Annual Results 201108 March 2012

Louis Gallois
Chief Executive Officer

Hans Peter Ring
Chief Financial Officer

Safe Harbour Statement

2

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 andspace 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 offactors that could cause future results to differ from such forward-looking statements, see EADS’ “Registration Document” dated
19th April 2011.

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.

EADS Annual Results 2011

Annual results 2011
Highlights& Key Financials

Divisional
Performance

Guidance 2012
& OutlookIncreasing Growth Momentum
Backlog (bn €)4

Record order backlog, laying the foundation for profitable growth:
Strong backlog development despite uncertain economic environment:
Record year in terms of orders for Airbus;

541
389 bn €448

A320NEO success leading to a market share of 64% - redefined competition environment.
Stability through improved geographical backlog distribution;

132 bn €Pricing improvements in backlog on legacy programmes drive value creation.

2010

2011

EADS Group continues on its healthy growth path:

Revenues (bn €)Airbus set a new record with 534 commercial aircraft and 29 military aircraft deliveries (incl. 6 MRTT);

45.8

49.1
389 bn €2011

Net Cash before acquisitions* (m €)*11,956

Despite a challenging institutional market, Astrium and Cassidian maintain revenues at 2010 level.

Net cash before acquisitions increased further:
Solid cash generation improvement, enabling further growth;Securing our strategic flexibility.

13,216389 bn €132 bn €2010

Eurocopter revenues grew by 12% based on higher services and support sales;
Successful acquisitions secure our worldwide presence and expand our services activities;

132 bn €2010

Airbus has decided to ramp up production of the A330 to rate 11 in Q2 2014 provided the Emission
Trading Scheme issue does not harm aircraft orders;

*

2011

EADS Annual Results 2011

Acquisitions: i.e Vector, Vizada, Satair and Metron52011 Financials above expectation
Guidance 2011
Actuals
2010

March - May

July

Nov.

Actuals
2011

Gross Orders - Airbus**

644

500-1,000> 1,000~1,5001,608

Deliveries – Airbus**

510

520-530520-530520-530

534

Revenues

45.8

>2010

>2010

> 47.5

49.1

EBIT* before one-off

1.3

1.3

1.3

~ 1.45

1.79

EPS before one-off€ 0.74--€ 0.90€ 1.31

Free Cash Flow***

2.7

>0

~ 1.0

> 1.0

2.5

in € bn

after customer financing andbefore 2011 acquisitions

Book to Bill >1(Vizada, Vector, Satair, Metron)* Pre-goodwill impairment and exceptionals** Units of commercial Airbus aircraft only*** Excluding change in securities and contribution to plan assets of pension schemes

EADS Annual Results 2011(+4% vs. 2010)

6

FY 2011 Financial Highlights
FY 2011

FY 2010

ChangeRevenues

49.1

45.8

+7%

of which Defence

11.6

12.3

-6%

EBIT* before one-off

1.8

1.3

+34%

131.0

83.1

+58%

Dec. 2011

Dec. 2010

Change

541.0

448.5

+21%

52.8

58.3

-9%

in € bn

Order intake
in € bn
Total Order book**of which Defence

Order intake significantly increased; high level of commercial aircraft orders thanks to A320NEO;
Increase in EBIT* before one-off mainly due to operational improvements from Eurocopter and Airbus
commercial activities and positive effects from Headquarters/Eliminations.
* Pre-goodwill impairment and exceptionals** Commercial order book based on list prices

EADS Annual Results 2011

7

FY 2011 EBIT* Before One-offin € bn
EBIT* before one-off 2011 (See slide 24 for other divisions)% Revenues

EADS
Group

AirbusDivision

1.79

0.53

0.49

3.6%

1.6%

1.6 %

(0.2)

(0.2)

(0.2)

0.07
0.18
(0.14)

0.07
0.18

0.07
0.18

1.70

0.58

0.54

AirbusCommercial

One-off impacts:
A350 revaluation of commercial Loss Making Contract
provisions$ PDP mismatch and balance sheet revaluation
Other one-off Airbus
Non Airbus division one-timers (See slide 24 for breakdown)

EBIT* Reported* Pre-goodwill impairment and exceptionals

EADS Annual Results 2011

8

FY 2011 Profit & Loss Highlights
FY 2011in % of
Revenues€m

FY 2010in % of
Revenues
€m

EBIT*

1,696

3.5%

1,231

2.7%

Self-financed R&D**

3,152

6.4%

2,939

6.4%

EBIT* before R&D

4,848

9.9%

4,170

9.1%

13

0%

(99)

(0.2%)

Other financial result(233)(0.5%)(272)(0.6%)

Taxes

(356)

(0.7%)(244)(0.5%)Net income

1,033

2.1%

553

1.2%

EPS***€ 1.27€ 0.68

EPS before one-off€ 1.31€ 0.74

Interest result* Pre-goodwill impairment and exceptionals** IAS 38: € 97m capitalised during FY 2011; € 145m capitalised during FY 2010*** Average number of shares outstanding: 812,507,288 in FY 2011; 810,693,339 in FY 2010

EADS Annual Results 2011

9

Currency Hedge Policy
Contracting in Euro is progressing: > $ 5 bn of future sales have been converted into €, reducing our $Fx
exposure by the same amount;
Approximately 50% of EADS’ US$ revenues are naturally hedged by US$ procurement;
In FY 2011, hedges of $ 19.1 bn* matured at an average hedge rate of € 1 = $ 1.37;
In FY 2011, new hedge contracts of $ 24 bn** were added at an average rate of € 1= $ 1.36**.

EADS hedge portfolio*, 31st Dec. 2011($ 75.1 bn), average rates of € 1 = $ 1.37** and £ 1 = $ 1.59

Average hedge rates€ vs $***£ vs $

1.36
1.62

1.37
1.58

1.37
1.57

1.39
1.60

1.36
1.57

Mark-to-market value = € - 2.4 bn* Total hedge amount contains $/€ and $/£ designated hedges** Includes collars at their least favourable rates

EADS Annual Results 2011

Closing rate @ 1.29 € vs.$

10

Free Cash Flow
FY 2011
11,918FY 2010
9,797

Gross Cash Flow from Operations*
Change in working capitalof which Customer Financing

3,392
1,386
135

2,177
2,819
63

Cash used for investing activities**of which Industrial Capex (additions)of which Acquisitions(3,820)(2,197)(1,535)(2,289)(2,250)(38)

Free Cash Flow***
Free Cash Flow*** before customer financing

Free Cash Flow*** after customer financing and before acquisitions

958
823
2,493

2,707
2,644
2,745

Change in capital and non–controlling interests
Change in treasury shares
Cash distribution to shareholders / non-controlling interests
Contribution to plan assets of pension schemes
Others

(65)
(1)
(183)
(489)
(457)

(48)
(3)
(7)
(553)
25

11,681

11,918in € mNet cash position at the beginning of the period

Net cash position at the end of the period* Gross Cash Flow from Operations, excluding working capital change and contribution to plan assets of pension schemes** Excluding change of securities*** Excluding contribution to plan assets of pension schemes and change of securities

EADS Annual Results 2011

11

Annual results 2011
Highlights& Key Financials

Divisional
Performance

Guidance 2012
& Outlook

EADS Annual Results 2011

12

Airbus Division
Airbus Division(after elimination)

FY 2011

FY 2011

FY 2010558 a/c
33,1032,482

527 a/cb)
29,9782,321534a/c31,1592,467

510a/c27,6732,311

29 a/c2,504
14

20 a/c2,684
10

in % of revenues

7.5%

7.7%

7.9%

8.4%

0.6%

0.4%

EBIT*

584

305

543

291

49

21

in % of revenues

1.8%

1.0%

1.7%

1.1%

2.0%

0.8%

495,513400,400

475,477
4,437

378,907
3,552

21,315217

22,819241

1,419 a/c

574 a/c

5a/c

11 a/c

FY 2011

Deliveries (units)
Revenues
R&D self-financed**in units***a)

Net orders***
Gross Orders
by Programme
2% LA
7% LR

91% SA
47% Asia Pacific

EADS Annual Results 2011

FY 2010c)c)Gross Orders
by Region
4% Middle East
11% North America
23% Leasingx% Tanker
0% M&L(Former MTAD, incl. A400M)(excl. A400M)

FY 2010in € mOrder book***

Airbus Military

Airbus Commercial

7% Europe
0% Europe
8% RoWa)b)c)

Excluding 5 green aircraft delivered to Airbus Military
Excluding 3 green aircraft delivered to Airbus Military
2 A330-200 delivered under operating lease in 2010 and sold down in 2011*
Pre-goodwill impairment and exceptionals** Capitalised R&D: € 37 m in FY 2011 and € 31 m in FY 2010*** Commercial a/c valued at list prices, units excl. freighter conversions

13

Airbus Division
Airbus Commercial (excl. A400M)
Revenues +13%
• 534 physical deliveries with revenue recognition:– 26 A380, 421 SA, 87 LR.
• Favourable volume and mix effect;• Pricing improvement;• Impact from fx (€ - 0.4 bn).

EBIT* before one-off +73%
• Favorable volume, mix and pricing improvement reduced by:– Deterioration of hedge rates (€ - 0.20 bn) see slide 23;– Higher R&D (€ -0.16 bn), mainly related to A350 XWB;
• A380 continues to weigh on underlying performance.

Airbus Military (incl. A400M)
Revenues -7%• Less A400M revenue recognition (€ - 0.3 bn);
• Record number of deliveries (29 a/c, incl. 6 MRTT).

EBIT* more than doubled, mainly due to• Operational improvement and favorable mix effects;• A reduction in overhead costs.

Key Operational Achievements• Most successful year in the company’s history with 1,419 net commercial orders and 534 commercial deliveries;• Airbus has decided to ramp up production of the A330 to rate 11 in Q2 2014 provided the Emission Trading Scheme issue
does not harm aircraft orders;• A380: 26 deliveries (incl. 3 new customers) exceeded targets;• We are devoting maximum attention to solve the A380 wing rib feet crack issues;• A350 XWB: first sections arriving progressively in FAL; EIS scheduled for H1 2014; programme is very challenging as we
progress towards next milestones;• A400M: Final Assembly started in November for first customer delivery in early 2013;• First 6 Tanker aircraft handed over to customers.
EADS Annual Results 2011

* Pre-goodwill impairment and exceptionals

14

Eurocopterin € mRevenues
R&D self-financed**

FY 20115,415
235

FY 2010
4,830
189

4.3%

3.9%

in % of revenues

259

EBIT*
in % of revenues

Order book

4.8%

13,814
1,076

in units

Revenue split

183

3.8%

14,5501,122

Financials above expectation: record revenues (+12%) and
improved order intake
457 net orders booked in 2011 (346 in 2010) thanks to market recovery
and EC’s long-term innovation strategy;
Higher activity in commercial series and services business, Vector
Aerospace contribution (+256M€ in revenues);
Strong ramp-up in commercial revenues in the light-twin and heavy
segment.

EBIT* rose by 42% despite higher R&D expenses

Driven by the favorable evolution of the commercial and services
business;
Full delivery of the SHAPE savings programme offsetting the higher R&D
expenses for product and services innovation;
Net charge of € -115 m mainly for governmental programmes and
SHAPE.

Key achievements
47% Military

51% Serial Helicopters

53% Civil

38% Product Support
and Customer Services

11% Dev. & otherbased on FY 2011 EADS external revenues* Pre-goodwill impairment and exceptionals** Capitalised R&D: € 18m in FY 2011 and € 26 m in FY 2010

EADS Annual Results 2011

Completion of Vector Aerospace acquisition boosting Services andinternational footprint;
NH90 major milestone achieved with the declaration of compliancesigned by NAHEMA for the NH90 TTH version, delivery of the NH90 to
five new customers in 2011;
First flight of high speed hybrid demonstrator with speed record;
EC175 second prototype continued successful flight testing, performanceis exceeding targets.

15

Astriumin € mRevenues
R&D self-financed
in % of revenues

EBIT*
in % of revenues

Order book

FY 20114,964
109

FY 2010
5,003
85

2.2%

1.7%

267

5.4%

14,666283

5.7%

15,760First AGILE achievements enabling Astrium to improve
competitiveness and win new business

Robust Order Intake of € 3.5 bn demonstrates continued momentum incommercial and institutional space markets:
Landmark telecom satellite contracts in US (DirecTV 15) andAsia (MEASAT-3b);
3 Earth observation satellites and Galileo „Full Operational
Capability“ Ground Control Segment award;
ESA contract to manage the continued exploitation of theInternational Space Station.

Revenues stable despite a challenging institutional market
Positive contribution from Space Transportation and Satellites;
compensates for lower volume in Services business;
13 Astrium-built satellites successfully launched.

Revenue split
34% Defence

66% Civil

EBIT* slightly below last year (-6%)
44% Space transportation

56% Satellites
thereof 31% Services

based on FY 2011 EADS external revenues* Pre-goodwill impairment and exceptionals

EADS Annual Results 2011

Strong performance in Satellites and Space Transportation weighed down
by lower activity in services, expenses related to the Vizada acquisition andnon-recurring costs for Agile (booked in Q4).

Key achievements

Strong programme execution demonstrated by:
46th consecutive successful Ariane 5 launch;
And the launch of the 2nd ATV.
ESA technical acceptance of first two Galileo “In Orbit Validation” satellites;
Vizada acquisition completed in 12/2011.

16

Cassidianin € mRevenues
R&D self-financed
in % of revenues

EBIT*
in % of revenues

Order book

FY 20115,803
275

FY 2010
5,933
251

4.7%

4.2%

457

331

5.7%

15,4697.7%

16,903

Challenging business environment
Delayed Order Intake;
Increased self-funded R&D;
Transformation programme on track.

Revenues are stable despite increasing market pressure

Strong backlog deliveries from core and export EF programme, missiles
and radar business;
Milestone shift in the Security business.

EBIT* performance in line with expectations

Solid operational performance on mature programmes weighed down by:
A net charge of € 72 m for programmes and restructuring;Higher R&D.

Revenue split

Key achievements
14% Cassidian Electronics

92% Defence &Security

26% Cassidian Systems
40% Cassidian Air Systems

8% Civil

20% MBDA

based on FY 2011 EADS external revenues, proforma split only.
New organisation to be reflected from 2012 onwards.

* Pre-goodwill impairment and exceptionals

EADS Annual Results 2011

Solid order intake of € 4.2 bn in a challenging market;
Eurofighter Tranche 3A production stretched until 2017;
Contract award for the first phase of the United Arab Emirates;
command and control system;
Continuing development of UAV capabilities:
Successful maiden flight of EuroHawk;
UAS agreement with Turkish Aerospace industries and Alenia;
Agreement to pool UAS activities with Rheinmetall.

17

Other Businesses
Revenues +6%

in € mRevenues
R&D self-financed

FY 20111,252
10FY 2010
1,182
10

0.8%

0.8%

in % of revenues

59

EBIT*

4.7%

in % of revenues

2,983

Order book

25

2.1%

2,519

Higher revenues at EADS North America on LUH and M&L transport
aircraft;
Rate increases at Sogerma and higher cabin seat activity.

EBIT* more than doubled

EADS North America: gain on disposal € +10 m (DS3);
Sogerma: increases due to ramp up in aerostructures and seatsbusinesses;
ATR: improved slightly despite higher R&D costs related to the
ATR 72-600 certification.

Key achievements

Revenue split
36% Defence

64% Civil

21% Sogerma

43% ATR

36% EADS NA

based on FY 2011 EADS external revenues* Pre-goodwill impairment and exceptionals

EADS Annual Results 2011

ATR:
119 net orders booked;
80% market share: confirmation of the upgraded product range;
Record Backlog of 224 a/c (3 years of production);First ATR72-600 certified and delivered to RAM.
Sogerma:Significant increase in order intake from cabin interior activity;
Revenue increase in aerostructures related to ramp-up at Airbus and ATR.
EADS North America:
On-time and on-budget performance on LUH deliveries. More than half ofthe planned 345 h/c are delivered;First CN235-300 delivered to Mexican Army;
Lockheed contract for TRS-3D radar for US Navy.

18

Annual results 2011
Highlights& Key Financials

Divisional
Performance

Guidance 2012
& Outlook

EADS Annual Results 2011

Guidance 201219

2012 guidance is based on €/$ 1.35, as average rate
Airbus Orders & Deliveries:

Airbus deliveries around 570 a/c; book to bill > 1.

Revenues:
EADS revenues will grow above 6% in 2012.

EBIT* before one off:
EADS EBIT* before one off should improve significantly thanks to volume increases at Airbus and Eurocopter, better
pricing at Airbus and A380 improvement. We expect the EBIT* before one-off to be above € 2.5 bn.

EBIT*/EPS*:– EADS expects 2012 EPS* before one-off to be above € 1.65 (FY 2011: € 1.39);– Going forward, the EBIT* and EPS* performance of EADS will be dependent on the Group’s ability to execute on
its complex programmes such as A400M, A380 and A350 XWB, in line with the commitments made to its
customers;– Reported EBIT* and EPS* also depend on exchange rate fluctuations.

Free Cash Flow:– EADS should continue to generate a positive Free Cash Flow after customer financing and before acquisitions.

* Pre-goodwill impairment and exceptionals

EADS Annual Results 2011

Dividend Policy 201120

Dividend policy 2012
Gross Dividend Per Share, in €0.65

0.50 0.50

0.50

0.45*

0.40
0.30
0.12 0.12

0.22

0.20
-

2000

2001

2002

2003

2004

Ex-dividend date: 04 June 2012*
Record date: 06 June 2012*
Payment date: 07 June 2012** Board proposal to be submitted to the AGM 2012, subject to AGM approval

EADS Annual Results 2011

2005

2006

2007

2008

2009

2010

2011

EADS flight path to profitable growth21

2012-2016 main drivers
Airbus production rate and pricing increases andA380 improvement;

RoS [%]

Margin dilution due to early A350 XWB deliveries;
Eurocopter commercial market gaining momentum,
contract discussions with government to bemonitored;
Cassidian - growth perspectives limited, but stableprofit outlook;
Year
2012

2013

2014

2015

2016

Astrium - continuing profitable growth;
Continuing cost savings and transformation
programmes with ambitious targets for each division.

Significant profitability ramp-up in 2012 and beyond

EADS Annual Results 2011

Appendix

23

FY 2011 Forex EBIT* Impact Bridge

Forex impact on EBIT* (in € bn)
Revaluation of Airbus Commercial LMC provisions
Deterioration of hedge rates (€: $ 1.36 to 1.37)
Other one-off forex effect including PDP reversal

Compared to FY 2010

* Pre-goodwill impairment and exceptionals

EADS Annual Results 2011

BRIDGE(0.03)(0.2)

0.2(0.03)

24

FY 2011 EBIT* Before One-off by Division
One-offs

ReportedEBIT*

in € bn

EBIT* before
one-off

Airbus

0.53

0.05

0.58

Eurocopter

0.37(0.11)

0.26

Astrium

0.29(0.02)

0.27

Cassidian

0.40(0.07)

0.33

Other Businesses

0.05

0.01

0.06

HQ & eliminations

0.15

0.05

0.20

EADS

1.79

(0.09)

1.70

EADS Annual Results 2011

* Pre-goodwill impairment and exceptionals

25

FY 2010 EBIT* Before One-off
EADS
Group

AirbusDivision

AirbusComm.

EBIT* before one-off 2010

1.34

0.30

0.28

% Revenues

2.9%

1.0%

1.0%

Currency effect from revaluation of commercial Loss making
Contract provisions

0.03

0.03

0.03

$ PDP mismatch and balance sheet revaluation(0.12)(0.12)(0.12)

Other one-off Airbus

0.10

0.10

0.10

Non-Airbus division one-timers(0.12)

0.31

0.29

in € bn

One off impacts:

EBIT* Reported* Pre-goodwill impairment and exceptionals

EADS Annual Results 2011

1.23

26

Net Income Before One-offin € m
FY 2011

FY 2010

1,033

553

One-offs in EBIT*

(98)

(113)

One-offs Financial Result

59

41

Tax effect on one-offs (incl. tax one-offs)

11

22

Net Income before one-off

1,061

603

EPS before one-off 1
EPS* before one-off 1€ 1.31€ 1.39€ 0.74€ 0.78Net Income reported

Net Income before one-off excludes the following items:
One-offs impacting the EBIT* line (as reported in the EBIT* before one-off)
The Other Financial Result, excepts the unwinding of discount on provisions
The positive one-off in the interest result due to the termination of the A340 Programme of € +120 m

The tax effect is calculated at 30%

EADS Annual Results 2011

* Pre-goodwill impairment and exceptionals
1 Average number of shares outstanding: 812,507,288 in FY 2011; 810,693,339 in FY2010

27

FY 2011 Financial Highlights

FY 2011in % of
Revenues€m

FY 2010in % of
Revenues€m
45,752
2,939
2,769
1,231
4,170

Revenues
self-financed R&D**
EBITDA*EBIT*
EBIT* before R&D

49,128
3,152
3,520
1,696
4,848

Net income
EPS***

1,033€ 1.27

Net Cash positionat the end of the period

11,681

11,918958

2,707

Free Cash Flow

6.4%
7.2%
3.5%
9.9%
2.1%

* Pre-goodwill impairment and exceptionals** IAS 38: € 97m Capitalised during FY 2011; € 145 m Capitalised during FY 2010*** Average number of shares outstanding: 812,507,288 in FY 2011; 810,693,339 in FY 2010

EADS Annual Results 2011553
€ 0.68

6.4%
6.1%
2.7%
9.1%
1.2%

28

Shareholding structure
Contractual Partnership
SOGEADE
Lagardère&
FrenchState

22.35%SEPIFree float

Daimlerincl.
Minor direct holdings:
French State:
0.06%
Treasury shares 0.45%

5.45%

22.35%*

50.14%
as at 31st December 2011*

On 9 February 2007, Daimler reached an agreement with a consortium of private and public-sector
investors through which it effectively reduced its shareholding in EADS by 7.5%, while retaining its
voting rights over the entire 22.5% package of EADS shares at the time of the transaction.

EADS Annual Results 201149.86%

Expected EADS Average Hedge Rates € vs. $29

Average hedge rates
1.40
1.40

1.38
1.37

1.37

1.37

1.36

1.36
1.35

1.37

1.36
1.35

1.35

1.35

1.35

Q1

Q2

Q3

Q4

2010

Average FY 2010

2011

1.32
1.30

EADS Annual Results 2011

Average FY 2011

FY
2012e

Average FY 2012e

Provision Consumption (as at 31 Dec. 2011)

EADS Annual Results 2011

30

31

Airbus Customer Financing
Active exposure management
Net Exposure fully
provisioned
Gross

Exposure€ 1.1bn($ 1.4bn)

4.3

3.9

3.1

3.8

4.8

4.6

3.8

1.8

1.5

Gross exposure in $ bn

EADS Annual Results 2011

1.5

1.8

1.7

1.4

Net
Exposure€ 0.4 bn
Estimated
Collateral€ 0.6 bn

31st Dec. 2011

32

Customer Financing Exposure

50% ATR

100% AIRBUS
in € mClosing rate € 1 =Dec.2011$ 1.29100% EC

Dec.2010 Dec.2011$ 1.34

Dec.2010

Dec.2011

Dec.2010

Total Gross exposure

1,105

1,266

98

115

86

89

of which off-balance sheet

267

333

Estimated value of collateral

(627)

(759)

56

46

40

48

Net exposure

478

507

Provision and asset impairment

(478)

(507)

(86)
12
(12)

(105)
10
(10)

(53)
33
(33)

(62)
27
(27)

Net exposure after provision

0

0

0

0

0

0

EADS Annual Results 2011

33

Q4 2011 Key Figures
EADS Groupin € bn

Q4 2011

Q4 2010

16.4
0.8
1.9
37.1

14.2
0.4
1.8
25.4

Revenues
EBIT*
FCF before customer financing and M&A**
New orders
Revenuesin € mAirbusEurocopter
Astrium
Cassidian
HQ & Othersof which Other businessesof which HQ & eliminations

Total EADS* Pre-goodwill impairment and exceptionals** Excluding change in securities

EADS Annual Results 2011

EBIT*

Q4 2011

Q4 2010

Q4 2011

Q4 2010

10,692
1,957
1,524
2,384
(116)

8,238
1,745
1,777
2,463
(25)

289
102
102
161
157

9
62
125
253
(2)

419
(535)

377
(402)

39
118

31
(33)

16,441

14,198

811

447

34

EBIT* Calculationin € m

FY 2011

FY 2010EBIT*
Exceptionals:
Disposal (fixed assets in other income)Fair value depreciation
Impairment / Disposal of goodwill

1,696

1,231

(1)
(40)
(42)

0
(44)
0

Profit before finance costand income taxes

1,613

1,187

* Pre-goodwill impairment and exceptionals

EADS Annual Results 2011

35

Net Cash Positionin € mDec. 2011

Dec. 2010

16,785

16,196

Short-term Financing Debts(1,476)(1,408)Long-term Financing Debts(3,628)(2,870)

Reported Net cash

11,681

11,918

Airbus non-recourse debt
Net cash excl. non-recourse

455
12,136532
12,450Gross cash

Financing Debts

EADS Annual Results 2011

EADS: Strong Liquidity Position as at 31 Dec. 2011

Maturity 2016* , undrawn
Fully committed by 39 banks
No financial covenants
No MAC clause€ 3 bnCredit Facility€ 5.1bn
Financing Liabilities(incl. € 1.5 bn liabilities of EMTN)€ 16.8bn

Total Gross CashInvested in highly rated securities€11.7bn
Net Cash*the facility provides for two 1-year extension options at the choice of the lender
EADS Annual Results 2011

36

EMTN programmeLong term rating :Moody’s: A1 stable
S & P:
A – positive

37

Balance Sheet Highlights: Assets

Dec. 2011

Dec. 2010

Non-current Assets

45,45541,197

Current Assets

43,021

41,990Total Assets

88,476

83,187

Closing rate €/$

1.29

1.34

in € mof which Intangible & Goodwillof which Property, plant & equipmentof which Investments & Financial assetsof which positive hedge mark-to-market
of which Non-current securitiesof which Inventoryof which Cashof which Current securitiesof which positive hedge mark-to-market

EADS Annual Results 2011

12,745
14,159
5,055
486
7,229
22,563
5,284
4,272
404

11,29913,427
4,837
602
5,332
20,862
5,030
5,834
364

38

Balance Sheet Highlights: Liabilities

Dec. 2011

Dec. 2010

Total Equity

8,870

8,936

Total Non-current liabilities

32,10030,481

2,140

2,109

47,506

43,770995

821

88,476

83,187in € mof which OCI (Other Comprehensive Income)of which Non-controlling interestsof which pensionsof which other provisionsof which financing debts
of which European governments refundable advancesof which Customer advancesof which negative hedge mark-to-market

Total Current liabilitiesof which pensionsof which other provisionsof which financing debts
of which European gvts refundable advancesof which Customer advancesof which negative hedge mark-to-market

Total Liabilities and Equity

EADS Annual Results 2011

153
20

5,628
3,497
3,628
5,526
9,256

193
5,667
1,476
211
25,006

446
95

5,037
3,176
2,870
5,968
8,817

184
5,582
1,408
52
23,285

39

Quarterly Revenues Breakdown (cumulative)in € m

Q1

H1

9m

FY

2011

2010

2011

2010

2011

2010

2011

2010

Airbus Division

7,013

6,264

15,312

13,853

22,411

21,74033,10329,978Thereof Airbus Comm.*

6,707

5,989

14,464

12,965

21,12020,44631,15927,673

Thereof Airbus Military

434

384

1,112

1,007

1,747

1,540

2,504

2,684

Eurocopter

823

798

2,171

2,109

3,458

3,085

5,415

4,830

Astrium

1,171

924

2,347

2,110

3,440

3,226

4,964

5,003

Cassidian
HQ & others

878
(31)

928
36

2,133
(27)

2,183
53

3,419
(41)

3,470
33

5,803
(157)

5,933
8

246
(277)

246
(210)

524
(551)

554
(501)

833
(874)

805
(772)

1,252
(1,409)1,182(1,174)

9,854

8,950

21,936

20,30832,68731,554

49,12845,752of which other BUsof which HQ & elim.

Total EADS* Airbus Commercial includes EFW and excludes A400M

EADS Annual Results 2011

40

Quarterly EBIT* Breakdown (cumulative)in € m

Q1

H1

9m

FY

2011

2010

2011

2010

2011

2010

2011

2010

Airbus Division

115

7

202

104

295

296

584

305

Thereof Airbus Comm.**

125

6

223

241

306

328

543

Thereof Airbus Military

1

1

3

(161)

5

(35)

49

291
21

Eurocopter

31

26

94

71

157

121

259

183

Astrium

52

41

103

106

165

158

267

283

8
(14)

21
(12)

89
75

110
15

170
98

204
5

331
255

457
3

(3)
(11)

(1)
(11)

12
63

0
15

20
78

(6)
11

59
196

25
(22)

192

83

563

406

885

784

1,696

1,231

Cassidian
HQ & othersof which other BUsof which HQ & elim.

Total EADS* Pre goodwill impairment and exceptionals** Airbus Commercial incl. EFW and excludes A400M

EADS Annual Results 2011

41

Quarterly Order-intake Breakdown (cumulative)in € m

Q1

H1

9m

FY

2011

2010

2011

2010

2011

2010

2011

2010

Airbus Division

3,748

11,15852,39424,542

85,48547,949117,874

68,223

Thereof Airbus Comm .*3,647

11,03552,08624,30285,421

47,384

117,301.

68,210

Thereof Airbus Military

105

146

319

285

408

626

935.

152

Eurocopter

779

1,057

1,736

1,785

2,760

3,050

4,679

4,316

Astrium

781

1,234

1,701

2,667

2,328

3,803

3,514

6,037

Cassidian
HQ & others

821
139

964
(31)

1,825
443

1,856
(82)

2,604
730

2,581
339

4,168
792

4,312
259

394
(255)

199
(230)

988
(545)

372
(454)

1,623
(893)

1,008
(669)

2,025
(1,233)

1,668(1,409)6,268

14,38258,09930,76893,90757,722131,027

83,147of which other BUsof which HQ & elim.

Total EADS* Airbus Commercial includes EFW and excludes A400M

EADS Annual Results 2011

42

Quarterly Order-book Breakdown (cumulative)in € m

Q1

H1

9m

FY

2011

2010

2011

2010

2011

2010

2011

2010

Airbus Division374,891

366,051

407,094

405,027456,788

377,325495,513400,400

Thereof Airbus Comm .*353,574

346,182

386,101

385,677

436,427

358,110475,477

378,907

Thereof Airbus Military

22,487

21,15522,061

20,773

21,672

20,586

21,315

22,819Eurocopter

14,50615,324

14,116

14,74013,852

15,02913,814

14,550Astrium

15,282

14,961

14,967

15,524

14,68715,30014,666

15,760Cassidian
HQ & others

16,721962

18,864592

16,4571,200

18,548659

16,1441,500

17,763933

15,4691,516

16,903880

2,566(1,604)

1,990(1,398)2,840(1,640)2,007(1,348)3,196(1,696)2,228(1,295)2,983(1,467)2,519(1,639)422,362

415,792

453,834

454,498

502,971426,350

540,978

448,493of which other BUsof which HQ & elim.

Total EADS* Airbus Commercial includes EFW and excludes A400M

EADS Annual Results 2011