Business Context and Reporting Period
This Form 6-K filing by Embraer S.A. is dated May 9, 2019, and addresses the reporting status for the first quarter of 2019 (ended March 31, 2019). The filing serves as a notice to the market regarding a delay in the disclosure of the official quarterly financial report (ITR) required by CVM Instruction 480/09.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document explicitly states that the official quarterly financial information will not be disclosed within the standard regulatory period.
Material Changes and Operational Context
- Accounting Restructuring: The delay in financial reporting is due to the separation of assets and liabilities of the Commercial Aviation business and its associated services (Commercial Aviation Unit).
- Strategic Partnership: This separation is required for the initial application of accounting treatment following the approval of a strategic partnership with The Boeing Company, approved at an extraordinary general meeting on February 26, 2019.
- Discontinued Operations: The separation aims to classify the Commercial Aviation Unit as a discontinued operation.
Guidance, Outlook, and Management Commentary
Management committed to transparency by confirming that an earnings press release would still be published on May 15, 2019. However, this release will not reflect the separation of the Commercial Aviation Unit as a discontinued operation. The revised ITR, audited by external auditors, will be released once the separation work is completed. The consummation of the Boeing transaction remains subject to regulatory approvals in Brazil, the United States, and other jurisdictions.
Investor Verification Checklist
- Verify the publication date of the revised ITR for 1Q2019 once the Commercial Aviation Unit separation is complete.
- Monitor the status of regulatory approvals required for the Boeing strategic partnership in Brazil, the US, and other jurisdictions.
- Review the May 15, 2019 earnings press release for preliminary results, noting they will exclude the discontinued operation classification.
- Confirm the final accounting treatment of the Commercial Aviation Unit in future filings.