|Revenues||above 2010 level (at 1.35 $ vs €)|
|Airbus deliveries||520 - 530 commercial aircraft|
|Airbus gross orders||above 2011 deliveries|
|EBIT* before one-off||stable (around 1.3 bn€)|
|EPS||above 2010 level (€0.68)|
|Free cash flow||positive|
EADS’ 2011 guidance is based on an assumption of € 1 = $ 1.35 for average
and year-end closing spot rates.
In 2011, Airbus should deliver 520 to 530 commercial aircraft and its gross
orders should be above its deliveries.
EADS’ 2011 revenues should be above the 2010 revenues.
EADS expects 2011 EBIT* before one-off to remain stable compared to the
2010 level, at around € 1.3 billion. Increasing volume and price improvement
at Airbus Commercial are roughly compensated by the deterioration of hedge
rates, increasing R&D and less favourable mix of activities at Cassidian.
Going forward, the reported EBIT* and EPS performance of EADS will be depen-
dent on the Group’s ability to execute on the A400M, A380 and A350 XWB pro-
grammes, in line with the commitments made to its customers.
Reported EBIT* and EPS also depend on exchange rate fluctuations.
At € 1 = $ 1.35, EADS expects 2011 EPS to be above the 2010 level of € 0.68.
Free Cash Flow is expected to be positive. It is the most volatile item and
EADS will give a more precise guidance later in the year.
In 2012, the Group expects a significant improvement in its EBIT* before one
off thanks to higher volume, better pricing and improvement of
A380 performance at Airbus.
* EADS uses EBIT pre-goodwill impairment and exceptionals as a key indicator of its economic performance. The term “exceptionals” refers to income or expenses of a non-recurring nature, such as amortization expenses of fair value adjustments relating to the EADS merger, the formation of Airbus S.A.S. and the formation of MBDA, and impairment charges