EADS revenues increase 27% in 2001 to reach EUR 30.8 billion
Amsterdam, 06 February 2002
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Order intake up 23% to EUR 60.2 billion
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Orderbook of EUR 183.7 billion at year-end 2001, up 39% and representing six years of revenues
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2001 synergy targets exceeded by 60% to EUR 100 million
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CEOs: "The active measures taken will safeguard our financial strength in a challenging environment; in 2001, we have reached our EBIT target"
EADS European Aeronautic Defence and Space Company (stock exchange symbol: EAD) has surpassed its revenue growth target for the year 2001. The company increased revenues by 27% in 2001, exceeding its 20% target.
Revenues amounted to EUR 30.8 billion, compared to EUR 24.2 billion in the year 2000. On a comparable basis - without the effect of the first-time 100% consolidation of Airbus SAS - revenues increased by 10 %. The continuing strong US-Dollar was particularly a reason for the better than expected revenues growth. All Divisions but Space experienced a growth close to double digits, as the second largest global aerospace and defence company announced on 6 February, 2002.
The EADS CEOs, Philippe Camus and Rainer Hertrich, said: "2001 was another successful year for EADS. We confirmed our EBIT goal and exceeded our revenues target. We continue to emphasize value creation and to benefit from synergy savings. We delivered EUR 100 million EBIT from synergies, thus exceeding by more than 60% our initial synergy target for 2001."
At the same time, EADS greatly enlarged its robust orderbook by 39% to EUR 183.7 billion (2000: EUR 131.9 billion, with 80% of Airbus consolidated). The 2001 order intake reached a record volume of EUR 60.2 billion. This is an increase of 23% against the 2000 figure of EUR 49.1 billion.
The CEOs stated that "In 2001, we strengthened our global market position. Our orderbook now covers more than six years of business and each of our five Divisions has a backlog exceeding one-and-a-half year of revenues. The strong order intake of 2001 illustrates not only the success of the A380 project for which we registered 85 firm orders plus 12 additional firm customer commitments; it also clearly demonstrates the competitiveness of our military programmes on export markets. This includes the orders signed for NH90 by Portugal, Finland, and Sweden, totalling around EUR 0.7 billion, and for the C-295 military transport aircraft by Poland." Additionally, the positive decisions of Australia on the Tiger and of Norway on the NH90 helicopters will be booked in 2002 for a total of around EUR 0.9 billion; as well as the EUR 18 billion A400M project, which is also not yet included in the 2001 order intake.
Action taken to preserve profitability
The CEOs added: "We have taken prompt action following 11 September to preserve our profitability in the downturn. We have also assigned new cost and cash savings targets to all our divisions managers. These cost and cash saving plans, together with continuing implementation of synergies from merger integration, allow us to smooth the negative impact from the commercial aviation downturn. By doing so, we also want to secure our future earnings."
EADS, which will publish full annual results on March 18 2002, also confirmed that it will release a 2001 EBIT (Earnings before interest and taxes, pre-goodwill and exceptional items) fully in line with or - thanks to higher than expected synergies - even slightly exceeding its 15% growth target. This result increase was achieved despite the civil aviation downturn and losses in the Space Division, and including a significant increase of the Research & Development (R&D) expenses. However, due to hedging of the net exposure (gross exposure minus Dollar outflows), the stronger US-Dollar had no material impact on EBIT.
In 2002, the R&D expenditure for the A380 will increase as planned. Taking this into account, EADS expects a level of EBIT pre-R&D margin in the same range as 2001.
Divisions further strengthen their market positions
The Airbus Division achieved revenues of EUR 20.5 billion, up 38 %. Airbus delivered a record of 325 aircraft, compared to 311 in 2000. Order intake reached EUR 50.3 billion, representing 274 net new orders. At year-end, the orderbook totalled 1,575 aircraft worth EUR 156.1 billion and representing a market share of 54 % of the worldwide backlog in large commercial aircraft. The 85 firm orders plus 12 firm customer commitments for the A380 superjumbo constituted a major achievement for that programme.
The Military Transport Aircraft Division recorded revenues of EUR 0.5 billion in 2001, with first deliveries of the C-295 to the Spanish Government. With EUR 1 billion, order intake in 2001 was twice as high as revenues, resulting in an increased order backlog of EUR 1.3 billion thanks namely to the success of the C-295 sold to Poland. With this rise in business volume, the Division confirmed its leadership position in the field of medium military transport aircraft. At the same time, the Division actively pursued the preparations for the A400M programme. With this EUR 18 billion project, the Military Transport Aircraft division will have the second largest orderbook of any division within EADS.
The revenues of the Aeronautics Division grew by 8% to EUR 5.1 billion in 2001, demonstrating namely the ramp up of the Eurofighter programme and the success of the civil helicopter business that maintained its world-wide pole position and continued to increase its global market share up to 57%. The orderbook increased to EUR 13.7 billion at year-end. With an order intake of EUR 5.3 billion, the book-to-bill ratio was over one. After the strong order intake of 2000, which was boosted by the NH90 domestic order worth EUR 3.6 billion, Eurocopter was able to secure significant contracts in 2001 for its newest products Tiger and NH90 on export markets. Eurofighter is prepared to start deliveries in 2002, and is actively marketing the fighter aircraft to potential customers in Europe and Asia.
While the difficult market environment continued, revenues of the Space Division were nearly stable at EUR 2.4 billion. Year-end orderbook reached EUR 3.8 billion, still representing one-and-a-half years of revenues. At EUR 1.3 billion, order intake was lower than the exceptional EUR 3 billion for 2000 that was boosted by two major contracts in the space telecom business. The Division is now planning further steps to strengthen the efficiency and profitability of its operations.
Revenues of the Defence and Civil Systems Division increased by 15% to EUR 3.3 billion in 2001 thanks to the ramp up of the deliveries of programmes already in backlog. With EUR 3.1 billion, the Division's order intake was at the level of revenues. Year-end backlog of EUR 9.5 billion represents almost three years of revenues. The integration and reorganisation of the Division's activities have strengthened EADS' position in this area and will secure growing profitability in the future. The main highlights of the year 2001 were the creation of MBDA as the world's second largest missile systems company with EUR 2 billion of revenues and a EUR 13 billion orderbook, and the acquisition by EDSN (EADS Defence and Security Networks) of Cogent, the British leader of military telecom encryption.
EADS will release detailed financial statements for 2001 and guidance for 2002 on the day of its Annual Press Conference in Amsterdam on March 18, 2002.
EADS European Aeronautic Defence and Space Company is the largest European aerospace company and the No 2 worldwide. The company has a workforce of 103,400 (end of 2001). It is active in the sectors of commercial aircraft, helicopters, space, military transport and combat aircraft as well as defence technology and services. Among others, EADS holds 80 percent of Airbus, 75 percent of the space company Astrium, 100 percent of the helicopter manufacturer Eurocopter, 43 percent in the Eurofighter programme and 37.5 percent in the missile company MBDA.
Contact:
Eckhard Zanger
EADS Communications Finance
Tel. +49 89 607 27961
EADS Figures for 2001
|
EADS Group billion of euros, except workforce | 2001 |
2000 pro forma | Change |
| Revenues | 30.8 | 24.2 | + 27% |
| Order Intake * | 60.2 | 49.1 | + 23% |
| Order Backlog * | 183.7 | 131.9 | + 39% |
| Work force, (number of employees) | 103,421 | 88,879 |
|
Revenues in billion of euros | 2001 |
2000 pro forma | Change |
| Airbus * | 20.5 | 14.9 | + 38% |
| Military Transport Aircraft | 0.5 | 0.3 | + 73% |
| Aeronautics | 5.1 | 4.7 | + 8% |
| Space | 2.4 | 2.5 | - 4% |
| Defence and Civil Systems | 3.3 | 2.9 | + 15% |
| Eliminations and Headquarters | - 1.1 | - 1.1 | |
| Total | 30.8 | 24.2 | + 27% |
* Airbus 100% consolidated from 2001 onwards.
Order intake and backlog at catalogue prices.
|
Order Intake in billion of euros | 2001 |
2000 pro forma | Change |
| Airbus * | 50.3 | 34.2 | + 47% |
| Military Transport Aircraft | 1.0 | 0.5 | + 101% |
| Aeronautics | 5.3 | 8.3 | - 36% |
| Space | 1.3 | 3.0 | - 56% |
| Defence and Civil Systems | 3.1 | 3.9 | - 20% |
| Eliminations and Headquarters | - 0.8 | - 0.8 | |
| Total * | 60.2 | 49.1 | + 23% |
* Airbus 100% consolidated from 2001 onwards.
Order intake and backlog at catalogue prices.
|
Order Backlog in billion of euros | 2001 |
2000 pro forma | Change |
| Airbus * | 156.1 | 104.4 | + 50% |
| Military Transport Aircraft | 1.3 | 0.9 | + 51% |
| Aeronautics | 13.7 | 13.1 | + 5% |
| Space | 3.8 | 4.8 | - 22% |
| Defence and Civil Systems | 9.5 | 9.7 | - 2% |
| Eliminations and Headquarters | - 0.7 | - 1.0 | |
| Total * | 183.7 | 131.9 | + 39% |
* Airbus 100% consolidated from 2001 onwards.
Order intake and backlog at catalogue prices.
