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CONTINUING SUCCESS
48
EADS ANNUAL REVIEW 2010
In 2010, Cassidian balanced steady growth in its core
businesses with greater investment in the markets
and products expected to fuel future expansion.
The Division’s rebranding reflects Cassidian’s
long-term strategy of becoming a truly global player
in the defence and security markets.
Revenues rose by 11% to €5.9 billion (€5.4 billion in 2009),
mainly reflecting growth in security business where
significant programme milestones were achieved in the
Saudi border security contract. In addition, significant
contributions were made by Eurofighter and MBDA1)
missile programmes, including export.
Security businesses, particularly border security,
are currently ramping up and have not yet achieved the
profitability levels of mature programmes. Despite higher
self-funded research and development for future
business, the less favourable business mix and a charge
resulting from the UK’s cancellation of the FiReControl
security contract, EBIT* increased slightly to €457 million
(€449 million in 2009), thanks to margin growth in mature
programmes.
New orders of €4.3 billion resulted in a year-end order
book of €16.9 billion (€18.8 billion in 2009). All four
activities – Air Systems, Electronics, Systems and
Missiles – contributed.
Expanding international presence
The Division developed its presence in growing defence
markets. In India, the focus of a current Eurofighter export
campaign, Cassidian established an engineering centre
in Bangalore. Additionally, a joint venture was formed with
Larsen & Toubro in India. In Brazil, a joint venture was
created with Odebrecht, a large local conglomerate,
to target the Latin American defence and security market.
As a consequence of the various security projects in
the Middle East, Cassidian’s workforce in the region
increased significantly.
Unmanned Aerial Systems development
Cassidian consolidated its credentials as a potential
European prime contractor for Unmanned Aerial Systems
(UAS). The Barracuda demonstrator completed four
test flights, in particular showing its ability to fly in civil
Cassidian showed significant organic growth, driven by an
increase in contributions from the newer security segments,
Eurofighter and missile businesses. The Division
accelerated its drive to globalise its business outside
Europe – supported by its rebranding – while also
developing next-generation defence and security products.
1) EADS owns 37,5% of MBDA, one of the world’s largest missile companies.
(€m)
Revenues
Self-financed R&D
EBIT*
Order intake
Order book
2010 2009 Variation
5,933 5,363 +11%
251 216 +16 %
457 449 +2%
4,312 7,959 -46%
16,903 18,796 -10%
Revenues by markets (in % of external revenues)
8% Civil
92% Defence