Efficiency Improvement Plans

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1 Efficiency Improvement Plans Harald Wilhelm Executive Vice-President Airbus CFO Global Investor Forum 2009, Broughton, 1 st & 2 nd April

2 Safe Harbour Statement Disclaimer This presentation includes forward-looking statements. Words such as anticipates, believes, estimates, expects, intends, plans, projects, may and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include statements made about strategy, ramp-up and delivery schedules, introduction of new products and services and market expectations, as well as statements regarding future performance and outlook. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include but are not limited to: Changes in general economic, political or market conditions, including the cyclical nature of some of EADS businesses; Significant disruptions in air travel (including as a result of terrorist attacks); Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar; The successful execution of internal performance plans, including cost reduction and productivity efforts; Product performance risks, as well as programme development and management risks; Customer, supplier and subcontractor performance or contract negotiations, including financing issues; Competition and consolidation in the aerospace and defence industry; Significant collective bargaining labour disputes; The outcome of political and legal processes, including the availability of government financing for certain programmes and the size of defence and space procurement budgets; Research and development costs in connection with new products; Legal, financial and governmental risks related to international transactions; Legal and investigatory proceedings and other economic, political and technological risks and uncertainties. As a result, EADS actual results may differ materially from the plans, goals and expectations set forth in such forwardlooking statements. For a discussion of factors that could cause future results to differ from such forward-looking statements, see EADS Registration Document dated 24th April Any forward-looking statement contained in this presentation speaks as of the date of this presentation. EADS undertakes no obligation to publicly revise or update any forward-looking statements in light of new information, future events or otherwise. 2 2

3 Power8: programme overview Power8 has been launched in 2006 to secure Airbus future A new way of organizing Airbus processes, in all functions and at all levels A weak US$ Additional programme costs related to on-going and new developments Power targets: EBIT: 2.1bn Cumulative cash: 5bn Power8+ (2008): US$ move from 1.45 to 1.55 during H Launch of Power8+ with 650m additional EBIT target in 2012 Whereas Power8 was launched due to a weak US$, Power8+ is now playing as a protection against the recession / downturn Power8 in 2008: Airbus 2008 EBIT contribution of Power8: ~ 1bn, well in excess of 08 commitments Airbus cash exceeding Power8 targets 3 3

4 Power8: modules structure Executive Comitee lead: Fabrice Brégier Project leader: Domingo Urena-Raso / Jordi Boto-Rodriguez Drive top line growth Customer First & Service Growth (C Champion J Leahy) Drive Cost Reduction Reduce Overheads (ROC) (T Baril, G Weber) General Procurement (K Richter) Flying parts (K Richter, P Gavin) Streamline Logistics (G Weber, K Richter) Streamline FALs (T Williams) Reshape Industrial Footprint (B Georges) Lean Manufacturing (G Weber) Restore Strong Cash Control Capex and Investments Crisis Management (G Weber T Williams) Maximize Cash (H Wilhelm, J Leahy) One Lean Airbus Information & Communication Technology (G Weber, T Williams) Develop Faster (P Gavin T Williams) Facility Management 4 4

5 Power8 governance Regular Power8 days twice a month with: - a summary of the 2008/2009 and global 2010 outlook identifying secured / committed & potential savings - each module reviewed once a month - a deep analysis for one particular item per Power8 day Top management involvement (COO lead, EC members) Executive Committee and Board of Directors reporting Internal targets vs Committed targets 5 5

6 Power8: how do we pile the savings P8 Programme view Cost & Cash targets view from the P8 management Cascaded EBIT & Cash targets at module and sub module level P8 Program Modules Operational unit view Corporate view by destination, programme, P8 Project leaders will input Savings forecasts for Cost & Cash Operational project data Individual projects by maturity assements Sub Modules Projects Sub-Projects Sub-Sub-Projects Function view: - Projects validated by function & sub function - EBIT & Cash impact validated by function controllers Forecasts at the value added level 6 6

7 EBIT & Cash with / without Power8 Airbus EBIT (M ) With Power8 effect Before Power8 effect EADS Net cash (M )

8 Power8 Reporting vs. accounting Total Cost Base Cost baseline is driven by prices & volumes increase before P8 savings P8 savings determined via cost cutting and avoidance YtY cost evolution does not reveal cost avoidance Total Cost Baseline without P8 RC Total Cost Baseline with P8 P8 3.5% of labour cost increase, material price, escalation on equipment, energy cost... P8: - productivity - aero./eqpt.price - lean - Mat. prices -ROC -FM savings RC w ithout P8 RC after P8 YTY RC are flat due to P8 savings 8 8

9 Power8: Reduce Overhead Costs Reduce overhead costs: 5000 FTE eliminated: 56% internal, 44% external Measures undertaken: - Hiring freeze put in place in 2006 and reinforced in Social measures concluded in all countries - Spans of control increased and management optimized - ROC targets part of individual targets Example: Power8 in Airbus finance 1600 FTE at the end of FTE at the end of 2008 (-25%) How: - Truly integrated organization - Transactions automation in payables - Streamline of processes with single way of working in controlling - Shared services with EADS 9 9

10 Power8: Zoom on Streamline FALs Single Aisle Hamburg 60 Working days BASELINE Industrial performance incl. Commercial request Industrial performance 20 Jan-05 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09 Oct-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Oct-10 Dec-10 Objective: reduction of stock Means: lead time reduction in all Final Assembly Line (FALs) New: at component/site level lead time reduction targeted from 2009 onwards 10 10

11 Lean Manufacturing & Inventory KPIs To support Efficiency & Lead Time Reduction tracking by site Business Objectives Reducing Inventory Increase efficiency Reducing non quality KPIs MCA assembly Lead Time (wd) MCA Buffer Lead Time (wd) Detailed parts coverage (cd) Capacity Utilization (%) Machine efficiency OEE (%) Average Hours of assembly per product (h) Efficiency Labour efficiency Effectiveness Absenteeism (%) Overhead staff / Total staff Scraps ( ) Reworks ( ) Non Quality Cost Concession cost ( ) Outstanding works (h) OTD (%) Definition Average Lead Time from First Station of Assembly to Last station of Assembly Average Lead Time from End of Assembly to Availability Date (Stock value of the month / Average 12 month rolling forecasted consumption) x number of cd in the year Available time / Calendar Time Overall Equipment Efficiency = Effective operating time / Available time Non overhead Average Assembly Hours per Product Standard time / Effective labour time Effective labour time / Total paid time Non overhead lost working time due to sickness & work accidents / Theoretical working time Number overhead people / Total number of people Administrative cost + labour cost + material cost (OPMS CNQ definition) Administrative cost + labour cost + material cost (OPMS CNQ definition) Administrative cost + labour cost (when rework) (OPMS CNQ Definition) Number of hours of remaining works Total number of deliveries on time (matching availability date) / Total Number of deliveries Full deployment of all KPIs in all production sites from 2009 onwards 11 11

12 Power8: Capex standardization (II) 12 12

13 Extend Engineering Services Transformation Plan (I) 61 suppliers 43 suppliers 37 suppliers 28 suppliers Current EADS suppliers & challengers Short list Short list EADS Suppliers RFP round 1 RFP round 2 Face to face meetings Commercial criteria only Criteria's (Technical 40% + strategy 20% + commercial 40%) April actions: -Use and deploy of selected suppliers (-10% hourly rate): achieved -Work packages + Bundling (-10% hours): to come 13 Page 13 13

14 Power8: Positive interactive effects between modules (e.g. Maximize-Cash & Reduce-Overhead-Costs) Finance & Procurement aimed to develop Airbus processes to support Maximise Cash Objective: 500M working capital improvement Power8 MAXIMISE CASH Measures Lean Procure to Pay process (EFFECTIVENESS) World-Class Effectiveness 1. Max-Cash only # 40% World-Class Max-Cash and ROC World-Class Efficiency 15,000 22,000 29,000 Power8 REDUCE OVERHEAD COST Measures Function cost (Invoices per FTE) (EFFICIENCY) # 2. ROC only? 1. Maximize Cash tasks (standard payment terms, standard payment dates, elimination of early payments ) simplified processes, increased effectiveness and reduced workload in Accounts Payable 2. If Reduce Overhead measures had been applied on their own, efficiency would have increased (same work, with less people) but work on process improvement to support Maximise Cash would have been put at risk. Only process improvement to improve cash position combined with headcount reduction to realise cost savings put Airbus on target to achieve 500M working capital improvement and 40% Accounts Payable headcount reduction

15 Power8: reshape industrial footprint Zephyr project to allow Airbus focusing on core competences and develop strong Tier 1 partnerships in Europe Past Today Airbus target Competition Assembly MCAs Sub-assemblies Elementary parts 50% partnerships More than 70% partnerships 2 sites divested in 2008 (in a distressed market): FILTON (UK) to GKN for Wing components LAUPHEIM (Germany) to Diehl/Thales for Cabin interiors 15 15

16 Power8: Zephyr achievements 5 sites contributed to 2 New EADS/Airbus Companies on Jan 1 st 09: MEAULTE & St Nazaire Ville (FR) for nose section 11/12 NORDENHAM, VAREL & AUGSBURG (GE) for Fuselage sections 13/14 & 16/18 Economic targets reached: Contracts in USD and ramp-up in dollar content Power8 embedded in Pricing A350 Work Packages allocated to the 4 Companies as Risk Sharing Partners LCC initiatives in progress as well as Power8+ equivalent projects in NewCos Overall ~10,000 FTE and USD 4.5bn turnover 16 16

17 Power8+ Power8+: - 650m cost reduction target on top of Power8 - Stretch actions from Power8 & Low cost sourcing Example of low cost sourcing: Tunisia Aeronautical valley project launched by Aerolia 60m investment (including partners) 700kh transferred Labor cost advantages Pavillon TR12 LR Barque Tr15 LR Cockpit SA Other on-going studies for a new industrial footprint: Slovakia, Romania, India, Turkey, China 17 17

18 Power8: risks & opportunities RISKS: - Volumes evolution could impact negatively Power8 -Airlines financials evolution could impact negatively Airbus balance sheet - Legal constraints (e.g. LME*) have a negative impact on Airbus cash balance - Job market could make ROC more difficult OPPORTUNITIES: - Power8 launched in time before the financial crisis - Present crisis supports Power8 implementation - Cash awareness progressively becomes a key priority for all employees *LME = Loi de Modernisation de l Economie 18 18

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