Authorization

Bombardier Reports Fourth Quarter and Full Year 2018 Results

EBIT before special items(1) up 42% year-over-year to more than $1.0B on revenues of $16.2B for the year; EBIT increased 235% year-over-year to $1.0 billion





2018 EBIT margin before special items(1) up 180 bps year-over-year to 6.3%; EBIT margin of 6.2%





Full year free cash flow(1) of $182M, comprising proceeds from certain transactions, including $1.0B of cash generation in the fourth quarter; full year cash flows from operating activities of $597M





Strong backlog growth at Business Aircraft and Transportation, with full year book-to-bill ratios(2) of 1.1 at both segments, and a consolidated backlog of $53.1B





2019 guidance affirmed, clear path to achieve 2020 objectives

MONTRA?AL, Feb. 14, 2019 (GLOBE NEWSWIRE) -- Bombardier (TSX: BBD.B) today reported its fourth quarter and full year 2018 results, highlighting solid margin growth, improved cash flows and continued progress executing its turnaround plan. The successful entry-into-service of the Global 7500 business jet in the fourth quarter also marked the completion of Bombardiera??s heavy investment cycle, a key milestone in the companya??s turnaround plan.a??2018 was a year of solid progress,a?? said Alain Bellemare, President and Chief Executive Officer, Bombardier Inc. a??We continued to strengthen our business and set a strong foundation for growth. A foundation that includes a refreshed portfolio of best-in-class products, industry-leading backlogs and a more streamlined cost structure, all of which gives us a clear path to achieve our 2020 objectives.a??a??As we begin the fourth year of our turnaround journey, Bombardier is a much stronger company,a?? continued Bellemare. a??Our major program risks are retired, our heavy investment cycle is behind us and our franchises are well positioned for growth. For 2019, we are focused on flawless execution of our rail projects, the ramp-up of the Global 7500 and entry-into-service of the Global 5500 and Global 6500. We will also continue to drive financial performance through disciplined capital allocation and improved productivity and efficiency across the organization.a??Bombardiera??s 2018 consolidated revenues reached $16.2 billion, reflecting 3%Aaverage year-over-year growth across Transportation, Business Aircraft and Aerostructures, excluding currency impact. Book-to-bill ratios(2) at Transportation and Business Aircraft both equaled 1.1 for the year, demonstrating strong demand for Bombardiera??s products and services. Bombardiera??s consolidated backlog reached $53.1 billion at the end of 2018, supporting future growth targets.EBIT before special items continued to improve in 2018, increasing 42% year-over-year from $725 million to more than $1.0 billion, the top-end of the companya??s guidance. The 6.3% EBIT margin before special items in 2018 represents a strong 330 bps increase since the start of the turnaround plan in 2015, well above the 5-6% range originally targeted. On a reported basis, EBIT increased 235% year-over-year to $1.0 billion, representing a margin of 6.2%.Bombardier generated $1.0 billion of free cash flow in the fourth quarter of 2018. Full year free cash flow generation equaled $182 million, at the high end of the companya??s revised guidance. This amount includes aggregate net proceeds of approximately $750 million from the sale of the Downsview property and the monetization of royalties associated with the previously announced CAE transaction. Cash flows from operating activities amounted to $597 million for the full year, and to $1.3 billion in the fourth quarter. Bombardier ended the year in a solid cash position, with $3.2 billion in cash and cash equivalents.
Selected results

RESULTS



For the fiscal years ended December 31



A



2018



A



A



2017



A



Variance



A



A



A



A



A



restated(3)




A



A



A



Revenues



A



$



16,236



A



A



$



16,199



A



A



a??



%



A



EBIT



A



$



1,001



A



A



$



299



A



A



235



%



A



EBIT margin



A



6.2



%



A



1.8



%



A



A



440



Abps



A



EBIT before special items



A



$



1,029



A



A



$



725



A



A



42



%



A



EBIT margin before special items



A



6.3



%



A



4.5



%



A



A



180



Abps



A



EBITDA before special items(1)



A



$



1,304



A



A



$



1,046



A



A



25



%



A



EBITDA margin before special items(1)



A



8.0



%



A



6.5



%



A



A



150



Abps



A



Net income (loss)



A



$



318



A



A



$



(525



)



A



A



nmf



A



A



Diluted EPS (in dollars)



A



$



0.09



A



A



$



(0.24



)



A



$



0.33



A



A



Adjusted net income(1)



A



$



438



A



A



$



91



A



A



381



%



A



Adjusted EPS (in dollars)(1)



A



$



0.14



A



A



$



0.04



A



A



$



0.10



A



A



Cash flows from operating activities



A



$



597



A



A



$



531



A



A



12



%



A



Net additions to PP&E and intangible assets



A



$



415



A



A



$



1,317



A



A



(68



)%



A



Free cash flow (usage)



A



$



182



A



A



$



(786



)



A



A



nmf



A



A



As at December 31



A



2018



A



A



2017



A



A



A



Variance



A



A



Cash and cash equivalents(4)



A



$



3,187



A



A



$



3,057



A



A



4



%



A



Available short-term capital resources(4)(5)



A



$



4,373



A



A



$



4,225



A



A



4



%



A




RESULTS



For the fourth quarters ended December 31



A



2018



A



A



2017A



A



Variance



A



A



A



A



A



restated



A



A



A



Revenues



A



$



4,303



A



A



$



4,611



A



A



(7



)%



A



EBIT



A



$



342



A



A



$



73



A



A



368



%



A



EBIT margin



A



7.9



%



A



1.6



%



A



A



630



Abps



A



EBIT before special items



A



$



286



A



A



$



139



A



A



106



%



A



EBIT margin before special items



A



6.6



%



A



3.0



%



A



A



360



Abps



A



EBITDA before special items



A



$



370



A



A



$



228



A



A



62



%



A



EBITDA margin before special items



A



8.6



%



A



4.9



%



A



A



370



Abps



A



Net income (loss)



A



$



55



A



A



$



(188



)



A



A



nmf



A



A



Diluted EPS (in dollars)



A



$



0.02



A



A



$



(0.09



)



A



$



0.11



A



A



Adjusted net income (loss)



A



$



149



A



A



$



(28



)



A



A



nmf



A



A



Adjusted EPS (in dollars)



A



$



0.05



A



A



$



(0.02



)



A



$



0.07



A



A



Cash flows from operating activities



A



$



1,289



A



A



$



1,237



A



A



4



%



A



Net additions to PP&E and intangible assets



A



$



248



A



A



$



365



A



A



(32



)%



A



Free cash flow



A



$



1,041



A



A



$



872



A



A



19



%



A

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 HIGHLIGHTSBusiness Aircraft

RESULTS



For the fiscal years ended December 31



A



2018



A



A



2017A



A



Variance



A



A



A



A



A



restated



A



A



A



Revenues



A



$



4,994



A



A



$



4,933



A



A



1



%



A



Aircraft deliveries (in units)



A



137



A



A



138



A



A



(1



)



A



EBIT



A



$



430



A



A



$



394



A



A



9



%



A



EBIT margin



A



8.6



%



A



8.0



%



A



60



Abps



A



EBIT before special items



A



$



420



A



A



$



419



A



A



0



%



A



EBIT margin before special items



A



8.4



%



A



8.5



%



A



(10)



Abps



A



EBITDA before special items



A



$



531



A



A



$



516



A



A



3



%



A



EBITDA margin before special items



A



10.6



%



A



10.5



%



A



10



Abps



A



Net additions to PP&E and intangible assets



A



$



866



A



A



$



1,075



A



A



(19



)%



A



As at December 31



A



2018



A



A



2017



A



A



Variance



A



A



A



A



A



A



A



restated



A



A



A



A



A



Order backlog (in billions of dollars)



A



$



14.3



A



A



$



13.8



A



A



4



%



A



Business Aircraft achieved a historical milestone in December 2018 with the on plan service entry of the largest and longest range industry flagship Global 7500 aircraft. With a strong backlog and unsurpassed performance in its category, the Global 7500 is expected to be Business Aircrafta??s key growth driver for years to come.



Revenues, EBIT before special items and deliveries were in line with guidance for 2018.



The segment achieved industry leading deliveries at 137 aircraft for 2018, including 42 Global, 83 Challenger and 12 Learjet.



Continued progress on the aftermarket strategy drove a 14.3% revenue increase year-over-year. Further expansion of our service network was also announced with the groundbreaking for a new centre in Miami, Florida to service U.S. and Latin American customers.



During the year, Business Aircraft unveiled the new Global 5500 and Global 6500 aircraft featuring an all-new Rolls-Royce engine and a newly optimized wing, increasing the aircraft range and fuel burn performance. With flight testing at advanced stages, these performance-leading aircraft are expected to enter into service at the end of 2019.(6)


Commercial Aircraft

RESULTS



For the fiscal years ended December 31



A



2018



A



A



2017A



A



Variance



A



A



A



A



A



restated



A



A



A



Revenues(7)



A



$



1,756



A



A



$



2,317



A



A



(24



)%



A



Aircraft deliveries (in units)(8)



A



35



A



A



56



A



A



(21



)



A



Net orders (in units)(9)



A



47



A



A



58



A



A



(11



)



A



Book-to-bill ratio(10)



A



1.3



A



A



1.0



A



A



0.3



A



A



EBIT(11)



A



$



(755



)



A



$



(389



)



A



(94



)%



A



EBIT margin(11)



A



(43.0



)%



A



(16.8



)%



A



(2620



)Abps



A



EBIT before special items(11)



A



$



(157



)



A



$



(381



)



A



59



%



A



EBIT margin before special items(11)



A



(8.9



)%



A



(16.4



)%



A



750



Abps



A



EBITDA before special items(11)



A



$



(145



)



A



$



(309



)



A



53



%



A



EBITDA margin before special items(11)



A



(8.3



)%



A



(13.3



)%



A



500



Abps



A



Net additions to PP&E and intangible assets



A



$



53



A



A



$



107



A



A



(50



)%



A



As at December 31



A



2018



A



A



2017



A



A



Variance



A



A



Order backlog (in units)(12)



A



97



A



A



85



A



A



12



A



A




A



a??A




In 2018, Commercial Aircraft significantly reshaped its portfolio, focusing on the CRJ Series program and its aftermarket business, while also participating in the growth of the A220 through its partnership with Airbus:



A



A





The C Series Partnership (CSALP) with Airbus closed on July 1, 2018,Abringing together two complementary product lines and the benefit of Airbusa?? global reach, creating significant value potential for the newly rebranded A220.



A definitive agreement was reached with Longview Aircraft Company of Canada Limited for the sale of the Q Series aircraft program assets, including aftermarket operations and assets, for gross proceeds of approximately $300 million, on November 7, 2018. The transaction is expected to close by the second half of 2019, subject to customary closing conditions and regulatory approvals. Net proceeds for this transaction are expected at approximately $250 million net of fees, liabilities and normal closing adjustments.





A



a??A




Revenues and aircraft deliveries for 2018 were in line with guidance on the basis of the deconsolidation of CSALP results from Commercial Aircraft since July 1, 2018.



A



a??A




EBIT loss before special items(11) was $157 million reflecting for the most part losses on the C Series program in the first half of the year and the post-closing CSALP equity pickup.AEBIT loss of $755 million includes a $616 million pre-tax accounting charge related to the closing of the CSALP transaction.



A



a??A




Commercial Aircraft continues to actively participate in the regional aircraft market with the established scope-compliant CRJ Series aircraft, with a focus on reducing costs and increasing volumes while optimizing the aftermarket for the large installed base in service around the world today. As the focus is to return the program to profitability, Bombardier also announced in 2018 it is exploring strategic options for the program.


Aerostructures and Engineering Services

RESULTS



For the fiscal years ended December 31



A



2018



A



A



2017



A



Variance



A



A



A



A



A



restated



A



A



A



Revenues



A



$



1,953



A



A



$



1,616



A



A



21



%



A



EBIT



A



$



146



A



A



$



81



A



A



80



%



A



EBIT margin



A



7.5



%



A



5.0



%



A



250



Abps



A



EBIT before special items



A



$



188



A



A



$



88



A



A



114



%



A



EBIT margin before special items



A



9.6



%



A



5.4



%



A



420



Abps



A



EBITDA before special items



A



$



239



A



A



$



138



A



A



73



%



A



EBITDA margin before special items



A



12.2



%



A



8.5



%



A



370



Abps



A



Net additions to PP&E and intangible assets



A



$



14



A



A



$



22



A



A



(36



)%



A



Aerostructures and Engineering Services is positioned as a key supplier on early life cycle growth programs, including the new A220 and Global 7500 aircraft, expected to drive sustainable growth.



i?In 2018, the segment revenues grew 21% year-over-year to $2.0 billion in line with guidance.



Focused execution during the ramp-up of these programs and a one-time favorable item (approximately 50 bps) associated with the closing of the C Series Partnership have enabled to deliver 9.6% EBIT before special items, above its guidance. EBIT margin for the segment was 7.5%.



On February 6, 2019, the Corporation acquired the Global 7500 aircraft wing program operations and assets from Triumph Group Inc., for a nominal cash consideration. This transaction is expected to strengthen Bombardiera??s position as a leading aerostructures manufacturer, to enable the company to leverage its extensive technical expertise to support the ramp-up of the Global 7500 aircraft, and to enhance its long-term success. Bombardier will continue to operate the production line and integrate the employees currently supporting the program at Triumpha??s Red Oak, Texas facility.



On February 7, 2019, Paul Sislian was appointed President, Aerostructures and Engineering Services. Paul brings more than 20 years of aerospace and industrial experience, including serving most recently as Chief Operating Officer for Bombardier Business Aircraft.


Transportation


RESULTS



For the fiscal years ended December 31



A



2018



A



A



2017



A



Variance



A



A



A



A



A



restated



A



A



A



Revenues



A



$



8,915



A



A



$



8,551



A



A



4



%



A



Order intake (in billions of dollars)



A



$



9.9



A



A



$



10.2



A



A



(3



)%



A



Book-to-bill ratio(2)



A



1.1



A



A



1.2



A



A



(0.1



)



A



EBIT



A



$



774



A



A



$



443



A



A



75



%



A



EBIT margin



A



8.7



%



A



5.2



%



A



350



AbpsA



A



EBIT before special items



A



$



750



A



A



$



738



A



A



2



%



A



EBIT margin before special items



A



8.4



%



A



8.6



%



A



(20



) bps



A



EBITDA before special items



A



$



851



A



A



$



836



A



A



2



%



A



EBITDA margin before special items



A



9.5



%



A



9.8



%



A



(30



) bps



A



Net additions to PP&E and intangible assets



A



$



108



A



A



$



123



A



A



(12



)%



A



As at December 31



A



A



2018



A



A



2017



A



Variance



A



A



A



A



A



restated




A



A



A



Order backlog (in billions of dollars)



A



$



34.5



A



A



$



35.1



A



A



(2



)%



A




A



a??A



On February 7, 2019, Danny Di Perna was appointed President, Bombardier Transportation. Danny brings more than 30 years of industrial experience to this new role. He has a proven record of success leading complex industrial projects and organizations, driving operational efficiencyAand improving quality. Most recently, Danny led Bombardiera??s Aerostructures and Engineering Services segment.



A



a??A




In 2018, Transportation recorded orders totaling $9.9 billion, fueled by a $3.3 billion order intake in the fourth quarter. Book-to-bill(2) reached 1.5 for the fourth quarter, resulting in a 1.1 ratio for the full year, continuing to position the segment for growth in revenues and profitability, supported by strong industry fundamentals.



A



A





Order intake for the year reflects project wins across geographies, with notable contract awards in Europe, led by SNCFa??s repeat order in France, in Asia led by the Singapore Metro contract, and North America with Airport and Mass transit mobility solutions for Phoenix and Los Angeles.



The backlog reached $34.5 billion as at DecemberA31, 2018. The backlog growth (excluding currency fluctuations) was supported by a stronger mix of platform projects and increasing signalling and service contract orders, consistent with Transportationa??s strategy to increase speed-to-market; provide customers with end-to-end solutions; de-risk project execution while also growing margins.



Subsequent to the fourth quarter, in January 2019, Transportation was awarded a contract to supply 113 new generation passenger rail cars valued at $669 million with options for up to 886 additional cars, by the New Jersey Transit Corporation.





A



a??A




Financial performance for 2018 positions Transportation to reach 2019 guidance:



A



A





Revenues grew 4% year-over-year to $8.9 billion, in line with guidance, supported by a favourable currency impact in the first half of the year (2% growth excluding currency impact). Services and signalling grew to over 34% of revenues for the year, as increasing focus turns to integrated customer solutions.



EBIT before special items grew to $750 million for the year, representing an 8.4% margin (EBIT of $774 million, or 8.7% margin). Fourth quarter margins before special items were 7.7% (10.9% EBIT margin), as a result of contract estimate adjustments largely associated with a legacy project, resulting in full year margins before special items slightly below the 8.5% guidance.





A



a??A




As discussed at the Companya??s December 2018 Investor Day, Transportation continues to advance a number of legacy projects. The Company has plans in place and is taking actions to finalize system integration, obtain homologation and align delivery schedules with customers. Bombardier expects to substantially complete deliveries on most of these projects and significantly recover working capital through 2019.



A



a??A




As the portfolio continues to improve, Transportation anticipates growing EBIT margins before special items to approximately 9% for 2019, in line with guidance.


CDPQ Investment in BT HoldcoThe Company also announced that Transportationa??s results in 2018 did not reach the performance targets underlying Caisse de dApA?t et placement du QuAbeca??s (CDPQ) investment in BT Holdco. Accordingly, for the 12-month period starting on February 12, 2019, Bombardiera??s percentage of ownership on conversion of CDPQa??s shares will decrease by 2.5%, returning to the original 70%; and the preference return entitlement rate on liquidation of its shares will increase from 7.5% to 9.5% for this period. Any dividends paid by BT Holdco to its shareholders during this period will be distributed on the basis of each shareholdera??s percentage of ownership upon conversion, being 70% for Bombardier and 30% for CDPQ. These adjustments will become effective once the audited consolidated financial statements of BT Holdco are duly approved by its board of directors.About Bombardier
With over 68,000 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 MontrAal, 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, 2018, Bombardier posted revenues of $16.2 billion. News and information are available at bombardier.comAor follow us on Twitter @Bombardier.Bombardier Inc. uses its website as a channel of distribution for material company information. Financial and other material information regarding Bombardier Inc. is routinely posted on its website and accessible at bombardier.com. Investors are hereby notified information about regular dividends declared and paid by Bombardier is only made available through its website, unless otherwise required by applicable securities laws.Bombardier, Challenger, CRJ550, CRJ Series, Global, Global 5500, Global 6500, Global 7500, Global 8000, Learjet andQ Series are trademarks of Bombardier Inc. or its subsidiaries.For information

Simon Letendre
Manager,
Media Relations and Public Affairs
Bombardier Inc.
+1 514 861 9481



Patrick Ghoche
Vice President,
Investor Relations
Bombardier Inc.
+1 514 861 5727

Readers are strongly advised to view a more detailed discussion of our results by segment in our Managementa??s Discussion and Analysis and Consolidated financial statements which are posted on our website at ir.bombardier.com.

bps:A



basis points



nmf:A



information not meaningful



(1)A



Non-GAAP financial measures. See Caution regarding non-GAAP measures at the end of this press release.



(2)A



Ratio of new orders over revenues.



(3)A



Due to the adoption of IFRS 15, Revenue from contracts with customers. Refer to the Accounting and reporting developments section in Other in the Corporationa??s MD&A for the fiscal year ended December 31, 2018 for detail regarding restatements of comparative period figures.



(4)A



Includes cash and cash equivalents of the CASeries aircraft program presented under Assets held for sale amounting to $69 million as of December 31, 2018. Refer to the strategic partnership section in Commercial Aircraft, Note 16 - Cash and cash equivalents and Note 31 - Disposal of a business in the Corporationa??s 2018 Consolidated financial statements for more details on the transaction as well as the accounting treatment.



(5)A



Defined as cash and cash equivalents plus the amount available under the Corporationa??s revolving credit facilities.



(6)A



Currently under development. See the Global 5500, Global 6500, Global 8000 and CRJ550 aircraft disclaimer at the end of this press release.



(7)A



Including revenues from CSALP for the first six months of the fiscal year ended December 31, 2018 and for the fiscal year ended December 31, 2017.



(8)A



Excluding 13 CS300 aircraft deliveries from the first six months of the fiscal year ended December 31, 2018 (3 CS100 and 14 CS300 aircraft deliveries from the fiscal year ended December 31, 2017).



(9)A



Excluding 30 CS300 aircraft orders from the first six months of the fiscal year ended December 31, 2018 (12 CS300 from the fiscal year ended December 31, 2017).



(10)A



Ratio of new orders received over aircraft deliveries, in units, excluding C Series aircraft orders and deliveries.



(11)A



Including share of net loss from CSALP for the six-month period started July 1, 2018 amounting to $40 million.



(12)A



Excluding 115 firm orders and 88 options of CS100 aircraft and 250 firm orders and 143 options of CS300 aircraft as at June 30, 2018 (115 firm orders and 94 options of CS100 aircraft and 233 firm orders and 128 options of CS300 aircraft as at December 31, 2017). Subsequent to the C Series partnership closing, Airbus rebranded CS100 and CS300 as A220-100 and A220-300, respectively.


CAUTION REGARDING NON-GAAP MEASURESThis press release is based on reported earnings in accordance with IFRS and on the following non-GAAP financial measures:

Non-GAAP financial measures



EBIT before special items



EBIT excluding the impact of restructuring charges, significant impairment charges and reversals, as well as other significant unusual items.



A



A



EBITDA before special items



EBIT before special items, amortization and impairment charge on PP&E and intangible assets.



A



A



Adjusted net income (loss)



Net income (loss) excluding special items, accretion on net retirement benefit obligations, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L and the related tax impacts of these items.



A



A



Adjusted EPS



EPS calculated based on adjusted net income attributable to equity holders of Bombardier Inc., using the treasury stock method, giving effect to the exercise of all dilutive elements.



A



A



Free cash flow (usage)



Cash flows from operating activities less net additions to PP&E and intangible assets.



A



A



Adjusted debt



Long-term debt as presented in the consolidated statements of financial position adjusted for the fair value of derivatives (or settled derivatives) designated in related hedge relationships plus short-term borrowings, sale and leaseback obligations and the net present value of operating lease obligations.



A



A



Adjusted EBIT



EBIT before special items plus interest adjustment for operating leases and interest received (as per the supplemental information provided in the consolidated statements of cash flows, adjusted, if needed, for the settlement of fair value hedge derivatives before their contractual maturity dates).A



A



A



Adjusted EBITDA



Adjusted EBIT plus amortization and impairment charges on PP&E and intangible assets, and amortization adjustment for operating leases.



A



A



Adjusted interest



Interest paid, as per the supplemental information provided in the consolidated statements of cash flows, plus accretion expense on sale and leaseback obligations and interest adjustment for operating leases.

Non-GAAP financial measures are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS. The exclusion of certain items from non-GAAP performance measures does not imply that these items are necessarily non-recurring. Other entities in the Corporationa??s industry may define the above measures differently than we do. In those cases, it may be difficult to compare the performance of those entities to ours based on these similarly-named non-GAAP measures.EBIT before special items, EBITDA before special items, adjusted net income (loss) and adjusted EPS
Management uses EBIT before special items, EBITDA before special items, adjusted net income (loss) and adjusted EPS for purposes of evaluating underlying business performance. Management believes these non-GAAP earnings measures in addition to IFRS measures provide readers of the Corporationa??s press release with enhanced understanding of the Corporationa??s results and related trends and increases the transparency and clarity of the core results of Bombardiera??s business. EBIT before special items, EBITDA before special items, adjusted net income (loss) and adjusted EPS exclude items that do not reflect the Corporationa??s core performance or where their exclusion will assist users in understanding Bombardiera??s results for the period. For these reasons, a significant number of readers of the press release analyze the Corporationa??s results based on these financial measures. Management believes these measures help readers of the press release to better analyze results, enabling better comparability of Bombardiera??s results from one period to another and with peers.Free cash flow (usage)
Free cash flow is defined as cash flows from operating activities less net additions to PP&E and intangible assets. Management believes that this non-GAAP cash flow measure provides investors with an important perspective on the Corporationa??s generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. This non-GAAP cash flow measure does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity generation.Adjusted debt, adjusted EBIT, adjusted EBITDA and adjusted interest
The Corportation analyzes its capital structure using global metrics, based on adjusted debt, adjusted EBIT, adjusted EBITDA and adjusted interest. Refer to the Capital structure section of the Corporationa??s MD&A for the fiscal year ended December 31, 2018 for more detail.Reconciliations of non-GAAP financial measures to the most comparable IFRS financial measures are provided in the tables hereafter, except for the following reconciliation:

EBIT before special items to EBIT a?? see the Results of operations tables in the reportable segments and the Consolidated results of operations section of the Corporationa??s MD&A for the fiscal year ended December 31, 2018.





Reconciliation of segment to consolidated results



A



A



Fourth quarters
Aended December 31



A



A



Fiscal years
Aended December 31



A



A



A



2018



A



A



2017



A



A



2018



A



A



2017



A



A



A



A



A



A



restated(1)



A



A



A



A



A



restated(1)



A



A



Revenues



A



A



A



A



A



A



A



A



Business Aircraft



$



1,494



A



A



$



1,448



A



A



$



4,994



A



A



$



4,933



A



A



Commercial Aircraft



421



A



A



651



A



A



1,756



A



A



2,317



A



A



Aerostructures and Engineering Services



622



A



A



426



A



A



1,953



A



A



1,616



A



A



Transportation



2,161



A



A



2,415



A



A



8,915



A



A



8,551



A



A



Corporate and Elimination



(395



)



A



(329



)



A



(1,382



)



A



(1,218



)



A



A



$



4,303



A



A



$



4,611



A



A



$



16,236



A



A



$



16,199



A



A



EBIT before special items(2)



A



A



A



A



A



A



A



A



Business Aircraft



$



122



A



A



$



120



A



A



$



420



A



A



$



419



A



A



Commercial Aircraft



(9



)



A



(133



)



A



(157



)



A



(381



)



A



Aerostructures and Engineering Services



48



A



A



20



A



A



188



A



A



88



A



A



Transportation



167



A



A



140



A



A



750



A



A



738



A



A



Corporate and Elimination



(42



)



A



(8



)



A



(172



)



A



(139



)



A



A



$



286



A



A



$



139



A



A



$



1,029



A



A



$



725



A



A



Special Items



A



A



A



A



A



A



A



A



Business Aircraft



$



(23



)



A



$



(9



)



A



$



(10



)



A



$



25



A



A



Commercial Aircraft



9



A



A



5



A



A



598



A



A



8



A



A



Aerostructures and Engineering Services



48



A



A



13



A



A



42



A



A



7



A



A



Transportation



(69



)



A



11



A



A



(24



)



A



295



A



A



Corporate and Elimination



(21


See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«     2019    »
 1234
567891011
12131415161718
19202122232425
262728293031