|Revenues||above 2011 level (+10%)|
|Airbus deliveries||around 580 commercial aircraft|
|Airbus gross orders||above deliveries|
|EBIT* before one-off||increasing above 2.7 bn€|
|EPS before one-off||above € 1.95 (above 2011 level: €1.39)|
|Free cash flow (before acquisitions)||Positive
at 1€ = 1.30$, with 30 A380 deliveries
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 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.