2017全球航空航天与国防行业财务绩效研究.PDF

2017 Global aerospace and defense sector financial performance studyDefense subsector expands, while commercial aerospace growth slows downContentsForeword 1Executive summary 2What do ‘Letters to Shareholders’ reveal? 4Scope of the study 7Global A&D sector performance: An overview 9Global A&D sector performance: A detailed analysis 13 Global defense subsector compared with commercial 31 aerospace subsector Comparison of US and European A&D 32 sector performance Comparison of US and European defense 34 subsector performance Individual segment performance 35Study methodology 38Endnotes 41Authors 42Contacts 43As the newly appointed Deloitte Global Aerospace & Defense leader, it is my privilege to share with you the 2017 Global aerospace and defense sector financial performance study. Each year, Deloitte produces a comprehensive financial analysis of the global aerospace and defense industry.The 2017 study looks at the top 100 companies (or business segments of conglomerates) that have generated at least US$500 million in revenues in 2016. This assessment allows Deloitte to provide industry executives with a detailed understanding of how their sector is performing and how the aerospace and defense segments are performing relative to each other.A new section we have added this year analyzes the top 20 companies’ ‘Letters to Shareholders’ to provide insight on what C-suite executives are saying about their performance and strategic focus areas for the future.I hope that you will find this report informative and something that you can readily reference for your business. And as always, we welcome your feedback and suggestions as we endeavor to make future reports even more valuable for you and your company.Robin S. LinebergerDeloitte Global Aerospace & Defense leaderForeword12017 Global aerospace and defense sector financial performance study Executive summaryGlobal aerospace and defense sector revenue growth is slowing, marginally outpacing global gross domestic product growth. Global aerospace and defense (A&D) sector revenues grew 2.4 percent in 2016, adding US$15.7 billion in revenues, to reach US$674.4 billion. Although the growth rate declined from 3.8 percent in 2015, it slightly outperformed the estimated global gross domestic product (GDP) growth of 2.3 percent.1 This growth was driven primarily by the European commercial and US defense subsectors. Global commercial aerospace revenue growth slowed from 6.3 percent in 2015 to 2.7 percent in 2016. Revenue for the subsector increased from US$314.7 billion in 2015 to US$323.1 billion. The European subsector recorded strong growth at 6.7 percent, while in the US growth was marginal, at 1.3 percent. This is a direct result of a 1.8 percent decline in aircraft deliveries in the US, while in Europe, deliveries increased by 8.3 percent. Aircraft backlog remained at an all-time high, having grown by 1.6 percent to 13,687 in 2016.The global defense subsector continued to recover as global defense spending increased. Following a recovery in 2015, global defense revenue grew 2.1 percent, or US$7.2 billion, in 2016 to US$351.3 billion. Global defense spending rose 0.6 percent, with US defense expenditure up 1.7 percent.2 The primary factor in the improvement was likely the 3.1 percent growth in US defense revenues resulting from the 3.6 percent increase in funding from the US Department of Defense (DoD), the subsector’s largest customer.3 In contrast, the European defense subsector revenues grew only 0.6 percent while defense spending in Europe increased 2.8 percent.4 Despite more spending, European defense revenue growth declined, likely due to a US$1.3 billion negative impact to the top line of Airbus’ Defense & Space division, resulting from its ongoing portfolio reshaping. European A&D sector revenue growth continues to outperform the US sector. In 2016, European A&D companies posted 3.7 percent year-on-year (YoY) growth, slightly outpacing the US sector’s 2.4 percent growth. This outperformance echoes the results of 2015, when Europe’s A&D sector grew by 8.2 percent while US revenues increased by only 1.4 percent. The growth in Europe in 2016 was primarily driven by the commercial aerospace subsector, which grew 6.7 percent largely as a result of an increase in commercial aircraft deliveries. On the other hand, the European defense subsector grew by only 0.6 percent as compared to 3.1 percent for the US defense subsector. Revenue growth was led by incremental revenues in the original equipment manufacturers and electronics segment. These companies added US$3.4 billion and US$3.7 billion, respectively. Growth in the OEM segment is likely attributed to robust revenue increase at Airbus Group, which added US$2.4 billion, and Lockheed Martin, which contributed US$1.9 billion in revenues in 2016. In the electronics segment, Harris Corp. was the leading contributor to revenue, adding US$2.4 billion, mainly led by the acquisition of Exelis.5Global A&D sector operating ma...