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Cracking the Organizational Code for Growth Aerospace & Defense Growth Analysis

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Cracking the Organizational Code for Growth Aerospace & Defense Growth Analysis Cracking the organizational code for growth Aerospace & Defense growth analysis March 2013 © OLIVER WYMAN Contents Page 1) Key organizational challenges in the industry 2 2) Growth performance of key players 4 3) How industry players are exploiting organizational levers 13 4) Why participate in Oliver Wyman’s study? 17 © OLIVER WYMAN 1 Section 1 Key organizational challenges in the industry 2 Organizing for growth in the Aerospace and defense industries • While strategic issues impacting this sector have been analysed at length, designing and implementing the right organization remains a key lever to both enable and achieve sustainable growth • Major A&D companies need to overcome the organizational challenges associated with: - Creating the right organizational set-up to prepare the future while delivering short-term results - Achieving the right power and resource distribution between: . Regions, business units and the corporate center (to achieve synergies and remain agile) . Programmes and functions (for clear lines of command and matrix ways of working) - Developing an efficient footprint to balance global and local needs - Re-inventing their products and conception processes to create and sustain demand - Design for customization to serve multiple customers using the right enabling platforms / catalogues - Migrating from ATA to functions and from make to systems integration - Implementing customer-oriented processes and developing a growth-nurturing culture - Doing more without more - Implementing organization and processes aimed at reducing cost and time to market - Gearing for growth and innovation in a very constrained environment - Increasing efficiency while maintaining a healthy cost base - Implementing new ways of working with customers and suppliers - Working with suppliers and customers in an ever more integrated manner - Keeping and developing critical skills and making efficient use of contractors - Building and executing complex deals involving offset agreements and offshoring of activities • Oliver Wyman is currently launching a study to further understand, qualify and quantify the required organizational levers and how they impact the long-term sustainable growth prospects within the aerospace and defense industry • The following pages provide a preliminary view of recent growth results within the sector, based on publicly available information, in order to showcase the importance of identifying the organizational levers that propelled star performers’ growth trajectories © OLIVER WYMAN 3 Section 2 Growth performance of the key players 4 Top sector players The industry is highly concentrated 2011 market influence of the top ten players Top ten global players in the Aerospace and Defense industry (2011 B$) 68.7 68.4 58.2 46.5 42% 32.7 58% 28.5 26.4 24.9 24.1 Annual average growth in the market 18.1 5.7% (2006-2011) Note: © OLIVER WYMAN Categorization by revenue is relative to the overall A&D top 100 sample 5 Source : Bloomberg, Oliver Wyman proprietary analysis What was the impact of the 2008 economic crisis on the industry? While 85% managed double-digit growth pre-crisis, only 34% achieved this following the worst effects of the recession 30% Catching-up TransDigm Group Incorporated Superstars 7% of companies 25% 27% of companies Accelerating Growth Decelerating Growth 20% GKN Aerospace 2011) - Korea Aerospace Industries, Ltd. FLIR Systems Rheinmetall AG 15% Meggitt PLC BE Aerospace, Inc. Cubic Corporation Zodiac Aerospace AAR CORP. BBA Aviation Moog Inc. Singapore Technologies Engineering Nabtesco Corp Esterline Technologies Corporation Israel Aerospace Industries Ltd. Parker Hannifin Aerospace Orbital Sciences Corporation Avio Spirit AeroSystems 10% Teledyne Technologies Incorporated -10% 0% 10% 20% 30% 40% 50% European Aeronautic Defence and Space Company. Xi'an Aircraft Industry (Group) Company Ltd. MTU Aero Engines Holding AGCurtiss -Wright Corporation Saab AB United Technologies Corporation Loral Space & Communications Inc. Rolls-Royce Holdings plc Safran 5% Embraer S.A. Textron Inc.Rockwell Collins, Inc. Lockheed Martin Corporation Alliant Techsystems Inc. Revenue Growth (CAGR (CAGR GrowthRevenue 2009 General Dynamics Corporation Delta Tucker Holdings / DynCorp International Cobham plc 0 The Boeing Company Thales Elbit Systems Ltd. Raytheon Company 0% L-3 Communications Holdings, Inc. Exelis Dassault Aviation Anemic Finmeccanica SpA Stalling 8% of companies Bombardier Aerospace BAE Systems plc 58% of companies -5% -10% Note: Origins of each axis set to 10% to differentiate Revenue Growth (CAGR 2005-2007) double-digit growth © OLIVER WYMAN 6 Source : Bloomberg, Oliver Wyman proprietary analysis Aerospace & Defense: Revenue CAGR Rank While the shape of the curve remains the same, the curve has shifted down by close to 10% - revenue growth post recession has slowed 100% 90% 80% 70% 60% 50% 40% 30% 20% 2005-2007 10% 2009-2011 Revenue CAGR 0% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 -10% -20% -30% -40% -50% -60% -70% Company Rank © OLIVER WYMAN 7 Source : Bloomberg, Oliver Wyman proprietary analysis Should growth or efficiency be pursued? With an average revenue growth of 7% and EBITDA growth of 9%, strategies were to protect EBITDA, sometimes at the detriment of revenue 80% 70% Efficiency play Rheinmetall AG European Aeronautic Defence and Space Highly profitable growth 10% of companies Company EADS N.V. 60% 33% of companies 50% Thales The Boeing Company 2011) 2011) 40% - Korea Aerospace Industries, Ltd. GKN Aerospace Saab AB NABTESCO CORPORATION 30% Orbital Sciences Corporation TransDigm Group Incorporated Avio Zodiac Aerospace Parker Hannifin Aerospace BE Aerospace, Inc. 20% Teledyne Technologies Incorporated Moog Inc. Israel Aerospace Industries Ltd. Cubic Corporation Embraer S.A. Esterline Technologies Corporation EBITDA EBITDA CAGR (2009 Safran United Technologies Corporation Singapore Technologies Engineering Curtiss-Wright Corporation BBA Aviation Northrop Grumman Corporation Cobham plc Chemring Group PLC 10% MTU Aero Engines Holding AG Meggitt PLC Alliant Techsystems Inc. Spirit AeroSystems Rolls-Royce Holdings plc AAR CORP. General Dynamics Corporation Textron Inc. L-3 Communications Holdings, Inc. FLIR Systems BAE Systems plc Rockwell Collins, Inc. 0% Lockheed Martin Corporation Raytheon Company -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% Dassault Aviation Falling behind Exelis Bombardier Aerospace -10% 43% of companies Xi'an Aircraft Industry (Group) Company Ltd. Less or unprofitable growth Elbit Systems Ltd. 14% of companies -20% © OLIVER WYMAN 8 Source : Bloomberg, Oliver Wyman proprietary analysis Revenue Growth (CAGR 2009-2011) Aerospace & Defense: Market Capitalization Companies experiencing highly profitable growth clearly outperformed the market cap growth of their competitors 40.0% 30.1% 20.0% 2011) - 1.3% 0.0% Market Cap CAGR Market Cap CAGR (20009 Falling behind Less or unprofitable growth Highly profitable growth Efficiency play -1.8% -5.0% -20.0% © OLIVER WYMAN 9 Source : Bloomberg, Oliver Wyman proprietary analysis Does company size impact growth? Smaller companies tend to display higher variability in EBITDA 50% TransDigm Group Incorporated 45% 40% 35% Meggitt PLC FLIR Systems 30% 2011) - Chemring Group PLC 25% Rockwell Collins, Inc. Cobham plc 20% BE Aerospace, Inc. Esterline Technologies Corporation Triumph Group, Inc. Dassault Aviation United Technologies Corporation Zodiac Aerospace Avio ITT Corporation MTU Aero Engines Holding AG Rolls-Royce Holdings plc EBITDA EBITDA Margin (2009 Curtiss-Wright Corporation Exelis General Dynamics Corporation 15% Moog Inc. Alliant Techsystems Inc. Safran BBA Aviation Saab AB Parker Hannifin Aerospace Raytheon Company Singapore Technologies Engineering L-3 Communications Holdings, Inc. Teledyne Technologies Incorporated BAE Systems plc Lockheed Martin Corporation Korea Aerospace Industries, Ltd. Northrop Grumman Corporation AAR CORP. Nabtesco Corp Cubic Corporation Spirit AeroSystems GKN Aerospace Textron Inc. Elbit Systems Ltd. Loral Space & Communications Inc. Bombardier Aerospace 10% Rheinmetall AG The Boeing Company Finmeccanica SpA Orbital Sciences Corporation Embraer S.A. Israel Aerospace Industries Ltd. Thales European Aeronautic Defence and Space Company EADS Xi'an Aircraft Industry (Group) Company Ltd. N.V. 5% Delta Tucker Holdings / DynCorp International Aerospace Communications Holdings Co., Ltd. 0% 500 5000 50000 Average Revenue (2009-2011) © OLIVER WYMAN 10 Source : Bloomberg, Oliver Wyman proprietary analysis Aerospace & Defense: Revenue CAGR vs. Average Revenue Smaller companies show agility and ability to grow at a higher rate, yet the main players still display consistent growth rates, even though lower. Mid- size players appear to be in a danger zone. 30% TransDigm Group Incorporated 25% Chemring Group PLC 20% GKN Aerospace Korea Aerospace Industries, Ltd. FLIR Systems Meggitt PLC Rheinmetall AG 15% BE Aerospace, Inc. 2011) Cubic Corporation AAR CORP. Moog Inc. Zodiac Aerospace - Nabtesco Corp BBA Aviation Singapore Technologies Engineering Esterline Technologies Corporation Orbital Sciences Corporation Israel Aerospace Industries Ltd. Parker Hannifin Aerospace Avio 10% Teledyne Technologies Incorporated Spirit AeroSystems European Aeronautic Defence and Space Company EADS Xi'an Aircraft Industry (Group) Company Ltd. N.V. Curtiss-Wright Corporation MTU Aero Engines Holding AG Loral Space & Communications Inc. Saab AB United Technologies Corporation Embraer S.A. Rolls-Royce Holdings
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