David George-Cosh

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Bombardier Inc.'s chief executive officer said the company is monitoring developments in Russia and will not pursue any business with people or companies that receive sanctions following the country's attack on Ukraine. 

Russia and the Commonwealth of Independent States (CIS) represent about six per cent of Bombardier's deliveries, the company's CEO Éric Martel told investors during an Investor Day presentation on Thursday. 

"Bombardier is extremely saddened and concerned with the loss of life and the impact on the Ukrainian population," Martel said during a question and answer period with investors. 

"We will continue to monitor and follow up all guidelines and sanctions that are being put in place. In the interim, we will not pursue business with the sanctioned individual or entities."

Martel described the situation between Russia and Ukraine as a "bump in the road" that Bombardier is managing, but believes it will not impact its pursuit of $1.5 billion in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 2025. 

Bombardier reported earlier this month it made $6.1 billion in revenue in 2021 while its order backlog reached $12.2 billion at year end. 

"Our plan is solid enough so that we can take those bumps in the road and still deliver the $1.5 billion that we've coveted," he said. 

The company currently has no operations in Russia and suspended plans to partner with Russian state-owned Rostec to build its turboprop planes in 2014 following sanctions tied to Russia's invasion of Ukraine through Crimea.