BOMBARDIER Inc reported consolidated revenues of C$23·7bn for the year ended January 31, up 8·5% from the previous year. The increase came from a higher level of activity in the Transportation business, mainly in Europe, and a full year’s contribution from Bombardier Transportation GmbH (Adtranz), compared to eight months the previous year. Sales of outboard engines and all-terrain vehicles also rose, but were partially offset by lower revenues from the troubled aerospace sector.
Bombardier Transportation’s revenues for the year amounted to C$9·4bn, compared to C$7·0bn in 2001-02. Earnings before tax amounted to C$309·8m, compared to EBT before special items of C$230·4m for the previous year. ’Bombardier Transportation has become a core revenue generator and is basically a recession-resistant business. As the global market leader with a complete line of products, it has built a strong backlog’, said President & CEO Paul Tellier.
At the end of January Transportation’s order backlog totalled C$25·7bn, comprising C$19·8bn for manufacturing and C$5·9bn for service businesses. The increase in the backlog from C$20·4bn last year reflects orders worth C$11·7bn and a C$3·0bn currency adjustment.
On April 3 Tellier announced a major recapitalisation, expected to bring gross proceeds of C$800m to supplement working capital for general purposes. It is part of an initiative to strengthen the balance sheet and refocus Bombardier on the transport and aerospace markets. ’Origination’ will cease for Bombardier Capital’s third-party leasing of over 16000 freight wagons later this year.
