31.07.2013
European Aeronautic Defence and Space Company EADS N.V. NL0000235190
DGAP-Adhoc: European Aeronautic Defence and Space Company EADS N.V.: EADS Reports Solid Half-Year (H1) Results, Reaffirms 2013 Guidance
European Aeronautic Defence and Space Company EADS N.V. / Key word(s): Half Year Results
31.07.2013 07:00
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Ad-hoc release, 31 July 2013
EADS Reports Solid Half-Year (H1) Results, Reaffirms 2013 Guidance
- Revenues increase 6 percent to EUR 26.3 billion
- EBIT* before one-off rises 21 percent to EUR 1.6 billion
- Net Income rises 31 percent to EUR 759 million
- Group concludes strategy review, announces reorganisation, rebranding
EADS (stock exchange symbol: EAD) reported increased revenues and
profitability for the first half of 2013, driven mainly by its commercial
aircraft business.
Order intake(4) increased sharply to EUR 96.6 billion with the order book
value reaching EUR 634.8 billion at the end of June. The reported EBIT*
amounted to EUR 1.5 billion with a half-year Net Cash position of EUR 5.9
billion.
'We report a solid performance for the first six months and reaffirm our
full year guidance,' said EADS CEO Tom Enders. 'Cash generation and
programme execution are key management priorities for the second half of
the year.'
In the first half of 2013, EADS' revenues increased 6 percent to EUR 26.3
billion
(H1 2012: EUR 24.9 billion), reflecting the aircraft delivery pattern at
Airbus Commercial and broadly stable revenues at Eurocopter, Astrium and
Cassidian combined.
The Group's defence revenues were stable at EUR 5.0 billion.
EBIT* before one-off - an indicator capturing the underlying business
margin by excluding material non-recurring charges or profits caused by
movements in provisions related to programmes and restructurings or foreign
exchange impacts - increased to EUR 1.6 billion (H1 2012: EUR 1.3 billiona)
for EADS and to
EUR 1.2 billion for Airbus (H1 2012: EUR 845 milliona). This improvement
reflected the good operational performance at Airbus Commercial. The Group
EBIT* before one-off margin improved to 6.1 percent.
EADS' reported EBIT* increased to EUR 1.5 billion (H1 2012: EUR 1.1
billiona) and included EUR 136 million in one-off charges at Airbus. This
comprised EUR 28 million in expected charges related to the A380 wing rib
feet repair based on
H1 deliveries with the remaining EUR 108 million for the pre-delivery
payment (PDP) dollar mismatch and balance sheet revaluation.
The finance result amounted to EUR -407 million (H1 2012: EUR -239 million)
while net income(3) increased to EUR 759 million (H1 2012: EUR 579
milliona), or earnings per share of EUR 0.94 (earnings per share H1 2012:
EUR 0.71a). The H1 2013 EPS were impacted mainly by a negative foreign
exchange revaluation of around EUR 170 million.
Self-financed Research & Development (R&D) expenses were stable at EUR
1,414 million (H1 2012: EUR 1,425 million).
Free Cash Flow before acquisitions amounted to EUR -4,143 million (H1 2012:
EUR -1,746 million), reflecting the ramp-up in working capital at Airbus
and Eurocopter and the seasonality of the Group's governmental business.
Capital expenditure of
EUR 1.4 billion was mainly driven by progress on A350 XWB development
aircraft and includes development costs capitalised under IAS 38 of EUR 130
million for the A350.
EADS finished the first half of 2013 with a Net Cash position of EUR 5.9
billion
(year-end 2012: EUR 12.3 billion) after taking into account the EUR 1.8
billion used to fund the share buyback programme and the 2012 dividend
payment of EUR 468 million.
EADS' order intake(4) more than tripled to EUR 96.6 billion (H1 2012: EUR
28.2 billion), as the strong momentum continued into the second quarter,
particularly at Airbus Commercial. The Group's defence and space business
continued to take orders although at a slower pace than in 2012. By the end
of June 2013, the total order book(4) had risen in value to EUR 634.8
billion (year-end 2012: EUR 566.5 billion). The defence order book amounted
to
EUR 48.2 billion (year-end 2012: EUR 49.6 billion).
As of 30 June 2013, EADS had 143,358 employees (year-end 2012: 140,405).
Strategy Review Update
In recent months, EADS conducted a strategy review, which paved the way for
two important Board decisions. Firstly, the Group plans to integrate Airbus
Military, Astrium and Cassidian into one Defence and Space Division.
Secondly, the Group will enhance integration and cohesion by renaming the
Group and its Divisions using the globally recognised Airbus brand.
The Airbus Group will consist of three Divisions:
- Airbus, responsible for all commercial aircraft activities;
- Airbus Defence & Space, home to the Group's defence and space
activities including Military Transport Aircraft;
- Airbus Helicopters, comprising all commercial and military helicopter
activities.
Pooling the space and defence entities Airbus Military, Astrium and
Cassidian is the Group's response to the changing market environment with
flat or even shrinking defence and space budgets in the Western hemisphere.
This structural change will provide optimised market access, cost and
market synergies and improved competitiveness overall. It will also provide
better visibility on the European leader in space and defence.
Airbus Helicopters, with its civil and military products, will remain
unchanged.
The rotorcraft technology is very particular and it's necessary to maintain
the strong synergies between civil and military products.
Implementation is planned to start step-by-step on 1 January 2014 and will
be completed in the second half of 2014. It is designed to support the
Group's Flightpath 2015 for improved shareholder returns.
Several regulatory milestones, works council consultations and other
approval procedures have to be accomplished before the changes can come
into full effect.
Airbus Defence & Space will be a division with around 45,000 employees and
an annual turnover of about EUR 14 billion and will be headquartered in
Munich, Germany.
The Chief Executive Officer of Airbus Defence & Space will be Bernhard
Gerwert
(aged 60) and it will consist of four business segments - Military
Aircraft, headed by Domingo Ureña-Raso (55), Space Systems, headed by
François Auque (57), Communication, Intelligence & Security Systems, headed
by Evert Dudok (54) and Equipment, headed by Thomas Müller (55). Julian
Whitehead (50) will be the Division's Chief Financial Officer.** Further
nominations will be announced in September and October.
Tom Enders commented: 'What we are unveiling today is an evolution, not a
revolution. It's the next logical step in the development of our company.
We affirm the predominance of commercial aeronautics in our Group and we
restructure and focus our defence and space activities to take costs out,
increase profitability and improve our market position. The renaming simply
gathers the entire company under the best brand we have, one that stands
for internationalisation, innovation and integration - and also for some
two thirds of our revenues. It reinforces the message that 'we make things
fly'.'
The Group will communicate further details in the fourth quarter.
Outlook
Based on the H1 2013 results, EADS reaffirms its full year guidance for all
Key Performance Indicators (KPIs) except the order intake at Airbus
Commercial which has been increased further.
As the basis for its 2013 guidance, EADS expects the world economy and air
traffic to grow in line with prevailing independent forecasts and assumes
no major disruptions.
In 2013, gross commercial aircraft orders should be above 1,000 aircraft.
Airbus deliveries should continue to grow to between 600 and 610 commercial
aircraft.
Due to lower A380 deliveries and assuming an exchange rate of EUR 1 = $
1.35, EADS revenues should see moderate growth in 2013.
By stretching the 2012 underlying margin improvement, in 2013 EADS targets
an EBIT* before one-off of EUR 3.5 billion and an EPS* before one-off of
around
EUR 2.50 (FY 2012: EUR 2.24), prior to the on-going share buyback.
Excluding the wing rib feet A380 impact of around EUR 85 million in 2013
based on
25 deliveries, going forward, from today's point-of-view, the 'one-offs'
should be limited to potential charges on the A350 XWB programme, foreign
exchange effects linked to PDP mismatch and balance sheet revaluation.
The A350 XWB programme remains challenging. Any schedule change could lead
to an increasingly higher impact on provisions.
An assessment of the need for potential one-off costs from the creation of
Airbus Defence & Space will be conducted in the second half of 2013.
EADS aims to be Free Cash Flow breakeven after customer financing and
before acquisitions in 2013.
* EADS uses EBIT pre-goodwill impairment and exceptionals as a key
indicator of its economic performance. The term 'exceptionals' refers to
such items as depreciation expenses of fair value adjustments relating to
the EADS merger, the Airbus Combination and the formation of MBDA, as well
as impairment charges thereon.
** Note to editors: Bernhard Gerwert is currently CEO of Cassidian; Domingo
Ureña-Raso is Head of Airbus Military; François Auque is CEO of Astrium;
Evert Dudok is CEO of Astrium Services; Thomas Müller is Head of Astrium
Satellite Products; and Julian Whitehead is CFO of Cassidian.
a. Certain first half 2012 and year-end 2012 figures have been restated to
reflect the change to pension accounting under IAS 19 while Airbus'
figures also reflect the inclusion of ATR and Sogerma within Airbus
Commercial. ATR and Sogerma were formerly included in
Other
Businesses.
About EADS
EADS is a global leader in aerospace, defence and related services. In
2012, the Group - comprising Airbus, Astrium, Cassidian and Eurocopter -
generated revenues of EUR 56.5 billion and employed a workforce of over
140,000.
Contacts:
Martin Agüera +49 175 227 4369
Rod Stone +33 630 521 993
Matthieu Duvelleroy +33 629 431 564
Gregor v. Kursell +49 89 607 34255
www.eads.com
EADS - Half-Year (H1) Results 2013
(Amounts in euro)
EADS Group H1 2013 H1 2012 Change Revenues, in millions 26,332 24,934 +6% thereof defence, in millions 5,001 4,837 +3% EBITDA (1), in millions 2,359 1,951a +21% EBIT (2), in millions 1,483 1,057a +40% Research & Development expenses, 1,414 1,425 -1% in millions Net Income (3), in millions 759 579a +31% Earnings Per Share (EPS) (3) 0.94 0.71a +0.23 EUR Free Cash Flow (FCF), in millions -4,156 -1,751 - Free Cash Flow -4,143 -1,746 - before Acquisitions, in millions Free Cash Flow -4,103 -1,671 - before Customer Financing, in millions Order Intake (4), in millions 96,562 28,248 +242% EADS Group 30 June 31 Dec Change 2013 2012 Order Book (4), in millions 634,837 566,493 +12% thereof defence, in millions 48,182 49,570 -3% Net Cash position, in millions 5,933 12,292 -52% Employees 143,358 140,405 +2% by Division Revenues EBIT (2) (Amounts in millions of Euro) H1 H1 Change H1 H1 Change 2013 2012 2013 2012 Airbus Division (5) 18,924 17,525a +8% 1,093 563a +94% Airbus Commercial 18,235 16,864a +8% 1,092 558a +96% Airbus Military 1,067 843 +27% 10 2 +400% Eurocopter 2,584 2,771 -7% 128 198a -35% Astrium 2,808 2,661 +6% 123 129a -5% Cassidian 2,286 2,186 +5% 86 81a +6% Headquarters / -475 -540a - 51 92a - Consolidation Other Businesses 205 331a -38% 2 -6a - Total 26,332 24,934 +6% 1,483 1,057a +40% by Division Order Intake (5) Order Book (5) (Amounts in millions of Euro) H1 H1 Change 30 June 31 Dec Change 2013 2012 2013 2012 Airbus Division (5) 90,351 21,164a +327% 595,792 525,482a +13% Airbus Commercial 89,782 19,991a +349% 575,721 505,333a +14% Airbus Military 643 1,271 -49% 20,810 21,139 -2% Eurocopter 2,448 2,448 0% 12,806 12,942 -1% Astrium 1,911 2,198 -13% 11,675 12,734 -8% Cassidian 2,022 2,766 -27% 15,078 15,611 -3% Headquarters / -317 -442a - -951 -770a - Consolidation Other Businesses 147 114a +29% 437 494a -12% Total 96,562 28,248 +242% 634,837 566,493 +12% EADS - Second Quarter Results (Q2) 2013 by Division Revenues EBIT (2) (Amounts in millions of Euro) Q2 Q2 Change Q2 Q2 Change 2013 2012 2013 2012 Airbus Division (5) 9,743 9,506a +2% 637 391a +63% Airbus Commercial 9,413 9,255a +2% 629 423a +49% Airbus Military 452 418 +8% -5 -9 - Eurocopter 1,546 1,572 -2% 108 134 -19% Astrium 1,439 1,336 +8% 57 64a -11% Cassidian 1,345 1,261 +7% 79 76a +4% Headquarters / -255 -279a - 0 63a - Consolidation Other Businesses 127 134a -5% 6 -4a - Total 13,945 13,530 +3% 887 724a +23%31.07.2013 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: European Aeronautic Defence and Space Company EADS N.V. P.O. Box 32008 2303 DA Leiden Netherlands Phone: 00 800 00 02 2002 Fax: +49 (0)89 607 - 26481 E-mail: [email protected] Internet: www.eads.com ISIN: NL0000235190 WKN: 938914 Indices: MDAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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