Posted on: 04 March 2015 by Ross McSweeny
Embraer has reported that throughout 2014 (FY2014) it delivered 92 commercial and secured revenue of $6,288.8 million across the whole business, with fiscal year 2014 net income attributable to Embraer shareholders of $334.7 million.
During 4Q14, Embraer delivered 30 commercial jets and created $2,045.5 million in revenue. In 4Q14, the company delivered no E170s, 22 E175s, five E190s and three E195s. Over the whole year, the 92 deliveries were made up of one E170, 62 E175s, 19 E190s and 10 E195s.
This left the commercial aviation backlog on 31 December 2014 at 459 aircraft, comprising 5 E170s, 172 E175s, 65 E190s and seven E195s as well as 100 E175-E2s, 60 E190-E2s and 50 E195-E2s. The first E2 deliveries are scheduled for 2018.
By 31 December 2014, 1,549 orders had been placed for E-Jets (both generations combined), with 1,090 delivered. The orderbook also has 722 options.
The company finished the year with a backlog across all sectors valued at $20.9 billion, representing 15% growth from the $18.2 billion backlog reported at the end of 2013.
In 4Q14, the company invested $132.3 million in product development, which was partially offset by the addition of $13.9 million in contributions from suppliers. For the full year, Embraer invested $415.4 million in product development, partially offset by $185.4 million in contributions from suppliers, yielding a net capitalised development investment of $230.0 million for 2014, principally for the Legacy 450 executive jet programme and E-2 commercial aircraft programme.
Embraer finished 2014 with a total cash balance of $2,423.6 million and a net debt position of $84.5 million.
Although net development investment in 2014 was below the company guidance of $320 million for the year, Embraer claims it hasn’t impacted the overall entry into service target dates of its ongoing programmes.
With this in mind, for 2015 Embraer is expecting net revenues of $6.1-6.6 billion, driven by expected
deliveries of 95 to 100 commercial aircraft, as well as 35 to 40 large jets and 80 to 90 light jets in the executive aircraft segment, with defence and security revenues totalling $1.1-1.25 billion.