as of 14 November
|Revenues||above 2012 level||-||-||-|
|Airbus deliveries||up to 620 commercial aircraft||-||-||600-610|
|Airbus gross orders||above 1,200||> 1,000||800||> 700|
|EBIT* before one-off||3.5bn€||-||-||-|
|EPS before one-off
(prior proposed buyback)
|€ 2.50 (above 2012 level: €2.24)||-||-||-|
|Free cash flow
|(1,5)bn€, at 1€ = 1.35$||-||-||breakeven|
As the basis for EADS 2013 guidance, EADS expects the world economy and air traffic to grow in line with prevailing independent forecasts and assumes no major disruptions.
Based on the 9m 2013 results, EADS has made several adjustments to its full year guidance.
In 2013, gross commercial aircraft orders should be above 1,200 aircraft.
Airbus deliveries are expected to be up to 620 commercial aircraft.
Due to lower A380 deliveries and assuming an exchange rate of € 1 = $ 1.35, EADS revenues should see moderate growth in 2013.
By stretching the 2012 underlying margin improvement, in 2013 EADS targets an EBIT* before one-off of € 3.5 billion and an EPS* before one-off of around € 2.50 (FY 2012: € 2.24), prior to the share buyback.
Excluding the wing rib feet A380 impact of around € 85 million in 2013 based on 25 deliveries, going forward, from today’s point-of-view, the “one-offs” should be limited to potential charges on the A350 XWB programme, foreign exchange effects linked to the PDP mismatch and balance sheet revaluation.
The A350 XWB programme remains challenging. Any schedule change could lead to an increasingly higher impact on provisions.
An assessment of the need for potential one-off costs from the creation of Airbus Defence and Space will be conducted in the fourth quarter of 2013.
Free Cash Flow after customer financing and before acquisitions is now expected to be negative at around € -1.5 billion.
This reflects the company’s investment into production ramp-up and development programmes as well as recent government customer budgetary constraints.
* 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.