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Transcript of [email protected] +55 11 3040 6874 ... - Mziq
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[email protected] +55 11 3040 6874ri.embraer.com.br March 22
2
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This presentation includes forward-looking statements or statements
about events or circumstances which have not occurred. We have
based these forward-looking statements largely on our current
expectations and projections about future events and financial trends
affecting our business and our future financial performance. These
forward-looking statements are subject to risks, uncertainties and
assumptions, including, among other things: general economic, political
and business conditions, both in Brazil and in our market. The words
“believes,” “may,” “will,” “estimates,” “continues,” “anticipates,” “intends,”
“expects” and similar words are intended to identify forward-looking
statements. We undertake no obligations to update publicly or revise any
forward-looking statements because of new information, future events or
other factors. In light of these risks and uncertainties, the forward-looking
events and circumstances discussed in this presentation might not occur.
Our actual results could differ substantially from those anticipated in our
forward-looking statements.
DISCLAIMER
3
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INVESTOR RELATIONS
DEFENSE &
SECURITY
EXECUTIVE
JETS
COMMERCIAL
AVIATION
SERVICES &
SUPPORT
EMBRAER BUSINESS AREAS
INVESTOR RELATIONS3
4
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INVESTOR RELATIONS
EMBRAER CONTINUOUS EVOLUTION
E-JETS
PHENOM 100EV
PHENOM 300E
PRAETOR JETS
C-390 MILLENNIUM
E-JETS - E2
Achieving maturity and efficiency through
the development of a customer-centric,
technology-driven portfolio of products
and services
5
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INVESTOR RELATIONS
SHAREHOLDERS
Fiscal
Board
Board of
Directors
Ethics
Committee
Financial
Management
Committee
Securities
Trading
Committee
Environmental
Risk Committee
Internal Audit
Strategy and
Innovation
Committee
Audit, Risk and
Ethic Committee
Board of
Executive
Officers
Audit, Risk and
Ethic Committee
Personnel and
ESG Committee
Sustainability
Committee
Risk and Internal
Controls
CORPORATEGOVERNANCESTRUCTURE
Compliance
6
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INVESTOR RELATIONS
72%
28%
OWNERSHIP STRUCTURE
52%
48%
LOCAL
SHAREHOLDERS
INTERNATIONAL
SHAREHOLDERS
7
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INVESTOR RELATIONS
EMBRAERCREDITRATINGS
BB
BB+
Ba2
8
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INVESTOR RELATIONS
SHORT TERM STRATEGY
RECAPTURE SYNERGIES
BUSINESS PLAN
UPDATE
CASH
PRESERVATION
EMPLOYEE HEALTH & SAFETY
LEAN
ORGANIZATION
9
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EMBRAER BEYOND 2020 - FIT FOR GROWTH
RECOVERY GROWTHCRISIS RESPONSE
PLAN EXECUTION & COMPANY
TURNAROUND CAPTURE EMBRAER’S FULL POTENTIALSUSTAIN LIQUIDITY & RESTRUCTURING
2020 2021-2022 2023-2026
ROBUST EXECUTION AND CONSISTENT STRATEGIC PLAN PROJECTIONS
GROWTH INITIATIVES ENCOMPASSING ALL BUSINESS UNITS & PARTNERSHIPS
ENTERPRISE EFFICIENCY PROGRAMS BASED ON LEAN CONCEPTS
POSITIVE EBIT AND IMPROVED FCF IN 2021
INNOVATION AS A FUTURE GROWTH DRIVER
STRONG CULTURE OF SAFETY, TEAM SPIRIT AND RESULTS
ESG PROGRAM PROGRESSING
10
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COMMERCIALAVIATION
INVESTOR RELATIONS10
11
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INVESTOR RELATIONS
100+ 60+Airlines Countries
CUSTOMERSCOMMERCIALAVIATION
12
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INVESTOR RELATIONS
80-90 seats2,060nm (3,820Km)Under certification
97-114 seats2,880nm (5,333Km)
120-146 seats2,600nm (4,815Km)
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COMMERCIAL AVIATION - PRODUCT PORTFOLIO
78 - 88 seats2,000nm (3,700Km)
INVESTOR RELATIONS12
13
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INVESTOR RELATIONS
Source: Embraer (December 2021)
1999 2002 2005 2008 2011 2014 2017 2020
1,996ORDERS
325AIRCRAFT IN BACKLOG
1,671DELIVERIES
E-JETS GLOBALMARKET SUCCESS
14
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INVESTOR RELATIONS
FIRM ORDERS DELIVERIES FIRM BACKLOG
191 191 -
840 693 147
568 565 3
172 172 -
- - -
22 17 5
203 33 170
TOTAL 1,996 1,671 325
E-JETSORDER BOOK4Q21
15
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INVESTOR RELATIONS
46%
25%
13%
12%4%
DELIVERIES SHAREUP TO 150 SEAT AIRCRAFT
NORTH AMERICA SHARE76 SEAT JETS - ORDERS SINCE 2013
DELIVERIES
BY REGION
BACKLOG
BY REGION
OTHERS
CRJ 900
ASIA PACIFIC CHINA
LATIN AMERICANORTH AMERICA EUROPE CIS
MIDDLE EAST AFRICA
E-JETS SHARE ANDREGION BREAKDOWN
As of 2Q21
*
* All A220/CSeries deliveries are considered under Airbus
16
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INVESTOR RELATIONS
single
cla
ss c
apacit
y
180+
160
140
120
100
80
E175 E-2
E175
E190 E-2
E195 E-2
SSJ100
M90ARJ 21
A220-100
A220-300
737-7 MAX
A319 NEO
A320 NEO 737-8 MAX
COMPETITIVE SCENARIO
150
?M100
17
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INVESTOR RELATIONS
760 a/c9%
LATIN AMERICA
2,710 a/c31%
NORTH AMERICA
600 a/c7%
AFRICA & MIDDLE EAST
2,410 a/c28%
EUROPE & CIS
2,160 a/c25%
ASIA PACIFIC
8,640 a/c
WORLDWIDEJETS UP TO 150 SEATS
EMBRAER MARKET FORECAST2019-2040
COMMERCIALAVIATION
18
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INVESTOR RELATIONS
DIRECT REPLACEMENT
SMALL NB IN US MAINLINES
LCCS IN ASIA AND EUROPE
REGIONAL AVIATION DEVELOPMENT (INDIA, BRAZIL, TURKEY, IRAN)
CHINA: NEW CAAC POLICY ON AIRLINE LICENSE
50/70-SEAT JET REPLACEMENT
TP REPLACEMENT
RIGHTSIZING
MARKETOPPORTUNITIES
19
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INVESTOR RELATIONS19
20
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INVESTOR RELATIONS
70
80
90
100
110
120
130
120-146 seats2,600nm
97-114 seats2,880nm
80-90 seats2,060nm
+4SEATS
SAME
E-JETSEVOLUTION
+14 SEATS
21
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SMARTERBY DESIGN
New Interior New Wing Improved Avionics AircraftSystems
FuselageLandingGear Door
NewEngine
4th Gen FullFly-by-Wire
Enhanced PAX
experience and
more overhead
bin volume
More efficient,
higher aspect ratio
45% more display
Re-design to boost
performance, reliability
and maintenance costs
Digital closed-
loop control to
improve flying
qualities and
fuel efficiency
High-By-Pass
Ratio, Geared
Fan Engines
Up to 1% fuel
burn reduction
Extensive
aerodynamic
optimization
to improve
fuel efficiency
17.3%LOWER CONSUMPTION OVER FIRST GENERATION E190
INVESTOR RELATIONS21
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22
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SMARTER FOR BUSINESS
-10% A220-100
A220-300
PER TRIP
PER S
EAT
-10%
-10%
Cash Operating Cost
22 INVESTOR RELATIONS
23
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INVESTOR RELATIONS
E175-E2 (80 seats)
vs E175 (76 seats)E190-E2 (97 seats)
vs E190 (97 seats)
E195-E2 (120 seats)
vs E195 (106 seats)0%
-5%
-10%
-15%
-20%
-25%
E175 CF34-8E5 / E190 CF34-10E6 baseline per 2011 conditions
*2,600FH/Yr & 1.5FH/FC; 10 years DMC -25%
-15%
-20%
-16%-17%
-25%
Target values for 600nm sector; Dual class configuration
DMC
FUEL BURN
COST PER SEATIMPROVEMENTS
24
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INVESTOR RELATIONS
UP TO 50% HIGHER PROFIT PER SEATThan 170-seat Aircraft
=-+30% +20% +50%
REVENUE PER SEAT COST PER SEAT PROFIT PER SEAT
100 SEATER
170 SEATER
25
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INVESTOR RELATIONS
2019 2024
PLANNEDACCOMPLISHED
201820172016201420132012 2015
ADVANCED DESIGN DETAIL DESIGN / MANUFACTURING / CERTIFICATION
ADVANCED DESIGN DETAIL DESIGN / MANUFACTURING / CERTIFICATION
ADVANCED DESIGN DETAIL DESIGN / MANUFACTURING / CERTIFICATION
✓ 1ST FLIGHT
✓ 1ST FLIGHT
✓ 1ST FLIGHT
MASTER PHASE PLANOn time, on budget, better than spec
APRIL
2018
EIS
SEP.
2019
EIS
26
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Target
850 – 8,500 FH
Maintenance
Achieved
1,000 - 10,000 FH
INVESTOR RELATIONS
E190-E2 TRIPLE CERTIFICATION
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Target
15 EPNDBBelow limit
Achieved
20 EPNDB Below limit
Noise
Target
3 Days
Training
Achieved
2.5 Days with low level device
Achieved
22,000 FC/12 Years
Landing Gear
Target
20,000 FC/10 Years
Target
16% FB Reduction
Fuel Burn
Achieved
17.3% FB Reduction
26
27
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EXECUTIVEAVIATION
INVESTOR RELATIONS27
28
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INVESTOR RELATIONS
1,500+Jets delivered
EXECUTIVEAVIATION
70+Countries
CLIENTS
29
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INVESTOR RELATIONS
SUPERMIDSIZECertified 2019
8 to 12 passengers | 4,018nm
•Cessna - Sovereign+, Longitude•Bombardier - CL350•Gulfstream - G280
7 to 9 passengers | 3,340nm
MIDSIZECertified 2019
•Cessna – Latitude, Sovereign+
LIGHTCertified 2020
Up to 11 occupants | 2,010nm
•Cessna - CJ3+/CJ4, XLS+•Bombardier - Learjet 75 Liberty•Pilatus - PC-24
ENTRYCertified 2017
Up to 8 occupants | 1,178nm
•Cessna - M2•HondaJet
EXECUTIVE AVIATION PRODUCT PORTFOLIO
Certification dates refer to latest model versions.INVESTOR RELATIONS29
30
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INVESTOR RELATIONS
REVENUES AND DELIVERIES SHARE
18.4 18.5 20.0 703 644 71066719.0 20.7 677
REVENUES SHARE (US$ Bi|B&CA List Prices) DELIVERIES SHARE (Units)
1.2 93
Others80921.8
31
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INVESTOR RELATIONS
1,570
Accumulated FleetEmbraer Executive Jets Deliveries
EXECUTIVE AVIATIONDeliveries Evolution
32
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INVESTOR RELATIONS
BUSINESS JETSPre-owned market inventory remains at a healthy level, despite global pandemic
Source: Jetnet, May 2020
0%
4%
8%
12%
16%
20%
24%
28%
0
500
1.000
1.500
2.000
2.500
3.000
3.500
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
% o
f acti
ve f
leet
Unit
s
Fleet up to 10 yrs and positions Older than 10 y.o 0 to 10 y.o % for sale Total fleet % for sale
9.8%
2213 jets
6.6%
450 jets
33
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INVESTOR RELATIONS
DELIVERIES EVOLUTIONN10Y – Baseline Scenario, post COVID-19 | Global Deliveries
FORECAST
7,000 Units U$193 Bi
790
560
1.870
550
1.130
680
1.360
60
N10Y
2320
10
30
30
88
10
N10Y
0
200
400
600
800
1.000
1.200
1.400
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
Entry
Light
Midsize
Supermid
Large
U-long range
U-large & Airliners
Personal Jets
34
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INVESTOR RELATIONS
315 a/cLATIN AMERICA
4,500 a/cNORTH AMERICA
670 a/c
ASIA PACIFIC
& MIDDLE EAST
1,515 a/cEUROPE & AFRICA
7,000 a/c
US$ 47 bi (24%)
US$ 6 bi (3%)
US$ 112 bi (58%)
US$ 28 bi (15%)
US$ 193 bi
WORLDWIDE
EMBRAER MARKET FORECAST2020-2029
EXECUTIVEAVIATION
35
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DEFENSE& SECURITY
INVESTOR RELATIONS35
36
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INVESTOR RELATIONS
60+Armed Forces
CLIENTSDEFENSE& SECURITY
1,400+Aircraft delivered
37
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INVESTOR RELATIONS
C4I
• C2 & C4I SYSTEMS• AIRBORNE SYSTEMS• SIMULATION• CONTROL SYSTEMS• AIR TRAFFIC SYSTEM
100%
SATELLITE
• SATELLITE GEOSTATIONARY OF DEFENSE AND COMMUNICATIONS (SGDC)
51%
SUBSIDIARIES
• LAND DEFENSE SYSTEMS INTEGRATION
• SISFRON IMPLEMENTATION
• REMOTE SENSING
• AERIAL SURVEILLANCE RADAR
100%
LAND SYSTEMS
SPECIAL MISSIONS
LIGHT ATTACK ANDADVANCED TRAINING
TACTICAL MILITARYTRANSPORT
MODERNIZATIONPROGRAMS
RADARS SURFACE VESSEL
ISR SOLUTIONS
DEFENSE & SECURITY - INTEGRATED PORTFOLIO
38
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INVESTOR RELATIONS
REVENUES EVOLUTION (US$ Million) BACKLOG EVOLUTION (US$ Billion)
REVENUES PARTICIPATION (%)
DEFENSE & SECURITYRESULTS
39
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• Título em uma linha
C-390MILLENNIUM
• Brazil, Portugal and Hungary governments signed contracts for
22, 5 and 2 aircraft, respectively, to be delivered over the
next 10 years
• Military Certification in 2021
• 3,000+ flight hours
• Four aircraft delivered to Brazilian Air Force
• NATO capabilities being implemented for the Portuguese MoD
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NEW TACTICAL MILITARY TRANSPORT
AND TANKER AIRCRAFT
INVESTOR RELATIONS39
40
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INVESTOR RELATIONS
34%
C-390 MILLENNIUM
MARKET OVERVIEW
25 YEARS
7%*
35 YEARS**
12%37 YEARS
9%36 YEARS
18%34 YEARS
20%32 YEARS
~2,700
CURRENT
AIRCRAFT FLEET
31.5
AIRCRAFT
AVERAGE AGE
20 YEARS
MOST SHALL BE REPLACED
OVER THE NEXT
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* Fleet distribution
** Fleet average age
10 to 30 tons
41
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is
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per
ty o
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can
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or
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.Firm orders
~ 260 aircraft
Deliveries
230+ aircraft
Global Presence
• Brasil: 99
• LATAM: 73
• North America: 3
• Africa: 29
• Asia: 53
• Middle East: 6
Market Leader
More than
50% market-share
SUPER TUCANOLIGHT ATTACK AND ADVANCED TRAINING
INVESTOR RELATIONS41
42
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F-39 GRIPENNEW BRAZILIAN FIGHTER
Brazilian government
contracted SAAB to supply 36
Gripen NG fighter jet
Milestones accomplished
according to contractProgram conclusion in 2026
INVESTOR RELATIONS
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Flight test campaign at Embraer to
start in 2020
42
43
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INVESTOR RELATIONS
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info
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.Th
is in
form
atio
n i
s p
rop
erty
of
Emb
raer
an
d c
ann
ot
be
use
d o
r re
pro
du
ced
wit
ho
ut
wri
tten
per
mis
sio
n.
• New avenue in the Brazilian Defense Sector
• Consortium “Águas Azuis”
Embraer: Combat system integration
• 4 Frigates (~US$ 1.8 billion)
• 1st delivery in 2023
BRAZILIAN NAVY
TAMANDARÉ CLASS
44
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INVESTOR RELATIONS
SISFRON I
• 2019 Conclusion
SISFRON II
• New phase to be contracted
CONTROL SYSTEM
• SGDC
• Remote sensing
• VCUB
SUBSIDIARY COMPANIES
DEFENSE SYSTEMS
• Consortium Aguas Azuis
• Labgene
• CMS - Combat Mgmt System
• IPMS - Integrated Platform Mgmt System
AIR TRAFFIC MGMT & CONTROL
45
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INVESTOR RELATIONS45
SERVICES& SUPPORT
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INVESTOR RELATIONS
SERVICES & SUPPORT BUSINESS UNIT
Our portfolio of TechCare
services is designed around
your specific needs.
Let us know how we can help.
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INVESTOR RELATIONS
COMMERCIALAVIATION
AGRICULTURALDEFENSE& SECURITY
Supported fleet
Customer base
Presence
EXECUTIVEJETS
SERVICES & SUPPORT AT A GLANCE
2,400+
200+
75+ countries
1,500+
800+
70+ countries
900+
50+
30+ countries
1,200+
800+
3 countries
EMBRAER
REVENUE 2020
24%SERVICES & SUPPORT
#EMPLOYEES
2,200TOTAL FLEET
6,000+
60+
30 countries
48
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INVESTOR RELATIONS
Owned services centers
Authorized service centers
Sales offices
Industrial facilities
SERVICE CENTERSGlobal Footprint
FIELD SUPPORT
110
WAREHOUSES
24
AUTHORIZED SERVICE CENTERS
71
OWNED SERVICE CENTERS
9
FLIGHT SIMULATORS
77
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INVESTOR RELATIONS
• Components Repair
• MRO New Businesses
• Mergers & Acquisitions
• Aircraft Enhancement
• Training Solutions
• Integrated Services
• Parts Distribution & Logistics
• Services & Support Labs
To be the leader in profitability
in the aeronautical industry and
recognized by customers as the
best Services & Support provider
BUSINESS DEVELOPMENT OPPORTUNITIES
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POSITIONED TO BE THE PREMIER PLAYER IN UAM
50
• Combination with Zanite Acquisition Corp. and listing in NYSE announced on Dec. 21, closing
expected for 2Q2022
• Total investments of approx. $500M (net of transaction costs), including SPAC and PIPE
• Anticipated pro-forma enterprise value of $2.4B
• Important strategic partners: Skywest, Republic Airwaus, BAE Systems, Rolls Royce, Azorra and
Falko
• Strategic support from Embraer: access to infrastructure, extensive certification and
manufacturing experience, established global network for service and support, intellectual property
and engineers as major differentiators
51
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FINANCIAL RESULTS
51 INVESTOR RELATIONS
52
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AIRCRAFT DELIVERIES
4 4 2
20
38 7
1359
19
23
10
12 14
26
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
LIGHT JETS
MID-SIZE JETS
2021: 48 2021: 9362 | 31
+8%
(YoY)
+9%
(YoY)
2020: 44 2020: 86
5 47
28
9
14
9
16
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
Outlook 2021: 90 – 95 Outlook 2021: 45 – 50
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NET REVENUESUS$ BILLION
BACKLOGUS$ MILLION
(YoY)
15.9 15.4 15.1 14.4 14.215.9 16.8 17.0
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
634 537759
1,841
807
1,131958
1,301
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
S&S
EXECUTIVE
D&S
COMMERCIAL
BREAKDOWN BY
BUSINESS 4Q21
53% 14%
16%
17%
Best backlog since 2Q18
(YoY)
+18%BREAKDOWN BY
BUSINESS 2021
Outlook 2021: US$ 4.0 – 4.5 Billion
2021: 4,1972020: 3,771
S&S
EXECUTIVE
D&S
COMMERCIAL
32%27%
14%
27%
+11%
+2.6 Bi
92% Exported
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ADJUSTED EBITUS$ MILLION
ADJUSTED EBITDAUS$ MILLION
ADJ. EBIT ADJ. EBIT MARGIN ADJ. EBITDA ADJ. EBITDA MARGIN
2021 Outlook: 8.5% - 9.5%2021 Outlook: 3.0% - 4.0%
-5
-101
167-0.1%
-2.7%
4.0%
2019 2020 2021
182
82
363
3.3%2.2%
8.6%
2019 2020 2021
2.0% 110
-1.1% (40)
9.5% 397
REPORTED EBITDA
REPORTED EBIT
-1.4% (77)
-8.6% (323)
4.8% 201
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SG&AUS$ MILLION
INVESTMENTSUS$ MILLION
286 256213
190
143153
2019 2020 2021
328
151210
158
51
35
2019 2020 2021
CAPEX R&D
486
245
202
(2021 X 2020)
+21%
367399
476 (2021 X 2019)
-23%
G&A SELLING
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ADJ. NET RESULTSexcludes extraordinary items
US$ MILLION US$ MILLION
ADJUSTED FCF
ADJ. NET RESULTS ADJ. NET MARGIN
REPORTED NET RESULTS
EPADS
Adj. FCF improving consistently
-5.9% (322)
-19.4% (732)
-1.1% (45)
(1.75) (3.98) (0.24)
2021 Outlook: US$ 100 Million or Better
(182)
(990)
292
2019 2020 2021
(218)
(464)
(29)
-4.0%
-12.3%
-0.7%
2019 2020 2021
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LIQUIDITY
MATURITIES - US$ MILLION
229 316 7850 784461 262
59
520
20242022 2023 20262025 >20282027
4911,005
1R$ 95
2,540
Cash
US$
2,635
MATURITIES
BOND TENDER*
DELEVERAGING - US$ MILLION
Total Debt: US$ 4,027 million
99% denominated in US$
* BONDS 2022/2023: BUYBACK IN 1T22 OF US$ 289 MILLION
Liquidity reinforced by better FCF & EBIT
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OUTLOOK
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2022 OUTLOOK
REVENUES
FREE CASH FLOW
EXECUTIVE AVIATION
COMMERCIAL AVIATION ADJ. EBIT MARGIN
ADJ. EBITDA MARGIN
DELIVERIES
3.5% - 4.5% US$ 50 MILLION OR BETTER60 - 70
100 - 110 8.0% - 9.0%
US$ 4.5 - 5.0 BILLION
Outlook excludes EVE
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