1. Results &
Performance
Antonio Luiz Pizarro Manso
Executive Vice- President
Corporate and CFO

2. Jet Deliveries
101
141
148
96
59
160 161
131
1998 1999 2000 2001 2002 2003 2004 2005

3. Net Revenue
US$ Million
2,927
2,526
2,144
3,441
3,830
39.6%
30.2%
34.1%
37.7%39.4%
2001 2002 2003 2004 2005
Net Revenue Gross Margin

4. Income from Operations
US$ Million
462
651
470
265
544
505
16.7%
22.3%
18.6%
15.8%
13.2%
12.3%
2000 2001 2002 2003 2004 2005
EBIT Margin

5. Net Income
US$ Million
328
223
136
380
446
11.6%11.1%
11.2%
8.8%
6.3%
2001 2002 2003 2004 2005
Net Income Net Margin

6. Accounts Receivable
597
736
356
686
451
2001 2002 2003 2004 2005
• US$ Million

7. US$ Million
Inventories
1.038
880
1.173
1.428 1.511
2001 2002 2003 2004 2005

8. Total Debt of US$1,553.4 Million
• Average cost in R$ = 12.28% p/a
• Average cost in US$ = 6.35% p/a
Loans
Long-Term Loan Average Maturity:
2 years and 5 months
Long Term
69%
Short Term
31%
Brazilian
Currency
14%
Foreign
Currency
86%

9. Loans Maturity
US$ million
475
315
308
201
254
1,553
Total Short-term 2007 2008 2009 Beyond
2010

10. Net Cash (Debt)
-22
104
222
22
360
2001 2002 2003 2004 2005
US$ million

11. US$ Million
Dividends
YIELD
4.58 3.791.09 2.77
104
68
204
187
47%
50%
54%
63%
2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5
D ividends P ay -O ut R atio

12. Investments

13. US$ million
PP&E and Gross R&D
*Gross R&D amounts. Does not take into consideration
contributions from risk-sharing partners
111
64
50
59
72
62
70
158
173
153 148
200
189
143
114
100
2000 2001 2002 2003 2004 2005 2006E 2007E
PP&E R&D

14. Contributions from Risk Sharing Partners
US$ million
-
246
20
17
42
55
108
1
14Total
2001
2002
2003
2004
2005
2006E
2007E
2008/2010E

15. Investments Forecast
R&D Total
- Airline Market
- Business Jet Market
- Others
Defense
20072006
200
88
70
42
18
189
54
88
47
21
Productivity and PP&E 72 62
TOTAL 290 272
US$ million
Defense investments are funded by their contracts and are not
included in R&D expenses but in Cost of Sales and Services.
Does not include future programs

16. Backlog and
Deliveries

17. Order Backlog
10.7 9.0 10.6 10.1 10.4
12.7
13.2
17.5 17.5
13.6
2001 2002 2003 2004 2005
Firm Orders Options
US$ Billion

18. Projected Deliveries
101
141 145 150148
96
59
160 161
131
1998 1999 2000 2001 2002 2003 2004 2005 2006E 2007E

19. Projected Deliveries
37%
9% 7%
51%
76% 79%
12% 15% 14%
2005 2006E 2007E
ERJ 145 family EMBRAER 170/190 family Legacy 600

20. Investor Relations
Phone: + 5512 3927-4404
investor.relations@embraer.com.br
www.embraer.com.br