0.000390625 Cdn per share.
DIVIDENDS ON PREFERRED SHARES
Series 2 Preferred Shares
A monthly dividend of $0.0625 Cdn per share on Series 2 Preferred Shares has
been paid on November 15 and December 15, 2012, January 15 and February
15, 2013.
Series 3 Preferred Shares
A quarterly dividend of $0.195875 Cdn per share on Series 3 Preferred Shares is
payable on April 30, 2013 to the shareholders of record at the close of business
on April 12, 2013.
Series 4 Preferred Shares
A quarterly dividend of $0.390625 Cdn per share on Series 4 Preferred Shares is
payable on April 30, 2013 to the shareholders of record at the close of business
on April 12, 2013.
About Bombardier
Bombardier is the world's only manufacturer of both planes and trains. Looking
far ahead while delivering today, Bombardier is evolving mobility worldwide by
answering the call for more efficient, sustainable and enjoyable transportation
everywhere. Our vehicles, services and, most of all, our employees are what make
us a global leader in transportation.
Bombardier is headquartered in Montreal, Canada. Our shares are traded on the
Toronto Stock Exchange (BBD) and we are listed on the Dow Jones Sustainability
World and North America indexes. In the fiscal year ended December 31, 2012, we
posted revenues of $16.8 billion. News and information are available at
bombardier.com or follow us on Twitter @Bombardier.
Bombardier, Challenger, CRJ, CRJ900, CS300, CSeries, FLEXITY, Flexjet, Global,
Learjet, Learjet 85, NextGen, Q400, The Evolution of Mobility and TALENT are
trademarks of Bombardier Inc. or its subsidiaries.
The Management's Discussion and Analysis and the interim consolidated financial
statements are available at ir.bombardier.com.
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,
targets, goals, priorities, our market and strategies, financial position,
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; our competitive position; and the expected impact of the legislative
and regulatory environment and legal proceedings on our business and operations.
Forward-looking statements generally can be identified by the use of forward
looking terminology such as "may", "will", "expect",
"intend", "anticipate",
"plan", "foresee", "believe", "continue",
"maintain" or "align", the negative of
these terms, variations of them or similar terminology. By their nature,
forward-looking statements require us 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 forecasted results. While we
consider our assumptions to be reasonable and appropriate based on information
currently available, there is a risk that they may not be accurate. For
additional information with respect to the assumptions underlying the forward
looking statements made in this press release, refer to the respective Guidance
and forward-looking statements sections in Overview, Bombardier Aerospace and
Bombardier Transportation sections in the Management's Discussion and Analysis
("MD&A") of the Corporation's annual report for the fiscal year ended
December
31, 2012.
Certain factors that could cause actual results to differ materially from those
anticipated in the forward looking statements include risks associated with
general economic conditions, risks associated with our business environment
(such as risks associated with the financial condition of the airline industry
and major rail operators), operational risks (such as risks related to
developing new products and services; doing business with partners; product
performance warranty and casualty claim losses; regulatory and legal
proceedings; to the environment; dependence on certain customers and suppliers;
human resources; fixed-price commitments and production and project execution),
financing risks (such as risks related to liquidity and access to capital
markets, exposure to credit risk, certain restrictive debt covenants, financing
support provided for the benefit of certain customers and reliance on government
support) and market risks (such as risks related to foreign currency
fluctuations, changing interest rates, decreases in residual values and
increases in commodity prices). For more details, see the Risks and
uncertainties section in Other in the MD&A of the Corporation's annual report
for the fiscal year ended December 31, 2012. 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. The forward-looking statements set forth herein reflect our
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.
CAUTION REGARDING NON-GAAP MEASURES
This press release is based on reported earnings in accordance with
International Financial Reporting Standards (IFRS) and includes measures
presented on a pro forma basis to reflect the impact of our January 2013 debt
issuance. Reference to generally accepted accounting principles (GAAP) means
IFRS, unless indicated otherwise. It is also based on non GAAP financial
measures including EBITDA, EBIT and EBITDA before special items, EBIT margin
before special items, adjusted net income, adjusted earnings per share and free
cash flow. These non-GAAP measures are directly derived from the Consolidated
Financial Statements, but do not have a standardized meaning prescribed by IFRS;
therefore, others using these terms may calculate them differently. Management
believes that providing certain non-GAAP performance measures, in addition to
IFRS measures, provides users of our consolidated financial statements with
enhanced understanding of our results and related trends and increases
transparency and clarity into the core results of our business. Refer to the
Non-GAAP financial measures and Consolidated results of operations sections in
the MD&A for definitions of these metrics. Refer to Consolidated results of
operations section and Analysis of results sections in Bombardier Aerospace and
Bombardier Transportation of the Corporation's MD&A for reconciliations to the
most comparable IFRS measures.
Contact Information
Contacts:
Isabelle Rondeau
Director, Communications
Bombardier Inc.
+514 861 9481
Shirley Chenier
Senior Director, Investor Relations
Bombardier Inc.
+514 861 9481
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Bombardier Inc. via Thomson Reuters ONE
[HUG#1680043]
