Beruflich Dokumente
Kultur Dokumente
Hans-Peter Ring
CFO
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Disclaimer
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 statements include
statements made about strategy, ramp-up and delivery schedules, introduction of new products and services and market expectations, as well as
statements regarding future performance and outlook. By their nature, forward-looking statements involve risk and uncertainty because they
relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements.
These factors include but are not limited to:
• Changes in general economic, political or market conditions, including the cyclical nature of some of EADS’ businesses;
• Significant disruptions in air travel (including as a result of terrorist attacks);
• Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar;
• The successful execution of internal performance plans, including cost reduction and productivity efforts;
• Product performance risks, as well as programme development and management risks;
• Customer, supplier and subcontractor performance or contract negotiations, including financing issues;
• Competition and consolidation in the aerospace and defence industry;
• Significant collective bargaining labour disputes;
• The outcome of political and legal processes, including the availability of government financing for certain programmes and the size of defence
and space
procurement budgets;
• Research and development costs in connection with new products;
• Legal, financial and governmental risks related to international transactions;
• Legal and investigatory proceedings and other economic, political and technological risks and uncertainties.
As a result, EADS’ actual results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a
discussion
of factors that could cause future results to differ from such forward-looking statements, see EADS’ “Registration Document” dated 22nd April
2009.
Any forward-looking statement contained in this presentation speaks as of the date of this presentation. EADS undertakes no obligation to
publicly revise or update any forward-looking statements in light of new information, future events or otherwise.
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10 Years at EADS…
289 34%
helicopters 119.506
empl.
• Credit Rating: S&P A- ;
88.879
498
311
aircraft
aircraft
empl.
Moody’s A1
2000 2009 2000 2009 • Low profitability due to:
Long-term Stability Financial Flexibity
– dollar deterioration against
Backlog Net Cash
euro from parity to €1: $1.40
and
– programme execution
5%
%
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challenges
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65
389 bn € 9,8 bn €
PROFITABILITY NEEDS
132 bn €
TO BE IMPROVED!
1,3 bn €
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US$ bn 19.9
18.6 19.3
20 1.5
Collars
0.8 * Total hedge amount contains $/€
13.5 Forward contracts and $/£ designated hedges
15 ** Includes $ 1.9 bn of options
restructuring
8.7 *** includes collars at their least
10 favourable rates
5.1
5
0
2010 2011 2012 2013 2014 2015+
€ vs $*** 1,35 1,38 1,37 1,38 1,38 1,41 Average hedge rates
Slow-down of the pace of hedging when the dollar weakens and reduction of
the size of the portfolio to increase flexibility
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Airbus Military
A400M
• Revenues will be recognized based on internal and contractual milestones. EBIT neutral
due to the utilization of the provision until the end of the contract (development and
deliveries to OCCAR)
• Cash-Flow will likely be negative for a few years but will depend on the final agreement on
the Export Levy Facility
Other activities
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Eurocopter
Revenues
• Slow recovery, start of a positive order trend
• Revenues should start growing from 2012
• Product policy investments within SHAPE:
SHAPE
– Product investments
– Cost improvement
– Customer services
– People/organisation development
Profitability
• Mitigating NH90 issues and short term pressure from light civil segment thanks to SHAPE
• Increase of R&D to strengthen the medium and heavy segment
• Start of improvement in 2012
• Long term growth forecasts: RR, Theal and Forecast Int. predict a common demand
of 15-16,000 helicopters worldwide over the next decade
Product policy should pay mid-term when new products
arrive in a booming market
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Astrium
Profitability
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Cassidian
Revenues roughly stable
• Reduction of defence budget in domestic markets: start of business model outside home
countries
• Growth of security, services and export could compensate pressure
• Different split of activity: increasing weight of systems
• Different geographical breakdown:
– Home countries revenues from 50% to 30% of total sales
– Expansion in Asia, South America and Middle East
Profitability
• Going global means investment in new markets: more cautious on margin trading to take
into account learning curve effects
• Learning curve on system activities will weigh on short term
• Budget pressure creates new environment
• Increase of R&D short term but customer commitment necessary
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Conclusion
• Current Ambition level supports Vision 2020 of 10% underlying EBIT* margin
but at long term dollar average
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