Growth and the Bottom Line Harald Wilhelm Chief Financial Officer
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1 Growth and the Bottom Line Harald Wilhelm Chief Financial Officer Page 1
2 Safe Harbour Statement Disclaimer This presentation includes forward-looking statements. Words such as anticipates, believes, estimates, expects, intends, plans, projects, may and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include statements made about strategy, ramp-up and delivery schedules, introduction of new products and services and market expectations, as well as statements regarding future performance and outlook. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include but are not limited to: Changes in general economic, political or market conditions, including the cyclical nature of some of EADS businesses; Significant disruptions in air travel (including as a result of terrorist attacks); Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar; The successful execution of internal performance plans, including cost reduction and productivity efforts; Product performance risks, as well as programme development and management risks; Customer, supplier and subcontractor performance or contract negotiations, including financing issues; Competition and consolidation in the aerospace and defence industry; Significant collective bargaining labour disputes; The outcome of political and legal processes, including the availability of government financing for certain programmes and the size of defence and space procurement budgets; Research and development costs in connection with new products; Legal, financial and governmental risks related to international transactions; Legal and investigatory proceedings and other economic, political and technological risks and uncertainties. As a result, EADS actual results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors that could cause future results to differ from such forward-looking statements, see EADS Registration Document dated 12th April Any forward-looking statement contained in this presentation speaks as of the date of this presentation. EADS undertakes no obligation to publicly revise or update any forward-looking statements in light of new information, future events or otherwise. 2
3 EADS: Track Record of Growth Strong Ramp-up (e.g. Airbus com. & EC) Deliveries helicopters 311 aircraft +73% +72% 1, helicopters 534 aircraft Revenues* (bn ) 24.2 Top-line Growth 88,879 employees +103% +50% ,115 employees Long-term Revenue Visibility Financial Flexibility Backlog** (bn ) 541 Net Cash* (bn ) % +800% * 2000 figures have been adjusted to reflect perimeter changes ** Commercial order book based on list prices
4 EADS: Year on Year Earnings Improvement EBIT* (bn ) & RoS before one-off EBIT* (bn ) & RoS Reported +28% 3.6% 2.9% +34% % % % 2.7% +38% % 4.3% m 2012 Q3 Guidance for m 2012 EPS* before one-off** ( ) EPS** & Gross Dividend per Share ( ) % % m 2012 Q3 Guidance for % % m 2012 EPS 4 * Pre-goodwill impairment and exceptionals ** Average number of shares outstanding: 818,525,740 in 9m 2012, 812,507,288 in FY 2011; 810,693,339 in FY2010.,
5 EADS: Resilient & Diverse Backlog GDP growth Macro environment Monetary policy: Cheap money / Quantitative easing Global growth: Global Economy deteriorated over 2012 Budgetary constraints (US Fiscal cliff / Eurozone crisis) Growth driven by Asia & Emerging Markets Growth in air travel and business confidence Solid, well diversified backlog Airbus Commercial, end Sept Source : IATA, JP Morgan/Markit
6 EADS: Strong Positioning Airbus Eurocopter Astrium Cassidian EADS Sept Backlog 503 bn 13 bn 14 bn 16 bn 547 bn 2011 Revenues 33 bn 5 bn 5 bn 6 bn 49 bn Group Revenue 67% 11% 10% 12% Growth Prospects Key Growth Drivers Commercial demand 60% Growth 40% Replacement Commercial demand Services Services Export Institutional business (ESA) Home markets presence Export Key Profit Drivers Volume Price A380 break-even Production ramp-up Services Services growth Agile cost improvement Focus on profitable core products Cost reduction Profitable growth 6
7 EADS: Next Level Performance Target EADS RoS 10%* by 2015 Cash Conversion 2012/13/ /14 impacted by ramp-up A350/A400M/Eurocopter 4.3% EBIT ** Beyond 2014 higher EBIT to FCF conversion rate 9m 2012 Target 2015 Airbus Eurocopter Astrium Cassidian 7 /$ and before A350 ** * Pre-goodwill impairment and exceptionals
8 EADS: Drivers of Increasing Profitability Airbus & Eurocopter: volume ramp-up Airbus: pricing leverage Improvement programmes, continuous improvement Exit diluting programmes / contracts R&D Key drivers identified, launched, pushed 8
9 EADS: Management Focus Management focused on financial objectives Incentives: short/mid-term Clear target population Profitability targets based on ambition level Strict bid process Commercial committees Commercial team incentivised on pricing Proactive backlog management Operating cost improvement from transformation programmes to continuous improvement P8 / P8+ SHAPE/LEAN AGILE Transformation Integrated Finance team monitoring financial performance & providing decision making support 9
10 EADS Managing Risk: Development Oversight Screen and limit new developments (A320neo, A330 weight variant, Ariane 5 ME, Eurocopter) Anticipation and proactive de-risking: Industrial ( alert and fix ) Commercial Earned Value Management deployed on development programmes (A350 XWB, A400M, A320neo, MRTT, ) 10
11 EADS Managing Risk: Operational Oversight Gradual increase in production Watch Tower for commercial (commercial, finance) Watch Tower for supply chain (procurement, finance) Enterprise Risk Management deployed across the group 11
12 EADS: Managing Currency Exposure EADS External Sourcing Ramp-up in USD EADS USD external sourcing increased $ 7 bn over the last 5 years, reaching $ 23.8 bn in 2011 Close to half of EADS sourcing is in USD (versus 42% in 2007) Non-USD contracts Improving Natural Hedging 2011 External Sourcing Currency Split Evolution of USD content on RC on airframe (%) 12
13 EADS Managing Risk: Effective Fx Risk Mitigation in Hedgebook USD bn 22.1*** Expected exposure Trend (indicative) Total Dec'11 Collars 0.4 Forward contracts Average hedge rates Remaining 3 months vs $** 1.34 (1.36 in Dec. 11) in Dec. 11) 1.36 (1.37 in Dec. 11) 1.35 (1.39 in Dec. 11) 1.32 (1.36 in Dec. 11) $ 27 bn* $ 1.29 vs. $ 16 bn* $ 1.37 Hedge book $ 86 $ 1.35 Sufficient credit line available Monitoring of counterparty risk Mark-to-market value = -1.9 bn Closing 1.29 vs. $ 13 * Total hedge amount contains $/ and $/ designated hedges. A400M related hedges excluded ** Includes USD at their least favourable rates *** Total hedge maturing in 2012
14 EADS: Strong Liquidity Position Providing Flexibility Strong liquidity position Gross Cash at 13.7 bn as of 9m bn Credit Facility (RSCF) Prudent Cash Management Focus on high allocation to securities of highly rated counterparties (financials, corporates and sovereigns) No sovereign bonds of Portugal, Ireland, Italy, Greece, Spain 13.7 bn Total Gross Cash Invested in highly rated securities 5.6 bn Financing Liabilities (incl. 1.7 bn liabilities of EMTN) 8.1 bn Net Cash Strong rating A category Q4 key drivers to FCF breakeven* Cash Investments Q1 H1 9M FY * 9m 2012 Guidance FCF breakeven before acquisitions ~ 180 a/c Commercial + Eurocopter deliveries, milestone payments + Airbus Military deliveries + Milestones Cassidian + Space Transportation as of 31st Dec. 2011
15 EADS: Q Sales Financing / 405 Aircraft Delivered ECA* 26% Commercial Market 73% Sales financing exposure end of September 2012 at $ 1.4 bn Current environment: Share in number of deliveries Liquidity crisis in Europe triggers new sources of funds Basel III potential impact on traditional bank financing capacity Capital market acceptance of non-us airlines with Airbus assets initiated (Doric A380 transaction) Significant increase in cost of ECA financing, however ECA appetite remains Aircraft remains an attractive asset for financiers (cash generating and moveable asset) 15 * Export Credit Agencies are Coface for France, Euler Hermes for Germany and ECGD for UK
16 EADS: Focused on Creating Shareholder Value in 2013 & Beyond EADS offers a compelling investment case: Robust backlog and positioning provide drivers for revenue growth Margin improvement on track and targets set Focus on limiting new risks, controlling and proactively addressing existing risk profile Significant EPS growth FCF conversion expected to grow progressively in the future Solid hedgebook, net cash, credit rating Management focused on delivering! 16
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