欧洲宇航防务集团09年第一季度报告表明其实力，同时，挑战依旧, 欧洲宇航防务集团
Release Date: 2009-05-12
- Order book of € 413 billion – allowing active management of deliveries
- Solid Net Cash position of € 8.7 billion in line with expectations (year-end 2008: € 9.2 billion)
- EBIT* before one-off: € 0.4 billion
- EBIT* of € 232 million, impacted mainly by foreign exchange effects
- Net Income of € 170 million
EADS’ (stock exchange symbol: EAD) first quarter 2009 results demonstrate a continuing solid underlying performance. The strong order book allows active management of deliveries at the expected level although the slowdown of the commercial business is reflected in the weak order intake. Based on under-proportional quarterly deliveries than in the same period of the previous year and less other favourable phasing effects, revenues stood at € 8.5 billion, EBIT* before one-off at € 0.4 billion. First-quarter EBIT* was mainly burdened by foreign exchange effects and an A400M accounting charge. The Net Cash Position remains solid at € 8.7 billion and provides a stable basis for the years to come. EADS is well positioned to face the crisis, although there is limited visibility towards the end of the year and beyond.
Louis Gallois, CEO of EADS said: “Despite the economic challenges, EADS remains robust. We continue to proactively monitor our order book and deliveries and we are improving our efficiency. With regard to the A400M programme, which is a big concern for us, we need to find common solutions on the technical and the commercial frame of the contract to achieve a balanced sharing of the risks with our customers. Nevertheless, even in these tough times, we remain fully committed to investing in our business with a view to the long term. Our successful integration efforts are generating real synergy benefits that go beyond cost savings. The range of skills available across the Group places us in a unique position to offer outstanding solutions for our customers’ future needs.”
EADS has adjusted its divisional structure. The former Military Transport Aircraft Division is being fully integrated into Airbus and has become – under the name of Airbus Military – the military pole of Airbus. This will strengthen programme management and improve resource allocation. The new organisation is effective as of 2009.
Revenues of the Group amounted to € 8.5 billion (Q1 2008: € 9.9 billion) reflecting under-proportional Airbus deliveries (116 aircraft compared to 123 in Q1 2008), less other favourable phasing effects, negative foreign exchange impacts and lower revenue recognition in the A400M programme. However, revenues improved at Astrium (up 20 percent) and Eurocopter (up 4 percent).
EADS' EBIT* for the first quarter of 2009 amounted to € 232 million compared to € 769 million in the previous year. This decrease came mainly from negative foreign exchange impacts and an A400M accounting charge. Before these one-offs, EADS’ EBIT* contracted to € 0.4 billion (Q1 2008: € 0.7 billion), mainly impacted by price deterioration on Airbus deliveries, less volume and an unfavourable product mix.
EADS achieved a Net Income of € 170 million (Q1 2008: € 285 million), or earnings per share of € 0.21 (earnings per share Q1 2008: € 0.35).
Self-financed R&D expenses slightly increased to € 562 million (Q1 2008: € 534 million). This reflects Airbus’ and Eurocopter’s continuing aircraft development programmes.
Free Cash Flow before customer financing stood at € -600 million (Q1 2008: € 1,022 million). The change compared to the same period of the previous year, in which the Free Cash Flow benefited from a strongly favourable seasonal effect, reflects the decrease of gross cash flow from operations representing the lower earnings of the quarter and the deterioration of the working capital. This deterioration is mirroring a build-up of inventories at Airbus due to the mismatch between the current production rates and the under-proportional phasing of deliveries versus the full-year forecast. Despite the currently unfavourable market environment, EADS did not face any real need to support customers in the first quarter on a net basis. Therefore, Free Cash Flow including customer financing amounts to € -585 million (Q1 2008: € 1,079 million). The Group’s Net Cash position remained high at € 8.7 billion (year-end 2008: € 9.2 billion) giving EADS a robust liquidity base in unpredictable economic times.
The seasonality of EADS' defence and institutional businesses implies that revenue, earnings and cash performance tend to be back-loaded.
Order intake amounted to € 9.3 billion (Q1 2008: € 39.3 billion), clearly reflecting lower commercial aircraft orders at Airbus and Eurocopter but supported by the order for 35 Ariane 5 worth more than € 4 billion and France’s order for 22 NH90 helicopters booked in Q1 2009. At the end of March 2009, EADS' order book remained at a record high, at € 412.6 billion (year-end 2008: € 400.2 billion), benefiting from a € 13 billion favourable US dollar impact. Orders within the commercial aircraft business are based on list prices. Robust order intake in the defence business led to a stable defence order book of € 54.9 billion (year-end 2008: € 54.9 billion). At the end of March 2009, EADS had 117,198 employees (year-end 2008: 118,349).
As for the A400M, the first aircraft is progressing towards first flight. It is now undergoing systems testing, while the second aircraft is complete and about to start systems testing. For the engine, tests are progressing satisfactorily on the flying test bed with eight flights so far, totalling more than 21 flight hours. Static test was completed for the landing gear, while the aircraft’s fatigue test is in progress.
The customer OCCAR recently announced that the seven launch nations have agreed to a three-month moratorium period lasting until the end of June 2009. This provides an opportunity for all partners of the programme to agree on the way ahead for a certain number of unresolved issues. Furthermore, it gives room to realign and rebase the contract with conditions acceptable to all parties. During this period, EADS will continue to work with its suppliers and partners to establish a robust timetable including a date for the first flight.
Furthermore, this period opens the negotiation process during which different sets of assumptions will be exchanged. EADS intends to reduce any further potential loss, but all financial consequences of the delays will only be known once the negotiations are finalised. Any estimate in the meantime is inaccurate or incomplete.
From an accounting standpoint, substantial negative income statement impacts may still have to be booked in future periods when costs become estimable or triggering events lead to a return to the estimate-at-completion method of accounting. Potential benefits from current discussions with customers might reduce such impacts, but would only be taken into account once agreed upon by OCCAR and the launch nations.
Due to the continuing high level of uncertainty on the programme, EADS retained the early stage accounting treatment of this programme.** The EBIT* impact of € -120 million for the first quarter in Airbus does not reflect a complete new estimate of the cost-at-completion. Once EADS has more reliable estimates of over-costs, it will revert to the cost-at-completion method.
| Type: | NORMAL |
| Company: | 欧洲宇航防务集团 |
| Country: | 德国 |
| Url: | http://www.eads.com/1024/en/pressdb/pressdb/20090512_eads_q1.html |