EADS Global Website - EADS Guidance for 2005 (old)

	Targets
EBIT*	expected above € 2.6 bn
EPS	expected at € 1.36
Revenues	expected at € 33 bn
Free Cash Flow before customer financing	positive (before Paradigm Investments)
Book-to-bill ratio	(Orders/Revenues) above 1.0

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

EBIT* is expected to grow to more than € 2.6 billion (up six percent), reflecting an increase in divisional performance across the group, partly offset by less favourable hedges and by the weak US Dollar for the unhedged portion of the net exposure.

EADS expects Airbus to deliver 350-360 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. The positive accounting impact from the Airbus GIE merger into Airbus SAS is expected to diminish in 2005.

Free Cash Flow before Customer Financing and Paradigm investment outflows is expected to be positive in 2005. Earnings Per Share should increase in 2005 by five percent to € 1.36, based on an average of 803 million shares.

EADS CFO Hans Peter Ring noted: "Our continued profitability is the result of our internal efforts to streamline organization and to keep costs under control - this of course is challenging. As we want to remain competitive, we are constantly looking at the efficiency of our businesses."

* 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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