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ANNUAL REVIEW 2013 — ENHANCING GLOBAL COMPETITIVENESS — INTERVIEW WITH THE CHIEF FINANCIAL OFFICER
Harald Wilhelm
Chief Financial Ofcer
Can you talk us through the main highlights
of the Group’s 2013 nancial results?
The most important message is: we are making progress
towards our protability target. While our revenues were up 5%
against the previous year, our underlying protability, the EBIT*
before one-off, was up 21% to € 3.6 billion. That represents a
return on sales of 6%. So it’s another signicant step towards
our target of 7% to 8% by 2015 (see graphs on pages 24-25).
What’s behind the proposed dividend?
It is the result of improved protability supported by our new
dividend policy, which we announced at the end of 2013.
The proposed gross dividend of 75 cents per share represents
a payout ratio of 40% and a 25% increase on the previous
year’s dividend.
How do you see the cash development?
We are currently in a phase of heavy investment in production
and development programmes, in particular with the A400M
and A350 XWB ramping up. As a result, the free cash ow for
the full year was negative. However, it was better than expected
some months ago, reecting a high level of commercial
deliveries and a heightened operational focus on cash
measures in the last quarter.
Our net cash at the end of 2013 remains a very solid € 9 billion.
That’s after taking into account the € 1.9 billion invested in
“WE’RE
FULLY
FOCUSED ON
E XECUTION.”
“We are making progress towards
our protability target.”
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