EADS reports improved nine-months

EADS reported higher revenues and profits for the first nine months of 2013, driven by the strong momentum within its commercial aircraft activities. Order intake more than doubled to €138.2bn with the order book value reaching €642.5bn at the end of September. The Net Cash position was €5.2bn on 30 September, 2013. Over the first nine months of 2013, EADS’ revenues increased 7% to €40.0bn (9m 2012: € 37.3bn), reflecting the aircraft delivery pattern at Airbus Commercial and increasing activity at Airbus Military (A400M). Revenues were broadly stable at Eurocopter, Astrium and Cassidian. EADS’ reported EBIT increased to €2.1bn (9m 2012: €1.6bn). One-off charges were limited to the known impact related to the A380 wing rib feet issue and the pre-delivery payment (PDP) dollar mismatch and balance sheet revaluation at Airbus. The finance result was €-445m (9m 2012: €-337m) while net income increased to €1,195m (9m 2012: €880m). Free Cash Flow before acquisitions amounted to €-4,815m (9m 2012:€-3,235m), reflecting the working capital evolution linked to delivery phasing, industrial ramp-up, some customer financing activity and the seasonality of the group’s government business.