All key indicators significantly above guidance
Louis Gallois, CEO of EADS, presenting the Annual Results 2011 on 8 March 2012 which can be found here.
EADS announces better than expected results for the full year 2011. Despite a volatile macro-economic context, EADS in 2011 continued to grow and to improve its financial performance, particularly thanks to strong commercial momentum backed by resilient air traffic figures. Defence markets in the Western world were under pressure, as anticipated. The order intake(5) reached 131 billion euros in 2011. EADS’ order book(5) stood at a record level of 541 billion euros. Revenues amounted to 49.1 billion euros. The EBIT* before one-off of around 1.8 billion euros benefited from good performance in Airbus legacy programmes and Airbus Military as well as commercial series and services activity at Eurocopter. The reported EBIT* amounted to 1.7 billion euros. Cash-flow generation remained strong and led to a Net Cash position of 11.7 billion euros.
Hans Peter Ring, CFO of EADS
“In 2011, EADS achieved financials above expectation and demonstrated that it is a healthy growth story. The order intake in commercial aircraft has elevated our order book to record levels and I am pleased that the civilian helicopter market has also significantly gained momentum. Our strong cash generation protects the company and allowed us to secure important acquisitions, mainly in the field of services. The stage is set for EADS to turn the corner towards increased profitability”, said Louis Gallois, CEO of EADS. “Certainly, 2012 will have challenges in store for us. We continue to devote the highest management attention to our key programmes, especially the A350. We will also have to monitor the uncertain economic environment and the outcome of discussions with governments on the future of defence procurement programmes. It is essential that these talks, notably in Germany, show fast and sound results for both sides.”
For the full year 2011, EADS’ revenues increased 7 percent to 49.1 billion euros (FY 2010: 45.8 billion euros). This growth is driven by volume and mix effects at Airbus and the increase of commercial activity at Eurocopter. These increases more than offset a slight decrease at Astrium and Cassidian. The overall 2011 revenue contribution from the first consolidation of the major acquisitions was around 300 million euros, mainly Vector Aerospace and Satair, while the EBIT* impact was insignificant. Physical deliveries remained high with 534 aircraft at Airbus Commercial, 503 helicopters at Eurocopter and the 46th consecutive successful Ariane 5 launch.
