Aerospace Companies

fla8 - top 100 TABLES 54-55
54 8-14 AUGUST 2006 FLIGHT INTERNATIONAL
FLIGHT INTERNATIONAL TOP 100 AEROSPACE COMPANIES

Rank (05) Company (country)
Aero sales ($m)
Divisions
2005
2004
1
(1) Boeing (USA)
54,845
52,457
Commercial Aerospace
Integrated Defence Systems
Boeing Capital/Other
2
(2) EADS (Netherlands)
42,500
39,489
Airbus
Military Transport Aircraft
Eurocopter
Defence and Security Systems
Space
*
Other Business
3
(3) Lockheed Martin (USA)
37,213
35,526
Aeronautics
Electronic Systems
Space Systems
Integrated Systems & Solutions
Information & Technology Services
4
(4) Northrop Grumman (USA)
30,679
29,624
Electronic Systems
Information Technology
Mission Systems
Ship Systems
Integrated Systems
Space Technology
5
(5) BAE Systems (UK)
28,023
24,229
Programmes
Customer Solutions & Support
Integrated Systems and Partnerships
Electronics, Intelligence & Support
Land & Armaments
HQ/Operations
6
(6) Raytheon (USA)
23,437
21,867
Integrated Defense Systems
Intelligence and Information Systems
Missile Systems
Network Centric Systems
Space and Airborne Systems
Technical Services
Aircraft
Other
7
(7) General Dynamics (USA)
20,975
18,926
Aerospace
Combat Systems
Marine Systems
Information Systems and Technology
8
(8) United Technologies (USA)
16,479
14,737
Engines (Pratt & Whitney)
Flight Systems (Sikorsky, Hamilton Standard)
9
(9) General Electric (USA)
11,904
11,094
Aircraft Engines
10
(13) Finmeccanica (Italy)
11,491
8,861
Aeronautics
Space
Helicopters
Defence Electronics
Defence Systems
11
(12) Honeywell International (USA)
10,497
9,748
Aerospace International
Cover story
16%
11%
14%
14%
-1%
16%
14%
12%
12%
11%
7%
24%
8%
781
21,244
3,433
5,021
4,695
7,826
42,752
9,295
7,184
149,702
11,904
13,615
2,224
0%
8%
8%
1,421
27,653
10,497
53%
32
18%
2,856
3,933
206
0%
1,980
-4%
865
3%
4,175
71%
249
5%
3,205
914
-117
7%
4,124
3,000
142
7%
2,509
1,703
3,409
139
334
338
914
2,573
16,353
925
1449
5182
576
495
1,944
146
606
333
431
229
548
1,687
8%
10%
-44
3,807
-5%
125
76
589
198
325
762
242
2,149
255
474
21,894
21%
163%
6,722
-9%
3,351
2,309
2%
5,126
11%
27%
28,023
5,877
17%
3,345
5,315
4%
5,550
241
-7%
18%
5,784
381
355
710
2,178
351
365
609
1113
994
2,986
-213
72
250
264
3,545
4,959
2%
4,010
4,999
5%
4,131
3%
7%
6,820
2%
7%
10,580
6,042
9%
11,672
30,721
5%
-1%
37,213
4%
3%
6,373
-3%
15%
658
3,825
3,341
60
-51%
27,275
1,027
2,868
8%
12%
42,522
3,890
-2,510
1%
1,432
47%
8%
22,651
2,812
1,403
5%
54,845
15%
15%
1,144%
74%
109%
13%
42%
58%
15%
-3%
18%
34%
20%
20%
-15%
10%
26%
0%
125%
-3%
7%
22%
-1%
16%
31%
22%
0%
27%
15%
-11%
-16%
1,230%
16%
15%
15%
-38%
19%
18%
6%
9%
23%
9%
25%
15%
11%
43%
544%
-11%
5%
85%
20%
17%
33%
90%
40%
growth
1,479
2,974
11
193
162
29
146
578
2,238
16,819
783
1,083
4,301
718
292
522
393
1,941
-40
63
151
568
274
436
198
417
1,388
-64
-15
469
174
368
911
18
1,862
222
412
389
321
301
670
2,006
285
334
489
969
899
2,089
11
281
250
32
2,387
3,025
-1,671
2,925
753
2,007
2004
Operating result ($m)

2005
30,791
growth
Total sales ($m)
2005
15.2%
11.6%
0.8%
7.5%
9.2%
3.0%
7.0%
5.3%
20.2%
12.5%
12.2%
13.1%
11.5%
10.7%
6.2%
11.8%
13.0%
10.2%
-5.9%
2.6%
7.6%
14.0%
9.0%
11.3%
8.5%
12.1%
6.9%
-47.9%
-1.7%
8.4%
4.7%
6.9%
17.4%
0.5%
7.7%
6.9%
8.8%
6.2%
6.9%
6.2%
11.3%
6.7%
7.5%
8.7%
7.7%
10.0%
7.6%
5.9%
0.3%
4.6%
7.5%
2.4%
9.8%
7.7%
-175.0%
9.6%
3.6%
3.8%
2004
Capital
21,864
10,794
30,580
12,684
18,481
21,064
26,240
18,316
48,112
31,870
employed
www.ightglobal.com
16.2%
12.3%
9.8%
8.5%
11.3%
3.5%
9.3%
6.7%
21.6%
10.9%
12.9%
15.6%
12.1%
11.1%
5.3%
11.5%
14.4%
9.2%
-15.0%
5.0%
7.4%
14.5%
10.4%
10.5%
9.1%
14.4%
7.7%
-34.8%
3.3%
8.8%
5.9%
5.5%
14.3%
4.7%
7.7%
7.6%
8.5%
4.2%
7.7%
7.1%
11.8%
7.1%
8.8%
8.8%
8.9%
10.5%
8.5%
8.0%
-20.7%
2.2%
3.9%
6.9%
9.1%
10.5%
8.3%
-178.9%
12.6%
6.3%
5.1%
2005
Operating margin
13%
8%
16%
16%
7%
12%
7%
12%
5%
6%
Personnel
116,000
4,104
19,786
8,531
3,194
11,198
56,603
31,600
222,200
72,200
79,900
100,100
123,600
135,000
113,210
153,000
2005 headcount
www.ightglobal.com
16%
8%
17%
15%
9%
10%
8%
16%
7%
9%
2004
ROCE (%)
2005
6%
-1%
57%
-5%
-2%
4%
15%
-90%
6%
3%
1%
37%
-1%
4%
2%
-4%
growth
238,388
346,219
198,788
351,616
286,065
198,601
240,528
4,737,405
192,403
294,238
274,018
279,946
248,552
275,652
375,603
358,464
2005
6%
-1%
57%
-5%
-2%
4%
15%
-90%
6%
3%
1%
37%
-1%
4%
2%
-4%
growth
Includes Eurosystems
16/8/06 2:23:47 pm
FLIGHT INTERNATIONAL 8-14 AUGUST 2006 55
Includes acquisition of Westland from GKN
Includes formation of Eurosystems
Includes acquisition of Rocketdyne Power & Propulsion
Includes acquisitions of Maya Viz, Tadpole Computer and Itronix
Acquired UTD for $39 million in August 2005
Includes United Defence Industries
Includes acquisitions of Conuent RF Systems and Integic
Includes acquisitions of Sytex Group, Stasys, Coherent Technologies and Insys Group
Includes acquisition of Nokias PMR arm and acquisition of Atlas Elektronik with ThyssenKrupp
Sales per employee ($) Comments
Aerospace Top 100
2,751
3,445
2,670
2,488
Investment Cast Products
Forged Products
(30) MTU Aero Engines (Germany)
(34) Precision Castparts (USA)
30
Engineered Products (Aerospace)
(31) Alcoa (USA)
2,700
1,993
2,386
2,200
1,609
879
3,546
2,670
2,700
26,159
1,029
990
Systems and Products
Aeronautics
731
2,586
Defence & Security Solutions
2,430
667
2,750
Detection
(27) Saab (Sweden)
2,084
5,464
36%
15%
27%
12%
3,217
3,240
11,115
Aerospace
2,424
536
Adavanced Propulsion & Space Systems
(29) Smiths Group (UK)
594
1,125
Precision Systems
Ammunition
2,645
943
3,198
ATK Thiokol
(26) Alliant Techsystems (USA)
Fluid Power
3,098
709
3,805
1,635
3,240
2,930
7,427
3,224
Government Systems
(24) Eaton (USA)
31
29
28
27
26
25
3,445
3,720
3,111
1,810
(25) Rockwell Collins (USA)
24
3,805
3,933
4,050
25,359
Commercial Systems
(21) Embraer (Brazil)
Electronic Components
Defense Electronics and Services
(23) ITT Industries (USA)
Aerospace
3,639
2,052
(22) Mitsubishi Heavy Industries (Japan)
4,050
4,261
Business Aircraft
4,303
2,209
4,261
4,780
16,328
Defence
(20) Dassault Aviation (France)
Private Communications
4,780
1,304
Electronic Systems
4,780
2,238
Engine Systems
(17) Alcatel (France)
1,854
5,396
Airframes Systems
4,700
3,480
(19) Goodrich (USA)
5,396
10,043
Cessna
4,727
2,881
6,361
8,087
14,369
Bell
(18) Textron (USA)
Aerospace
7,980
1,717
Defence and Security
8,087
2,601
Equipment
(15) Bombardier (Canada)
5.585
10,810
Propulsion
10,342
2,569
8,422
Defence Aerospace
(11) Safran (France)
6,382
12,007
Civil Aerospace
8,089
3,165
Specialized Products
8,952
2,289
Aircraft Modernization and Maintenance
(14) Rolls-Royce (UK)
2,170
1,820
Command, Control and Communications (C3) and ISR
Government Services
9,444
2,052
Naval Systems
(16) L-3 Communications (USA)
1,986
3,266
Land & Joint Systems
6,898
12,758
18%
39%
21%
12%
23%
13%
13%
8%
20%
8%
16%
14%
10%
53
49
109
130
15%
5%
13%
7%
30%
18%
-11%
2%
34%
17%
9%
8%
-22%
32%
-1%
0%
7%
13%
15%
14%
15%
41%
28%
21%
1%
-8%
19%
-20%
-27%
-16%
3%
15%
11%
40%
20%
72%
30%
37%
-19%
3%
5%
9%
0%
growth
Total sales ($m)
2005
Air Systems
9,444
10,342
2004
2,970
10,274
2005
Aero sales ($m)
Aerospace
(10) Thales (France)
23
22
21
20
19
18
17
16
15
14
13
12
Divisions
Cover story
322
108
557
73
1,233
30
111
75
221
122
215
687
66%
9%
28%
7%
327
339
1,398
296
328
624
189
-217
364
500
150
644
511
341
1,416
146
400
76
533
457
368
1,028
266
357
137
-48
-445
-383
322
1,198
1,595
351
227
168
250
997
183
174
157
259
896
26%
42%
32%
743%
-10%
-70%
23%
40%
-11%
22%
18%
21%
32
45
28
61
15%
0%
21%
5%
64%
29%
-55%
43%
-18%
90%
380%
-12%
3%
61%
6%
51%
-16%
34%
71%
47%
30%
31%
458%
7%
-1%
240%
110%
60%
22%
35%
15%
33%
7%
-10%
0%
16%
3%
growth
256
76
421
1,377
97
86
52
239
101
183
572
9.9%
8.2%
9.7%
13.8%
285
338
1,153
282
200
482
368
30
254
610
78
132
581
332
880
138
265
90
397
267
250
791
203
64
128
208
428
892
328
356
764
220
186
124
218
749
172
194
157
223
871
2004

2005
18.8%
12.0%
14.4%
0.4%
5.9%
11.1%
9.8%
8.8%
10.4%
17.4%
9.9%
11.4%
10.2%
10.9%
11.7%
18.4%
14.3%
16.5%
9.9%
4.3%
10.5%
9.6%
2.1%
0.6%
13.5%
6.9%
5.8%
11.9%
13.7%
5.5%
8.4%
10.8%
11.1%
9.5%
2.5%
0.4%
8.9%
6.4%
7.6%
6.9%
13.0%
6.4%
7.0%
9.7%
9.7%
11.7%
13.1%
10.9%
6.8%
6.1%
6.8%
2004
Capital
2,983
26,328
2,209
5,551
2,231
7,250
1,963
4,489
4,503
21,984
4,425
14,148
4,839
13,352
8,374
9,463
10,932
10,055
5,825
employed
www.ightglobal.com
20.0%
12.3%
15.7%
2.7%
4.7%
2.9%
11.2%
10.3%
8.6%
18.3%
10.3%
12.6%
8.1%
8.7%
9.6%
14.4%
10.2%
10.5%
12.6%
18.1%
18.1%
18.1%
5.0%
-30.6%
11.3%
6.7%
3.7%
2.5%
12.0%
7.1%
8.7%
11.2%
17.9%
4.1%
9.9%
13.1%
12.8%
10.2%
3.3%
2.5%
8.0%
-1.9%
-10.8%
-3.5%
12.5%
18.8%
13.3%
11.1%
9.9%
9.2%
11.5%
10.6%
8.9%
5.3%
7.0%
2005
Operating margin
15%
5%
12%
16%
11%
17%
25%
29%
13%
1%
18%
7%
9%
6%
1%
19%
8%
11%
12%
Personnel
16,040
6,746
129,000
12,830
30,600
15,200
59,000
17,100
16,953
40,900
32,627
8,730
13,109
22,600
37,000
31,570
51,918
35,600
59,500
53,367
2005 headcount
www.ightglobal.com
19%
5%
10%
12%
15%
19%
32%
4%
11%
3%
12%
10%
11%
8%
4%
-4%
15%
10%
15%
2004
ROCE (%)
2005
4%
-9%
8%
7%
14%
9%
7%
8%
51%
-7%
-3%
0%
-4%
6%
9%
7%
-6%
1%
35%
-4%
growth
221,072
395,822
202,783
201,536
178,566
211,645
188,390
201,462
224,469
181,589
777,238
488,133
1,245,582
238,761
271,432
455,147
208,216
337,263
158,723
239,064
2005
4%
-9%
8%
7%
14%
9%
7%
8%
51%
-7%
-3%
0%
-4%
6%
9%
7%
-6%
1%
35%
-4%
growth
16/8/06 2:23:52 pm
Includes acquisition of Shur-Lok Group
shares in Nammo
Includes shares in Grintek (South Africa), EADS Defence Electronics, TietoSaab Systems and sales of
Includes acquisitions of Integrated Aerospace Systems and Farran Technology
Includes acquisitions of Abaqus, Blakes Cassels and Graydon and Virtools
Includes government, defence and transportation. Includes Alcatel-Alenia Space
Formerly Sagem Defence & Security
Formerly Snecma Equipment - Landing Gear, Nacelles, Wiring, Brakes, Engine Controls
Formerly Snecma and Turbomeca
Calculation based on 9 months of Snecma results, following merger of Snecma and Sagem,
Dynamics, Titan
Includes $3.4bn acquisitions of CAE Marine Controls, GD Propulsion Systems, Boeing Electron
Includes acquisition of 25% interest in DCN
Aerospace Top 100
Aero-Engines & Space Operations
(43) Parker Hannin (USA)
743
Aerospace
(58) Singapore Technologies Engineering (Singapore)743
Aerospace
(74) Fuji Heavy Industries (Japan)
760
752
58
57
(51) Standard Aero (Canada)
Aviation
(55) Triumph Group (USA)
56
Aircraft Equipment
823
662
505
786
688
777
743
2,005
743
13,409
752
761
760
823
254
Advanced Materials
(52) Liebherr (Switzerland)
320
Sensors & Systems
835
261
613
Avionics & Control
835
174
(65) Esterline (USA)
120
Fastener Distribution
844
898
1,998
Business Jet Products
734
814
550
844
898
Commercial Aircraft Products
(54) B/E Aerospace (USA)
Aerospace
(49) Sequa (USA)
55
54
53
52
51
436
913
478
804
Military Simulation and Training
913
959
Civil Simulation and Training
(50) CAE (Canada)
50
967
156
(46) Ruag (Switzerland)
49
959
1,120
1,009
32,205
1,070
1,140
6,633
Defence Systems
747
893
940
2,426
835
991
1,009
1,070
1,140
Aerospace
(53) Meggitt (UK)
Aero
(48) Volvo (Sweden)
48
(47) Elbit Systems (Israel)
47
Aerospace
(28) GKN (UK)
46
45
264
197
1,207
Aerospace Engines and Components
992
1,218
1,297
1,359
8,215
1,592
Systems Engineering Solutions
1,179
1,002
1,215
1,140
1,518
1,622
2,746
718
(45) Teledyne Technologies (USA)
44
1,218
1,297
1,359
1,592
1,466
Electronics and Communications
(42) Vought Aircraft Industries (USA)
(44) Hindustan Aeronautics (India)
42
43
Aerospace
(38) Avio (Italy)
41
Aviation
1,622
Technology
(40) BBA Group (UK)
510
254
Cabin Interiors
40
39
568
2,277
379
1,505
1,740
Aircraft Systems
1,711
1,309
Aerosafety Systems
(39) Zodiac (France)
38
1,740
946
(41) DRS Technologies (USA)
358
Chelton (Avionics)
1,764
1,998
12,011
2,340
537
1,805
3,001
2,402
11%
13%
38%
2%
-4%
-4%
10%
6%
14%
77%
25%
36%
21%
60%
7%
15%
10%
7%
13%
11%
12%
-1%
25%
36%
29%
9%
14%
14%
10%
5%
8%
9%
26%
19%
19%
7%
12%
17%
5%
9%
10%
-5%
27%
16%
9%
17%
33%
27%
4%
8%
17%
17%
7%
14%
25%
20%
19%
13%
growth
3%
Total sales ($m)
2005
10,237
Flight Operations & Services
1,525
1,679
2,060
1,936
2004
2,080
460
1,764
1,998
2,340
2,342
2005
2,402
Aero sales ($m)
Aerospace Systems
(37) Cobham (UK)
37
36
(36) Kawasaki Heavy Industries (Japan)
35
Aerospace
(33) Israel Aircraft Industries (Israel)
RF Communications
Government Communications
(35) Harris (USA)
34
33
32
Divisions
(32) Ishikawajima-Harima (Japan)
Cover story
131
279
25
530
-13
56
34
34
37
82
35
51
94
65
121
39
73
111
15
25
147
185
112
2,430
67
80
178
14
28
84
101
227
-175
199
1,028
-10
171
236
20
63
85
57
311
193
158
25
95
278
310
25
167
203
321
2,402
10%
20%
1,333%
39%
-93%
70%
21%
325%
16%
64%
35%
28%
47%
51%
51%
0%
83%
42%
-64%
17%
31%
24%
107%
24%
2%
57%
133%
4%
56%
51%
32%
26%
49%
8%
2%
13%
4%
33%
12%
20%
35%
26%
-30%
-2%
8%
38%
400%
40%
33%
53%
26%
growth
105%
118
229
375
101
64
33
28
32
50
26
-1
40
64
43
80
38
39
77
43
22
114
150
52
1,892
66
51
-44
27
54
67
168
-112
158
688
-14
159
233
18
61
63
51
259
143
126
37
97
260
54
221
119
153
210
116
2004
95

2005
198
17.8%
13.1%
0.3%
2.9%
12.8%
8.0%
4.8%
12.6%
4.4%
15.3%
8.2%
18.1%
-1.3%
7.8%
8.7%
5.3%
4.3%
10.1%
9.2%
9.6%
4.4%
17.4%
18.4%
17.2%
5.8%
7.0%
7.0%
4.9%
-0.7%
3.3%
11.2%
9.5%
6.6%
16.7%
-9.2%
13.0%
9.8%
-0.9%
10.6%
9.2%
6.6%
15.2%
12.9%
14.6%
13.3%
10.9%
16.9%
10.6%
22.6%
17.1%
3.2%
2.0%
0.2%
27.7%
10.2%
8.3%
5.6%
2004
1.0%
Capital
1,169
6,542
704
789
873
1,256
1,647
966
612
2,169
21,169
1,008
4,877
552
1,025
5,562
-1,282,298
2,820
2,867
2,193
1,562
4,373
1,867
employed
6,246
www.ightglobal.com
17.6%
13.9%
3.4%
4.0%
0.9%
-1.7%
7.4%
13.4%
10.6%
14.2%
9.8%
20.1%
6.7%
9.3%
11.1%
7.2%
6.1%
8.9%
15.2%
12.2%
1.6%
16.3%
17.6%
16.6%
11.1%
7.5%
6.3%
7.0%
2.7%
7.1%
10.6%
11.7%
8.4%
18.6%
-13.5%
14.6%
12.5%
-0.6%
10.5%
8.6%
7.8%
12.4%
14.9%
15.1%
13.6%
11.1%
16.7%
7.1%
20.6%
15.8%
2.6%
1.1%
31.0%
11.3%
10.7%
6.2%
2005
1.9%
Operating margin
21%
4%
8%
4%
6%
7%
5%
8%
5%
9%
10%
10%
-1%
15%
-10%
14%
0%
9%
14%
10%
19%
5%
12%
Personnel
13,099
26,115
2,500
4,152
6,700
3,982
9,700
5,000
5,640
5,682
81,184
5,504
37,047
7,270
30,000
6,591
50,638
4,762
16,051
9,815
10,715
28,922
12,600
2005 headcount
23,364
www.ightglobal.com
24%
8%
-2%
7%
9%
7%
7%
12%
2%
9%
11%
7%
4%
18%
-17%
18%
0%
8%
11%
9%
18%
7%
17%
2004
2%
ROCE (%)
2005
3%
12%
-3%
7%
10%
13%
7%
0%
1%
28%
4%
-5%
1%
10%
5%
5%
-6%
6%
44%
73%
9%
1%
16%
growth
7%
153,086
513,458
304,400
183,044
124,627
211,954
205,979
182,694
169,963
197,132
396,696
194,404
179,052
166,025
40,616
196,783
162,230
334,404
141,885
177,280
164,610
415,302
238,175
12%
-3%
7%
10%
13%
7%
0%
1%
28%
4%
-5%
1%
10%
5%
5%
-6%
6%
44%
73%
9%
1%
16%
2005 growth
438,133
7%
16/8/06 2:23:57 pm
Includes acquisitions of Specialized Vehicles, iDirect and 67% of SAS Component
Owned by Carlyle Group
Includes acquisition of Palomar Products
Includes acquisitions of Terrain Experts and Greenley & Associates
Includes remaining 20% participation in Ruag Deutschland
Includes acquisition of Avery Hardoll, Sensorex and ECET
Includes 70% Tadiran Electronic Systems and Tadiran Spectralink
Remaining stake in AgustaWestland sold to Finmeccanica
Includes acquisition of Scott Aviation and C&D Aerospace
Includes acquisition of ESSI
Includes H Koch and Sons and Remec Defense & Space
Aerospace Top 100
(64) Indra (Spain)
63
444
80 (101) Aeroex (USA)
81
Aeronautical
(81) Gamesa (now Aernnova) (Spain)
Defence & Aerospace
(80) Kongsberg (Norway)
389
398
434
85
84
Aerospace
(83) Amphenol (USA)
83
376
417
367
330
389
2,169
398
885
434
1,808
441
319
(87) Latcore (France)
82
Satellite Manufacturing
429
463
469
469
478
835
480
517
493
2,515
111
660
178
471
468
363
355
453
35
Satellite Services
441
463
(76) ITP (Spain)
(59) Loral Space & Communications (USA)
469
(77) Magellan Aerospace (Canada)
469
478
480
493
79
Aerospace Interiors
(84) Britax (UK)
Defence
(85) United Industrial (USA)
Aerospace
(78) Teleex (USA)
Repair and Overhaul
231
533
Composites
445
554
2,061
245
511
512
564
Components
(79) Umeco (UK)
554
78
77
76
75
74
Aerospace
(73) Crane (USA)
73
530
593
1,051
128
(71) Lord (USA)
72
564
528
676
Space & Defense Controls
580
593
617
624
452
(72) Moog (USA)
492
Aircraft Controls
(57) Denel (South Africa)
71
Aerospace and Defence
617
256
(75) GenCorp (USA)
213
Tactical and Sonar Systems
622
Information and Power Systems
570
153
622
Aircraft and Vehicle Systems
(68) Ultra Electronics (UK)
240
648
657
80,782
408
536
592
659
Engineered Systems & Services
648
657
571
Electronic Systems & Communications
(70) EDO (USA)
70
69
68
67
Matsushita Avionics Systems
(66) Matsushita Electrical Industries (Japan)
66
659
199
(67) Korea Aerospace Industries (South Korea)
Metal Treatment
1,131
465
567
Motion Control
664
211
Defence Electronic Equipment
(69) Curtiss-Wright (USA)
143
1,494
685
2,259
316
614
622
695
5,751
Simulators & Automated Testing Systems
670
685
653
Information Technology/Defence and Security Forces
65
64
(63)
Aerospace
(63) Stork (Netherlands)
62
Aerospace and Technologies
695
27
(61) Ball (USA)
349
Transportation Management Systems
703
Satellites and Related Space Systems
684
335
711
Launch Vehicles and Advanced Programs
(56) Orbital Sciences (USA)
529
4%
32%
-5%
-2%
18%
18%
34%
-27%
-50%
-18%
12%
-1%
-1%
33%
35%
34%
9%
5%
6%
25%
10%
21%
8%
9%
6%
10%
10%
12%
-15%
25%
25%
7%
1%
8%
10%
-9%
49%
21%
9%
2%
4%
12%
20%
18%
8%
8%
10%
11%
10%
5%
6%
6%
-7%
5%
4%
4%
8%
14%
growth
8%
Total sales ($m)
2005
1,161
209
2004
656
Space and Defence
2005
738
Aero sales ($m)
62
61
60
59
Divisions
(60) Hexcel (USA)
Cover story
41
281
18
56
343
39
15
40
-67
32
83
46
135
59
67
33
265
11
86
214
64
11
64
123
-195
-137
-133
31
33
29
93
13
42
53
3,372
54
34
50
138
177
78
160
55
463
16
35
53
10%
63%
24%
-18%
74%
-11%
49%
-7%
44%
63%
25%
30%
50%
-8%
15%
23%
244%
2%
16%
31%
20%
7%
19%
-50%
56%
1%
50%
113%
21%
11%
25%
23%
37%
23%
12%
-14%
-24%
17%
-4%
growth
17%
-126
256
-5
34
277
47
-13
23
-214
36
56
49
-84
41
41
-11
212
27
93
186
52
63
106
25
30
42
24
27
27
79
26
27
53
2,203
23
28
45
110
143
57
131
49
539
21
30
55
2004
89

2005
104
-33.4%
15.6%
-1.1%
3.8%
18.1%
14.3%
-3.0%
10.3%
-41.0%
8.7%
11.9%
10.5%
-10.8%
11.5%
10.6%
-2.4%
8.9%
5.6%
4.5%
1.6%
6.2%
18.2%
9.8%
9.8%
2.8%
15.3%
11.3%
3.6%
6.1%
8.4%
9.8%
12.9%
19.2%
13.8%
9.9%
9.9%
9.9%
2.8%
4.0%
15.7%
11.6%
11.5%
10.7%
9.2%
6.1%
7.5%
9.9%
3.4%
6.3%
9.3%
8.1%
2004
8.3%
Capital
2,834
573
1,597
1,006
1,359
489
392
227
1,916
278
1,740
1,016
135
785
385
558
46,135
1,015
1,178
527
825
3,167
522
employed
684
www.ightglobal.com
10.5%
13.0%
4.6%
6.3%
19.0%
8.7%
4.7%
36.0%
-15.6%
6.9%
17.8%
9.9%
16.1%
12.3%
13.0%
6.7%
10.5%
5.3%
4.7%
2.2%
0.0%
15.5%
10.4%
11.3%
8.6%
14.2%
11.7%
-32.9%
-22.2%
-21.3%
12.1%
15.4%
19.0%
14.9%
5.4%
10.3%
8.2%
4.2%
8.2%
17.1%
10.8%
12.2%
11.8%
11.4%
7.1%
7.9%
8.1%
3.7%
4.6%
10.4%
7.5%
2005
9.0%
Operating margin
10%
6%
26%
9%
-24%
8%
16%
10%
18%
10%
10%
11%
12%
9%
4%
30%
12%
5%
3%
10%
22%
14%
15%
11%
Personnel
8,678
3,372
22,700
2,171
1,700
2,400
3,844
2,000
20,400
1,421
662
9,942
3,101
2,880
334,402
2,760
5,892
7,584
12,848
13,100
2,600
2005 headcount
4,460
www.ightglobal.com
10%
10%
21%
4%
-5%
7%
12%
30%
14%
0%
12%
12%
-145%
-17%
24%
10%
7%
5%
12%
33%
19%
15%
10%
2004
16%
ROCE (%)
2005
15%
14%
-16%
49%
-9%
3%
10%
7%
0%
-2%
21%
-4%
15%
-89%
-9%
9%
8%
20%
0%
5%
16%
3%
-1%
6%
growth
1%
249,970
262,557
79,648
203,273
252,353
195,273
217,123
258,500
123,284
374,930
1,587,613
59,645
201,225
215,929
241,571
238,748
191,955
197,023
175,805
439,008
270,385
14%
-16%
49%
-9%
3%
10%
7%
0%
-2%
21%
-4%
15%
-89%
-9%
9%
8%
20%
0%
5%
16%
3%
-1%
6%
2005 growth
260,314
1%
16/8/06 2:24:02 pm
Includes acquisitions of Intecair, S.L and Fresado Qumico, S.A.
Includes acquisitions of Teradynes backplane and connection systems business
Loral Space & Communications formed on emergence from Chapter 11 on 21 November 2005
Includes acquisitions of JcAIR Test Systems and UbiNetics
Operating prot is EBITDA
Includes acquisition of ESL Defence
Includes acquisitions of FCS Control Systems, Power and Data Technologies Group of Kaydon
Includes acquisition of Horizon Aerospace
Includes acquisitions of EVI Technology and NexGen Communications
Based on stated 9% growth across OE and AM business
Includes acquisition of Indal Technologies
Includes Aerospace Industries and Aerospace Services
Aerospace Top 100
(90) LISI (France)
89
99 (102) Garmin (USA)
210
172
231
225
219
209
229
1,028
240
250
251
450
268
20,325
DATA SOURCE The Flight International Aerospace Top 100 was compiled by
aerospace specialists at PricewaterhouseCoopers LLP (PwC) www.pwc.com.
The information used in preparing this report has been obtained solely from
company annual reports and other publicly available information. PwC has not
sought to establish the reliability of this information and has not veried such
information. Accordingly, no representation or warranty (whether express or
implied) is given by PwC as to the accuracy of this information.
COMPANY/DIVISIONS The top line of the nancial gures refers to
consolidated results for the overall group, including non-aerospace business.
The divisional gures are for those businesses that are fully or largely
concerned with aerospace. Groups have been ranked by their aerospace sales
for 2005, calculated from those divisions that operate primarily in the industry.
NOTES
100 (99) Martin-Baker (UK)
209
229
(94) Chemring (UK)
Aviation
240
(95) Ducommun (USA)
250
251
98
Instrumentation and Thermal Fluid Controls
(96) Circor (USA)
Defence Systems
629
87
(62) Ericsson (Sweden)
268
271
278
851
284
616
288
1,101
295
828
Systems Integration
217
249
257
252
270
303
767
359
374
65
320
384
31
100
338
31
21
28
33
4,429
70
82
24
36
33
29
64
79
46
78
-2
27
99
104
21%
69%
25%
0%
40%
17%
50%
24%
-1%
114%
18%
18%
8%
61%
9%
9%
386%
-22%
15%
growth
26
59
271
31
15
24
22
3,442
72
38
20
31
-14
-17
59
49
42
72
20
86
-12
2004

2005
14.8%
43.7%
32.9%
12.9%
8.4%
11.2%
7.3%
21.8%
25.2%
9.6%
8.3%
5.9%
11.5%
2.6%
21.7%
9.5%
15.2%
10.2%
-0.7%
7.3%
10.8%
30.9%
27.1%
2005
12.2%
34.3%
35.5%
13.4%
6.7%
11.0%
5.8%
20.2%
28.8%
5.4%
7.9%
5.5%
-5.6%
-1.7%
21.7%
6.9%
16.0%
10.7%
5.6%
1.5%
15.3%
29.3%
-3.4%
2004
Operating margin
Capital
MARK WAGNER /AVIATION-IMAGES.COM
www.ightglobal.com
165
1,167
242
176
339
16,985
369
375
576
153
362
1,291
employed
Sectors involved with aircraft, aeroengines, avionics, missiles, space and

aerostructures are largely straightforward, but telecommunications, systems
and some overhaul operations are included only where these are included
within a division largely concerned with aerospace activities. Satellite services
have been excluded wherever possible, as have companies and divisions
that derive more than 50% of their sales from services such as aircraft leasing.
Where acquisitions were made within the accounting period, pro-forma
accounts have been used for the 12-month consolidated performance.
Joint ventures have been included in revenue and prot nancials. Intersegment sales have been excluded from operating results and prots for
divisions wherever possible. However, when not possible, divisional results
have been presented inclusive of inter-division sales, resulting in aerospace
0%
33%
35%
5%
11%
15%
18%
-59%
15%
50%
18%
27%
13%
19%
11%
10%
14%
11%
8%
17%
15%
14%
1%
0%
10%
9%
9%
growth
Total sales ($m)
2005
188
275
278
284
288
295
264
357
373
353
2004
Cabin Management
(97) DeCrane (USA)
Aerospace
(93) Doncasters (UK)
Aerospace
(91) Senior (UK)
Aerospace
(92) Kaman (USA)
Aircraft engine systems
(89) Woodward Governor (USA)
303
359
374
384
2005
Aero sales ($m)
97
96
95
94
93
92
91
90
(88) Sonaca (Belgium)
88
Aerospace
(82) Pilatus (Switzerland)
Engineered Fabrics
Aircraft Braking Systems
(86) K&F Industries (USA)
87
86
Divisions
Bombardier,
which
makes the
CRJ-700
(right),
slipped one
place in the
Top 100
Cover story
17%
29%
20%
9%
6%
19%
10%
-5%
9%
13%
5%
-1%
Personnel
807
3,034
1,654
1,353
2,300
56,055
1,600
4,598
4,918
3,712
3,500
5,863
2,278
1,330
1,288
2005 headcount
0%
22%
1%
1%
12%
11%
5%
7%
-2%
4%
3%
12%
-1%
4%
-1%
growth
259,512
338,827
145,116
184,775
195,652
362,597
169,375
185,078
125,340
296,606
236,571
130,821
157,709
281,295
298,137
2005
0%
22%
1%
1%
12%
11%
5%
7%
-2%
4%
3%
12%
-1%
4%
-1%
growth
www.ightglobal.com
16/8/06 2:24:07 pm
group sales multiplied by the total operating prot has been calculated. Where
total group sales or total group operating prot has not been identied, previous
years gures are assumed.
RETURN ON CAPITAL EMPLOYED (ROCE) Return on Capital Employed
(ROCE) is calculated as earnings before interest expenses, taxes, unusual items
and minority interests divided by year-end total assets less year-end non-interest
bearing current liabilities.
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) The
introduction of International Financial Reporting Standards (IFRS) was
implemented by some aerospace companies during both 2004 and 2005.
This has resulted in revisions to 2004 gures; in such circumstances, we have
restated 2004 gures for the new accounting standard.
Includes acquisition of Miltec
Includes acquisitions of Loud Engineering & Manufacturing and Industria
government division
Split into EMW and Power Systems. EMW gures stated. Power systems moved to
Sold to Dubai International Capital on 14 December 2005
Embraer
170 production: the
Brazilian
company
fell two
places in
this years
rankings
Aerospace Top 100
Includes acquisition of Sterling Machine
related sales greater than group sales.

EXCHANGE RATES An average exchange rate for the period 1 January to 31
December 2005 has been used for all non-US companies, regardless of scal
year denitions. The percentage changes in nancial gures are in local currency
terms to avoid unnecessary distortions.
COUNTRY All companies have been listed by country of headquarters,
independent of production or operating territories.
OPERATING RESULTS Generally taken as the prot (or loss) before interest,
tax, and exceptional items, and after depreciation. The measure gives a guide
to a businesss operational health. Discontinued or discontinuing operations
are included where they fall in scal 2005 for that business. Where divisional
operating results have not been disclosed, sale value as a percentage of total
19%
29%
13%
12%
10%
26%
10%
8%
14%
51%
-1%
8%
2004
ROCE (%)
2005
MARK WAGNER /AVIATION-IMAGES.COM

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fla8 - top 100 TABLES 54-55

54 8-14 AUGUST 2006 FLIGHT INTERNATIONAL

FLIGHT INTERNATIONAL TOP 100 AEROSPACE COMPANIES

Operating result ($m)

Total sales ($m)

FLIGHT INTERNATIONAL 8-14 AUGUST 2006 55

Includes acquisition of Westland from GKN

Includes formation of Eurosystems

Includes acquisition of Rocketdyne Power & Propulsion

Includes acquisitions of Maya Viz, Tadpole Computer and Itronix

Acquired UTD for $39 million in August 2005

Includes United Defence Industries

Includes acquisitions of Conuent RF Systems and Integic

Sales per employee ($) Comments

Aerospace Top 100

fla8 - top 100 TABLES 56-57

56 8-14 AUGUST 2006 FLIGHT INTERNATIONAL

Investment Cast Products

(30) MTU Aero Engines (Germany)

(34) Precision Castparts (USA)

Engineered Products (Aerospace)

(31) Alcoa (USA)

Systems and Products

Defence & Security Solutions

(27) Saab (Sweden)

Adavanced Propulsion & Space Systems

(29) Smiths Group (UK)

(26) Alliant Techsystems (USA)

(24) Eaton (USA)

(25) Rockwell Collins (USA)

(21) Embraer (Brazil)

Defense Electronics and Services

(23) ITT Industries (USA)

(22) Mitsubishi Heavy Industries (Japan)

(20) Dassault Aviation (France)

(17) Alcatel (France)

(19) Goodrich (USA)

(18) Textron (USA)

Defence and Security

(15) Bombardier (Canada)

(11) Safran (France)

Aircraft Modernization and Maintenance

(14) Rolls-Royce (UK)

Command, Control and Communications (C3) and ISR

(16) L-3 Communications (USA)

Land & Joint Systems

Total sales ($m)

Aero sales ($m)

(10) Thales (France)

Rank (05) Company (country)

Operating result ($m)

FLIGHT INTERNATIONAL 8-14 AUGUST 2006 57

Includes acquisition of Shur-Lok Group

Includes acquisitions of Integrated Aerospace Systems and Farran Technology

Includes acquisitions of Abaqus, Blakes Cassels and Graydon and Virtools

Includes government, defence and transportation. Includes Alcatel-Alenia Space

Formerly Sagem Defence & Security

Formerly Snecma and Turbomeca

Includes acquisition of 25% interest in DCN

Sales per employee ($) Comments

Aerospace Top 100

Aero-Engines & Space Operations

(43) Parker Hannin (USA)