Dear Shareholders,
Whilst the weather this summer was relatively mixed, it was decidedly sunny for the EADS share price which rebounded nearly 40% compared to the low of 11 July. The Group published solid half year results on July 30, reflecting strong underlying performance, in addition to dynamic order intake, notably at Airbus, despite a difficult market context.
Paradox! The rebound in share price was not driven by this excellent commercial performance, but is explained by the strengthening US dollar.
In an uncertain macro-economic and stock market context, market operators seem to be focusing on two key drivers to determine the value of EADS: the movement in the dollar and signs of a potential slowdown of the world economy and therefore, in air traffic.
Although the problems specific to the Group – execution of major programmes, social and political constraints – also weighed heavy, the financial markets nevertheless attach little importance to the value of our technologies, the quality of our products, and our human capital, which are well-recognised by our customers.
Thus, the value of the dollar or the price of oil, being presently the main indicators for growth, influence their decision more than the long-term development of the company.
Being an EADS shareholder today is to be convinced that the Group will again arouse interest in a calmer economic environment.
This is because all EADS's 110,000 employees share this certainty and are redoubling their efforts to meet today's numerous challenges and prepare the future.
NATHALIE ERRARD
Head of Investor Relations and Financial Communication
The information in the archives you are now accessing is outdated. It can be used to conduct historical analysis of EADS' performance or research the milestones and events that lead to its present situation. However, past performance should not be used as a sole basis for current investment decisions. EADS has no duty to update the historical information contained in the archived documents.
