EADS Global Website - EADS Guidance for 2005 (old)

	Targets
EBIT*	expected above € 2.6 bn
EPS	expected at € 1.50
Revenues	expected at € 33 bn, of which defence revenues of € 8.5 bn
Free Cash Flow before customer financing	strong positive (before Paradigm Investments)
Book-to-bill ratio	above 1.0
Airbus deliveries	above 360 aircraft

For the full year 2005, EADS confirms its confidence in 2005 EBIT* to exceed € 2.6 billion. EADS raises its earnings per share (EPS) and cash flow targets.

EADS foresees an increase in divisional performance across the Group, partly offset by less favourable hedges compared to 2004.

EADS expects its 2005 revenues to grow to around € 33 billion, impacted partly by a weaker dollar assumption (€ 1 = US$ 1.30). EADS' group-wide defence revenues should increase by 10 percent during the course of the year to € 8.5 billion.

EADS expects Airbus to deliver more than 360 aircraft in 2005. Airbus revenues are expected to increase in line with higher deliveries of single-aisle aircraft. The 2005 aircraft mix will be less favourable than in 2004.

After the strong cash flow generation in 2004, Free Cash Flow before Customer Financing is expected to be strong again in 2005.

2005 EPS are expected to increase by at least 18 percent to € 1.50, based on an expected average of 800 million shares. This updated EPS guidance reflects better than expected financial result due to higher cash levels but remains dependent on the year-end US Dollar exchange rate.

* 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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