2017年-德勤全球_2017_Global_aerospace_and_defense_sector_financial_performance_study_48页_2mb

报告摘要

2017 Global Aerospace and Defense Sector Financial Performance Study Summary

Core Content

The 2017 Global Aerospace and Defense (A&D) sector financial performance study provides an in-depth analysis of the financial health and performance of the top 100 A&D companies (or business segments of conglomerates) with revenues exceeding US$500 million in 2016. The report highlights the overall sector growth, subsector performance, financial metrics, and strategic focus areas as communicated by C-suite executives through "Letters to Shareholders."

Key Financial Performance

Revenue Growth

Global A&D sector revenue grew by 2.4% in 2016, reaching US$674.4 billion from US$658.7 billion in 2015.
Commercial aerospace revenue growth slowed to 2.7% from 6.3% in 2015, with Europe recording strong growth (6.7%) while the US saw a marginal increase (1.3%).
Defense subsector revenue increased by 2.1% to US$351.3 billion, driven by US defense spending rising 1.7% and European defense growing only 0.6%.
Top contributors to revenue growth included the electronics segment (US$3.7 billion), OEM segment (US$3.4 billion), propulsion segment (US$1.9 billion), and services segment (US$1.8 billion).

Operating Margin

Global A&D operating margin remained at 10.4%, slightly down from 10.5% in 2015.
US operating margin declined to 11.5% from 12.0% in 2015, while European margin improved to 9.6% from 8.1%.
Defense subsector margins grew by 5.3%, outperforming the commercial aerospace subsector which saw a 9.4% decline.
Propulsion segment led in operating margins, while Tier 2 suppliers outperformed Tier 1 suppliers in margin growth.

Productivity

Global A&D productivity increased by 1.9% in 2016, with European productivity rising significantly by 11.1% compared to US productivity growth of 1.1%.
Employee productivity averaged US$36,504 per employee in 2016, up from US$35,821 in 2015.
US revenue per employee was higher at US$42,817 compared to Europe at US$31,970.

Debt and Financial Stability

Global A&D debt-to-equity ratio increased from 1.18 to 1.65, indicating greater leverage.
US debt-to-equity ratio rose from 1.79 to 2.40, while Europe remained stronger at 1.58.
Companies used low interest rates to finance acquisitions, share buybacks, and product development.

Strategic Focus and Insights

Letters to Shareholders Analysis

Top themes mentioned in "Letters to Shareholders" included customers, business growth, new services, markets, and technology.
The language reflected an outward focus and optimism for the near future, rather than an inward focus on operations or restructuring.
Text mining and topic modeling in R were used to identify these themes.

Subsector Comparison

Commercial vs. Defense

Commercial aerospace saw slower growth in 2016 compared to 2015, with Europe outperforming the US.
Defense subsector continued to recover, with US growth outperforming Europe due to increased DoD funding.
Airbus and Lockheed Martin were key drivers of growth in the defense subsector.

US vs. Europe

US A&D equities outperformed the S&P 500 and Dow Jones A&D index, while European A&D equities outperformed the STOXX 600 Index.
European companies focused on asset rationalization and cost reduction, contributing to improved margins and productivity.

Company Performance Highlights

Top Performers

Boeing remained the largest A&D company by revenue, but reported a 1.6% decline.
Airbus Group saw a 3.3% revenue increase.
Lockheed Martin experienced a 4.1% revenue growth.
Harris Corp. and Oshkosh Defense were notable for their high revenue growth (46.9% and 1231.5%, respectively).

Notable Declines

Dassault Aviation recorded the largest revenue decline of 14.1%.
Amphenol, Bombardier Aerospace, MOOG, OHB Technology, and QinetiQ had two consecutive years of revenue decline.

Methodology and Scope

The study analyzed 29 key financial metrics, including revenue, operating earnings, margins, ROIC, FCF, and employee productivity.
Financial metrics were calculated using constant currency to eliminate exchange rate impacts.
The scope included only companies with A&D business segments and public filings; government entities and private companies not reporting A&D data were excluded.
Company rankings reflected industry consolidation and acquisitions.

Conclusion

The 2017 study indicates that the global A&D sector is experiencing slower revenue growth, with defense subsector outperforming commercial aerospace. Europe continues to show better margin and productivity growth compared to the US, despite the latter's higher revenue per employee. The increase in leverage and debt levels suggests a strategic shift towards acquisitions and innovation, while C-suite communications highlight market expansion and technological development as key priorities.