Slide 1: Q1 Results 2012
Q1 Results 2012 16 May 2012 Hans Peter Ring Chief Financial Officer
Slide 2: Safe Harbour Statement
2 Safe Harbour Statement Disclaimer This presentation includes forward-looking statements. Words such as “anticipates”, “believes”, “estimates”, “expects”, “intends”, “plans”, “projects”, “may” and similar expressions are used to identify these forward-looking statements. Examples of forward-looking
Slide 3: Q1 results 2012
Q1 results 2012 Highlights & Key Financials Divisional Performance Guidance 2012 & Outlook
Slide 4: Q1 Highlights
4 Q1 HIGHLIGHTS Positive momentum across businesses: Increased commercial activity at Airbus and Eurocopter; on track with production ramp-up; Encouraging order intake at Cassidian and Astrium. Programme update: Start of final assembly of first A350 XWB in April 2012; programme remains very challeng
Slide 5: Q1 2012 Financial Highlights
5 Q1 2012 Financial Highlights in € bn Q1 2012 Q1 2011 Change Revenues 11.4 9.9 +16% of which Defence 2.3 2.0 +18% EBIT* before one-off 0.5 0.2 +109% Order intake** 12.0 6.3 +92% in € bn Mar. 2012 Dec. 2011 Change Total Order book** 526.2 541.0 -3% of which Defence 51.9 52.8 -2% Increase in EBIT* be
Slide 6: Q1 2012 EBIT* Before One-off
6 Q1 2012 EBIT* Before One-off in € bn EADS Airbus Airbus Group Division Commercial EBIT* before one-off 2012 % Revenues 0.48 0.32 0.29 4.2% 4.0% 3.8% One-off impacts: $ PDP mismatch and balance sheet revaluation 0.02 0.02 0.02 (0.16) (0.16) (0.16) A380 wing rib feet EBIT* Reported 0.34 0.18 0.15 *
Slide 7: Q1 2012 Profit & Loss Highlights
7 Q1 2012 Profit & Loss Highlights Q1 2012 Q1 2011 in % of in % of €m Revenues €m Revenues EBIT* 343 3.0% 192 1.9% Self-financed R&D** 726 6.4% 650 6.6% EBIT* before R&D 1,069 9.4% 842 8.5% Interest result (73) (0.6%) (47) (0.5%) Other financial result (70) (0.6%) (150) (1.5%) Taxes (55) (0.5%) 5 0.
Slide 8: Currency Hedge Policy
8 Currency Hedge Policy Approximately 50% of EADS’ US$ revenues are naturally hedged by US$ procurement; In Q1 2012, hedges of $ 4.8 bn* matured at an average hedge rate of € 1 = $ 1.39; In Q1 2012, new hedge contracts of $ 9.9 bn** were added at an average rate of € 1= $ 1.32**. EADS hedge portfoli
Slide 9: Free Cash Flow
9 Free Cash Flow in € m Q1 2012 Q1 2011 Net cash position at the beginning of the period 11,681 11,918 Gross Cash Flow from Operations* 1,075 568 Change in working capital (1,853) 112 of which Customer Financing 65 101 Cash used for investing activities** (460) (371) of which Industrial Capex (addit
Slide 10: Q1 results 2012
10 Q1 results 2012 Highlights & Key Financials Divisional Performance Guidance 2012 & Outlook EADS Q1 Earnings 2012
Slide 11: Airbus Division
11 Airbus Division Airbus Division Airbus Commercial Airbus Military (after elimination) in € m Q1 2012 Q1 2011 Q1 2012 Q1 2011 Q1 2012 Q1 2011 c) Deliveries (units) 135 a/c 121 a/ca) 131 a/c 119 a/c 4 a/c 3 a/c Revenues 7,909 7,013 7,499 6,707 425 434 R&D self-financed** 587 525 587 516 0 9 in % of
Slide 12: Airbus Division
12 Airbus Division Airbus Commercial Revenues +12% EBIT* before one-off at € 288 m, significantly up by +69% • 131 physical deliveries with revenue recognition: • Higher volume and pricing improvement reduced by: – 4 A380, 104 SA, 23 LR. – Deterioration of hedge rates (see slide 20); • Increased vol
Slide 13: Eurocopter
13 Eurocopter Revenues +46% in € m Q1 2012 Q1 2011 Strong revenues increase driven by ramp-up of Super Puma Revenues 1,199 823 deliveries, increase in repair and overhaul services activity and Vector. R&D self-financed** 61 44 in % of revenues 5.1% 5.3% EBIT more than doubled (+110%) EBIT* 65 31 Fav
Slide 14: Astrium
14 Astrium Revenues (+13%) in € m Q1 2012 Q1 2011 Increase mainly related to Vizada consolidation. Revenues 1,325 1,171 R&D self-financed 22 13 EBIT* improved (+25%) in % of revenues 1.7% 1.1% Positive Vizada contribution, EBIT* 65 52 Margin improvement resulting from Agile transformation programme,
Slide 15: Cassidian
15 Cassidian Strong order momentum in € m Q1 2012 Q1 2011 Eurofighter Sustainment contract, covering the support of the Revenues 925 878 Eurofighter fleet over the next 5 years; R&D self-financed 55 53 Significant export order for MICA missiles in India; in % of revenues 5.9% 6.0% Three year support
Slide 16: Other Businesses
16 Other Businesses Revenues in € m Q1 2012 Q1 2011 Delivery ramp up of military transport aircraft at EADS North America Revenues 361 246 and higher ATR deliveries overcompensate lower Sogerma revenues. R&D self-financed 4 2 in % of revenues 1.1% 0.8% EBIT* negative EBIT* (6) (3) Negative mix effec
Slide 17: Q1 results 2012
17 Q1 results 2012 Highlights & Key Financials Divisional Performance Guidance 2012 & Outlook EADS Q1 Earnings 2012
Slide 18: Guidance 2012
18 Guidance 2012 2012 guidance is based on €/$ 1.35, as average rate Airbus Orders & Deliveries: Airbus deliveries around 570 a/c; book to bill > 1. Revenues: EADS revenues will grow above 6% in 2012. EBIT* before one off: EADS EBIT* before one off should improve significantly thanks to volume incre
Slide 19: Appendix
Appendix Q@AIRBUS QASTRIUM @CASSIDIAN € EUROCOPTER EADS
Slide 20: Q1 2012 Forex EBIT* Impact Bridge
20 Q1 2012 Forex EBIT* Impact Bridge Forex impact on EBIT* (in € bn) BRIDGE Revaluation of Airbus Commercial LMC provisions 0 Deterioration of hedge rates (€: $ 1.37 to 1.39) (0.05) Other one-off forex effect including PDP reversal 0.02 Compared to Q1 2011 (0.03) * Pre-goodwill impairment and except
Slide 21: Q1 2012 EBIT* Before One-off by Division
21 Q1 2012 EBIT* Before One-off by Division EBIT* before One-offs Reported in € bn one-off EBIT* Airbus 0.32 (0.14) 0.18 Eurocopter 0.07 0 0.07 Astrium 0.07 0 0.07 Cassidian 0.01 0 0.01 Other Businesses (0.01) 0 (0.01) HQ & eliminations 0.02 0 0.02 EADS 0.48 (0.14) 0.34 EADS Q1 Earnings 2012 * Pre-g
Slide 22: Q1 2011 EBIT* Before One-off
22 Q1 2011 EBIT* Before One-off EADS Airbus Airbus in € bn Group Division Comm. EBIT* before one-off Q1 2011 0.23 0.16 0.17 % Revenues 2.3% 2.3% 2.5% One off impacts: $ PDP mismatch and balance sheet revaluation (0.04) (0.04) (0.04) EBIT* Reported 0.19 0.12 0.13 * Pre-goodwill impairment and excepti
Slide 23: Net Income Before One-off
23 Net Income Before One-off in € m Q1 2012 Q1 2011 Net Income reported 133 (12) Net Income* 140 (4) One-offs in EBIT* (142) (37) One-offs Financial Result (29) (113) Tax effect on one-offs (incl. tax one-offs) 52 45 Net Income* before one-off 259 101 EPS* before one-off 1 € 0.32 € 0.12 Net Income b
Slide 24: Q1 2012 Financial Highlights
24 Q1 2012 Financial Highlights Q1 2012 Q1 2011 €m in % of €m in % of Revenues Revenues Revenues 11,404 9,854 self-financed R&D** 726 6.4% 650 6.6% EBITDA* 776 6.8% 589 6.0% EBIT* 343 3.0% 192 1.9% EBIT* before R&D 1,069 9.4% 842 8.5% Net income 133 1.2% (12) (0.1)% EPS*** € 0.16 € (0.01) Net Cash p
Slide 25: Shareholding structure
25 Shareholding structure Contractual Partnership Free float SOGEADE SEPI Daimler Lagardère incl. & Minor direct holdings: French French State: 0.06% State Treasury shares 0.51% 22.25% 5.42% 22.25%* 49.92% 50.08% as at 31st March 2012 * On 9 February 2007, Daimler reached an agreement with a consort
Slide 26: Expected EADS Average Hedge Rates € vs. $
26 Expected EADS Average Hedge Rates € vs. $ Average hedge rates 1.40 1.39 1.38 1.37 1.37 1.37 1.37 1.36 1.36 1.36 1.35 1.35 1.35 1.35 1.35 1.32 1.30 Q1 Q2 Q3 Q4 FY 2010 Average FY 2010 2011 Average FY 2011 2012e* Average FY 2012e * Q1 2012 actual EADS Q1 Earnings 2012
Slide 27: Airbus Customer Financing
27 Airbus Customer Financing Active exposure management Additions and Disposals Net Exposure fully 2.5 to Airbus customer financing gross exposure in $ bn provisioned Additions Sell Down Amortisation 1.5 1.5 1.4 0.6 0.8 Gross Net 0.5 1.0 0.3 0.5 1.5 0.9 0.8 0.1 Exposure 0.6 0.4 0.5 (0.9) (0.7) (1.3)
Slide 28: Customer Financing Exposure
28 Customer Financing Exposure 100% AIRBUS 50% ATR 100% EC in € m Mar. 2012 Dec.2011 Mar. 2012 Dec.2011 Mar. 2012 Dec.2011 Closing rate € 1 = $ 1.34 $ 1.29 Total Gross exposure 1,031 1,105 78 98 82 86 of which off-balance sheet 236 267 50 56 28 40 Estimated value of collateral (574) (627) (66) (86)
Slide 29: EBIT* Calculation
29 EBIT* Calculation in € m Q1 2012 Q1 2011 EBIT* 343 192 Exceptionals: Fair value depreciation (10) (11) Profit before finance cost 333 181 and income taxes * Pre-goodwill impairment and exceptionals EADS Q1 Earnings 2012
Slide 30: Net Cash Position
30 Net Cash Position in € m Mar. 2012 Dec. 2011 Gross cash 15,552 16,785 Financing Debts Short-term Financing Debts (1,406) (1,476) Long-term Financing Debts (3,472) (3,628) Reported Net cash 10,674 11,681 Airbus non-recourse debt 447 455 Net cash excl. non-recourse 11,121 12,136 EADS Q1 Earnings 20
Slide 31: EADS: Strong Liquidity Position as at 31 March 2012
31 EADS: Strong Liquidity Position as at 31 March 2012 Maturity 2016* , undrawn € 3 bn Fully committed by 39 banks No financial covenants Credit Facility No MAC clause EMTN programme € 4.9 bn Long term rating : Moody’s: A1 stable Financing Liabilities S & P: A – positive (incl. € 1.5 bn liabilities
Slide 32: Balance Sheet Highlights: Assets
32 Balance Sheet Highlights: Assets in € m Mar. 2012 Dec. 2011 Non-current Assets 45,999 45,455 of which Intangible & Goodwill 12,734 12,745 of which Property, plant & equipment 14,158 14,159 of which Investments & Financial assets 4,990 5,055 of which positive hedge mark-to-market 726 486 of which
Slide 33: Balance Sheet Highlights: Liabilities
33 Balance Sheet Highlights: Liabilities in € m Mar. 2012 Dec. 2011 Total Equity 10,180 8,870 of which OCI (Other Comprehensive Income) 1,284 153 of which Non-controlling interests 20 20 Total Non-current liabilities 31,238 32,100 of which pensions 5,668 5,628 of which other provisions 3,477 3,497 o
Slide 34: Quarterly Revenues Breakdown (cumulative)
34 Quarterly Revenues Breakdown (cumulative) in € m Q1 H1 9m FY 2012 2011 2012 2011 2012 2011 2012 2011 Airbus Division 7,909 7,013 … 15,312 … 22,411 … 33,103 Thereof Airbus Comm.* 7,499 6,707 … 14,464 … 21,120 … 31,159 Thereof Airbus Military 425 434 … 1,112 … 1,747 … 2,504 Eurocopter 1,199 823 … 2
Slide 35: Quarterly EBIT* Breakdown (cumulative)
35 Quarterly EBIT* Breakdown (cumulative) in € m Q1 H1 9m FY 2012 2011 2012 2011 2012 2011 2012 2011 Airbus Division 183 115 … 202 … 295 … 584 Thereof Airbus Comm.** 146 125 … 223 … 306 … 543 Thereof Airbus Military 11 1 … 3 … 5 … 49 Eurocopter 65 31 … 94 … 157 … 259 Astrium 65 52 … 103 … 165 … 267
Slide 36: Quarterly Order-intake Breakdown (cumulative)
36 Quarterly Order-intake Breakdown (cumulative) in € m Q1 H1 9m FY 2012 2011 2012 2011 2012 2011 2012 2011 Airbus Division 7,877 3,748 … 52,394 … 85,485 … 117,874 Thereof Airbus Comm .* 7,530 3,647 … 52,086 … 85,421 … 117,301. Thereof Airbus Military 372 105 … 319 … 408 … 935. Eurocopter 1,248 779
Slide 37: Quarterly Order-book Breakdown (cumulative)
37 Quarterly Order-book Breakdown (cumulative) in € m Q1 H1 9m FY 2012 2011 2012 2011 2012 2011 2012 2011 Airbus Division 480,322 374,891 … 407,094 … 456,788 … 495,513 Thereof Airbus Comm .* 460,288 353,574 … 386,101 … 436,427 … 475,477 Thereof Airbus Military 21,272 22,487 … 22,061 … 21,672 … 21,31