TRANSFORMING. FOCUSING. RISING. SPIRIT AEROSYSTEMS.

Similar documents
Textron Reports Second Quarter 2014 Income from Continuing Operations of $0.51 per Share, up 27.5%; Revenues up 23.5%

Textron Reports Third Quarter 2014 Income from Continuing Operations of $0.57 per Share, up 62.9%; Revenues up 18.1%

Textron Reports First Quarter 2016 Income from Continuing Operations of $0.55 per Share, up 19.6%; Reaffirms 2016 Financial Outlook

1000 Urlin Avenue #A18 Columbus, Ohio Bill Diffenderffer. September 2013 to Present. Lecturer on Entrepreneurship : MBA and Undergraduate

Growing Opportunity. Jacques St-Laurent. President Bell Helicopter Textron Canada LTD. Analyst Briefing November 30, 2006

Confirms 2013 Financial Guidance

ACCELERATING TECHNOLOGY VISION FOR AEROSPACE AND DEFENSE 2017

Electrical Products Group Conference

VRP Global A&D Conference

CRAWFORD & COMPANY Annual Meeting of Shareholders

An Interview with Ian McClelland. Senior Director of Systems and Software at Thales Inflight Entertainment and Connectivity (IFEC)

UCT Coatings, Inc. Fiscal Year 2014 Annual Financial Report And Shareholder Letter

Reach for the skies. The Aerospace Growth Partnership. Industry and government working together to secure the future for UK aerospace

Textron Reports Third Quarter 2018 Results; Narrows Full-Year EPS and Cash Guidance

Morgan Stanley Laguna Conference

REMARKS FOR CAE S THIRD-QUARTER FISCAL YEAR February 11, Time: 1:00 p.m. Speakers: Mr. Marc Parent, President and Chief Executive Officer

An Experienced Approach to Private Equity

35 YEARS OF ANALOG INNOVATION 35% NET PROFIT 121 QUARTERS OF POSITIVE CASH FLOW 30 YEARS ON THE NASDAQ 16 YEARS ON THE S&P ANNUAL REPORT

In the quarter, Textron returned $344 million to shareholders through share repurchases, compared to $186 million in the first quarter of 2017.

Sanford Bernstein Strategic Decisions Conference. May 2014

Sales Acquisitions Consulting. +(1)

Robert DeVincenzi appointed as Redflex Holdings Chief Executive Officer as Graham Davie retires.

Business. Wellness. Culture

Acquisition of HR Textron

Venture Capital Search Highlights

Mubadala Development Company PJSC 2010 Full Year Results 24-March-2010

Accenture plc (Exact name of registrant as specified in its charter)

The GenNx360 Trapped Asset Play Two Bites of the Apple to Create Value

Aboutus. Competent, Skillful, Reliable

April 25, Page 1 of 5. Michael R. Bellora Deputy Treasurer, Fixed Income Investor Relations and Banking

Embraer: Brazil s pioneering aviation giant

Pareto s Annual Oil & Offshore Conference

Electrical Products Group Conference

Sanford Bernstein Strategic Decisions Conference. May 2013

Mid-Atlantic Investor Meetings. February 2013

$ 100M INVESTMENT IN AVIATION INDUSTRY PANOS XENOKOSTAS PRESIDENT & CEO ONEX TECHNOLOGIES INC ONEX SA

PRINCIPAL FINANCIAL GROUP, INC. (Exact name of registrant as specified in its charter)

Corporate presentation

2003 ANNUAL REPORT TOOLS FOR NANOTECH

KKR & Co. Inc. Goldman Sachs U.S. Financial Services Conference December 4, 2018

Howard Weil Energy Conference

CACI INTERNATIONAL INC /DE/

2018 Aerospace Career Expo. Hosted by the Aeronautical and Astronautical Engineering Student Advisory Council (AAESAC)

FS INVESTMENTS & KKR FORM STRATEGIC PARTNERSHIP. Combining FSIC & CCT platforms to create stockholder value

Fortis to acquire strategic stake in Parkway Holdings, Singapore

Raising the Bar. Bank of America, FleetBoston Merger Creates New Banking Leader

Daseke Adds Three Companies; Annual Revenue Run Rate Grows to $1.2 Billion

DOWDUPONT INC. (Exact name of registrant as specified in its charter)

Course Name: Financial Executives Roundtable

Featherstone Capital Inc. Mission

LEVI STRAUSS & CO. (Exact name of registrant as specified in its charter)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K. TEXTRON INC. (Exact name of Registrant as specified in its charter)

B i o g r a p h y Steven M. Egna Steven M. Egna

2 nd Quarter Earnings Conference Call

Noble Corporation 2010 Annual Report

Farnborough Airshow Farnborough Air Show Investor Relations Technology Seminar 2018 Rolls-Royce

For personal use only

In the heart of Industrial electronics

Goldman Sachs Global Energy Conference. January 2014

The Udine Group at Morgan Stanley Smith Barney. Helping Clients Accumulate, Manage, and Transfer Wealth

Chris Bridges. Financial Advisor

Joe Murli The Murli Group, Partner and CEO

A: Jeff Immelt, GE chairman of the board and chief executive officer:

We apply nanomanufacturing technology to improve the way people live

NexTier Bank and Farmers & Merchants of Western PA to merge, creating $1 billion financial services leader

WRITTEN SUBMISSION OF GE CAPITAL TO THE FINANCIAL CRISIS INQUIRY COMMISSION

The Beacon Group at Morgan Stanley Smith Barney. A guiding light for your financial journey

MATH PLANE ADDITIVE MANUFACTURING PIONEER NORSK TITANIUM CHARTS THE FUTURE OF FLIGHT

The facts speak for themselves.

Leadership Team. Mark van Berkel President and Chief Executive Officer

The Stack-Gravenstine-Smith Group at Morgan Stanley Smith Barney

Cessna Business Update

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K. TEXTRON INC. (Exact name of Registrant as specified in its charter)

DELTA AIR LINES INC /DE/

Statement of Corporate Intent

CASI Pharmaceuticals, Inc.

Q Financial Results

Advanced Simulation Displays. High-Performance Displays for the Most Demanding Training Applications

CLIFFS NATURAL RESOURCES INC.

BLUEKNIGHT ENERGY PARTNERS, L.P.

202, million 2.1. Our scale, our diversification and the predictability of our business give us strong foundations on which to innovate

TRACY SEWARD CPA DECEMBER 2015 PAGE 1

PRESIDENT S LETTER. Dear Friends,

Philip F. Morrissey Portfolio Manager Senior Vice President Financial Advisor

ALANCO TECHNOLOGIES INC

$3.5 Billion Acquisition of Nation s No. 2 Company in Growing Moist Snuff Category. Deal at a Glance

Pareto Securities 20 th Annual Oil & Offshore Conference. Dan Rabun, Chairman & CEO. 4 September 2013

Letter To Our Shareholders

ANNUAL SHAREHOLDERS MEETING. May 4, 2017

For personal use only

M ARSHALL & ILSLEY C ORPORATION

PyroGenesis Announces Receipt of AS9100D Certification for Aviation, Space, and Defense Industries; Provides Update on AM Business Line

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K

FSIC FRANCHISE. Frequently asked questions

Owens Corning Investor Day. Dave Brown, President and CEO

CEO Mary Barra Remarks to 2014 Stockholders Meeting

Building and Growing. Douglas R. Wilburne. Vice President, Investor Relations. Merrill Lynch 9 th Annual Global Industries May 9, 2007

Automotive Supply Industry Law

napier napier balance napier 2004 ANNUAL REPORT

In a challenging environment, GE businesses are poised to perform with rigor and to capture new growth. Technology Infrastructure, Energy

Transcription:

TRANSFORMING. FOCUSING. RISING. SPIRIT AEROSYSTEMS.

DETERMINATION S P I R I T OPPORTUNITY

Aviation changed when Spirit AeroSystems opened its doors. In an instant, aerospace OEMs worldwide gained access to an independent design-build partner one with the insight and experience to increase performance and value. Over the past eight years, Spirit has continued to boost its capabilities, ramp up production on the world s premier aircraft and lift aviation to ever-higher standards. T R A N S F O R M I N G

In 2005, Spirit AeroSystems embarked on a journey to form a new aerostructures company built on a 75-year legacy. The company began the transformation from a single-customer supplier into an independent, global industry partner with multiple customers and platforms. Today Spirit is one of the world s largest nonoem designers and manufacturers of aerostructures for commercial aircraft, generating $6 billion in annual revenue in 2013, and forecasting $6.5 to $6.7 billion in 2014. The company is recognized as a global leader with a relentless commitment to quality and delivery. Now, under new leadership, Spirit is writing the next chapter in the company s history transforming a leading design-build manufacturing operation into a great business. Transitioning. In early 2013, Larry A. Lawson took the helm as Spirit s new president and chief executive officer. The former executive vice president of Lockheed Martin Aeronautics, Mr. Lawson brings decades of aviation experience in engineering, business development and program management and he brings a vision for Spirit s future. Enhancing leadership. In a matter of months, Mr. Lawson added three senior industry executives to an already-strong leadership team. Heidi Wood stepped into the new role of vice president for strategy, mergers & acquisitions, and investor relations. Duane Hawkins joined as senior vice president of operations. And Sanjay Kapoor was named senior vice president and chief financial officer. All are industry leaders with proven experience and success. Spirit has attracted talent to other areas of the company as well, and is making strategic organizational changes to A V I A T I O N

improve performance. Placing key talent in positions that best suit their strengths. Recruiting new leaders with experience from across the industry. And continuing to drive competitive advantage through diversity. Larry Lawson President and Chief Executive Officer Spirit AeroSystems, Inc. Challenges exist, but the opportunity is great. And so is the determination of Spirit s people. For the latest news, follow Spirit on Twitter at twitter.com/spiritaero L E A D E R S H I P

DESIGN S P I R I T BUILD

As our transformation unfolds, we are focusing on our strengths, on our commitments, on what we do best. Above all, we are focusing on what differentiates us in the marketplace our ability to supply high-quality design-build aerostructures at a low cost. Larry Lawson, President and CEO F O C U S I N G

Focusing on strengths. In 2013, Spirit s leaders began looking deeper into the company s cost structure and refining its measurements to position Spirit for long-term success. Mr. Lawson directed a comprehensive strategic and financial review, making disciplined decisions driven by the data. Spirit announced its intent to seek a buyer for its business in Oklahoma and sold its interest in the Russian Joint Venture. These decisions demonstrate Spirit s commitment to focus on its strengths designing and building the best aerostructures in the world. These changes and others will help Spirit deliver on rate increases, consolidate resources, create efficiencies and meet its long-term goal of growing the business in both commercial and defense markets. Commercial programs. Spirit s long-life commercial programs, from the 737, 767, 777 and 787 to the A320, A380 and A350 XWB, are positioned to thrive in the current aerospace up-cycle. Rates on the 737, 787 and A320 programs continue to increase. Spirit s backlog is currently over $41 billion. Boeing and Airbus programs are expected to produce predictable growth in earnings and cash flow. Business and regional jets. Spirit continues to partner with market leaders Gulfstream, Mitsubishi and Bombardier on key business and regional jet programs. Spirit s leaders are focused on improving execution, reducing costs and making strategic decisions regarding these programs. Defense programs. The P-8A Poseidon, KC-46A Tanker and Sikorsky CH-53K F U T U R E

helicopter programs are progressing well. Building on its proven success in the defense industry, Spirit is strategically expanding into new markets with key partners. In 2013, the company announced a teaming agreement with Bell Helicopter on the V-280 Valor, in competition to design and build the next-generation Future Vertical Lift (FVL) tiltrotor for the US Army. These programs are expected to remain critical to the US military, regardless of policy changes or budget cuts. In fact, a sequestration environment may create profitable new opportunities for low-cost suppliers like Spirit. Looking ahead. Spirit s focus for the future is simple: engineering and manufacturing aerostructures at a low cost. These are the areas where Spirit has the strongest competitive advantage and potential for future growth. Spirit s capabilities, combined with the affordability of its products, are expected to generate future opportunities in both commercial and defense markets. Watch Spirit videos on YouTube at youtube.com/spiritaerocorporate F O C U S E D

BETTER S P I R I T FASTER

Rising demand. Analysts expect demand for passenger travel to increase by as much as 25 percent over the next decade. This demand, along with the aircraft replacement cycle, presents Spirit with an unprecedented opportunity for growth. Spirit is seizing that opportunity by applying leading technology, innovation and the proven capabilities of its team. The company is positioned not only to maintain its standing as a leading tier-one supplier, but to build on that strength. Meeting challenges. Spirit s past successes are a tribute to the talent, experience and hard work of its employees. Everywhere Spirit operates, teams are rising to the challenge to meet ever-increasing production rates and get new programs off the ground. Spirit employees have shown tremendous dedication and flexibility during the many transitions of the past year, placing the company on a trajectory of success. Preparing to soar. It s important to reflect on how far Spirit has come in eight years. And yet, the journey ahead is long, R I S I N G and much remains to be done. It takes time to implement changes, and for those changes to generate results. Spirit is already partnering with the best customers on the best platforms. The company is building a reputation as a high-quality, low-cost design-build aerostructures supplier. In 2014, Spirit s top priorities are to focus on its strengths, manage costs efficiently and position the company for prosperous growth in the future for customers, for shareholders and for employees. Spirit is preparing to soar.

MODELS Airbus A320 Airbus A350 XWB Airbus A380 Boeing 737 Boeing P-8A Boeing 747 Boeing 767 DELIVERED 2 0 1 3 486 8 34 442 19 15 8 6 4 2.3% 3.6% 6.9% 2 7.3% 6.5% 10 20 30 GLOBAL PROJECTIONS TRILLION PASSENGER MILES Air travel is projected to grow at more than 4% a year over the next fifty years. 6.9% Source: ICAO Global Air Transport Outlook / IATA Middle East 7.3% Latin America 6.9% China 6.9% Asia-Pacific 6.5% Europe 3.6% United States 2.3%

Boeing 777 Boeing 787 Bombardier CSeries* Gulfstream G280* Gulfstream G650* Mitsubishi MRJ* Sikorsky CH-53K* 99 65 Aerostructures produced by Spirit *97 Commercial Jets, Business Jets, Regional Jets and Rotorcraft 2 013 H I G H L I G H T S Delivered a record 442 units on the 737 program. Shipped first leading and trailing edge wing structures for A320neo program. Completed first 787-9 Dreamliner Section 41, pylons and wings; witnessed 787-9 s first flight. Witnessed first flight of the Airbus A350 XWB. Delivered first Section 41 for new Boeing KC-46A tanker. Entered into multi-year cooperation agreement with Lufthansa for joint provision of repair, overhaul and supply services. Received High Performing Partner Award from Cathay Pacific Airways for aftermarket customer support. Won $60 million Sikorsky contract to supply cockpit and cabin components for four additional CH-53K helicopters. Announced Bell Helicopter partnership on V-280 Valor, the next-generation tiltrotor for the US Army. Achieved milestone on Direct Metal Deposition technology in cooperation with Norsk Titanium Components. Announced work with Spintech Ventures to develop new reconfigurable tooling technology for manufacturing complex composite aircraft structures.

FOR THE YEAR in millions, except per share data 2013 2012 Net sales $5,961.00 $5,397.70 Selling, general and administrative 200.80 172.20 Research and development 34.70 34.10 Operating income (364.30) 92.30 Net income (621.40) 34.80 Earnings per share, diluted (4.40) 0.24 Average diluted shares outstanding 141.3 142.7 Cash flow from operations 260.60 544.40 AT YEAR-END Total assets $5,107.20 $5,415.30 Total debt 1,167.30 1,176.20 Total equity 1,481.00 1,996.90 REVENUES BY MAJOR CUSTOMERS IN MILLIONS TOTAL ASSETS IN MILLIONS TOTAL EQUITY IN MILLIONS Boeing Airbus Other 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 $1,811 $5,415 $1,965 $5,102 $5,042 $5,107 $1,574 $1,481 $1,997 $4,474 84% 6% 10% 09 10 11 12 13 09 10 11 12 13

TOTAL DEBT IN MILLIONS NET SALES IN MILLIONS SHIP SET DELIVERIES 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 1,378 $1,197 $1,201 $1,176 $1,167 $5,398 $5,961 1,240 $894 $4,864 1,089 $4,079 $4,172 1,029 969 09 10 11 12 13 09 10 11 12 13

SERVICE S P I R I T PARTNERSHIP

Spirit employees are known for their generosity. In 2013, more than 3,000 employees and family members volunteered a total of 10,000 hours of service in their communities. Their activities included serving meals to the hungry, building homes for two low-income families, providing support to an orphanage and refurbishing a children s respite care facility in the UK. Employees and the company also donated more than $4.4 million to charities including $52,000 to the Red Cross after the EF5 tornado in Moore, Oklahoma. G I V I N G B A C K

Board of Directors Spirit Executive Officers Robert Johnson Larry A. Lawson Chairman, Spirit AeroSystems, Inc. Chairman, Beechcraft CEO (Retired), Dubai Aerospace Enterprise Chairman Emeritus, Honeywell Aerospace Charles L. Chadwell VP/GM (Retired), GE Commercial Engine Operations Chairman, PAR Systems and Parkway Products Ivor J. Ike Evans Chairman of the Board, CEO and President, Meritor, Inc. President Chief Executive Officer Sanjay Kapoor Senior VP Chief Financial Officer Philip D. Anderson Senior VP Defense & Contracts David M. Coleal Paul Fulchino Executive VP/GM Boeing, Military, Business & Regional Jet Programs & Aftermarket Richard Gephardt Jon D. Lammers President, Chairman and CEO (Retired), Aviall, Inc. President and CEO, Gephardt Group (US Congressman, Missouri, Retired) Senior VP General Counsel & Secretary Ronald T. Kadish Samantha J. Marnick Christopher E. Kubasik John Pilla Larry A. Lawson H. David Walker SVP, Booz Allen Hamilton Lt. General (Retired) USAF President and CEO, Ackuity Advisors, LLC Former President and COO of Lockheed Martin Corporation President and CEO, Spirit AeroSystems, Inc. Tawfiq Popatia Managing Director, Onex Corporation Francis Raborn VP and Chief Financial Officer (Retired) United Defense Industries, Inc. Jeffrey L. Turner Former President and CEO, Spirit AeroSystems, Inc. Senior VP Chief Administration Officer Senior VP/GM Airbus & A350 XWB Program Management Senior VP Chief Technology Officer & Business Development Heidi Wood Senior VP Strategy, M&A & Investor Relations

Corporate / Shareholder Information Transfer Agent/Registrar Communications regarding transfer requirements, lost stock certificates, address changes or stock accounts should be directed to: Spirit AeroSystems Holdings, Inc. Independent Registered Public Accounting Firm c/o Computershare PricewaterhouseCoopers LLP PO Box 30170 800 Market St. College Station, TX 77842 St. Louis, MO 63101 (877) 296-3711 (314) 206-8500 (201) 680-6578 www.computershare.com/investor SEC Reports Spirit s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other information, as filed with the U.S. Securities and Exchange Commission, are available free of charge to any interested party at www.spiritaero.com or at www.sec.gov. Investor Relations General inquiries from investors or correspondence concerning Spirit AeroSystems investor communications may be directed by phone, letter or email to: Coleen Tabor Spirit AeroSystems, Inc. P.O. Box 780008 MC K16-66 Wichita, KS 67278 (316) 523-7040 investorrelations@spiritaero.com To see the latest Spirit ads, go to spiritaero.com Click on the link in the lower left corner. Stock Symbol SPR Stock Listed and Traded New York Stock Exchange Annual Meeting 11:00 a.m. (ET), Wednesday, April 30, 2014 Mandarin Oriental, Atlanta 3376 Peachtree Rd. NE Atlanta, GA 30326

Spirit AeroSystems is one of the world s largest independent producers of commercial airplane assemblies and components. Its core products include fuselages, pylons, nacelles and wing components. Spirit also provides aftermarket customer support services in North America, Europe and Asia. Based in Wichita, Kansas, Spirit operates sites in the US, the UK, France, Malaysia and China. The company has exclusive long-term agreements in place with its largest customers, Boeing and Airbus. Other customers include Bombardier, Gulfstream, Mitsubishi, Sikorsky, Bell Helicopter and the US government. Spirit Aftermarket Customer Support serves numerous airlines with Boeing fleets. With its expertise, products and services, Spirit can meet the needs of aerospace OEMs and airlines wherever they are located throughout the world. 3801 S. Oliver Wichita, KS 67210 316.526.9000 800.501.7597 www.spiritaero.com