EADS Global Website - Guidance May 2011

	Targets
Revenues	above 2010 level
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 confirms its 2011 guidance based on an assumption of € 1 = $ 1.35 for the year-end closing spot rate. 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, reported EBIT* and Earnings Per Share (EPS) performance of EADS will be dependent on the Group’s ability to execute on the A400M, A380 and A350 XWB programmes, 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.

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

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