EADS Global Website - Guidance 2012

	Targets
Revenues	above 2011 level (+6%)
Airbus deliveries	around 570 commercial aircraft
Airbus gross orders	above deliveries
*EBIT before one-off**	increasing above 2.5bn€
EPS (at 1€=1.35$)	above 2011 level (€1.27)
EPS before one-off	above€ 1.85 (above 2011 level: €1.39)
Free cash flow (before acquisitions)	positive, at 1€ = 1.35$

As basis for EADS’ 2012 guidance, the Group expects the world economy and air traffic to grow in line with prevailing independent forecasts and assumes an average dollar exchange rate of € 1 = $ 1.35.

In 2012, Airbus should deliver around 570 commercial aircraft. Gross orders should be above the number of deliveries. EADS 2012 revenues should continue to grow above 6 percent.

Group EBIT* before one-off should improve significantly thanks to volume increases at Airbus and Eurocopter, better pricing at Airbus and A380 improvement. EADS expects the EBIT* before one-off to be above € 2.5 billion.
The EADS 2012 Earnings per Share (EPS)* before one-off should be above € 1.85 (FY 2011: € 1.39), based on the Net Income* before one-off.

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 A400M, A380 and A350 XWB, in line with the commitments made to its customers.

Based on this EBIT* guidance, EADS should continue to generate a positive Free Cash Flow after customer financing and before acquisitions. As it is the most volatile item, especially during uncertain macro-economic times, EADS will give a more precise guidance later in the year.

* 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.

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