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Spirit Areo AR 2006 Cover SPIRIT AEROSYSTEMS, INC. 2006 ANNUAL REPORTSPIRIT AEROSYSTEMS, YOUR VISION TAKES FLIGHT TAKES VISION YOUR YOUR VISION TAKES FLIGHT P.O. Box 780008 Wichita, KS 67278-0008 (316) 526-9000 (800) 501-7597 www.spiritaero.com SPIRIT AEROSYSTEMS, INC. ANNUAL REPORT 2006 CORPORATE/SHAREHOLDER INFORMATION Spirit AeroSystems, Inc. SEC Reports Stock Symbol P.O. Box 780008 Spirit’s Annual Report on Form SPR Wichita, KS 67278-0008 10-K and current Quarterly (316) 526-9000 Reports on Form 10-Q, as filed Stock Listed and Traded (800) 501-7597 with the Securities and Exchange New York Stock Exchange www.spiritaero.com Commission, are available free of charge to any Spirit Annual Meeting Transfer Agent/Registrar AeroSystems shareholder by 11:00 a.m.,Tuesday, May 1, 2007 Communications regarding writing to Investor Relations at Hyatt Dulles WHAT IS SPIRIT AEROSYSTEMS? transfer requirements, lost stock the address shown below. 2300 Dulles Corner Boulevard certificates, address changes Herndon, VA 20171 or stock accounts should be Investor Relations directed to: General inquiries from investors or correspondence concerning The Bank of New York Spirit AeroSystems investor Spirit AeroSystems, Inc., headquartered in Wichita, Kansas, is the world’s largest independent, non-OEM Investor Services Department communications may be directed designer and manufacturer of aerostructures and the largest independent supplier of such major aircraft P.O. Box 11258 by phone, letter or e-mail to: components to both Boeing and Airbus. Aerostructures are primary structural components such as New York, NY 10286-1258 (800) 524-4458 Philip D. Anderson fuselages, propulsion systems and wing systems used in the final assembly of commercial and military (212) 815-3700 Spirit AeroSystems, Inc. aircraft. As of year-end 2006, Spirit employed more than 12,700 persons at its six facilities in North www.stockbny.com P.O. Box 780008 America and Europe. e-mail: MC K12-16 [email protected] Wichita, KS 67278 (316) 523-1797 Spirit manufactures aerostructures for every Boeing commercial aircraft model currently in production, Independent Registered Public e-mail: including the majority of the airframe content for Boeing’s industry-leading 737 jetliner. In addition, Spirit Accounting Firm [email protected] will be the largest aerostructures content supplier on Boeing’s new 787, next-generation and twin-aisle PricewaterhouseCoopers LLP aircraft, scheduled to enter service in 2008. 800 Market Street St. Louis, MO 63101 (314) 206-8500 With principal manufacturing facilities located in Prestwick, Scotland, Spirit Europe, the Company’s wholly owned subsidiary, is the largest independent aerostructures content supplier to Airbus, providing major wing components for the A320 and new A380 aircraft families. Spirit’s people, capabilities and state-of-the-art technologies provide customers with high-quality, high- value, cost-competitive products and services in the following areas: Fuselages Propulsion systems (such as pylons, nacelles and thrust reversers) Wings and wing systems Composites Aftermarket support, including spare parts and repair services Spirit AeroSystems, Inc. is listed and principally traded on the New York Stock Exchange under the symbol “SPR.” FINANCIAL HIGHLIGHTS (In millions, except per share data) JUNE 17, 2005, THROUGH FULL YEAR 2006 DECEMBER 29, 2005 (2) FOR THE YEAR Net sales $3,207.7 $1,207.6 SG&A expense 225.0 140.7 Research and development 104.7 78.3 Operating loss (1) (56.3) (67.8) Net income/(loss) (1) 16.8 (90.3) Net income/(loss) per share, diluted (1) 0.14 (0.80) Average diluted shares outstanding 122.0 113.5 Cash flow from operations 273.6 223.8 AT YEAR-END Total assets 2,722.2 1,656.6 Total debt 618.2 721.6 Total shareholders’ equity 859.0 325.8 (1) 2006 results include nonrecurring after-tax costs of $209 million ($1.71 per diluted share) related to the Company’s IPO in the fourth quarter and a nonrecurring, after-tax benefit of $42 million ($0.34 per diluted share) for a tax valuation allowance reversal. (2) The Company commenced operations on June 17, 2005. NET SALES TOTAL DEBT TOTAL SHLDRS’ EQUITY (In millions) (In millions) (In millions) $3,208 $722 $859 $618 $1,208 $326 ‘05* ‘06 ‘05 ‘06 ‘05 ‘06 * The Company commenced operations on June 17, 2005. 2 SPIRIT AEROSYSTEMS, INC. ANNUAL REPORT 2006 TO OUR SHAREHOLDERS Welcome to Spirit AeroSystems! We are a brand accomplishments for Spirit AeroSystems, all new public company, but one that comes with a achieved as a result of diligently executing successful 75-year operating history. our strategy. Our operational performance was strong across all of our product segments, In this, our first-ever Annual complemented by a substantial new international Report to Shareholders, we presence added to our business mix. We would like to give you an successfully increased unit deliveries to meet higher overview of the strengths that customer demand, we made significant progress make up Spirit AeroSystems on our components for the pioneering Boeing 787 today, its management, people, program, and, near the end of the year, we became operations and technology. a public company, completing a successful Initial But, most of all, we would like Public Offering (IPO). Jeff Turner to share with you our concept President and Chief Executive Officer for the future as we seek to Throughout 2006, we worked hard to strengthen create a new, larger and more and grow existing customer partnerships, while successful business in the years ahead. While we at the same time fostering new relationships will always be a Company built soundly on the base within the industry. As a result, during the year of our rich heritage, more importantly, we firmly we won new business – across our existing believe we have a forward vision whose time has product segments and with new customers. come, a vision that is even now taking flight. We We accomplished this by listening to our invite you to spend a few minutes learning more customers, understanding their diverse about us. requirements, and applying our unique design and build capabilities in Fuselage, Propulsion, 2006: Operating Achievements and Wing Systems to meet each of their The year 2006 was filled with many individual needs. SPIRIT AEROSYSTEMS, INC. ANNUAL REPORT 2006 3 In April, we established new international We continued to invest in next-generation operations and significantly expanded our technologies, materials and processes, including customer base with the acquisition of BAE’s substantial R&D spending devoted to our aerostructures division, now renamed Spirit portion of the groundbreaking, composites- Europe. In this one move, we went from being based 787 program. Working closely with the largest independent aerostructures supplier Boeing, we continued to develop, test and refine to Boeing to being the largest at Airbus as well. advancements in composites material We provide Airbus with key wing-related applications and processes that will ultimately components used in both their A320 and A380 increase our competitive advantage not only aircraft families. with Boeing, but also throughout the aerostructures industry. In 2006, Spirit continued to support its customers by raising overall production volumes In November, we successfully completed an to match the combined 25% increase in year- Initial Public Offering as Spirit AeroSystems to-year aircraft deliveries made by Boeing and Holdings, Inc., establishing a public market for Airbus. For the year, we delivered 761 shipsets our Class A common stock, which trades on to our major customers. The year was also a the New York Stock Exchange under the symbol strong one for both Boeing and Airbus, which together during the twelve months booked “SPR.” Through the IPO, Spirit raised more orders for 1,834 new aircraft. This increased than $249 million, applying those net proceeds their total year-end 2006 backlog to 4,904 units, towards its Union Equity Plan (UEP) obligations which translates to an estimated $19 billion of and the repayment of senior secured debt under future business for Spirit. our credit facility. WE STRIVE TO ACHIEVE LONG-TERM VALUE CREATION BY PROVIDING INDUSTRY-LEADING AEROSTRUCTURES AND SYSTEMS. 4 SPIRIT AEROSYSTEMS, INC. ANNUAL REPORT 2006 2006: Financial Results In mid-2005, Spirit acquired the Wichita Division segments, reflecting a continuing robust demand of Boeing Commercial Airplanes, which functioned for commercial aircraft in the global aviation as an internal supplier of parts and assemblies to marketplace. Our revenue for the year included Boeing’s aircraft programs. Since the Wichita $313 million from Spirit Europe following its Division did not separately report its financials, acquisition on April 1st. there are no full-year 2005 financials against which Spirit’s 2006 results can be meaningfully measured. Spirit reported net income of $17 million, or 14 Therefore, in this Letter, we will provide only a brief cents per diluted share. However, those summary of our financial highlights for the past numbers were affected by after-tax, one-time year, without the normal year-over-year comparisons. costs of $209 million ($1.71 per diluted share) related to our fourth quarter IPO, partially For Full-Year 2006: offset by an after-tax, one-time tax valuation Spirit AeroSystems posted revenue of $3.2 billion, allowance benefit of $42 million (34 cents per with increased sales across all of our product diluted share). SPIRIT AEROSYSTEMS, INC. ANNUAL REPORT 2006 5 TOTAL ASSETS R&D SPENDING (In
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