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Monday, March 22nd, 2021

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Embraer posts Q4 and full fiscal-year 2020 earnings results

Embraer, the Brazilian planemaker, has released its earnings results for both Q4 2020 and also for the full fiscal year 2020. The company delivered 28 commercial jets and 43 executive jets (23 light / 20 large) in 4Q20, and in 2020 delivered 44 commercial jets and 86 executive jets (56 light / 30 large). The total company firm order backlog at the end of 2020 was US$ 14.4 billion.

Revenues in 4Q20 reached US$ 1,841.4 million and for fiscal year 2020 were US$ 3,771.1 million, representing year-over-year declines of 11.7% and 31.0%, respectively, versus their prior-year periods. Excluding special items, adjusted EBIT and EBITDA were US$ 76.6 million and US$ 145.6 million, respectively, yielding an adjusted EBIT margin of 4.2% and adjusted EBITDA margin of 7.9%.

For fiscal year 2020, adjusted EBIT was US$ (100.5) million (-2.7% margin) and adjusted EBITDA was US$ 82.1 million (2.2% margin), with the negative EBIT mostly driven by weakness in the company’s Commercial Aviation segment within the context of the COVID-19 pandemic. 

Adjusted net loss (excluding special items and deferred income tax and social contribution) in 4Q20 was US$ (12.5) million, with adjusted loss per ADS of US$ (0.07), while adjusted net loss for 2020 was US$ (463.7) million, with adjusted loss per ADS for the period of US$ (2.52).

Embraer reported a significant improvement in free cash flow in 4Q20, reporting cash generation of US$ 725.1 million in the period, leading to full year free cash flow usage of US$ (990.2) million in 2020.  The Company finished the year with total cash of US$ 2.8 billion, steady versus the US$ 2.8 billion in cash at the end of 2019.

Embraer’s net debt position at the end of 2020 was US$ 1,695.7 million.  Due to continued uncertainty related to the COVID-19 pandemic and its impacts on the industry, the Company has decided to not publish 2021 financial and delivery guidance at this point.

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DAE completes Boeing 737 MAX 8 transaction with American Airlines

Dubai Aerospace Enterprise (DAE) has substantially completed the agreement with American Airlines signed in the third quarter of 2020 to deliver 18 new Boeing 737 MAX 8 aircraft.

Firoz Tarapore, Chief Executive Officer of DAE said: “This transaction reflects our agility, our balance sheet strength, our underwriting capability, our ability to assist one of our long-term customers and our belief in the product strength of the 737 MAX 8 aircraft. We are delighted to see an increasing number of global aviation regulators return the MAX to the skies. We wish American and Boeing great success.”

ANA to introduce Boeing 777 Freighters for flights between Los Angeles and Tokyo

All Nippon Airways (ANA) will employ Boeing 777 Freighters (777F) on cargo freighter flights between Los Angeles and Tokyo Narita Airport. ANA opted to use the 777F for these flights for its maximum load capacity at roughly 100 tons, approximately double the capability of the 767F. This increased capacity and aircraft size makes the aircraft appropriate for the transportation of semi-conductors, engines and other large goods.

ANA is responding to the growing demand for cargo transportation between Asia and North America, such as automobile parts from Japan and perishables from North America. The flight is scheduled to operate on April 23, between Narita and Los Angeles. These goods will be delivered as far as Southeast Asia via Tokyo Narita, demonstrating the advantages of ANA's efficient air freighter network. This is the latest route to welcome the 777F, following its current routes to Shanghai, Chicago, Frankfurt and Bangkok.

Through the third quarter of this fiscal year, ANA's revenue from its freighter business has reached a record high. ANA currently owns a total of 11 freighters (two Boeing 777 freighters and nine 767 freighters).

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Airways International completes Norway simulation project

A fully remote installation of 12 air traffic control simulator sites throughout Norway is now complete, ending a complex eight-month project for Airways International Ltd (AIL) and Avinor during the global COVID-19 pandemic.

In what is believed to be a world first, AIL reinvented its TotalControl ATC simulator delivery process to remotely install and site test the suite of simulators for Avinor Air Navigation Services. The project’s scale of six large tower cabs (four with dedicated surveillance sims), six mobile simulators and 17 aerodrome environments, along with the tight timeframe was already a challenge. Overlaying COVID-19 border- and travel restrictions created the right opportunity to adapt a reasonably standard sim commissioning process to be more dynamic, efficient and flexible, which increased feedback loops and collaboration between AIL and Avinor.

The AIL and Avinor teams worked thousands of kilometres apart during the project, creatively using technology to undertake remote factory acceptance testing of the simulators from New Zealand, and remote site acceptance testing led by Avinor in Norway.

AIL signed the simulator contract with Avinor in May 2020.  A five-year contract for simulator license, support and maintenance is also in place. The first tower simulator was installed and commissioned at Oslo Airport on October 1, 2020, and the final tower simulator went live at Stavanger Airport in Sola on December 16. Since then, all remaining aerodrome environments have been built and commissioned to conclude the project. 

Willis Lease Finance reports annual pre-tax profit of US$17.3 million

Willis Lease Finance has reported annual total revenues of US$288.7 million and pre-tax profit of US$17.3 million for the year ended December 31, 2020.

The Company reported lower revenue in 2020 when compared to the prior year, primarily due to the impact of the COVID-19 pandemic. The slowdown in global travel has led to a reduction in aircraft and engine utilization as well as a reduction in demand for aircraft and engine spare parts which keep airline fleets in operation.

For the year ended December 31, 2020, aggregate lease rent and maintenance reserve revenues were US$248.3 million and spare parts and equipment sales were US$18.6 million.

“The COVID-19 pandemic obviously has had a dramatic impact on global travel and the aircraft and aircraft engine lessors, including our company, have felt the effects of the slowdown,” said Charles F. Willis, Chairman and CEO. “We have worked hard this year to protect our own liquidity, focus on our customers and invest in new technology equipment, which we believe has positioned the company well for continued growth and the industry’s eventual emergence from this crisis.”

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Airbus Helicopters delivers last of seven H145 helicopters to German Armed Forces SAR service

Airbus Helicopters has handed over the seventh and last H145 for the search and rescue (SAR) service of the Bundeswehr to the Federal Office of Bundeswehr Equipment, Information Technology and In-Service Support (BAAINBw) on time.

The previously delivered helicopters are used for training and field testing and are available 24/7 at the Niederstetten and Nörvenich air bases for rescue operations. Operations with the new H145 LUH SAR will begin shortly, as planned, at the third SAR station in Holzdorf.

Among other features, the helicopters are equipped with high-performance cameras, searchlights, emergency beacon locator systems, a full suite of medical equipment, rescue winches, and load hooks that can be used for fire-extinguishing tanks, for example. They are easy to identify thanks to the characteristic bright orange paintwork on their doors, featuring ‘SAR’ in blue lettering.

OneWeb and SatixFy sign agreement for In-Flight Connectivity (IFC) compact terminal

OneWeb, the global communications network powered from Space and SatixFy U.K., a leading multibeam antenna and terminal design specialist, have signed an agreement to develop a new In-Flight Connectivity (IFC) terminal that will work over the OneWeb network as well as on Geostationary (GEO) satellite networks. SatixFy U.K. has formed a joint venture with Singapore Technology Engineering (ST Engineering), called JetTalk, to exclusively commercialize the IFC terminal for commercial aviation markets.

The agreement reaffirms OneWeb’s ambitions in the global aerospace arena as it sets out its roadmap to support commercial, regional, business and government aviation users.

The IFC terminal will unleash the power of OneWeb’s Low Earth Orbit (LEO) constellation and deliver a ‘home-equivalent’ inflight broadband experience, while also allowing operators to complement their legacy GEO service. The product is based on SatixFy’s Electronically Steered Multibeam Antenna (ESMA) technology, developed together with JetTalk and provides multibeam capability and operates simultaneously on multiple LEO and GEO satellites.
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Tamar Jorssen
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Email: tamar.jorssen@avitrader.com
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Tamar