Slide 1: Q1 Results 2013
Q1 Results 2013 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: Q1 Results 2013: Group Highlights
Q1 Results 2013 Group Highlights Divisional Highlights Guidance
Slide 4: Key Messages
Key Messages 4 Extraordinary General Meeting 27th March 2013: New Corporate Governance New Board of Directors in place EADS 2.0 Free float increased to ~70% prior to cancellation of shares Share Buyback of up to € 3.75 bn launched (~ € 1.8 bn spent to date) Successfully placed $ 1 bn inaugural U.S.
Slide 5: Q1 2013 Commercial Environment
Q1 2013 Commercial Environment 5 in € bn Q1 2013 Q1 2012 Change EADS Order Intake* by Segment (in value) : Order Intake* 49.9 12.0 +315.7% 4% Defence Order Book* 1) 614.3 526.2 +16.7% 96% € 49.9 bn Commercial of which Defence 49.9 51.9 -3.9% EADS: book to bill > 1 EADS Order Book* Airbus: 431 gross
Slide 6: Q1 2013 Financial Performance
Q1 2013 Financial Performance 6 Revenues EBIT* before one-off 56 49 Moderate Growth RoS: 5.2% 3.50 2.96 RoS: 3.7% in € bn in € bn 1.79 +56% RoS: 6.0% +109% +16% 11 +9% 12 RoS: 4.2% 10 RoS: 2.3% 0.74 12 12 0.48 0.23 2.0 2.3 2.3 Q1 2011 Q1 2012 Q1 2013 Q1 2011 Q1 2012 Q1 2013 2011 2012 Guidance 2011 2
Slide 7: Q1 2013 Financial Highlights
Q1 2013 Financial Highlights 7 in € m Q1 2012 Q1 2013 Change pro forma EBIT* before one-off 741 475 +56.0% Q1 2013: One-offs in % of revenues 6.0% 4.2% One-offs (145) (142) +2.1% Airbus € - 14 m A380 wing rib feet EBIT* reported 596 333 in % of revenues 4.8% 2.9% +79.0% € - 131 m PDP $ mismatch and
Slide 8: Currency Hedge Policy
Currency Hedge Policy 8 Expected exposure Trend (indicative) 23.3* 0.6 22.6 Collars 17.8 19.4 Forward contracts 13.7 Total Dec. 2012 9.5 Average 2013 2014 2015 2016 2017 hedge rates 2013 2014 2015 2016 2017+ 1.36 1.35 1.35 1.32 1.31 € vs $*** (1.37 in Dec. 12) (1.36 in Dec. 12) (1.35 in Dec. 12) (1.
Slide 9: Q1 Cash Evolution
Q1 Cash Evolution 9 in € m +709 12,292 +116 9,213 -3,161 -743 0 Free Cash Flow* before Acquisitions -3,195 Cash used for Capital, Net Cash position Gross Cash Flow Change in Net Cash position investing activities Acquisitions Dividends, Dec. 2012 from Operations Working Capital** March 2013 before A
Slide 10: Q1 Results 2013: Divisional Highlights
Q1 Results 2013 Group Highlights Divisional Highlights Guidance
Slide 11: Airbus Division (incl. ATR & Sogerma)
Airbus Division (incl. ATR & Sogerma) 11 €m Q1 2013 Q1 2012 pro forma Change Airbus Division Airbus Airbus Airbus Airbus Airbus Airbus Airbus External revenue split: Division Comm. Military Division Comm. Military Division Order Intake (net) 1) 418 410 8 95 90 5 +340.0% 6% in units Order Book 1) 5,1
Slide 12: Eurocopter
Eurocopter 12 in € m Q1 2012 Q1 2013 Change External revenue split: pro forma Order Intake (net) 51 93 -45.2% in units Order Book 1,063 1,097 -3.1% 45% Defence Civil 55% Order Intake (net) 804 1,248 -35.6% in value Order Book 12,708 13,863 -8.3% Deliveries (units) 58 72 -19.4% A Revenues 1,038 1,199
Slide 13: Astrium
Astrium 13 External revenue split: in € m Q1 2013 Q1 2012 Change 38% Defence Civil Order Intake (net) 817 1,163 -29.8% 62% Order Book 12,061 14,515 -16.9% Revenues 1,369 1,325 +3.3% R&D self financed 19 22 -13.6% in % of revenues 1.4% 1.7% 23% 28% EBIT* before one-off 66 65 +1.5% Services in % of re
Slide 14: Cassidian
Cassidian 14 External revenue split: in € m Q1 2012 Q1 2013 Change 28% pro forma Services Platforms Order Intake (net) 1,066 1,806 -41.0% 72% Order Book 15,532 16,178 -4.0% Revenues 941 925 +1.7% R&D self financed 50 55 -9.1% in % of revenues 5.3% 5.9% 8% 12% Air Systems & Services EBIT* before one-
Slide 15: Q1 Results 2013: Guidance
Q1 Results 2013 Group Highlights Divisional Highlights Guidance
Slide 16: Guidance 2013
Guidance 2013 16 2013 Guidance is based on €/$ 1.35 as average rate Airbus Gross commercial aircraft orders expected to be around 700 aircraft; Book to bill > 1 Order & Deliveries Airbus deliveries should continue to grow to between 600-610 a/c Due to lower A380 deliveries and assuming an exchange r
Slide 17: Appendix
Appendix @AIRBUS QO ASTRIUM @CASSIDIAN Q@EUROCOPTER oui EADS
Slide 18: Q1 2013 Detailed Income Statement & Adjustments
Q1 2013 Detailed Income Statement & Adjustments 18 thereof thereof Impact on EBIT* Goodwill in € m OPERA- FX Fin. Q1 2013* Impair. Q1 2013 Q1 2013* TIONAL one- result before & Fair one-offs off one-off one-off value dep. Airbus Division EBIT* 586 -10 596 -14 -131 741 in % of revenues 4.7% 4.8% 6.0%
Slide 19: Q1 2012 Detailed Income Statement & Adjustments
Q1 2012 Detailed Income Statement & Adjustments 19 thereof thereof Impact on EBIT* Goodwill Q1 2012* in € m OPERA- FX Fin. Q1 2012 Impair. Q1 2012* before TIONAL one- result pro forma & Fair pro forma one-off one-offs off one-off value dep. pro forma Airbus Division EBIT* 323 (10) 333 -158 16 475 in
Slide 20: Q1 2013 Forex EBIT* Impact Bridge
Q1 2013 Forex EBIT* Impact Bridge 20 in € m Bridge Improvement of hedge rates (€:$ 1.39 to 1.38) 0.05 Other one-off forex effect including PDP reversal (0.15) Compared to Q1 2012 (0.10) * Pre-goodwill impairment and exceptionals
Slide 21: Expected EADS Average Hedge Rates € vs. $
Expected EADS Average Hedge Rates € vs. $ 21 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 * Q1 2013 actual
Slide 22: Detailed Free Cash Flow
Detailed Free Cash Flow 22 in € m Q1 2013 Q1 2012 Net Cash position at the beginning of the period 12,292 11,681 Gross Cash Flow from Operations* 709 1,075 Change in working capital (3,161) (1,853) of which Customer Financing (73) 65 Cash used for investing activities** (743) (460) of which Industri
Slide 23: EADS: Strong Liquidity Position as at 31 March 2013
EADS: Strong Liquidity Position as at 31 March 2013 23 € 3 bn Refinanced in April 2011 New Maturity 2017* 1-year extension April 2012* Credit Facility (RSCF) Undrawn Fully committed by 39 banks* No financial covenants No MAC clause € 5.2 bn EMTN programme Financing Liabilities** Long term rating : M
Slide 24: Net Cash Position
Net Cash Position 24 in € m March 2013 Dec. 2012 Gross Cash 14,431 17,071 Financing Debts Short-term Financing Debts (1,399) (1,273) Long-term Financing Debts (3,819) (3,506) Reported Net Cash 9,213 12,292 Airbus non-recourse debt 344 345 Net Cash excl. non-recourse 9,557 12,637
Slide 25: Customer Financing Exposure
Customer Financing Exposure 25 €m 100% Airbus 50% ATR 100% Eurocopter Mar. 2013 Dec. 2012 Mar. 2013 Dec. 2012 Mar. 2013 Dec. 2012 Closing rate € 1 = $1.28 $ 1.32 Total Gross exposure 1,225 1,139 75 74 85 84 of which off-balance sheet 122 124 44 45 13 12 Estimated value of collateral (815) (741) (65)
Slide 26: Airbus Customer Financing
Airbus Customer Financing 26 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 27: Shareholding Structure as at 1 May 2013
Shareholding Structure as at 1 May 2013 27 New Shareholder Agreement 6.19% 11.29% SOGEPA 25.30% 10.08% GZBV* SEPI 3.93% Free Float 68.50% Institutional Investors & Retail** Treasury shares*** (without economic or voting rights) • KfW & other German public entities ** Including warehoused shares of S
Slide 28: Balance Sheet Highlights: Assets
Balance Sheet Highlights: Assets 28 in € m March 2013 Dec. 2012 1) Non-current Assets 46,514 46,778 of which Intangible & Goodwill 13,518 13,422 of which Property, plant & equipment 15,347 15,196 of which Investments & Financial assets 4,849 4,777 of which positive hedge mark-to-market 661 1,197 of
Slide 29: Balance Sheet Highlights: Liabilities
Balance Sheet Highlights: Liabilities 29 in € m March 2013 Dec. 2012 1) Total Equity 9,492 10,428 of which OCI (Other Comprehensive Income) 342 1,513 of which Non-controlling interests 47 25 Total Non-current liabilities 33,817 33,031 of which pensions 6,067 6,158 of which other provisions 3,777 3,6
Slide 30: Quarterly Revenues Breakdown (cumulative)
Quarterly Revenues Breakdown (cumulative) 30 €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 17,525 17,246 26,051 25,621 39,273 38,592 t/o Airbus Comm.* 8,821 7,60
Slide 31: Quarterly EBIT* Breakdown (cumulative)
Quarterly EBIT* Breakdown (cumulative) 31 €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 456 172 183 563 553 844 837 1,252 1,230 t/o Airbus Comm.* 463 135 146 558 548 823 816 1,147
Slide 32: Quarterly Order Intake Breakdown (cumulative)
Quarterly Order Intake Breakdown (cumulative) 32 €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 21,164 20,955 40,909 40,659 88,909 88,142 t/o Airbus Comm.* 46,82
Slide 33: Quarterly Order Book Breakdown
Quarterly Order Book Breakdown 33 €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 574,527 482,289 480,322 508,158 506,120 504,569 502,680 525,482 523,410 t/o Airbu
Slide 34: Q1 2012 Revenues and EBIT* Restated
Q1 2012 Revenues and EBIT* Restated 34 (ATR, SOGERMA & IAS 19) in € m Airbus Other EADS Eurocopter Astrium Cassidian HQ / Elim. Division Businesses Group Revenues old 7,909 1,199 1,325 925 361 -315 11,404 t/o Airbus Commercial 7,499 t/o Airbus Military 425 ATR / SOGERMA restatement 110 -164 54 0 Rev
Slide 35: H1 2012 Revenues and EBIT* Restated
H1 2012 Revenues and EBIT* Restated 35 (ATR, SOGERMA & IAS 19) in € m Airbus Other EADS Eurocopter Astrium Cassidian HQ / Elim. Division Businesses Group Revenues old 17,246 2,771 2,661 2,186 721 -651 24,934 t/o Airbus Commercial 16,585 t/o Airbus Military 843 ATR / SOGERMA restatement 279 -390 111
Slide 36: 9m 2012 Revenues and EBIT* Restated
9m 2012 Revenues and EBIT* Restated 36 (ATR, SOGERMA & IAS 19) in € m Airbus Other EADS Eurocopter Astrium Cassidian HQ / Elim. Division Businesses Group Revenues old 25,621 4,116 3,934 3,484 1,067 -964 37,258 t/o Airbus Commercial 24,725 t/o Airbus Military 1,194 ATR / SOGERMA restatement 430 -606
Slide 37: FY 2012 Revenues and EBIT* Restated
FY 2012 Revenues and EBIT* Restated 37 (ATR, SOGERMA & IAS 19) in € m Airbus Other EADS Eurocopter Astrium Cassidian HQ / Elim. Division Businesses Group Revenues old 38,592 6,264 5,817 5,740 1,524 -1,457 56,480 t/o Airbus Commercial 36,943 t/o Airbus Military 2,131 ATR / SOGERMA restatement 681 -93