EADS results for 2008 presentedEADS sees „solid“ results for 2008
2008: Robuste Bilanz der EADS<br /> EADS said it achieved „satisfying“ results for the full year 2008 delivering an EBIT of € 2.8 billion. The Group benefited from its strong underlying performance and foreign currency effects while dealing with challenges in critical programmes. The A400M alone impacted EBIT by – 700 million Euros.
EADS’ order book achieved a new record of more than € 400 billion, Net Cash reached an unprecedented level of € 9.2 billion thanks to better than expected Free Cash Flow generation. EADS said it is in a good position to face the crisis, although the Group is facing a low level of visibility for the second half of 2009 and beyond due to the global economy and financial market weakness which is increasingly impacting air traffic.
The Group achieved high levels of deliveries in 2008: Airbus handed over 483 aircraft to its customers – more than ever before. Eurocopter also achieved a new record, delivering 588 helicopters. EADS recorded strong order intake across its product portfolio. Airbus received 777 net aircraft orders and Eurocopter booked 715 new helicopters. Good order intake in the defence businesses especially for tankers led to a stable defence order book of around € 55 billion, providing the basis for a more balanced business in the years to come. The Group’s space and defence businesses continued to grow profitability demonstrating the robust competitive position they have achieved through innovation and efficiency measures.
EADS revenues rose strongly by 11 percent to € 43.3 billion (FY 2007: € 39.1 billion) reflecting top line growth from operations across all Divisions. The increase includes € 1.1 billion resulting from the move to the early stage accounting methodology in the A400M programme applied starting in the third quarter of 2008. The Group’s revenue growth more than offset a weaker average US dollar rate. Based upon a strong delivery performance, EADS achieved 56 percent of its revenues outside Europe thanks to strong contributions from Asia-Pacific (25 percent), North America (18 percent) and other regions (13 percent).
EADS’ EBIT (pre goodwill and exceptionals) for the full year of 2008 improved to € 2,830 million compared to € 52 million in the previous year, when Airbus’ EBIT in particular was burdened by higher exceptional charges (Power8, A400M, A350 XWB). This EBIT growth contains around around € 900 million resulting from the revaluation of loss-making contracts at the €/US$ and £/US$ closing spot rates. The stronger EBIT resulted from improvements across all Divisions. At Airbus, strong operational performance in series programmes, achievement of Power8 cost savings and lower exceptional charges than in the previous year contributed positively to EBIT growth. The Military Transport Aircraft Division’s EBIT improvement was due to a ramp-up in tanker activity and lower exceptional charges than in the previous year. Eurocopter’s EBIT increase reflects the positive volume effect and better pricing. Both Astrium and the Defence & Security Division increased EBIT* and reached record profitability.
In line with the Group's EBIT* development, EADS improved its Net Income to € 1,572 million (FY 2007: € -446 million), or earnings per share to € 1.95 (earnings per share FY 2007: € -0.56). Self-financed R&D expenses remained stable at € 2,669 million (FY 2007: € 2,608 million). This reflects Airbus’ and Eurocopter’s continuing aircraft development programmes.