Slide 1: Q1 2005 Results
Q1 2005 Results Hans Peter Ring Chief Financial Officer • Place for 1 • Date Earnings of presentation, conference place call – 9th May 2005 Safe Harbor Statement Certain of the statements contained in this document are not historical facts but rather are statements of future expectations and other f
Slide 2: Q1 2005: Sustaining Growth
Content Group overview Operating performance by division Financials 2005 guidance 3 Q1 2005: Sustaining Growth • Confirming FY 2005 targets • Airbus: – Leadership in deliveries (55% market share) and orders – Profitability improving with higher volume. • Defence businesses: – Order-book delivery : A
Slide 3: Q1 2005 Financial Highlights
Q1 2005 Financial Highlights in m€ Q1 2005 Q1 2004 change Revenues 7,005 € m 6,031 € m +16% Of which Defence 1,258 € m 1,083 € m +16 % EBIT* 657 € m 198 € m +232 % FCF before cust. financing** 704 € m 419 € m 68 % Net Income 328 € m 49 € m +569 % New orders 8,907 € m 3,411 € m + 161 % in bn€ March 2
Slide 4: Airbus and MTA
Airbus €m Q1 2005 Q1 2004 • Revenues up 21% reflect 20 Deliveries 87 67 additional A320 family deliveries Revenues 4,989 4,126 and CTA reversal, partly offset R&D self-financed** 345 463 by weaker US$ spot rate in % of revenues 6.9% 11.2% EBIT* • EBIT* margin 12.6%, EBIT up 180% 628 224 in % of reve
Slide 5: Aeronautics and Space
Aeronautics €m • Revenues and EBIT*: Q1 2005 Q1 2004 • Revenues up 15% driven by Revenues 743 645 Eurocopter R&D self-financed 18 18 • Improved Eurocopter EBIT offset by in % of revenues 2.4% 2.8% low ATR performance ($, deliveries) EBIT* 11 10 • Revenues and profit traditionally in % of revenues 1.
Slide 6: Defence and Security Systems
Defence and Security Systems €m • Revenues about stable on high Q1 2005 Q1 2004 levels slightly growing with same Revenues 925 932 perimeter. R&D self-financed 37 40 • EBIT*: Revenues and Profit stronger in % of revenues 4.0% 4.3% towards the end of the year EBIT* (35) (51) Order book 17,262 14,976
Slide 7: Profit & Loss Highlights; Development of Net Cash
Profit & Loss Highlights Q1 2005 Q1 2004 FY 2004 in % of in % of in % of €m Revenues €m Revenues €m Revenues Revenues 7,005 6,031 31,761 self-financed R&D** 422 6.0% 535 8.9% 2,126 6.7% EBITDA 984 14.0% 526 8.7% 3,853 12.1% EBIT* 657 9.4% 198 3.3% 2,444 7.7% EBIT* before R&D 1,079 15.4% 733 12.2% 4,
Slide 8: Hedge Policy
Hedge Policy • App. half EADS US$ revenues naturally hedged by US$ procurement • Net exposure expected around $12 bn (including $11 bn for Airbus) in 2005 EADS hedge portfolio, 31st March 2005 US$ bn ($ 41.3 bn), average rate €1 = $1.06 11.4 12 10 9.0 7.5 6.7 8 6 5.0 4 2 1.3 0.4 0 2005 2006 2007 200
Slide 9: Confirm 2005 targets
Confirm 2005 targets: EBIT* +6% EBIT* in € bn Pro-Forma EPS in € Revenues in € bn (IFRS3) EBIT* margin in % 7.9% 33 31.8 7.7% 30.1 >2.6 5.1% 2.4 € vs $ 1.5 1.29 1.36 1.13 1.24 ~1.30 0.80 2003 2004 Target 2003 2004 Target 2003 2004 Target 2005 2005 2005 Other 2005 targets • Airbus Deliveries: 350–360
Slide 10: Airbus Customer Financing; Balance Sheet Highlights
Airbus Customer Financing Active exposure management Additions and Disposals Net Exposure fully to Airbus customer financing gross exposure in $ bn 2.5 2.5 Additions Sell Down Amortization provisioned 1.5 1.5 1.4 1.5 1.5 1.2 0.5 0.5 1.0 0.3 Net 0.6 0.5 (0.2) -0.5 (0.7) (0.3) Gross Exposure -0.5 (0.7
Slide 11: EBIT* Calculation
EBIT* Calculation in € m Q1 2005 Q1 2004 FY 2004 Profit before finance cost 624 146 2,227 and income taxes Exceptionals: Goodwill impairment** 0 0 0 Fair value adjustment 33 52 217 EBIT* 657 198 2,444 * pre goodwill and exceptionals ** IFRS3 applied from 2004: goodwill only reduced by impairment 21
Slide 12: Net Cash Position; Net Income pre-exceptionals
Net Cash Position in m€ March 2005 March 2004 Dec. 2004 Gross cash 9,756 8,445 9,184 Financial Debts (5,001) Short-term Financial Debts (870) (720) Long-term Financial Debts (4,540) (4,406) Reported Net cash 4,346 3,444 4,058 non-recourse debt 1,093 757 988 Net cash excl. non-recourse 5,439 4,201 5,
Slide 13: A380: Maiden Flight; Customer Financing Exposure
A380: Maiden Flight, 27th April 2005 Self-financed R&D charged in P&L by year in EUR m 2500 2,096 2,189 2,126 2000 1,841 1500 1,082 Cumulative 983 1000 819 A380 R&D 500 384 422 = 3.5 €bn 189 0 FY2001 FY 2002 FY2003 FY 2004 Q1 2005 A380 R&D EADS total R&D Capex by year in EUR m incl. Capitalised R&D
Slide 14: Quarterly Revenues and EBIT* Breakdown
Quarterly Revenues Breakdown (cumulative) Q1 H1 9m FY in €m 2005 2004 2005 2004 2005 2004 2005 2004 Airbus 4,989 4,126 . 10,024 . 14,415 . 20,224 MTA 108 101 . 234 . 539 . 1,304 Aeronautics 743 645 . 1,631 . 2,516 . 3,876 Space 516 457 . 1,090 . 1,646 . 2,592 DS 925 932 . 2,119 . 3,204 . 5,385 HQ &
Slide 15: Quarterly Order-intake and Order-book Breakdown
Quarterly Order-intake Breakdown (cumulative ) Q1 H1 9m FY in €m 2005 2004 2005 2004 2005 2004 2005 2004 Airbus 6,654 1,068 . 6,158 . 10,547 . 25,816 MTA 59 100 . 165 . 342 . 1,176 Aeronautics 893 843 . 1,669 . 3,168 . 4,339 Space 640 238 . 3,905 . 4,289 . 5,658 DS 935 1,359 . 2,057 . 2,975 . 8,457