EADS Global Website - Guidance July 2012

	Targets
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€ = 1.35$, with 30 A380 deliveries

As the basis for EADS 2012 guidance the Group 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.

EADS’ results of the first six months confirm the Group’s growth and improvement trend. These positive dynamics lead EADS to improve its 2012 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 = $ 1.35, EADS 2012 revenues should continue to grow at around 10 percent.

Based on the solid H1 performance, especially at Airbus, Eurocopter and Astrium, EADS expects 2012 Group EBIT* before one-off to be around €2.7bn.

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

Based on the targeted 30 A380 deliveries, EADS should continue to generate a positive Free Cash Flow 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.

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