Slide 1: H1 Results 2013
H1 Results 2013 Tom Enders Chief Executive Officer Harald Wilhelm Chief Financial Officer
Slide 2: Safe Harbour Statement
Safe Harbour Statement 2 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: H1 Results 2013: Group Highlights
H1 Results 2013 Group Highlights Divisional Highlights Guidance
Slide 4: H1 Key Messages
H1 Key Messages 4 Strong commercial aircraft momentum Good operational progress on execution Key Messages Strategy conclusions: Re-organisation and Re-branding Full year 2013 Guidance re-affirmed Revenues: +6% Financial EBIT* before one-off: +21%, EBIT*: +40% Highlights EPS: increase to € 0.94, +32%
Slide 5: H1 2013 Commercial Environment
H1 2013 Commercial Environment 5 in € bn H1 2013 H1 2012 Change EADS Order Intake* Order Intake* 96.6 28.2 +241.8% by Segment (in value) : 4% Defence 96% € 97 bn Commercial in € bn Jun. 2013 Dec. 2012 Change Order Book* 634.8 566.5 +12.1 of which Defence 48.2 49.6 -2.8% EADS Order Book* by Region (i
Slide 6: H1 2013 Financial Performance
H1 2013 Financial Performance 6 Revenues EBIT* before one-off 56 49 Moderate RoS: 5.2% 3.50 Growth 2.96 in € bn in € bn RoS: 3.7% +14% 25 +6% 26 +21% RoS: 6.1% 22 1.79 +86% RoS: 5.4% 1.62 RoS: 3.3% 1.34 12 12 0.72 5 5 5 H1 2011 2011 H1 2012 2012 H1 2013 Guidance H1 2011 2011 H1 2012 2012 H1 2013 Gui
Slide 7: H1 2013 Profitability
H1 2013 Profitability 7 EBIT* Performance RoS: 6.1% +40% RoS: 5.6% RoS: 5.4% H1 2013 EBIT* reported +40% RoS: 4.2% H1 2013 one-offs are limited to known A380 in € bn impact and $ PDP Mismatch and Balance Sheet Revaluation EPS Performance H1 2013 Net Income of € 759 m, + 31% 1.22 +32% H1 2013 EPS + 3
Slide 8: H1 Cash Evolution
H1 Cash Evolution 8 in € m +1,806 12,292 -4,452 -1,497 -13 5,933 -2,203 Free Cash Flow* before Acquisitions -4,143 Cash used for Net Cash position Gross Cash Flow Change in Share Buyback / Net Cash position investing activities Acquisitions Dividends & Dec. 2012 from Operations Working Capital** Jun
Slide 9: H1 Results 2013: Divisional Highlights
H1 Results 2013 Group Highlights Divisional Highlights Guidance
Slide 10: Airbus Division (incl. ATR & Sogerma)
Airbus Division (incl. ATR & Sogerma) 10 €m H1 2013 H1 2012 pro forma Change Airbus Division External revenue split: Airbus Airbus Airbus Airbus Airbus Airbus Airbus Division Comm. Military Division Comm. Military Division 5% Order Intake (net) 1) 730 722 8 251 230 21 +190.8% in units Order Book 1)
Slide 11: Eurocopter
Eurocopter 11 in € m H1 2012 H1 2013 Change External revenue split: pro forma Order Intake (net) 167 195 -14.4% in units Order Book 1,047 1,073 -2.4% 43% Defence Civil 57% Order Intake (net) 2,448 2,448 0% in value Order Book 12,806 13,491 -5.1% Deliveries (units) 190 198 -4.0% A Revenues 2,584 2,77
Slide 12: Astrium
Astrium 12 External revenue split: in € m H1 2012 H1 2013 Change 33% pro forma Defence Civil Order Intake (net) 1,911 2,198 -13.1% 67% Order Book 11,675 14,317 -18.5% Revenues 2,808 2,661 +5.5% R&D expenses 51 54 -5.6% in % of revenues 1.8% 2.0% 24% 32% EBIT* before one-off 123 129 -4.7% Services in
Slide 13: Cassidian
Cassidian 13 External revenue split: in € m H1 2012 H1 2013 Change 27% pro forma Services Platforms Order Intake (net) 2,022 2,766 -26.9% Order Book 15,078 16,326 -7.6% 73% Revenues 2,286 2,186 +4.6% R&D expenses 112 101 +10.9% 7% in % of revenues 4.9% 4.6% 12% Air Systems & Services MBDA 43% EBIT*
Slide 14: H1 Results 2013: Guidance
H1 Results 2013 Group Highlights Divisional Highlights Guidance
Slide 15: Guidance 2013
Guidance 2013 15 2013 Guidance is based on €/$ 1.35 as average rate Airbus Gross commercial aircraft orders expected to be above 1,000 aircraft Order & Deliveries Airbus deliveries should continue to grow to between 600-610 a/c Due to lower A380 deliveries and assuming an exchange rate of €1:$1.35,
Slide 16: EADS 2.0 Strategy Key Messages
EADS 2.0 Strategy Key Messages 16 Evolutionary development for EADS 2.0 EADS will remain a world leader in Commercial Aerospace and a significant player in Defence and Space EADS will capture further growth in Commercial Aerospace with A350 XWB and cost effective evolutions like A320 NEO EADS will a
Slide 17: Focus on Profitability and Value Creation
Airbus Group 17 Focus on Profitability and Value Creation Airbus Airbus Defence & Space Airbus Helicopters Revenues: €36.9bn Revenues: €13.7bn Revenues: €6.3bn EBIT*: €1.125m EBIT*: €547m EBIT*: €311m Employees: ~68.000** Employees: ~45.000 Employees: ~23.000 Market trend: Mark
Slide 18: Appendix
Appendix @AIRBUS QASTRIUM ®@CASSIDIAN @EUROCOPTER EEE EADS
Slide 19: Currency Hedge Policy
Currency Hedge Policy 19 Expected exposure Trend (indicative) 23.4* 0.5 23.1 Collars 20.3 Forward Sales 15.1 Total Dec. 2012 11.7 11.9 Average 2013 2014 2015 2016 2017 hedge rates 2013 2014 2015 2016 2017+ 1.36 1.35 1.35 1.32 1.32 € vs $*** For remaining 6 months ( FY 2013e 1.37 ) ( 1.36 in Dec. 12
Slide 20: H1 2013 Detailed Income Statement & Adjustments
H1 2013 Detailed Income Statement & Adjustments 20 thereof thereof Impact on EBIT* Goodwill in € m OPERA- FX Fin. H1 2013* Impair. H1 2013 H1 2013* TIONAL one- result before & Fair one-offs off one-off one-off value dep. Airbus Division EBIT* 1,464 1,483 (19) (28) (108) 1,619 in % of revenues 5.6% 5
Slide 21: H1 2012 Detailed Income Statement & Adjustments
H1 2012 Detailed Income Statement & Adjustments 21 thereof thereof Impact on EBIT* Goodwill H1 2012* in € m OPERA- FX Fin. H1 2012 Impair. H1 2012* before TIONAL one- result pro forma & Fair pro forma one-off one-offs off one-off value dep. pro forma Airbus Division EBIT* 1,038 (19) 1,057 (305) 23 1
Slide 22: H1 2013 Forex EBIT* Impact Bridge
H1 2013 Forex EBIT* Impact Bridge 22 in € m Bridge Improvement of hedge rates (€:$ 1.38 to 1.37) 0.05 PDP $ mismatch and balance sheet revaluation (0.13) Compared to H1 2012 (0.08) * Pre-goodwill impairment and exceptionals
Slide 23: Expected EADS Average Hedge Rates € vs. $
Expected EADS Average Hedge Rates € vs. $ 23 Average hedge rates 1.42 1.40 1.39 Average rates 1.38 1.38 FY 2012 1.36 1.36 1.36 1.36 1.36 FY 2013e 1.37 1.36* 1.35 1.34 1.34 1.32 Q1 Q2 Q3 Q4 2012 2013e * Q2 2013 actual
Slide 24: Q2 2013 Key figures
Q2 2013 Key figures 24 in € bn Q2 2012 Q2 2013 pro forma Revenues 13.9 13.5 EBIT* 0.9 0.7 FCF before customer financing ** (1.0) (0.4) Order Intake 46.7 16.2 Revenues EBIT* in € m Q2 2012 Q2 2012 Q2 2013 Q2 2013 pro forma pro forma Airbus 9,743 9,506 637 391 Eurocopter 1,546 1,572 108 134 Astrium 1,
Slide 25: Detailed Free Cash Flow
Detailed Free Cash Flow 25 in € m H1 2013 H1 2012 Net Cash position at the beginning of the period 12,292 11,681 Gross Cash Flow from Operations* 1,806 2,129 Change in working capital (4,452) (2,808) of which Customer Financing (53) (80) Cash used for investing activities** (1,510) (1,072) of which
Slide 26: EADS: Strong Liquidity Position as at 30 June 2013
EADS: Strong Liquidity Position as at 30 June 2013 26 € 3.0 bn Refinanced in April 2011 New Maturity 2018* 1-year extension April 2012* Credit Facility (RSCF) Undrawn Fully committed by 39 banks* No financial covenants No MAC clause € 6.7 bn EMTN programme Financing Liabilities** Long term rating :
Slide 27: Net Cash Position
Net Cash Position 27 in € m June 2013 Dec. 2012 Gross Cash 12,634 17,071 Financing Debts Short-term Financing Debts (2,192) (1,273) Long-term Financing Debts (4,509) (3,506) Reported Net Cash 5,933 12,292 Airbus non-recourse debt 333 345 Net Cash excl. non-recourse 6,266 12,637
Slide 28: Customer Financing Exposure
Customer Financing Exposure 28 €m 100% Airbus 50% ATR 100% Eurocopter June 2013 Dec. 2012 June 2013 Dec. 2012 June 2013 Dec. 2012 Closing rate € 1 = $1.31 $ 1.32 Total Gross exposure 1,106 1,139 73 74 80 84 of which off-balance sheet 102 124 42 45 9 12 Estimated value of collateral (750) (741) (64)
Slide 29: Airbus Customer Financing
Airbus Customer Financing 29 Active exposure management Additions and Disposals 2.5 to Airbus customer financing gross exposure in $ bn Net Exposure fully Additions Sell Down Amortisation provisioned 1.5 1.5 0.8 Net 1.4 0.6 0.6 0.5 1.0 0.3 Exposure 0.5 1.5 0.9 0.8 0.2 Gross 0.6 0.4 0.5 (0.9) (0.7) (
Slide 30: Shareholding Structure as at 30 June 2013
Shareholding Structure as at 30 June 2013 30 New Shareholder Agreement 0.86% 11.96% SOGEPA 10.69% GZBV* 26.77% SEPI 4.12% 72.37% Free Float Institutional Investors & Retail** Treasury shares*** (without economic or voting rights) * KfW & other German public entities ** Including warehoused shares of
Slide 31: Balance Sheet Highlights: Assets
Balance Sheet Highlights: Assets 31 in € m June 2013 Dec. 2012 1) Non-current Assets 45,552 46,778 of which Intangible & Goodwill 13,597 13,422 of which Property, plant & equipment 15,337 15,196 of which Investments & Financial assets 4,772 4,777 of which positive hedge mark-to-market 849 1,197 of w
Slide 32: Balance Sheet Highlights: Liabilities
Balance Sheet Highlights: Liabilities 32 in € m June 2013 Dec. 2012 1) Total Equity 8,328 10,428 of which OCI (Other Comprehensive Income) 1,134 1,513 of which Non-controlling interests 47 25 Total Non-current liabilities 34,590 33,031 of which pensions 6,480 6,158 of which other provisions 3,650 3,
Slide 33: Quarterly Revenues Breakdown (cumulative)
Quarterly Revenues Breakdown (cumulative) 33 €m Q1 H1 9m FY 2012 2012 2012 2012 2012 2012 2012 2012 2013 2013 2013 2013 pro forma reported pro forma reported pro forma reported pro forma reported Airbus Division 9,181 8,019 7,909 18,924 17,525 17,246 26,051 25,621 39,273 38,592 t/o Airbus Comm.* 8,8
Slide 34: Quarterly EBIT* Breakdown (cumulative)
Quarterly EBIT* Breakdown (cumulative) 34 €m Q1 H1 9m FY 2012 2012 2012 2012 2012 2012 2012 2012 2013 2013 2013 2013 pro forma reported pro forma reported pro forma reported pro forma reported Airbus Division 456 172 183 1,093 563 553 844 837 1,252 1,230 t/o Airbus Comm.* 463 135 146 1,092 558 548 8
Slide 35: Quarterly Order Intake Breakdown (cumulative)
Quarterly Order Intake Breakdown (cumulative) 35 €m Q1 H1 9m FY 2012 2012 2012 2012 2012 2012 2012 2012 2013 2013 2013 2013 pro forma reported pro forma reported pro forma reported pro forma reported Airbus Division 47,337 7,938 7,877 90,351 21,164 20,955 40,909 40,659 88,909 88,142 t/o Airbus Comm.
Slide 36: Quarterly Order Book Breakdown
Quarterly Order Book Breakdown 36 €m March June September December 2012 2012 2012 2012 2012 2012 2012 2012 2013 2013 2013 2013 pro forma reported pro forma reported pro forma reported pro forma reported Airbus Division 574,527 482,289 480,322 595,792 508,158 506,120 504,569 502,680 525,482 523,410 t