2007-11-11 - EADS lossesEADS posts huge loss in third quarter

Programmprobleme drücken EADS-Ergebnis<br /> EADS displayed strong commercial and operational performance of its legacy programmes, but its EBIT for the first nine months was burdened by charges for new programmes and restructuring.

In particular financial consequences of the A400M programme status have led EADS to update its 2007 EBIT guidance. For the full-year 2007 the Group expects EBIT to be around break-even.
"It isn't time to lower our guard. The sliding trajectory of the US Dollar confirms the necessity to implement and to reinforce Power8 with additional measures. This, and the complexity of programmes that will define tomorrow's competitive position – both technological and contractual – mean we have to keep on fighting: fight for lower costs, fight for optimal execution, and in the case of A400M, fight for proper support from partners and customers alike. There is no way around additional efficiency measures to ensure EADS' long-term competitiveness," said EADS CEO Louis Gallois. "Apart from that, EADS' Divisions show ongoing improvements in their operational performance and provide strong business fundamentals."
Revenues for the first nine months were Euro 27.8 billion (9m 2006: ÄEuro 27.5 billion), fuelled by higher commercial aircraft deliveries at Airbus (330 units versus 320 compared to the same period of the previous year) and have been further supported by increased volumes at Eurocopter and EADS Astrium. In the first three quarters of 2007, EADS' EBIT (pre goodwill and exceptionals) dropped to Euro -343 million compared to Euro 1,426 million in the same period of the previous year. The EBIT was strongly burdened by the Group-wide A400M charge of euro 1.37 billion (thereof Euro 1.1 billion at Airbus) recorded in the third quarter. The 9-months EBIT was further weighed down by Power8 restructuring and A350 XWB launch charges at Airbus (all accounted in the first half of 2007). However, during the first nine months of 2007, the Group experienced an ongoing improvement in its underlying legacy programmes' business performance. An increase in Airbus deliveries and growth in commercial helicopter, space and defence business contributed positively. EADS registered a Net Loss of euro 705 million (Net Income 9m 2006: Euro 867 million), or a loss per share of Euro 0.88 (earnings per share 9m 2006: Euro 1.08).
EADS revenues are expected to decrease very slightly in 2007 compared to 2006, based on 440 to 450 aircraft deliveries for the full year, mainly due to an assumed exchange rate of € 1 = US$ 1.40. All other factors held equal, EADS' full year EBIT is expected to break-even in 2007, reflecting the satisfactory results of the Group's strong legacy programmes, and a lower deterioration of delivered aircraft prices than expected.

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