|Revenues||above € 40 bn|
|Airbus deliveries||above 470 aircraft|
|Airbus orders||above 850 aircraft|
|EBIT*||above € 1.8 bn
(detailed conditions see below)
|Free Cash Flow||before customer financing at above € 2 bn|
The EADS guidance is based on a closing spot rate at year-end 2008 of € 1 = US$ 1.45.
EADS expects Airbus to capture orders for more than 850 new aircraft in 2008.
Forecasted EADS revenues growth to more than € 40 billion in 2008 is unchanged, with over 470 aircraft deliveries for the full year.
With an EBIT* of € 2.0 billion in the first nine months of 2008, EADS should exceed its full-year EBIT* guidance of € 1.8 billion (at € 1 = US$ 1.45) based on the strong underlying performance. This excludes any additional impact for the A400M, due to the uncertainties of the programme.
The variation of the closing €/US$ spot rate at year-end relative to that of end of September 2008 could have negative or positive impacts on earnings linked to the revaluation at the closing US dollar rate of some Airbus balance sheet items, including loss-making contract provisions.
Before the impact of customer financing, EADS expects 2008 Free Cash Flow at above € 2 billion while bearing in mind that this is the most volatile item to predict.
* 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.