Leading market position as one of the two largest global manufacturers of large commercial aircraft. Robust market demand for new aircraft leading to a substantial backlog of orders. Significant development and manufacturing costs, execution risks, cost overruns, and long delays. Risk of further provisions on long-term programs. Below average profitability. Margins exposed to changes in foreign exchange rates, notably the U.S. dollar/euro rate. Our expectation of zero adjusted debt at year-end 2015 and 2016. Low reported gross borrowings. Sizable unrestricted cash balances and liquid investments that we regard as surplus cash. Sizable ongoing investments in working capital and capital expenditure (capex). Neutral free operating cash flow (FOCF) for 2015. Standard&Poor's Ratings Services' positive outlook on Netherlands-based aerospace and
