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Projected revenues at 2010
Source : FI/DMS Feb 2006
Investor Day 2006 Investor Day 2007
Revenues: €3,700 m
ROS : > 10 %
Commercial BU30%
Italy BU6%
UK BU26%
International BU30%
Gov.nmt UK 32%
Gov. International
20%Gov.nmt Ita ly
8%
Commercia l40%
Gov. USA5%
Revenues: €3,392 m
ROS : >10%
� Market growth
� Higher order intake (+ €1bn/year)
� Continuous success in commercial market and interna tional bids
USA BU8%
63
Revenue growth 2006/2010
Source : FI/DMS Feb 2006
Revenues: €2,727m
ROS : 11%
Revenues: €3,700m
ROS : > 10 %
2006 2010
Commercial BU22%
Gov.nmt Italy13%
Gov.nmt UK28%
Gov. International37%
Italy16%
UK30%
USA14%RoW
40%
UK29%
USA15%
RoW47%
Italy9%
Commercial BU30%
Italy BU6%
UK BU26%
International BU30%
USA BU8%
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Backlog 2007 and order intake 2008-10
MAIN CONTRACTS IN BACKLOG:
Government:
• MCSP• Future Lynx• Skios• IMOS• Apache M Tads• VH 71• NH 90• AW 101 and Lynx
MAIN ORDERS OUTLOOK:
Italy:•CH 47 Army (12 u. 2008)
UK: • AW 139 SAR (15 u. 2010); • Apache IOS (2009)• IMOS (2009)
US:• VH 71 Inc. 2 (2009)
International:• A129 Turkey + EW101 INT
Commercial:
• 280 h/c
Commercial:• Almost 500 helicopters for civil market
(136 AW109 series + 144 AW139 for commercial customers)
�by BU�(total €10 bn)
�UK BU�44%
�Italy BU�7%
�USA BU�5%
�Commercial BU
�19%
�Internat. BU�25%
� by BU�(total €13 bn)
�USA BU�15% �UK BU
�24%
�Italy BU�11%
�Internat. BU�30%
�Commercial BU
�20%
�Order Intake 2008-2010
�Estimated Backlog 2007
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0
100
200
300
2005 2006 2007 2008 2009 2010
HE
LIC
OP
TE
RS
DE
LIV
ER
Y (U
NIT
S)
Organic growth:
2010-05 = +100%
Further Increase in Industrial Output
Proven Past Performance
AW139
A109
Grand
A119
0
1000
2000
3000
4000
2005 2006 2007 2008 2009 2010
RE
VE
NU
ES
€M
2010-05 = +55% ROS consistently above 10%
CAGR 2005-2006: 13% CAGR 2006-2010: 8%
Commercial BU
UK BU
International BU
USA BU
Italy BU
CAGR 2005-2006: 24% CAGR 2006-2010: 13%
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• Capitalise on the already established final assembly lines of Vergiate and Yeovil
• Accelerate AAC (Philadelphia) growth capability (55 helicopters in 2009)
• Support the consolidation of DENEL (South Africa) final assembly line for 109 LUH (Nigerian Air Force + various negotiations ongoing)
• Accelerate the “go live” for the production of components (first fuselage in 2008) and final assembly in China (from 2009/10 for internal market)
• Consolidate the 3 main fuselages sources (Poland, Turkey and Italy) and reinforce the supply chain to secure the timely flow of the components.
• Consolidate the AWARE (lead times) project to gain in additional productivity and efficiency;
Organic growth:Further increase in industrial output
Philadelphia
Anagni
Cascina Costa
2005 2010128 Helos 260 Helos
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• Initial target of €50 m of saving from integration achieved.
• Extra target of €15 m by 2010. Estimate is based on the completion of the single SAP project (launched in 2007) that w ill bring enhanced efficiency and effectiveness in operations.
• Continuous improvement and alignment to best practi ce within thegroup (centres of excellence) will bring extra effi ciency.
• Increase in profitability will allow AgustaWestland to compensate for the margins dilution related to customers that work on a cost plus basis and/or do not typically allow double digit pr ofit within their procurement process (US, UK and some international customer)
• EBIT margins are therefore confirmed above 10% in 2 010
Efficiency
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CAPEX IN 2007-2010
Maintenance 32%
Mandatory8%
Product develop.
60%
Capex (Accumulated 2007-2010 €447 m)
Capitalised R&D 2007-2010€472m
BA609 10%
AW149 49%
Grand 4%
XX9 16%
AW139 18%
EH101 3%
Total R&D (Accumulated 2007-2010 €1.23 bn)
Main CAPEX projects:- Expanded manufacturing facility in Philadelphia
– AW139: €34 m
- Expanded facility in Anagni: €11 m
- Digital manufacturing: €7 m
- Flight simulator in Sesto Calende: €6 m
- Single SAP: €23 m
Investments: R&D and CAPEX
Main R&D projects
XX9: new medium-light multirole helicopter; increased market requirement; will fill the gap between the 109 and the 139.First prototype in 2010/11.
AW149: new medium multirole helicopter; growing military and governmental needs of customers around the world; several thousand utility helicopters in the intermediate/medium categoryare flying worldwide; a vast majority need replacement.First prototype in 2009
BA 609 : first civil TILTROTOR in the world; vertical take off; speed and range comparable to fix wing.Two prototypes already flying
�Total Gross R&D Investments�2007-2010
�Private �Venture
�12%
�Cap. �Eligible for �Gov. Gr.
�27%
�Customer �funded 50%
�Capitalised�11%
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Alenia Aeronautica: mission and goalsAlenia Aeronautica: mission and goalsAlenia Aeronautica: mission and goalsAlenia Aeronautica: mission and goals
FinmeccanicaFinmeccanicaFinmeccanicaFinmeccanica’’’’ssss leading company for aeronautics, Alenia Aeronautica is growing leading company for aeronautics, Alenia Aeronautica is growing leading company for aeronautics, Alenia Aeronautica is growing leading company for aeronautics, Alenia Aeronautica is growing as a major as a major as a major as a major global player thanks to its overall capabilities in system develglobal player thanks to its overall capabilities in system develglobal player thanks to its overall capabilities in system develglobal player thanks to its overall capabilities in system development and integration.opment and integration.opment and integration.opment and integration.
• Distinctive core Distinctive core Distinctive core Distinctive core competencescompetencescompetencescompetences
• Civil & Civil & Civil & Civil & defencedefencedefencedefencecross cross cross cross fertilisationfertilisationfertilisationfertilisation
• New role for supply New role for supply New role for supply New role for supply chain chain chain chain
• Strategic Strategic Strategic Strategic international international international international alliances alliances alliances alliances
• Major role in the Major role in the Major role in the Major role in the biggest fighter biggest fighter biggest fighter biggest fighter programmesprogrammesprogrammesprogrammes
• Independent prime Independent prime Independent prime Independent prime partner in partner in partner in partner in aerostructuresaerostructuresaerostructuresaerostructures
• World leadership in World leadership in World leadership in World leadership in tactical airlifter & tactical airlifter & tactical airlifter & tactical airlifter & advanced traineradvanced traineradvanced traineradvanced trainer
• Leading partnerships Leading partnerships Leading partnerships Leading partnerships in regional jet and in regional jet and in regional jet and in regional jet and turboprop turboprop turboprop turboprop
• EFA: EFA: EFA: EFA: Future Future Future Future Enhancement contract awarded Enhancement contract awarded Enhancement contract awarded Enhancement contract awarded (Tranche2); Saudi export contract awarded (72 a/c) (Tranche2); Saudi export contract awarded (72 a/c) (Tranche2); Saudi export contract awarded (72 a/c) (Tranche2); Saudi export contract awarded (72 a/c) JSF: second source for 1.200 wings, FACO in Italy JSF: second source for 1.200 wings, FACO in Italy JSF: second source for 1.200 wings, FACO in Italy JSF: second source for 1.200 wings, FACO in Italy
• 787: starting series production timing and quality 787: starting series production timing and quality 787: starting series production timing and quality 787: starting series production timing and quality on track deliveries from on track deliveries from on track deliveries from on track deliveries from GrottaglieGrottaglieGrottaglieGrottaglie (Italy), (Italy), (Italy), (Italy),
• C27J: JCA Contract Awarded; 14 a/c delivered to 4 C27J: JCA Contract Awarded; 14 a/c delivered to 4 C27J: JCA Contract Awarded; 14 a/c delivered to 4 C27J: JCA Contract Awarded; 14 a/c delivered to 4 countries (Italy, Greece, Lithuania and Bulgaria). countries (Italy, Greece, Lithuania and Bulgaria). countries (Italy, Greece, Lithuania and Bulgaria). countries (Italy, Greece, Lithuania and Bulgaria). M346: IAF confirmed to be launching customerM346: IAF confirmed to be launching customerM346: IAF confirmed to be launching customerM346: IAF confirmed to be launching customer
• SuperjetSuperjetSuperjetSuperjet Roll out (26 Roll out (26 Roll out (26 Roll out (26 ththththOctoberOctoberOctoberOctober), ), ), ), SuperjetSuperjetSuperjetSuperjetInternational incorporated in Venice. International incorporated in Venice. International incorporated in Venice. International incorporated in Venice.
• ATRATRATRATR---- 600 launching new version600 launching new version600 launching new version600 launching new version
What we have done inWhat we have done inWhat we have done inWhat we have done in one yearone yearone yearone year
………… thus growth and profitability targets confirmedthus growth and profitability targets confirmedthus growth and profitability targets confirmedthus growth and profitability targets confirmed
+ 90+ 90+ 90+ 90----100% revenues growth 100% revenues growth 100% revenues growth 100% revenues growth for 2006 for 2006 for 2006 for 2006 ----’’’’10101010
Investor Day 2006Investor Day 2006Investor Day 2006Investor Day 2006+ 90+ 90+ 90+ 90----100% revenues growth 100% revenues growth 100% revenues growth 100% revenues growth
for 2006 for 2006 for 2006 for 2006 ----’’’’10101010
Investor Day 2007Investor Day 2007Investor Day 2007Investor Day 2007
vsvsvsvsWhat we said last yearWhat we said last yearWhat we said last yearWhat we said last year
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76%
17%7%
Europe
ROW
USA
Fighters/Trainers44%
Aerostructures20%
Regional 19%Transport /Special
Mission 17%
Revenues breakdown and targetRevenues breakdown and targetRevenues breakdown and targetRevenues breakdown and target2006 and forecast 20102006 and forecast 20102006 and forecast 20102006 and forecast 2010
REVENUESREVENUESREVENUESREVENUES 2006200620062006: : : :
€€€€1,908 m1,908 m1,908 m1,908 m
Revenues 2006 by AreaRevenues 2006 by AreaRevenues 2006 by AreaRevenues 2006 by Area
58%26%
16%
EuropeUSA
ROW
Revenues 2010 by AreaRevenues 2010 by AreaRevenues 2010 by AreaRevenues 2010 by Area
Fighters/Trainers30%
Aerostructures30%
Regional 22%Transport /Special
Mission 18%
Increase 90Increase 90Increase 90Increase 90---- 100% 100% 100% 100%
EBITEBITEBITEBIT 2006200620062006: : : : €€€€203 m203 m203 m203 m
ROS:ROS:ROS:ROS: 10.6% 10.6% 10.6% 10.6% ROS:ROS:ROS:ROS: ~~~~ 11%11%11%11%
REVENUES 2010REVENUES 2010REVENUES 2010REVENUES 2010::::aroundaroundaroundaround 70% 70% 70% 70% derivesderivesderivesderivesfrom current backlogfrom current backlogfrom current backlogfrom current backlog ((((~~~~ €€€€7777.5.5.5.5 bnbnbnbn))))
74
The The The The growthgrowthgrowthgrowth at a at a at a at a glanceglanceglanceglance
Company revenues growth mainly driven by the performance of JCA/C27J, M346, ATR, Superjetand, naturally, of B787…
CAGR: 11%CAGR: 11%CAGR: 11%CAGR: 11%
CAGR: CAGR: CAGR: CAGR: ~~~~ 19%19%19%19%
€€€€29 29 29 29 bnbnbnbn
€€€€1111.9.9.9.9 bnbnbnbn
Aeronautics Target Market € bn
Aeronautics Revenues € bn
€€€€19 19 19 19 bnbnbnbn
…………is expected to exceed is expected to exceed is expected to exceed is expected to exceed target market growthtarget market growthtarget market growthtarget market growth
�2006 �2007 �2008 �2009 �2010
Aerostructures
Fighter&Trainer
Transport & Special Miss.
Regional
�2006 �2007 �2008 �2009 �2010
Aerostructures
Fighter&Trainer
Transport & Special Miss.
Regional
75
Main products portfolio evolutionMain products portfolio evolutionMain products portfolio evolutionMain products portfolio evolution
SecuredOpportunity
2006200620062006 07070707 08080808 09090909 2010201020102010 11111111 12121212 13131313 14141414 2015201520152015 >2016>2016>2016>2016
SuperjetSuperjetSuperjetSuperjet100100100100
JSFJSFJSFJSF
787787787787
Next generation civil Next generation civil Next generation civil Next generation civil programmesprogrammesprogrammesprogrammes
CCCC----27J27J27J27J
EurofighterEurofighterEurofighterEurofighter
ATRATRATRATR
M346M346M346M346
Major Components >50 SS/year, Aircraft delivery >10 SS/year / Saudi Export
Major Components >50 SS/year, Aircraft delivery >10 SS/year / Saudi Export
Volumes “full capacity”Volumes “full capacity”Escalation volumesEscalation volumes
Low Rate Initial production , Escalation volumes and Volumes “full capacity” (90-100 SS/year)
Low Rate Initial production , Escalation volumes and Volumes “full capacity” (90-100 SS/year)
SDD PhaseSDD Phase
SCAC participation for Product Improvement, High Tech ComponentsSCAC participation for Product Improvement, High Tech Components
Up to 207 A/C Joint Cargo Aircraft Intl customersUp to 207 A/C Joint Cargo Aircraft Intl customers
Volumes ATR up to 80 SS/year / ATR72-600 launchedVolumes ATR up to 80 SS/year / ATR72-600 launched
Series production phase For Italian Air Force and Intl. customers
Series production phase For Italian Air Force and Intl. customers
C27J Italy, Greece, Bulgaria, Lithuania, Other OrdersC27J Italy, Greece, Bulgaria, Lithuania, Other Orders
2016201620162016
UAV, UCAVUAV, UCAVUAV, UCAVUAV, UCAVUAS Systems)
Tranche 3
JCA 2 A/C +JCA 2 A/C +JCA 2 A/C +JCA 2 A/C +
DevelopmentDevelopment
Superjet Intl. Western sales, Worldwide after-salesSuperjet Intl. Western sales, Worldwide after-sales
Sky-x, Sky-y (Company Demonstrator)Sky-x, Sky-y (Company Demonstrator)
Devel.Devel.
Neuron (Intl. Tecnology Demonstrator)
Involvement in new programmes adequate to company capability/profitability
A350 Next generation Narrow body
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INTERNAL ORGANISATIONINTERNAL ORGANISATIONINTERNAL ORGANISATIONINTERNAL ORGANISATION4Focus Technology Focus Technology Focus Technology Focus Technology on processing
aimed to a stable and lasting competitiveness (makemakemakemake----orororor----buybuybuybuy)
4Manufacturing Manufacturing Manufacturing Manufacturing rationalisationrationalisationrationalisationrationalisationmainly throughmainly throughmainly throughmainly through infra-group synergies perceiving
4Aircraft transformation business Aircraft transformation business Aircraft transformation business Aircraft transformation business (OAN) currently under (OAN) currently under (OAN) currently under (OAN) currently under restructuringrestructuringrestructuringrestructuring
4Increase riskriskriskrisk----sharing sharing sharing sharing partnership partnership partnership partnership with selected suppliers;
4VerticalisationVerticalisationVerticalisationVerticalisation of packages; “Global Global Global Global SourcingSourcingSourcingSourcing” strong increase
4Full deployment of Alenia Networked Alenia Networked Alenia Networked Alenia Networked project project project project towards an““““Extended Extended Extended Extended EnterpriseEnterpriseEnterpriseEnterprise”””” integrated at system level with its stakeholders
EXTENDED EXTENDED EXTENDED EXTENDED ENTERPRISEENTERPRISEENTERPRISEENTERPRISE
4 Towards a Global Global Global Global Logistic SupportLogistic SupportLogistic SupportLogistic Support model to deliver standardisedgoods and services
SUPPLY CHAINSUPPLY CHAINSUPPLY CHAINSUPPLY CHAININDUSTRIAL REORGANISATIONINDUSTRIAL REORGANISATIONINDUSTRIAL REORGANISATIONINDUSTRIAL REORGANISATION
CONTINUOUS IMPROVEMENT ACTIONS
THROUGH LIFE THROUGH LIFE THROUGH LIFE THROUGH LIFE LOGISTIC LOGISTIC LOGISTIC LOGISTIC SUPPORTSUPPORTSUPPORTSUPPORT
4Focus on G&A/ICT costs efficiencyFocus on G&A/ICT costs efficiencyFocus on G&A/ICT costs efficiencyFocus on G&A/ICT costs efficiency, LabourLabourLabourLabour productivity productivity productivity productivity improvement, reduction of nononono----quality costsquality costsquality costsquality costs,optimisation of offoffoffoff----load load load load costs
Achieving Achieving Achieving Achieving improved performance:performance:performance:performance:focus on efficiencyfocus on efficiencyfocus on efficiencyfocus on efficiency
Savings
2007-2010
˜ €60 m 56%
44%of
which…20082008200820082010201020102010
2009200920092009
StructuralStructuralStructuralStructural
Continuous Continuous Continuous Continuous improvementimprovementimprovementimprovement
STRUCTURAL ACTIONSSTRUCTURAL ACTIONSSTRUCTURAL ACTIONSSTRUCTURAL ACTIONS
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Investments: R&D and CAPEXInvestments: R&D and CAPEXInvestments: R&D and CAPEXInvestments: R&D and CAPEXCapex (Accumulated 2007- 2010 ˜ €1.5 bn)
Total R&D (Accumulated 2007-2010 ˜ €1.7 bn)CapitalisedCapitalisedCapitalisedCapitalised breakdownbreakdownbreakdownbreakdown
�Main Investments are Main Investments are Main Investments are Main Investments are
related to related to related to related to programmesprogrammesprogrammesprogrammes
supported by brilliant supported by brilliant supported by brilliant supported by brilliant
market and profitability market and profitability market and profitability market and profitability
perspectivesperspectivesperspectivesperspectives
�Significant R&D Significant R&D Significant R&D Significant R&D
activities mainly activities mainly activities mainly activities mainly
related to related to related to related to programmeprogrammeprogrammeprogramme
development or development or development or development or
customer fundedcustomer fundedcustomer fundedcustomer funded
Mandatory 4%Mandatory 4%Mandatory 4%Mandatory 4%Maintenance 6%Maintenance 6%Maintenance 6%Maintenance 6%
Product Development 90%Product Development 90%Product Development 90%Product Development 90%
Customer funded 31%Customer funded 31%Customer funded 31%Customer funded 31%
CapitalisedCapitalisedCapitalisedCapitalised 62%62%62%62%
Expensed 7%Expensed 7%Expensed 7%Expensed 7% AerostructuresAerostructuresAerostructuresAerostructures 35%35%35%35%
Fighters, Trainers 30%Fighters, Trainers 30%Fighters, Trainers 30%Fighters, Trainers 30%
Transport &Transport &Transport &Transport &Special Missions Special Missions Special Missions Special Missions
25%25%25%25%
Regional 10%Regional 10%Regional 10%Regional 10%
78
B 787 highlights B 787 highlights B 787 highlights B 787 highlights
� IndustrialIndustrialIndustrialIndustrial�GrottaglieGrottaglieGrottaglieGrottaglie Plant startPlant startPlant startPlant start----up phase successfully up phase successfully up phase successfully up phase successfully
completed, confirming validity of highly innovative completed, confirming validity of highly innovative completed, confirming validity of highly innovative completed, confirming validity of highly innovative and automatic industrial processes;and automatic industrial processes;and automatic industrial processes;and automatic industrial processes;
�Customer Customer Customer Customer recognisedrecognisedrecognisedrecognised extremely high product extremely high product extremely high product extremely high product excellence since the first barrel manufactured excellence since the first barrel manufactured excellence since the first barrel manufactured excellence since the first barrel manufactured
�CommercialCommercialCommercialCommercial� ~~~~ 750 750 750 750 a/c orders already awarded by Boeinga/c orders already awarded by Boeinga/c orders already awarded by Boeinga/c orders already awarded by Boeing�Aeronautics basic Business Plan based on 800 Aeronautics basic Business Plan based on 800 Aeronautics basic Business Plan based on 800 Aeronautics basic Business Plan based on 800
shipsetsshipsetsshipsetsshipsets�300 300 300 300 shipsetshipsetshipsetshipset orders booked so farorders booked so farorders booked so farorders booked so far
(i.e. revenues until 2010)(i.e. revenues until 2010)(i.e. revenues until 2010)(i.e. revenues until 2010)�Financial (Financial (Financial (Financial (€€€€m)m)m)m) by 2007by 2007by 2007by 2007 until 2010until 2010until 2010until 2010�InvestmentsInvestmentsInvestmentsInvestments 690690690690 ~~~~ 1000100010001000
Of whichOf whichOf whichOf which
* * * * CapexCapexCapexCapex 520520520520 ~~~~ 700700700700* R&D* R&D* R&D* R&D 170170170170 300300300300
�Revenues Revenues Revenues Revenues ~ ~ ~ ~ 150150150150 ~~~~ 1500150015001500
�ProgrammeProgrammeProgrammeProgramme ProfitabilityProfitabilityProfitabilityProfitability expected in expected in expected in expected in line with Company average by 2011line with Company average by 2011line with Company average by 2011line with Company average by 2011----2012; possible upside beyond 2012 2012; possible upside beyond 2012 2012; possible upside beyond 2012 2012; possible upside beyond 2012 due to processes and technologies due to processes and technologies due to processes and technologies due to processes and technologies currently being researched and currently being researched and currently being researched and currently being researched and developeddevelopeddevelopeddeveloped
79
$ $ $ $ HedgingHedgingHedgingHedging�Natural hedge for 50%; potential increase will be pursuedNatural hedge for 50%; potential increase will be pursuedNatural hedge for 50%; potential increase will be pursuedNatural hedge for 50%; potential increase will be pursued
�Partnership with Boeing is Strategic and LongPartnership with Boeing is Strategic and LongPartnership with Boeing is Strategic and LongPartnership with Boeing is Strategic and Long----term ... term ... term ... term ... working together to achieve shared and balanced solutionworking together to achieve shared and balanced solutionworking together to achieve shared and balanced solutionworking together to achieve shared and balanced solution
B 787 highlights B 787 highlights B 787 highlights B 787 highlights
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Telespazio:On track for delivering value
Disclosed Goals� 2010E Revenues €550 m
Disclosed Goals� 2010E Revenues €550 m� 2010E Ebit Margin 11-12%
Investor DayLondon November 20th, 2006
Investor DayLondon November 20th, 2006
Investor DayCascina Costa November 26th, 2007
Investor DayCascina Costa November 26th, 2007
�Satellite capacity availability
�Value Added Services market exploitation
�COSMO first satellite successfully launched
�New Institutional “Large Programmes”
One year after:One year after:
�Sicral 1b contract awarded, Sicral 2 and Athena Fidus Programmes in progress
�New Applications development on going
�Market exploitation of high quality radar imagery
�Ground Segment development activity growth expected
83
2006 - 2010Growth and business change
1%
27%56%
16%Network & Connectivity
Navigation & Infomobility
Satellite Operations &ProgramsEarth Observation
East Europe
1%South
America2%
Germany10%
France7%
Italy80% Italy
75%
France12%
Germany6%
South America
4%
East Europe
3%
20%15%
Cosmo17%
EGNOS/Galileo
8%
SICRALs11%
38%
2006€360 m2006
€360 m2010E€550 m2010E€550 m
By Business AreaBy Business Area
By geographic AreaBy geographic Area
84
Revenues growth
360
30
60
30
90
40
2006 2010E
€ m
550
45% of 2010 Revenues come from Strategic Drivers45% of 2010 Revenues come from Strategic Drivers
EGNOS/Galileo: Navigation & Infomobility solutions and applications, Galileo Test Range, Satellite Operations
SICRALs: Telecommunication services for European defence customers, System Development, Satellite Operations
BroadBand based Value Added Services
COSMO SkyMed: Worldwide Satellite Radar Data sales, Satellite Radar based advanced applications, System Development, Satellite Operations
Geo-Database: Geo-Information Services on-demand
~290
85
Ebit margin improvement
27.6
57-63
7.6%
11-12%
2006 2010E
Ebit Ebit %
Ebit% increases of ~4 percentage points thanks to:
�Business mix change:� Decrease of third party satellite capacity reselling� Increase of connectivity offer based on “proprietary”
satellite capacity (Sicrals’, Athena Fidus)� Growth of Value Added Services offer based on
advanced satellite systems (Cosmo, EGNOS/Galileo)
� Growth of Value Added Services offer based on advanced solutions (BroadBand, Geo-Data Base)
� “Large Programmes” Ground Segment engineering development
�Efficiency gain from “Standard Portfolio” Sales & Marketing approach
�Decrease of G&A expenditures as % of Revenues: ~2 percentage points
Ebit increases at 20% CAGREbit increases at 20% CAGR
€ m
86
Investments: R&D and CAPEX
33%
55%
11%
1%
Capex (Accumulated 2007-2010 in €250 m)Capex (Accumulated 2007-2010 in €250 m) Total R&D (Accumulated 2007-2010 in €70 m)Total R&D (Accumulated 2007-2010 in €70 m)
Customer Funded
54%
Expensed46%
No Capitalised R&D Investments
Expected Accumulated Revenues 2008 – 2016 - €1.8 bnExpected Accumulated Revenues 2008 – 2016 - €1.8 bn
�Satellite Capacity (SICRALs, Athena Fidus) €0.4 bn
�Galileo/EGNOS and Navigation & Infomobility Applicat ions, Galileo Development) €0.5 bn
�Geo Data Base Development €0.3 bn
�BroadBand based Applications €0.6 bn
Maintenance
Mandatory
SatelliteCapacity
Product Development