EADS e la sua trimestrale: pasticci in vista con l'A400, i cui ritardi di sviluppo oramai infiniti (oltre 3 anni ad oggi) incideranno sui contratti da 20 mld euro sottoscritti per la fornitura del mezzo da parte di alcuni governi europei.
In tenuta valore delle vendite ed EBITDA, in virtω delle consegne di Airbus, il cui EBIT margin ha tuttavia subito una sostanziosa erosione nel primo semestre...
ho cercato di evidenziare gli elementi piω significativi...
[LIST][*]JULY 28, 2009, 4:34 A.M. ET[/LIST] EADS Posts 76% Rise in Net, But Warns of Future A400 Hits
By DAVID PEARSON
PARIS -- Airbus parent European Aeronautic Defence & Space
Co. said Tuesday its net profit rose 76% in the second quarter, but warned that the troubled Airbus A400M military airlifter program may be a severe financial drag in the future.
The aerospace company said net profit in the April to June period was 208 million ($296.2 million), up from 118 million a year earlier. Revenue rose 19% to 11.73 billion from 9.89 billion, partly reflecting increased deliveries of large commercial jets by Airbus.
Earnings before interest and tax, pregoodwill depreciation and exceptional items, a key measure of the company's performance, stood at 656 million, up from 389 million
EADS warned that "substantial" hits to profits may still be booked because of the A400M program. EADS is widely expected to make large A400M provisions later this year on top of the 2.3 billion it has set aside already.
The seven North Atlantic Treaty Organization governments that have ordered 180 of the military-transport aircraft agreed last week to continue negotiations with EADS on rebasing financial and technical aspects of the 20 billion contract, which is already running more than three years late.
Because of missed milestones on the A400M program
-- the plane was supposed to be already flying but the first flight isn't likely before the turn of the year -- customer governments withheld 400 million in advance payments from EADS
. That, together with a build-up of costly inventories at Airbus, contributed to a 948 million cash outflow in the first half.
EBIT before one-off elements came in at 1.3 billion, down from 2 billion a year earlier. EADS said this reflected price deterioration on aircraft deliveries and a degradation of hedge rates, trends that were partially offset by higher volume sales and cost savings.
Revenue for the first six months was up 2% at 20.20 billion, while net profit was down 6% at 378 million.
The company reaffirmed its guidance for a decline in full-year EBIT compared to 2008, and that EBIT will be "positive." Previous guidance from EADS was for "significantly positive" EBIT in 2009.
Second-half EBIT will be affected by increased research and development spending and significant hedge rates deterioration, the company said.
Revenue for the full year should be in line with 2008, assuming an exchange rate of 1.39 to the dollar, it said.
The company also reaffirmed its guidance for Airbus deliveries and orders, saying deliveries this year should be at least at last year's level of 483. Airbus is expected to book up to 300 new orders in 2009.
EADS tweaked its free cash flow guidance, however, saying it now expects to consume about 1 billion of free cash flow this year, not taking into account customer financing or the negative impact of the A400M program. In May, the company said the cash burn shouldn't exceed 1.5 billion.
Profitability at Airbus, which accounted for 69% of EADS's revenue, deteriorated in the first half, with EBIT down 27% at 519 million, giving an EBIT margin of 3.7% compared to 5% a year earlier. Airbus' EBIT margin was 5.3% in the second quarter.
EADS said it still expects to deliver 14 of its flagship A380 superjumbos in 2009, but noted that costs of that program, which has been beset with development snags, "are still higher than expected."
The Associated Press contributed to this article