On Track: EADS Reports First Quarter (Q1) Results 2012 PDF Print E-mail
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Wednesday, 16 May 2012 16:06

 

Revenues climb 16 percent to € 11.4 billion•EBIT* before one-off up 109 percent: € 480 million
the EBIT* before one-off improvement was driven by the profitability ofAirbus series programmes combined with A380 improvement despite higherResearch & Development and hedge rate deterioration of matured hedges.Favourable mix and pricing at Eurocopter and the contribution of Vizadaat Astrium also contributed to the Group’s EBIT* before one-off improvement.Finally, the EBIT* before one-off also improved at Headquarters dueto positive Group elimination and increased allocation of management feesto Divisions.During the first quarter, EADS implemented close to $ 10 billion of newhedges at an average rate of € 1 = $ 1.32, which enhances stability of theGroup’s future financial performance. At the end of March, EADS’ totalhedge portfolio stood at $ 80.3 billion.EADS’ reported EBIT* increased to € 343 million (Q1 2011: € 192 million),driven by the improvement of the EBIT* before one-off. This quarter, thedollar mismatch and balance sheet revaluation had a positive impact on theEBIT* of around € 20 million. The A380 wing rib technical fix is now defined.The implementation of the retrofit fix will have a negative cost impact, whichled EADS to take an additional charge of € 158 million as a one-off to coverthe repair costs of the 71 aircraft delivered at the end of March.Net Income rose to € 133 million (Q1 2011: € -12 million), or earnings pershare of € 0.16 (earnings per share Q1 2011: € -0.01). The Net Income*before one-off(4) increased to € 259 million (Q1 2011: € 101 million).These increases are mainly driven by the operational improvement reflectedin the EBIT*, which is flowing down to the Net Income.The finance result amounts to € -143 million (Q1 2011: € -197 million).The interest result of € -73 million (Q1 2011: € -47 million) deterioratedcompared to the 2011 level, mainly due to lower interest income related tothe lower gross cash level and a reduction of the average interest ratecompared to last year. Meanwhile, the other financial result improved by€ 80 million to € -70 million (Q1 2011: € -150 million). Important changescome from a revaluation impact of EADS’ foreign exchange options and aless negative revaluation impact of US dollar and GBP assets compared tothe year before. In Q1 2012, the closing spot rate deteriorated by 5 cents to€ 1 = $ 1.34 at the end of March compared to € 1 = $ 1.29 at the end ofDecember 2011, while the year before the deterioration was 8 cents.Self-financed Research & Development (R&D) expenses increased to€ 726 million (Q1 2011: € 650 million), driven mainly by development on theA350 XWB at Airbus and product line investment at Eurocopter. Followingthe start of the A350 XWB final assembly in April, capitalisation of R&Daccording to IAS 38 will start in the second quarter.Free Cash Flow before customer financing amounted to € -1,303 million(Q1 2011: € 208 million). The improvement of the operational performance is weighed down by a deterioration of the working capital. This is mainly due to astrong increase of inventory as EADS continues to ramp up production whiledeliveries are back-loaded, especially on A380. Customer financing generatedcash of € 65 million in the quarter as lessors and banks retained appetite foraircraft assets. The level of capital expenditure increased compared to last year,mainly at Airbus and Eurocopter. Free Cash Flow after customer financing stoodat € -1,238 million (Q1 2011: € 309 million).The Net Cash position of EADS amounted to € 10.7 billion (year-end 2011:€ 11.7 billion).EADS’ order intake(5) increased by 92 percent to € 12.0 billion (Q1 2011:€ 6.3 billion), mainly due to the A320neo order intake at Airbus. It also includesan encouraging € 1.8 billion order intake at Cassidian. At the end ofMarch 2012, the Group’s order book(5) remains strong at € 526.2 billion(year-end 2011: € 541.0 billion), supporting future growth. The AirbusCommercial backlog has been reduced by a negative revaluation impact ofaround € 13 billion due to the deterioration of the US dollar closing spot ratesince the year-end 2011. The defence order book stood stable at € 51.9 billion(year-end 2011: € 52.8 billion).At the end of March 2012, EADS’ workforce consisted of 134,614 employees,(year-end 2011: 133,115).OutlookFor all items apart from Earnings per Share (EPS)* before one-off(4),EADS confirms the guidance given in March 2012 based on an assumptionof € 1 = $ 1.35 for year-end closing spot rates.In 2012, Airbus should deliver around 570 commercial aircraft, including atargeted 30 A380 deliveries. Gross orders should be above the number of
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.Contacts:Alexander ReinhardtMartin AgüeraMatthieu DuvelleroyPhilipp Lehmann
+33 629 431 564+49 151 151 42921Note to editors:Live-Transmission EADS Analysts Conference Call on the InternetYou may listen to the Analysts Conference Call today at 10:00 a.m. CET with Chief FinancialOfficer Hans Peter Ring 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 – First Quarter (Q1) Results 2012(Amounts in euro)EADS GroupRevenues, in millions
-1,238
-1,303
31 March
2012
526,178
51,913
10,674
Q1 2011
9,854
1,951
589
192
-12
-0.01
309
208
6,268
31 Dec
2011
540,978
52,775
11,681
133,115
+16%

+18%
+32%
+79%
+12%
+92%
Change
-3%
-2%
-9%
+1%
For footnotes please refer to page 11.

by Division
(Amounts in millions of Euro)
Airbus Division (6)
Airbus Commercial
Airbus Military
Eurocopter
Astrium
Cassidian
Headquarters /
Consolidation
Other Businesses
Total
by Division
(Amounts in millions of Euro)
Airbus Division (6)
Airbus Commercial
Airbus Military
Eurocopter
Astrium
Cassidian
Headquarters /
Consolidation
Other Businesses
Total
Revenues
Q1
2012
7,909
7,499
425
1,199
1,325
925
-315
361
11,404
Order Intake (5)
Q1
2012
7,877
7,530
372
1,248
1,163
1,806
-295
205
12,004
Q1
2011
7,013
6,707
434
823
1,171
878
-277
246
9,854
Change
+13%
+12%
-2%
+46%
+13%
+5%
+47%
+16%
Q1
2011
3,748
3,647
105
779
781
821
-255
394
6,268
Change
+110%
+106%
+254%
+60%
+49%
+120%
-48%
+92%
Q1
2012
183
146
11
65
65
8
28
-6
343
Order Book (5)
31 Mar
2012
480,322
460,288
21,272
13,863
14,515
16,178
-1,505
2,805
526,178
EBIT (2)
Q1
2011
115
125
1
31
52
8
-11
-3
192
Change
+59%
+17%
+1,000%
+110%
+25%
0%
+79%
31 Dec
2011
495,513
475,477
21,315
13,814
14,666
15,469
-1,467
2,983
540,978
Change
-3%
-3%
0%
0%
-1%
+5%
-6%
-3%
For footnotes please refer to page 11.
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 otherfinancial result (except the unwinding of discount on provisions) and all tax effects on thementioned items. Net Income* before one-off is the Net Income before one-off pre-goodwilland 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 Bookbased 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 offuture expectations and other forward-looking statements that are based on management’s beliefsThese statements reflect the EADS’ views and assumptions as of the date of the statements and involveknown 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, internalperformance, customer financing, customer, supplier and subcontractor performance or contractsnegotiations, 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 labourconditions, 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 airtravel worldwide, the outcome of political and legal processes, including uncertainty regardinggovernment 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 ratespread fluctuations between the euro and the U.S. dollar and other currencies, legal proceeding andother economic, political and technological risk and uncertainties. Additional information regarding these

 

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