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Airbus — EADS — Shareholder Meeting (May 2004)
12 slides from Airbus's shareholder meeting presentation, May 6, 2004
Slide 1: Amsterdam - May 6, 2004 / Content
Amsterdam - May 6, 2004 1 Content 1. Group Overview 2. Operating Performance by Division 3. Financials 2 1
Slide 2: FY2003 Financial Highlights
FY2003 Financial Highlights FY 2003 FY 2002 Revenues 30.1 € bn 29.9 € bn of which Defence 7.1 € bn 6.0 € bn EBIT* 1.5 € bn 1.4 € bn Net Income* 0.2 € bn (0.3 € bn) FCF before cust. financing** 2.1 € bn 0.6 € bn New orders 61.2 € bn 31.0 € bn of which Defence 30.8 € bn 7.1 € bn Dec. 2003 Dec. 2002 Ne
Slide 3: Portfolio Balance and EBIT Growth; No. 1 in Commercial Aviation
Portfolio Balance and EBIT Growth EBIT* CONTRIBUTION in € millions over 2001-2003 Space MTA Aeronautics DS HQ Airbus MTA=30 2003 (400) 217 171 172** 1353 2002 (268) (80) 180 122 111 1361 MTA=1 45 31 2001 (222) 184 1655 -500 -300 -100 100 -100 100 300 500 0 500 1000 1500 Of which restructuring charge
Slide 4: Space: Poised for Profitability; Defence Momentum
Space: Poised for Profitability Space EBIT* 2001 2002 2003 BREAKEVEN PROFIT e2004 e2005 € (222) m € (268) m € (400) m Restructuring charge Reach Breakeven •• Capacity adaptation, centers of competences … Reduction of 1100 jobs already achieved in 2004: • Ariane V prime contractorship awarded and € 3
Slide 5: Reaching-out Globally
Reaching-out Globally United States: EADS North America making imprint Eurocopter facility, Columbus/MS Globalhawk/Northrop Grumman Airbus design center Japan/China: 5 % investment in Avichina and strategic agreement, Airbus subcontracting in Japan and China Russia: Technology and Airbus design cent
Slide 6: Airbus
Content 1. Group Overview 2. Operating Performance by Division 3. Financials 11 Airbus €m FY 2003 FY 2002 • Revenues increased 5% with constant €-$ rate due to better mix Deliveries 305 303 and prices Revenues 19,048 19,512 R&D self-financed 1,819 1,682 • EBIT margin pre-R&D reaches in % of revenues
Slide 7: Airbus Customer Financing Controlled; MTA
Airbus Customer Financing Controlled in €m Dec. 2003 Dec. 2002 Total Gross exposure 3,822 € m 3,581 € m of which off-balance sheet 724 € m 891 € m Estimated collateral value (2,229 € m) (2,061 € m) Net exposure before provision 1,593 € m 1,520 € m Provision (1,593 € m) (1,520 € m) Residual Airbus ne
Slide 8: Aeronautics; Space
Aeronautics €m FY 2002 • Revenues: Eurocopter growth FY 2003 Pro-forma** offset by regional aircraft market depression Revenues 3,803 3,834 R&D self-financed 62 90 • EBIT margin improved thanks to in % of revenues 1.6% 2.3% military helicopter business EBIT* 217 180 in % of revenues 5.7% 4.7% • Expo
Slide 9: Defence and Security Systems
Defence and Security Systems FY 2002 • Revenues +8% and EBIT margin €m FY 2003 Pro-forma** improvement thanks to missiles and Revenues 5,165 4,770 Eurofighter deliveries R&D self-financed 223 227 • New organisation effective: in % of revenues 4.3% 4.8% •Defence focus EBIT* 171 122 •Eurofighter integ
Slide 10: Profit & Loss Highlights; Development of Net Cash
Profit & Loss Highlights FY 2003 FY 2002 in % of in % of €m Revenues €m Revenues Revenues 30,133 29,901 self-financed R&D 2,189 7.3% 2,096 7.0% EBITDA 3,137 10.4% 3,031 10.1% EBIT* 1,543 5.1% 1,426 4.8% Interest and (55) (0.2%) (60) (0.2%) other financial result Taxes (474) (1.6%) (453) (1.5%) Net i
Slide 11: Continuing Hedge Policy; Stock performance
Continuing Hedge Policy Approx. 50% of EADS US$ revenues are naturally hedged by US$ procurement Æ at around 300 a/c a year, annual net exposure is $9bn - $10bn EADS hedge portfolio (US$ 42.7 bn) on Dec. 31, 2003 Q4 2003: US$ 1.3 bn gross additions to hedges US$ bn 15 9.6 8.7 10 8.0 6.4 5.4 5 3.1 1.
Slide 12: Confidence in Future Performance
Confidence in Future Performance • Outstanding performance in 2003 • Expected commercial aviation upturn and A380 contribution • Successful development of the Defence order book, long term profitability growth • Restructured Space business positive outlook Dividend proposal to the 2004 AGM € 0.40 pe