1. FY2011 Earnings Results
March 21st, 2012

2. Forward Looking Statement
This presentation includes forward-looking statements or statements about events or
circumstances which have not occurred. We have based these forward-looking statements
largely on our current expectations and projections about future events and financial trends
affecting our business and our future financial performance. These forward-looking
statements are subject to risks, uncertainties and assumptions, including, among other things:
general economic, political and business conditions, both in Brazil and in our market. The
words “believes,” “may,” “will,” “estimates,” “continues,” “anticipates,” “intends,” “expects” and
similar words are intended to identify forward-looking statements. We undertake no
obligations to update publicly or revise any forward-looking statements because of new
information, future events or other factors. In light of these risks and uncertainties, the
forward-looking events and circumstances discussed in this presentation might not occur. Our
actual results could differ substantially from those anticipated in our forward-looking
statements.
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3. 2011 Highlights
• Delivery of 105 E-Jets in 2011 (32 in 4Q11), reaching 802 total
deliveries since EIS.
• Sale of 45 E-Jets in 4Q11 totaling 124 in 2011 (28% above 2010 sales),
reaching 1,051 firm orders. Book to bill = 1
• Increased presence with leasing companies
(CIT, BOC Aviation, GECAS, Air Lease, CDB).
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4. 2011 Highlights
• Delivery of 99 executive jets in 2011 (83 light jets and
16 large jets). 50 jets delivered only in 4Q11.
• Global Customer Center opening in
Melbourne, FL and delivery of first
Phenom 100 made in the U.S.A.
• Legacy 500 first prototype roll out.
• Globally renowned movie star Jackie Chan
joins Legacy 650 family.
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5. 2011 Highlights
• Modernization programs of AMX and A-4 Skyhawk on track.
• AEW India program: maiden flight of the
first of three aircraft in 4Q11.
• KC-390 development program ongoing and on
schedule. Selection of main suppliers.
• Growth through acquisitions and partnerships.
JV Embraer/
HARPIA Telebrás
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6. 2011 Highlights
• Operational performance surpassed 2011 outlook.
• Embraer elected for the 3rd consecutive year, one of
the best companies to work for in Brazil and for the
1st time in Florida.
• Embraer selected as sector leader on the
DJSI and also on the ISE.
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7. Aircraft Deliveries
Commercial Jets Executive Jets
126
165 98
133 125 83
103 101 105 2
36 37
27 21 19 16
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011
Light Jets - Phenom
Large Jets - Legacy & Lineage
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8. Firm Backlog
US$ Billion
20.9 29%
18.8 21%
16.6 15.6 15.4
14.8 50%
Commercial aviation
Executive aviation
2006 2007 2008 2009 2010 2011 Defense and security
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9. Net Revenues
US$ Million
6,335
5,498 5,803
5,245 5,364
3,760
2006 2007 2008 2009* 2010* 2011*
2011 Outlook: US$ 5.6 – 5.8 billion
2006-2008: USGAAP
* 2009-2011: IFRS
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10. Revenues Breakdown
Revenues by Segment Revenues by Region
Net Revenues
US$ Billion
5.49 5.36 5.80 5.49 5.36 5.80
2% 1% 2%
12% 6% 4% 4%
15% 15%
21% 22% 23%
17%
23% 19%
11% 13% 17%
7%
15% 11%
69% 33%
61% 64% 25%
33%
22% 20%
13%
2009 2010 2011 2009 2010 2011
Commercial aviation Defense and security North America Europe Latin America
Executive aviation Others Brazil Asia Pacific Others
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11. Net Revenues and Gross Margin
IFRS - US$ Million IFRS - R$ Million
22.5% 22.5%
24.3% 24.3%
16.8% 22.4% 21.2% 16.8% 22.4% 21.2%
3,667
1,970 2,025 3,342
1,359 1,364 2,169 2,266
1,056 1,757
4Q10 1Q11 2Q11 3Q11 4Q11 4Q10 1Q11 2Q11 3Q11 4Q11
US$ Net Revenues Gross Margin
2010 5,364 19.1%
2011 5,803 22.5%
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12. SG&A Expenses
IFRS - US$ Million IFRS - R$ Million
186
173 172 334
167
151 282 277 280
72 252 129
61 64 69
57 103 103 113
95
106 109 103 114 205
94 179 174 167
157
4Q10 1Q11 2Q11 3Q11 4Q11 4Q10 1Q11 2Q11 3Q11 4Q11
US$ G&A Expenses Selling Expenses
2010 198 374
2011 262 420
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13. AMR Provisions and Additional Adjustments
• American Airlines: US$ 317 million
• Additional adjustments: US$ 43 million
• Cancellations fees: US$ 67 million
:
Financial expenses BIT act
E p
US$ 107 million im
2011 Results net impact No
US$ 293 million Other operating expenses
:
BIT t
E ac
US$ 186 million p
Im
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14. Income from Operations
US$ Million
8.7%
9.1% 8.5% 7.3%
7.1% 6.9%
5.5%
504
537
374 379 392
343 318
2006 2007 2008 2009* 2010* 2011*
EBIT EBIT Margin
EBIT: US$ 465 million
2011 Outlook:
2006-2008: USGAAP
EBIT Margin: 8.0% – 8.3%
* 2009-2011: IFRS
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15. Income from Operations
IFRS - US$ Million IFRS - R$ Million
6.7% 9.1% 6.7% 8.9% 9.4%
8.9% 7.8% 7.8%
-0.3% -0.4%
132 124 225 212
106 169
94 157
(6) (15)
4Q10 1Q11 2Q11 3Q11 4Q11 4Q10 1Q11 2Q11 3Q11 4Q11
US$ EBIT EBIT Margin
2010 392 7.3%
2011 318 5.5%
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16. EBITDA
US$ Million 12.8%
10.8% 11.1% 11.4% 9.6%
9.6%
8.3%
743
608 609 611 557
407 433
2006 2007 2008 2009* 2010* 2011*
EBITDA EBITDA Margin
EBITDA: US$ 700 million
2011 Outlook:
2006-2008: USGAAP
EBITDA Margin: 12.0% – 12.5%
* 2009-2011: IFRS
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17. EBITDA
IFRS - US$ Million IFRS - R$ Million
14,8% 14,8% 13,7%
10,0% 13,8% 10,0%
11,3% 11,5%
2,9% 2,8%
197 188 335 311
156 153 260 250
59 101
4Q10 1Q11 2Q11 3Q11 4Q11 4Q10 1Q11 2Q11 3Q11 4Q11
US$ EBITDA EBITDA Margin
2010 611 11.4%
2011 557 9.6%
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18. Net Income
US$ Million
10.4% 9.3% 8.5%
6.1% 6.2%
5.3%
1.9%
489 465
390 389 305
330
112
2006 2007 2008 2009* 2010* 2011*
Net Income Net Margin
2006-2008: USGAAP
* 2009-2011: IFRS
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19. Net Income
IFRS - US$ Million IFRS - R$ Million
10.0% 9.9%
7.1% 7.1%
6.2% 6.2%
123 208
105 174 154
96 0.1% 0.0%
2 (0)
-4.5% -4.7%
(92)
(172)
4Q10 1Q11 2Q11 3Q11 4Q11 4Q10 1Q11 2Q11 3Q11 4Q11
US$ Net Income Net Margin
2010 330 6.2%
2011 112 1.9%
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20. EPADS and Pay Out
US$ Million
115%
68%
53% 52%
34% 35%
26%
2.64 2.57
2.11 2.14 1.68
1.83
0.62
2006 2007 2008 2009* 2010* 2011*
EPADS Pay Out
* 2006-2008: US GAAP
2009-2011: IFRS
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21. Inventories / Free Cash Flow
Inventories - US$ Million Free Cash Flow - US$ Million
277
193
2,872
2,697
2,561
2,198 2,288
(38)
(126) (112)
4Q10 1Q11 2Q11 3Q11 4Q11 4Q10 1Q11 2Q11 3Q11 4Q11
US$ US$
2010 2,198 2010 287
2011 2,288 2011 1
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22. Indebtedness Profile Net Cash
Indebtedness Maturity Net Cash - US$ Million
5% 10% 13% 15%
26%
6.3
5.0 4.8
5.7 4.5
87% 692
90% 85%
95% 74%
505
406 446
193
4Q10 1Q11 2Q11 3Q11 4Q11 4Q10 1Q11 2Q11 3Q11 4Q11
Long-term Short-term
Loans Average Maturity (Years)
Total Debt 4Q11: US$ 1.7 Billion Total Cash 4Q11: US$ 2.1 Billion
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23. Investor Relations
Phone: +55 12 3927 4404
investor.relations@embraer.com.br
www.embraer.com
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