EADS is not prepared to recover some 14 billion euros invested in the Airbus A380. According to the latest projections presented yesterday in Hamburg by Chief Financial Officer of Airbus, Andreas Sperl, at the investors forum, the equilibrium of the A380 programme will be achieved from 420 delivered equipment, because of production delays. Originally, Airbus planned to achieve profitability from the 151 sold copy. But this goal had already been postponed repeatedly. Last April, the aircraft manufacturer was still on a "breakeven" 270 copies. At the time, Noël Forgeard, then Co-Chairman of EADS, said even the very large carrier would begin to contribute to the results of the group in 2008.
The estimated budget of EADS in 2005 provided a contribution to the result of operation of 2 billion euros from 2006 to 2010. In fact, the A380 programme finally shows the result of operation of Airbus of 2.8 billion euros from 2006 to 2010, including $ 1.1 billion in 2006 and 0.7 billion in 2007, as had indicated it the leadership of EADS on October 3. Is, in total, a difference of 4.8 billion with forecasts for 2005. For loss of profits, it will be $ 6.3 billion for the same period 2006-2010.
Today, no head of EADS is will to advance the date for a possible passage of stalled. Only certainty: this date is still distant. The backlog for the A380 is still blocked at 159 firm orders and 9 intentions of purchase and cancellation are not excluded. In addition, the aircraft manufacturer may deliver only 84 copies of here 2010. Assuming that Airbus might be able to achieve the production rate expected 50 per year from 2011, the threshold for balance of 420 devices could not be reached before 2017!
Provided that Airbus is customers. So far, the manufacturer did not change its Outlook for the market potential of very large carriers. Yesterday, Andreas Sperl has reiterated a goal of 751 sold equipment for a market estimated to carry very large 1,500 over twenty years.
Concern of companies
However, in view of the two years of delay, the bulk of the shipments could coincide with a reversal of the cycle in air transport. Where the concern of some companies, as Singapore Airlines, which are proposing to cancel the last commands if they they were delivered too late.
What complicated the task of the future CEO of Airbus, Fabrice Brégier. Asked yesterday afternoon at a press seminar in the South of the France, the current President and CEO of Eurocopter has been suggested that his appointment as the number two Airbus was expected here in a few days. "There is currently discussion." I expect that Louis Gallois and shareholders decide soon. "It is likely that I am concerned, avoir has said. Fabrice Brégier has also confirmed that Tom Anders, the two executive co-chairs of EADS and Louis Gallois, had asked, at an internal seminar a few hours earlier, all EADS divisions to improve their profitability and their situation of cash to offset the financial woes of the manufacturer. "We are all in the same boat and we are all on the bridge," said the CEO of Eurocopter.
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