Nasdaq GlobeNewswire

Bombardier Reports Second Quarter 2018 Results

Del
  • Earnings(1) up 18% year over year on $4.3B revenues, driven by a strong 11% growth at Transportation
  • EBIT margin(1) expands by 80 bps to 6.4%
  • Consolidated EBITDA and EBIT before special items(2) of $336M and $271M respectively
  • Improved free cash flow usage(2) of approximately $370M(3) supports full year breakeven target
  • Backlog expansion across all businesses(4)
  • Airbus partnership closed ahead of schedule; significant new orders announced
  • $600M cash infusion from Downsview property sale finalized

MONTRÉAL, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Bombardier (TSX: BBD.B) today reported its second quarter 2018 results, including strong earnings growth, margin expansion and improving cash usage. The Company continues to make solid progress executing its turnaround plan and confirmed that it is on track to achieve its 2018 guidance and 2020 targets.

“We continue to make solid progress executing our turnaround plan and positioning the company for the future,” said Alain Bellemare, President and Chief Executive Officer, Bombardier Inc. “With our heavy investment cycle largely behind us, our focus is now on ramping-up production and improving operational efficiency to accelerate growth. You can see this in our solid second quarter results.”

Bombardier’s revenues stood at $4.3 billion for the quarter, a 3% increase over the same period last year. This increase was largely driven by a strong, 11% growth at Transportation, which saw growth across all segments including rolling stock and systems, services and signaling. The Company’s cash flow usage was approximately $370 million for the quarter, in-line with the full-year plan. The reported free cash flow of $232 million includes approximately $600 million net proceeds from the sale of the Downsview property, which closed on schedule earlier in the quarter.

EBIT before special items grew 18% year over year to $271 million, while EBITDA before special items grew 7% to $336 million. EBIT margin before special items(2) continued to improve, reaching 6.4% on a consolidated basis. Margins were at or above 8.5% for Transportation, Business Aircraft and Aerostructures and Engineering Services.

Order backlogs remain strong across the Bombardier portfolio. Transportation reported a book-to-bill ratio(5) of 1.1 for the quarter, leading to a $34-billion backlog and demonstrating its strong competitive position in markets around the word. Business Aircraft took advantage of an improving business jet market to grow its industry-leading backlog by $200 million during the quarter, to $14.1 billion. Commercial Aircraft won orders for a total of 35 CRJ Series aircraft equipped with the new ATMOSPHÈRE cabin and for 16 Q400 aircraft.

Bombardier also concluded a number of key strategic actions in the quarter, including closing the Airbus partnership ahead of schedule. The partnership combines the best aircraft in the 100-150 seat class with Airbus’ global scale and reach. New orders from JetBlue and the start-up airline led by David Neeleman clearly demonstrate the value-creating potential of the partnership.

Bombardier also solidified its leadership position in large cabin business jets with the launch of the new Global 5500 and Global 6500 aircraft, and by increasing the range, takeoff and landing performance of the Global 7500 aircraft.(6) Certification of the Global 7500 business jet is expected shortly, followed by first delivery and entry-into-service before year-end. With the best product portfolio, market leading deliveries and the largest backlog in the industry, Bombardier is the premium brand in business jet.

“Bombardier delivered strong performance in the first half of 2018, and has strong momentum heading into the second half of the year,” added Alain Bellemare. “In addition to achieving our near-term financial goals, we are also taking the right strategic actions to position the company for strong growth well into the next decade.”

SELECTED RESULTS

RESULTS OF THE QUARTER            
Three-month periods ended June 30 2018   2017   Variance  
      restated (7)      
Revenues $ 4,262     $ 4,144   3 %
EBIT $ 191     $ (57 ) nmf  
EBIT margin 4.5 % (1.4 )% 590 bps  
EBIT before special items $ 271     $ 230   18 %
EBIT margin before special items 6.4 % 5.6 % 80 bps  
EBITDA before special items $ 336     $ 313   7 %
EBITDA margin before special items(2) 7.9 % 7.6 % 30 bps  
Net income (loss) $ 70     $ (243 ) nmf  
Diluted EPS (in dollars) $ 0.02     $ (0.11 ) $ 0.13  
Adjusted net income(2) $ 87     $ 91   (4 )%
Adjusted EPS (in dollars)(2) $ 0.03     $ 0.05   $ (0.02 )
Net additions (proceeds) to PP&E and intangible assets $ (312 )           $ 389   nmf  
Cash flows from operating activities $ (80 )   $ (181 ) 56 %
Free cash flow (usage) $ 232     $ (570 ) nmf  
                   
                   
                   
RESULTS OF THE SIX-MONTH PERIOD                  
Six-month periods ended June 30   2018       2017   Variance  
            restated      
Revenues $ 8,290     $ 7,749   7 %
EBIT $ 392     $ 93   322 %
EBIT margin   4.7 %     1.2 % 350 bps  
EBIT before special items $ 472     $ 403   17 %
EBIT margin before special items   5.7 %     5.2 % 50 bps  
EBITDA before special items $ 601     $ 564   7  
EBITDA margin before special items   7.2 %     7.3 % (10) bps  
Net income (loss) $ 114     $ (237 ) nmf  
Diluted EPS (in dollars) $ 0.04     $ (0.11 ) 0.15  
Adjusted net income $ 122     $ 130   (6 )%
Adjusted EPS (in dollars) $ 0.04     $ 0.06   (0.02 )
Net additions (proceeds) to PP&E and intangible assets $ (62 )   $ 665   nmf  
Cash flows from operating activities $ (551 )   $ (498 ) (11 )%
Free cash flow usage $ (489 )   $ (1,163 ) 58 %
As at   June 30, 2018       December 31, 2017      
Available short-term capital resources(8)(9) $ 4,207     $ 4,225   - %

All amounts in this press release are in U.S. dollars unless otherwise indicated.

Amounts in tables are in millions except per share amounts, unless otherwise indicated.

SEGMENTED RESULTS AND HIGHLIGHTS 

Business Aircraft

Results of the quarter      
Three-month periods ended June 30 2018 2017 Variance
    restated  
Revenues $ 1,307 $1,389 (6)%
Aircraft deliveries (in units) 34 36 (2)
EBIT $ 108 $99 9%
EBIT margin 8.3% 7.1% 120 bps
EBIT before special items $ 111 $127 (13)%
EBIT margin before special items 8.5% 9.1% (60) bps
EBITDA before special items $ 142 $152 (7)%
EBITDA margin before special items 10.9% 10.9%
Net additions to PP&E and intangible assets $ 232 $373 (38)%
As at June 30, 2018  December 31, 2017   
    restated   
Order backlog (in billions of dollars) $ 14.1 $13.8 2%
  • Business Aircraft’s second quarter performance demonstrated strong execution on deliveries and sales, sustained progress on new programs, continued growth in aftermarket revenue, combined with the unveiling of two new aircraft that further strengthen Bombardier’s business jets portfolio.
  • During the second quarter, revenues totalled $1.3 billion on 34 deliveries, with aftermarket revenue growing 21%, offset by lower aircraft revenues from fewer pre-owned aircraft available. On a year-to-date basis, revenues total $2.4 billion, on track to the $5 billion guidance for the full year.
  • Year to date, deliveries reached 65 aircraft, in line with plan and last year, tracking to full year guidance of 135 aircraft deliveries.
  • Margins continued to trend above the greater than 8% guidance, with EBIT margin before special items reaching 8.5% and 8.7% for the three- and six-month periods ended June 30, 2018, respectively.
  • Aircraft backlog at the end of the second quarter increased to $14.1 billion, reflecting strong market activity for the third consecutive quarter. Demand continues to be fuelled by North America while Asia Pacific, Greater China and Europe are exhibiting good momentum.
  • The Global 7500 aircraft continues to exceed expectations with the announcement on increased range and improvements made to takeoff and landing performance commitments. The Global 7500 aircraft now boasts a 7,700 nautical miles range and is the largest, longest range business jet available on the market. With more than 2,400 hours of flight testing accomplished, demonstrating significant maturity and reliability, the class-defining aircraft is on track to enter into service later this year.
  • In addition, on May 28, 2018, Business Aircraft unveiled the new Bombardier Global 5500 and Global 6500 aircraft featuring an all-new Rolls-Royce engine and a newly optimized wing, increasing the aircraft fuel burn advantage by up to 13%. Building on the success of the Global 5000 and Global 6000 aircraft, these new aircraft have top speeds of Mach 0.90, and offer an additional range of 500 and 600 nautical miles or up to 1,300 nautical miles when operating out of hot-weather and high-altitude conditions. These aircraft are expected to enter into service at the end of 2019.
  • Following the sale of the Downsview property, Bombardier announced its plans to build a new centre of excellence and final assembly plant for its Global family of aircraft at Toronto’s Pearson International Airport.


Commercial Aircraft

Results of the quarter      
Three-month periods ended June 30 2018 2017 Variance
    restated  
Revenues $616 $626 (2)
Aircraft deliveries (in units) 18 20 (2)
Net orders (in units) 75 12 63
Book-to-bill ratio(10) 4.2 0.6 3.6
EBIT $(668 ) $(119) (461)%
EBIT margin (108.4)% (19.0)% nmf
EBIT before special items $(66 ) $(118) 44%
EBIT margin before special items (10.7)% (18.8)% 810 bps
EBITDA before special items $(61) $(97) 37%
EBITDA margin before special items (9.9)% (15.5)% 560 bps
Net additions (proceeds) to PP&E and intangible assets $30 $(14) nmf
As at June 30, 2018 December 31, 2017  
Order backlog (in units) 481 433 48


  • 
On July 1, 2018, we closed the C Series partnership formed by Airbus (50.01%), Bombardier (33.55%) and Investissement Québec (16.44%). The partnership brings together two complementary product lines, and the benefit of Airbus’ global reach creating significant value for the C Series. Accordingly, starting in the third quarter, CSALP will be deconsolidated from Commercial Aircraft’s results and replaced by Bombardier’s share of its net earnings on an equity pick-up basis.
  • 
During the quarter we delivered 18 commercial aircraft, consisting of 8 C Series, 5 CRJ Series and 5 Q400 aircraft. With year to date deliveries of turboprops and regional jets totalling 18, Commercial Aircraft is on track to meet annual guidance of 35 deliveries for the regional aircraft platforms.
  • 
With year-to-date revenues of $1.1 billion and EBIT loss before special items of $139 million, we are reintroducing Commercial Aircraft’s full year revenue guidance of approximately $1.7 billion and EBIT loss before special items guidance of approximately $250 million. This reflects the deconsolidation of CSALP from Commercial Aircraft’s results starting in the third quarter, replaced by the equity pick-up.
  • 
The second quarter saw significant order activity with a book-to-bill ratio(10) of 4.2:
   
  • The CRJ Series backlog grew to 60 aircraft, with two CRJ900 aircraft orders totalling 35 aircraft from American Airlines and Delta. These orders are the first with the new ATMOSPHÈRE cabin, setting the new standard of passenger experience in the regional jet market segment.
  • Other orders included 16 Q400 aircraft from Ethiopian Airlines and African Aero Trading bringing the backlog to 56 aircraft.
  • 
CSALP continued to demonstrate order momentum with three recent orders from marquee customers:
   
  • On May 28, 2018, airBaltic entered into a firm purchase agreement for 30 CS300 aircraft with options and purchase rights for an additional 30 aircraft. The all-C Series fleet is the backbone of airBaltic’s new business plan and this significant reorder from our CS300 launch operator is a strong testimony to the aircraft’s exceptional in-service performance.
  • Subsequent to the end of the quarter, CSALP received a letter of intent from JetBlue for 60 aircraft and 60 options, and a memorandum of understanding for 60 aircraft from a future U.S. airline with majority investor David Neeleman.


Aerostructures and Engineering Services

Results of the quarter      
Three-month periods ended June 30 2018 2017 Variance
    restated  
Revenues $455 $443 3%
EBIT $65 $26 150%
EBIT margin 14.3% 5.9% 840bps
EBIT before special items $57 $26 119%
EBIT margin before special items 12.5% 5.9% 660bps
EBITDA before special items $69 $35 97%
EBITDA margin before special items 15.2% 7.9% 730bps
Net additions (proceeds) to PP&E and intangible assets $(1) $3 nmf
  • Aerostructures and Engineering Services is poised for growth as it continues the production ramp-up of C Series and Global 7500 aircraft; activities are progressing well, with a large share of 2018 and 2019 component production underway.
  • Revenues for the quarter were slightly above last year’s, while EBIT before special items more than doubled, yielding a margin of 12.5% for the quarter. This strong performance is largely the result of operational efficiencies and a one-time positive intersegment settlement associated with the closing of the C Series Partnership.


Transportation

Results of the quarter      
Three-month periods ended June 30 2018 2017 Variance
    restated  
Revenues $ 2,259 $2,038 11%
Order intake (in billions of dollars) $ 2.4 $2.7 (11)%
Book-to-bill ratio(5) 1.1 1.3 (0.2)
EBIT $ 163 $10 nmf
EBIT margin 7.2 % 0.5% 670 bps
EBIT before special items $ 207 $223 (7)%
EBIT margin before special items 9.2 % 10.9% (170) bps
EBITDA before special items $ 232 $250 (7)%
EBITDA margin before special items 10.3 % 12.3% (200) bps
Net additions to PP&E and intangible assets $ 46 $18 156%
As at June 30, 2018 December 31, 2017  
    restated  
Order backlog (in billions of dollars) $ 34.0 $35.1 (3)%
  • Revenues in the second quarter continued to grow, increasing by 11% year over year (or 6% excluding currency impact) to reach $4.6 billion for the six-month period, driven by the ramp-up of key projects. Revenues increased across all segments, comprising rolling stock and systems, services and signalling, tracking to full year revenue guidance of $9.0 billion.
  • The major project ramp-up phase initiated mid-2017 continued in the first half of 2018, building $471 million in working capital to meet an acceleration of deliveries and cash flow in the second half of the year.
  • EBIT before special items reached $207 million in the quarter, or a margin of 9.2%. Year-to-date margin of 8.6% continued to trend towards the greater than 8.5% margin guidance for the year.
  • Supporting future growth, our order intake reached $2.4 billion in the second quarter, bringing our book-to-bill ratio(5) to 1.1 for the period, and our backlog to $34.0 billion. In the first half of the year, orders were signed across geographies including Europe, Asia-Pacific and North America, and include exercise of call-offs by customers and a strong order intake of service contracts.
  • In June, we inaugurated our new final assembly building in Bautzen, Germany. Being our most advanced and efficient assembly site, this new facility makes increased use of digital technologies in line with our industrial strategy.
  • During the quarter, Jim Vounassis was appointed Chief Operating Officer for Transportation. Jim will help drive operational excellence as we execute on our rail backlog.

About Bombardier 
With over 69,500 employees across four business segments, Bombardier is a global leader in the transportation industry, creating innovative and game-changing planes and trains. Our products and services provide world-class transportation experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montreal, Canada, Bombardier has production and engineering sites in 28 countries across the segments of Transportation, Business Aircraft, Commercial Aircraft and Aerostructures and Engineering Services. Bombardier shares are traded on the Toronto Stock Exchange (BBD). In the fiscal year ended December 31, 2017, Bombardier posted revenues of $16.2 billion. News and information are available at bombardier.com or follow us on Twitter @Bombardier.

Bombardier, CRJ900, CRJ Series, Global, Global 5500, Global 6500, Global 7500 and Q400 are trademarks of Bombardier Inc. or its subsidiaries.

For information

Simon Letendre
Manager, Media Relations and Public Affairs
Bombardier Inc.
+514 861 9481
Patrick Ghoche
Vice President, Investor Relations
Bombardier Inc.
+514 861 5727

The Management’s Discussion and Analysis and the Interim Consolidated Financial Statements are available at ir.bombardier.com.

bps:  basis points
nmf:  information not meaningful
(1) Earnings refers to EBIT before special items and margin refers to EBIT margin before special items. Non-GAAP financial measures. See Caution regarding non-GAAP measures at the end of this press release.
(2) Non-GAAP financial measures. See Caution regarding non-GAAP measures at the end of this press release.
(3) Excluding approximately $600 million net proceeds from the sale of the Downsview property.
(4) Excluding variations in exchange rates for Transportation.
(5) Defined as new orders over revenues.
(6) Currently under development. See the Global 5500, Global 6500, Global 7500 and Global 8000 aircraft disclaimer at the end of this press release.
(7) Due to the adoption of IFRS 15, Revenue from contracts with customers. Refer to the Accounting and reporting developments section in Other in the Corporation’s MD&A of the second quarterly report for the quarter ended June 30, 2018 for details regarding restatements of comparative period figures.
(8) Defined as cash and cash equivalents plus the amount available under the revolving credit facilities.
(9) Due to the closing of our C Series partnership with Airbus, the assets and liabilities of the C Series aircraft program are presented under Assets held for sale. Refer to the strategic partnership section in Commercial Aircraft, Note 11 - Cash and cash equivalent and Note 19 - Assets held for sale in the Corporation's Consolidated financial statements for more details on the transaction as well as the accounting treatment as at June 30, 2018.
(10) Ratio of new orders received over aircraft deliveries, in units.

CAUTION REGARDING NON-GAAP MEASURES

This press release is based on reported earnings in accordance with International Financial Reporting Standards (IFRS). Reference to generally accepted accounting principles (GAAP) means IFRS, unless indicated otherwise. This press release is also based on non-GAAP financial measures including EBITDA, EBIT before special items and EBITDA before special items, adjusted net income, adjusted earnings per share and free cash flow. These non-GAAP measures are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS; therefore, others using these terms may define them differently. Management believes that providing certain non-GAAP performance measures, in addition to IFRS measures, provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Refer to the Non-GAAP financial measures and Liquidity and capital resources sections in Overview and each reporting segments’ Analysis of results sections in the Corporation’s MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.

Reconciliation of segment to consolidated results  
  Three-month periods ended June 30   Six-month periods ended June 30  
  2018     2017     2018     2017    
      restated (1)       restated (1)  
Revenues                
Business Aircraft $ 1,307     $ 1,389     $ 2,417     $ 2,411    
Commercial Aircraft 616     626     1,079     1,151    
Aerostructures and Engineering Services 455     443     901     841    
Transportation 2,259     2,038     4,614     3,990    
Corporate and Elimination (375 )   (352 )   (721 )   (644 )  
  $ 4,262     $ 4,144     $ 8,290     $ 7,749    
EBIT before special items (2)                
Business Aircraft $ 111     $ 127     $ 209     $ 209    
Commercial Aircraft (66 )   (118 )   (139 )   (174 )  
Aerostructures and Engineering Services 57     26     104     41    
Transportation 207     223     396     406    
Corporate and Elimination (38 )   (28 )   (98 )   (79 )  
  $ 271     $ 230     $ 472     $ 403    
Special Items                
Business Aircraft $ 3     $ 28     $ 4     $ 31    
Commercial Aircraft 602     1     602     2    
Aerostructures and Engineering Services (8 )       (7 )      
Transportation 44     213     42     232    
Corporate and Elimination (561 )   45     (561 )   45    
  $ 80     $ 287     $ 80     $ 310    
EBIT                
Business Aircraft $ 108     $ 99     $ 205     $ 178    
Commercial Aircraft (668 )   (119 )   (741 )   (176 )  
Aerostructures and Engineering Services 65     26     111     41    
Transportation 163     10     354     174    
Corporate and Elimination 523     (73 )   463     (124 )  
  $ 191     $ (57 )   $ 392     $ 93    


(1)
Due to the adoption of IFRS 15, Revenue from contracts with customers. Refer to the Accounting and reporting developments section in Other in the Corporation’s MD&A for detail regarding restatements of comparative period figures.
(2)  Non-GAAP financial measure. See Caution regarding non-GAAP measures above.


Reconciliation of EBITDA before special items and EBITDA to EBIT  
  Three-month periods
ended June 30
  Six-month periods
ended June 30
 
  2018   2017   2018   2017  
      restated (1)       restated (1)  
EBIT $ 191     $ (57 )   $ 392     $ 93    
Amortization 64     78     126     156    
Impairment charges on PP&E and intangible assets(2) 9     43     11     43    
EBITDA 264     64     529     292    
Special items excluding impairment charges on PP&E
  and intangible assets(2)
72     249     72     272    
EBITDA before special items $ 336     $ 313     $ 601     $ 564    


Reconciliation of adjusted net income to net income (loss) and computation of adjusted EPS
 
  Three-month periods ended June 30  
  2018   2017  
  (per share) (per share)  
            restated (1)  
Net income (loss) $ 70         $ (243 )      
Adjustments to EBIT related to special items(2) 80     $ 0.03     287     $ 0.13    
Adjustments to net financing expense related to:                
Net change in provisions arising from changes in interest rates and net
  (gain) loss on certain financial instruments
(10 )   0.00     39     0.02    
Accretion on net retirement benefit obligations 15     0.01     19     0.01    
Tax impact of special(2) and other adjusting items (68 )   (0.03 )   (11 )   0.00    
Adjusted net income 87         91        
Net income (loss) attributable to NCI (2 )       16        
Preferred share dividends, including taxes (7 )       (6 )      
Adjusted net income attributable to equity holders of
  Bombardier Inc.
$ 78         $ 101        
Weighted-average diluted number of common shares (in thousands) 2,552,892         2,241,996        
Adjusted EPS (in dollars) $ 0.03         $ 0.05        


Reconciliation of adjusted net income to net income (loss) and computation of adjusted EPS      
  Six-month periods ended June 30  
  2018   2017  
  (per share) (per share)  
            restated (1)  
Net income (loss) $ 114         $ (237 )      
Adjustments to EBIT related to special items(2) 80     $ 0.03     310     $ 0.14    
Adjustments to net financing expense related to:                
Net change in provisions arising from changes in interest rates
  and net (gain) loss on certain financial instruments
(36 )   (0.01 )   31     0.01    
Accretion on net retirement benefit obligations 34     0.01     38     0.02    
Tax impact of special(2) and other adjusting items (70 )   (0.03 )   (12 )   0.00    
Adjusted net income 122         130        
Net income (loss) attributable to NCI (8 )       16        
Preferred share dividends, including taxes (14 )       (12 )      
Adjusted net income attributable to equity holders of
  Bombardier Inc.
$ 100         $ 134        
Weighted-average diluted number of common shares (in thousands) 2,475,425         2,246,212        
Adjusted EPS (in dollars) $ 0.04         $ 0.06        


(1)  Due to the adoption of IFRS 15, Revenue from contracts with customers. Refer to the Accounting and reporting developments section in Other in the Corporation’s MD&A for detail regarding restatements of comparative period figures.
(2) Refer to the Consolidated results of operations section in the Corporation's MD&A for details regarding special items.


Reconciliation of adjusted EPS to diluted EPS (in dollars)
  Three-month periods ended June 30
  2018 2017
    restated(1)
Diluted EPS $ 0.02 $(0.11)
Impact of special(2) and other adjusting items 0.01 0.16
Adjusted EPS $ 0.03 $0.05


Reconciliation of adjusted EPS to diluted EPS (in dollars)
  Six-month periods ended June 30
  2018 2017
    restated (1)
Diluted EPS $ 0.04 $(0.11)
Impact of special(2) and other adjusting items 0.17
Adjusted EPS $ 0.04 $0.06


Reconciliation of free cash flow usage to cash flows from operating activities
  Three-month periods
ended June 30
Six-month periods
ended June 30
  2018 2017 2018 2017
    restated (1)   restated (1)
Cash flows from operating activities $ (80 ) $(181) $ (551 ) $(498)
Net proceeds (additions) to PP&E and intangible assets 312 (389) 62 (665)
Free cash flow (usage) (3) $ 232 $(570) $ (489 ) $(1,163)


(1)  Due to the adoption of IFRS 15, Revenue from contracts with customers. Refer to the Accounting and reporting developments section in Other in the Corporation’s MD&A for detail regarding restatements of comparative period figures.
(2)  Refer to the Consolidated results of operations section in the Corporation's MD&A for details regarding special items.
(3)  Non-GAAP financial measure. See Caution regarding non-GAAP measures above.


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, 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; competitive position; the expected impact of the legislative and regulatory environment and legal proceedings on our business and operations; available liquidities and ongoing review of strategic and financial alternatives; the funding and liquidity of C Series Aircraft Limited Partnership (CSALP); the impact and expected benefits of the transaction with Airbus, on our operations, infrastructure, capabilities, development, growth and other opportunities and prospects, geographic reach, scale, assets and program value, footprint, financial condition, access to capital and overall strategy; and the impact of such transaction on our balance sheet and liquidity position.

Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “shall”, “can”, “expect”, “estimate”, “intend”, “anticipate”, “plan”, “foresee”, “believe”, “continue”, “maintain” or “align”, the negative of these terms, variations of them or similar terminology. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of our business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

By their nature, forward-looking statements require management 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 forecast results set forth in forward-looking statements. While management considers these assumptions to be reasonable and appropriate based on information currently available, there is risk that they may not be accurate. The assumptions underlying the forward-looking statements made in this report in relation to the transaction with Airbus include the following material assumptions: the accuracy of our analyses and business case including estimated cash flows and revenues over the expected life of the program and thereafter; aircraft prices, unit costs and deliveries gradually improving during the acceleration phase; assumptions regarding the strength and quality of Airbus’ scale, reach, sales, marketing and support networks, supply chain and operational expertise, and customer relationships; the fulfilment and performance by each party of its obligations pursuant to the transaction agreement and future commercial agreements and absence of significant inefficiencies or other issues in connection therewith; the realization of the anticipated benefits and  synergies of the transaction in the timeframe anticipated; our ability to continue with our funding plan of CSALP and to fund, if required, any cash shortfalls; adequacy of cash planning and management and project funding; and the accuracy of our assessment of anticipated growth drivers and sector trends. For additional information with respect to the assumptions underlying the forward-looking statements made in this press release, refer to the Strategic Priorities and Guidance and forward-looking statements sections in Overview, Business Aircraft, Commercial Aircraft, Aerostructures and Engineering Services and Transportation in the MD&A of our financial report for the fiscal year ended December 31, 2017.

With respect to the transaction with Airbus specifically, certain factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to: reliance on our analyses and business case including estimated cash flows and revenues over the expected life of the program and thereafter; the occurrence of an event, change or other development having an adverse effect on Airbus’ scale and reach, sales, marketing or support networks, supply chain, operations, or customer relationships; the failure by either party to satisfy and perform its obligations pursuant to the transaction agreement and future commercial agreements and/or significant inefficiencies or other issues arising in connection therewith; the failure to realize, in the timeframe anticipated or at all, the anticipated benefits and synergies of the transaction; risks associated with our ability to continue with our funding plan of CSALP and to fund, if required, the cash shortfalls; inadequacy of cash planning and management and project funding; and reliance on our assessment of anticipated growth drivers and sector trends. Certain other factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, risks associated with general economic conditions, risks associated with our business environment (such as risks associated with “Brexit”, the financial condition of the airline industry, business aircraft customers, and the rail industry; trade policy (including potential changes to or the termination of the existing North American Free Trade Agreement between Canada, the U.S. and Mexico currently in discussion); increased competition; political instability and force majeure events or natural disasters), operational risks (such as risks related to developing new products and services; development of new business; the certification and homologation of products and services; fixed-price and fixed-term commitments and production and project execution; pressures on cash flows and capital expenditures based on project-cycle fluctuations and seasonality; our ability to successfully implement and execute our strategy and transformation plan; doing business with partners; product performance warranty and casualty claim losses; regulatory and legal proceedings; environmental, health and safety risks; dependence on certain customers and suppliers; human resources; reliance on information systems; reliance on and protection of intellectual property rights; and adequacy of insurance coverage), financing risks (such as risks related to liquidity and access to capital markets; retirement benefit plan risk; exposure to credit risk; substantial existing debt and interest payment requirements; certain restrictive debt covenants and minimum cash levels; financing support provided for the benefit of certain customers; and reliance on government support), market risks (such as risks related to foreign currency fluctuations; changing interest rates; decreases in residual values; increases in commodity prices; and inflation rate fluctuations). For more details, see the Risks and uncertainties section in Other in the MD&A of our financial report for the fiscal year ended December 31, 2017.

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. Other risks and uncertainties not presently known to us or that we presently believe are not material could also cause actual results or events to differ materially from those expressed or implied in our forward-looking statements. In addition, there can be no assurance that the anticipated strategic benefits and operational, competitive and cost synergies of the transaction with Airbus will be realized in their entirety, in part or at all. The forward-looking statements set forth herein reflect management’s expectations as at the date of this report 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.

The Global 5500, Global 6500, Global 7500 and Global 8000 aircraft are currently under development, and as such are subject to changes in family strategy, branding, capacity, performance, design and/or systems. All specifications and data are approximate, may change without notice and are subject to certain operating rules, assumptions and other conditions. This document does not constitute an offer, commitment, representation, guarantee or warranty of any kind.

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