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Aerospace Equipment and Services in Belgium: A Strategic Reference, 2006


Description: How to Strategically Evaluate Belgium Perhaps the most efficient way of evaluating Belgium is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance to aerospace equipment and services are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”). Framework for Prioritizing Countries Demand/Market Potential Driven Firm Relative Accessibility Accessibility/Supply Averse Firm In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities (e.g. a Canadian firm may have higher accessibility in Canada than a German firm). Latent Demand and Accessibility in Belgium This report provides a detailed overview of factors driving latent demand and accessibility for aerospace equipment and services in Belgium. Latent demand is largely driven by economic fundamentals specific to aerospace equipment and services. This topic is discussed in Chapter 2 using work carried out in Belgium on behalf of American firms and authored by the United States government (typically commercial attachés or similar persons in local offices of the U.S. Department of State). I have included a number of edits to clarify the information provided. Latent demand only represents half of the picture. Chapter 2 also deals with micro-accessibility for aerospace equipment and services in Belgium. I use the term “micro” since the discussion is focused specifically on aerospace equipment and services. Chapter 3 is also a stand-alone report that I have authored. It covers proxy pro-forma financial indicators of firms operating in Belgium. I use the word “proxy” because the provided figures only cover a “what if” scenario, based on actual operating results for firms in Belgium. The numbers are only indicative of an average firm whose primary activity is in Belgium. It covers a vertical analysis of the maximum likelihood balance sheet, income statement, and financial ratios of firms operating in Belgium. It does so for a particular Standard Industrial Classification (SIC) code. That code covers “aircraft and parts manufacturing”, as defined in Chapter 3. Again, while “aircraft and parts manufacturing” does not exactly equate to “aerospace equipment and services”, it nevertheless gives an indicator of how Belgium compares to other countries for a proxy adjacent category along various dimensions. Chapter 4 deals with macro-accessibility and covers factors that go beyond aerospace equipment and services. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Belgium: Openness to Trade in Belgium Openness to Direct Investment in Belgium Local Marketing and Entry Strategy Alternatives Local Human Resources Local Risks Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are covered in the Chapter 4, which is a general overview of investment and business conditions in Belgium. Chapter 4 is also presented from the perspective of an American firm, though is equally applicable to most firms entering Belgium. This chapter is also authored by local offices of the U.S. government, as is Chapter 2. Likewise, I have included a number of edits to clarify the provided information as it relates to the general strategic framework mentioned earlier.


Contents: 1 INTRODUCTION & METHODOLOGY 1 1.1 What Does This Report Cover? 1 1.2 How to Strategically Evaluate Belgium 1 1.3 Latent Demand and Accessibility in Belgium 3 2 AEROSPACE EQUIPMENT AND SERVICES IN BELGIUM 5 2.1 Latent Demand and Accessibility: Background 5 2.2 Latent Demand: Market Composition 5 2.3 Latent Demand: Dynamics 6 2.4 Accessibility: The Structure of Competition 7 2.4.1 Global Players 7 2.4.2 Local Companies 8 2.4.3 Small and Medium Enterprises 9 2.5 Latent Demand: Target Buyers 9 2.5.1 Principal End Users 9 2.6 Accessibility: Market Entry 11 2.7 Key Contacts 12 2.7.1 Industry Associations 12 2.7.2 U.S. Government 13 3 FINANCIAL INDICATORS: AIRCRAFT AND PARTS MANUFACTURING 14 3.1 Overview 14 3.1.1 Financial Returns and Gaps in Belgium 15 3.1.2 Labor Productivity Gaps in Belgium 18 3.1.3 Limitations and Extensions 18 3.2 Financial Returns in Belgium: Asset Structure Ratios 19 3.2.1 Overview 19 3.2.2 Assets - Definitions of Terms 19 3.2.3 Asset Structure: Outlook 22 3.2.4 Large Variances: Assets 23 3.2.5 Key Percentiles and Rankings 26 3.3 Financial Returns in Belgium: Liability Structure Ratios 41 3.3.1 Overview 41 3.3.2 Liabilities and Equity - Definitions of Terms 41 3.3.3 Liability Structure: Outlook 43 3.3.4 Large Variances: Liabilities 44 3.3.5 Key Percentiles and Rankings 47 3.4 Financial Returns in Belgium: Income Structure Ratios 58 3.4.1 Overview 58 3.4.2 Income Statements - Definitions of Terms 58 3.4.3 Income Structure: Outlook 60 3.4.4 Large Variances: Income 61 3.4.5 Key Percentiles and Rankings 64 3.5 Financial Returns in Belgium: Profitability Ratios 79 3.5.1 Overview 79 3.5.2 Ratios - Definitions of Terms 79 3.5.3 Ratio Structure: Outlook 81 3.5.4 Large Variances: Ratios 82 3.5.5 Key Percentiles and Rankings 85 3.6 Productivity in Belgium: Asset-Labor Ratios 100 3.6.1 Overview 100 3.6.2 Asset to Labor: Outlook 101 3.6.3 Asset to Labor: International Gaps 102 3.6.4 Key Percentiles and Rankings 105 3.7 Productivity in Belgium: Liability-Labor Ratios 120 3.7.1 Overview 120 3.7.2 Liability to Labor: Outlook 121 3.7.3 Liability and Equity to Labor: International Gaps 122 3.7.4 Key Percentiles and Rankings 125 3.8 Productivity in Belgium: Income-Labor Ratios 136 3.8.1 Overview 136 3.8.2 Income to Labor: Outlook 137 3.8.3 Income to Labor: Gaps 138 3.8.4 Key Percentiles and Rankings 141 4 MACRO-ACCESSIBILITY IN BELGIUM 156 4.1 Executive Summary 156 4.2 Political Risks 157 4.2.1 Economic Relationship with the United States 157 4.2.2 Politics and the Business Environment 157 4.2.3 The Political System 157 4.3 Marketing Strategies 158 4.3.1 Distribution Channel Options 158 4.3.2 Agents and Distributors 158 4.3.3 Contacting and Evaluating Potential Representatives 160 4.3.4 Franchising Activities 161 4.3.5 Direct Marketing Options 161 4.3.6 Joint Ventures and Licensing Options 162 4.3.7 Advertising and Trade Promotion 162 4.3.8 Steps to Establishing an Office 163 4.3.9 Selling Strategies 164 4.3.10 Labeling Issues 164 4.3.11 Pricing Issues 164 4.3.12 Currency 165 4.3.13 Public Sector Marketing 166 4.3.14 Intellectual Property Risks 166 4.3.15 Hiring Local Counsel 168 4.4 Import and Export Regulation Risks 168 4.4.1 Effects of the EU Single Market 168 4.4.2 Trade Barrier Risks 168 4.4.3 Government Procurement 169 4.4.4 Eco-Taxes and Environmental Regulation 169 4.4.5 Cattle Growth Hormone Ban 169 4.4.6 Valuations on Imports 169 4.4.7 Licenses Required for Imports 170 4.4.8 Controls on Exports 170 4.4.9 Documentation Required for Trade 171 4.4.10 Licenses Required for Imports 171 4.4.11 U.S. Shippers Export Declaration 171 4.4.12 Consular Fees 171 4.4.13 Entering Temporary Imports 172 4.4.14 Labeling Issues 172 4.4.15 Restrictions on Imports 173 4.4.16 Local Standards 174 4.4.17 Technical Regulations 176 4.4.18 Labeling Issues 176 4.4.19 Free Trade Zones and Warehouses 177 4.4.20 Additional Trade Issues 177 4.4.21 Adherence to Free Trade Agreements 178 4.5 Investment Climate 178 4.5.1 Openness to Foreign Investment 179 4.5.2 Takeover Legislation 179 4.5.3 Screening 179 4.5.4 National Treatment 179 4.5.5 Conversion and Transfer Policies 180 4.5.6 Expropriation and Compensation 180 4.5.7 Dispute Settlement 180 4.5.8 Performance Requirements and Incentives 181 4.5.9 Non-Tariff Barriers 182 4.5.10 Right to Private Ownership and Establishment 183 4.5.11 Protection of Property Rights 183 4.6 Transparency of the Regulatory System 184 4.6.1 Capital Market Risks 185 4.6.2 Corruption 185 4.6.3 Bilateral Investment Agreements 186 4.6.4 OPIC and Other Investment Insurance 186 4.6.5 Labor 187 4.6.6 Foreign Trade Zones and Free Ports 188 4.7 Trade and Project Financing 188 4.7.1 The Banking System 188 4.7.2 Factors Affecting the Banking Climate 189 4.7.3 The Euro 189 4.7.4 Foreign Exchange Control Risks 190 4.7.5 General Financing Availability 190 4.7.6 Financing Export Strategies 190 4.7.7 Types of Available Export Financing 191 4.7.8 Financing Projects 191 4.7.9 Banks with Correspondent U.S. Banking Arrangements 191 4.8 Travel Risks 194 4.8.1 Local Business Practices 194 4.8.2 Visas and Work Permits 194 4.8.3 Travel Issues 194 4.8.4 Infrastructure for Conducting Business 195 4.8.5 Country Data 196 4.9 Key Contacts 196 4.9.1 U.S. Government Contacts 196 4.9.2 Chambers of Commerce 197 4.9.3 Belgian Trade and Industry Associations 198 4.9.4 Belgian Consulates and Embassies in the U.S. 200 4.9.5 Belgian Regional Governments 201 4.9.6 Belgian Export Promotion 201 4.9.7 Belgian Foreign Investment Offices 202 4.9.8 American State Offices in Belgium 203 5 DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS 204 5.1 Disclaimers & Safe Harbor 204 5.2 Icon Group International, Inc. User Agreement Provisions 205




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