Bombardier Announces Financial Results for the Third Quarter

Bombardier Announces Financial Results for the Third Quarter Ended
September 30, 2012 
MONTREAL, QUEBEC -- (Marketwire) -- 11/07/12 --
(TSX:BBD.A)(TSX:BBD.B) 
(All amounts in this press release are in U.S. dollars unless
otherwise indicated.) 


 
--  Revenues of $4.3 billion, compared to $4.6 billion last fiscal year 
--  EBIT of $248 million, or 5.7% of revenues, compared to $301 million, or
    6.5%, last fiscal year 
--  Net income of $212 million, compared to $192 million last fiscal year 
--  Diluted earnings per share of $0.12, compared to $0.11 last fiscal year 
--  Free cash flow usage of $237 million, compared to a usage of $346
    million last fiscal year 
--  Liquidity at $3.5 billion, including cash and cash equivalents of $2.1
    billion, compared to $4.1 billion and $3.4 billion respectively as at
    December 31, 2011 
--  Strong backlog of $58.6 billion, compared to $53.9 billion as at
    December 31, 2011 
--  CSeries program making solid progress with first flight now scheduled by
    the end of June 2013 

 
Bombardier today reported its financial results for the third quarter
ended September 30, 2012. Revenues totalled $4.3 billion, compared to
$4.6 billion for the corresponding period last fiscal year. Earnings
before financing expense, financing income and income taxes (EBIT)
totalled $248 million, versus $301 million last fiscal year. The EBIT
margin was at 5.7%, compared to 6.5% last fiscal year. 
Net income for the third quarter ended September 30, 2012 amounted to
$212 million, compared to $192 million for the corresponding period
last fiscal year. Diluted earnings per share (EPS) was $0.12,
compared to diluted EPS of $0.11 last fiscal year. Free cash flow
usage (cash flows from operating activities less net additions to
property, plant and equipment and intangible assets) totalled $237
million for the third quarter ended September 30, 2012, compared to a
usage of $346 million last fiscal year. The level of liquidity at
$3.5 billion includes cash and cash equivalents of $2.1 billion as at
September 30, 2012, compared to $4.1 billion and $3.4 billion
respectively as at December 31, 2011. The overall backlog increased
by $4.7 billion since the beginning of the year, reaching $58.6
billion as at September 30, 2012.  
"In Aerospace, since the beginning of the year, substantial headway
has been made in the CSeries development program and testing is
progressing well," said Pierre Beaudoin, President and Chief
Executive Officer, Bombardier Inc. "We have used the momentum gained
over the last few months to meet a number of key milestones, however,
some areas require more time. Together with our suppliers, we have
now fully harmonized all commitments to the program's schedule.
Therefore, the CS100 aircraft's first flight will now occur by the
end of June 2013 - a timeline that all parties have agreed is
achievable. We will continue to give regular updates on the program,
with a more detailed review during the first quarter of next year." 
"Transportation, again this quarter, benefited from its wide market
reach with a good level of new orders across all its segments. With a
book-to-bill ratio of 1.1 so far this year, its backlog reached $32.5
billion as at September 30, 2012. In Aerospace, revenues for the
quarter were stable at $2.3 billion with overall deliveries reaching
57 aircraft compared to 68 last year. Demand for our products has
proven solid with a total of 297 firm orders since the beginning of
the year compared to 206 last year."  
"Although the economy remains sluggish, our product and geographic
diversification have allowed us to continue building a strong backlog
of $58.6 billion while investing in new platforms and maintaining
stable results. The years ahead promise to be exciting as we start
seeing our new products come to life," concluded Mr. Beaudoin.  
The CSeries aircraft development program is making solid progress.
The build for both the Complete Airframe Static Test (CAST) and the
first flight test aircraft is progressing well. Results from the
on-the-ground integrated systems test and certification rig
(CIASTA/Aircraft 0) are as expected. A number of key milestones have
already been met, but at this point in the program the Aerospace
group has encountered certain issues, mainly related to some
suppliers. Therefore, first flight will now take place by the end of
June 2013 and it is expected that entry-into-service (EIS) of the
CS100 aircraft will occur approximately one year after first flight.  
The timeline for the CS300 aircraft, which represents a significant
portion of the program's orders and commitments, remains unchanged
with EIS scheduled for the end of 2014. 
Bombardier Aerospace 
Bombardier Aerospace's revenues totalled $2.3 billion, the same level
as last fiscal year. EBIT totalled $123 million translating into an
EBIT margin of 5.4% for the third quarter ended September 30, 2012,
compared to $129 million, or 5.6%, last fiscal year. Free cash flow
usage totalled $68 million compared to a free cash flow of $53
million for the corresponding period last fiscal year. 
A total of 57 aircraft were delivered during the third quarter ended
September 30, 2012 compared to 68 for the corresponding period last
fiscal year. Bombardier Aerospace's backlog increased by 18.6%
reaching $26.1 billion as at September 30, 2012, compared to $22.0
billion as at December 31, 2011. 
Bombardier Business Aircraft saw a strong level of order intake with
45 net orders compared to 30 for the corresponding period last fiscal
year. This includes three multi-aircraft firm orders totalling 19
aircraft of the Global family, valued at $1.2 billion, based on list
prices.  
Bombardier Commercial Aircraft received 38 firm orders during the
third quarter ending September 30, 2012, including a conversion of
the conditional order placed by WestJet for 20 Q400 NextGen
turboprops into a firm purchase order valued at $683 million, based
on list prices. It also included the conversion into firm orders for
six CRJ900 NextGen regional jets and 12 Q400 NextGen turboprops. The
value of these firm orders is $643 million. 
Bombardier Transportation 
Bombardier Transportation's revenues totalled $2.1 billion for the
third quarter ended September 30, 2012, compared to $2.3 billion for
the same period last fiscal year. EBIT was $125 million, compared to
$172 million last fiscal year, translating into an EBIT margin of
6.0% versus 7.4% last fiscal year. Free cash flow usage amounted to
$109 million for the third quarter ended September 30, 2012, compared
to a free cash flow usage of $347 million for the same period last
fiscal year. The order backlog totalled $32.5 billion as at September
30, 2012, compared to $31.9 billion as at December 31, 2011. 
The group achieved a strong order intake and secured orders across
all market segments for a total of $2.3 billion. The group received,
among the most important orders, two orders for the FLEXITY platform:
one from Basel, Switzerland, and the other from De Lijn in Belgium
for a total of $406 million. It also signed contracts with Talgo to
develop, supply, and maintain components for 36 very high speed
trains for Saudi Arabia, valued at $367 million, as well as with the
Port Authority of New York and New Jersey, U.S., for a 10-year
operations and maintenance, and capital asset upgrade program, valued
at $243 million. 
Bombardier Transportation also agreed on a variation order with the
Chinese Ministry of Railways (MOR). The original order of 60 16-car
and 20 eigh
t-car ZEFIRO 380 trains signed in 2009 was amended to an
order for 70 eight-car ZEFIRO 380 very high speed trains, 46 ZEFIRO
250 and 60 ZEFIRO 250NG high speed trains. The original contract
value of $4 billion remains unchanged and deliveries have restarted
at the end of the third quarter. Again in China, the group signed a
10-year technology licence agreement with CSR Puzhen, under which
Bombardier Transportation will provide CSR Puzhen with a licence to
manufacture and sell low-floor trams with Bombardier technology in
China. 
Subsequent to the end of the quarter, the group announced measures to
improve its competitiveness and cost structure. These measures
include the closure of a plant in Aachen, Germany, and the reduction
of direct and indirect personnel by approximately 1,200 employees
worldwide, including Aachen. The charge for the restructuring
activity will be determined and recorded in the fourth quarter, and
should not exceed $150 million. 


 
FINANCIAL HIGHLIGHTS                                                        
(In millions of U.S. dollars, except per share amounts, which are shown in  
dollars)                                                                    
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For the three-month periods                                                 
 ended(1)                     September 30, 2012           October 31, 2011 
----------------------------------------------------------------------------
                          BA        BT     Total       BA       BT    Total 
----------------------------------------------------------------------------
Results of                                                                  
 operations                                                                 
Revenues            $  2,267 $   2,071 $   4,338 $  2,305 $  2,318 $  4,623 
Cost of sales          1,972     1,738     3,710    1,978    1,908    3,886 
----------------------------------------------------------------------------
Gross margin             295       333       628      327      410      737 
SG&A                     173       178       351      172      201      373 
R&D                       37        32        69       38       36       74 
Other expense                                                               
 (income)                (38)       (2)      (40)     (12)       1      (11)
----------------------------------------------------------------------------
EBIT                $    123 $     125       248 $    129 $    172      301 
Financing expense                            145                        192 
Financing income                            (170)                      (134)
----------------------------------------------------------------------------
EBT                                          273                        243 
Income taxes                                  61                         51 
----------------------------------------------------------------------------
Net income                             $     212                   $    192 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Attributable to :                                                           
  Equity holders of                                                         
   Bombardier Inc.                     $     209                   $    194 
  Non-controlling                                                           
   interests                                   3                         (2)
----------------------------------------------------------------------------
                                       $     212                   $    192 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
EPS (in dollars)                                                            
  Basic and diluted                    $    0.12                   $   0.11 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Segmented free cash                                                         
 flow (usage)       $    (68)$    (109)$    (177)$     53 $   (347)$   (294)
Net income taxes                                                            
 and net interest                                                           
 paid                                        (60)                       (52)
----------------------------------------------------------------------------
Free cash flow                                                              
 usage                                 $    (237)                  $   (346)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
For the nine-month periods                                                  
 ended(1)                     September 30, 2012           October 31, 2011 
----------------------------------------------------------------------------
                          BA        BT     Total       BA       BT    Total 
----------------------------------------------------------------------------
Results of                                                                  
 operations                                                                 
Revenues            $  6,031 $   5,982 $  12,013 $  6,578 $  7,453 $ 14,031 
Cost of sales          5,164     4,976    10,140    5,638    6,205   11,843 
----------------------------------------------------------------------------
Gross margin             867     1,006     1,873      940    1,248    2,188 
SG&A                     512       574     1,086      489      611    1,100 
R&D                      103        93       196       95      101      196 
Other expense                                                               
 (income)                (64)      (28)      (92)     (19)       2      (17)
----------------------------------------------------------------------------
EBIT                $    316 $     367       683 $    375 $    534      909 
Financing expense                            452                        531 
Financing income                            (488)                      (402)
----------------------------------------------------------------------------
EBT                                          719                        780 
Income taxes                                 135                        157 
----------------------------------------------------------------------------
Net income                             $     584                   $    623 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Attributable to :                                       
                    
  Equity holders of                                                         
   Bombardier Inc.                     $     576                   $    624 
  Non-controlling                                                           
   interests                                   8                         (1)
----------------------------------------------------------------------------
                                       $     584                   $    623 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
EPS (in dollars)                                                            
  Basic and diluted                    $    0.32                   $   0.35 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Segmented free cash                                                         
 flow usage         $ (1,144)$    (287)$  (1,431)$   (563)$   (988)$ (1,551)
Net income taxes                                                            
 and net interest                                                           
 paid                                       (160)                      (271)
----------------------------------------------------------------------------
Free cash flow                                                              
 usage                                 $  (1,591)                  $ (1,822)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
BA : Bombardier Aerospace; BT : Bombardier Transportation 
(1)  Effective December 31, 2011, the Corporation changed its
financial year-end from January 31 to December 31.  As a result, the
comparative three-month period ended October 31, 2011 is comprised of
three months of results of BA for the period from August to October
and of BT for the period from July to September and the comparative
nine-month period ended October 31, 2011 is comprised of nine months
of results of BA for the period from February to October and of BT
for the period from January to September. 
Financial Results for the Third Quarter Ended September 30, 2012 
ANALYSIS OF RESULTS 
Consolidated results 
Consolidated revenues totalled $4.3 billion for the third quarter
ended September 30, 2012, compared to $4.6 billion for the
corresponding period last fiscal year. For the nine-month period
ended September 30, 2012, consolidated revenues amounted to $12.0
billion, compared to $14.0 billion for the corresponding period last
fiscal year. 
For the third quarter ended September 30, 2012, EBIT totalled $248
million, or 5.7% of revenues, compared to an EBIT of $301 million, or
6.5%, for the corresponding period the previous year. For the
nine-month period ended September 30, 2012, EBIT amounted to $683
million, or 5.7% of revenues, compared to an EBIT of $909 million, or
6.5%, for the corresponding period last fiscal year. 
Net financing income amounted to $25 million for the third quarter
ended September 30, 2012, compared to net financing expense of $58
million for the corresponding period last fiscal year. The
$83-million improvement is mainly due to higher net unrealized gain
on certain financial instruments and lower interest expense on
long-term debt, after effect of hedges. For the nine-month period
ended September 30, 2012, net financing income amounted to $36
million, compared to net financing expense of $129 million for the
corresponding period last year. The $165-million improvement is
mainly due to higher net unrealized gain on certain financial
instruments, lower interest expense on long-term debt after effect of
hedges, a gain on the sale of investments, lower amortization of
letter of credit facility costs and the interest portion of a gain
upon the successful resolution of a litigation with Canada Revenue
Agency. 
The effective income tax rates were 22.3% and 18.8% respectively for
the three- and nine-month periods ended September 30, 2012, compared
to the statutory income tax rate of 26.8%. The lower effective income
tax rates are mainly due to the positive net impact of the
recognition of unrecognized income tax benefits. 
As a result, net income amounted to $212 million, or diluted EPS of
$0.12, for the third quarter ended September 30, 2012, compared to
$192 million, or diluted EPS of $0.11, for the corresponding period
the previous year. For the nine-month period ended September 30,
2012, net income was $584 million, or diluted EPS of $0.32, compared
to $623 million, or diluted EPS of $0.35, for the corresponding
period the previous year. 
For the three-month period ended September 30, 2012, free cash flow
usage totalled $237 million, compared to a usage of $346 million for
the corresponding period the previous year. For the nine-month period
ended September 30, 2012, free cash flow usage totalled $1.6 billion,
compared to a usage of $1.8 billion for the corresponding period the
previous year.  
As at September 30, 2012, Bombardier's order backlog stood at $58.6
billion, compared to $53.9 billion as at December 31, 2011.  
Bombardier Aerospace 


 
--  Revenues of $2.3 billion 
--  EBIT of $123 million, or 5.4% of revenues 
--  EBITDA of $182 million, or 8.0% of revenues 
--  Free cash flow usage of $68 million 
--  57 aircraft deliveries 
--  83 net orders (book-to-bill ratio of 1.5) 
--  Order backlog of $26.1 billion 

 
Bombardier Aerospace's revenues amounted to $2.3 billion for the
three-month period ended September 30, 2012, the same level as the
corresponding period the previous year. 
For the third quarter ended September 30, 2012, EBIT totalled $123
million, or 5.4% of revenues, compared to $129 million, or 5.6%, for
the corresponding period the previous year. The 0.2 percentage-point
decrease is mainly due to higher cost of sales per unit mainly due to
price escalation of materials and costs incurred in Canadian dollars
translated at higher exchange rates after giving effect to hedges;
partially offset by higher net selling prices for business aircraft,
the mix between business and commercial aircraft deliveries and a net
positive variance on provisions for credit and residual value
guarantees recorded in other income. 
Free cash flow usage totalled $68 million for the third quarter ended
September 30, 2012, compared to a free cash flow of $53 million for
the corresponding period last fiscal year. The $121-million decrease
in free cash flow is mainly due to higher net additions to property,
plant and equipment (PP&E) and intangible assets, due to our
significant investments in new products mainly the CSeries and
Learjet 85 programs; partially offset by a positive
period-over-period variation in net change in non-cash balances
related to operations.  
For the quarter ended September 30, 2012, aircraft deliveries
to
talled 57, compared to 68 for the corresponding period the previous
year. The 57 deliveries consisted of 44 business, 12 commercial and 1
amphibious aircraft (43 business, 24 commercial and 1 amphibious
aircraft for the corresponding period last fiscal year).  
Bombardier Aerospace recorded 83 net orders (book-to-bill ratio of
1.5) during the quarter ended September 30, 2012, compared to 34
during the corresponding period the previous year. The 83 net orders
consisted of 45 net orders for business aircraft and 38 orders for
commercial aircraft (30 net orders of business aircraft and 4 orders
of commercial aircraft for the corresponding period last fiscal
year).  
Bombardier Aerospace's firm order backlog stood at $26.1 billion as
at September 30, 2012, compared to $22.0 billion as at December 31,
2011. The 18.6% increase in the order backlog is mainly due to higher
order intake than deliveries for the Challenger and Global families
of aircraft, as well as for the regional jets and turboprops. 
Bombardier Transportation 


 
--  Revenues of $2.1 billion 
--  EBIT of $125 million, or 6.0% of revenues 
--  EBITDA of $156 million, or 7.5% of revenues 
--  Free cash flow usage of $109 million 
--  Order intake totalling $2.3 billion (book-to-bill ratio of 1.1) 
--  Order backlog of $32.5 billion 

 
Bombardier Transportation's revenues amounted to $2.1 billion for the
three-month period ended September 30, 2012, compared to $2.3 billion
for the same period last year. Revenues have been mostly affected by
a negative currency impact of $160 million and by the completion of
some contracts in Europe and Other regions while major orders
received in these regions in the last quarters are still in the
start-up phase. Revenues in Asia-Pacific returned to normal levels
following an agreement with the Chinese MOR on a variation order and
a ramp-up in production on new contracts. 
For the third quarter ended September 30, 2012, EBIT totalled $125
million, or 6.0% of revenues, compared to an EBIT of $172 million, or
7.4%, for the same quarter the previous year. The 1.4
percentage-point decrease is mainly due to a lower overall gross
margin in rolling stock due to execution issues in some contracts,
partially offset by a higher gross margin in system and signalling
due to overall better contract execution and a favourable product
mix. 
Free cash flow usage was $109 million for the quarter ended September
30, 2012, compared to a usage of $347 million for the same period
last fiscal year. The $238-million improvement is mainly due to a
positive period-over-period variation in net change in non-cash
balances related to operations, partially offset by lower earnings
before financing expense, financing income, income taxes and
amortization (EBITDA). 
The order intake for the third quarter ended September 30, 2012 was
$2.3 billion, for a book-to-bill ratio of 1.1, compared to $1.6
billion of order intake (book-to-bill of 0.7) for the corresponding
period last fiscal year. The order intake reflects negative currency
impact of $179 million. 
Bombardier Transportation's backlog stood at $32.5 billion as at
September 30, 2012, compared to $31.9 billion as at December 31,
2011. The increase is due to higher order intake than revenues
recorded and the strengthening of foreign currencies versus the U.S.
dollar as at September 30, 2012, compared to December 31, 2011,
mainly the British pound. 
DIVIDENDS ON COMMON SHARES  
Class A and Class B Shares 
A quarterly dividend of $0.025 Cdn per share on Class A Shares
(Multiple Voting) and of $0.025 Cdn per share on Class B Shares
(Subordinate Voting) is payable on December 31, 2012 to the
shareholders of record at the close of business on December 14, 2012. 
Holders of Class B Shares (Subordinate Voting) of record at the close
of business on December 14, 2012 also have a right to a priority
quarterly dividend of $0.000390625 Cdn per share.  
DIVIDENDS ON PREFERRED SHARES  
Series 2 Preferred Shares  
A monthly dividend of $0.0625 Cdn per share on Series 2 Preferred
Shares has been paid on August 15, September 15 and October 15, 2012. 
Series 3 Preferred Shares 
A quarterly dividend of $0.195875 Cdn per share on Series 3 Preferred
Shares is payable on January 31, 2013 to the shareholders of record
at the close of business on January 18, 2013.  
Series 4 Preferred Shares 
A quarterly dividend of $0.390625 Cdn per share on Series 4 Preferred
Shares is payable on January 31, 2013 to the shareholders of record
at the close of business on January 18, 2013. 
About Bombardier 
Bombardier is the world's only manufacturer of both planes and
trains. Looking far ahead while delivering today, Bombardier is
evolving mobility worldwide by answering the call for more efficient,
sustainable and enjoyable transportation everywhere. Our vehicles,
services and, most of all, our employees are what make us a global
leader in transportation. 
Bombardier is headquartered in Montreal, Canada. Our shares are
traded on the Toronto Stock Exchange (BBD) and we are listed on the
Dow Jones Sustainability World and North America indexes. In the
fiscal year ended December 31, 2011, we posted revenues of $18.3
billion. News and information are available at bombardier.com or
follow us on Twitter @Bombardier.  
Bombardier, Challenger, CRJ, CRJ900, CS100, CS300, CSeries, FLEXITY,
Global, Learjet, Learjet 85, NextGen, Q400, The Evolution of Mobility
and ZEFIRO are trademarks of Bombardier Inc. or its subsidiaries. 
The Management's Discussion and Analysis and the interim consolidated
financial statements are available at ir.bombardier.com. 
FORWARD-LOOKING STATEMENTS 
This press release includes forward-looking statements, which may
involve, but are not limited to: statements with respect to our
objectives, guidance, targets, goals, priorities, our market and
strategies, financial position, beliefs, prospects, plans,
expectations, anticipations, estimates and intentions; general
economic and business outlook, prospects and trends of an industry;
expected growth in demand for products and services; product
development, including projected design, characteristics, capacity or
performance; expected or scheduled entry into service of products and
services, orders, deliveries, testing, lead times, certifications and
project execution in general; our competitive position; and the
expected impact of the legislative and regulatory environment and
legal proceedings on our business and operations. Forward-looking
statements generally can be identified by the use of forward looking
terminology such as "may", "will", "expect", "intend", "anticipate",
"plan", "foresee", "believe", "continue" or "maintain", the negative
of these terms, variations of them or similar terminology. By their
nature, forward-looking statements require us to make assumptions and
are subject to important known and unknown risks and uncertainties,
which may cause our actual results in future periods to differ
materially from forecasted results. While we consider our assumptions
to be reasonable and appropriate based on information currently
available, there is a risk that they may not be accurate. For
additional information with respect to the assumptions underlying the
forward-looking statements made in this press release, refer to the
respective Guidance and forward-looking statements sections in
Overview, Bombardier Aerospace and Bombardier Transportation sections
in the Management's Discussion and Analysis ("MD&A") of the
Corporation's annual report for the fiscal year ended December 31,
2011.  
Certain factors that could cause actual results to differ materially
from those anticipated in the forward looking statements include
risks associated with general economic conditions, risks associated
with our business environment (such as risks associated with the
financial condition of the airline industry and major rail
operators), operational risks (such as risks related to developing
new products and services; doing business with part
ners; product
performance warranty and casualty claim losses; regulatory and legal
proceedings; to the environment; dependence on certain customers and
suppliers; human resources; fixed-price commitments and production
and project execution), financing risks (such as risks related to
liquidity and access to capital markets, exposure to credit risk,
certain restrictive debt covenants, financing support provided for
the benefit of certain customers and reliance on government support)
and market risks (such as risks related to foreign currency
fluctuations, changing interest rates, decreases in residual values
and increases in commodity prices). For more details, see the Risks
and uncertainties section in Other in the MD&A of the Corporation's
annual report for the fiscal year ended December 31, 2011. Readers
are cautioned that the foregoing list of factors that may affect
future growth, results and performance is not exhaustive and undue
reliance should not be placed on forward-looking statements. The
forward-looking statements set forth herein reflect our expectations
as at the date of this press release and are subject to change after
such date. Unless otherwise required by applicable securities laws,
we expressly disclaim any intention, and assume no obligation to
update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise. The forward-looking
statements contained in this press release are expressly qualified by
this cautionary statement. 
CAUTION REGARDING NON-GAAP EARNINGS MEASURES  
This press release is based on reported earnings in accordance with
International Financial Reporting Standards IFRS (generally accepted
accounting principles (GAAP)). It is also based on EBITDA and Free
Cash Flow. These non-GAAP measures are directly derived from the
Consolidated Financial Statements, but do not have a standardized
meaning prescribed by IFRS; therefore, others using these terms may
calculate them differently. Management believes that a significant
number of the users of its MD&A analyze the Corporation's results
based on these performance measures. Refer to the section Non-GAAP
financial measures in the MD&A for definitions and reconciliations to
the most comparable IFRS measures. 
Contacts:
Isabelle Rondeau
Director, Communications
Bombardier Inc.
+514 861 9481 
Shirley Chenier
Senior Director, Investor Relations
Bombardier Inc.
+514 861 9481
 
 
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