Bombardier Inc.: Strong Revenue and Earnings Growth, Finalization of Adtranz Acquisition Among Highlights of Bombardier's First-Quarter Performance.Business Editors MONTREAL--(BUSINESS WIRE)--May 22, 2001 - Consolidated revenues rise 23% to $4 billion - Net income climbs 24% to $241 million - Adtranz acquisition confirms status as new global leader in rail equipment and services - Strategic acquisition of Johnson(a) and Evinrude(a) engines Bombardier Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BBD BBD In currencies, this is the abbreviation for the Barbados Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. .A., BBD.B.) today reported consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues of $4 billion for the three months ended April 30, 2001, an increase of 23% over revenues of $3.3 billion for the first quarter of 2000. Net income for the latest period increased 24% to $ 241 million, compared with net income before special item of $195.1 million ($147.4 million after special item) for the preceeding year. Earnings per share rose to $0.17, compared with $0.13 before special item for the previous year ($0.10 after special item). Bombardier's order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at April 30, 2001 totalled $32.6 billion, which represents an increase of 15% from a backlog of $28.3 billion at April 30, last year. Delivering on commitments "These strong results are in line with our commitments to continue growing Bombardier's revenue base and to increase in earnings per share by 30-40% for fiscal 2001-2002," said Robert E. Brown Robert E . "Bob" Brown (18 April 1927 - 29 November 2005) was an ethnomusicologist who is credited with coining the term "world music". He was also well known for his recordings of music from Indonesia. , Bombardier's President and Chief Executive Officer. Mr. Brown observed ob·serve v. ob·served, ob·serv·ing, ob·serves v.tr. 1. To be or become aware of, especially through careful and directed attention; notice. 2. that, "The growth in first-quarter revenues can be attributed mainly to increased aircraft deliveries. The enhanced bottom line for the period was mainly the result of increased revenues in aerospace and of higher pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta margins in aerospace and recreational products." New global leader in transportation "With the finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of the acquisition of Adtranz effective May 1, 2001, we are clearly positioning Bombardier globally as the leading integrated rail transportation equipment manufacturer with 37,000 employees in 23 countries," stated Mr. Brown. Rail transportation equipment, which is a core business, will account on an annual basis for nearly 40% of Bombardier revenues compared with approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 19% for fiscal 2000-2001. The purchase was for a cash consideration of US$725 million ($1.1 billion) subject to equity adjustments. Bombardier Aerospace Bombardier Aerospace is a division of the Bombardier group, with the third largest workforce (behind Boeing and Airbus) and the fourth largest in yearly delivery of commercial airplanes (behind Boeing, Airbus and Embraer). - Q1 revenues up 30% to $2.6 billion - Income before income taxes increases 33% to $310.2 million - Order backlog of $23.8 billion - Aircraft deliveries increase to 83 from 71 in year-ago quarter - Milestone delivery of 500th CRJ 50-seater aircraft For the three months ended April 30, 2001, Bombardier Aerospace had revenues of $2.6 billion, compared with $2.0 billion in the year-earlier period. Aerospace income before income taxes for the latest period was $310.2 million, compared with $234.0 million for the year-earlier quarter. Aircraft deliveries totalled 83, compared with 71 in the first quarter of the previous fiscal year. Among the first-quarter deliveries was the milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. 500th 50-seat CRJ CRJ Canadair Regional Jet CRJ Chiropractic Research Journal CRJ Commission for Racial Justice CRJ Cylinder Reduction Jumper delivery on April 26, to Virginia-based Atlantic Coast Airlines Atlantic Coast Airlines (IATA: DH, ICAO: BLR, and Callsign: Blue Ridge) was an airline based in the United States owned by Atlantic Coast Holdings, Inc.. It operated as United Express for United Airlines and Delta Connection for Delta Air Lines. . Delivery of the 500th CRJ came 10 years after the rollout of the first CRJ, on May 10, 1991. The CRJ Series has grown to three models: the 50-seat CRJ100/200(a), the 70-seat CRJ700(a) and the 86-seat CRJ900(a). During the latest quarter, Bombardier received firm orders for a total of 75 CRJ200 Series aircraft. Among them were major sales to: Air Wisconsin Air Wisconsin is an airline based in Appleton, Wisconsin, USA. Air Wisconsin Airlines Corporation, or AWAC, is the largest privately held regional and commuter airline which operates regional jet flights as US Airways Express under contract to US Airways, serving around 70 , 51 firm orders plus 24 conditional orders Conditional Order A type of order that will be submitted or canceled if set criteria are met, which are defined by the trader/investor entering the order. This allows for a greater customization of the order, thereby meeting the specific needs of the investor. and 75 options; and Lufthansa Lufthansa in full Deutsche Lufthansa AG One of Europe's largest air-passenger, cargo, and airline-services companies. The airline originated in 1926 as Deutsche Luft Hansa AG and eventually was flying to destinations in South America and Southeast Asia before , 15 firm orders plus 30 options. On May 22, 2001, Bombardier Aerospace announced a final agreement with Phoenix-based Mesa Air Group Mesa Air Group (NASDAQ: MESA) is a Nevada Corporation[1] commercial aviation holding company with headquarters in Phoenix, Arizona. The company operates three regional airline subsidiaries: Mesa Airlines, Freedom Airlines, and Air Midwest, and five supporting for a firm order for 20 CRJ700 and 20 CRJ900 aircraft, plus 40 options. Bombardier Recreational Products - Q1 revenues of $370.1 million, up 17% - Income before income taxes increases to $19 million - Acquisition of Evinrude and Johnson brands finalized - BombardierDirect(a) E-commerce initiative launched For the three months ended April 30, 2001, Bombardier Recreational Products had revenues of $370.1 million, up 17% from $315.4 million in the year-earlier period. Recreational products income for the latest period, before income taxes, was $19.0 million, compared with $9.1 million for the year-earlier quarter. Increased revenues are mainly attribuable to higher deliveries of Sea-Doo Sea-Doo is a brand name for Bombardier Recreational Products' popular line of personal water craft (PWC). The name is derived from Bombardier's Ski-Doo snowmobile line. It is also used regionally as a genericized trademark for any type of sit-down PWC. * watercraft combined with new outboard Not built in. Outboard devices are external to the main unit. Contrast with inboard. See offboard. engines activities. On March 9, 2001, Bombardier completed the purchase of certain of the engine assets of Outboard Marine The Outboard Marine Corporation was a maker of boat motors and maintenance supplies, they also owned several lines of boats such as Chris Craft. They are now owned by Bombardier. Corporation (OMC OMC Organisation Mondiale du Commerce (French: WTO) OMC Organización Mundial del Comercio (Spanish: World Trade Organization) OMC Organização Mundial do Comércio ) including the well-known well-known adj. 1. Widely known; familiar or famous: a well-known performer. 2. Fully known: well-known facts. Evinrude(a) and Johnson(a) outboard marine engine brands as well as the FICHT(a) fuel injection technology for a cash consideration of US$53.8 million (CAN$83.3 million). The acquisition gives the group a second engine platform to complement its Rotax Rotax is an Austrian engine manufacturer, founded in 1920 in Dresden, Germany. Operations were moved to Wels, Austria in 1943 and finally to Gunskirchen in 1947. In 1959, Rotax merged with the Vienna-based Lohner-Werke, a manufacturer of car and railway wagon bodies. engines and broadens its base in the key U.S. market. A new E-Commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. Program, BombardierDirect(a), designed to bring dealers and consumers closer together, was introduced to the group's United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. dealer network in March 2001. This program will make it possible for the Bombardier dealer network to reach even more consumers, by taking advantage of multi-channel See multichannel. strategies to capture Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the and catalogue sales and provide a convenient, state-of-the-art shopping experience. Bombardier Transportation Bombardier Transportation is the rail equipment division of the Bombardier group. Bombardier Transportation is the world’s largest company in the rail equipment manufacturing and servicing industry. Its headquarters are in Berlin. - Q1 revenues of $840.7 million - Income before income taxes of $26.4 million - New contract wins totalling $842.0 million - Order backlog of $8.8 billion (excluding Adtranz backlog) For the three months ended April 30, 2001, Bombardier Transportation had revenues of $840.7 million, compared with $763.1 million in the year-earlier period. Transportation income for the latest period, before income taxes, was $26.4 million, compared with $39.1 million for the year-earlier quarter. During the first quarter, Bombardier Transportation announced contracts for a total value of $842.0 million. Included were orders to supply: 126 double-deck vehicles valued at $315 million to the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. Railways; 117 double-deck vehicles valued at $165 million to Germany's Deutsche Bahn Deutsche Bahn AG (abbr. DB AG, DBAG or simply DB) is the successor of the former state railways of Germany: the Deutsche Bundesbahn of West Germany, the Deutsche Reichsbahn of the German Democratic Republic and the West Berlin VdeR. ; 42 double-deck vehicles valued at $77 million to UK-based Porterbrook
Porterbrook is one of the three major ROSCOs (Rolling Stock Company) in the United Kingdom. Created in 1994 as part of the privatisation of British Rail, it owns around a third of passenger railway Leasing Company Ltd.; 51 electrical multiple units (EMUs), valued at $231 million to Austrian Federal Railways; and 20 low-floor street-trams, valued at $54 million to the transit transit, in astronomy, passage of a body across a meridian or passage of a small body across the visible disk of a larger one. (The passage of a large body across a smaller one is called an eclipse or occultation. authority of Dresden Dresden (drĕz`dən), city (1994 pop. 479,300), capital of Saxony, E central Germany, on the Elbe River. It is an industrial and cultural center, a rail junction, and a large inland port. , Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). . Bombardier Capital - Q1 revenues of $262.4 million - Income before income taxes of $3 million - Revenue growth mainly in Capital Services For the three months ended April 30, 2001, Bombardier Capital had revenues of $262.4 million, compared with $222.0 million in the year-earlier period. Bombardier Capital's income, before special item and income taxes, was $3.0 million, compared with $10.0 million for the year-earlier quarter. Revenue growth came primarily from Capital Services. BC's performance continued to be impacted by a weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. economy in the United States, particularly in the manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use.In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected market. Assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. at April 30, 2001, totalled $13.8 billion compared with $13.3 billion as at January January: see month. 31, 2001.
Financial Highlights are as follows:
(in millions of Canadian dollars, except per share amounts)
Three months ended April 30
2001 2000
---------------------------------------------------------------------
Revenues
Aerospace $2,621.3 $2,011.0
Recreational Products 370.1 315.4
Transportation 840.7 763.1
BC 262.4 222.0
Intersegment eliminations (74.9) (44.8)
---------------------------------------------------------------------
External revenues $4,019.6 $3,266.7
---------------------------------------------------------------------
Income before special item
and income taxes
Aerospace $310.2 $234.0
Recreational Products 19.0 9.1
Transportation 26.4 39.1
BC 3.0 10.0
---------------------------------------------------------------------
358.6 292.2
---------------------------------------------------------------------
Special item - BC - 79.5
---------------------------------------------------------------------
Income before income taxes 358.6 212.7
Income taxes 117.6 65.3
---------------------------------------------------------------------
Net income $241.0 $147.4
---------------------------------------------------------------------
Earnings per share
Basic $0.17 $0.10
Fully diluted $0.17 $0.10
Average number of common shares
outstanding during the period
(millions) 1,366,622 1,375,301
---------------------------------------------------------------------
Bombardier Inc., a diversified diversified (di·verˑ·s manufacturing and service company, is a world leading manufacturer of business jets, regional aircraft, rail transportation equipment and motorized mo·tor·ize tr.v. mo·tor·ized, mo·tor·iz·ing, mo·tor·iz·es 1. To equip with a motor. 2. To supply with motor-driven vehicles. 3. To provide with automobiles. recreational products. It is also a provider of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and asset management. The Corporation employs 79,000 people in 23 countries in the Americas A·mer·i·cas , the See America. , Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and Asia-Pacific The term Asia-Pacific generally applies to littoral East Asia, Southeast Asia and Australasia near the Pacific Ocean, plus the states in the ocean itself (Oceania). . Bombardier's revenues for its fiscal year
ended Jan. 31, 2001 totalled $16.1 billion and more than 90% were
generated outside Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of .
FORWARD LOOKING STATEMENTS This press release includes "forward looking statements" that are subject to risks and uncertainties. For information identifying legislative or regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , economic, climatic, currency, technological, competitive and other important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, see Bombardier's Annual Report under the heading Risks and Uncertainties in the Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial section. (a) Trademark of Bombardier Inc. or its subsidiaries
BOMBARDIER INC.
Consolidated Balance Sheets
(millions of Canadian dollars)
---------------------------------------------------------------------
---------------------------------------------------------------------
Bombardier Inc.
consolidated Bombardier
---------------------------------------------------------------------
April 30 January 31 April 30 January 31
Notes 2001 2001 2001 2001
---------------------------------------------------------------------
(Unaudited) (Unaudited)
Assets
Cash and cash
equivalents $597.2 $1,373.9 $411.0 $1,358.8
Receivables 775.7 851.2 490.3 626.5
Asset-based
financing
items 4 9,465.0 8,970.8 53.0 62.0
Inventories 5 7,363.8 6,413.7 7,363.8 6,413.7
Fixed assets 2,211.9 2,090.9 2,074.8 1,958.1
Investment in
and advances
to BC - - 1,927.5 1,581.5
Other assets 10 1,852.7 703.8 1,619.5 421.6
---------------------------------------------------------------------
$22,266.3 $20,404.3 $13,939.9 $12,422.2
---------------------------------------------------------------------
Liabilities
Short-term
borrowings $3,275.7 $2,531.2 $409.8 $-
Advances from
Bombardier - - - -
Accounts
payable and
accrued
liabilities 4,044.9 4,036.6 3,837.7 3,840.0
Advances and
progress
billings
in excess of
related costs 2,089.0 2,362.8 2,089.0 2,362.8
Long-term debt 6 7,189.0 6,131.2 1,938.6 879.4
Other
liabilities 1,621.0 1,530.1 1,618.1 1,527.6
---------------------------------------------------------------------
18,219.6 16,591.9 9,893.2 8,609.8
---------------------------------------------------------------------
Shareholders' equity
(Investment in BC)
Preferred shares
Issued and
outstanding:
Series 2:
12,000,000 300.0 300.0 300.0 300.0
Common shares
Issued and
outstanding:
Class A:
344,885,775 47.7 48.1 47.7 48.1
(347,426,366 as at
January 31, 2001) Class B:
1,022,459,461 828.2 821.9 828.2 821.9
(1,018,624,370 as
at January 31,
2001)
Retained earnings 2,833.4 2,660.0 2,833.4 2,660.0
Deferred
translation
adjustment 37.4 (17.6) 37.4 (17.6)
Investment in BC - - - -
---------------------------------------------------------------------
4,046.7 3,812.4 4,046.7 3,812.4
---------------------------------------------------------------------
$22,266.3 $20,404.3 $13,939.9 $12,422.2
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
BC
April 30 January 31
Notes 2001 2001
---------------------------------------------------------------------
(Unaudited)
Assets
Cash and cash
equivalents $186.2 $15.1
Receivables 285.4 224.7
Asset-based
financing
items 4 9,412.0 8,908.8
Inventories 5 - -
Fixed assets 137.1 132.8
Investment in
and advances
to BC - -
Other assets 10 233.2 282.2
---------------------------------------------------------------------
$10,253.9 $9,563.6
---------------------------------------------------------------------
Liabilities
Short-term
borrowings $2,865.9 $2,531.2
Advances from
Bombardier 522.0 205.5
Accounts
payable and
accrued
liabilities 207.2 196.6
Advances and
progress
billings in
excess of
related costs - -
Long-term debt 6 5,250.4 5,251.8
Other
liabilities 2.9 2.5
---------------------------------------------------------------------
8,848.4 8,187.6
---------------------------------------------------------------------
Shareholders' equity
(Investment in BC)
Preferred shares
Issued and
outstanding:
Series 2:
12,000,000 - -
Common shares
Issued and
outstanding:
Class A:
344,885,775 - -
(347,426,366 as at
January 31, 2001) Class B:
1,022,459,461 - -
(1,018,624,370 as
at January 31,
2001)
Retained earnings - -
Deferred
translation
adjustment - -
Investment
in BC 1,405.5 1,376.0
---------------------------------------------------------------------
1,405.5 1,376.0
---------------------------------------------------------------------
$10,253.9 $9,563.6
---------------------------------------------------------------------
---------------------------------------------------------------------
The accompanying notes are an integral part of these consolidated
financial statements and provide information on the financial
statement presentation.
BOMBARDIER INC.
Consolidated Statements of Income (Unaudited) For the three months
ended April 30 (millions of Canadian dollars)
---------------------------------------------------------------------
---------------------------------------------------------------------
Bombardier Inc.
consolidated Bombardier
---------------------------------------------------------------------
Notes 2001 2000 2001 2000
---------------------------------------------------------------------
Revenues $4,019.6 $3,266.7 $3,826.4 $3,085.4
---------------------------------------------------------------------
Expenses
Cost of sales
and operating
expenses 3,574.2 2,915.9 3,386.7 2,756.0
Depreciation
and
amortization 67.2 53.5 64.5 51.0
Interest expense 31.9 22.4 31.9 13.5
Interest income (12.3) (17.3) (12.3) (17.3)
Net income
from BC
before BC's
special item - - (1.8) (5.9)
---------------------------------------------------------------------
3,661.0 2,974.5 3,469.0 2,797.3
---------------------------------------------------------------------
Income before
special item
and income
taxes 358.6 292.2 357.4 288.1
Special item,
BC 7 - 79.5 - 47.7
---------------------------------------------------------------------
Income (loss)
before income
taxes 358.6 212.7 357.4 240.4
Income taxes 117.6 65.3 116.4 93.0
---------------------------------------------------------------------
Net income (loss) $241.0 $147.4 $241.0 $147.4
---------------------------------------------------------------------
---------------------------------------------------------------------
Earnings per
share: 2
Basic $0.17 $0.10
Fully diluted $0.17 $0.10
Average number
of common
shares
outstanding
during the
period (in
thousands) 1,366,622 1,375,301
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
BC
---------------------------------------------------------------------
Notes 2001 2000
---------------------------------------------------------------------
Revenues $262.4 $222.0
---------------------------------------------------------------------
Expenses
Cost of sales
and operating
expenses 256.7 200.6
Depreciation
and
amortization 2.7 2.5
Interest
expense - 8.9
Interest
income - -
Net income
from BC
before BC's
special item - -
---------------------------------------------------------------------
259.4 212.0
---------------------------------------------------------------------
Income before
special item
and income
taxes 3.0 10.0
Special item,
BC 7 - 79.5
---------------------------------------------------------------------
Income (loss)
before income
taxes 3.0 (69.5)
Income taxes 1.2 (27.7)
---------------------------------------------------------------------
Net income
(loss) $1.8 $(41.8)
---------------------------------------------------------------------
---------------------------------------------------------------------
Consolidated Statements of Retained Earnings
(Unaudited)
For the three months ended April 30
(millions of Canadian dollars)
---------------------------------------------------------------------
---------------------------------------------------------------------
Bombardier Inc.
consolidated
---------------------------------------------------------------------
2001 2000
---------------------------------------------------------------------
Balance at beginning of period $2,660.0 $2,392.5
Effect of change of accounting policy
for employee future benefits - (210.6)
---------------------------------------------------------------------
Balance at beginning of period - adjusted 2,660.0 2,181.9
Net income 241.0 147.4
Dividends:
Preferred shares (4.1) (4.1)
Common shares (63.1) (48.0)
Excess of redemption price of
common shares over stated value - (64.0)
Other (0.4) (0.4)
---------------------------------------------------------------------
Balance at end of period $2,833.4 $2,212.8
---------------------------------------------------------------------
---------------------------------------------------------------------
The accompanying notes are an integral part of these consolidated
financial statements and provide information on the financial
statement presentation.
BOMBARDIER INC.
Consolidated Statements of Cash Flows (Unaudited) For the three
months ended April 30 (millions of Canadian dollars)
---------------------------------------------------------------------
---------------------------------------------------------------------
Bombardier Inc.
consolidated Bombardier
---------------------------------------------------------------------
Notes 2001 2000 2001 2000
---------------------------------------------------------------------
Operating
activities
Net income
(loss) $241.0 $147.4 $241.0 $147.4
Non-cash
items:
Depreciation
and
amortization 96.3 64.8 64.5 51.0
Net loss
(income)
from BC - - (1.8) 41.8
Provision
for credit
losses 4 26.9 13.5 - -
Deferred
income taxes 102.4 55.9 100.1 82.9
Special item 7 - 79.5 - -
Net changes in
non-cash
balances
related to
operations (1,163.8) (942.8) (1,131.9) (965.0)
---------------------------------------------------------------------
Cash flows from
operating
activities (697.2) (581.7) (728.1) (641.9)
---------------------------------------------------------------------
Investing
activities
Additions to
fixed assets (112.4) (97.1) (106.2) (95.0)
Net investment
in asset-based
financing items (340.5) (711.9) 8.9 (1.7)
Acquisition of
business 3 (87.1) - (87.1) -
Investment in
and advances
to BC - - (317.4) (122.6)
Other 10 (1,186.1) 17.7 (1,215.0) (2.0)
---------------------------------------------------------------------
Cash flows
from investing
activities (1,726.1) (791.3) (1,716.8) (221.3)
---------------------------------------------------------------------
Financing
activities
Net variation
in short-term
borrowings 686.0 542.3 409.8 85.4
Net variation
in long-term
debt 6 948.5 (29.7) 1,074.0 8.4
Issuance of
shares, net of
related costs 6.0 5.4 6.0 5.4
Redemption
of shares - (67.6) - (67.6)
Dividends paid (4.5) (0.4) (4.5) (0.4)
Cash flows from
financing
activities 1,636.0 450.0 1,485.3 31.2
---------------------------------------------------------------------
Effect of
exchange rate
changes on
cash and cash
equivalents 10.6 (22.1) 11.8 (15.2)
---------------------------------------------------------------------
Net increase
(decrease) in
cash and cash
equivalents (776.7) (945.1) (947.8) (847.2)
Cash and cash
equivalents
at beginnning
of period 1,373.9 1,664.0 1,358.8 1,548.7
---------------------------------------------------------------------
Cash and cash
equivalents
at April 30 $597.2 $718.9 $411.0 $701.5
---------------------------------------------------------------------
---------------------------------------------------------------------
Supplemental Information
Cash paid for
- interest $93.7 $85.4
- income taxes $44.7 $24.1
---------------------------------------------------------------------
---------------------------------------------------------------------
BC
---------------------------------------------------------------------
Notes 2001 2000
---------------------------------------------------------------------
Operating
activities
Net income
(loss) $1.8 $(41.8)
Non-cash
items:
Depreciation
and
amortization 31.8 13.8
Net loss
(income)
from BC - -
Provision
for credit
losses 4 26.9 13.5
Deferred
income taxes 2.3 (27.0)
Special item 7 - 79.5
Net changes in
non-cash
balances
related to
operations (31.9) 22.2
---------------------------------------------------------------------
Cash flows from
operating
activities 30.9 60.2
---------------------------------------------------------------------
Investing
activities
Additions to
fixed assets (6.2) (2.1)
Net investment
in asset-based
financing items (349.4) (710.2)
Acquisition
of business 3 - -
Investment in
and advances
to BC 317.4 122.6
Other 10 28.9 19.7
---------------------------------------------------------------------
Cash flows
from investing
activities (9.3) (570.0)
---------------------------------------------------------------------
Financing
activities
Net variation
in short-term
borrowings 276.2 456.9
Net variation
in long-term
debt 6 (125.5) (38.1)
Issuance of
shares, net of
related costs - -
Redemption of
shares - -
Dividends paid - -
---------------------------------------------------------------------
Cash flows from
financing
activities 150.7 418.8
---------------------------------------------------------------------
Effect of
exchange rate
changes on
cash and cash
equivalents (1.2) (6.9)
---------------------------------------------------------------------
Net increase
(decrease) in
cash and cash
equivalents 171.1 (97.9)
Cash and cash
equivalents
at beginnning
of period 15.1 115.3
---------------------------------------------------------------------
Cash and cash
equivalents
at April 30 $186.2 $17.4
---------------------------------------------------------------------
---------------------------------------------------------------------
The accompanying notes are an integral part of these consolidated
financial statements and provide information on the financial
statement presentation.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge (All figures for the periods ended April 30, 2001 and 2000 and as of April 30, 2001 are unaudited) For the first quarter ended April 30, 2001 (tabular tab·u·lar adj. 1. Having a plane surface; flat. 2. Organized as a table or list. 3. Calculated by means of a table. tabular resembling a table. figures in millions of Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents ) CONSOLIDATED FINANCIAL STATEMENT Consolidated financial statement A financial statement that shows all the assets, liabilities, and operating accounts of a parent company and its subsidiaries. PRESENTATION Bombardier Inc. is incorporated under the laws of Canada. The consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. are unclassified un·clas·si·fied adj. 1. Not placed or included in a class or category: unclassified mail. 2. because Bombardier Inc. and its subsidiaries (the "Corporation") carry out their operations in four distinct segments, each one characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by a specific operating cycle Operating cycle The average time between the acquisition of materials or services and the final cash realization from that acquisition. operating cycle . Financial services and real estate activities, being distinct from Bombardier's other activities, are shown in a separate column (BC) in the consolidated financial statements. The descriptions of the columns shown in these financial statements are as follows: Bombardier Inc. consolidated This column represents all of the activities of the Corporation on a consolidated basis, after elimination of balances and transactions between Bombardier and BC. Bombardier This column represents the activities of the Corporation's three manufacturing segments (aerospace, recreational products and transportation). These segments are grouped and referred to as "Bombardier" and intercompany transactions Intercompany transaction Transaction carried out between two units of the same corporation. and balances within this column have been eliminated. Bombardier's investment in BC is accounted for under the equity method and comprises BC's equity and subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". of Bombardier in BC. BC Bombardier Capital ("BC") represents the financial services and real estate activities of the Corporation. Intercompany transactions and balances within BC have been eliminated. 1. CONSOLIDATED INTERIM FINANCIAL STATEMENTS The consolidated interim financial statements include the accounts of Bombardier Inc. and its subsidiaries, substantially all of which are wholly owned. They also include the Corporation's proportionate pro·por·tion·ate adj. Being in due proportion; proportional. tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates To make proportionate. share of its joint ventures. The consolidated interim financial statements have been prepared by the Corporation in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting applicable to interim financial statements and follow the same accounting policies and methods of their application as the most recent annual financial statements, except for the changes in accounting policies described in note 2. In the opinion of Management, all adjustments necessary for a fair presentation are reflected in the interim financial statements. Such adjustments are of a normal and recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. nature. The results of operations for the interim periods are not necessarily indicative indicative: see mood. of the operating results for the full year. The interim financial statements should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the audited consolidated financial statements and notes thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. included in the Corporation's Annual Report for fiscal year 2001. Certain reclassifications have been made to prior periods to conform with current reporting. 2. CHANGES IN ACCOUNTING POLICIES Earnings per share Effective February February: see month. 1, 2001, the Corporation retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin adopted the new recommendations published by the Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants (CICA) is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. Membership of the CICA totals 70,000 Chartered Accountants and 8,500 students. (the "CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) ") relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the method of calculation and the presentation and disclosure requirements for earnings per share. The new recommendations, which are essentially aligned with the requirements of the US Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). Statement No. 128 on this subject, require the use of the treasury stock method instead of the imputed Attributed vicariously. In the legal sense, the term imputed is used to describe an action, fact, or quality, the knowledge of which is charged to an individual based upon the actions of another for whom the individual is responsible rather than on the individual's earnings method for calculating fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of . The impact of the adoption of the new recommendations on the computation Computation is a general term for any type of information processing that can be represented mathematically. This includes phenomena ranging from simple calculations to human thinking. of basic and fully diluted earnings per share is not material. Transfer of receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed Effective April 1, 2001, the Corporation prospectively adopted the new CICA recommendations applicable to the transfer of receivables. The new recommendations are consistent with the requirements of the US Financial Accounting Standards Board Statement No. 140. The effect of adopting the new recommendations on the Corporation's consolidated income, financial position and cash flows is not expected to be material. 3. BUSINESS ACQUISITION On March 9, 2001, the Corporation acquired for a cash consideration of US$53.8 million ($83.3 million), before acquisition costs of $3.8 million, most of the net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of the engine manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. of Outboard Marine Corporation ("OMC") following OMC's and certain of its subsidiaries' filing, on December December: see month. 22, 2000, of a voluntary petition petition Written instrument directed to an individual, government official, legislative body, or court in order to seek redress of grievances or to request a favour. for relief under Chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
(unaudited)
Net assets acquired at fair value
Receivables $8.3
Inventories 76.3
Fixed Assets 73.8
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158.4
Accounts payable and accrued liabilities (71.3)
---------------------------------------------------------------------
Net assets acquired $87.1
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4. ASSET-BASED FINANCING ITEMS
April 30 January 31
2001 2001
---------------------------------------------------------------------
(unaudited)
Bombardier
Assets under operating leases
and commercial loans $53.0 $62.0
---------------------------------------------------------------------
BC
Consumer Products Finance
Manufactured housing 2,180.6 2,067.6
Inventory 955.6 972.1
Consumer 305.9 274.9
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3,442.1 3,314.6
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Capital Services
Aircraft 5,006.9 4,582.5
Railcar 189.4 173.7
Industrial equipment 113.4 112.3
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5,309.7 4,868.5
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Winding down portfolios 780.4 858.7
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9,532.2 9,041.8
Allowance for credit losses (120.2) (133.0)
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9,412.0 8,908.8
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$9,465.0 $8,970.8
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WINDING DOWN PORTFOLIOS - BC
The winding down portfolios include the technology management and
finance, mid-market equipment commercial finance and small ticket
finance portfolios.
ASSETS UNDER MANAGEMENT - BC
April 30 January 31
2001 2001
---------------------------------------------------------------------
(unaudited)
Asset-based financing items $9,412.0 $8,908.8
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Asset-based financing items - sold to third parties and serviced by
BC:
Inventory 2,022.6 1,969.4
Manufactured housing 857.4 867.2
Consumer 441.3 467.9
Railcar 947.8 917.8
Winding down portfolios 168.2 194.2
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4,437.3 4,416.5
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Assets under management $13,849.3 $13,325.3
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ALLOWANCE FOR CREDIT LOSSES
Changes in the allowance for credit losses are as follows:
April 30 April 30,
2001 2000
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(unaudited) (unaudited)
Allowance at beginning of period $133.0 $56.5
Provision for credit losses(1) 26.9 93.0
Amounts charged off - net of recoveries (39.7) (23.2)
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Allowance at end of period $120.2 $126.3
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---------------------------------------------------------------------
(1) For the period ended April 30, 2000, the provision for credit
losses includes the special charge of $79.5 million.
5. INVENTORIES
April 30 January 31
2001 2001
---------------------------------------------------------------------
(unaudited)
Raw materials and work in process $438.4 $395.0
Long-term contracts and aerospace programs 10,281.7 9,485.3
Finished products 907.7 581.8
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11,627.8 10,462.1
Advances and progress billings (4,264.0) (4,048.4)
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$7,363.8 $6,413.7
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---------------------------------------------------------------------
6. LONG-TERM DEBT Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. On February 22, 2001, the Corporation issued notes amounting to $697.5 million (500 million euros), 5.75% due February 2008 at a price of 99.467% and notes amounting to $388.8 million (175 million pounds sterling), 6.25% due February 2006 at a price of 99.442% for aggregate net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $1,076.4 million (495.4 million euros and 173.4 million pounds sterling). As at April 30, 2001 and January 31, 2001, the Corporation had complied with the restrictive covenants Restrictive covenants Provisions that place constraints on the operations of borrowers, such as restrictions on working capital, fixed assets, future borrowing, and payment of dividends. contained in its various financing agreements Financing Agreements In the context of project financing, the documents which provide the project financing and sponsor support for the project as defined in the project contracts. . 7. SPECIAL ITEM _ BC On May 12, 2000, involuntary bankruptcy involuntary bankruptcy Bankruptcy that is forced by creditors instead of being initiated by the firm or individual. Compare voluntary bankruptcy. See also Chapter 7, Chapter 11. proceedings were filed against the principal recourse The right of an individual who is holding a Commercial Paper, such as a check or promissory note, to receive payment on it from anyone who has signed it if the individual who originally made it is unable, or refuses, to tender payment. lessor One who rents real property or Personal Property to another. A lessor of land is a landlord. Cross-references Landlord and Tenant. lessor n. the owner of real property who rents it to a lessee pursuant to a written lease. providing credit support for the small ticket finance portfolio which is being wound down. As a result of this development as well as defaults from other recourse lessors providing credit support for this portfolio and the deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of the credit quality of this portfolio, a special charge of $79.5 million ($47.7 million after tax) has been provided for during the quarter ended April 30, 2000, related to additional provision for credit losses. 8. CONTINGENCIES Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. The Corporation is defendant in certain legal cases currently pending before various courts in relation to product liability. The Corporation is also party to several actions associated with waste disposal sites. These actions include possible obligations to remove wastes deposited at various sites or mitigate mit·i·gate v. To moderate in force or intensity. mit  i·gation n. their negative effects on
the environment. There are also some asbestos-related claims to
compensate railway workers for various diseases which allegedly result
from their workplace exposure to asbestos asbestos, mineralasbestos, common name for any of a variety of silicate minerals within the amphibole and serpentine groups that are fibrous in structure and more or less resistant to acid and fire. materials relating to past business involving locomotives This is a list of locomotives (classes, or individual locomotives) that currently have articles in Wikipedia.
The Corporation intends to vigorously vig·or·ous adj. 1. Strong, energetic, and active in mind or body; robust. See Synonyms at healthy. 2. Marked by or done with force and energy. See Synonyms at active. defend its position in these matters. Management believes the Corporation has established adequate provisions to cover potential losses and amounts not recoverable under insurance coverage, if any, in relation to these legal actions. 9. SEGMENT DISCLOSURE The Corporation operates in the four reportable segments described below. Each reportable segment offers different products and services, requires different technology and marketing strategies and is headed by a president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . The aerospace segment is engaged in the design, manufacture and sale of business and regional aircraft for individuals, corporations as well as commercial airline customers. It is also engaged in the manufacture of major airframe components for aircraft designed and built by other American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. aircraft manufacturers. In addition, it provides commercial and military aviation services, including technical services and pilot training. The recreational products segment is responsible for developing, manufacturing and marketing snowmobiles, watercraft, boats, all-terrain vehicles all-ter·rain vehicle n. Abbr. ATV A small, open motor vehicle having one seat and three or more wheels fitted with large tires. It is designed chiefly for recreational use over roadless, rugged terrain. , utility vehicles and engines. The transportation segment is responsible for all operations in the field of rail transportation equipment. It offers a full range of vehicles for urban, suburban, intercity in·ter·cit·y adj. Relating to, involving, or connecting two or more cities: intercity rivalry; an intercity bus. Intercity Adjective trademark rail-passenger transportation, freight The price or compensation paid for the transportation of goods by a carrier. Freight is also applied to the goods transported by such carriers. The liability of a carrier for freight damaged, lost, or destroyed during shipment is determined by contract, statute, or cars, as well as integrated rail transit systems for turnkey See turnkey system. projects. In addition, the transportation segment provides operations and maintenance services. The capital segment (BC) includes financial services and real estate activities. The financial services are all asset-based and are grouped into two divisions: Consumer Products Finance and Capital Services. The Consumer Products Finance division comprises manufactured housing, inventory and consumer finance portfolios. The Capital Services division includes aircraft, railcars and industrial equipment portfolios. The real estate activities of this segment consist in selling land to real estate developers and renting office buildings to Bombardier. The accounting policies of the segments are the same as those described in the Corporation's annual report for fiscal year 2001. Management evaluates performance based on income or loss before special item and income taxes. Intersegment services are accounted for at current market prices as if the services were provided to third parties. Corporate interest costs are allocated to the manufacturing segments based on each segment's net assets and most corporate office charges are allocated in all segments based on each segment's revenues. Net assets exclude cash and cash equivalents, investment in and advances to BC and deferred income taxes and are net of accounts payable and accrued liabilities Accrued liabilities are liabilities which have occurred, but have not been paid or logged under accounts payable during an accounting period; in other words, obligations for goods and services provided to a company for which invoices have not yet been received. , advances and progress billings Billings, city (1990 pop. 81,151), seat of Yellowstone co., S Mont., on the Yellowstone River, in a valley surrounded by seven mountain ranges; inc. as a city 1885. in excess of related costs and accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. benefit liability. Effective February 1, 2001, the Corporation ceased allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as corporate interest charges to the BC segment. The new allocation basis is now used by Management in evaluating performance and making operating decisions for each segment. The effect of this modification A change or alteration in existing materials. Modification generally has the same meaning in the law as it does in common parlance. The term has special significance in the law of contracts and the law of sales. was a decrease of interest expense allocated to the BC segment of $9.6 million for the three month period ended April 30, 2001. The corresponding increase in the allocation of interest expense has been mostly borne by the aerospace segment. The table containing the detailed segmented is shown at the end of the financial statements. 10. SUBSEQUENT EVENT Effective May 1, 2001, the Corporation acquired from DaimlerChrysler AG (DaimlerChrysler) of Stuttgart Stuttgart, city, Germany Stuttgart (sht t`gärt), city (1994 pop. 594,406), capital of Baden-Württemberg, SW Germany, on the Neckar River. , Germany its
subsidiary DaimlerChrysler Rail Systems GmbH GmbH Gesellschaft mit Beschränkter Haftung (German: limited liability company; business entity) (Adtranz) based in Berlin
for a cash consideration of US$725 million ($1.1 billion). On April 30,
2001, the Corporation made payments of US$525 million ($806 million) on
account of the purchase price and of 275 million euros ($374 million) to
reimburse re·im·burse tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. DaimlerChrysler for advances made to Adtranz. These payments are presented as other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. in the consolidated balance sheet. The purchase price is subject to adjustments based on the April 30, 2001 carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the adjusted net assets acquired. The determination of the adjusted net assets acquired is subject to a review process involving the respective auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together of the Corporation and of DaimlerChrysler. This process was initiated immediately after the acquisition and could last several months to extend to the end of July July: see month. 2001. The acquisition will be accounted for using the purchase method. The preliminary allocation of the purchase price to the net assets acquired, based on their fair values, will be made during the second quarter of the current fiscal year.
SEGMENT DISCLOSURE
(unaudited)
For the three months ended and as at April 30
(millions of Canadian dollars)
Bombardier Inc.
Industry Segments consolidated Aerospace
---------------------------------------------------------------------
---------------------------------------------------------------------
2001 2000 2001 2000
---------------------------------------------------------------------
External revenues $4,019.6 $3,266.7 $2,621.3 $2,011.0
Intersegment
eliminations - - - -
---------------------------------------------------------------------
Revenues $4,019.6 $3,266.7 $2,621.3 $2,011.0
---------------------------------------------------------------------
---------------------------------------------------------------------
Expenses
Cost of sales and
operating expenses $3,574.2 $2,915.9 $2,228.2 $1,713.7
Depreciation and
amortization (1) 67.2 53.5 32.7 27.0
Interest expense
(income), net 19.6 5.1 50.2 36.3
---------------------------------------------------------------------
3,661.0 2,974.5 2,311.1 1,777.0
---------------------------------------------------------------------
Income before
special item and
income taxes $358.6 $292.2 $310.2 $234.0
---------------------------------------------------------------------
Special item - 79.5
---------------------------------------------------------------------
Income before
income taxes $358.6 $212.7
---------------------------------------------------------------------
---------------------------------------------------------------------
Additions to
fixed assets
(excluding business
acquisition) $112.4 $97.1 $73.8 $83.6
---------------------------------------------------------------------
---------------------------------------------------------------------
April 30th, January 31st, April 30th, January 31st
As at 2001 2001 2001 2001
---------------------------------------------------------------------
Net segmented assets
$6,488.5 $4,053.5 $4,309.2 $3,231.0
Accounts payable and
accrued liabilities 3,837.7 3,840.0
Advances and
progress billings
in excess of
related costs 2,089.0 2,362.8
Accrued benefit
liability 509.7 492.1
Advances to BC 522.0 205.5
Deferred income taxes 82.0 109.5
Cash and cash
equivalents 411.0 1,358.8
---------------------------------------------------------------------
Total assets
- Bombardier $13,939.9 $12,422.2
Investment in and
advances to BC (1,927.5) (1,581.5)
Total assets - BC 10,253.9 9,563.6
---------------------------------------------------------------------
Total assets
- Bombardier Inc.
consolidated $22,266.3 $20,404.3
---------------------------------------------------------------------
---------------------------------------------------------------------
Industry Segments Recreational Products Transportation
---------------------------------------------------------------------
---------------------------------------------------------------------
2001 2000 2001 2000
---------------------------------------------------------------------
External revenues $370.1 $315.4 $835.0 $759.0
Intersegment
eliminations - - 5.7 4.1
---------------------------------------------------------------------
Revenues $370.1 $315.4 $840.7 $763.1
---------------------------------------------------------------------
---------------------------------------------------------------------
Expenses
Cost of sales and
operating expenses $337.8 $294.9 $826.4 $751.5
Depreciation and
amortization (1) 8.6 8.6 23.2 15.4
Interest expense
(income), net 4.7 2.8 (35.3) (42.9)
---------------------------------------------------------------------
351.1 306.3 814.3 724.0
---------------------------------------------------------------------
Income before
special item and
income taxes $19.0 $9.1 $26.4 $39.1
---------------------------------------------------------------------
Special item
---------------------------------------------------------------------
Income before
income taxes
---------------------------------------------------------------------
---------------------------------------------------------------------
Additions to fixed
assets (excluding
business acquisition) $7.5 $3.1 $24.9 $8.3
---------------------------------------------------------------------
---------------------------------------------------------------------
April 30th, January 31st, April 30th, January 31st
As at 2001 2001 2001 2001
---------------------------------------------------------------------
Net segmented assets $261.3 $62.4 $512.5 $(615.9)
---------------------------------------------------------------------
---------------------------------------------------------------------
Industry Segments BC
---------------------------------------------------------------------
---------------------------------------------------------------------
2001 2000
---------------------------------------------------------------------
External revenues $193.2 $181.3
Intersegment eliminations 69.2 40.7
---------------------------------------------------------------------
Revenues $262.4 $222.0
---------------------------------------------------------------------
---------------------------------------------------------------------
Expenses
Cost of sales and operating expenses $256.7 $200.6
Depreciation and amortization (1) 2.7 2.5
Interest expense (income), net - 8.9
---------------------------------------------------------------------
259.4 212.0
---------------------------------------------------------------------
Income before special item and income taxes $3.0 $10.0
---------------------------------------------------------------------
Special item
---------------------------------------------------------------------
Income before income taxes
---------------------------------------------------------------------
---------------------------------------------------------------------
Additions to fixed assets
(excluding business acquisition) $6.2 $2.1
---------------------------------------------------------------------
---------------------------------------------------------------------
April 30th, January 31st,
As at 2001 2001
---------------------------------------------------------------------
Net segmented assets $1,405.5 $1,376.0
---------------------------------------------------------------------
---------------------------------------------------------------------
(1) BC's depreciation expense is mostly presented against rental
income from assets under operating leases.
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