12.11.2010
FLUG REVUE

EADS remains stable in first nine months

EADS sees increasing commercial aircraft demand but says that institutional markets including helicopters, defence and public budgets have to be monitored.

At the end of September, the order intake of € 57.7 billion mirrors the improved momentum in commercial aviation. EADS’ order book of more than € 426 billion provides a solid platform for future deliveries. EADS’ revenues amounted to € 31.6 billion. The EBIT before one-off of € 0.8 billion benefited from the underlying performance in Airbus legacy programmes and other core business activities.

EBIT amounted to € 784 million. The Net Cash position of € 10.3 billion is better than expected thanks to better cash performance and favourable phasing. It is a key asset to foster future growth.

“The commercial aviation sector continues its ascent which starts to be reflected in the nine-month results. Within this improving environment, the A380 production is visibly progressing and manufacturing of the A350 has begun. I want to express our gratitude to the A400M Customer Nations who have supported us in reaching an agreement”, said Louis Gallois, CEO of EADS. “At the same time, budget reviews in our home countries are not yet fully completed; we therefore remain attentive to challenges which could arise for our business with government customers. Looking forward, beyond 2011 the upturn in the commercial aircraft business should drive the profitability improvement of the Group. In the mid-term, at the current exchange rates, Airbus should significantly improve its underlying profitability thanks to better volume, pricing and further economic improvement of the A380 performance.”

In the first nine months, EADS’ revenues increased to € 31.6 billion (9m 2009: € 29.7 billion) thanks to growth from both volume and mix effects across core businesses. Physical deliveries remained at a high level with 380 aircraft at Airbus Commercial, 367 helicopters at Eurocopter and the 38th consecutive successful Ariane 5 launch.

The percentage-of-completion methodology was resumed on the A400M programme. Until the end of September, based on the allocation of internal milestones, around € 500 million in revenues were booked on the programme. The Customer Nations and EADS have concluded negotiations on the overall A400M discussions. The FY 2009 A400M provision calculation remains valid. Government payments are more back-loaded than expected after the signature of the principle agreement in March 2010. Negotiations on the export levy facility (ELF) scheme are expected to be finalised before the end of the year. Once parliamentary approvals are obtained, the agreement will be binding. In the meantime, the A400M flight test programme is progressing better than expected with the fourth aircraft due to join the flight test campaign before year-end.

Net Income amounted to € 198 million (9m 2009: € 291 million), or earnings per share of € 0.24 (earnings per share 9m 2009: € 0.36). The finance result amounts to € -452 million (9m 2009: € -615 million). The interest result of € -176 million (9m 2009: € -89 million) reflects the decline in interest rates on the financial markets. The other financial result amounts to € -276 million (9m 2009: € -526 million). The improvement year-on-year is due to a positive revaluation of the Group’s U.S. dollar and GBP cash assets and the revaluation of financial instruments.

The order intake of EADS significantly increased to € 57.7 billion compared to one year ago (9m 2009: € 24.6 billion) mainly due to higher commercial aircraft orders. By the end of September 2010, EADS’ order book stood at a robust € 426.4 billion (year-end 2009: € 389.1 billion), mainly reflecting increases at Airbus and Astrium. The Airbus Commercial order book benefited from a positive revaluation impact of around € 18 billion due to the closing spot rate of the U.S. dollar that has significantly strengthened since year-end. The defence order book stood at € 56.4 billion (year-end 2009: € 57.3 billion).

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