EADS 2002 revenues of EUR 29.9 billion in line with forecast
Amsterdam, 10 February 2003
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All 2002 financial targets met or exceeded
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Order intake of EUR 31.0 billion above revenues, showing resilience to difficult market environment
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CEOs: “Totally committed to healthy margins”
EADS (stock exchange symbol: EAD) achieved its revenues target for 2002 thanks to successful management of challenging market conditions. The company recorded revenues of EUR 29.9 billion (2001: EUR 30.8 billion), in line with its forecast for 2002. At EUR 31.0 billion, order intake remained above revenues, indicating sustained demand for its commercial and defence products despite the currently difficult environment for commercial aircraft. EADS is the second largest global aerospace and defence company, managing leading brands like Airbus, Eurocopter, MBDA, Eurofighter and Astrium.
EADS confirmed that it has surpassed its 2002 EBIT target (Earnings before interest and taxes, pre goodwill amortisation and exceptionals) of EUR 1.4 billion by a slight margin. The main contributions came from the Airbus and Aeronautics Divisions. The Defence and Civil Systems Division achieved its turnaround and exceeded its break-even target. The Space Division recorded a substantial loss, as previously announced. The Military Transport Aircraft Division was impacted by an already reported one time charge.
EADS will release detailed financial statements on the day of its Annual Press Conference in Munich on March 10, 2003.
The EADS CEOs, Philippe Camus and Rainer Hertrich, said: “2002 was a difficult year, but EADS met or exceeded all its financial targets. Our figures are a persuasive proof of our successful efforts at EADS to ensure the resilience of most of our businesses. With further restructuring and cost cutting already under way, we are totally committed to sustaining healthy margins.”
Net Cash at the end of 2002 is better than originally anticipated, at more than EUR 1 billion, thanks to the disciplined containment of customer financing exposure, to active cash management and to the lower value of US-Dollar denominated liabilities.
Continued market successes
EADS successfully managed to keep 2002 revenues almost on the level of 2001. The revenues of EUR 29.9 billion (-3 % from 2001) reflect, as anticipated, lower Airbus deliveries and the exchange rate effect of a weaker US-Dollar. At a constant Dollar/Euro exchange rate, revenues would have remained at the same level as 2001.
Revenues at Airbus, which delivered 303 aircraft in 2002 after 325 in the previous year, were positively impacted by a more favourable aircraft mix and price effect. The Aeronautics Division recorded a solid revenue increase of 5 %, mainly thanks to the success of Eurocopter. Revenues at the Space Division decreased by 9 % mainly due to the end of the Ariane 4 programme and the negative market impact in civil telecommunications satellites.
Order intake at EUR 31.0 billion remained above revenues, despite a soft market for commercial aircraft and the delay in the final order for the A400M military transport aircraft, now expected for Spring 2003. Airbus recorded net orders for 233 aircraft, compared to 274 net orders in 2001. The 2002 figure reflects order cancellations and includes the win of the Easyjet deal for 120 firm aircraft orders. The order intake amounted to EUR 19.7 billion, compared to EUR 50.3 billion in 2001, when contracts over 85 “big-ticket” A380 aircraft were signed. The Airbus order book was maintained above 1,500 aircraft. The Space Division strongly increased its order intake through the military launcher business and the Amazonas telecom satellite contract with Spain. Orders at the Defence and Civil Systems Division grew strongly thanks to the successes in missiles (Meteor and Taurus programmes) and Defence Electronics.
The EADS order book remained strong in 2002. Its decrease, however, is mainly attributable to the revaluation of the order book based on a weaker US-Dollar/Euro exchange rate of 1.05 at year-end, amounting to an adjustment of about EUR 14 billion. At nearly EUR 170 billion, the EADS order book still represents more than five years of revenues at the current level and remains unparalleled in the global aerospace and defence industry.
Headcount, at year-end, stood at 103,967 (2001: 102,967). The increase in 2002 is due to ramp-ups in new programmes, with about 3,000 new jobs for the A380 as well as headcount growth for the NH 90, Tiger and Eurofighter ramp-ups. These effects were partly compensated by adjustments to lower production rates at Airbus and reductions at other EADS Divisions and at Headquarters.
About EADS:
EADS is a global aerospace and defence company, and is the world’s second largest in terms of revenues, having achieved EUR 29.9 billion in 2002. EADS maintains a workforce of more than 100,000 and is a market leader in defence technologies, commercial aircraft, helicopters, space, military transport and combat aircraft, as well as related services. Its family of leading brands includes the commercial aircraft maker Airbus; Eurocopter, the world's largest helicopter manufacturer; Astrium, the space company and MBDA, the world's second largest missile company. EADS is also the biggest partner in the Eurofighter consortium and heads the A400M military transport aircraft programme. EADS has more than 70 facilities in France, Germany, Spain and the UK. It is active in markets around the world, including the U.S., Russia and Asia.
Contact:
Eckhard Zanger
EADS Communications Finance
Tel. +49 89 607 27961
EADS – Figures for 2002
(Amounts in Euro)
| EADS Group | 2002 | 2001 | Change |
| Revenues, in millions | 29,901 | 30,798 | -3% |
| Order Intake, in billion | 31.0 | 60.2 | -49% |
| Order Book, in billion | 168.3 | 183.3 | -8% |
| Employees | 103,967 | 102,967 | +1% |
(Amounts in Euro)
|
Revenues in millions | 2002 | 2001 | Change |
| Airbus | 19,512 | 20,549 | -5% |
| Military Transport Aircraft | 524 | 547 | -4% |
| Aeronautics | 5,304 | 5,065 | +5% |
| Space | 2,216 | 2,439 | -9% |
| Defence and Civil Systems | 3,306 | 3,345 | -1% |
| Eliminations and Headquarters | - 961 | -1,147 | +16% |
| Total | 29,901 | 30,798 | -3% |
(Amounts in Euro)
|
Order Intake in billion | 2002 | 2001 | Change |
| Airbus 1 | 19.7 | 50.3 | -61% |
| Military Transport Aircraft | 0.4 | 1.0 | -60% |
| Aeronautics | 5.1 | 5.3 | - 4% |
| Space | 2.1 | 1.3 | +62% |
| Defence and Civil Systems | 4.4 | 3.1 | +42% |
| Eliminations and Headquarters | - 0.7 | - 0.8 | +12% |
| Total | 31.0 | 60.2 | -49% |
1) Order Intake and Order Book based on gross prices
(Amounts in Euro)
|
Order Book in billion | 2002 | 2001 | Change |
| Airbus 1 | 141.0 | 156.1 | -10% |
| Military Transport Aircraft | 0.6 | 1.3 | -54% |
| Aeronautics | 13.5 | 13.7 | -1% |
| Space | 3.9 | 3.8 | +3% |
| Defence and Civil Systems | 10.1 | 9.1 | +11% |
| Eliminations and Headquarters | - 0.8 | - 0.7 | -13% |
| Total | 168.3 | 183.3 | -8% |
1) Order Intake and Order Book based on gross prices
