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The Boeing Company 2008 Annual Report VISION 2016: PEOPLE WORKING TOGETHER AS a GLOBAL ENTERPRISE for AEROSPACE LEADERSHIP

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The Boeing Company 2008 Annual Report VISION 2016: PEOPLE WORKING TOGETHER AS a GLOBAL ENTERPRISE for AEROSPACE LEADERSHIP The Boeing Company 2008 Annual Report VISION 2016: PEOPLE WORKING TOGETHER AS A GLOBAL ENTERPRISE FOR AEROSPACE LEADERSHIP Contents 1 Operational Summary 2 Message to Shareholders 7 Executive Council 8 Financial Summary Charts 9 Form 10-K 136 Regulatory Certifications 137 Selected Programs, Products and Services 144 Board of Directors 144 Company Officers 145 Shareholder Information 3 3 2008 Financial Summary U.S. dollars in millions except per share data 2008 2007 2006 2005 2004 Revenues 60,909 66,387 61,530 53,621 51,400 Net earnings 2,672 4,074 2,215 2,572 1,872 Earnings per share* 3.65 5.26 2.84 3.19 2.24 Operating margins 6.5% 8.8% 4.9% 5.2% 3.9% Contractual backlog 323,860 296,964 216,563 160,637 104,778 Total backlog† 352,025 327,137 250,211 205,215 152,873 *Before cumulative effect of accounting change and net gain (loss) from discontinued operations †Total backlog includes contractual and unobligated backlog. See page 23 of the 10-K. Operational Summary The Boeing Company Boeing is the world’s lead- I Earned $2.7 billion on revenues of $60.9 billion, both down from 2007 ing aerospace company levels due to the strike that halted commercial airplane production for nearly and the largest manufac- turer of commercial jetliners 60 days, a 747 program charge and increased costs on an airborne early and military aircraft com- warning program. bined, providing products I and tailored services to Increased our record order backlog to $352 billion at year end, an eight airlines and U.S. and allied percent increase over 2007, reflecting 662 net commercial orders and impor- armed forces around the tant new defense contracts won during the year. world. Our capabilities include rotorcraft, electronic I Returned value to shareholders by increasing our quarterly dividend by and defense systems, five percent to 42 cents a share, our sixth dividend increase since 2003, and missiles, satellites, launch by repurchasing 42.1 million shares. systems and advanced information and communi- I Added key new business, including 484 orders for 737s, 93 for the 787, cation systems. Our reach 54 for the 777, NATO and Qatar orders for C-17s, a follow-on F-15 order extends to customers in from the Republic of Korea and U.S. contracts for CH-47, V-22 and C-17 more than 90 countries around the world, and we support activities. are a leading U.S. exporter I Reached significant Integrated Defense Systems program execution mile- in terms of sales. With cor- porate offices in Chicago, stones, including successfully completing the most challenging Ground-based Boeing employs more than Midcourse Defense system test to date; completing final assembly of the U.S. 162,000 people across Navy’s first P-8A; achieving the first on-board firing of the Airborne Laser’s the United States and in high-energy chemical laser; delivering the 200,000th Joint Direct Attack 70 countries. Our enterprise Munitions tail kit; rolling out the first F-15SG for Singapore; and finalizing sev- also leverages the talents of hundreds of thousands eral strategically important defense-related acquisitions. more people working for I Also achieved major program milestones at Boeing Commercial Airplanes, Boeing suppliers worldwide. including powering on the first 787 and testing the landing gear, horizontal stabilizers, wing box, and airframe pressurization for that program; flight test- ing the 777 Freighter; and delivering the 700th 777 and 1,400th 747. I Broadened our environmental leadership with numerous accomplishments, including receiving ISO 14001 certification for all major manufacturing facilities; completing two biofuel demonstration flights with different airline, aircraft engine manufacturer and fuel refining technology development partners; and working with three airline partners to demonstrate significant reductions in fuel consumption and carbon-dioxide emissions made possible by using an innovative Air Traffic Management concept called “Tailored Arrivals.” 1 2008 WAS A CHALLENGING YEAR FOR BOEING. FOR 2009 AND BEYOND, OUR FOCUS WILL BE ON IMPROVING EXECU- TION, BOLSTERING PRODUCTIVITY AND PRESERVING OUR FINANCIAL STRENGTH AND COMPETITIVENESS THROUGH THIS DIFFICULT ECONOMIC ENVIRONMENT. W. James McNerney, Jr., Chairman, President and Chief Executive Officer To the Shareholders and Employees of The Boeing Company: Without a doubt, 2008 was a difficult year for Boeing. While the vast majority of our programs performed well and we made progress toward our goals in many areas, our overall results reflected the effects of both internal setbacks and a rapidly deteriorating economic environment. We delivered double-digit margins from our defense business and solid results in production programs and services from our commercial airplanes business. However, the impact of a two-month strike and delays on key development programs outweighed that performance in our year-end numbers. 2 Our management team is addressing our chal- At the same time, we are focusing more fiercely lenges head-on and, as we enter an increasingly than ever on the twin imperatives of growth and difficult 2009, I believe we are uniquely positioned productivity — knowing that growth, in tough to weather the current storm — and to emerge times, is even more dependent on accelerating well equipped to deliver long-term growth and efforts to improve productivity and maintain our quality financial results. competitiveness in support of our customers. The strategy we set in motion more than a Beyond that, our fundamental product-and- decade ago — to create a highly capable, broadly services strategy remains intact. Our two core diversified aerospace company with a healthy businesses — Boeing Commercial Airplanes and balance between the economically-sensitive Integrated Defense Systems (IDS) — are world commercial airplane business and the more leaders in broad and important markets, each with stable, long-cycle defense business — remains a strong mix of products and services and with our great strength, especially during challenging many opportunities for synergy between them. economic times like these. Together, these two core businesses are capable of defining the state of the art in major segments Our near-term future depends on nothing more of the aerospace world for decades to come. (or less) than solid execution and disciplined financial management. And we are taking exten- One of the great, enduring facts about commer- sive measures to deliver on both counts. Our cial aviation is that more and more people want Industry-leading record long-term future holds as much promise as ever to fly — and more and more people will fly on Boeing backlog at five because of the inherent size and strength of the the wings of continued economic growth. Over times annual revenues markets we serve, the innovation and efficiency the past three decades, commercial airline travel provides a solid foundation for future growth. of the technology we bring to our customers and has grown at an annual compounded rate of the dedication, talent and inspiration of the peo- 5.3 percent — or nearly double world GDP TOTAL COMPANY BACKLOG ple we employ. growth. During that time, there have been only three periods of contraction in global air travel — The Boeing order book is the fullest it has ever in 1990–91 with the Gulf War, in 2001–02 follow- been thanks to several exceptional years of ing the 9/11 terror attacks in the United States, $352 commercial airplane orders and steady growth in and today, with the global downturn that began defense contracts. At the end of 2008, our total in the second half of 2008. Air travel rebounded BILLION backlog stood at $352 billion, which is more than strongly the first two times and, if history is any five times our annual revenues in 2008. While we guide, it will do so again, setting the stage for anticipate fewer commercial airplane orders and future commercial airplane orders. greater numbers of cancellations and deferrals in 2009 than we saw in 2008, the size and diversity Defense systems — our other core business — of our backlog gives us more flexibility than we encompasses a huge marketplace of its own. have had in the past to accommodate “orders And, even though it is subject to governmental churn” without dramatic impact on our production budgetary constraints in the present economic rates. However, should bolder steps be required, environment, the defense marketplace offers a we are prepared to act quickly and decisively to wide array of opportunities to companies with an balance supply with demand and our costs with exceptionally broad range of technical capabilities. our revenues. Our defense backlog also ranks There are very few companies that answer that among the largest in the industry and is balanced description, but Boeing is certainly one of them. across a range of new and mature production Last year, we further strengthened our position and large scale systems integration programs. with strategic acquisitions that expand our capa- bilities in core and adjacent markets. In addition Given these factors and setting aside the risk to being one of the largest U.S. defense contrac- of further economic weakness or larger-than- tors, Boeing has achieved strong growth and expected adjustments in defense spending, increasing success in recent years in international our biggest single task over the next few years defense markets. Wins in 2008 and early 2009 is to execute. It is to do everything we say we included a C-17 sale to Qatar, a follow-on sale of are going to do — in designing, developing and F-15s to the Republic of Korea and the sale to delivering new airplanes and other products India of the P-8I, a variant of the P-8A Poseidon, and services on schedule and within budget. a long-range multimission maritime patrol aircraft that Boeing is developing for the U.S.
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