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Aviation History
1991
1991 - 1439.PDF
BUSINESS High investment in new programmes will keep DASA's future profits low BY JULIAN MOXON IN BRUSSELS Deutsche Aerospace's (DASA) orderbook fell by DM4.0 billion ($6.9 billion) last year. Profits were also down. The company blames "non-recurring large- scale orders" of previous years for the comparative drop, and says the first quarter of this year indicates that 1991 will be better. The orderbook fell to DM25 billion — enough for two years of work at full capacity — while incoming orders for last year were also down, at DM11 bil lion. DASA says this reflected the large fluctuations in order- book value that result from single large contracts — and there were no such major orders in 1990. Nevertheless, Dr Manfred Bis- choff, DASA's board member for finance, admits he is "...not fully satisfied" with the German company's results. A positive cash flow of more than DM1.1 billion was bal anced by a fall in profits from DM139 million to DM135 mil lion — the result, says DASA, of the low value of the dollar at the end of the year, which affected the figures for Deutsche Airbus (of which DASA, through MBB, owns 80%). "The 1990 business result would have been positive if the influ ences of Deutsche Airbus were not taken into account," says Bischoff. The value of the dollar had risen since then, he adds! • Continued high investment in new programmes over the First Equity seeks PC-12 backers Pilatus has retained US in vestment banker First Equity Development in an effort to find major industrial or fi nancial partners to complete de velopment of the PC-12 turbo prop utility aircraft. The Swiss company has been looking for months to obtain funding to get the aircraft to certification (Flight Interna tional, 8-14 May). The pro gramme has cost some SFr45 million ($31 million) so far, but as much is needed again to get the aircraft to simultaneous US and Swiss certification — due in 1993. According to Pilatus the PC-12 is on schedule for first flight on 31 May. High speed taxi trials have been completed. The aircraft — promoted as the "biggest single-engined tur boprop in the world" — rolled out on 1 May. First Equity Development, a specialist aerospace industry in vestment banker; says: "The PC-12 aircraft fulfills an impor tant niche in the aviation mar ket and is the basis for a long- term, 30-year programme". • next two or three years will reduce profits to a minimum, says the company. These in clude expenditure on the 80-to 130-seat regional jet that DASA wants to lead (in a consortium with Aerospatiale and Alenia) and the engine that will power it. Both will need government funding to go ahead. "We're getting good signs from Bonn on that," says the company. Turnover for the first quarter of this year is 1% higher than last year, at DM1.9 billion. Or ders increased by 38%, to DM2.5 billion, mainly because .of a large satellite order. The recent DASA reorganisa tion has, says chairman Jurgen Schrempp "...made the company ,more market-oriented... we've come very close to our objective of improving efficiency and competitiveness across all mar ket groups". Alliances will continue to be central to DASA's strategy, adds Schrempp. A decision will be made within a few weeks on whether to join a team compris ing Aerospatiale, Alenia and Loral, or another with Matra and Alcatel, in a consortium to build satellites. This follows the recent agreement between MBB (56.12% owned by DASA) and Aerospatiale to market helicop ters jointly under the Eurocop- ter banner, and another last year between its MTU subsidiary and Pratt & Whitney to co-operate on commercial engines. • Schrempp: close to objectives NEWS IN BRIEF ALL NIPPON UP All Nippon Airways (Al showed a 9 1% onei JLTIJ; iev- enue increase for ' ': compared with h fiscal year, but saw decline 28.8% to ¥i. lion ($77.4 mill: increased fuel p terest rates. Doit ger traffic incre? • • . international 17.2%. WESTLAND DECLINES Westland Group pre profits for tb» s,i:c i the end of March fell * 19% to' £9.4 million ($16.1 • from £11.5 The r • . • ceptio ' lion for restructuring, Turno ver rose to £J from £194.9 million, i company warne critical that the • • • : i ernment place an oi the Agusta/Wc. helicopter progi i 1 the end of the year. 1 re* «»,-s„,f„, M jffiffggS*^^;^ - ' '._•- KHH ^m Sm^^ jl^K rM\ ii^^^^W lH - , , <y\ •If" ...I j^Z~-r • :•-., •T"—>« " *• T > 9 ^ ( t jn S»s •''".'•" 1 ^mmammm • ^ILWIM wmm*r BEST0BELL AVIATION 25 years of excellence in providing unique solutions to aerodynomic and pressure sealing, flexible and rigid duct jointing systems, passive fire sealing and thermal insulation for aircraft worldwide. Consult us at Farnham Road, Slough, England, Telephone 0753-32031, Fax 0753-39126. We are part of the Specialist Engineering Croup I]2"f¥feeeiTT PLC FLIGHT INTERNATIONAL 5-11 June, 199] 15
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