|Targets||updated on 29 May 2013|
|Revenues||above 2012 level||-|
|Airbus deliveries||between 600 and 610 commercial aircraft||-|
|Airbus gross orders||above deliveries (around 700)||around 800|
|EBIT* before one-off||3.5bn€||-|
|EPS before one-off (prior proposed buyback)||€ 2.50 (above 2012 level: €2.24)||-|
|Free cash flow (before acquisitions)||breakeven, at 1€ = 1.35$||-|
As the basis for its 2013 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 sovereign debt crisis.
In 2013, gross commercial aircraft orders should be above the number of deliveries, in the range of 800 aircraft (700 previsously). Airbus deliveries should continue to grow to between 600 to 610commercial 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 on-going share buyback.
Excluding the known wing rib feet A380 impact in 2013 of around € 85 million 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 and foreign exchange effects linked to PDP mismatch and balance sheet revaluation.
The A350 XWB programme remains challenging. Any schedule change could lead to an increasingly higher impact on provisions.
EADS aims to be Free Cash Flow breakeven after customer financing and before acquisitions in 2013.
* 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.