Airbus pulls EADS to 91% better net income
Order intake rose sharply to € 49.9 billion while the order book had reached € 614.3 billion at the end of the first quarter. The reported EBIT amounted to € 596 million with a net cash position of € 9.2 billion at the end of March 2013.
"The quarter was an eventful one for EADS, with shareholders approving the new governance structure while the share buyback programme is progressing and the free-float has risen significantly. On the operational side, we had a rather good start into 2013 with improved revenues and profitability. Management continues to focus on improving the bottom line performance in 2013 and beyond," said EADS CEO Tom Enders.
During the quarter, EADS' revenues increased 9 percent to € 12.4 billion (Q1 2012: € 11.4 billion), mainly reflecting the higher aircraft deliveries at Airbus Commercial. Revenues at Astrium and Cassidian were broadly stable compared to a year earlier. The group's defence revenues totalled € 2.3 billion.
Free cash flow before acquisitions amounted to € -3,195 million (Q1 2012: € -1,233 million). This trend reflects the ramp-up in working capital at Airbus and Eurocopter and the seasonality of the group's governmental business. Capital expenditure increased to € 670 million to support development programmes. EADS finished the quarter with a net cash position of € 9.2 billion (year-end 2012: € 12.3 billion). ■