德勤：2017全球航空航天与国防行业财务绩效研究

2017 Global Aerospace and Defense Sector Financial Performance Study Summary

Core Content Overview

This report provides a comprehensive analysis of the financial performance of the global aerospace and defense (A&D) sector in 2016, highlighting trends in revenue, operating margins, productivity, and equity performance. It also includes insights from the "Letters to Shareholders" of the top 20 A&D companies, revealing strategic priorities and outlooks.

Key Financial Performance Metrics

Global A&D Sector Revenue

• Total Revenue: Increased by 2.4% to US$674.4 billion in 2016 from US$658.7 billion in 2015.
• Revenue Growth Drivers:
  • Electronics Segment: +US$3.7 billion
  • OEM Segment: +US$3.4 billion
  • Tier 1 Segment: +US$2.0 billion
  • Tier 2 Segment: +US$2.0 billion
  • Propulsion Segment: +US$1.9 billion
  • Services Segment: +US$1.8 billion
  • Other: +US$0.7 billion

Operating Earnings and Margins

• Core Operating Earnings: Rose by 0.8% to US$70.0 billion.
• Operating Margin: Slightly declined to 10.4% from 10.5% in 2015.
• Defense Subsector Operating Margin: Increased to 11.5%, while Commercial Aerospace margin fell to 9.1%.
• Propulsion Segment: Highest operating margin at 19.2%.
• Tier 2 Suppliers: Outperformed Tier 1 suppliers with margins near 20%.

Productivity and Employee Metrics

• Revenue per Employee: Increased by 3.6% to US$351,692.
• Core Operating Earnings per Employee: Rose by 1.9% to US$36,504.
• Employee Count: Declined by 1.1% to 1.917 million.
• European Productivity: Grew by 11.1%, while US Productivity increased only 1.1%.
• US Employee Productivity: US$42,817 per employee.
• European Employee Productivity: US$31,970 per employee.

Debt and Financial Leverage

• Debt-to-Equity Ratio: Rose to 1.65 from 1.18 in 2015, indicating increased leverage.
• US Debt-to-Equity Ratio: Increased to 2.40 from 1.79.
• European Debt-to-Equity Ratio: Increased to 1.58, still lower than the US.

Equity Performance

• US A&D Equities: Outperformed the S&P 500 by 17.9%.
• European A&D Equities: Outperformed the STOXX 600 by 4.9%.

Subsector Performance

Commercial Aerospace

• Revenue Growth: Slowed to 2.7% in 2016 from 6.3% in 2015.
• European Commercial Aerospace: Strong growth of 6.7%.
• US Commercial Aerospace: Marginal growth of 1.3%.
• Aircraft Deliveries: US declined by 1.8%, while Europe increased by 8.3%.
• Aircraft Backlog: Remained at an all-time high of 13,687 aircraft.

Defense Subsector

• Revenue Growth: Increased by 2.1% to US$351.3 billion.
• US Defense Revenue: Grew by 3.1%, driven by a 3.6% increase in DoD funding.
• European Defense Revenue: Only 0.6% growth, partly due to Airbus' Defense & Space division's US$1.3 billion revenue decline.

Top Performing Companies

• Revenue Leader: Boeing (US$94.6 billion)
• Revenue Growth Leader: Harris Corp. (46.9%)
• Core Operating Earnings Leader: GE Aviation (US$6.115 billion)
• Core Operating Earnings Growth Leader: Oshkosh Defense (1231.5%)
• Core Operating Margin Leader: Transdigm Group (40.0%)
• ROIC Leader: QinetiQ (50.2%)
• FCF Leader: GE Aviation (US$5.775 billion)
• FCM Leader: GE Aviation (22.0%)
• Book-to-Bill Leader: Dassault Aviation (2.71 times)
• Backlog Leader: Airbus Group (US$1,173.8 billion)

Strategic Focus from 'Letters to Shareholders'

• Common Themes:
  • Customer Focus
  • Business Growth
  • New Services
  • Market Expansion
  • Technology Innovation
• Language Trends: Reflects an outward focus on markets and innovation, rather than internal restructuring.

Methodology and Scope

• Scope: Analyzed 100 top global A&D companies with revenues over US$500 million in 2016.
• Methodology:
  • Examined 29 key financial metrics.
  • Conducted text analytics on the "Letters to Shareholders" of top 20 companies using R for statistical computation.
  • Metrics adjusted for constant currency to eliminate FX impacts.
  • Excluded non-public companies, government entities, and those not meeting revenue criteria.

Conclusion

The 2016 A&D sector showed moderate revenue growth, with Europe outperforming the US. The defense subsector saw stronger growth than commercial aerospace, driven by US DoD funding and European asset rationalization. Companies in the electronics and OEM segments were key contributors to growth, while Tier 2 suppliers outperformed in margins. Equity performance was robust, with both US and European A&D stocks outperforming their respective indices. The study underscores the importance of strategic focus, market expansion, and innovation in shaping the sector's future.