Spirit AeroSystems Holdings, Inc. Second Quarter 2009 Performance Review Jeff Turner President and Chief Executive Officer Rick Schmidt Chief Financial Officer July 30, 2009
Second Quarter 2009 Summary � G250 program challenges in Tulsa – Implemented management changes and improved program management disciplines � Disrupted Wichita operations in 2Q – Post-strike ramp-up inefficiencies – ERP Implementation and start-up inefficiencies – Nutplate rework residual � Wichita returning to pre-strike operating performance in 3Q � Propulsion Segment selected as the provider for Bombardier's CSeries Pylon � Well positioned to deal with market uncertainty Focused On Improving Performance 2
Fuselage Systems Segment Revenues & Operating Margins � Revenue reflects return to full- 25.0% rate production… Growth driven $700 18.7% 20.0% 17.4% Revenue (Millions) by development programs 11.0% 15.2% $525 541 15.0% Margin 11.3% 493 485 431 � Margin impacted by strike and $350 10.0% 288 nutplate rework residual, ERP $175 5.0% implementation, and Cessna $0 0.0% Citation Columbus termination 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 Delivered 3,000 th 737 Next � 737NG Generation fuselage 3000 th Fuselage � Shipped fourth P-8A fuselage � Shipped sixth 747-8 Freighter unit CH-53K � Transmission Frame Sikorsky CH-53K program on track ERP Implementation, Strike Recovery Disruption, Nutplate Rework Residual and Cessna Termination Impacted Performance 3
Propulsion Systems Segment Revenues & Operating Margins � Revenue reflects return to full- $500 25.0% rate production… Fewer 747 $400 20.0% Revenue (Millions) 17.0% 16.6% 16.2% deliveries and lower Aftermarket 8.3% Margin $300 15.0% 12.6% volume 297 292 279 $200 10.0% 227 169 � Margin impacted by strike $100 5.0% residual and ERP implementation $0 0.0% 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 � Shipped first Rolls-Royce BR725 nacelle package � Pylon design and build for Mitsubishi Regional Jet on track � Won new business… Pylons for Bombardier CSeries jet Rolls-Royce BR725 ERP Implementation and Strike Recovery Disruption Impacted Performance 4
Wing Systems Segment Revenues & Operating Margins � Revenue reflects foreign $600 20.0% 12.4% 10.9% 15.0% exchange headwind and reduced 8.8% $500 10.0% Revenue (Millions) 4.1% 747 volume 5.0% $400 Margin 0.0% $300 -5.0% -25.1% -10.0% � Margin impacted by $90 million 264 247 $200 235 221 -15.0% 182 G250 loss provision -20.0% $100 -25.0% $0 -30.0% � 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 Delivered first G650 wings to customer � Shipped third 747-8 Fixed Leading Edge Wing section � Growth in MRO services at Prestwick Repair Center G650 Wing 747-8 Fixed Leading Edge Wing G250 Program Challenges… Focused On Improvement 5
787 Update � Shipped Airplane number seven and eight during second quarter � 787 factory is rate ready � Planned restart of composite forward fuselage production later in the year � Overall product quality excellent Airplane Number 8 � Supporting engineering change activity � Continuing to work with supply base to support customer ramp- up � Focused on improving profitability 787 Forward Fuselage Systems Installation Facility Customer-Focused Execution Plan 6
Spirit AeroSystems Holdings, Inc. Second Quarter 2009 Financial Results Rick Schmidt Chief Financial Officer July 30, 2009
Second Quarter 2009 Financial Summary � Q2 Revenues $1.06 billion, down 0.2% from Q2 2008 – $29 million FX headwind, lower 747 volumes… Offset by higher development program revenues and higher Airbus volume � Q2 Operating Margins (1.0%) and fully diluted earnings per share of ($0.06) – Impacted by G250 and Cessna loss provisions – Impacted by unusually large negative cumulative catch-up adjustment � Solid balance sheet and liquidity – $89M cash balance at quarter end – Utilized $150 million from revolving credit facility year-to-date… $579 million undrawn – Full revolver repayment expected by year-end 2009 – Extended maturity of credit facility from June 2010 to June 2012 – Net Debt to Total Capital ratio 32.0%, up from 28.6% at Q1 2009 on utilization of revolving credit facility Financially Strong… Solid Underlying Core Performance 8
Second Quarter 2009 Financial Results Operating Income % of Revenues Revenues Millions Includes estimated Includes estimated strike impact $1,200 15.0% strike impact Includes of $256M $1,060 $1,062 12.8% $1,027 estimated Includes strike impact 11.0% estimated $887 10.8% strike impact Includes of $451M estimated strike $900 10.0% impact and lower Includes pension income estimated $646 Includes estimated strike impact impact from G250 and 4.4% of $53M Cessna loss provisions $600 5.0% and unusually large negative cum-catch of ($137M) $300 0.0% (1.0%) $0 (5.0%) 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 Earnings Per Share (Fully diluted) Includes $0.80 estimated strike Includes impact of ($0.13) estimated strike $0.62 impact of ($0.18) $0.60 $0.53 $0.45 Includes estimated strike impact of $0.40 ($0.28) and pension impact of ($0.10) $0.20 $0.14 Includes estimated impact from G250 and $- Cessna loss provisions and unusually large negative cum-catch of $(0.06) ($0.67) $(0.20) 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 Q2 2009 Residual Strike and Nutplate Rework Impact and ERP Implementation Disruption Plus G250 and Cessna Columbus Loss Provisions 9
Second Quarter 2009 Period Expenses Research & Development Expense (Millions) SG & A (Millions) $60 $60 $50 $50 $41 $39 $38 $40 $40 $36 $35 $30 $30 $20 $20 $15 $14 $14 $13 $11 $10 $10 $0 $0 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 % of % of 3.9% 3.8% 5.5% 4.3% 3.3% 1.0% 1.2% 2.4% 1.6% 1.3% Sales Sales Reflects lower sales Reflects lower sales due to strike due to strike Disciplined Expense Management 10
Second Quarter 2009 Income Statement SPIRIT AEROSYSTEMS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) 2Q 09 2Q 08 % Change 6M 09 6M 08 % Change (Dollars in Millions, Except Per Share Data) Net Revenues $ 1,060 $ 1,062 (0.2%) $ 1,947 $ 2,099 (7%) Cost of sales 1,022 875 17% 1,759 1,732 2% Selling, general and administrative 35 41 (15%) 73 80 (9%) Research and development 14 11 29% 28 20 35% Operating Income (Loss) (10) 136 (108%) 87 266 (67%) (1.0%) 12.8% (1,380) BPS 4.5% 12.7% (820) BPS Operating Income (Loss) % of Revenues $ (8) $ 86 (110%) $ 54 $ 172 (68%) Net Income (Loss) 138.0 139.8 (1%) 139.9 139.8 <1% Fully Diluted Weighted Avg Shares $ (0.06) $ 0.62 (110%) $ 0.39 $ 1.23 (68%) EPS (Fully Diluted) Q2 2009 Results Impacted by Unusual Items 11
Second Quarter 2009 EPS $0.70 $0.62 $0.05 * $0.60 $0.16 * $0.50 * $0.46 $0.40 $0.30 $0.20 $0.10 $- $(0.06) $(0.10) Q2 2008 EPS As Q2 2009 EPS As Estimated Impact Estimated Impact Estimated Impact Reported Reported Gulfstream G250 Unfavorable Termination of Wing Program cumulative catch-up Cessna Citation Forward Loss Columbus program 2008 2009 * Calculated using 2009 year-to-date actual effective tax rate and fully diluted share count. Unusual Items Impact Q2 2009 EPS 12
Cash and Debt Balances Credit Ratings S&P: BB Moody’s: Ba3 Cash Total Debt Millions Millions $800 $300 $736 $663 $250 $595 $592 $588 $217 $600 $200 $178 $147 $400 $150 $116 $89 $100 $200 $50 $0 $0 6/26/08 9/25/08 12/31/08 4/2/09 7/2/09 6/26/08 9/25/08 12/31/08 4/2/09 7/2/09 Credit Line Credit Line $150M $0M $0M $0M $75M $150M $0M $0M $0M $75M Borrowing Borrowing Available Liquidity and Solid Balance Sheet 13
Cash Flow – Second Quarter 2009 � Cash Items $ Millions 6M 09 6M 08 – Lower Net Income due to unusual Net Income $ 54 $ 172 items Depreciation & Amortization $ 67 $ 62 – Paying back 787 customer Other Non-Cash Items $ (3) $ (16) advances upon delivery Working Capital/Accrued Liabilities $ (203) $ (327) – Higher cash taxes versus book tax Customer Advances, Net $ (44) $ 184 provisions Income Taxes $ (42) $ 11 � Capital Expenditures Deferred Revenue $ (46) $ 0 Other $ - $ (8) – Slightly lower spending as 787 Operating Cash Flow $ (216) $ 78 requirements are completed or rescheduled Capital Expenditures $ (107) $ (119) – Minimizing new investment due to Customer Reimbursed Capital Expenditures $ 58 $ 57 market uncertainty Reinvesting for Growth 14
2009 Financial Guidance Financial Guidance Issued on July 30, 2009 2008 Actual 2009 Guidance Change Revenues $3.8 billion $4.2 - $4.3 billion 11% - 13% Earnings Per Share (Fully Diluted) $1.91 $1.45 - $1.55 (24%) - (19%) Effective Tax Rate 30.9% 31% - 32% Cash Flow from Operations $211 million ($100M) with ~$250 Capital Expenditures $236 million million of Capital Expenditures Customer Reimbursement $116 million 2009 Financial Guidance excludes potential impact associated with a 787 schedule revision. Updating 2009 Guidance 15
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