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Mitsubishi Heavy Industries Achieves Significant First Quarter Increase in Orders and Profit

August 6, 2023 /

Tokyo, Japan – Mitsubishi Heavy Industries (OTC: MHVYF) announced that order intake rose 75.1% year over year to 1.6 billion Yen in the quarter ended June 30, 2023. Revenue rose 12.9%, resulting in profit from business activities (business profit) of 51.9 billion Yen, a 248.1% increase from the previous fiscal year, which represents a profit margin of 5.3%. Profit attributable to owners of parent (net income) was 53.1 billion Yen, an increase of 177.1% year-over-year, with a profit margin of 5.4%. EBITDA was 85.1 billion Yen, an 80.3% increase from Q1 FY2022, with an EBITDA margin of 8.7%, up 3.3 percentage points year-over-year.

Large orders growth in Energy Systems was driven by Gas Turbine Combined Cycle (GTCC), which continues to see strong demand for both new builds and after-sales services. Business profit in the segment increased by 27.0 billion Yen due to a reduction in one-time charges in the Thermal Power businesses as well as revenue growth and improved project margins.

In Plants & Infrastructure Systems, revenue increased by 33.8 billion Yen due to contributions from Metals Machinery and Engineering, while business profit improved by 5.0 billion resulting from increased revenue in Metals Machinery as well as positive developments in Engineering and Machinery Systems’ project mix.

In Logistics, Thermal & Drive Systems, successful passthrough of cost inflation to sales prices mainly in Logistics Systems and Heating, Ventilation & Air Conditioning (HVAC) led to 14.3% increases in order intake and revenue, respectively. Cost passthroughs in these businesses also helped to raise the segment’s business profit by 15.3 billion Yen.

Most notable this quarter is the striking growth in Aircraft, Defense & Space order intake, specifically in Defense & Space, which saw orders rise by 584.1 billion Yen. This is due to large orders for missile defense systems from Japan’s Ministry of Defense as the country seeks to improve its capabilities in this area.

Heart Aerospace Selects Garmin G3000 Flight Deck for First All-Electric Airliner

December 14, 2021 /

OLATHE, Kansas/Business Wire – Garmin® International, Inc., a unit of Garmin Ltd. (NYSE: GRMN), has announced a long-term agreement with Heart Aerospace to provide the state-of-the-art Garmin G3000®integrated flight deck for the ES-19 electric airliner. Heart Aerospace is working to develop the new ES-19, a 19-seat electric airliner that has the potential to provide the regional air transport market with a more sustainable and environmentally friendly aircraft option as early as 2026. Additionally, United Airlines has conditionally agreed to purchase 100 ES-19 aircraft once the aircraft meets United’s safety, business and operating requirements.

The modular Garmin G3000 integrated flight deck boasts lightweight and vibrant high-resolution flight displays that support navigation, communication and flight sensor solutions and integrates seamlessly into the ES-19 aircraft systems. Specifically tailored to meet the needs of electric aircraft, the G3000 system that will be featured in Heart Aerospace’s ES-19 delivers enhanced capabilities to optimize the aircraft’s electric drive train and battery management systems. The G3000 is architected to provide the ability to efficiently facilitate future system upgrades as the electric aircraft industry continues to evolve.

Heart Aerospace is an electric airplane company headquartered in Gothenburg, Sweden, developing the ES-19, a nineteen-passenger regional aircraft driven entirely by batteries and electric motors. The first ES-19 is scheduled to enter into service by 2026. The first-generation aircraft will have a maximum range of up to 250 miles using lithium-ion batteries. The ES-19 will have zero operational emissions and offer significantly lower operating costs compared to similar sized gas-turbine aircraft. The ES-19 aircraft will also be quieter than its turboprop counterparts, with less vibration and noise, making it ideal for the development of short-range regional air travel.

Future Combat Air Program Tempest Poised to Drive Productivity Across United Kingdom

May 25, 2021 /

The Tempest program is expected to generate long-term high value employment, with productivity per worker 78% higher than the national average, underlining how this exciting programme can make a significant contribution to the UK Government’s levelling up priorities and the wider economy.

The program is being delivered by Team Tempest – combining the expertise of the UK Ministry of Defence (MOD), BAE Systems, Leonardo UK, MBDA UK and Rolls-Royce. Working with international partners, the team is leading progress towards a UK-led internationally collaborative Future Combat Air System which will ensure the Royal Air Force and its allies retain world-leading, independent military capability.

Key to the success of Tempest is delivering this highly-advanced capability more rapidly and more cost effectively than ever before.

Investment by industry and MOD in research and development for Tempest will generate positive spill-over benefits for the wider economy through applications of new technologies in other sectors and driving innovation in collaboration with hundreds of companies, SMEs and academic organisations.

Click the link below to read the full story!

https://www.baesystems.com/en/article/the-economic-impact-of-the-tempest-programme

Qantas Group Announces its Balance Sheet Repair is Underway

May 19, 2021 /

A sustained rebound in domestic travel demand, and the performance of its Freight and Loyalty divisions, continues to drive the Qantas Group’s recovery from the impacts of COVID-19.

Based on current trading conditions the Group expects to be statutory free cash flow positive for the second half of FY21. Net debt levels peaked in February at $6.4 billion and are expected to be lower than they were in December ($6.05 billion) by the end of the financial year.

Liquidity levels remain strong with total funds of $4.0 billion, including cash of $2.4 billion and $1.6 billion of undrawn debt facilities as at 30 April 2021.

The total revenue loss for the Group since the start of COVID is now projected to reach $16 billion by the end of FY21 – however the role of domestic travel demand in the Group’s recovery is highlighted by the fact revenue from domestic flying is expected to almost double between the first and second half of this financial year.

Assuming no further lockdowns or significant domestic travel restrictions, the Group expects to be Underlying EBITDA positive in the range of $400 – 450 million for FY21. At a statutory level before tax, the Group is still expecting a loss in excess of $2 billion, which includes the significant costs associated with previously announced redundancies, aircraft write downs and non-cash depreciation charges.

Click the link below to read the full press release!

https://www.qantasnewsroom.com.au/media-releases/7978/

Boeing Expands Capacity for 737-800BCF to Meet Strong Customer Demand

May 6, 2021 /

SEATTLE, Washington May 5, 2021— As express and e-commerce markets continue to drive strong demand for production and converted freighters, Boeing [NYSE: BA] today announced a new partnership with a Costa Rica-based maintenance, repair and overhaul (MRO) provider to create additional conversion capacity for the 737-800 Boeing Converted Freighter.

Boeing will open two 737-800BCF conversion lines with Cooperativa Autogestionaria de Servicios Aeroindustriales (COOPESA) in Alajuela, Costa Rica. The first of the new conversion lines is expected to open in early 2022, with the second anticipated later that year. Boeing forecasts 1,500 freighter conversions will be needed over the next 20 years to meet growing demand. Of those, 1,080 will be standard-body conversions, with nearly 30% of that demand coming from North America and Latin America.

Currently, Boeing converts 737-800 passenger airplanes to freighters at three locations: Boeing Shanghai Aviation Services (BSAS) in Shanghai, China; Guangzhou Aircraft Maintenance Engineering Company Limited (GAMECO) in Guangzhou, China; and Taikoo (Shandong) Aircraft Engineering Co. Ltd. (STAECO) in Jinan, China.

To date, the 737-800BCF has won more than 180 orders and commitments from 15 customers on four continents. In March, Boeing re-delivered the 50th 737-800BCF since entering into service in 2018.

Qantas & Japan Airlines Form Tourism Recovery Business Venture

December 27, 2020 /

Qantas and Japan Airlines (JAL) today announced plans to form a new joint business, designed to better serve customers travelling between Australia, New Zealand and Japan and support the tourism industry’s recovery when international flying resumes.

The airlines have submitted an application for authorisation to regulators in Australia and New Zealand, with a decision expected within six months. Subject to this regulatory approval, it is anticipated that the joint business would commence operations around July 2021, when Qantas has said it expects its international network to gradually restart.

The coordination made possible through a joint business would enable Qantas and JAL to ramp up flights between Australia and Japan sooner than would otherwise be possible. The airlines have flagged an intention to launch a new route between Australia and Japan and expect to announce details once regulatory approval is received, borders open and demand returns.

Under the proposed five-year agreement, the airlines would deliver substantial benefits for customers and help accelerate the recovery of the tourism, trade and corporate travel links between Australia and Japan, including:

  • An expanded codeshare relationship and optimised schedules on flights between Australia and New Zealand and Japan, opening up more connections to more destinations beyond the major city gateways. Qantas customers would have access to 14 new codeshare destinations in Japan and JAL customers would have access to 15 new codeshare destinations in Australia and New Zealand.
  • Enhanced frequent flyer benefits for Qantas and JAL customers, including improved earn of Qantas points or JAL miles on routes under the joint business beyond what is possible today, as well as the ability to upgrade using points or miles on each other’s services.
  • Improvements in the customer experience, including streamlined processes for disruption management and investments in product and service inflight and on the ground, designed to better serve the carriers’ joint customers.
  • More premium travel opportunities, with Qantas able to offer customers a greater number of Business and Premium Economy seats on flights operated by JAL.
  • Coordination of pricing, schedules, sales and tourism marketing to develop new and improved travel products, delivering more choice for customers.

Qantas Group CEO Alan Joyce said the joint business would play a vital role in reviving trade links with the world’s third largest economy and deliver significant benefits for customers travelling between Australia and Japan.

“Around half a million people visited Australia from Japan in 2019. We want to see that tourism resume and grow even further by making it easier for Japanese travellers to visit,” said Mr Joyce.

“The joint business means we’ll be able to build on our existing relationship with JAL through oneworld to offer more routes, better flight connections and more benefits to frequent flyers. It also helps us diversify our portfolio of joint businesses amongst Australia’s key trading partners.

“It will be a win for our customers, a win for trade and a win for the one million people who work in tourism across Australia.”

Japan Airlines President Yuji Akasaka added: “For over 50 years, JAL and Qantas have operated flights between Japan and Australia, demonstrating our mutual commitment to support and strengthen the diplomatic relationship built by the two countries.

“We believe that a joint business with Qantas will make for a quicker recovery between both countries with the ability to expand connectivity within each carrier’s respective domestic network, providing more customer choice and travel growth opportunities.”

Collins Aerospace and GKN Fokker Services Ink MRO Agreement

October 26, 2020 /

– Expanded FlightSense On-Site Support agreement for Collins Aerospace’s Integrated Drive Generator (IDG) includes new part numbers for Airbus A320neo operators

Collins Aerospace Systems, a unit of Raytheon Technologies Corp. (NYSE: RTX), and Fokker Services, a GKN Aerospace company, today announced the expansion of an existing 10-year FlightSense On-Site Support agreement for Collins Aerospace’s Integrated Drive Generators (IDG’s). The expanded contract will add new IDG part numbers for the Airbus A320neo, while Collins Aerospace will continue to manage Fokker Services’ onsite inventory of IDG components, providing competitive rates for OEM-quality parts and improved shop efficiency. Fokker Services, in turn, will now be able to repair Collins Aerospace IDGs for the A320neo at its Amsterdam Airport Schiphol facilities. 

The IDG provides primary electric power for the aircraft electrical system by converting variable engine input speed to a constant output speed, thus enabling the generator portion of the IDG to produce alternating current at a constant frequency.

“Collins Aerospace is pleased to continue building on its longstanding relationship with Fokker Services,” said Ryan Hudson, vice president, Aftermarket, Power & Controls for Collins Aerospace. “This agreement will help Fokker Services streamline supply chain operations, increase repair reliability and lower operational cost to better serve its customers with quality repairs of Collins Aerospace components.” 

“As a leading aerospace service provider, we are proud to work with Collins Aerospace to provide MRO support for these components to operators,” said Ben Scharrenberg, director, Procurement for Fokker Services. “We bring added value based on many years of experience in supporting component MRO, our high quality standards including FAA, EASA and CAAC approvals, and our service expertise. We look forward to supporting our customers and to further expanding our relationship as Collins Aerospace’s channel partner.”

As part of the contract, Fokker Services will support airlines, MROs and Integrators with flexible, reliable and competitive OEM solutions for Collins Aerospace IDGs. The support includes:

– OEM parts & warranty

– Dedicated 24/7 customer service representative

– Quick Turn-Around-Time and performance guarantee

– Reliability monitoring services to ensure top quality

– Exchange inventory available to support the next removal

Wasserstoff-Zug Copyright: ÖBB/Marek Knopp

Alstom Hydrogen Train Enters Regular Passenger Service in Austria

September 13, 2020 /

In Vienna, a new era in passenger rail starts today. Until the end of November, a hydrogen train will run for the first time in regular passenger service for ÖBB, the Austrian Federal Railways. The Coradia iLint, built by Alstom in Salzgitter, Germany, uses on-board fuel cells to convert hydrogen and oxygen into electricity, thus reducing operating emissions to zero. 

Following successful test operation in Northern Germany between 2018 and 2020, the Coradia iLint train will now demonstrate its worth in Austria over three months during which it will transport passengers on geographically challenging routes.

“With its use in regular passenger operations for ÖBB, our innovation train Coradia iLint has reached the next milestone,” said Dr. Jörg Nikutta, Alstom’s CEO in Germany and Austria, at the launch event in Vienna. “The train’s emission-free drive technology offers a climate-friendly alternative to conventional diesel trains, especially on non-electrified lines. I am particularly pleased that ÖBB, a strong and long-term partner in the European mobility market, is convinced of our technology and its advantages.” 

“We clearly see ourselves as pioneers in testing hydrogen technology on rail. As the largest climate protection company in Austria, we are actively shaping the mobility of the future with technological alternatives,” emphasizes Andreas Matthä, CEO of ÖBB-Holding AG on the occasion of the premiere of the hydrogen train.

The operational success of Alstom’s fuel cell train started in September 2018, when two pre-series vehicles began regular passenger service in Lower Saxony, Germany. After 1.5 years of trial operation and more than 180,000 kilometres covered, the way was cleared for the delivery of 14 series trains beginning in 2022. Now, the Austrian ÖBB will test the Coradia iLint on regional railway lines in the country’s south, where they could replace diesel trains. Passengers can look forward to a low-noise train with a top speed of 140 km/h and zero emissions.

Wasserstoff-Zug Copyright: ÖBB/Marek Knopp

Emirates to Operate Limited Passenger Flights in May

May 4, 2020 /

Emirates is set to operate limited passenger services to Frankfurt (02, 04, 06, 09, 11, 13 May), London Heathrow (03, 05, 07, 10, 12, 14 May), Manila (3, 6, 8, 10, 13, 15, 16 May), Sao Paulo (3 May), and Shanghai (2 May). The one-way special flights will facilitate travel for residents and visitors wishing to return home.

Those who wish to travel to Shanghai must contact the embassy or consulate of the People’s Republic of China in the UAE. For all other flights, passengers can book directly on emirates.com or via their travel agent.

Only citizens of the destination countries, and those who meet the entry requirements of the destination will be allowed to board. Customers will be required to follow all health and safety measures required by the UAE authorities and the country of destination.

Similar to other repatriation flights that Emirates has operated thus far, for health and safety reasons, the airline will offer a modified inflight service that reduces contact, and the risk of infection. Magazines and print reading material will not be available. Meals on-board will be served in hygienic prepacked meal boxes, offering customers sandwiches, beverages, snacks, and desserts. A selection of hot snacks will also be served on long-haul flights.

Emirates’ Lounge and Chauffeur Drive services will be temporarily unavailable during this period and in-flight Wi-Fi service is available for purchase only. On board Emirates’ flights, seats are pre-allocated where possible with vacant seats placed between individual passengers or family groups in observance of physical distancing protocols. More information is available on emirates.com.

Cabin baggage will not be accepted on these flights. Carry-on items allowed in the cabin will be limited to laptop, handbag, briefcase or baby items. All other items have to be checked in, and Emirates will add the cabin baggage allowance to customers’ check-in baggage allowance.

Passengers are required to apply social distancing guidelines during their journey and wear their own masks when at the airport and on board the aircraft. Travellers should arrive at Dubai International airport Terminal 3 for check-in, three hours before departure. Emirates’ check-in counters will only process passengers holding confirmed bookings to the above destinations.

All Emirates aircraft will go through enhanced cleaning and disinfection processes in Dubai, after each journey.

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