Revenues and Profits Continue to Grow: EADS Reports Robust Nine-Month Results 2012
2012-11-08 11:30:16 -
Revenues and Profits Continue to Grow: EADS Reports Robust
Nine-Month (9m) Results 2012
* EADS on track to achieve 2012 revenue, profit guidance
* Revenues increase by 14 percent to € 37.3 billion
* EBIT* before one-off up 82 percent: € 1.9 billion
* Net Income* before one-off((4)) increases to € 1.1 billion; Net Income more
than doubles to € 903 million
* Free Cash Flow before acquisitions of € -3.2 billion reflects back-loaded
delivery pattern and government payment profile
* New hedging contracts of $ 27 billion enhance financial stability
Leiden, 8 November 2012 - EADS (stock exchange symbol: EAD) achieved robust
financial results in the first nine-months of 2012. Order intake((5)) in the
first nine months reached € 50.4 billion driven by solid order activity at
Eurocopter, Astrium, Cassidian and Airbus Military and ongoing momentum at
Airbus Commercial. At the end of September, EADS' order book((5)) stood at €
547.5 billion showing resilience and providing visibility in the current macro
environment. Revenues amounted to € 37.3 billion. The EBIT* before one-off of
around € 1.9 billion benefited from a strong underlying performance.
The reported EBIT* amounted to € 1.6 billion, significantly above the 2011
level. The Net Cash position amounted to € 8.1 billion.
"Our performance over the first nine months shows double-digit revenue growth
and a strong increase in profitability. The latter reflects, not least, our
continued focus on programme management and execution," said Tom Enders, CEO of
EADS. "However, we will not run out of operational challenges anytime soon,
especially at Eurocopter and Airbus. And for the rest of the year, we'll put
strong emphasis on cash generation. Aircraft deliveries are key."
In the first nine months of 2012, EADS' revenues increased 14 percent to € 37.3
billion (9m 2011: € 32.7 billion) driven by growth across all Divisions. The
newly acquired companies in 2011 contributed around € 1 billion to this growth.
Until the end of September, physical deliveries continued to be at a high level
with 405 aircraft at Airbus Commercial and 300 helicopters at Eurocopter. In
September, Astrium achieved the 51(st) consecutive successful Ariane 5 launch.
EBIT* before one-off - an indicator capturing the underlying business margin by
excluding non-recurring charges or profits caused by movements in provisions or
foreign exchange impacts - stood at around € 1.9 billion (9m 2011: around € 1.1
billion) for EADS and at around € 1.2 billion for Airbus (9m 2011: around € 0.4
billion). The increase compared to the same period last year is driven by
operational improvement at Airbus Commercial including favourable volume and
better pricing. Astrium's growth is driven by productivity improvements and the
integration of Vizada.
In Eurocopter, despite an unfavourable product mix in the third quarter and
higher Research & Development expenses, EBIT* before one-off is stable. As
expected, Cassidian's 2012 profitability is impacted by the business
transformation and globalisation.
During the first nine months of 2012, EADS accelerated its hedge activity and
implemented $ 27 billion of new hedge contracts at an average rate of € 1 = $
1.29, which enhances the stability of the Group's financial performance. At the
end of September, EADS' total hedge portfolio stood at $ 86.4 billion.
EADS' reported EBIT* increased by 82 percent to € 1,615 million (9m 2011: €
885 million), driven by the improvement of the EBIT* before one-off.
In the first nine months of 2012, the dollar mismatch and balance sheet
revaluation had a positive impact on the EBIT* of around € 70 million.
The A350 XWB charge of € 124 million is unchanged compared to H1 2012 as Airbus
progresses within the amended schedule, which was communicated in July. However,
the programme remains challenging.
Airbus is progressing, as planned, on the A380 wing rib technical fix
development. The total charges recorded so far in 2012 amount to € 0.2 billion.
Airbus still targets 30 A380 deliveries for 2012 which means the total charge
for the A380 wing rib feet is still expected to reach around € 260 million for
the full year.
Following the Hawker Beechcraft (HBC) decision to shut down all their jet lines
and despite EADS' efforts to actively seek an acquirer for HBC as a whole
including jets, the programme closure has resulted in an exceptional charge of €
76 million in the third quarter.
Net Income rose sharply to € 903 million (9m 2011: € 421 million), or earnings
per share of € 1.10 (earnings per share 9m 2011: € 0.52).
The Net Income* before one-off((4)) increased to € 1.1 billion (9m 2011: € 607
million) in line with the strong underlying performance.
The finance result amounted to € -337 million (9m 2011: € -212 million).
The interest result of € -237 million (9m 2011: € -9 million) deteriorated
compared to the 2011 level, mainly due to lower interest income reflecting the
evolution of interest rates. In addition, the 2011 interest result benefited
from a positive one-time release of € 120 million due to the termination of the
A340 programme.
The other financial result of € -100 million (9m 2011: € -203 million) includes
an improved impact from a foreign exchange revaluation compared to 9m 2011. This
line also includes the unwinding of discounted provisions.
Self-financed Research & Development (R&D) expenses remained broadly stable at €
2,145 million (9m 2011: € 2,151 million).
Free Cash Flow before acquisitions amounted to € -3,235 million (9m 2011: € 587
million). Operational performance improved significantly compared to the same
period last year. However, it is weighed down by a significant temporary
deterioration in working capital which reflects the back-loaded delivery pattern
and the significant industrial ramp up efforts, especially at Airbus and
Eurocopter. In addition, government payment profiles and milestone achievements
are back-loaded, particularly at Cassidian.
In the first nine months of 2012, low customer financing support of € -97
million had been provided, demonstrating continuing appetite for asset-based
financing and continued Export Credit Agency support for deliveries.
The level of capital expenditure continued to increase, mainly at Airbus driven
by A350 XWB as well as Single Aisle and Long Range rate increases. It includes a
capitalisation of development costs, mainly for the A350 XWB programme.
The Q4 cash flow should reflect the reversal of working capital requirements
driven by deliveries and payments from institutional customers.
Free Cash Flow after customer financing amounted to € -3,376 million (9m 2011: €
155 million).
The Net Cash position of EADS amounted to € 8.1 billion (year-end 2011: € 11.7
billion), also reflecting a cash contribution to pension assets of € 331 million
as well as the dividend payment of around € 370 million.
EADS' order intake((5)) amounted to € 50.4 billion (9m 2011: € 93.9 billion) and
was encouraging across all Divisions. The 9m 2011 order intake included
exceptional orders booked at Paris Air Show, particularly for the A320neo.
At the end of September 2012, the Group's order book((5)) stood at € 547.5
billion (year-end 2011: € 541.0 billion), providing a solid platform for future
growth.
The defence order book amounted to € 51.1 billion (year-end 2011: € 52.8
billion).
At the end of September 2012, EADS' workforce consisted of 137,415 employees,
(year-end 2011: 133,115).
Outlook
As the basis for EADS' 2012 guidance, EADS expects the world economy and air
traffic to grow in line with prevailing independent forecasts and assumes no
major disruption due to the current euro crisis.
As EADS' nine-month results confirm its growth and improvement trend, the Group
reaffirms with increased confidence its 2012 earnings guidance.
In 2012, Airbus should deliver around 580 commercial aircraft, including 30
targeted A380 deliveries.
Gross orders should be above the number of deliveries, in the range of 600 to
650 aircraft.
Based on an assumption of € 1 = $ 1.30, EADS 2012 revenues should grow in excess
of 10 percent.
Based on the Group's solid underlying operating performance, EADS expects 2012
Group EBIT* before one-off to be around € 2.7 billion.
As a result and with an expected tax rate for the full year of slightly below
30 percent, the EADS 2012 EPS* before one-off((4)) should be around € 1.95 (FY
2011: € 1.39).
Going forward, the reported EBIT* and EPS* performance of EADS will be dependent
on the Group's ability to execute on its complex programmes such as military
helicopters, A400M, A380 and A350 XWB, in line with the commitments made to
customers. Reported EBIT* and EPS* also depend on exchange rate fluctuations.
Based on the targeted 30 A380 deliveries and assuming no change in government
payment behaviour, EADS aims to be Free Cash Flow break-even after customer
financing and before acquisitions.
EADS Divisions: Continued commercial momentum at Airbus, healthy order intake at
Eurocopter, Astrium and Cassidian
Airbus' consolidated revenues increased by 14 percent to € 25,621 million (9m
2011: € 22,411 million). The Airbus consolidated EBIT* rose by 184 percent to €
837 million (9m 2011: € 295 million).
Airbus Commercial revenues amounted to € 24,725 million (9m 2011: € 21,120
million). Compared to one year ago, Airbus Commercial revenues benefited from
favourable volume, mix and pricing effects. A total of 403 deliveries were
booked with revenue recognition compared to the 405 physical deliveries as 2
aircraft were placed on operating lease.
Airbus Commercial EBIT* before one-off increased significantly to € 1.15 billion
(9m 2011: around € 380 million). It benefitted from better operational
performance including favourable volume and pricing, net of escalation. There
was a small tailwind from the appreciation of the US dollar rate of the Group's
maturing hedges to the end of September.
Airbus Commercial reported EBIT* also increased significantly to € 816 million
(9m 2011: € 306 million). It includes the charge booked in H1 2012 for the A350
XWB, the update of the A380 wing rib feet provision and a charge for the Hawker
Beechcraft programme closure. It benefited from a positive foreign exchange
effect.
Revenues at Airbus Military of € 1,194 million decreased compared to last year
(9m 2011: € 1,747 million) mainly due to lower revenue recognition on the A400M
as well as lower Tanker revenues.
EBIT* of Airbus Military improved slightly to € 8 million (9m 2011: € 5
million), reflecting lower R&D expenses.
During the first nine months of 2012, Airbus Commercial booked 382 net aircraft
orders (9m 2011: 1,038 units). The 2011 sales tally included contracts announced
at the Paris Air Show, where Airbus achieved an industry record, driven by the
A320neo, still unmatched by competition.
Airbus continued to see healthy demand for both the A320 and the A320neo, with
significant orders booked from Chinese lessor ICBC Financial Leasing Co. Ltd.
and Philippine Airlines during the third quarter. Airbus made good progress on
the A320 'Sharklet' flight testing programme, with AirAsia due to take delivery
of the first aircraft equipped with the fuel saving devices by year end.
Following on from the order by Cathay Pacific for the A350-1000, Singapore
Airlines in October announced its intention to order 20 A350-900s and 5 A380s.
Thai Airways International took delivery of its first A380 in September,
becoming the ninth airline globally to operate the double-decker aircraft.
The challenging A350 XWB programme continues to make progress.
Both the static test aircraft and MSN 1, the first flying aircraft, are in
assembly and power-on of the front fuselage section has been successfully
achieved. Wing drilling is now on track. Airbus continues to target first flight
for mid-2013 and Entry-into-Service in H2 2014. The supply chain performance is
still challenging.
During the first nine months of 2012, Airbus Military recorded 30 orders and
delivered 11 aircraft. Airbus Military's book-to-bill ratio was above 1 for the
first nine months, driven by growth in export markets.
The A400M flight testing programme continues, having accumulated more than
3,800 flight test hours completed by the end of September.
The root cause of the recent engine technical issues has been identified. A400M
Initial Operating Capability is targeted in Q1 2013 on a configuration to be
agreed with OCCAR, allowing the first delivery to France in Q2 2013. Three
further deliveries are planned later that year.
At the end of September 2012, Airbus' consolidated order book was valued at €
502.7 billion (year-end 2011: € 495.5 billion).
The Airbus Commercial backlog amounted to € 482.0 billion (year-end 2011: €
475.5 billion), which comprises 4,414 units (year-end 2011: 4,437 aircraft) and
represents around 7 years of full production.
Airbus Military's order book amounted to 236 aircraft, equalling € 21.8 billion
(year-end 2011: € 21.3 billion).
Revenues at Eurocopter increased by 19 percent to € 4,116 million (9m 2011: €
3,458 million), mainly driven by more Super Puma deliveries, higher repair and
overhaul support activities and the full inclusion of the Vector Aerospace
business consolidation.
The first batch of 4 Tiger helicopters in the ASGARD configuration for
deployment to Afghanistan was delivered to the German government on time this
quarter. Deliveries reached 300 helicopters (9m 2011: 323 helicopters).
The Division's EBIT* increased significantly by 76 percent to € 277 million (9m
2011: € 157 million). The 9m 2011 EBIT* included a net charge of € 120 million.
Therefore, the Eurocopter EBIT* before one-off was stable compared with the
2011 level as the favourable mix on commercial and services, including Vector,
was weighed down by higher military sales and higher R&D activity.
The Division is continuing its high stake discussions with several NH90 and
Tiger customers, who are seeking to reduce deliveries, the outcome of which is
still open.
In close collaboration with the investigation authorities, Eurocopter is
devoting all its efforts in analysing and mitigating the root causes for the
incidents on Super Puma and Ecureuil B3e.
During the first nine months of 2012, Eurocopter's net order intake rose to 286
compared to 259 net orders for the same period last year. The order value
increased significantly compared to last year, mainly due to a favourable mix on
EC175 and Super Puma and the consolidation of Vector Aerospace.
In the third quarter, Eurocopter secured important orders in the Emergency
Medical Services segment for Med-Trans Corporation and the civil security
segment for Kazakhstan.
Eurocopter's order book decreased slightly to € 13.3 billion (year-end 2011: €
13.8 billion) comprising 1,062 helicopters (year-end 2011: 1,076 helicopters).
Astrium revenues in the first nine months of 2012 rose by 14 percent to € 3,934
million (9m 2011: € 3,440 million), mainly due to the inclusion of the acquired
Vizada group.
EBIT* increased by 16 percent to € 191 million (9m 2011: € 165 million), despite
higher R&D compared to last year. The EBIT* increase is due to margin
improvements thanks to efficiency and productivity gains resulting from the
AGILE transformation programme as well as a positive Vizada contribution.
Astrium's order intake reached € 2.9 billion over the first nine months of 2012
(9m 2011: € 2.3 billion), representing an increase of 23 percent compared to the
previous year. This performance was driven by a solid level of services
activity.
Astrium demonstrated strong programme execution during the third quarter
achieving three Ariane 5 launches, resulting in the 51(st) consecutive success.
Three Astrium-built satellites were launched this quarter and the third
Automated Transfer Vehicle (ATV) mission has been successfully completed.
The European Space Agency (ESA) Ministerial Council, scheduled for 20-21
November in Naples, Italy, is expected to provide clear perspectives on the
future direction of European space programmes.
At the end of September 2012, the order book of Astrium amounted to € 13.8
billion (year-end 2011: € 14.7 billion).
Cassidian revenues with € 3,484 million (9m 2011: € 3,419 million) are in line
with the previous year's level while EBIT* decreased to € 156 million (9m 2011:
€ 170 million), as expected. The decrease in self-funded R&D was offset by
continuing investments in globalisation and transformation.
The appointment of a new management team in September is designed to reduce
complexity, enhance margin performance and to strengthen internationalisation.
A comprehensive review of cost structure and contract execution enhancement was
launched with a view to concluding it before year-end.
Cassidian's order intake of € 3.4 billion for the first nine months was
significantly above last year's level (9m 2011: € 2.6 billion), despite the
challenging market environment, driven mainly by profitable Eurofighter and MBDA
business.
Cassidian continues to explore export opportunities for Eurofighter in the
Middle East and Asia.
During the third quarter, Cassidian closed the acquisition of Rheinmetall
Airborne Systems. Furthermore, the Division finalised the acquisition of a
75.1% stake in the Carl Zeiss Optronics business in October 2012.
At the end of September 2012, the Cassidian order book had risen to € 15.9
billion (year-end 2011: € 15.5 billion).
Headquarters and Other Businesses (not belonging to any Division)
Revenues of Other Businesses increased 28 percent to € 1,067 million (9m 2011: €
833 million), mainly due to volume increase at EADS North America and ATR.
EBIT* of Other Businesses decreased to € 15 million (9m 2011: € 20 million). The
9m 2011 EBIT* included a € 10 million gain from the divestiture of Defense
Security and Systems Solutions - DS3 - in EADS North America.
Therefore, the EBIT* before one-off improved by € 5 million thanks to the
profitability improvements in the Cabin Interior business of Sogerma and to
improvements at EADS North America.
ATR received 15 net orders over the first nine months of 2012 (9m 2011: 145,
which included exceptional orders at Paris Air Show) and delivered 37 aircraft
(9m 2011: 30). At the end of September, the ATR backlog stood at 202 aircraft.
At EADS North America, a flight demonstration has begun for the US Army's Armed
Aerial Scout helicopter programme.
At the end of September 2012, the order book of Other Businesses had decreased
to € 2.7 billion (year-end 2011: € 3.0 billion).
* EADS uses EBIT pre-goodwill impairment and exceptionals as a key
indicator of its economic performance. The term "exceptionals" refers to such
items as depreciation expenses of fair value adjustments relating to the EADS
merger, the Airbus Combination and the formation of MBDA, as well as impairment
charges thereon.
EADS is a global leader in aerospace, defence and related services. In 2011,
the Group - comprising Airbus, Astrium, Cassidian and Eurocopter - generated
revenues of € 49.1 billion and employed a workforce of over 133,000.
EADS Investor Relations contacts:
Philippe BALDUCCHI tel. +33 1 42 24 2800 philippe.balducchi@eads.net
Julie KITCHER tel. +33 1 42 24 2636 julie.kitcher@eads.net
www.eads.com
twitter.com/EADSpress
A dossier on EADS' financial results is available at www.eads.com/press-
dossiers-financials.
Subscribe to our RSS Feed at www.eads.com/RSS. Further information on EADS -
photo, video, sound bites, background documents - is available at
www.eads.com/press and www.eads.com/broadcast-room.
Note to editors:
Live-Transmission EADS Analysts Conference Call on the Internet
You may listen to the Analysts Conference Call today at 10:30 a.m. CET with
Chief Financial Officer Harald Wilhelm on the EADS website www.eads.com.
Please click on the front page banner. A recording of the call will be available
later on.
EADS - Nine-Month (9m) Results 2012 (reviewed)
(Amounts in euro)
+-------------------------------------------------+------------+-------+-------+
|EADS Group | 9m 2012 |9m 2011|Change |
+-------------------------------------------------+------------+-------+-------+
|Revenues, in millions | 37,258 |32,687 | +14% |
| | | | |
|thereof defence, in millions | 7,355 | 7,490 | -2% |
+-------------------------------------------------+------------+-------+-------+
|EBITDA ((1)), in millions | 2,938 | 2,025 | +45% |
+-------------------------------------------------+------------+-------+-------+
|EBIT ((2)), in millions | 1,615 | 885 | +82% |
+-------------------------------------------------+------------+-------+-------+
|Research & Development expenses, in millions | 2,145 | 2,151 | 0% |
+-------------------------------------------------+------------+-------+-------+
|Net Income ((3)), in millions | 903 | 421 | +114% |
+-------------------------------------------------+------------+-------+-------+
|Earnings Per Share (EPS) ((3)) | 1.10 | 0.52 |+0.58 €|
+-------------------------------------------------+------------+-------+-------+
|Free Cash Flow (FCF), in millions | -3,376 | 155 | - |
+-------------------------------------------------+------------+-------+-------+
|Free Cash Flow (FCF) before acquisitions, in | -3,235 | 587 | - |
|millions | | | |
+-------------------------------------------------+------------+-------+-------+
|Free Cash Flow before Customer Financing, in | -3,279 | -27 | - |
|millions | | | |
+-------------------------------------------------+------------+-------+-------+
|Order Intake ((5)), in millions | 50,409 |93,907 | -46% |
+-------------------------------------------------+------------+-------+-------+
+-------------------------------------------------+------------+-------+-------+
|EADS Group |30 Sept 2012|31 Dec |Change |
| | | 2011 | |
+-------------------------------------------------+------------+-------+-------+
|Order Book ((5)), in millions | 547,476 |540,978| +1% |
| | | | |
|thereof defence, in millions | 51,119 |52,775 | -3% |
+-------------------------------------------------+------------+-------+-------+
|Net Cash position, in millions | 8,075 |11,681 | -31% |
+-------------------------------------------------+------------+-------+-------+
|Employees | 137,415 |133,115| +3% |
+-------------------------------------------------+------------+-------+-------+
For footnotes please refer to page 13.
+-----------------------------+--------------------+----------------------+
|by Division | Revenues | EBIT( (2)) |
+-----------------------------+------+------+------+-------+-------+------+
|(Amounts in millions of Euro)| 9m | 9m |Change| 9m | 9m |Change|
| | 2012 | 2011 | | 2012 | 2011 | |
+-----------------------------+------+------+------+-------+-------+------+
|Airbus Division ((6)) |25,621|22,411| +14% | 837 | 295 |+184% |
| | | | | | | |
|Airbus Commercial |24,725|21,120| +17% | 816 | 306 |+167% |
| | | | | | | |
|Airbus Military |1,194 |1,747 | -32% | 8 | 5 | +60% |
+-----------------------------+------+------+------+-------+-------+------+
|Eurocopter |4,116 |3,458 | +19% | 277 | 157 | +76% |
+-----------------------------+------+------+------+-------+-------+------+
|Astrium |3,934 |3,440 | +14% | 191 | 165 | +16% |
+-----------------------------+------+------+------+-------+-------+------+
|Cassidian |3,484 |3,419 | +2% | 156 | 170 | -8% |
+-----------------------------+------+------+------+-------+-------+------+
|Headquarters / | -964 | -874 | - | 139 | 78 | - |
|Consolidation | | | | | | |
| | | | | | | |
|Other Businesses |1,067 | 833 | +28% | 15 | 20 |-25 % |
+-----------------------------+------+------+------+-------+-------+------+
|Total |37,258|32,687| +14% | 1,615 | 885 | +82% |
+-----------------------------+------+------+------+-------+-------+------+
+-----------------------------+--------------------+----------------------+
|by Division | Order Intake ((5)) | Order Book ((5)) |
+-----------------------------+------+------+------+-------+-------+------+
|(Amounts in millions of Euro)| 9m | 9m |Change|30 Sept|31 Dec |Change|
| | 2012 | 2011 | | 2012 | 2011 | |
+-----------------------------+------+------+------+-------+-------+------+
|Airbus Division ((6)) |40,659|85,485| -52% |502,680|495,513| +1% |
| | | | | | | |
|Airbus Commercial |39,109|85,421| -54% |481,957|475,477| +1% |
| | | | | | | |
|Airbus Military |1,691 | 408 |+314% |21,821 |21,315 | +2% |
+-----------------------------+------+------+------+-------+-------+------+
|Eurocopter |3,586 |2,760 | +30% |13,283 |13,814 | -4% |
+-----------------------------+------+------+------+-------+-------+------+
|Astrium |2,866 |2,328 | +23% |13,804 |14,666 | -6% |
+-----------------------------+------+------+------+-------+-------+------+
|Cassidian |3,406 |2,604 | +31% |15,928 |15,469 | +3% |
+-----------------------------+------+------+------+-------+-------+------+
|Headquarters/ | -839 | -893 | - | -915 |-1,467 | - |
|Consolidation | | | | | | |
| | | | | | | |
|Other Businesses | 731 |1,623 | -55% | 2,696 | 2,983 | -10% |
+-----------------------------+------+------+------+-------+-------+------+
|Total |50,409|93,907| -46% |547,476|540,978| +1% |
+-----------------------------+------+------+------+-------+-------+------+
For footnotes please refer to page 13.
EADS - Third Quarter Results (Q3) 2012
(Amounts in euro)
+------------------------------------+-------------+---------+------+
|EADS Group | Q3 2012 | Q3 2011 |Change|
+------------------------------------+-------------+---------+------+
|Revenues, in millions | 12,324 | 10,751 | +15% |
+------------------------------------+-------------+---------+------+
|EBIT ((2)), in millions | 537 | 322 | +67% |
+------------------------------------+-------------+---------+------+
|Net Income ((3)), in millions | 309 | 312 | -1% |
+------------------------------------+-------------+---------+------+
|Earnings Per Share (EPS)( (3)) | 0.38 | 0.38 |0.00 €|
+------------------------------------+-------------+---------+------+
+-----------------------------+--------------------+----------------+
|by Division | Revenues | EBIT ((2)) |
+-----------------------------+------+------+------+----+----+------+
|(Amounts in millions of Euro)| Q3 | Q3 |Change| Q3 | Q3 |Change|
| | 2012 | 2011 | |2012|2011| |
+-----------------------------+------+------+------+----+----+------+
|Airbus Division ((6)) |8,375 |7,099 | +18% |284 | 93 |+205% |
| | | | | | | |
|Airbus Commercial |8,140 |6,656 | +22% |268 | 83 |+223% |
| | | | | | | |
|Airbus Military | 351 | 635 | -45% | 6 | 2 |+200% |
+-----------------------------+------+------+------+----+----+------+
|Eurocopter |1,345 |1,287 | +5% | 78 | 63 | +24% |
+-----------------------------+------+------+------+----+----+------+
|Astrium |1,273 |1,093 | +16% | 61 | 62 | -2% |
+-----------------------------+------+------+------+----+----+------+
|Cassidian |1,298 |1,286 | +1% | 68 | 81 | -16% |
+-----------------------------+------+------+------+----+----+------+
|Headquarters/ | -313 | -323 | - | 44 | 15 | - |
|Consolidation | | | | | | |
| | | | | | | |
|Other Businesses | 346 | 309 | +12% | 2 | 8 | -75% |
+-----------------------------+------+------+------+----+----+------+
|Total |12,324|10,751| +15% |537 |322 | +67% |
+-----------------------------+------+------+------+----+----+------+
Q3 2012 revenues increased 15 percent compared to Q3 2011, driven mainly by
higher volume and a favourable foreign exchange impact at Airbus Commercial as
well as the integration of Vizada in Astrium
Q3 2012 EBIT* improved 67 percent to € 537 million, mainly driven by Airbus
Commercial and Eurocopter. At Airbus Commercial, strong underlying performance
and a favourable impact from the improvement of hedge rates more than
compensated the charge booked for the Hawker Beechcraft Programme termination of
€ 76 million.
For footnotes please refer to page 13.
Footnotes:
1) Earnings before interest, taxes, depreciation, amortisation and
exceptionals.
2) Earnings before interest and taxes, pre goodwill impairment and
exceptionals.
3) EADS continues to use the term Net Income. It is identical with Profit
for the period attributable to equity owners of the parent as defined by IFRS
Rules.
4) Net Income before one-off is the Net Income stripped of the EBIT* one-
offs. It excludes other financial result (except the unwinding of discount on
provisions) and all tax effects on the mentioned items. Net Income* before one-
off is the Net Income before one-off pre-goodwill and exceptionals net of tax.
Accordingly, EPS* before one-off is EPS based on Net Income* before one-off.
5) Contributions from commercial aircraft activities to EADS Order Intake
and Order Book based on list prices.
6) The reportable Segments Airbus Commercial and Airbus Military form the
Airbus Division. Eliminations are treated at the Division level.
Safe Harbour Statement:
Certain statements contained in this press release are not historical facts but
rather are statements of future expectations and other forward-looking
statements that are based on management's beliefs. These statements reflect the
EADS' views and assumptions as of the date of the statements and involve known
and unknown risk and uncertainties that could cause actual results, performance
or events to differ materially from those expressed or implied in such
statements.
When used in this press release, words such as "anticipate",
"believe",
"estimate", "expect", "may", "intend", "plan
to" and "project" are intended to
identify forward-looking statements.
This forward looking information is based upon a number of assumptions including
without limitation: assumption regarding demand, current and future markets for
EADS' products and services, internal performance, customer financing, customer,
supplier and subcontractor performance or contracts negotiations, favourable
outcomes of certain pending sales campaigns.
Forward looking statements are subject to uncertainty and actual future results
and trends may differ materially depending on variety of factors including
without limitation: general economic and labour conditions, including in
particular economic conditions in Europe, North America and Asia, legal,
financial and governmental risk related to international transactions, the
cyclical nature of some of EADS' businesses, volatility of the market for
certain products and services, product performance risks, collective bargaining
labour disputes, factors that result in significant and prolonged disruption to
air travel worldwide, the outcome of political and legal processes, including
uncertainty regarding government funding of certain programs, consolidation
among competitors in the aerospace industry, the cost of developing, and the
commercial success of new products, exchange rate and interest rate spread
fluctuations between the euro and the U.S. dollar and other currencies, legal
proceeding and other economic, political and technological risk and
uncertainties. Additional information regarding these factors is contained in
the Company's "registration document" dated 12 April 2012.
For more information, please refer to www.eads.com.
Press Release_EADS9mEarnings2012:
hugin.info/143449/R/1656191/535391.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: EADS via Thomson Reuters ONE
[HUG#1656191]
