Boeing : bilan 2009

[Seb]

Highlights de la conférence de presse du 27 janvier 2010
(citations)

Jim McNerney
- 2009 was a challenging year for our company
- we confront unprecedented global environment
- cash performance was outstanding
- discipline cash management paid off
- has made significant investment on the 787 in both R&D and inventory
- 787 side-of-body & increased cost on the 747-8
- technological advancement not seen since the 707
- ZA001 & ZA002 completed more than 60h of flight tests
- 30,000 ft & Mach 0.65
- stall test & dynamic maneuvers completed
- will expand flight envelope
- there’s much work to be done this year
- we’re pleased with the progress we made today
- we expect ZA003 & ZA004 first flights in Feb
- all 6 test aircraft to fly by the end of 2nd qtr
- we believe long-term value for this airplane [747-8]
- global situation affected our customers
- consumer sentiment seems to be improving
- our commercial backlog is holding strong
- BCA had 121 order cancellations in 2009
- 57 deferrals in the 4th qtr
- no change to our production plan
- we remain oversold in 2011 with a strong customer base
- continued market pressure
- despite challenges in 2009, we’re making good progress across the company
- key priorities continue to be getting the 787 to our customer
- preserving our financial strength
- holding on the margin in a flattening environment
- ensuring that we have the resources available to complete these programs
- we anticipate to work on the headcount side
- deliveries of the 787 would be the No.1 thing we look at
- we also think about progress in Charleston which would deliver 787s in 2011
- on both the 747-8 & 787, we allow significant inventory buildup this year
- the customer discussions are not slowing down
- maturing technology
- some pretty detailed thinking about product alternatives
- 737 re-engining is under active evaluation
- we’ll have to make the 737 decision probably a little quicker than a 777
- we have a little time to consider the A350-1000
- we have block of improvements as we march to initial production
- keep us within mission requirement
- we don’t anticipate any major modifications to the airplane [787]
- we’re moving along
- initial airworthiness came along quickly
- there’s still risk in the flight test program
- the weight[-reducing] program [on 787] is on track
- there’s always tension when new technology introduced
- the customer base is pushing us on re-engining the 737
- airlines are focused more on productivity
- many these operators are anxious to have us to move
- the 787 supply chain has settled down on the percentage of completion rate
- the overall financial system is in better shape than we anticipated
- the various financial sources all are in better shape than we anticipated
- slight growth in Chinese financing
- there’s continued strength beyond that
- we’ve anticipated JAL’s financial challenges in the planning over the last year
- there’s no near-term impact [brought by JAL’s bankruptcy]
- close to 30 787s in inventory as we begin deliveries
- we’ve ongoing programs with our suppliers
- we have new opportunities to sell 787s at new prices
- we remain confident on the marketability of the airplane
- we’ve taken that [converted 747-400 freighters] into account with our forecast
- we’re close to completing Wedgetail
- there’ll be a significant market for that plane
- there’re some good signs
- I anticipate the A400M situation will be sorted out
- C-17 stands on its own, those requirements don’t overlap

James Bell
- 4th qtr R&D on 787 lower than expected
- no impact on the overall 787 schedule
- we expect the increase in 2010 to be slightly higher
- the program is not in a forward-loss
- anticipated productivity improvement
- supplier discussions are ongoing, we expect to make substantial progress
- we will continue evaluating the 787 profitability
- backlog of US$250 billion
- BCC issued $1 bln of debt
- marketplace impact
- we expect 4th qtr EPS to be lowest due to first deliveries
- we expect the operating cash flow to rebound to over US$5 bln in 2011
- R&D for 2010 at $3.9-4.1 bln
- we’re not forecasting any supplier cost
- we expect the R&D in 2011 to decrease by more than US$500 mln
- we expect 2011 capital expenditure to be down
- we’re encouraged by the trend we see in the commercial market
- oversold in 2011
- just a few deliveries in both the models (787 & 747-8) in 2010
- there won’t be significant cost-saving due to shorter 787-9 wing & no customer for the 787-3
- pre-delivery Payment coming from 2012 deliveries