Article: Aerospace & Defense News - Defense Europe.

Mar 22, 2009

Airbus, EADS

Airbus A400M problems reduced EADS's earnings before interest and tax (EBIT) by [euro]704 million ($900 million) in 2008, following a switch to early-stage accounting for the programme in the third quarter. Chief financial officer Hans-Peter Ring acknowledges that the [euro]704 million figure "does not reflect a new complete estimate of the loss at completion". He adds: "Once the situation becomes clear we will resume the milestone accounting and update the provision in its entire scope." Uncertainty surrounds both the availability of the engines and mission-critical systems and customers' response to EADS proposals set out in ...

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