Obbligazioni societarie Monitor Bond Industria Aeronautica Worldwide e Linee Aeree Europee (2 lettori)

lorenzo63

Age quod Agis
Finmeccanica Unit Wins Contract Worth EUR900M

15 may

MILAN (Dow Jones)--Finmeccanica SpA (FNC.MI) unit AgustaWestland Wednesday said the Italian Army awarded it a contract worth EUR900 million.

In a statement, Finmeccanica said it will produce 16 ICH-47F helicopters and has the option to produce another four. AgustaWestland is currently carrying out the delivery of another 60 helicopters to the Italian Army as well as upgrading a targeting system for another fleet of helicopters
 

lorenzo63

Age quod Agis
Finmeccanica's DRS Gets $217M US Army Computer Contract

MAY 27, 2009, 7:09 A.M. ET

ROME (Dow Jones)--Finmeccanica SpA (FNC.MI) said Wednesday its unit DRS Technologies Inc. has gained a contract worth $217 million to supply computers to the U.S. army.

In a statement, the Italian industrial firm said deliveries will start this year and continue in 2010.
 

lorenzo63

Age quod Agis
Bombardier 1Q Net Falls 31% On Lower Revenue

3 june 2009

Continuing to feel the effects of the recession, Bombardier Inc. (BBD.B.T) posted a 31% drop in first-quarter earnings on lower revenue.

The Montreal company earned $158 million or 9 cents a share in the first quarter of fiscal 2010, down from $229 million or 12 cents a year earlier. The Thomson Reuters mean estimate was for a profit of 10 cents a share.

Revenue of $4.47 billion was down from $4.79 billion, but close to analyst expectations of $4.49 billion. The company's aerospace divison contributed $2.22 billion to revenue in the latest quarter, down from $2.38 billion a year earlier. Rail-transportation operations added $2.25 billion, down from $2.41 billion.

Free cash flow usage was $817 million in the latest quarter compared with free cash flow of $560 million. Earnings before financing income, financing expense and income tax, or EBIT, totaled $235 million or 5.3% of revenue, compared with $324 million or 6.8% a year earlier.

Overall backlog stood at $47.4 billion at quarter-end, down almost $1 billion from a year earlier.

Bombardier said first-quarter results continued to be hurt by the recession, noting that while overall deliveries in its aerospace division have held up "relatively well," cancellations in business jets have outpaced the level of new orders. As reported, Bombardier has chopped its business-jet production view for this year by 30%.

Aerospace EBIT totaled $110 million, resulting in an EBIT margin of 5% for the latest quarter, down from $206 million or 8.7% a year earlier. Deliveries totaled 75 aircraft, down from 87 a year earlier. Business-jet deliveries fell to 43 from 58, while commercial aircraft deliveries rose to 31 from 28. It also sold one amphibious aircraft in both the latest and year-earlier quarters.

In its transportation divison, Bombardier said EBIT margin reached 5.6%, compared with 4.9% a year earlier. It said fundamentals in the rail industry remain strong and the recession isn't expected to have a significant impact. It said the division received new orders worth $1.2 billion in the the first quarter.

Analysts had been expecting strong results from Bombardier's transportation division in the latest quarter would again be offset by lower aerospace sales and margins.

In Toronto Tuesday, Bombardier closed at C$3.87, down 2.0%.
 

Imark

Forumer storico
Ancora in dettaglio su Bombardier... ;)
Bombardier profit hit by aircraft cancellations

Wed Jun 3, 2009 8:00pm EDT

TORONTO (Reuters) - Profit at Bombardier Inc fell 31 percent in the latest quarter as the number of corporate jet cancellations surged due to the recession, but weakness in the aerospace market may have bottomed out, the company said on Wednesday.

The world's No. 1 passenger train maker and No. 3 civil aircraft manufacturer said it had 61 business aircraft cancellations during its first quarter. That was offset by 20 new business aircraft orders, and 50 new commercial aircraft orders, for a net of nine aerospace orders.
A year earlier, the company reported 118 aerospace orders.

"The first-quarter results for fiscal 2010 followed the trend that emerged in the preceding quarter and therefore we continue to see an abnormal number of deferrals and cancellations," Guy Hachey, president and chief operating officer of Bombardier Aerospace, said at the company's annual shareholders meeting.

In a conference call with analysts, Hachey said the company had 25 jets without buyers, known as "whitetails", due to cancellations. He said Bombardier was in active discussions with several potential buyers for some of the planes.

"In the last six to seven weeks, we've seen a bit more interest in the market, not that it's been buoyant, but certainly, compared to what we were seeing in January, February and March, April and May were much more active months."

Bombardier maintained its view that corporate jet deliveries would be 25 percent lower for the year, while it expects commercial aircraft deliveries to rise by 10 percent.

In early April, the company said it would cut 3,000 jobs, on top of nearly 1,400 layoffs announced earlier in the year.

Chief Executive Pierre Beaudoin said in the conference call that he thought the layoffs and production cuts were enough to adjust the company to meet the weaker demand.

While he would not definitively say the aerospace market had reached bottom, he said there were signs it may have.

"There is some indication, anecdotal, as well as within the statistics, that things may have bottomed out."

PROFIT TUMBLES

Net income at Bombardier fell to $158 million, or 9 cents a share, in quarter ended April 30. That compares with earnings of $229 million, or 12 cents a share, a year earlier.

Analysts had expected a profit of 10 cents a share, according to Reuters Estimates.

The results helped push down shares in Bombardier by 33 Canadian cents, or 8.5 percent, to C$3.54 on the Toronto Stock Exchange

Revenue fell 6.7 percent to $4.47 billion. Analysts on average had expected $4.51 billion.

The company's overall backlog was $47.4 billion, compared to $55.5 billion a year ago.

Montreal-based Bombardier said first-quarter aircraft deliveries totaled 75 units, compared with 87 for the same period a year ago. It delivered 43 business aircraft, compared with 58 a year earlier, along with 31 regional jets, up from 28, and one amphibious aircraft.

UBS Investment Research analyst Fadi Chamoun said Bombardier's aircraft deliveries were stronger than the 69 deliveries expected by UBS.

Railway unit Bombardier Transportation reported new orders worth $1.2 billion for the first quarter, compared with $2.4 billion a year ago, mainly due to lower orders for rolling stock in North America and Europe, and lower demand for services in Europe.

Chamoun maintained a "buy" rating on Bombardier's stock, with a C$5 price target.

Richard Stoneman, an analyst at Dundee Capital Markets, also maintained a "buy" recommendation, with a one-year price target of C$7 a share.
Versant Partners maintained a "neutral" rating Bombardier with a price target of C$3.90.

"With a rebound in the biggest profitability driver for Bombardier (business jets) still probably at least two years away, there is no rush to buy the stock," said Versant analyst Cameron Doerksen.
 

The Beast

Rating? No grazie!
Vertice Iata: prospettive ancora cupe per industria aerea

domenica 7 giugno 2009 17:30




KUALA LUMPUR (Reuters) - La domanda nel settore dei viaggi aerei potrebbe calare ulteriormente nonostante i primi segni di una economia globale più stabile, e le prospettive di una ripresa sembrano assottigliarsi per quest'anno. Lo hanno riferito oggi i dirigenti del settore riuniti al vertice mondiale delle compagnie aeree
La domanda per i voli cargo potrebbe essersi stabilizzata, ma una ripresa è improbabile a meno che non si riprenda la domanda negli Stati Uniti, secondo quanto ha dichiarato l'amministratore delegato di Korean Air,il maggiore vettore di aerei cargo del mondo.
"Penso che abbiamo toccato il fondo", ha detto a Reuters Cho Yang Ho.
Il costruttore di aerei europeo Airbus dice di mantenere il suo target di vendite per il 2009 di 300 ordinativi, ma sarà più difficile rispettarlo.
Il vertice annuale della International Air Transport Association (Iata) è iniziato con una nota triste, a causa del disastro aereo della settimana scorsa, ancora non spiegato, che ha riguardato un Airbus A330-200 dell'Air France, che si è aggiunto alle preoccupazioni per un settore industriale colpito dalla crisi finanziaria e dalla volatilità dei prezzi del petrolio.
Ma diversi dirigenti di linee aeree difendono senza indugio l'aereo.
"E' un aereo sicuro, è un buon aereo", ha detto Chew Choon Seng, amministratore delegato di Singapore Airlines, che ha ordinato 16 A330-200. "Non bisogna saltare alle conclusioni".
I responsabili delle compagnie aeree vedono altre preoccupazioni all'orizzonte, dall'aumento della disoccupazione a un surplus della portata delle flotte aeree che potrebbe colpire la redditività.
Le compagnie aeree hanno tagliato i voli e i posti di lavoro per rispondere al calo degli utili, e alcune hanno rinviato o cancellato gli ordini di nuovi velivoli dai costruttori Boeing e Airbus, che è una società di EADS.
Il presidente e fondatore dell'indiana Jet Airways ha detto che la sua compagnia aerea potrebbe rinviare il suo ordine per 10 Boeing 787 Dreamliners a causa della crisi economica.
 

Imark

Forumer storico
Un altro emitttente decisamente solido del comparto è Rolls-Royce, forse fra le poche aziende manifatturiere di una certa caratura rimaste in UK dopo lo switch a favore del settore finanziario...

Un backlog ancora in crescita, una significativa percentuale del fatturato (oltre il 50%) generato da assistenza e attività post-vendita, notoriamente a ridotta ciclicità rispetto a quelle produttive in senso stretto, un profilo finanziario robusto con una buona posizione di liquidità disponibile, ed invariata a fine 2008 rispetto al 2007, con un EBITDAR margin ancora increscita nel 2008 rispetto al 2007, e con un valore percentuale decisamente superiore alla media del settore (16,5%), ne fanno una società in grado secondo Fitch di guadare due-tre anni di crisi senza subire abbattimenti di rating, nonostante il 2009 si prospetti come un anno in cui RR sarà negativa sul piano del free cash flow.

Fitch Affirms Rolls-Royce at 'A-'/'F2'; Outlook Stable

04 Jun 2009 10:26 AM (EDT)


Fitch Ratings-London/Warsaw-04 June 2009: Fitch Ratings today affirmed Rolls-Royce Group plc's (Rolls-Royce) Long-term Issuer Default (IDR) and senior unsecured ratings at 'A-' and its Short-term IDR at 'F2'. The Outlook on the Long-term IDR is Stable.

"Despite the obvious headwinds the company faces in commercial aerospace, Rolls-Royce is in good shape to ride out the recession without a significant deterioration in its solid financial profile," said Tom Chruszcz, Director in Fitch's EMEA Industrials team. "The company has a strong business profile with a well-diversified portfolio of products and services and this is unlikely to change in the short- to medium-term".

The ratings reflect the company's leading market position as an aeronautic engine manufacturer in a concentrated market and a sizeable, and growing, order backlog.

They also reflect the significant share of revenue that is derived from more predictable after-sales activities (52% in FY08), as well as its geographical diversification and strong financial profile.

Nevertheless, the ratings are constrained by the cyclicality of the commercial aerospace segment, which is somewhat mitigated by the sizeable portion of revenue derived from service activities. Other rating constraints include the competitive nature of the industry as well as the company's exposure to the USD.

The Stable Outlook reflects Fitch's expectation of stable profit margins and no material re-leveraging in the medium term. At FYE08, Rolls-Royce had a GBP291m lease-adjusted net cash position, a similar level to FYE07. In 2008, its EBITDAR margin rose to 16.5%, from 14.5% in 2007.

While earnings margins and cash generation will likely deteriorate in 2009 and 2010 (Fitch anticipates the company will achieve negative free cash flow in 2009), the agency believes Rolls-Royce's leverage is likely to remain broadly stable over the coming two to three years and its other credit metrics are also expected to remain firmly within the 'A-' range.

Rolls-Royce is a leading global gas turbine manufacturer, active in the civil (49% of 2008 revenue) and defence (19%) aerospace markets, as well as the marine (24%) and energy (8%) segments. Consolidated revenue for FY08 totalled GBP9.1bn, while the order book stood at GBP55bn.
 

Imark

Forumer storico
Qualche nota positiva in termini di nuovi ordinativi per Boeing, Airbus, Bombardier, Rolls Royce dall'Air Show di Parigi... firme per contratti importanti che intervengono ad irrobustire il backlog. ;)

Boeing upbeat, Airbus wins order at Paris Air Show

Race for airplane orders begins at Paris Air Show, clouded by recession, Flight 447 crash

  • Emma Vandore and Greg Keller, AP Business Writer
  • On Monday June 15, 2009, 9:21 am EDT
LE BOURGET, France (AP) -- A defiant Boeing said Monday the aviation industry's troubles may be ending, while Airbus kicked off the race for plane orders at this year's Paris Air Show, clouded by rainy skies, recession and the unexplained crash of Air France Flight 447

With the global aviation industry facing unprecedented losses and falling revenue, no one attending the 100th anniversary of the world's first and largest air show was expecting Airbus or Boeing to unveil the raft of new jet orders that have been a staple of the event over the past four years.

But some airlines were still willing to get out their checkbook, including Gulf-based carriers such as Qatar Airways and Gulf Air. Airbus scored its first order of the Paris Air Show from Qatar Airways, which wants 24 jets from the Airbus A320 family.

Qatar Airways' head, Akbar al-Baker, announced a firm order for 24 of the planes, including 20 single-aisle A320s and firming-up of orders for four A321 jets announced last year at the Farnborough Air Show.

He said the deal announced Monday is worth $1.9 billion, which is about the same as the list price. Airlines, however, usually negotiate steep discounts to the list price, particularly during grim economic times.

Meanwhile, Rolls-Royce PLC signed a $1.5 billion order with Gulf Air to supply engines for the Bahrain-based airline's new Airbus A330 long-haul aircraft. The British aircraft engine manufacturer will supply Trent 700EP engines to power 20 Airbus A330 aircraft, with deliveries beginning in 2012.

Canada's Bombardier announced it had won, confirmed or converted a total of 35 firm orders for its CRJ1000 NextGen jets by Spanish regional carrier Air Nostrum, in deals worth a total of $1.75 billion.

Boeing set the tone for its air show last week, when its vice president for marketing of commercial aircraft Randy Tinseth warned not to expect a flurry of orders.

Still, Boeing Co. sought to strike a positive tone in face of the ambient gloom surrounding the show, saying key programs such as its 787 remain on track and that the industry's long-term prospects are strong.

"Are we down in the dumps about the status of this industry? Have we allowed the current economic situation to overwhelm us and discourage us from the path ahead? The answer is absolutely no," Scott Carson, president and chief executive of Boeing's commercial aircraft division, said Monday.

"At this point it appears to us that the economic conditions have bottomed," Carson said. "If they have bottomed and a recovery comes next year, I think we have a shot at getting through."

Boeing recently cut its outlook for the commercial aircraft market for the first time in at least a decade, which Carson said was mainly driven by the drop in freight traffic due to the global recession.

Carson said long-term prospects for the industry "are as robust as they have ever been."

However, in answer to some hopeful attendees who thought Boeing might spring a surprise first flight during the show, Carson had disappointing news.

"If you were expecting the 787 to fly during the air show you will be disappointed," said Carson. "If it had happened during the air show it would have been great, but It was never our intention."
"The airplane will fly when it is completely ready," he said.

Already reeling from the global recession, the industry gathering near where Air France Flight 447 should have landed only two weeks ago has been shaken by the still-unexplained crash. Investigators have only two more weeks to find the flight data and cockpit voice recorders before the signals emitted by small beacons on the so-called black boxes start to fade. Without them, the cause of the May 31 accident may never be fully known.

"The aviation community is still under some shock with the severity of this accident," Airbus CEO Tom Enders said.

France's prime minister, Francois Fillon, formally opened the show, touring Airbus displays with French CEOs under a pelting rain. Industry executives from around the world sloshed their way through muddy lots to the Le Bourget airfield, and rain tangled transport to the crowded event, delaying many visitors.

The Paris Air Show is marking its 100th anniversary. It opened to industry on Monday, and then to the public Friday to Sunday. Organizers expect around 300,000 visitors this year, about the same as the last show in 2007. More than 2,000 exhibitors from 48 countries are taking part.
The traditional dogfight over orders between rival planemakers Boeing Co. and Airbus SA has been tempered as the world economic crisis forces airlines to cancel or delay plans to buy planes. Tight credit markets have made it more difficult for potential customers to secure financing.

The International Air Transport Association has warned that the world's airlines will collectively lose $9 billion this year.

So far this year, Boeing -- which is cutting 10,000 jobs -- has taken orders for 73 planes, but with cancellations of 66, the net order intake is only 7 jets.

Airbus -- which hasn't announced extra job cuts but had already been cutting payroll in a restructuring program launched in 2007 -- has booked fewer orders at 32, but with fewer cancellations has a better net balance of 11 jets.

Still both plane makers are cushioned by order backlogs of around 3,500 planes
 

mostromarino

Guest
12-06-09 AEREI: BOEING, MERCATO CIVILE DA 3.200 MLD DLR PER PROSSIMI 20 ANNI (ASCA) - Roma, 12 giu - Nei prossimi vent'anni il mercato degli aerei civili avra' un valore di 3.200 miliardi di dollari, per un totale di 29 mila nuovi esemplari (passeggeri e merci) venduti entro il 2028. La stima e' della Boeing che ha diffuso il ''Current Market Outlook 2009'', il rapporto annuale di previsione ventennale del mercato degli aerei civili.

''Il trasporto aereo sta vivendo un sensibile calo, ma la sua lunga storia ci premette di valutarne la natura ciclica, fatta di flessioni e riprese - commenta Randy Tinseth, direttore marketing di Boeing Commercial Airplanes -. Nel corso degli ultimi 30 anni, il trasporto aereo ha vissuto sia momenti buoni che difficili, crescendo comunque in media di oltre il 5 per cento l'anno, a dimostrazione delle capacita' di ripresa del mercato. Le nostre previsioni a lungo termine individuano nei prossimi vent'anni essenziali elementi di fondo a sostegno di una forte domanda per nuovi aerei''.

Boeing, in particolare, prevede una crescita per le compagnie aeree, sostenuta dalla domanda dei passeggeri per maggiori frequenze dei voli, tariffe piu' basse e accesso diretto a un maggior numero di destinazioni. Questa tendenza implica un aumento dell'offerta di voli con l'utilizzo di aerei piu' efficienti, piuttosto che di maggiori dimensioni.

Gli aerei a corridoio unico costituiranno il segmento di mercato piu' ampio per numero di esemplari (67 per cento), grazie ai grandi mercati domestici in Europa e Nord America e alla crescita dei mercati locali nella regione Asia-Pacifico.

Gli aerei a doppio corridoio rappresenteranno a loro volta il segmento di mercato piu' grande in termini di valore, con il 40 per cento della domanda proveniente dall'Asia - Pacifico e il 23 per cento dall'Europa.

com-sen/cam/bra
 

mostromarino

Guest
Bombardier: siglato contratto per otto Q400 Tuesday 16 June 2009
q400_03_low.jpg
Bombardier Aerospace ha annunciato che MIG Aviation 3 Limited, una società controllata di Marfin Investment Group Holdings S.A., ha siglato un ordine fermo per l'acquisto di otto velivoli turboprop Q400 aircraft più le opzioni per altri otto aerei della stessa famiglia. In base ai prezzi di listino l'ordine fermo ha un valore di 224 milioni di dollari USA e potrebbe arrivare a 468 milioni se tutte le opzioni venissero esercitate. Gli aerei verranno operati con il brand di Olympic Air da Pantheon Airways, società che all'inizio dell'anno ha rilevato asset di Olympic Airlines e Olympic Airways dal governo greco.
con la transazione annunciata oggi il numero di ordini fermi per i velivoli Q400/Q400 NextGen sale a 355 aircraft, di cui 245 sono stati consegnati al 30 aprile 2009.




ilvolo.it
 

mostromarino

Guest
ATR annuncia nuovi ordini al Paris Air Show Notizie - Costruttori aeronautici Tuesday 16 June 2009
atr_72.jpg
ATR ha annunciato oggi al Paris Air Show le firme di importanti contratti per la vendita di velivoli della sua gamma. La compagnia spagnola Air Nostrum ha firmato oggi un contratto per l'acquisto di dieci ATR 72-600 più le opzioni per altri dieci aerei. L'operazione, se anche le opzioni venissero esercitate, avrebbe un valore di 425 milioni di dollari USA.
Royal Air Maroc ha siglato un contratto con ATR per l'acquisto di quattro ATR 72-600 e due ATR 42-600 con opzioni per altri due ATR 72-600. Questo contratto segue un altro accordo firmato a marzo. Gli aerei verranno operati da Royal Air Maroc Express, compagnia regionale di Royal Air Maroc. Le consegne di questi aerei dovrebbero iniziare dal 2011. Gli aerei verranno configurati rispettivamente con 48 e 70 posti.
La compagnia nigeriana Afrijet Airlines ha firmato un contratto per l'acquisto di quattro ATR 72-500. L'operazione ha un valore di 80 milioni di dollari e segue un accordo firmato lo scorso mese.
Infine Vietnam Airlines ha firmato un nuovo accordo per acquistare altri due ATR 72-500. Con questo contratto salgono a 16 gli ATR72-500 ordinati da Vietnam Airlines. Oltre alla firma del contratto, la compagnia asiatica ha ricevuto il suo quarto ATR 72-500, il primo nella nuova livrea.
 

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