9m 2008
Earnings
Conference Call, 14th November 2008

Louis Gallois
CEO

Hans Peter Ring
CFO
1

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 performanceand outlook. By their nature, forward-looking statements involve risk and uncertainty because they relate to future eventsand circumstances and there are many factors that could cause actual results and developments to differ materially fromthose 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 suchforward-looking statements. For a discussion of factors that could cause future results to differ from suchforward-looking statements, see EADS’ “Registration Document” dated 24th April 2008.
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

1

Content
Group Highlights
Financial Highlights
Divisional Performance
Guidance

3

Group Highlights: 9 month 2008
Backlog–––

Airbus : 785 new orders (737 net) in 9m 2008; 3,809 a/c in backlog;
Eurocopter : 605 orders booked in 9m 2008; Strong backlog: 1,589 units;
Defence activities at 57 bn €Ramp-up activity–––

349 Airbus deliveries including 7 A380; Total A380 deliveries at 9 as of today; 3 heads of version
produced; SIA (6), UAE (2), Qantas (1)404 Eurocopter deliveries including 29 LUH and 11 NH90;
5th successful Ariane 5 launch in 2008; 27th consecutive Ariane success

Cost Saving activities––

Power8 : Divestment strategy making progress¾ Negotiations finalised for the Filton Wing Assemblies Manufacturing unit to GKN;
¾ Sale of Laupheim to Diehl/Thales completed;¾ Final agreement for Daher to take a 70% majority interest in Socata
Power8+ : Plans initiated and explained to social representatives

Strategic Initiatives–

Globalisation and Services:¾ Inauguration of A320 Final Assembly Line in China¾ Plant CML – investment for growth as an R&D and technological support centre¾ Astrium expands in services by purchasing majority share in Spot Image
4

2

Resilience to Financial Crisis
Record Backlog and Strong Balance Sheet position provides stability:• Net Cash position at 9 bn€, Gross Cash of 12.9 bn€;
• No short-term refinancing needs : 1 bn€ Eurobond maturing in March 2010;• Credit facility fully committed and undrawn : 3 bn€, no financial covenants / no MAC;
• Customer Financing is at its lowest level for 20 years, gross exposure 1.2 bn$.

Changing business environment:• The Global economy is fragile;• Our Customers’ financing requirements are uncertain in the current market environment;• Our suppliers need to retain access to funding.

Proactive Management:• Airbus production level increases will be paused at 36 Single Aisle per month;• Active monitoring and management of customer base and supply chain for both Airbus

and Eurocopter;• Power8 and Power8 PLUS targets are maintained and remain a core objective.

5

A400M Update
Current assessment•

Unavailability of a committed and reliable schedule for the propulsion system, compounding unresolved
issues with equipment supplies as well as equipment and systems integration leads to further delays• Early discussions with A400M stakeholders to change the contract terms are encouraging but far frombeing finalised :¾ Unable to develop a reliable schedule; re-balancing of risks required

Accounting treatment :“early stage accounting”•

Shift from milestone accounting to “early stage accounting” reflecting the lack of reliable industrial planand schedule• Accumulated work in progress expensed, revenue recognition for the expected recoverable part of thecosts, utilisation of provision for incurred losses, according to IAS 11• Update of loss making contract provision up to costs which can be reliably estimated (not based on new
management assessment of the delays)• Temporary treatment : milestone accounting will resume and provision will be updated once the plans
are clarified

Financial consequences•

Revenues of +803M€ for EADS; +482 M€ for Airbus in 9m earnings
Charge of -341 M€ for EADS; -161 M€ for Airbus in 9m earnings• Does not reflect a new estimate of the loss at completion• Impact on the FY2008 earnings and outlook cannot be determined at this stage and is dependent on
the overall assessment of the programme•

6

3

Content
Group Highlights
Financial Highlights
Divisional Performance
Guidance7

9m 2008 Financial Highlights **in €bn

9m 2008

9m 2007change

29.4

27.6

+7%

of which Defence

7.3

5.6

+31%

EBIT*

2.0

(0.4)

-

Order intake

88.7

82.4

+8%

Sept. 2008

Dec. 2007change

400.7

339.5

+18%

57.0

54.5

+5%

Revenuesin €bnTotal Order book***of which Defence*

pre goodwill impairment and exceptionals** MBDA consolidated at 37.5% in 2008; 9m 2007 figures adjusted*** Order book based on list prices

84

9m 2008 EBIT* Before One-off

in €M

EADS

AirbusEBIT*
THEREOF :

2,018

1,501

- Reassessment of the A400M LMC*** provision

(341)

(161)

- A380 LMC provision

(815)

(815)

- Revaluation of all LMCs at end of September spot

265

265

- Temporary excess volume of hedging

50

50- Other one-off

293

293

2,566

1,869

EBIT* before one-off*

pre goodwill impairment and exceptionals

9** MBDA consolidated at 37.5% in 2008; 9m 2007 figures adjusted*** LMC : Loss Making Contract

9m 2008 Profit & Loss Highlights
9m 2008€m

in % of
Revenues

EBIT*

2,018

self-financed R&D**

1,792

EBIT* before R&D

9m 2007***€m

in % of
Revenues

6.9%

(353)

(1.3%)

6.0%

1,903

6.9%

3,810

12.9%

1,550

5.6%

10

0.0%

(183)

(0.7%)

Other financial result(328)(1.1%)(277)(1.0%)

Taxes

(567)

(1.9%)

178

0.6%

Net income / loss

1,082

3.7%

(705)

(2.6%)EPS (1)1.34 €

Interest result(0.88 €)

(1) Average number of shares outstanding: 806,251,855 in 9m 2008; 802,805,702 in 9m 2007
* pre goodwill impairment and exceptionals** IAS 38: € 63 m capitalised during 9m 2008; € 65 m capitalised during 9m 2007*** MBDA consolidated at 37.5% in 2008; 9m 2007 figures adjusted

105Currency Hedge Policy• Approx. half of EADS’ US$ revenues naturally hedged by US$ procurement.
• In 9m 2008 hedges of $ 12.6 bn* matured at an average hedge rate of 1€ = 1.17 $• In 9m 2008, new hedges of $ 26.2 bn* were added at an average rate of 1€ = 1.46 $ (excluding
options)
EADS hedge portfolio, 30th September 2008($ 64.9 bn*), average forward rate 1€ = 1.35 $ and 1£ = 1.68 $(options out-of-the-money)
US$ bn

18,3

20

15,6

15

3,5

Options

14,6

Forward contracts

4,4

10
5

7,3
1,1

3,9

3,0

1,3

0,9

0
2008

2009

2010

2011

2012

2013

2014

2015+

Average rate of forward contracts only
€ vs $
1.21
1.26
1.35
1.42
£ vs $
1.49
1.63
1.75
1.86

1.46
1.99

1.46
1.89

1.48
1.90

1.47
1.90

Remaining
3 monthMark-to-market value = € 1.8 bn* Total hedge amount containing as well $/ £ hedges

11

Development of Net Cashin € m

9m 2008

9m 20073

Net cash position at the beginning of the period

7,024

4,229

Gross Cash Flow from Operations1
Change in working capital4
Cash used for investing activities2

2,347
713
(1,093)

3,016(1,910)(995)

of which Industrial Capex (additions)of which Customer Financingof which Others5(1,066)8(35)(1,343)(57)
405

Free Cash Flow2

1,967

111

Free Cash Flow before customer financing

1,959

168

Dividend
Change in minority interests and capital increase
Disposal of treasury shares
Others

(100)
26
39
0

(98)
43
2
(50)

Net cash position at the end of the period

8,956

4,237

1)

gross cash flow from operations, excl. working capital change

2)excl. change in securities

3)

MBDA consolidated at 37.5% in 2008; 9m 2007 figures adjusted

4)

Including cash-outflows of € 302 m for option premiums in 2008

5)

Including cash-outflows for the acquisition of Plant CML

12

6

Content
Group Highlights
Financial Highlights
Divisional Performance
Guidance

13

Airbus
9m 2008 9m 2007 Backlog€mDeliveries
Revenues
R&D self-financed**
in % of revenues
EBIT*
in % of revenues
Order book***in units, excl. A400M

349
19,445
1,462
7.5%
1,501
7.7%
341,6303,809

330
18,856
1,586
8.4%
(677)

11% Europe
2% North America
32% Leasing
5% Middle East

56% Legacy
5% Others
32% Lessors
7% Low cost

18% RoW
Gross Orders by region

Revenues +3%• Stronger volume +7 A380; +18 SA; -6 WB;• A400M recoverable part of the costs [+482m€];• Impacted by dollar and price deterioration

248,540 EBIT*
2,994 • Strong recovery compared to 9m 2007:

Net order intake: 737 a/c
32% Asia Pacific• Benefiting from improved pricing on new orderintake¾ Solid underlying business¾ Less exceptional programme charges; noPower8 restructuring provision;¾ Forex impact slightly positive (See slide 23)• A400M LMC update [-161m€];• A380 increasing costs due to difficult ramp up• Increasing R&D in H2

Gross orders by operator type

* pre goodwill impairment and exceptionals** capitalised R&D: € 17 m in 9m 2008 and € 7 m in 9m 2007*** total including A400M, commercial a/c valued at list prices

Other highlights:• Expanding customer services portfolio
14

7

MTA
9m 2008 9m 2007

€m
Revenues
R&D self-financed
in % of revenues
EBIT*
in % of revenues
Order book

Revenues up 92%:

1,949
5
0.3%
(68)

1,014 • Improvement driven by A400M recoverable part13of the costs [+792m€] and Tanker activity
1.3% • Includes A400M Power on Milestone(144)

22,996

19,630 • Less exceptional charges

EBIT*:• A400M Programme adjustment [-43m€]• Temporary delay in Medium and Light deliveries
Tanker:• Next US Administration to design a newacquisition strategy• Air refuelling boom system prototype
development finalised

96% Defence

Order Intake above €5bn
• Driven by FSTA, UAE and Saudi Arabia MRTT

based on 9m 2008 EADS external revenues*

15

pre goodwill impairment and exceptionals

Eurocopter
9m 2008 9m 2007

€m
Revenues
R&D self-financed
in % of revenues
EBIT*
in % of revenues
Order bookin units

2,781
89
3.2%
164
5.9%
14,494
1,589

37% Defence
63% Civil

2,599
61
2.3%
113
4.3%
13,904
1,413

55% Serial
Helicopters
34% Product Support
Customer Services
11% Dev. & otherbased on 9m 2008 EADS external revenues*

pre goodwill impairment and exceptionals

Revenues up 7%• Driven by ramp up in series activities - 404 h/cdelivered vs. 319 h/c in 2007
• Unfavourable seasonality effect of military anddevelopment support activities
EBIT* explained by• Favourable volume, partially offset by foreignexchange impact and higher R&D• 2007 exceptional charge for the NH90
Strong backlog : 1,589 units• 605 h/c booked to end September• Ecureuil contract signed with US Customs• Success in parapublic segment : 31 EC135
Business highlights• First LUH delivery from Eurocopter Final
Assembly Line in Columbus Mississippi• EC225 Flight training device in Aberdeen
168Astrium
Revenues up 25%
from all areas; main drivers are Telecom
9m 2008 9m 2007 • GrowthSatellites, Launchers, and Services€m
Revenues
R&D self-financed
in % of revenues
EBIT*
in % of revenues
Order book

2,749
56
2.0%
140
5.1%
12,552

2,191
52
2.4%
71
3.2%
12,802

43% Spacetransportation

32% Defence

22% Services
34% Satellites

68% Civil

EBIT* doubled• Growth in Earth Observation and Paradigm
Services• Spot Image [18m€]• Efficiency improvements in Space Transportation• Partially offset by weak GBP:€ exchange rate
impact and slightly higher R&D
Order intake - Satellites• SES Astra 1N telecommunication satellite• Earth observation contracts:• SEOSAR Satellite, Spanish MoD• Chilean optical earth observation system
SSOT
Major achievements• Down selection by ESA as candidate for Galileo
full deployment phase• International success : Europe’s Jules Verne
ATV mission completed it’s final manoeuvre 17

based on 9m 2008 EADS external revenues*• Consolidation of Spot Image

pre goodwill impairment and exceptionals

Defence & Security
9m 2008 9m 2007** Revenues up 11%€m
Revenues
R&D self-financed

3,490
117

3,149
118

in % of revenues

3.4%

3.7%

EBIT*

219

126

in % of revenues

6.3%

4.0%

Order book

17,793

16,439• Growth in Defence Electronics, Radar and
Military Platform Support Services• Consolidation of Plant CML [+41m€]• A400M recoverable part of the cost [+142m]
EBIT* up by 74%• Operating improvement across all businesses,
driven by maturing programmes in Missiles,
Radar and Services• Cost reduction initiatives

17% Defence Electronics
27% DCS
96% Defence

Order intake above € 3.5 bn• Success in Tetra Secure Network Orders
35% Military Air Systems• High level of orders in Defence Electronics
21% MBDA• MBDA UK Air Defence Contract

based on 9m 2008 EADS external revenues

Further highlights• Complete jet-powered target drone systemdelivered to US Army
• Technical success of TETRA secure network
for Beijing Olympics
18* pre goodwill impairment and exceptionals** 9m 2007 after MBDA consolidation change from 50% to 37.5% and EADS North America figures included in Other businesses

9Other Businesses
9m 2008 9m 2007

€m
Revenues
R&D self-financed
in % of revenues
EBIT*
in % of revenues
Order book

1,106
7
0.6%
63
5.7%
2,971

967
5
0.6%
66
6.8%
2,437

Overall• Revenues up 14%; EBIT roughly stable due
to dollar headwind• EADS North America in Other businesses
Sogerma• Deal finalised for the sale of Revima• Recovery confirmed
ATR• 7 firm orders; 37 deliveries; backlog 165 units

39% ATR
16% EADS NA
21% Sogerma
85% Civil
10% EFWEFW• A320 family freighter conversion launchedNorth America• US Navy order for 5 LUH h/c for pilot training

14% Socata

based on 9m 2008 EADS external revenues*

pre goodwill impairment and exceptionals

Socata• 50 orders, 41 deliveries• Final agreement for Daher to take 70%
majority interest in EADS Socata
19

Content
Group Highlights
Financial Highlights
Divisional Performance
Guidance

20

10

2008 Guidance
New orders• Above 850 new aircraft orders at Airbus as expected.

Revenues• Forecasted EADS revenue growth to more than € 40 billion in 2008 is unchanged, with over

470 aircraft deliveries for the full year.

EBIT*• With an EBIT* of € 2.0 billion in the first nine months of 2008, EADS should exceed its full-year

EBIT* guidance of € 1.8 billion (at € 1 = US$ 1.45) based on the strong underlying
performance. This excludes any additional impact for the A400M, due to the uncertainties ofthe programme.

Free Cash Flow
• EADS FCF before customer financing guidance increased to above €2 billion.

21*

pre goodwill impairment and exceptionals

Appendix
2211

9m 2008 Forex EBIT* Impact Bridge

BRIDGE

Forex impact on EBIT* ( in bn €)• Revaluation of Airbus LMC provisions(€ : $ 1.47 to 1.42)• Temporary excess volume of matured hedges• 2007 A380 hedges• Deterioration of hedge rates (€ : $ 1.14 to 1.17)

+0.27
+0.05
(0. 12)(0.20)~(0.13)out of which Airbus• Other one-off forex effect including PDP reversal

0.00

23

9m 2008 Financial Highlights
9m 2008

9m 2007***in % of€m

Revenues€min % of
Revenues

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

29,440
1,792
3,143
2,018
3,810

6.0%
10.7%
6.9%
12.9%

27,551
1,903
788
(353)
1,550

6.9%
2.9%
(1.3%)
5.6%

Net income / loss
EPS (1)

1,082
1.34 €Net Cash position

8,956

4,237

1,967

111

3.7%

(705)
(0.88 €)

(2.6%)

at the end of the period

Free Cash Flow

*
**
***
(1)

pre goodwill impairment and exceptionals
IAS 38: € 63 m capitalised during 9m 2008; € 65 m capitalised during 9m 2007
MBDA consolidated at 37.5% in 2008; 9m 2007 figures adjusted
Average number of shares outstanding: 806,251,855 in 9m 2008; 802,805,702 in 9m 200724

12

Shareholding structure
Balance of control in corporate governance remains unchanged
Contractual Partnership
SOGEADE
Lagardère&
FrenchState

SEPI

25.00%*

5.49%

Free float

Daimler

22.50%**

incl.
Minor direct holdings:
French State:
0.06%
Treasury shares 0.39%

47.01%

52.99%
as of 30th Sept. 2008EADS*

On April 4, 2006, Lagardère issued mandatory exchangeable bonds. The EADS shares deliverable at the maturity of the bonds
will represent a maximum of 7.5% of the share capital of EADS. Lagardère converted 2.5% out of the 7.5% in June 2007 and afurther 2.5% in June 2008.
** On February 9, 2007, Daimler reached an agreement with a consortium of private and public-sector investors through which it
will reduce its shareholding in EADS by 7.5%.

25

Expected EADS Average Hedge Rates€ vs. $
1.30

1.20

1.17

1.10

1.21

1.22

1.21

1.20

Q3

Q4

1.15

1.10

1.11

Q1

Q2

1.19

1.00
FY

2007
2008e
Average FY 2008e26

13

Airbus Customer Financing
Active exposure management
Additions and Disposals
to Airbus customer financing gross exposure in $ bn
AdditionsSell Down
Amortization

2.5

1.5

1.5

1.2

1.5

1.4

0.5
-0.5

Net Exposure fully
provisioned

0.6
(0.7)
(0.9)
(0.2)

(0.1)

-1.5

1.0

0.5

(0.2)

(0.7)

(0.7)

(0.2)

(0.2)

(0.3)

0.9

0.4

(1.3)
(1.0)
(0.3)

Net change

(2.9)

Gross
(0.2)
(0.1)

(2.2)

(1.1)

Exposure

Net
Exposure€ 0.5 bn

€ 0.8 bn

(0.1)

(0.2)
-2.5

0.8

($ 1.2 bn)(0.2)

Estimated
Collateral€ 0.3 bn

(0.2)

-3.5

1998

1999

2000

2001

2002

2003

2004

2005

6.1

4.3

3.9

3.1

3.8

4.8

4.6

3.8

2006
1.8

2007
1.5

9m 2008

Sept. 30th, 2008

1.2

Gross exposure ($bn)• Continuing Reduction since 2004 reflects market recovery• Reached an all-time-low since late 80’s
• Allocated over 67 aircraft
27

Customer Financing Exposure€ million
closing rate 1 € =Sept. 2008

Dec. 2007$ 1.43$ 1.47

844
360
(349)
495
(495)
0

990
398
(411)
579
(579)
0

223
46
(202)
21
(21)
0

236
42
(211)
25
(25)
0

100% AIRBUS
Total Gross exposureof which off-balance sheet
Estimated value of collateralNet exposure
Provision and asset impairment
AIRBUS Net exposure after provision

50% ATR
Total Gross exposureof which off-balance sheet
Estimated value of collateralNet exposure
Provision
ATR Net exposure after provision28

14

Q3 2008 Key Figures
Q3 2008in € bn

Q3 2007***

Revenues

9.7

9.2

EBIT*

0.9

(0.7)

FCF before cust. financing**

1.0

0.2

New orders

37.5

12.3

Revenues***
AirbusMTA
Eurocopter
AstriumDS
HQ & Othersof which other businessesof which HQ & eliminations

Total EADS

EBIT*

Q3 2008 change
5,859 € m
(2%)
1,051 € m
49%
986 € m3%
1,048 € m
36%
1,323 € m
22%(566 € m)-%

Q3 2008789 €m(48 €m)
60 €m
52 €m
85 €m
(78 €m)Q3 2007***(696 €m)(115 €m)
78 €m
24 €m
56 €m
(58 €m)418 € m(984 € m)

40%
-%

28 €m
(106 €m)

21 €m(79 €m)

9,701 € m

6%

860 €m(711 €m)29*
pre goodwill and exceptionals** excl. investments in medium term securities and consolidation changes*** MBDA consolidated at 37.5% in 2008; 9m 2007 figures adjusted

EBIT* Calculationin €m

9m 2008

EBIT*

2,018

9m 2007**(353)

Exceptionals:
Disposal of goodwill

0

(12)

Fair value adjustment

(35)

(53)

1,983

(418)

Profit (loss) before finance costand income taxes* pre goodwill impairment and exceptionals** MBDA consolidated at 37.5% in 2008; 9m 2007 figures adjusted

30

15

Restructuring items included in EBIT*in €m

9m 2008

9m 2007**

EBIT*

2,018

(353)

EBIT* margin (% of revenues)

6.9%(1.3%)EADS EBIT* includes the following items
AirbusRestructuring

55

(688)

DS

Restructuring

(23)

(26)

* pre goodwill impairment and exceptionals** MBDA consolidated at 37.5% in 2008; 9m 2007 figures adjusted

31

Net Income / Loss pre-exceptionals
in € mNet income / loss*
EPS* (1)9m 2008

9m 20071,107
1.37 €(692)(0.86 €)

0
(35)
10
-

(12)
(53)
16
36

1,082
1.34 €(705)(0.88 €)

Exceptionals:
Disposal of goodwill
Fair value adjustment
Related tax impact
Change in German income tax rate

Net income / loss
EPS (1)* pre goodwill impairment and exceptionals; the term “exceptionals” refers to such items as depreciation expensesof fair value adjustments relating to the EADS merger, the Airbus creation and the formation of MBDA.
(1) Average number of shares outstanding: 806,251,855 in 9m 2008; 802,805,702 in 9m 2007

32

16

Net Cash Positionin €mSept. 2008

Sept. 2007*

Dec. 2007

12,927

9,075

11,838

Short-term Financial Debts(962)(1,529)(1,724)Long-term Financial Debts(3,009)(3,309)(3,090)

8,956

4,237

7,024

Gross cash
Financial Debts

Reported Net cash
Airbus non-recourse debt

Net cash excl. non-recourse

755

913

859

9,711

5,150

7,883

33

* MBDA consolidated at 37.5% in 2008; 9m 2007 figures adjusted

EADS: Strong Liquidity Position
as of 30 September 2008

•
•
•
•
•

€3.0 bn

Credit Facility€ 3.9 bn

Financial Liabilities(incl. € 1.5 bn proceeds of EMTN)

Maturity 2012
Undrawn
Fully committed by 36 banks
No financial covenants
No MAC clause

EMTN progamme• Long term rating : A1 / BBB+
• CDS in line with its rating/sector€ 12.9 bn

Total Gross CashInvested in highly rated securities
Readily available within a few days

€ 9.0 bn

Net Cash34

17

Balance Sheet Highlights: Assets
in € mSept. 2008

Dec. 2007

Non-current Assetsof which Intangible & Goodwillof which Property, plant & equipmentof which Investments & Financial assetsof which positive hedge mark-to-market
of which Non-current securities

36,327
11,06012,488
3,877
1,327
2,946

37,051
10,832
13,393
3,791
2,440
2,691

Current Assetsof which Inventoryof which Cashof which Current securitiesof which positive hedge mark-to-market

39,923
19,919
4,327
5,654
1,988

38,405
18,906
7,549
1,598
2,955

444

0

Total Assets

76,69475,456

Closing rate €/$

1.43

1.47

Non-current Assets classified as held for sale** Due to the high probability of a positive outcome of the final negotiations concerning the sale of Socata and the Airbus sites in
Filton and Laupheim, the respective non-current and current assets amounting to € 444m (prior year-end: € 0 m) werereclassified to non-current assets / disposal groups classified as held for sale. Liabilities directly associated to non-current
assets classified as held for sale amounted to € 222 m (prior year-end: € 0 m).

35

Balance Sheet Highlights: Liabilitiesin € mTotal Equityof which OCI (Other Comprehensive Income)of which Minority interests

Total Non-current liabilitiesof which pensionsof which other provisionsof which financial debts
of which European gvts refundable advancesof which Customer advancesof which negative hedge mark-to-market

Sept. 2008 Dec. 2007
12,074

13,175

2,661
143

5,076
85

29,27528,213

4,076
3,292
3,009
4,724
9,254

4,382
3,673
3,090
4,854
8,420

1,099

258

Total Current liabilities

35,12334,068of which pensionsof which other provisionsof which financial debts
of which European gvts refundable advancesof which Customer advances

286
3,966
962
470
18,471

286
4,092
1,724
461
16,214of which negative hedge mark-to-market

56

36

Liabilities associated with assets held for sale*222

076,69475,456

Total Liabilities and Equity* Due to the high probability of a positive outcome of the final negotiations concerning the sale of Socata and the Airbus sites in
Filton and Laupheim, the respective non-current and current assets amounting to € 444m (prior year-end: € 0 m) werereclassified to non-current assets / disposal groups classified as held for sale. Liabilities directly associated to non-current
assets classified as held for sale amounted to € 222 m (prior year-end: € 0 m).

36

18

Quarterly Revenues Breakdown(cumulative)
in €m

Q1

H1

2008

2007**

2008

Airbus

7,057

6,606

MTA

636

Eurocopter

9m

FY

2007**

2008

2007**

13,586

12,88919,44518,856.

25,216

133

898

307

1,949

1,014

.

1,140

732

671

1,795

1,644

2,781

2,599.

.

4,172

Astrium

751

629

1,701

1,420

2,749

2,191

.

3,550

DS

990

905

2,167

2,063

3,490

3,149

.

5,392

HQ & others

(313)

(10)

(408)

33

(974)

(258)

.

(347)

of which other BUs*
of which HQ & elim.

297
(610)

311
(321)

688
(1,096)

668
(635)

1,106
(2,080)967(1,225).
.

1,407(1,754)

9,853

8,934

19,739 18,356

29,44027,551.

39,123

Total EADS

2008

2007**** Other BUs: ATR, EFW, Socata, Sogerma and EADS North America** 2007 figures adjusted for MBDA consolidated at 37.5% and EADS North America

37*** FY 2007 figures adjusted for EADS North America

Quarterly EBIT* Breakdown(cumulative)
in €m

Q1

2008

H1

2007*** 2008

9m

FY

2007***

2008

2007***

2008

2007****

Airbus

628

(69)

712

19

1,501

(677)

.

(881)

MTA

(1)

(13)

(20)

(29)

(68)

(144)

.

(155)

Eurocopter

37

33

104

35

164

113

.

211

Astrium

33

10

88

47

140

71

.

174

DS

33

(5)

134

70

219

126

.

345

HQ & others

39

132

140

216

62

158

.

358

of which other BUs**
of which HQ & Elim.

19
20

20
112

35
105

45
171

63
(1)

66
92

.

84
274

Total EADS

769

88

1,158

358

2,018

(353)

.

52

* pre goodwill impairment and exceptionals** Other BUs: ATR, EFW, Socata, Sogerma and EADS North America*** 2007 figures adjusted for MBDA consolidated at 37.5% and EADS North America**** FY 2007 figures adjusted for EADS North America

.

38

19

Quarterly Order-intake Breakdown(cumulative )
in €m

Q1

H1

9m

FY

2008

2007** 2008

2007**

2008

2007**

Airbus

31,4885,464

41,06960,36775,17969,667

.

MTA

3,836

123

4,209

250

5,100

359

.

784

Eurocopter

1,738

2,604

2,933

4,332

3,821

5,460

.

6,584

AstriumDS
HQ & othersof which other BUs*
of which HQ& Elim.

Total EADS

2008

2007***
117,323

874

963

1,871

2,290

2,683

2,819

.

4,492

1,313

1,237

2,383

2,686

3,555

3,804

.

7,460

21

69

(1,267)212(1,638)

313

.

156

314
(293)

314
(245)

717
(1,984)

768
(556)

1,002
(2,640)

1,215
(902)

.
.

1,963
(1,807)39,27010,46051,19870,137 88,700

82,422.

136,799* Other BUs: ATR, EFW, Socata, Sogerma and EADS North America** 2007 figures adjusted for MBDA consolidated at 37.5% and EADS North America*** FY 2007 figures adjusted for EADS North America

39

Quarterly Order-book Breakdown

in €m

March

2008

June

2007**

2008

Sept.

2007**

2008

Dec.

2007**

2008

2007***

Airbus291,116 206,372

294,790 251,743 341,630 248,540. 283,829

MTA

23,068 20,307

23,173

20,25622,996

19,630.

19,932

Eurocopter

14,461 12,975

14,592

13,73014,494

13,904.

13,455Astrium

12,711 12,543

12,77013,125

12,552

12,802.

12,895DS

18,012 16,171

17,962

16,486

17,793

16,439.

17,836

HQ & others(7,906)(8,510)(9,109)(8,727)(8,789)(8,229).

(8,415)of which other BUs*
of which HQ& Elim.

2,979(10,885)

2,581(11,091)

2,990(12,099)

2,295(11,022)

2,971(11,760)

2,437(10,666)

.
.

2,740
(11,155)

351,462 259,858

354,178

Total EADS

306,613 400,676 303,086* BUs: ATR, EFW, Socata, Sogerma and EADS North America** 2007 figures adjusted for MBDA consolidated at 37.5% and EADS North America*** FY 2007 figures adjusted for EADS North America. 339,53240

20