IAI News

 
IL Serge Pod #17.03.2002 20:15
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Serge Pod

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IAI announces record profits

15 March 2002

Israel Aircraft Industries' (IAI) net profit in 2001 reached a record high of $101 million, as compared to $84 million in 2000, an increase of 20 percent. These figures include a capital gain of $28 million from the sale of Galaxy Aerospace, IAI's business jet subsidiary, to Gulfstream.

Mr. Moshe Keret, President and CEO of Israel Aircraft Industries, reported the results to the company's Board of Directors. The Board chaired by Gen. (res.) Ori Orr, reviewed and approved the results of the 2001 financial statements in its March meeting.

In 2001, IAI signed new contracts worth $2.88 billion, as compared to $2.6 billion in 2000, an increase of 11 percent. Backlog for the end of 2001, reached a record high of $3.8 billion.

Company sales in 2001 were $2.09 billion, as compared to $2.19 billion in 2000, a decrease of 4.5 percent.

Exports in 2001 were approximately $1.60 billion, as compared to $1.69 billion in 2000, a decrease of 5 percent.

IAI's financial figures also include the financial figures of Elta Electronics Ltd., a wholly owned subsidiary of IAI. Elta's net profit (before tax) in 2001 reached $14.8 million, as compared to $23.8 million in 2000, a decrease of 38 percent.

Elta's sales for 2001 reached $386 million, as compared to $460 million in 2000, a decrease of 16 percent.

Elta's exports in 2001 reached approximately $320 million, as compared to $388 million in 2000, a decrease of 18 percent.

In 2001, Elta signed new contracts worth $365 million, as compared to $500 million in 2000.

Ori Orr, Chairman of the Board said, "2001 was a difficult year, in which IAI had to act in a harsh business environment that made it difficult for the company to continue its momentum of growth it enjoyed in the last several years. The company achieved new records in net profit, in new orders and its backlog, in spite of these rough market conditions."

During his presentation to the Board of Directors, Mr. Keret said, "In the year 2001, IAI dealt successfully with the slowdown in commercial aviation. Company's sales to the civilian market accounted for 38 percent of its turnover, and despite the market's weakness, IAI's sales in this field decreased only slightly. We also achieved a net profit that crossed the $100 million line for the first time."

Mr. Keret added, "We continue to carry out our intensive project of improving the ability to compete and to provide our customers with the best service available. This way we will be able to continue to provide our customers with products and services that fully meet their expectations in a rapidly developing competitive business environment."

In his remarks on IAI's 2001 financial statements, Dr. Abraham Knobel, Vice President Finance, said, "during 2001, IAI continued to reinforce the company's financial structure. Equity level reached $351 million (19 percent of assets) as a result of profit accumulated in the last years. IAI continued to reduce its outstanding debt to the banks, which came down to its lowest level in the last decade. These figures prove IAI's strength, for both today and the future."

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IL Serge Pod #05.10.2003 15:59
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IAI-India disagreements may delay Phalcon deal to 2004
 
Israel Aircraft Industries and the Indian Air Force disagree over the platform for installing AWACS electronics and who will purchase the planes.
 
Dror Marom 2 Oct 03 19:24
 
It is quite doubtful whether Israel Aircraft Industries (IAI) and the India Ministry of Defense will sign the deal this year for the delivery of three Phalcon AWACS planes to the Indian Air Force. Reports from New Delhi reveal disagreements between IAI and IAI-Elta Electronics Industries, which is supplying the electronics systems, and the Indian Ministry of Defense.
The India Air Force reportedly wants the electronics systems to be installed on a Russian-built Ilyushin Il-76 plane already in its service. IAI wants to deliver a complete package installed in an Il-76 or other plane purchased on the open market.

Indian Air Chief Marshal S Krishnaswami said in New Delhi this week that delivery of the operational planes would probably be delayed as well. He said the delay was due to India's demand to upgrade and alter the planes. The Il-76 is no longer manufactured, which means Elta would have to buy used planes.

The Prime Minister's Bureau had hoped to sign the Phalcon deal during Prime Minister Ariel Sharon's visit to India in September, but this was not possible. The main reason for signing the deal during the visit was its symbolic value, arising from the deal's size and the Phalcon's importance as a critical component of India's strategy against nuclear-armed Pakistan.

The Indian Air Force asked Elta to adapt the Phalcon at the outset, and not wait until the planes were operational. "We're now making technical changes and adaptations to the planes," said Krishnaswami. "This process will take time. The changes are necessary to make the planes suitable for our Air Force's existing infrastructure, and we're seeking international experts for this purpose."

Krishnaswami did not disclose on which planes the Elta system would be installed, nor did he mention a precise timetable. IAI also declined to comment, stating, "We do not divulge details about our relations with our customers."

Published by Globes [online] - גלובס זירת העסקים של ישראל - on October 2, 2003

 
 
 
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IL Serge Pod #05.10.2003 16:27
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IAI to supply UAVs to Finland
 
The deal is worth tens of millions of dollars. Sources: The contract was awarded without a tender, apparently as a follow-on procurement from the previous order.
 
Sharon Kedmi 30 Sep 03 16:24
 
Israel Aircraft Industries (IAI) has won a contract to supply Ranger unmanned aerial vehicles (UAVs) to the Finnish Army. The deal is worth tens of millions of dollars
This is IAI's second contract in Finland. IAI will work with a Finnish consortium that was awarded the contract by the Finnish Ministry of Defense.

Sources inform “Globes” that the contract was awarded without a tender, apparently as a follow-on procurement from the previous order. Two years ago, Finland bought Ranger UAVs for $20 million.

Under the current contract, IAI will supply Finland with the Ranger UAVs, avionics for automated flight and precise navigation, electro-optical devices, a ground control station specially adapted for Finland's harsh climate, and advanced communications systems. The system will provide real-time surveillance, reconnaissance, target-acquisition and artillery adjustment.

The Swiss Air Force bought four Ranger systems for $100 million several years ago.

The UAVs for Finland will be adapted to operate in conditions of severe cold, built with composite materials to enhancee survivability. The UAVs will be equipped with parachutes, so they can land in the event of engine breakdown.

Published by Globes [online] - גלובס זירת העסקים של ישראל - on September 30, 2003
 
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