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The Boeing Company 2002 Annual Report

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The Boeing Company 2002 Annual Report The Boeing Company 200220022002 AnnualAnnualAnnual ReportReportReport Vision 2016: People working together as a global enterprise for aerospace leadership. Strategies Core Competencies Values Run healthy core businesses Detailed customer knowledge Leadership Leverage strengths into new and focus Integrity products and services Large-scale system integration Quality Open new frontiers Lean enterprise Customer satisfaction People working together A diverse and involved team Good corporate citizenship Enhancing shareholder value The Boeing Company Table of Contents Founded in 1916, Boeing evokes vivid images of the amazing products 1 Operational Highlights and services that define aerospace. Each day, more than three million 2 Message to Shareholders passengers board 42,300 flights on Boeing jetliners, more than 345 8 Corporate Essay satellites put into orbit by Boeing launch vehicles pass overhead, and 16 Corporate Governance 6,000 Boeing military aircraft stand guard with air forces of 23 countries 18 Commercial Airplanes and every branch of the U.S. armed forces. 20 Integrated Defense Systems We are the leading aerospace company in the world and a top U.S. 22 Boeing Capital Corporation exporter. We hold more than 6,000 patents, and our capabilities and 24 Air Traffic Management related services include formulation of system-of-systems solutions, 26 Phantom Works advanced information and communications systems, financial services, 28 Connexion by BoeingSM homeland security, defense systems, missiles, rocket engines, launch 30 Shared Services Group systems and satellites. 32 Financials But Boeing is about much more than statistics or products, no matter 88 Selected Products, how awe-inspiring. It’s also about the enterprising spirit of our people Programs and Services working together to provide customers the best solutions possible. Our 93 Board of Directors workforce of 166,800 people, with more than 26,000 advanced degrees, 94 Company Leadership is one of the most highly skilled, educated and motivated in the world. In 95 Shareholder Information addition, we are partnered with hundreds of thousands of talented people at 11,349 suppliers worldwide. In the years ahead, we see tremendous opportunities for connecting and protecting people, as well as streamlining our supplier network to increase profitability and improve efficiency. Among the challenges under development: a new global air traffic management system, and a global- mobile communications system that will allow passengers on any moving platform to be connected to high-bandwidth data. Operational Highlights Solid performance in dynamic markets from Boeing’s balanced portfolio of aerospace businesses I Achieved net earnings before cumulative effect of accounting change of $2.3 billion, or $2.87 per share, on revenues of $54.1 billion and operating margins of 7.2 percent, reflecting prolonged downturns in commercial aviation and space markets offset by growing defense and noncommercial space markets. I Generated strong free cash flow totaling $3.4 billion. I Achieved solid Commercial Airplanes operating margins on planned lower deliveries of 381 jetliners while supporting customer efforts to restore the long-term health of the airline industry; rolled out new 747-400ER and 777-300ER (Extended Range) airplanes and focused development on a super-efficient midsized airplane, the Boeing 7E7. I Combined our military aircraft and missile systems and space and communications businesses into Boeing Integrated Defense Systems, the United States’ second largest defense contractor; leveraged strong Boeing platform, technology and systems integration capabilities to further align with customer requirements and strategies. I Emerged as a leading industry partner in the U.S. military’s transformation; captured the lead integra- tor role for the Army’s transformational Future Combat Systems and won key contracts for the Air Force’s Family of Advanced Beyond-Line-of-Sight Terminals and the Army’s Joint Tactical Radio System. I Successfully completed the first launch of the new Delta IV booster; continued on-track develop- ment of the Ground-based Midcourse Defense program (formerly National Missile Defense). I Won key contracts to deliver 60 C-17 transports to the U.S. Air Force and 40 F-15K aircraft to the Republic of Korea; began flight tests of the X-45A Unmanned Combat Air Vehicle. I Initiated Connexion by BoeingSM revenue service on U.S. Government aircraft and installed the broadband system on commercial airplanes for in-flight demonstrations, which started in 2003. Continued to build domestic and international support for a new global air traffic management system; selected by the U.S. Federal Aviation Administration to evaluate the feasibility of integrating emerging security- and capacity-enhancing technologies into the current National Airspace System. 2002 Financial Highlights (Dollars in millions except per share data) 2002 2001 2000 1999 1998 Revenues 54,069 58,198 51,321 57,993 56,154 Net earnings* 2,319 2,826 2,128 2,309 1,120 Earnings per share* 2.87 3.41 2.44 2.49 1.15 Operating margins 7.2% 6.7% 6.0% 5.5% 2.8% Free cash flow† 3,374 2,705 5,161 4,809 300 Contractual backlog 104,173 106,591 120,600 99,248 112,896 *Before cumulative effect of accounting change. † Free cash flow is a non-GAAP (Generally Accepted Accounting Principles) measure that equals net cash provided by operating activities less net additions of property, plant and equipment. Others using the term may calculate free cash flow differently. 1 Message to Shareholders Philip M. Condit Chairman and Chief Executive Officer More balance means Portfolio Mix percent of revenues greater stability, strength and agility. 1993 $25.4 billion revenues 80% 20% 2002 $54.1 billion revenues Boeing Commercial Airplanes Integrated Defense Systems Military Aircraft and Missile Systems Space and Communications Boeing Capital Corporation Connexion by Boeing 53% 47% Air Traffic Management Other Defining the Future And we did, through a series of mergers and acquisitions of key defense and space businesses. This is an extraordinarily dynamic time in the aerospace More balance means greater stability, strength and industry — with distressed conditions in some areas and agility. We can move people, ideas and technology across robust growth in others. The commercial aviation market Boeing, and respond quickly and decisively to emerging is experiencing its most severe downturn ever, and opportunities, whenever and wherever they exist. recent airline announcements confirm that recovery in the Now that we have a broad portfolio of businesses, we United States will be slower than many had expected. are not complacent. We continue to build on our strengths. Conversely, our defense, intelligence and noncommercial We are exceptionally well positioned in all of our core busi- space markets remain strong, with significant growth nesses. Our balanced portfolio is creating greater strength, expected in several key areas. financially and technologically, and providing a diversity of To tell you how Boeing is doing, there are three topics business opportunities. We remain focused on delivering that I want to cover in depth: outstanding performance and growing the company. I Strategy Our strategy remains consistent. First, run healthy core I Execution businesses — no exceptions and no excuses. Next, lever- I Markets age our strengths to enter new markets where we have It begins with strategy. A robust strategy does not the customer knowledge or the technology to make an change every day. It can stand the test of time — and all immediate impact. And finally, open new frontiers in aero- manner of unforeseen conditions. space with the potential to transform the future. Execution means the same thing in business that it does in sports, games of skill or the arts. It means per- Execution Execution is the key to running healthy core formance at a consistently high level — regardless of the businesses — the key to satisfying customers and in- lie of the ball, the luck of the cards or the complexity of vestors alike. Part of execution is always doing what you the music. say you are going to do. “Markets” is an active concept. The best companies do Recognizing that the tragedy of September 11 seri- more than respond to market conditions. They shape the ously affected our airline customers, we said that we markets of tomorrow. would take immediate and decisive action to match So how does this apply to Boeing? capacity to demand within our commercial airplane busi- ness, and we did. We said that we would continue to Strategy In 1996, we adopted a new strategy. As a new make a profit in that business, and we have. To cut pro- CEO, I wanted us to excel in all principal aerospace mar- duction rates in half while simultaneously shortening flow kets to reduce our dependence on the cyclical commer- times and reducing unit costs is a remarkable feat. But cial airplane market. We set out to create a diversified we did just that in 2002. And we will continue to become aerospace company of unrivaled breadth and balance. leaner and more efficient in 2003 and beyond. We said 3 that we would not be drawn into a discount or giveaway best practices on our commercial satellite programs. battle with Airbus, and we haven’t. Our orders booked in In addition, we are right-sizing for the satellite market to 2002 are priced to provide a fair return for Boeing share- improve our performance and profitability while maintain- holders. Finally, we said that we would continue to invest ing our technological leadership to benefit when the in the future of this business, and we have — pursuing an market reemerges. all-new airplane with real market impact and further deriv- atives within existing families of airplanes. Markets We are in a dramatically changed business envi- Inside our new Boeing Integrated Defense Systems ronment. Our commercial markets remain affected by the unit, execution is the hallmark of our military aircraft and economy, by the financial markets and by the prospect of missiles business.
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