Growth and profitability boeing airbus
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Growth and ProfitabilityBOEING
Boeing (million $) | | | | | | | | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | Sales volume | 50 485 | 52 457 | 54 845 | 61 530 | 66 387 | 60 909 | Operating result (EBIT) | 2 263 | 2 648 | 3 384 | 3 641 | 6 421 | 4 179 | Net earnings (excluding minority interests) | 718 | 1 872 | 2 572 | 2 215 | 4 074 | 2 672 | | | | | | | | Equity (excluding minority interests) | 8 139 | 11 286 | 11 059 | 4 739 | 9 004 | -1 294 | Financial liabilities | 14 443 | 12 200 | 10 727 | 9 538 | 8 217 | 7 512 | Total = Economic assets | 22 582 | 23 486 | 21 786 | 14 277 | 17 221 | 6 218 | | | | | | | | cash flow generated by the activity | 2 776 | 3 504 | 7 000 | 7499 | 9584 | -401 | | | | | | | | | | | | | | | Growth and margins | | | | | | | Turnover growth | | 3,9% | 4,6% | 12,2% | 7,9% | -8,3% | EBIT growth | | 17,0% | 27,8% | 7,6% | 76,4% | -34,9% | EBTIT/ turnover | 4,5% | 5,0% | 6,2% | 5,9% | 9,7% | 6,9% | Net earnings (excluding minority interests) / turnover | 1,4% | 3,6% | 4,7% | 3,6% | 6,1% | 4,4% | | | | | | | | | | | | | | | Profitability | | | | | | | Asset rotation | 2,2 | 2,2 | 2,5 | 4,3 | 3,9 | 9,8 | Economic profitability | 10% | 11% | 16% | 26% | 37% | 67% | Financial profitability | 9% | 17% | 23% | 47% | 45% | -206% | Debt | | | | | | | Leverage, Financial Debt / Equity | 1,8 | 1,1 | 1,0 | 2,0 | 0,9 | -5,8 | Debt duration, Debts / independence | 5,2 | 3,5 | 1,5 | 1,3 | 0,9 | -18,7 |
NB: underlined ratios are not significant because in 2009 Boeing had an 8 bn $ adjustment to reevaluate the cost of its pension scheme.
Growth and Margins
From 2003 to 2007 Boeing increased its sales volumes on a strong pace and steadily. In 2006, the growth reaches more than 12%. The EBIT is much more cyclical but if we focus on the economic margin (EBIT/ turnover) we notice that it has been improving. The ratio came