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EADS中国Video aero-notes N°32
Watch the video of Louis Gallois, EADS Chief Executive Officer, giving an introduction to the April aero-notes newsletter.
aero-notes N°32, April 2012
Dear Shareholder,
Despite the difficult macro-economic context of 2011 and the pressures on our governmental businesses, EADS full-year results have shown the strong resilience of our Company. In all key indicators we over-achieved on our guidance.
Record deliveries at Airbus and the progressive recovery of the civil helicopter sector in particular contributed to revenues of €49.1 billion, an increase of 7% for the Group. Despite a dollar headwind and higher R&D expenses, the EADS EBIT* before one-off rose 34% to €1.8 billion. The increase was driven mainly by improved performance within Airbus and Eurocopter. Astrium and Cassidian meanwhile continued to make a solid contribution.
We are preparing the future. Our order book has grown to a huge € 541 billion, mainly thanks to the record order intake at Airbus Commercial. It is a formidable basis for future business. Our new acquisitions in the services field will help us to develop a more balanced portfolio in the years to come. Even accounting for these strategic acquisitions, we continued to generate significant levels of cash in 2011. Our net cash position at € 11.7 billion remains a key asset, supporting the company’s manoeuvrability.
We will pursue discussions with our government customers, above all in Germany, on the future of defence procurement programmes. Clearly, our target is to reach an early outcome which is sustainable for all parties.
As ever, we are extremely vigilant on our major development programmes. The A400M is progressing towards first customer delivery. A380 deliveries rose in 2011 to 26 and we are currently addressing the issues relating to rib feet within the wings. The A350 schedule is tightening as we progress towards the next programme milestones, in particular the entry into final assembly. It remains our Company’s biggest industrial challenge.Production rate increases on our established single-aisle and long-range aircraft families are underway.
We will boost A330 production to 11 per month in 2014 provided disputes over the EU’s emissions trading scheme do not harm our orders.
While risks remain, I feel the stage is set for us to move towards increased profitability. We expect that our EBIT* before one-off will be above € 2.5 billion in 2012 and that our free cash flow will be positive before acquisitions. Judging by the progression of our stock price many of you share my optimism. We are pleased to share the good performance with our shareholders through a significantly improved gross dividend of € 0.45.Over the past years I have enjoyed our exchanges and appreciated your feedback on many important topics. I am convinced that the in-coming management team, with its long experience within the EADS Group, will continue to value your commitment and loyalty.
LOUIS GALLOIS - Chief Executive Officer
