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EADS Financial Statements and Corporate Governance FINANCIAL STATEMENTS AND CORPORATE EADS GOVERNANCE RREGdoc_EV_BOOK2_CH0.inddEGdoc_EV_BOOK2_CH0.indd 1 227/04/067/04/06 117:29:587:29:58 Financial Policy A message from the Chief Operating Offi cer for Finance Dear Shareholders, Customers and Employees, Hans Peter Ring COO for Finance RREGdoc_EV_BOOK2_CH0.inddEGdoc_EV_BOOK2_CH0.indd 2 227/04/067/04/06 117:29:587:29:58 Financial Policy 2005 was the best year ever in EADS history. Financial Innovation is already a hallmark of EADS – As our A380 discipline, vigorous business development, a strong illustrates. Yet the task we have set before the company is to management team and a dedicated workforce- these bring to market breakthrough products at a more accelerated remain the success factors for delivering excellent pace. Behind the scenes, we are focusing intensely on financial performance for the sixth consecutive year! making our industrial and management processes more creative, more cutting edge. We want to ensure that Airbus leadership continued in 2005, the best year ever management is looking ahead, targeting the necessary in terms of deliveries, order intake and profitability. The resources on the types of innovation that deliver the best €93 billion order intake achieved in 2005 validates our belief overall value for our military and commercial customers. that the aviation market remains in a vigorous up-cycle. Most impressively, our order backlog of over €250 billion is at Improvement in performance must be a constant historic levels – offering five years of forward visibility. task of management. We are determined to deliver impressive results for our shareholders in 2006 and The civil helicopter, freighter conversion and turboprop beyond. Indeed, our aspiration is to achieve performance businesses performed exceptionally well. Our defence standards which are benchmark for our industry. businesses also contributed stronger results and Space continued its recovery by posting further improved results. Improvement also means being best-in-class when it comes This is fresh evidence that EADS is becoming a successfully to business intelligibility. In 2005, we implemented our balanced concern in almost every relevant aerospace segment. integrated state-of-the-art Risk Management and Internal Control system. This system augments an already impressive Another favourable development was the partial recovery of array of tools which enable high transparency in our the U.S. Dollar in 2005. Cautiousness is still required however. reporting. Given the long-term nature of our businesses We, therefore, strengthened our hedge book appropriately, in and required investments we consider that the further line with business conservatism and sound profitability targets. development of the Risk Management processes are crucial Existing cost-savings programs such as Airbus Route 06 for actively steering towards a predictable, sustainably continued to be actively pursued. And we see further excellent and constantly improving organisation. cost-savings potential across our other businesses. Finally, we are seeing a further maturation in the EADS During 2005, we maintained significant cash reserves of over shareholder structure. On 9th April 2006, two of our founding €5 billion. We have deliberately conserved cash in order shareholders, DaimlerChrysler and Lagardère SCA, announced to give us the financial flexibility to: fund new internal their intention to reduce their holdings while still remaining initiatives; invest in innovation; and take advantage of committed to being long-term shareholders of EADS. This business development and M&A opportunities as they arise. increases the free float, both now and over the next three years, Moreover, a conservative approach to cash is a key element of enhancing the attractiveness of EADS as a global investment. our single A rating – a real competitive asset in our industry. We are looking forward to an exciting 2006, and to EADS now has a strong basis for future growth. delivering the results you have come to expect of EADS. All the fundamentals are in place. The next phase Yours truly, in our history of ambitious achievement will be characterized by three paths or enablers of growth: internationalisation, innovation, and improvement. Internationalisation means enhancing our position in the growth markets of the world. We are implementing this process through a targeted combination of direct investment, strategic partnerships, and M&A, backed by a global procurement network. The mix will be specifically adapted Hans Peter Ring to the local or regional context, as we look toward Asia Chief Operating Officer for Finance and the Americas for new sources of high margin sales. RREGdoc_EV_BOOK2_CH0.inddEGdoc_EV_BOOK2_CH0.indd 3 227/04/067/04/06 117:29:597:29:59 EADS Registration Document Part 1 (Financial Statements and Corporate Governance) European Aeronautic Defence and Space Company EADS N.V. (the “Company” or “EADS”) is a Dutch company, which is listed in France, Germany and Spain. Given this fact, the applicable regulations with respect to public information and protection of investors, as well as the commitments made by the Company to securities and market authorities, are described in this Registration Document (the “Registration Document”). This Registration Document was prepared in accordance with Annexe 1 of the EC Regulation 809 / 2004, filed in English with, and approved by, the Autoriteit Financiële Markten (the “AFM”) on 26th April 2006 in its capacity as competent authority under the Wet toezicht effectenverkeer 1995 (as amended) pursuant to the Directive 2003 / 71 / EC. When used as a Registration Document, this document entitled Financial Statements and Corporate Governance - (Registration Document Part 1) must be read in conjunction with the document entitled Business, Legal and Corporate Responsibility - (Registration Document Part 2). This Registration Document may be used in support of a financial transaction as a document forming part of a prospectus in accordance with Directive 2003 / 71 / EC only if it is supplemented by a securities note and a summary approved by the AFM. EADS Financial Statements and Corporate Governance RREGdoc_EV_BOOK2_CH0.inddEGdoc_EV_BOOK2_CH0.indd 4 227/04/067/04/06 117:30:007:30:00 Financial Statements and Corporate Governance Registration Document - Part 1 Risk Factors 1 Net Assets, Financial Position, Results 2 Corporate Governance 3 Outlook EADS Financial Statements and Corporate Governance 1 RREGdoc_EV_BOOK2_CH0.inddEGdoc_EV_BOOK2_CH0.indd 1 227/04/067/04/06 117:30:017:30:01 General Table of Contents / Registration Document — Parts 1 and 2 Financial Statements and Corporate Governance Registration Document – Part 1 Risk Factors p. 7 1.1.5 EADS Results of Operations p. 28 Consolidated Revenues 29 1. Financial Market Risks p. 8 Consolidated Cost of Sales 31 Consolidated Selling and Administrative Expenses 32 Consolidated Research and Development Expenses 32 2. Business-Related Risks p. 10 Consolidated Other Income and Other Expense 32 Consolidated Amortisation of Goodwill 32 Consolidated Share of Profit from Associates and Other Income 3. Legal Risks p. 13 (Expense) from Investments 32 Consolidated Interest Result 33 4. Industrial and Environmental Risks p. 14 Consolidated Other Financial Result 33 Consolidated Income Taxes 33 Consolidated Minority Interests 34 Consolidated Net Income (Profit for the Period Attributable to Equity Holders of the Parent) 34 Chapter 1 - Net Assets Earnings per Share (EPS) 34 Financial Position Results p. 15 1.1.6 Statement of Changes in Consolidated Total Equity (including Minority Interests) p. 35 1.1 Management’s Discussion IAS 39 Related Impact on AOCI 35 and Analysis of Financial Condition Currency Translation Adjustment Impact on AOCI 36 and Results of Operations p. 16 1.1.7 Liquidity and Capital Resources p. 36 1.1.1 Certain Information p. 16 1.1.7.1 Cash Flow p. 37 Exchange Rate Information 17 1.1.7.2 Consolidated Cash and Cash Equivalents p. 39 Ratings 17 1.1.7.3 Consolidated Financial Liabilities p. 40 1.1.2 Overview p. 17 1.1.7.4 Sales Financing p. 40 1.1.3 Critical Accounting Considerations, 1.1.8 Hedging Activities p. 44 Policies and Estimates p. 18 1.1.8.1 Foreign Exchange Rates p. 44 1.1.3.1 Scope of and Changes in Consolidation Perimeter p. 18 1.1.8.2 Interest Rates p. 46 1.1.3.2 Fair Value Adjustments p. 19 1.2 Financial Statements p. 47 1.1.3.3 Impairment of Assets p. 19 1.1.3.4 Research and Development Expenses p. 20 1.2.1 Consolidated Financial Statements (IFRS) p. 48 1.1.3.5 Accounting for Hedged Foreign Exchange Transactions in the Financial Statements p. 20 Appendix: Information on principal 1.1.3.6 Accounting for Foreign Currency Denominated investments - Consolidation Scope p. 105 Operations in the Financial Statements p. 21 1.1.3.7 Accounting for Sales Financing Transactions 1.2.2 Company Financial Statements p. 112 in the Financial Statements p. 21 1.1.4 Measurement of Management’s Performance p. 22 1.3 Statutory Auditors’ Fees p. 124 1.1.4.1 Order Backlog p. 22 1.1.4.2 Use of EBIT* p. 24 1.4 Information Regarding 1.1.4.3 EBIT* Performance by Division p. 25 the Statutory Auditors p. 125 2 I EADS Financial Statements and Corporate Governance RREGdoc_EV_BOOK2_CH0.inddEGdoc_EV_BOOK2_CH0.indd 2 227/04/067/04/06 117:30:017:30:01 General Table of Contents / Registration Document — Parts 1 and 2 Chapter 2 - Chapter 3 - Outlook 159 Corporate Governance p. 127 3.1 2006 Financial Outlook p. 160 2.1 Management and Control p. 128 3.2 2006 Calendar of Financial 2.1.1 Board of Directors, Chairmen and Chief Executive Communication p. 161 Officers p. 128 2.1.2 Audit Committee p. 138 2.1.3 Remuneration and Nomination Committee p. 139 2.1.4 Executive Committee p. 139 2.1.5 Internal Control and Risk Management Systems p. 141 2.1.5.1 Overview p. 141 2.1.5.2 Risk Management System p. 142 2.1.5.3 Internal Control Framework p.
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