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Exhibit 1
Exhibit 1
2019
Annual Sales
(Estimate)
2000-2019
Cumulative Sales
(Estimate)
Aircraft Deliveries
Regional Aircraft
Airbus
Boeing
Total Aircraft Deliveries
$3.8
16.0
36.7
$56.5
NA
$60.6
56.9
$117.5
NA
$729.5
692.5
$1,422.0
13.8
18.5
8.4
12.3
1.8
8.1
1.7
21.4
0.7
$86.7
32.3
43
19.6
28.8
3.5
18.8
3.4
43
1.4
$193.8
441
588
268
394
43
257
49
622
20
$2,682
$143.2
$311.3
$4,104
Sources:
Boeing Current Market Outlook, 2000; The Airline Monitor, July 2000.
Exhibit 3
Exhibit 3
737
Average Number of Seats
140
Actual Deliveries
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
4
105
114
37
29
22
18
47
51
41
25
40
77
92
108
95
82
67
115
141
161
165
146
174
215
218
152
121
89
76
135
274
295
Total
Average Yearly Deliveries
Current Order Book by
Scheduled Delivery Date
2000
2001
2002
2003
2004
2005
2006
2007
2008
Total
Sources:
Note:
Boeing Aircraft
7477671/2/300
2/3/400
390
3
40
40
17
19
15
19
21
18
28
60
67
53
24
22
15
24
35
23
24
4
8
2
0
220
Airbus Aircraft
747400
7772/300
A-300
A-310
A-320
A-330
A-340
410
350
265
220
150
310
300
17
26
26
18
19
28
23
18
19
23
22
2
2
2
2
1
0
14
57
57
119
111
72
48
32
38
57
80
101
1
9
30
10
14
23
44
21
25
19
28
33
24
20
20
55
29
25
24
36
53
35
60
62
63
51
40
36
42
41
47
44
41
62
62
61
55
40
25
25
39
53
47
13
32
59
74
83
1
6
10
10
18
31
37
37
19
17
15
10
10
17
24
18
23
22
22
23
17
14
6
13
8
3,531
107
581
25
763
42
510
46
261
52
428
17
248
15
786
66
131
19
170
24
285
255
188
125
95
40
25
0
0
0
0
0
0
0
0
0
0
0
41
34
21
10
3
1
0
0
0
18
24
18
6
3
3
1
1
0
41
54
37
18
17
9
8
0
0
4
8
11
9
3
0
0
0
0
0
0
3
1
1
0
0
0
0
82
139
126
96
46
22
8
4
0
33
49
25
14
19
13
0
0
0
14
21
32
31
14
5
1
0
0
1,013
110
74
184
35
523
153
118
The Airline Monitor, May 2000 (deliveries); CSFB Global Commercial Aerospace Monthly, May 2000 (orders).
The Boeing 737 includes three model versions: 737-200 (1967-1988), 737-3/500 (1984-present), and 737-6/900 (1997-present).
Exhibit 4A
Exhibit 4A
1995
Balance Sheet
Cash and Short-term Investments
Total Assets
Total Debt
Income Statement
Sales
Depreciation and amortization
EBIT
Net Income
Market Value
Number of Shares (millions)
Stock Price (year end)
Bond Rating
Market Share (% by Units)
Deliveries
Orders
Sources:
1999
$3,730
22,040
2,615
$5,469
37,880
7,489
$4,420
38,024
6,854
$2,741
36,672
6,972
$3,554
36,147
6,732
32,960
1,306
(316)
(36)
35,453
1,267
2,618
1,818
45,800
1,458
(355)
(178)
56,154
1,622
1,567
1,120
57,993
1,645
3,349
2,309
344
78
AA
347
107
AA
973
49
AA
938
33
AA-
871
41
AA-
67.5%
NA
68.1%
71.1%
67.3%
56.1%
70.7%
53.6%
66.9%
45.2%
1995
Airbus Industrie
1996
1997
1998
1999
$9,600
$8,800
$11,600
$13,300
$16,700
NA
NA
335
579
896b
32.5%
NA
31.9%
28.9%
32.7%
43.9%
29.3%
46.4%
33.1%
54.8%
Boeing Annual Reports; Airbus Industrie Website; The Airline Monitor, July 2000; The Wall Street Journal, June 26, 2000, p. A28.
Boeing acquired McDonnell Douglas on August 1, 1997. The income statement and balance sheet data (except for 1995 balance sheet) reflect the combined financial statements.
EADS Offering Memorandum dated July 9, 2000, p. 48. Because launch aid was ganted to the partners, not to Airbus, the partners recognized the effects of launch aid on their own
financial statements. In 1999, BAE Systems (a 20% owner) reported a loss of 42 million ($67 million) after launch aid repayment.
b
Exhibit 4B
Exhibit 4B
BAE
Systems
PLC
(U.K.)
Ownership of Airbus Industrie
Balance Sheet
Cash and Short-term Investments
Fixed Assets
Total Assets
Total Debt
Stockholders Equity
Income Statement
Revenues
Cost of Sales
Gross Margin
Income before income taxes
Net Income (loss)
Ownership
Source:
Aerospatiale
Matra S.A.b
(France)
EADS Participants
DaimlerChrysler
Construcciones
Aerospace AG
Aeronuticas SA
(DASA)b
(CASA)b
(Germany)
(Spain)
EADSc
(pro forma)
20.0%
37.9%
37.9%
4.2%
80.0%
e1,306
13,742
28,079
5,122
11,991
e759
8,218
16,194
3,681
1,778
e3,958
1,576
9,737
217
2,397
e570
192
1,268
110
507
e3,175
19,591
35,640
5,696
8,123
14,381
8,823
789
739
522
12,236
(9,624)
2,612
750
(644)
7,455
(5,914)
1,541
461
(39)
931
(735)
196
114
74
22,553
(18,278)
4,275
815
(1,009)
100% Public
18.5
A
100% Publicd
59.1d
A+d
100% Spanish
State
NA
EADS Offering Memorandum, July 9, 2000; BAE Systems 1999 Annual Report.
The e/$ exchange rate on June 30, 2000 was e1=$0.9545; The e/ exchange rate on June 30, 2000 was e1=0.6209.
Presented in accordance with International Accounting Standards (IAS).
c
Unaudited, pro-forma consolidation of Aerospatiale Matra, DASA, and CASA after accounting adjustments and eliminations. Different forms of accounting
recognition (full consolidation vs. equity method) prevent the amounts from summing across the EADS participants. EADS net loss is due to an
extraordinary charge of e1.9 billion related to foreign currency hedging positions.
d
This figure refers to the parent corporation, DaimlerChrysler AG.
a
b
Exhibit 6
Exhibit 6
Comparison of Boeing and Airbus 20-Year Market Forecasts (by year of forecast)
1995
1996
1997
1998
1999
2000
to 2014
to 2015
to 2016
to 2017
to 2018
to 2019
5.1%
5.1%
NA
5.1%
5.2%
4.9%
5.0%
4.9%
5.0%
4.7%
4.9%
4.8%
16,588
20,683
NA
23,080
17,184
23,600
17,920
26,200
22,506
28,400
22,620
31,755
12,933
15,462
NA
15,900
13,758
16,160
15,518
17,650
15,500
20,150
15,364
22,315
NA
$1,000
NA
$1,100
NA
$1,100
$1,170
$1,250
$1,290
$1,380
$1,310
$1,490
1,374
NA
NA
NA
1,442
460
1,332
405
1,208
365
1,235
330
NA
NA
NA
NA
NA
NA
NA
NA
301
275
315
270
Forecast Period
Passenger Traffic Growth (per year)
Airbus
Boeing
Sources: Boeing Current Market Outlook, Airbus Global Market Forecast, and casewriter estimates. (Airbus did not issue a GMF in 1996 and did not publish data on the cargo
market until 1999).
Includes both the Boeing 747-400 and the Airbus A3XX.
Exhibit 8
Estimated Market for Very Large Aircraft (VLA, >500 seats) by 2019
Exhibit 8
Seats in
Commercial
Fleet in 1999
(A)
Aircraft
A-330
A-340
777-2/300
747-1/2/300
747-400
Total
Sources:
Notes:
40,300
48,300
90,650
134,550
191,907
505,707
Estimated
Annual
Growth
(B)
5.00%
5.00%
5.60%
6.00%
7.00%
Seats Needed
in 2019
(C=[1+B]20)
Estimated
Retirements
and
Conversions
(D)
Total New
Seats
Required
(E=C-A+D)
106,928
128,154
269,554
431,520
742,620
1,000
1,000
1,500
127,697
34,935
67,628
80,854
180,404
424,667
585,648
1,678,776
166,132
1,339,201
Assumed
Conversion
to VLA
Aircraft
(F)
Potential
Market for
VLA
Aircraft
(G=E*F)
10.0%
10.0%
10.0%
35.0%
85.0%
6,763
8,085
18,040
148,633
497,800
679,323
Casewriter estimates; Lehman Brothers Equity Research Report, December 6, 1999; Airbus Industrie Global Market Forecast 2000.
Seats
per VLA
(H)
Estimated
VLA
Market
(I=G/H)
12
15
33
270
905
550
1,235
Exhibit 9
Exhibit 9
Airline
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Japan Airlines
British Airways
United Airlines
Singapore Airlines
Korean Air
Air France
Northwest Airlines
All Nippon Airlines
Cathay Pacific
KLM
Qantas
Lufthansa
Saudi Arabian Airlines
China Airlines
Air China International
Total
Source:
Note:
Asia
Europe
US
Asia
Asia
Europe
US
Asia
Asia
Europe
Australia
Europe
Mid-East
Asia
Asia
747's
747's as
% of
Total
Total
747's
747's as
% of
Total
Total
1997-2001
Growth in
Widebody
Fleet Size
79
69
51
48
45
43
43
38
38
32
30
30
28
18
18
130
117
153
83
86
74
80
109
59
51
60
67
65
34
31
60.8%
59.0%
33.3%
57.8%
52.3%
58.1%
53.8%
34.9%
64.4%
62.7%
50.0%
44.8%
43.1%
52.9%
58.1%
73
71
45
53
39
33
42
34
33
33
34
29
26
22
22
136
140
161
104
89
86
86
113
68
53
63
83
64
41
44
53.7%
50.7%
28.0%
51.0%
43.8%
38.4%
48.8%
30.1%
48.5%
62.3%
54.0%
34.9%
40.6%
53.7%
50.0%
4.6%
19.7%
5.2%
25.3%
3.5%
16.2%
7.5%
3.7%
15.3%
3.9%
5.0%
23.9%
-1.5%
20.6%
41.9%
610
1,199
50.9%
589
1,331
44.3%
11.0%
Widebody jets include Boeing's 747, 767, MD-11, L10-111, and 777, and Airbus' A300, A310, A330, and A340.
Exhibit 10
Exhibit 10
Investment
2001
2002
2003
2004
2005
2006
2007
2008
Total
R&D Expenditure
Capital Expenditures
Working Capital
$1,100
0
0
$2,200
250
150
$2,200
350
300
$2,200
350
300
$1,320
50
200
$880
0
50
$660
0
0
$440
0
0
$11,000
$1,000
$1,000
$1,100
$2,600
$2,850
$2,850
$1,570
$930
$660
$440
$13,000
Source:
Exhibit 11
Airbus A3XX Orders as of July 26, 2000
Exhibit 12
A3XX Orders
Announced Orders
Air France
Emirates
International Lease Finance Corp. (ILFC)
Total
Probable Orders
Atlas Aira
Federal Expressa
Singapore Airlines
Virgin Atlantic
Total
Potential Orders
Cathay Pacific
Cargoluxa
Korean Air
Malaysian Airways
Qantas
Total
Total Potential Orders
Orders
Options
Total
10
7
5
5
5
10
12
10
22
10
32
8
10
10
6
6
5
6
4
14
15
16
10
34
21
55
6
6
6
6
6
4
4
4
4
4
10
10
10
10
10
30
20
50
86
51
137
Source: Lehman Brothers Aerospace and Defense Report, June 23, 2000; The Wall Street Journal,
July 26, 2000, p. A21.
a