LA INGENIERÍA CENTUM_INICIA LA CONSTRUCCIÓN DE SU NUEVO CENTRO DE I+D EN EL PARQUE CIENTIFICO TECNOLOGICO DE TECNOGETAFE

miércoles, 26 de enero de 2011

CENTUM SOLUTIONS inicia la construcción de su nuevo
centro de ingeniería e innovación en TecnoGetafe

Albergará en un edificio de unos 3.083 metros cuadrados los laboratorios, el centro
de ingeniería y la nueva sede corporativa

• Esta obra, cuya inversión supera los dos millones de euros, tendrá una duración de
aproximadamente un año

• Madrid, 26 de enero de 2011. Centum Solutions ha iniciado la construcción de su nuevo
centro de ingeniería e innovación que estará ubicado en el Parque Científico Tecnológico de
TecnoGetafe. La compañía de ingeniería ha confiado a INBISA Construcción la ejecución de
estas nuevas instalaciones, que albergarán en un edificio de unos 3.083 metros cuadrados los laboratorios, el centro de ingeniería y la nueva sede corporativa.

Su estructura con forma "de caja" se ha planteado para que permita la máxima captación
solar en las épocas frías, abriéndose al norte y al sur. En el diseño bioclimático se ha tenido en cuenta las condiciones del terreno, el recorrido del sol y las corrientes de aire, aplicando todos esos aspectos en la distribución de los espacios y la orientación de las ventanas. La fachada sur queda protegida por un gran alero que permite la insolación en invierno y la protección total del sol en verano. El nuevo edificio estará formado por tres plantas y una planta sótano con un garaje con capacidad para 26 plazas de aparcamiento. Todo ello rodeado de amplias zonas ajardinadas.

Esta obra, cuya inversión supera los dos millones de euros, tendrá una duración de
aproximadamente un año y se enmarca en un proyecto realizado por el estudio Perelló
Arquitectos.

El centro de ingeniería e innovación es fruto de una clara apuesta de Centum por la innovación que ha buscado un entorno adecuado como TecnoGetafe para impulsar su estrategia de desarrollo en el sector aeroespacial, de las telecomunicaciones y de energías renovables.

El principal objetivo del centro es dotar a los trabajadores de la infraestructura necesaria para poder afrontar nuevos y más ambiciosos proyectos innovadores, a partir de la investigación y el desarrollo de la tecnología entre otras actividades. Por otro lado, la creación de este nuevo centro permite agrupar, dar coherencia y continuidad a las actividades innovadoras que CENTUM, ha desarrollado en sus diferentes divisiones.

La compañía está estructurada en tres divisiones: Aeroespacial, Defensa y Seguridad (CENTUM ADS), Telecomunicaciones (CENTUM FMC) y Energía y Gestión de proyectos (CENTUM EPM), todas ellas, englobadas bajo el paraguas de la dirección de innovación.

Con unas perspectivas de crecimiento del 20% y una plantilla de 140 empleados, CENTUM
posee un capital humano de alta calidad, formado principalmente por personal licenciado
en las ingenierías de telecomunicaciones, informática, aeronáutica, industriales y químicos,
por lo que posee conocimientos en multitud de campos dentro de la innovación y que tienen
experiencia en realización de proyectos de innovación así como un espíritu investigador.



Parque Científico y Tecnológico de TecnoGetafe

El parque científico-tecnológico de TecnoGetafe es una de las actuaciones más emblemáticas que la Comunidad de Madrid promueve junto con el Ayuntamiento de Getafe y la colaboración de la Universidad Politécnica de Madrid (UPM). El parque tiene una superficie bruta aproximada de un millón de metros cuadrados (aproximadamente cien hectáreas) y dividida en dos espacios cercanos de 577.407 y 400.208 metros cuadrados respectivamente. En una de sus parcelas la Universidad Politécnica de Madrid-UPM está poniendo en marcha tres centros especializados: Aeronáutico, Industrial y de Recursos Energéticos Minerales y Materiales Avanzados. Asimismo el Parque proyecta la construcción de un gran edificio de servicios avanzados para las empresas. Este centro dispondrá de instalaciones comunes que faciliten el desarrollo de su actividad a las empresas, como aulas de formación, salas de videoconferencia, salas polivalentes, auditorio para organización de conferencias y congresos.

TecnoGetafe está destinado a empresas e instituciones tecnológicamente avanzadas y
sobre todo innovadoras, preferentemente del sector aeroespacial/aeronáutico, ingeniería,
energía, bioenergía y nuevas tecnologías. El Parque, que ha supuesto una inversión de 71
millones de euros, tendrá capacidad para albergar alrededor de medio centenar de empresas
que permitirán crear hasta 1.200 empleos directos, además de los inducidos en sectores
y servicios complementarios. En estos momentos, entre las entidades que han apostado
por TecnoGetafe están: EADS CASA, la ingeniería CENTUM, la empresa Sistem-Grupo CPS (fabricación, distribución, instalación y mantenimiento de señalización, telecomunicaciones, energía y fibra óptica, para ofrecer soluciones globales, innovadoras y de calidad en el mundo de las comunicaciones, ferrocarril y carreteras –tráfico, así como y la seguridad), la ingeniería SERTEC (centrada en la gestión y entrega de proyectos llave en mano de alta complejidad), la Fundación para la Investigación, Desarrollo y Aplicación de Materiales Compuestos-FIDAMC (especializado en el desarrollo e investigación de la fibra de carbono, sin descartar otros materiales, con el objetivo de reducir el coste de fabricación, montaje y mantenimiento del producto final), el IMDEA Materiales (desarrollo de investigación de calidad y traslado al sistema productivo de los resultados de la investigación para contribuir a mejorar la competitividad de las empresas en el área de la ciencia de los materiales), y el Centro Tecnológico del Silíceo-CENTESIL (desarrollo de tecnología para la fabricación del silicio cristalino necesario en la producción de células solares fotovoltaicas). También está previsto que se inicie en breve el proyecto nacional TECHNOFUSION, instalación singular en la que se concentrarán un conjunto de laboratorios e instalaciones de carácter único que facilitarán y potenciarán la participación española en el desarrollo de las diferentes tecnologías que intervendrán en los futuros reactores de fusión.



Madrid Network

La Comunidad de Madrid, a través de Madrid Network, apoya desde hace años el desarrollo
de una red de Parques Científicos y Tecnológicos que generen un entorno regional altamente innovador, con espacios físicos de encuentro y transferencia en los que universidades, centros de investigación, centros tecnológicos y empresas puedan compartir ubicaciones, recursos e infraestructuras comunes. Ya son más de 130 las empresas instaladas en la Red, que además han permitido la creación de unos 6.000 nuevos empleos en los últimos cuatro años e invertido del orden de 1.000 millones de euros.

En la próxima década la Red se extenderá sobre una superficie de 1.200 hectáreas con una
inversión pública de 1.035 millones de euros. A esta cifra se sumarán los 4.992 millones que serán aportados por la iniciativa privada. Estos fondos se destinarán al nacimiento de más de 1.860 nuevas empresas de investigación, que emplearán en torno a 62.000 personas.





Nota de Prensa de Centum

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Airbus Military demonstrates final A330 MRTT refuelling system

The Airbus Military A330 MRTT has successfully passed fuel to receiver aircraft using the Fuselage Refuelling Unit (FRU) for the first time – meaning that all of the aircraft´s refuelling systems have now been demonstrated.
Madrid,  26 enero 2011

In a three hour 10 min sortie from Getafe near Madrid on 21st January, the Future Strategic Transport Aircraft (FSTA) variant for the UK Royal Air Force conducted a series of "wet contacts" with two F-18 fighters of the Spanish Air Force.

Contacts were successfully performed with both fighters at an altitude of around 15,000ft and at speeds from 250kt to 325kt.

The FRU is a hose and drogue similar to those fitted under the wings, but with a higher rate of fuel transfer, and which is also developed and supplied by Cobham of the UK.

The full complement of refuelling systems which can equip the A330 MRTT, and which have now all been demonstrated, consists of: the FRU, the underwing hose-and-drogue, and the Airbus Military Aerial Refuelling Boom System (ARBS), plus the Universal Aerial Refuelling Receptacle Slipway Installation (UARRSI) used to receive fuel from another tanker.

Head of Airbus Military Derivatives Antonio Caramazana said: "This demonstration of the last of the A330 MRTT´s refuelling systems clearly positions it as the most capable, flexible and proven transport/tanker available to the world´s air forces today. We now look forward to conducting the first contacts with Royal Air Force fighters in the coming months."

EADS

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Boeing Reports Fourth-Quarter 2010 Results and 2011 Guidance



CHICAGO, Jan. 26, 2011 /PRNewswire-FirstCall/ --

Fourth-Quarter 2010

  • Earnings per share of $1.56, including favorable tax settlement, on revenue of $16.6 billion
  • Operating cash flow of $1.1 billion reflects strong operating performance

Full Year 2010

  • Earnings per share of $4.45 on revenue of $64.3 billion
  • Operating cash flow of $3.0 billion and cash and marketable securities of $10.5 billion provide strong liquidity
  • Backlog grew to $321 billion including $69 billion of new orders during the year

Outlook

  • 2011 EPS guidance of between $3.80 and $4.00 reflects solid core performance, higher pension expense and the recently revised 787 schedule

Table 1.  Summary Financial Results





Fourth Quarter


Full Year



(Dollars in Millions, except per share data)

2010

2009

Change

2010

2009

Change










Revenues

$16,550

$17,937

(8%)

$64,306

$68,281

(6%)


Earnings From Operations

$1,103

$1,693

(35%)

$4,971

$2,096

137%


Operating Margin

6.7%

9.4%

 (2.7)Pts

7.7%

3.1%

  4.6 Pts


Net Income

$1,164

$1,268

(8%)

$3,307

$1,312

152%


Earnings per Share

$1.56

$1.75

(11%)

$4.45

$1.84

142%


Operating Cash Flow

$1,116

$3,212

(65%)

$2,952

$5,603

(47%)











The Boeing Company (NYSE: BA) reported fourth-quarter net income of $1.2 billion, or $1.56 per share, on revenue of $16.6 billion.  The results reflect solid performance across the company's core programs, a favorable tax settlement (+$0.50 per share), and a special one-time contribution to Boeing's charitable trust (-$0.05 per share) (Table 1).  

Net income for the full year was $3.3 billion, or $4.45 per share, on revenue of $64.3 billion, which included the $0.45 per share net impact of the favorable tax settlement and the charitable trust contribution.  First-quarter 2010 included a $0.20 per share tax charge on health care legislation.  Earnings per share for 2009 of $1.84 included a combined $3.58 per share impact due to the 787 R&D reclassification and 747 charges.

Earnings guidance for 2011 has been established at between $3.80 and $4.00 per share reflecting solid core performance, higher pension expense, the revised 787 schedule and the current defense contracting environment.

"Boeing delivered strong operating performance and exceptional cash generation from core production and services businesses in 2010, which helped mitigate the impact of development program challenges," said Jim McNerney, Boeing chairman, president and chief executive officer.  "We're entering 2011 well-positioned for growth, with a large order book, increasing global demand for commercial airplanes, greater clarity around our domestic defense outlook, and significant international defense sales opportunities.  Our focus for the year is to deliver the 787 and 747-8; manage disciplined increases in commercial airplane production rates and drive improved competitiveness and financial performance throughout the business."

Boeing's quarterly operating cash flow was $1.1 billion, reflecting strong operating performance while continuing to invest in development programs.  For the full year, operating cash flow was $3.0 billion.  Free cash flow* was $0.7 billion in the quarter and $1.8 billion for the year (Table 2).

Table 2.  Cash Flow







Fourth Quarter

Full Year


(Millions)

2010

2009

2010

2009








Operating Cash Flow

$1,116

$3,212

$2,952

$5,603


  Less Additions to Property, Plant & Equipment

($400)

($221)

($1,125)

($1,186)


Free Cash Flow*

$716

$2,991

$1,827

$4,417


* Non-GAAP measure.  A complete definition and reconciliation of Boeing's use of non-GAAP measures, identified by an asterisk (*), is found on page 8, "Non-GAAP Measure Disclosure."









Cash and investments in marketable securities totaled $10.5 billion at year-end (Table 3), up 5 percent in the quarter.  Debt was essentially unchanged in the quarter, and the company did not acquire any of its shares.

Table 3.  Cash, Marketable Securities and Debt Balances





Quarter-End


(Billions)

4Q10

3Q10


Cash

$5.4

$2.9


Marketable Securities(1)

$5.1

$7.1


  Total

$10.5

$10.0






Debt Balances:




The Boeing Company

$9.0

$8.9


Boeing Capital Corporation

$3.4

$3.5


  Total Consolidated Debt

$12.4

$12.4


1 Marketable securities consists primarily of time deposits due within one year classified as "short-term investments."







Total company backlog at year-end was $321 billion, unchanged from the prior quarter and up 2 percent from the prior year.

Segment Results  

Commercial Airplanes

Boeing Commercial Airplanes fourth-quarter revenue decreased by 11 percent to $8.2 billion on lower expected 777 and 747 airplane deliveries.  Operating margin was 7.7 percent, reflecting the lower deliveries and higher R&D and other period costs (Table 4).  

For the full year, revenue decreased by 7 percent to $31.8 billion on the lower expected 777 and 747 airplane deliveries.  Commercial Airplanes operating earnings were $3.0 billion on higher planned R&D spending.  The prior-year results were impacted by the reclassification of 787 R&D costs of $2.7 billion and 747 charges totaling $1.4 billion.

Commercial Airplanes booked 180 gross orders during the quarter while 22 orders were removed from its order book.  This contrasts with the year-ago period when net orders were 62 airplanes.  For the full year, net orders were 530 airplanes.  Contractual backlog remains strong with 3,443 airplanes valued at $256 billion.  

Table 4. Commercial Airplanes Operating Results



Fourth Quarter


Full Year



(Dollars in Millions)

2010

2009

Change

2010

2009

Change










Commercial Airplanes Deliveries

116

122

(5%)

462

481

(4%)










Revenues

$8,184

$9,183

(11%)

$31,834

$34,051

(7%)


Earnings/(Loss) from Operations

$627

$1,020

(39%)

$3,006

($583)

NA










Operating Margins

7.7%

11.1%

(3.4)Pts

9.4%

(1.7%)

NA











The 787 program experienced an in-flight electrical incident on a test flight in November.   As disclosed last week, first delivery is now expected in the third quarter of 2011 and includes the time required to produce, install and test updated software and new electrical power distribution panels in the flight test and production airplanes.  Total firm orders for the 787 at year-end were 847 airplanes from 57 customers.  

Flight testing of the 747-8 Freighter progressed during the quarter, and the first two Intercontinental passenger models had electrical power successfully turned on.  Delivery of the first 747-8 Freighter is planned for mid-2011.

Boeing Defense, Space & Security

Boeing Defense, Space & Security's fourth-quarter revenue declined 4 percent to $8.2 billion on lower revenue in Boeing Military Aircraft (BMA) and Global Services & Support (GS&S).  Operating margin was 10.0 percent reflecting improved margins in Network & Space Systems (N&SS) (Table 5).

For the full year, revenue decreased by 5 percent to $31.9 billion on expected lower volume in N&SS.  Operating earnings decreased by $0.4 billion to $2.9 billion, producing operating margins of 9.0 percent on lower margins in BMA.

Table 5.  Defense, Space & Security Operating Results



Fourth Quarter


Full Year



(Dollars in Millions)

2010

2009

Change

2010

2009

Change










Revenues








  Boeing Military Aircraft

$3,627

$3,805

(5%)

$14,238

$14,304

(0%)


  Network & Space Systems

$2,434

$2,385

2%

$9,455

$10,877

(13%)


  Global Services & Support

$2,104

$2,357

(11%)

$8,250

$8,480

(3%)


Total BDS Revenues

$8,165

$8,547

(4%)

$31,943

$33,661

(5%)










Earnings from Operations








  Boeing Military Aircraft

$323

$363

(11%)

$1,258

$1,528

(18%)


  Network & Space Systems

$218

$141

55%

$711

$839

(15%)


  Global Services & Support

$275

$325

(15%)

$906

$932

(3%)


Total BDS Earnings from Operations

$816

$829

(2%)

$2,875

$3,299

(13%)










Operating Margins

10.0%

9.7%

  0.3 Pts

9.0%

9.8%

 (0.8)Pts











BMA fourth-quarter revenue decreased by $0.2 billion to $3.6 billion, due to fewer deliveries and less favorable mix.  Operating margin was 8.9 percent, reflecting strong execution across its programs, offset by higher costs on the Airborne Early Warning & Control program, which reduced BMA margins by 3.8 points.  During the quarter, BMA delivered 29 aircraft, and the U.S. Naval Air Systems Command awarded it an A160T Hummingbird unmanned vehicle contract.

N&SS fourth-quarter revenue was essentially unchanged at $2.4 billion.  Operating margin grew to 9.0 percent on improved performance in Space and Intelligence Systems.  During the quarter, the Mexican government signed a contract for three geomobile satellites and the X-37B Orbital Test Vehicle completed its first flight.

GS&S revenue decreased by $0.3 billion to $2.1 billion in the quarter due to lower volume in maintenance, modifications and upgrades and integrated logistics.  Operating margin was 13.1 percent, driven by strong performance across its portfolio.  During the quarter, the company was awarded a contract for the development of the Future Logistic Information Services from the U.K. Ministry of Defense and a contract for KC-135 Fleet Support from the U.S. Air Force.

Backlog at Defense, Space & Security is $65.2 billion, approximately two times the unit's expected 2011 revenue.  Backlog increased slightly as compared to 2009.

Boeing Capital Corporation  

Boeing Capital Corporation (BCC) reported fourth-quarter pre-tax earnings of $6 million compared to $14 million in the same period last year (Table 6).  For the full year, pre-tax earnings were $152 million, up from $126 million last year.  During the quarter, BCC's portfolio balance declined to $4.7 billion, down from $5.7 billion at the beginning of the year and $5.0 billion at the end of third quarter, on run-off, pre-payments and asset sales.  BCC's debt-to-equity ratio was unchanged at 5.0-to-1.

Table 6.  Boeing Capital Corporation Operating Results



Fourth Quarter


Full Year



(Dollars in Millions)

2010

2009

Change

2010

2009

Change










Revenues

$145

$164

(12%)

$639

$660

(3%)










Earnings from Operations

$6

$14

(57%)

$152

$126

21%











Additional Information

The "Other" segment consists primarily of Boeing Engineering, Operations and Technology, as well as certain results related to the financial consolidation of all business units.  Other segment expense was $73 million in the fourth quarter, up from $47 million in the same period last year.

Total pension expense for the fourth quarter was $254 million, as compared to $223 million in the same period last year.  A total of $244 million was recognized in the operating segments in the quarter (down from $264 million in the same period last year), and $10 million was recognized in unallocated items.

Unallocated expense was $273 million, up from the $123 million reported in the same period last year, driven by a $55 million charitable trust contribution and higher unallocated pension expense.  The company's pension plans were 83 percent funded at year end (5.3 percent discount rate and 12.7 percent actual asset return).

Other income for the quarter was $32 million, as compared to an expense of $33 million in the same period last year.  Interest expense for the quarter was $132 million, up from $110 million in the same period last year.  

The company's income tax benefit of $163 million in the quarter (compared to an expense of $267 million in the same period last year) included a $371 million non-cash gain due to an IRS settlement for 1998 through 2003 tax years and a benefit of $154 million due to the extension of the R&D credit for the 2010 tax year that was signed into law in December.

Outlook

The company's 2011 financial guidance (Table 7) reflects solid core operating performance, higher pension expense, the recently revised 787 schedule and the current defense contracting environment.

Boeing's 2011 revenue guidance is between $68 and $71 billion and reflects the initial 787 and 747-8 deliveries.  Earnings guidance for 2011 is established at between $3.80 and $4.00 per share.  Total pension expense in 2011 is expected to be $1.8 billion or $1.58 per share, an increase of $0.58 per share from 2010.  Operating cash flow is expected to be greater than $2.5 billion in 2011, including $0.5 billion of discretionary pension contributions.  

Commercial Airplanes' 2011 deliveries guidance is expected to be between 485 and 500 airplanes and is sold out.  It includes the first 787 and 747-8 deliveries (combined 25 to 40 units), which are expected to begin in the third quarter of 2011 and mid-2011, respectively.  Commercial Airplanes' 2011 revenue is expected to be between $36 and $38 billion with operating margins between 7.5 and 8.5 percent.  

Defense, Space & Security's revenue for 2011 is expected to be between $31.5 and $33 billion with operating margins between 8.5 and 9 percent.  

Boeing Capital Corporation expects that its aircraft finance portfolio will continue to reduce in 2011, as new aircraft financing of less than $0.5 billion is expected to be lower than normal portfolio runoff through customer payments and depreciation.

Boeing's 2011 R&D forecast is between $3.7 and $3.9 billion.  Capital expenditures for 2011 are expected to be approximately $2.3 billion.  

Table 7.  Financial Outlook
(Dollars in Billions, except per-share data)

2011





The Boeing Company



 Revenue

$68 - 71


 Earnings Per Share (GAAP)

$3.80 - 4.00


 Operating Cash Flow (1)

> $2.5





Boeing Commercial Airplanes



 Deliveries

485 - 500


 Revenue

$36 - 38


 Operating Margin

7.5% - 8.5%





Boeing Defense, Space & Security



 Revenue



   Boeing Military Aircraft

$14.2 - 14.7


   Network & Space Systems

$9 - 9.5


   Global Services & Support

$8.3 - 8.8


 Total BDS Revenue

$31.5 - 33





 Operating Margin



   Boeing Military Aircraft

~ 9%


   Network & Space Systems

~ 7%


   Global Services & Support

~ 10.5%


 Total BDS Operating Margin

8.5% - 9%





Boeing Capital Corporation



 Portfolio Size

Lower


 Revenue

~ $0.5


 Return on Assets

> 1%





Research & Development

$3.7 - 3.9


Capital Expenditures

~ $2.3


1 After cash pension contributions of $0.5 billion and assuming new aircraft financings under $0.5 billion.






Non-GAAP Measure Disclosure

Management believes that the non-GAAP (Generally Accepted Accounting Principles) measures (indicated by an asterisk *) used in this report provide investors with important perspectives into the company's ongoing business performance.  The company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures.  Other companies may define the measures differently.  The following definitions are provided:

Free Cash Flow

Free cash flow is defined as GAAP operating cash flow less capital expenditures for property, plant and equipment additions.  Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation.  Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow internally to assess both business performance and overall liquidity.  Table 2 provides a reconciliation between GAAP operating cash flow and free cash flow.

Forward-Looking Statements


This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions are used to identify these forward-looking statements.  Examples of forward-looking statements include, but are not limited to, statements we make regarding our guidance relating to 2011 financial and operating performance, as well as any other statement that does not directly relate to any historical or current fact.  Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate.  These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements.  Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial customers, our suppliers and the worldwide market; (3) our commercial development programs, including the 787 and 747-8 commercial aircraft programs; (4) changing acquisition priorities of the U.S. government; (5) our dependence on U.S. government contracts; (6) our reliance on fixed-price contracts; (7) our reliance on cost-type contracts; (8) uncertainties concerning contracts that include in-orbit incentive payments; (9) changes in accounting estimates; (10) our ability to develop new technologies; (11) significant changes in discount rates and actual investment return on pension assets; (12) our ability to attract, retain and develop qualified personnel; (13) work stoppages or other labor disruptions; (14) changes in the competitive landscape in our markets; (15) our non-U.S. operations, including sales to non-U.S. customers; (16) potential adverse developments in new or pending litigation and/or government investigations; (17) customer and aircraft concentration in Boeing Capital Corporation's customer financing portfolio; (18) changes in our ability to obtain debt on commercially reasonable terms and at competitive rates in order to fund our operations and contractual commitments; (19) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures; (20) the adequacy of our insurance coverage to cover significant risk exposures; (21) potential business disruptions related to physical security threats, information technology attacks or natural disasters; and (22) potential environmental liabilities.




Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.  Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update any forward-looking statement, except as required by law.





Contact:

Investor Relations:  Scott Fitterer or Jennifer Mack (312) 544-2140

Communications:  Chaz Bickers (312) 544-2002

The Boeing Company and Subsidiaries


Consolidated Statements of Operations


(Unaudited)



Twelve months ended

Three months ended



December 31

December 31


(Dollars in millions, except per share data)

2010

2009

2010

2009


Sales of products

$52,586

$57,032

$13,569

$14,934


Sales of services

11,720

11,249

2,981

3,003


Total revenues

64,306

68,281

16,550

17,937








Cost of products  

(42,194)

(47,639)

(11,025)

(12,207)


Cost of services

(9,489)

(8,726)

(2,352)

(2,258)


Boeing Capital Corporation interest expense

(160)

(175)

(36)

(43)


Total costs and expenses

(51,843)

(56,540)

(13,413)

(14,508)



12,463

11,741

3,137

3,429


Income from operating investments, net

267

249

80

63


General and administrative expense

(3,644)

(3,364)

(977)

(780)


Research and development expense, net

(4,121)

(6,506)

(1,134)

(1,002)


Gain/(loss) on dispositions, net

6

(24)

(3)

(17)


Earnings from operations

4,971

2,096

1,103

1,693


Other income/(expense), net

52

(26)

32

(33)


Interest and debt expense

(516)

(339)

(132)

(110)


Earnings before income taxes

4,507

1,731

1,003

1,550


Income tax (expense)/benefit

(1,196)

(396)

163

(267)


Net earnings from continuing operations

3,311

1,335

1,166

1,283


Net loss on disposal of discontinued operations, net of taxes of






$2, $13, $1 and $8

(4)

(23)

(2)

(15)


Net earnings

$3,307

$1,312

$1,164

$1,268








Basic earnings per share from continuing operations

$4.50

$1.89

$1.57

$1.79


Net loss on disposal of discontinued operations, net of taxes

(0.01)

(0.03)


(0.02)


Basic earnings per share

$4.49

$1.86

$1.57

$1.77








Diluted earnings per share from continuing operations

$4.46

$1.87

$1.56

$1.77


Net loss on disposal of discontinued operations, net of taxes

(0.01)

(0.03)


(0.02)


Diluted earnings per share

$4.45

$1.84

$1.56

$1.75


Cash dividends paid per share

$1.68

$1.68

$0.42

$0.42


Weighted average diluted shares (millions)

744.3

713.4

747.0

723.9









The Boeing Company and Subsidiaries


Consolidated Statements of Financial Position


(Unaudited)







December 31

December 31


(Dollars in millions, except per share data)

2010

2009


Assets




Cash and cash equivalents

$  5,359

$  9,215


Short-term and other investments

5,158

2,008


Accounts receivable, net

5,422

5,785


Current portion of customer financing, net

285

368


Deferred income taxes

31

966


Inventories, net of advances and progress billings

24,317

16,933


Total current assets

40,572

35,275


Customer financing, net

4,395

5,466


Property, plant and equipment, net of accumulated depreciation of
    $13,322 and $12,795

8,931

8,784


Goodwill

4,937

4,319


Other acquired intangibles, net

2,979

2,877


Deferred income taxes

4,031

3,062


Investments

1,111

1,030


Pension plan assets, net

6

16


Other assets, net of accumulated amortization of $630 and $492

1,603

1,224


Total assets

$ 68,565

$ 62,053


Liabilities and equity




Accounts payable

$ 7,715

$ 7,096


Other accrued liabilities

13,802

12,822


Advances and billings in excess of related costs

12,323

12,076


Deferred income taxes and income taxes payable

607

182


Short-term debt and current portion of long-term debt

948

707


Total current liabilities

35,395

32,883


Accrued retiree health care

8,025

7,049


Accrued pension plan liability, net

9,800

6,315


Non-current income taxes payable

418

827


Other long-term liabilities

592

537


Long-term debt

11,473

12,217


Shareholders' equity:




Common stock, par value $5.00 – 1,200,000,000 shares authorized;
       1,012,261,159 shares issued

5,061

5,061


Additional paid-in capital

3,866

3,724


Treasury stock, at cost – 277,002,059 and 256,406,709 shares

(17,187)

(15,911)


Retained earnings

24,784

22,746


Accumulated other comprehensive loss

(13,758)

(11,877)


ShareValue Trust – 0 and 29,563,324 shares


(1,615)


Total shareholders' equity

2,766

2,128


      Noncontrolling interest

96

97


      Total equity

2,862

2,225


      Total liabilities and equity

$ 68,565

$62,053







The Boeing Company and Subsidiaries


Consolidated Statements of Cash Flows


(Unaudited)







Twelve months ended



December 31


(Dollars in millions)

2010

2009


Cash flows - operating activities:




   Net earnings

$ 3,307

$ 1,312


   Adjustments to reconcile net earnings to net cash provided by operating activities:




     Non-cash items –




          Share-based plans expense

215

238


          Depreciation

1,510

1,459


          Amortization of other acquired intangibles

217

207


          Amortization of debt discount/premium and issuance costs

19

12


          Investment/asset impairment charges, net

174

151


          Customer financing valuation provision

51

45


          Loss on disposal of discontinued operations

6

36


          (Gain)/loss on dispositions, net

(6)

24


          Other charges and credits, net

512

214


          Excess tax benefits from share-based payment arrangements

(19)

(5)


      Changes in assets and liabilities –




          Accounts receivable

8

(391)


          Inventories, net of advances and progress billings

(7,387)

(1,525)


          Accounts payable

313

1,141


          Other accrued liabilities

668

1,327


          Advances and billings in excess of related costs

238

(680)


          Income taxes receivable, payable and deferred

822

607


          Other long-term liabilities

328

(12)


          Pension and other postretirement plans

1,335

1,140


          Customer financing, net

717

104


          Other

(76)

199


Net cash provided by operating activities

2,952

5,603


Cash flows - investing activities:




   Property, plant and equipment additions

(1,125)

(1,186)


   Property, plant and equipment reductions

63

27


   Acquisitions, net of cash acquired

(932)

(639)


   Contributions to investments

(15,548)

(2,629)


   Proceeds from investments

12,425

1,041


   Payments on Sea Launch guarantees


(448)


   Reimbursement of Sea Launch guarantee payments

82

40


   Receipt of economic development program funds

206



   Purchase of distribution rights

(2)



Net cash used by investing activities

(4,831)

(3,794)


Cash flows - financing activities:




   New borrowings

41

5,961


   Debt repayments

(689)

(551)


   Payments to non-controlling interests


(40)


   Repayments of distribution rights financing

(137)



   Stock options exercised, other

87

10


   Excess tax benefits from share-based payment arrangements

19

5


   Employee taxes on certain share-based payment arrangements

(30)

(21)


   Common shares repurchased


(50)


   Dividends paid

(1,253)

(1,220)


Net cash (used)/provided by financing activities

(1,962)

4,094


Effect of exchange rate changes on cash and cash equivalents

(15)

44


Net (decrease)/increase in cash and cash equivalents

(3,856)

5,947


Cash and cash equivalents at beginning of year

9,215

3,268


Cash and cash equivalents at end of period

$ 5,359

$ 9,215







The Boeing Company and Subsidiaries


Summary of Business Segment Data


(Unaudited)





Twelve months ended

Three months ended



December 31

December 31


(Dollars in millions)

2010

2009

2010

2009


Revenues:






  Commercial Airplanes

$ 31,834

$ 34,051

$ 8,184

$ 9,183


  Boeing Defense, Space & Security:






     Boeing Military Aircraft

14,238

14,304

3,627

3,805


     Network & Space Systems

9,455

10,877

2,434

2,385


     Global Services & Support

8,250

8,480

2,104

2,357


  Total Boeing Defense, Space & Security

31,943

33,661

8,165

8,547


  Boeing Capital Corporation

639

660

145

164


  Other segment

138

165

31

40


  Unallocated items and eliminations

(248)

(256)

25

3


Total revenues

$ 64,306

$ 68,281

$ 16,550

$ 17,937








Earnings/(loss) from operations:






  Commercial Airplanes

$  3,006

$  (583)

$  627

$  1,020


  Boeing Defense, Space & Security:






     Boeing Military Aircraft

1,258

1,528

323

363


     Network & Space Systems

711

839

218

141


     Global Services & Support

906

932

275

325


  Total Boeing Defense, Space & Security

2,875

3,299

816

829


  Boeing Capital Corporation

152

126

6

14


  Other segment

(327)

(152)

(73)

(47)


  Unallocated items and eliminations

(735)

(594)

(273)

(123)


Earnings from operations

4,971

2,096

1,103

1,693


Other income/(expense), net

52

(26)

32

(33)


Interest and debt expense

(516)

(339)

(132)

(110)


Earnings before income taxes

4,507

1,731

1,003

1,550


Income tax (expense)/benefit

(1,196)

(396)

163

(267)


Net earnings from continuing operations

3,311

1,335

1,166

1,283


Net loss on disposal of discontinued operations, net of taxes of






$2, $13, $1 and $8

(4)

(23)

(2)

(15)


Net earnings

$  3,307

$  1,312

$  1,164

$  1,268








Research and development expense, net:






  Commercial Airplanes

$  2,975

$  5,383

$  873

$  741


  Boeing Defense, Space & Security:






     Boeing Military Aircraft

589

582

130

115


     Network & Space Systems

417

397

90

104


     Global Services & Support

130

122

31

33


  Total Boeing Defense, Space & Security

1,136

1,101

251

252


  Other segment

10

22

10

9


Total research and development expense, net

$  4,121

$  6,506

$  1,134

$  1,002








Unallocated items and eliminations:






  Share-based plans expense

$  (136)

$  (189)

$  (24)

$  (49)


  Deferred compensation expense

(112)

(158)

(28)

(24)


  Pension

54

110

(10)

41


  Post-retirement

(59)

(93)

(23)

(32)


  Capitalized interest

(54)

(53)

(13)

(11)


  Other

(428)

(211)

(175)

(48)


Total

$  (735)

$  (594)

$  (273)

$  (123)









The Boeing Company and Subsidiaries


Operating and Financial Data


(Unaudited)












Twelve months ended


Three months ended


Deliveries

December 31


December 31


Commercial Airplanes

2010


2009


2010


2009


    737

376


372


95


92


    747



8




2


    767

12


13


3


3


    777

74


88


18


25


   Total

462


481


116


122











Boeing Defense, Space & Security









Boeing Military Aircraft









    F/A-18 Models

50


49


11


13


    F-15E Eagle

13


13


3


3


    C-17 Globemaster

14


16


4


4


    KC-767 Tanker

1


2


1


1


    CH-47 Chinook

20


11


7


7


    T-45TS Goshawk



7




1


    AH-64 Apache

13


23


2


3


    AEW&C

4




1













Network & Space Systems









    Delta II

1


1


1


1


    Delta IV

1


1






    Commercial and Civil Satellites

3


3


1


1


    Military Satellites

1


3



























December 31


September 30


December 31


Contractual backlog (Dollars in billions)



2010


2010


2009


  Commercial Airplanes



$255.6


$255.2


$250.5


  Boeing Defense, Space & Security:









    Boeing Military Aircraft



25.1


25.7


26.4


    Network & Space Systems



9.6


8.3


7.7


    Global Services & Support



13.7


12.3


11.9


  Total Boeing Defense, Space & Security



48.4


46.3


46.0


Total contractual backlog



$304.0


$301.5


$296.5


Unobligated backlog



$16.9


$19.4


$19.1


Total backlog



$320.9


$320.9


$315.6


Workforce



160,500

*

159,600

*

157,100











*Note: Workforce data vary from those reported in 2009 and earlier. The new totals include all subsidiaries, some of which were excluded in prior years.












SOURCE The Boeing Company


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