July 31, 2013
EADS reports solid half-year results, changes name to Airbus
EADS reported increased revenues and profitability for the first half of 2013, driven mainly by its commercial aircraft business. Order intake increased sharply to €96.6bn with the order book value reaching €634.8bn at the end of June. The reported EBIT amounted to €1.5bn with a half-year Net Cash position of € 5.9bn. In the first half of 2013, EADS’ revenues increased 6% to €26.3bn (H1 2012: €24.9bn), reflecting the aircraft delivery pattern at Airbus Commercial and broadly stable revenues at Eurocopter, Astrium and Cassidian combined. The Group’s defence revenues were stable at €5.0bn. EADS’ reported EBIT increased to €1.5bn (H1 2012: €1.1bn) and included €136m in one-off charges at Airbus. This comprised €28m in expected charges related to the A380 wing rib feet repair based on H1 deliveries with the remaining €108m for the pre-delivery payment (PDP) dollar mismatch and balance sheet revaluation. EADS conducted a strategy review, which paved the way for two important Board decisions. Firstly, the Group plans to integrate Airbus Military, Astrium and Cassidian into one Defence and Space Division. Secondly, the Group will enhance integration and cohesion by renaming the Group and its Divisions using the globally recognised Airbus brand.
The Airbus Group will consist of three Divisions:
• Airbus, responsible for all commercial aircraft activities;
• Airbus Defence & Space, home to the Group’s defence and space activities including Military Transport Aircraft;
• Airbus Helicopters, comprising all commercial and military helicopter activities.
Based on the H1 2013 results, EADS reaffirms its full year guidance for all Key Performance Indicators (KPIs) except the order intake at Airbus Commercial which has been increased further.