Jeff Turner President and Chief Executive Officer Credit Suisse Aerospace and Defense Conference December 6, 2006

Transcription

1 Spirit A Leader in Aerospace Jeff Turner President and Chief Executive Officer Credit Suisse Aerospace and Defense Conference December 6,

2 Our Message Successful IPO Validated strategy, performance, and financial health Well positioned in a strong commercial aerospace market Significant growth opportunities leveraging technology, cost structure and experience Strong operating performance and healthy balance sheet Aerospace Industry Leader 2

3 Financial Summary ($MM) Revenue Operating Income Nine Month Period Ended 9/28/06 $2,356 $184 Profitability Cash Flow Liquidity Debt Operating Margins Net Income EPS (Diluted) Cash From Operations Capital Expenditures Free Cash Flow Revolving Credit Facility 2 Capital Resources and Liquidity 7.8% $86 $0.71 $326 ($233) $93 108% Conversion on Net Income 1 $189 Cash Balances Total Debt 3 $400 $589 $623 1 Free Cash Flow / Net Income 2 Revolving Credit Facility in place on November 27 3 Includes $100M debt reduction from IPO Proceeds Strong Operating Performance Financially Healthy 3

4 Background 75 Year Operating Heritage Wichita, KS Prestwick, Scotland Tulsa, OK State Of The Art Facilities & Capabilities 4

5 Superior Design & Build Capabilities Industry Leading Technology 5

6 Advanced Materials and Processes Expertise In Engineering Composite Aircraft 6

7 Focused Team Experienced & Motivated People 7

8 Largest Independent Structures Supplier to Boeing B737 B747 B787 Shipset Value: $ MM B777 Shipset Value: $ MM B767 Shipset Value: $ MM Shipset Value: $ MM Significant Content On All Boeing Single And Twin-Aisle Programs Shipset Value: $ MM 8

9 Largest Independent Structures Supplier to Airbus A320 A380 Shipset Value: $ MM Shipset Value: $1.2MM Announced A320 production rate increases A350 XWB launched Concentrating supply base: Favors full service Tier One s Additional outsourcing expected New Relationships Create Growth Opportunities For Spirit 9

10 Most Complete Product Offering Company Forward Fuselage Other Fuselage Structures Nacelles / Thrust Reversers Struts / Pylons Wing / Flight Control Surfaces Competitor A Competitor B Competitor C Competitor D Competitor E Competitor F Global Market Leader For Commercial Aerostructures 10

11 787 Program Update Production Facility On-Line! 11

12 787 Program Update Completed three contoured fuselage test barrels Delivered three engine pylons Delivered the first wing fixed leading edge Working to achieve new weight targets Spirit Content On Track Continuing To Support Customer's Program Initiatives 12

13 Compelling Investment Opportunity Positioned on the best selling Boeing and Airbus platforms Significant growth opportunities Strong and predictable revenue and earnings growth Growing Industry Leader 13

14 Growing Industry Delivery Estimates 1,200 1, % CAGR , Spirit is sole source supplier to the best selling programs $17B Backlog Market demand indicates higher production rates on single aisle and twin aisle aircraft The U.S. legacy airlines not yet in the mix Additional demand Plus additional growth from other sectors Airbus Boeing Source: 2005 deliveries from Boeing and Airbus. Forecast based on Wall Street research $17B Backlog With Growth Potential 14

15 Outsourcing Trend Creates Opportunity to Grow In-house Global Aerostructures Market (2004) 50% 33% 9% 4%4% Spirit Total Market: $24 Billion Other Suppliers Competitor 2 Competitor 1 OEM outsourcing drivers: Cost savings Lower asset intensity Spreads investment risk Beneficiaries are Tier 1 suppliers Introducing new capacity and capabilities to a receptive market Early adoption of composites positions us for future composite aircraft business Spirit Well Positioned To Benefit From Outsourcing Source: Counterpoint Market Intelligence 15

16 New Business Wins Balanced Bid Pipeline (Dollar Value) Military 23% 24% Boeing Post acquisition, Spirit has won several significant contracts in competitive processes Won new work with Boeing Won extended work with Boeing Business Jet 29% 24% Airbus New customer wins Robust and growing pipeline Competitive Cost Structure Has Been Validated By Market Source: Spirit 16

17 Strong Growth Through The Upcycle Growing Faster Than Market B787 Content Leading the Outsourcing Trend Winning New Business High Growth Platforms Growing Core Market Potential To Grow Faster Than The Market 17

18 Management Focus Execution across all customer programs Cost, quality and delivery, driving financial performance 787 development, production readiness and execution Supply base health and rate readiness Growth rates beyond market Focused On Executing Current Business While Leveraging Core Strengths For Growth And Long Term Value Creation 18

19 Summary Competitively positioned in a strong commercial aerospace market Focused on customer satisfaction Core business is performing well Execution on current business is a top priority Design and build capabilities, leading edge technology and cost structure create growth opportunities Excellent backlog and financially healthy Aerospace Industry Leader 19

20 Forward Looking Statements The following information contains forward-looking statements. These forward-looking statements are based on management s current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are subject to risks, uncertainties, assumptions and other important factors, many of which are outside management s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. You are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied. All forward-looking statements are based on information available to management on this date and Spirit AeroSystems Holdings, Inc., assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 20