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德勤2017年全球航空航天与国防行业财务绩效研究

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文本描述
2017 Global aerospace and defense sector
fnancial performance study
Defense subsector expands, while commercial
aerospace growth slows down
Contents
Foreword 1
Executive summary 2
What do ‘Letters to Shareholders’ reveal4
Scope of the study 7
Global A&D sector performance: An overview 9
Global A&D sector performance: A detailed analysis 13
Global defense subsector compared with commercial31
aerospace subsector
Comparison of US and European A&D32
sector performance
Comparison of US and European defense34
subsector performance
Individual segment performance 35
Study methodology 38
Endnotes 41
Authors 42
Contacts 43
As the newly appointed Deloitte Global Aerospace & Defense leader, it is my privilege to share with you the 2017 Global aerospace and
defense sector fnancial performance study. Each year, Deloitte produces a comprehensive fnancial 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 fnd 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. Lineberger
Deloitte Global Aerospace & Defense leader
Foreword2017 Global aerospace and defense sector fnancial performance study
Executive summary
Global 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.5
Global A&D sector operating margin continues to hold, with the European sector improving as the US sector declines.
Operating margins for the sector sustained a double digit margin of 10.4 percent, holding near the 10.5 percent in 2015. Margins for the
US sector declined 2.5 percent to 11.5 percent, whereas the European sector reported an operating margin of 9.6 percent, up 5.3 percent.
This growth trend was primarily led by improvements at Airbus, Rolls-Royce and Safran. As a result, the gap between the US and Europe
has narrowed to 1.8 percent from 2.3 percent in 2015. European improvement indicates greater focus on rationalizing assets and reducing
operating expenses. Eforts to achieve scale with cross-border European alliances and joint ventures have increased over the past decade
and are likely to continue as pricing pressure and greater competition increases from Russia, China and other nations.
Global defense operating margin growth strengthens as commercial aerospace margins tighten. The commercial aerospace
subsector’s operating margin declined 9.4 percent in 2016 compared with defense companies’ operating margins, which grew 5.3 percent,
despite only a 2.1 percent revenue increase in 2016. Commercial subsector operating margins fell to 9.1 percent, while defense companies’
operating margins increased to 11.5 percent. Growth in defense subsector margins was led by strong operating performance at Rolls-
Royce and Lockheed Martin.
Propulsion segment was the leader in operating margins. However, Tier 2 suppliers now rank second. They have earned close to
20 percent margins in the past and continued to outperform Tier 1 suppliers. In 2016, operating margins improved from 18.0 percent to
19.2 percent for the propulsion segment and from 16.7 percent to 17.9 percent for Tier 2 suppliers. Tier 1 suppliers’ operating margins
sustained a 10.0 percent margin in 2016, yet was much lower than the Tier 2 segment margins.2017 Global aerospace and defense sector fnancial performance study
Sector productivity experienced a moderate improvement in 2016, led by strong growth in Europe. A&D productivity grew 1.9
percent in 2016 after a string of signifcant improvements in the recent past, recording strong growth of 7.6, 7.7, and 11.7 percent in the
years between 2012, 2013, and 2014, respectively. Productivity among global A&D companies averages US$36,504 per employee, slightly
higher as the employee base declined 1.1 percent and operating proft grew marginally. The European A&D sector experienced solid
productivity growth of 11.1 percent, while productivity in the US increased only by 1.1 percent. However, productivity levels per employee
continue to difer signifcantly and the US leads Europe at US$42,817 and US$31,970, respectively.
Debt levels continue to rise as companies increase leverage to fnance acquisitions, share buybacks, and develop new and
innovative products. Debt-to-equity ratio for the global A&D sector weakened 39.4 percent from 1.18 times in 2015 to 1.65. The US
sector’s debt-to-equity ratio deteriorated 34.2 percent rising from 1.79 to 2.40. As interest rates remained low, increased debt levels,
especially in the US, were used to fnance share buybacks, acquisitions and product development. Although European A&D companies
saw their debt-to-equity ratio weaken to 1.58 in 2016, they remained much stronger than the US sector.
US and European A&D equities outperformed their respective market indices. US companies signifcantly outperformed the
Standard & Poor’s (S&P) 500 index, which was up 11.2 percent when compared to the Dow Jones A&D index, which was up 17.9 percent.
Similarly, the European companies’ performance was up 4.9 percent in 2016, outperforming the STOXX 600 Index, which grew at only 1.3
percent.
Figure 1. Summary of key drivers of 2016 global aerospace and defense sector revenue and earnings performance
Revenue growthUS$ billion
Total revenue growth$15.7
Core operating earnings:US$ billion
Total increase in operating earnings$0.5
*For revenue, ‘other’ includes revenue growth from aerostructures and the Tier 3 segment. For core operating earnings, ‘other’ includes
some companies from outside the US and Europe, such as Brazil, Canada, Israel, Japan, Singapore, China, South Korea, Australia and
Taiwan. Companies from these regions are not included in the “US” and the “European” region totals, but have been included in “other”.
Source: Deloitte Global analysis of the 100 major global aerospace and defense companies using public company flings and press
releases. See methodology section for further information and defnitions of fnancial metric, as well as company name, reports,
and dates. Note that all fgures are in US$.2017 Global aerospace and defense sector fnancial performance study
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