2008-03-15 - EADS results 2007 lossEADS 2007 results show big loss
Verlust trotz hoher Bestellungen<br /> EADS delivered a strong business performance in 2007 while experiencing significant challenges.
The Group's order intake, at record heights, doubled compared to the previous year and the EBIT reached break-even, as was indicated in EADS' revised guidance. For 2008, the Group targets an EBIT of 1.8 billion. "2007 was a tough year with many high profile challenges to be overcome. The whole of EADS has shown strength and dedication in tackling these challenges and while there is still a lot of work to be done in order to regain the full trust of our investors and customers we have made a lot of progress. We have implemented a simplified governance structure and maintained high levels of investment in research and technology. The focus on efficiency and changes from Power8 are a precondition for continued investment in EADS' future," said EADS CEO Louis Gallois. "EADS refuels for future success and is taking definite steps to deliver against the ambitious goals of Vision 2020. We have fixed a lot of issues, and our cash situation allows us flexibility in the face of global economic challenges. We are cautious by nature, but I feel EADS is establishing a firm footing on higher ground."
Revenues stood at Euro 39.1 billion (FY 2006: Euro 39.4 billion), supported by higher commercial aircraft deliveries at Airbus (453 units versus 434 compared to the previous year), as well as increased volumes at Eurocopter and EADS Astrium. Despite an unfavourable US Dollar impact and a decrease in A400M revenue recognition Group revenues remained roughly stable in comparison with the previous year. EADS achieved 55 percent of its revenues outside Europe due to strong contributions from Asia-Pacific (23 percent), North America (20 percent) and other regions (12 percent).
EADS' EBIT (pre goodwill and exceptionals) for 2007 stood at Euro 52 million compared to Euro 399 million in 2006. The EBIT was strongly burdened by a Group-wide A400M charge (reflecting programme delays of 6 to 12 months) and by Power8 restructuring and A350 XWB charges. EBIT suffered from a negative impact of the weak US Dollar. Maturing of less attractive hedges than in 2006 was more than balanced out by revaluations on liabilities. However, the US Dollar impact on provisions put additional pressure on the Group's EBIT. Nevertheless, the underlying business performance of EADS' legacy programmes continued to improve. Positive contributions came from the ramp-up in Airbus deliveries and the strong helicopter, defence and space businesses. EADS recorded a Net Loss of Euro 446 million (Net Income FY 2006: Euro 99 million), or a loss per share of Euro 0.56 (earnings per share FY 2006: Euro 0.12). In the year under review, self-financed R&D expenses increased to Euro 2,608 million (FY 2006: Euro 2,458 million). This reflects Airbus' continuing aircraft development programmes, especially for the A350 XWB.