Revenues and Profits
Continue to Grow: EADS Reports
Robust
Nine-Month (9m) Results 2012
-
EADS on track to achieve 2012 revenue, profit
guidance
-
Revenues increase by 14 percent to € 37.3 billion
-
EBIT* before one-off up 82 percent: € 1.9
billion
-
Net Income* before one-off(4)
increases to € 1.1 billion; Net Income more than doubles to € 903
million
-
Free Cash Flow before acquisitions of € -3.2
billion reflects back-loaded delivery pattern and government
payment profile
-
New hedging contracts of $ 27 billion enhance
financial stability
Leiden, 8 November 2012 - EADS
(stock exchange symbol: EAD) achieved robust financial results in
the first nine-months of 2012. Order intake(5) in
the first nine months reached € 50.4 billion driven by solid order
activity at Eurocopter, Astrium, Cassidian and Airbus Military and
ongoing momentum at Airbus Commercial. At the end of September,
EADS' order book(5) stood at €
547.5 billion showing resilience and providing visibility in the
current macro environment. Revenues amounted to € 37.3 billion. The
EBIT* before one-off of around € 1.9 billion benefited from a
strong underlying performance.
The reported EBIT* amounted to €
1.6 billion, significantly above the 2011 level. The Net Cash
position amounted to € 8.1 billion.
"Our performance over the first
nine months shows double-digit revenue growth and a strong increase
in profitability. The latter reflects, not least, our continued
focus on programme management and execution," said Tom Enders, CEO
of EADS. "However, we will not run out of operational challenges
anytime soon, especially at Eurocopter and Airbus. And for the rest
of the year, we'll put strong emphasis on cash generation. Aircraft
deliveries are key."
In the first nine months of 2012,
EADS' revenues increased 14 percent
to € 37.3 billion (9m 2011: € 32.7 billion) driven by growth across
all Divisions. The newly acquired companies in 2011 contributed
around € 1 billion to this growth. Until the end of September,
physical deliveries continued to be at a high level with 405
aircraft at Airbus Commercial and 300 helicopters at Eurocopter. In
September, Astrium achieved the 51st consecutive
successful Ariane 5 launch.
EBIT* before
one-off - an indicator capturing the underlying business
margin by excluding non-recurring charges or profits caused by
movements in provisions or foreign exchange impacts - stood at
around € 1.9 billion (9m 2011: around € 1.1 billion) for EADS and
at around € 1.2 billion for Airbus (9m 2011: around € 0.4 billion).
The increase compared to the same period last year is driven by
operational improvement at Airbus Commercial including favourable
volume and better pricing. Astrium's growth is driven by
productivity improvements and the integration of Vizada.
In Eurocopter, despite an unfavourable product mix in the third
quarter and higher Research & Development expenses, EBIT*
before one-off is stable. As expected, Cassidian's 2012
profitability is impacted by the business transformation and
globalisation.
During the first nine months of
2012, EADS accelerated its hedge activity and implemented $ 27
billion of new hedge contracts at an average rate of € 1 = $ 1.29,
which enhances the stability of the Group's financial performance.
At the end of September, EADS' total hedge portfolio stood at $
86.4 billion.
EADS' reported EBIT* increased by 82 percent to € 1,615
million (9m 2011: € 885 million), driven by the improvement
of the EBIT* before one-off.
In the first nine months of 2012,
the dollar mismatch and balance sheet revaluation had a positive
impact on the EBIT* of around € 70 million.
The A350 XWB charge of € 124
million is unchanged compared to H1 2012 as Airbus progresses
within the amended schedule, which was communicated in July.
However, the programme remains challenging.
Airbus is progressing, as planned,
on the A380 wing rib technical fix development. The total charges
recorded so far in 2012 amount to € 0.2 billion. Airbus still
targets 30 A380 deliveries for 2012 which means the total charge
for the A380 wing rib feet is still expected to reach around € 260
million for the full year.
Following the Hawker Beechcraft
(HBC) decision to shut down all their jet lines and despite EADS'
efforts to actively seek an acquirer for HBC as a whole including
jets, the programme closure has resulted in an exceptional charge
of € 76 million in the third quarter.
Net
Income rose sharply to € 903 million
(9m 2011: € 421 million), or earnings per share of € 1.10 (earnings
per share 9m 2011: € 0.52).
The Net Income* before one-off(4) increased
to € 1.1 billion (9m 2011: € 607 million) in line with the strong
underlying performance.
The finance result amounted to €
-337 million (9m 2011: € -212 million).
The interest result of € -237 million (9m 2011: € -9 million)
deteriorated compared to the 2011 level, mainly due to lower
interest income reflecting the evolution of interest rates. In
addition, the 2011 interest result benefited from a positive
one-time release of € 120 million due to the termination of the
A340 programme.
The other financial result of €
-100 million (9m 2011: € -203 million) includes an improved impact
from a foreign exchange revaluation compared to 9m 2011. This line
also includes the unwinding of discounted provisions.
Self-financed Research &
Development (R&D) expenses remained broadly stable at
€ 2,145 million (9m 2011: € 2,151 million).
Free Cash
Flow before acquisitions amounted to € -3,235 million (9m
2011: € 587 million). Operational performance improved
significantly compared to the same period last year. However, it is
weighed down by a significant temporary deterioration in working
capital which reflects the back-loaded delivery pattern and the
significant industrial ramp up efforts, especially at Airbus and
Eurocopter. In addition, government payment profiles and milestone
achievements are back-loaded, particularly at Cassidian.
In the first nine months of 2012,
low customer financing support of € -97 million had been provided,
demonstrating continuing appetite for asset-based financing and
continued Export Credit Agency support for deliveries.
The level of capital expenditure
continued to increase, mainly at Airbus driven by A350 XWB as well
as Single Aisle and Long Range rate increases. It includes a
capitalisation of development costs, mainly for the A350 XWB
programme.
The Q4 cash flow should reflect
the reversal of working capital requirements driven by deliveries
and payments from institutional customers.
Free Cash Flow after customer
financing amounted to € -3,376 million (9m 2011: € 155
million).
The Net Cash
position of EADS amounted to € 8.1 billion (year-end 2011:
€ 11.7 billion), also reflecting a cash contribution to pension
assets of € 331 million as well as the dividend payment of around €
370 million.
EADS' order
intake(5) amounted to
€ 50.4 billion (9m 2011: € 93.9 billion) and was encouraging across
all Divisions. The 9m 2011 order intake included exceptional orders
booked at Paris Air Show, particularly for the A320neo.
At the end of September 2012, the
Group's order book(5) stood
at € 547.5 billion (year-end 2011: € 541.0 billion), providing a
solid platform for future growth.
The defence order book amounted to
€ 51.1 billion (year-end 2011: € 52.8 billion).
At the end of September 2012,
EADS' workforce consisted of 137,415 employees, (year-end 2011: 133,115).
Outlook
As the basis for EADS' 2012
guidance, EADS expects the world economy and air traffic to grow in
line with prevailing independent forecasts and assumes no major
disruption due to the current euro crisis.
As EADS' nine-month results
confirm its growth and improvement trend, the Group reaffirms with
increased confidence its 2012 earnings guidance.
In 2012, Airbus should deliver
around 580 commercial aircraft, including 30 targeted A380
deliveries.
Gross orders should be above the
number of deliveries, in the range of 600 to 650 aircraft.
Based on an assumption of € 1 = $
1.30, EADS 2012 revenues should grow in excess of 10 percent.
Based on the Group's solid
underlying operating performance, EADS expects 2012 Group EBIT*
before one-off to be around € 2.7 billion.
As a result and with an expected
tax rate for the full year of slightly below 30 percent, the EADS
2012 EPS* before one-off(4) should be
around € 1.95 (FY 2011: € 1.39).
Going forward, the reported EBIT*
and EPS* performance of EADS will be dependent on the Group's
ability to execute on its complex programmes such as military
helicopters, A400M, A380 and A350 XWB, in line with the commitments
made to customers. Reported EBIT* and EPS* also depend on exchange
rate fluctuations.
Based on the targeted 30 A380
deliveries and assuming no change in government payment behaviour,
EADS aims to be Free Cash Flow break-even after customer financing
and before acquisitions.
EADS Divisions:
Continued commercial momentum at Airbus,
healthy order intake at Eurocopter, Astrium and
Cassidian
Airbus'
consolidated revenues increased by 14 percent to € 25,621 million
(9m 2011: € 22,411 million). The Airbus consolidated EBIT* rose by
184 percent to € 837 million (9m 2011: € 295 million).
Airbus Commercial revenues
amounted to € 24,725 million (9m 2011: € 21,120 million). Compared
to one year ago, Airbus Commercial revenues benefited from
favourable volume, mix and pricing effects. A total of 403
deliveries were booked with revenue recognition compared to the 405
physical deliveries as 2 aircraft were placed on operating
lease.
Airbus Commercial EBIT* before
one-off increased significantly to € 1.15 billion (9m 2011: around
€ 380 million). It benefitted from better operational performance
including favourable volume and pricing, net of escalation. There
was a small tailwind from the appreciation of the US dollar rate of
the Group's maturing hedges to the end of September.
Airbus Commercial reported EBIT*
also increased significantly to € 816 million (9m 2011: € 306
million). It includes the charge booked in H1 2012 for the A350
XWB, the update of the A380 wing rib feet provision and a charge
for the Hawker Beechcraft programme closure. It benefited from a
positive foreign exchange effect.
Revenues at Airbus Military of €
1,194 million decreased compared to last year (9m 2011: € 1,747
million) mainly due to lower revenue recognition on the A400M as
well as lower Tanker revenues.
EBIT* of Airbus Military improved
slightly to € 8 million (9m 2011: € 5 million), reflecting lower
R&D expenses.
During the first nine months of
2012, Airbus Commercial booked 382 net aircraft orders (9m 2011:
1,038 units). The 2011 sales tally included contracts announced at
the Paris Air Show, where Airbus achieved an industry record,
driven by the A320neo, still unmatched by competition.
Airbus continued to see healthy
demand for both the A320 and the A320neo, with significant orders
booked from Chinese lessor ICBC Financial Leasing Co. Ltd. and
Philippine Airlines during the third quarter. Airbus made good
progress on the A320 'Sharklet' flight testing programme, with
AirAsia due to take delivery of the first aircraft equipped with
the fuel saving devices by year end.
Following on from the order by
Cathay Pacific for the A350-1000, Singapore Airlines in October
announced its intention to order 20 A350-900s and 5 A380s. Thai
Airways International took delivery of its first A380 in September,
becoming the ninth airline globally to operate the double-decker
aircraft.
The challenging A350 XWB programme
continues to make progress.
Both the static test aircraft and MSN 1, the first flying aircraft,
are in assembly and power-on of the front fuselage section has been
successfully achieved. Wing drilling is now on track. Airbus
continues to target first flight for mid-2013 and
Entry-into-Service in H2 2014. The supply chain performance is
still challenging.
During the first nine months of
2012, Airbus Military recorded 30 orders and delivered 11
aircraft. Airbus Military's book-to-bill ratio was above 1 for the
first nine months, driven by growth in export markets.
The A400M flight testing programme continues,
having accumulated more than 3,800 flight test hours completed by
the end of September.
The root cause of the recent engine technical issues has been
identified. A400M Initial Operating Capability is targeted in Q1
2013 on a configuration to be agreed with OCCAR, allowing the first
delivery to France in Q2 2013. Three further deliveries are planned
later that year.
At the end of September 2012, Airbus'
consolidated order book was valued at € 502.7 billion (year-end
2011: € 495.5 billion).
The Airbus Commercial backlog amounted
to € 482.0 billion (year-end 2011: € 475.5 billion), which
comprises 4,414 units (year-end 2011: 4,437 aircraft) and
represents around 7 years of full production.
Airbus Military's order book amounted to 236
aircraft, equalling € 21.8 billion (year-end 2011: € 21.3
billion).
Revenues at Eurocopter increased by 19 percent to € 4,116
million (9m 2011: € 3,458 million), mainly driven by more
Super Puma deliveries, higher repair and overhaul support
activities and the full inclusion of the Vector Aerospace business
consolidation.
The first batch of 4 Tiger
helicopters in the ASGARD configuration for deployment to
Afghanistan was delivered to the German government on time this
quarter. Deliveries reached 300 helicopters (9m 2011: 323
helicopters).
The Division's EBIT* increased
significantly by 76 percent to € 277 million (9m 2011: € 157
million). The 9m 2011 EBIT* included a net charge of € 120 million.
Therefore, the Eurocopter EBIT* before one-off was stable compared
with the 2011 level as the favourable mix on commercial and
services, including Vector, was weighed down by higher military
sales and higher R&D activity.
The Division is continuing its
high stake discussions with several NH90 and Tiger customers, who
are seeking to reduce deliveries, the outcome of which is still
open.
In close collaboration with the
investigation authorities, Eurocopter is devoting all its efforts
in analysing and mitigating the root causes for the incidents on
Super Puma and Ecureuil B3e.
During the first nine months of
2012, Eurocopter's net order intake rose to 286 compared to 259 net
orders for the same period last year. The order value increased
significantly compared to last year, mainly due to a favourable mix
on EC175 and Super Puma and the consolidation of Vector
Aerospace.
In the third quarter, Eurocopter
secured important orders in the Emergency Medical Services segment
for Med-Trans Corporation and the civil security segment for
Kazakhstan.
Eurocopter's order book decreased
slightly to € 13.3 billion (year-end 2011: € 13.8 billion)
comprising 1,062 helicopters (year-end 2011: 1,076
helicopters).
Astrium revenues in the first nine months of 2012
rose by 14 percent to € 3,934 million (9m 2011: € 3,440 million),
mainly due to the inclusion of the acquired Vizada group.
EBIT* increased by 16 percent to €
191 million (9m 2011: € 165 million), despite higher R&D
compared to last year. The EBIT* increase is due to margin
improvements thanks to efficiency and productivity gains resulting
from the AGILE transformation programme as well as a positive
Vizada contribution.
Astrium's order intake reached €
2.9 billion over the first nine months of 2012 (9m 2011: € 2.3
billion), representing an increase of 23 percent compared to the
previous year. This performance was driven by a solid level of
services activity.
Astrium demonstrated strong
programme execution during the third quarter achieving three Ariane
5 launches, resulting in the 51st consecutive
success. Three Astrium-built satellites were launched this quarter
and the third Automated Transfer Vehicle (ATV) mission has been
successfully completed.
The European Space Agency (ESA)
Ministerial Council, scheduled for 20-21 November in Naples, Italy,
is expected to provide clear perspectives on the future direction
of European space programmes.
At the end of September 2012, the
order book of Astrium amounted to € 13.8 billion (year-end 2011: €
14.7 billion).
Cassidian revenues with € 3,484 million (9m 2011:
€ 3,419 million) are in line with the previous year's level while
EBIT* decreased to € 156 million (9m 2011: € 170 million), as
expected. The decrease in self-funded R&D was offset by
continuing investments in globalisation and transformation.
The appointment of a new
management team in September is designed to reduce complexity,
enhance margin performance and to strengthen
internationalisation.
A comprehensive review of cost
structure and contract execution enhancement was launched with a
view to concluding it before year-end.
Cassidian's order intake of € 3.4
billion for the first nine months was significantly above last
year's level (9m 2011: € 2.6 billion), despite the challenging
market environment, driven mainly by profitable Eurofighter and
MBDA business.
Cassidian continues to explore
export opportunities for Eurofighter in the Middle East and
Asia.
During the third quarter,
Cassidian closed the acquisition of Rheinmetall Airborne Systems.
Furthermore, the Division finalised the acquisition of a 75.1%
stake in the Carl Zeiss Optronics business in October 2012.
At the end of September 2012, the
Cassidian order book had risen to € 15.9 billion (year-end 2011: €
15.5 billion).
Headquarters
and Other Businesses (not belonging to any Division)
Revenues of Other Businesses
increased 28 percent to € 1,067 million (9m 2011: € 833 million),
mainly due to volume increase at EADS North America and ATR.
EBIT* of Other Businesses
decreased to € 15 million (9m 2011: € 20 million). The 9m 2011
EBIT* included a € 10 million gain from the divestiture of Defense
Security and Systems Solutions - DS3 - in EADS North America.
Therefore, the EBIT* before
one-off improved by € 5 million thanks to the profitability
improvements in the Cabin Interior business of Sogerma and to
improvements at EADS North America.
ATR received 15 net orders over
the first nine months of 2012 (9m 2011: 145, which included
exceptional orders at Paris Air Show) and delivered 37 aircraft (9m
2011: 30). At the end of September, the ATR backlog stood at 202
aircraft.
At EADS North America, a flight
demonstration has begun for the US Army's Armed Aerial Scout
helicopter programme.
At the end of September 2012, the
order book of Other Businesses had decreased to € 2.7 billion
(year-end 2011: € 3.0 billion).
* 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.
EADS is a global leader in
aerospace, defence and related services. In 2011,
the Group - comprising Airbus, Astrium, Cassidian and Eurocopter -
generated revenues of € 49.1 billion and employed a workforce of
over 133,000.
EADS Investor Relations
contacts:
Philippe
BALDUCCHI tel. +33 1 42 24
2800 philippe.balducchi@eads.net
Julie
KITCHER
tel. +33 1 42 24 2636 julie.kitcher@eads.net
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EADS
- Nine-Month (9m) Results 2012
(reviewed)
(Amounts in euro)
EADS Group |
9m 2012 |
9m 2011 |
Change |
Revenues, in millions |
37,258 |
32,687 |
+14% |
thereof defence, in millions |
7,355 |
7,490 |
-2% |
EBITDA (1), in millions |
2,938 |
2,025 |
+45% |
EBIT (2), in millions |
1,615 |
885 |
+82% |
Research & Development
expenses, in millions |
2,145 |
2,151 |
0% |
Net Income (3), in millions |
903 |
421 |
+114% |
Earnings Per Share (EPS)
(3) |
1.10 |
0.52 |
+0.58 € |
Free Cash Flow (FCF), in
millions |
-3,376 |
155 |
- |
Free Cash Flow (FCF)
before acquisitions, in
millions |
-3,235 |
587 |
- |
Free Cash Flow
before Customer Financing, in
millions |
-3,279 |
-27 |
- |
Order Intake (5), in millions |
50,409 |
93,907 |
-46% |
|
|
|
|
EADS Group |
30 Sept 2012 |
31 Dec
2011 |
Change |
Order Book (5), in millions |
547,476 |
540,978 |
+1% |
thereof defence, in millions |
51,119 |
52,775 |
-3% |
Net Cash position, in
millions |
8,075 |
11,681 |
-31% |
Employees |
137,415 |
133,115 |
+3% |
For footnotes please refer to page 13.
by Division |
Revenues |
EBIT (2) |
(Amounts in millions of Euro) |
9m
2012 |
9m
2011 |
Change |
9m
2012 |
9m
2011 |
Change |
Airbus Division (6) |
25,621 |
22,411 |
+14% |
837 |
295 |
+184% |
Airbus Commercial |
24,725 |
21,120 |
+17% |
816 |
306 |
+167% |
Airbus Military |
1,194 |
1,747 |
-32% |
8 |
5 |
+60% |
Eurocopter |
4,116 |
3,458 |
+19% |
277 |
157 |
+76% |
Astrium |
3,934 |
3,440 |
+14% |
191 |
165 |
+16% |
Cassidian |
3,484 |
3,419 |
+2% |
156 |
170 |
-8% |
Headquarters /
Consolidation |
-964 |
-874 |
- |
139 |
78 |
- |
Other Businesses |
1,067 |
833 |
+28% |
15 |
20 |
-25 % |
Total |
37,258 |
32,687 |
+14% |
1,615 |
885 |
+82% |
|
|
|
|
|
|
|
by Division |
Order Intake
(5) |
Order Book (5) |
(Amounts in millions of Euro) |
9m
2012 |
9m
2011 |
Change |
30 Sept
2012 |
31 Dec
2011 |
Change |
Airbus Division (6) |
40,659 |
85,485 |
-52% |
502,680 |
495,513 |
+1% |
Airbus Commercial |
39,109 |
85,421 |
-54% |
481,957 |
475,477 |
+1% |
Airbus Military |
1,691 |
408 |
+314% |
21,821 |
21,315 |
+2% |
Eurocopter |
3,586 |
2,760 |
+30% |
13,283 |
13,814 |
-4% |
Astrium |
2,866 |
2,328 |
+23% |
13,804 |
14,666 |
-6% |
Cassidian |
3,406 |
2,604 |
+31% |
15,928 |
15,469 |
+3% |
Headquarters/
Consolidation |
-839 |
-893 |
- |
-915 |
-1,467 |
- |
Other Businesses |
731 |
1,623 |
-55% |
2,696 |
2,983 |
-10% |
Total |
50,409 |
93,907 |
-46% |
547,476 |
540,978 |
+1% |
For footnotes please refer to page 13.
EADS -
Third Quarter Results (Q3)
2012
(Amounts in euro)
EADS Group |
Q3 2012 |
Q3 2011 |
Change |
Revenues, in millions |
12,324 |
10,751 |
+15% |
EBIT (2), in millions |
537 |
322 |
+67% |
Net Income (3), in millions |
309 |
312 |
-1% |
Earnings Per Share (EPS)
(3) |
0.38 |
0.38 |
0.00 € |
|
|
|
|
|
|
|
by Division |
Revenues |
EBIT (2) |
(Amounts in millions of Euro) |
Q3
2012 |
Q3
2011 |
Change |
Q3
2012 |
Q3
2011 |
Change |
Airbus Division (6) |
8,375 |
7,099 |
+18% |
284 |
93 |
+205% |
Airbus Commercial |
8,140 |
6,656 |
+22% |
268 |
83 |
+223% |
Airbus Military |
351 |
635 |
-45% |
6 |
2 |
+200% |
Eurocopter |
1,345 |
1,287 |
+5% |
78 |
63 |
+24% |
Astrium |
1,273 |
1,093 |
+16% |
61 |
62 |
-2% |
Cassidian |
1,298 |
1,286 |
+1% |
68 |
81 |
-16% |
Headquarters/
Consolidation |
-313 |
-323 |
- |
44 |
15 |
- |
Other Businesses |
346 |
309 |
+12% |
2 |
8 |
-75% |
Total |
12,324 |
10,751 |
+15% |
537 |
322 |
+67% |
Q3 2012
revenues increased 15 percent compared to Q3 2011, driven
mainly by higher volume and a favourable foreign exchange impact at
Airbus Commercial as well as the integration of Vizada in
Astrium
Q3 2012
EBIT* improved 67 percent to € 537 million, mainly driven
by Airbus Commercial and Eurocopter. At Airbus Commercial, strong
underlying performance and a favourable impact from the improvement
of hedge rates more than compensated the charge booked for the
Hawker Beechcraft Programme termination of € 76 million.
For footnotes please refer to page 13.
Footnotes:
1) Earnings before interest,
taxes, depreciation, amortisation and exceptionals.
2) Earnings before interest and
taxes, pre goodwill impairment and exceptionals.
3) EADS continues to use the
term Net Income. It is identical with Profit for the period
attributable to equity owners of the parent as defined by IFRS
Rules.
4) Net
Income before one-off is the Net Income stripped of the EBIT*
one-offs. It excludes other financial result (except the unwinding
of discount on provisions) and all tax effects on the mentioned
items. Net Income* before one-off is the Net Income before one-off
pre-goodwill and exceptionals net of tax. Accordingly, EPS* before
one-off is EPS based on Net Income* before one-off.
5) Contributions from
commercial aircraft activities to EADS Order Intake and Order Book
based on list prices.
6) The reportable
Segments Airbus Commercial and Airbus Military form the Airbus
Division. Eliminations are treated at the Division level.
Safe Harbour
Statement:
Certain statements contained in
this press release are not historical facts but rather are
statements of future expectations and other forward-looking
statements that are based on management's beliefs. These statements
reflect the EADS' views and assumptions as of the date of the
statements and involve known and unknown risk and uncertainties
that could cause actual results, performance or events to differ
materially from those expressed or implied in such statements.
When used in this press release,
words such as "anticipate", "believe", "estimate", "expect", "may",
"intend", "plan to" and "project" are intended to identify
forward-looking statements.
This forward looking information
is based upon a number of assumptions including without limitation:
assumption regarding demand, current and future markets for EADS'
products and services, internal performance, customer financing,
customer, supplier and subcontractor performance or contracts
negotiations, favourable outcomes of certain pending sales
campaigns.
Forward looking statements are
subject to uncertainty and actual future results and trends may
differ materially depending on variety of factors including without
limitation: general economic and labour conditions, including in
particular economic conditions in Europe, North America and Asia,
legal, financial and governmental risk related to international
transactions, the cyclical nature of some of EADS' businesses,
volatility of the market for certain products and services, product
performance risks, collective bargaining labour disputes, factors
that result in significant and prolonged disruption to air travel
worldwide, the outcome of political and legal processes, including
uncertainty regarding government funding of certain programs,
consolidation among competitors in the aerospace industry, the cost
of developing, and the commercial success of new products, exchange
rate and interest rate spread fluctuations between the euro and the
U.S. dollar and other currencies, legal proceeding and other
economic, political and technological risk and uncertainties.
Additional information regarding these factors is contained in the
Company's "registration document" dated 12 April 2012.
For more information, please
refer to www.eads.com.
Press
Release_EADS9mEarnings2012
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: EADS via Thomson Reuters ONE
HUG#1656191
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