March 9, 2007 / 12:39 PM / 12 years ago

CHRONOLOGY-A380 superjumbo casts shadow over Airbus

 March 9 (Reuters) - Airbus incurred an operating loss of 572
million euros ($752.4 million) last year and faces another
"substantial loss" in 2007, parent company EADS EAD.PA said on
Friday.
 Troubles with its A380 superjumbo airliner were to blame, as
work to fix wiring installation problems and compensation paid
to customers angered by its delay cost 2.5 billion euros.
 Following is a chronology of key events involving the A380
since cost overruns emerged more than two years ago:
 
 Dec 2004 - Airbus parent company EADS announces that the
A380 superjumbo project is running 1.45 billion euros over
budget.
 Jan 18, 2005 - French President Jacques Chirac, German
Chancellor Gerhard Schroeder and British Prime Minister Tony
Blair are among the more than 5,000 guests invited to Toulouse
for a ceremony to "reveal" the A380.
 April 27, 2005 - The A380 completes a maiden flight lasting
nearly four hours.
 June 1, 2005 - Airbus delays initial deliveries of the A380
by up to six months.
 June 13, 2006 - Airbus announces a second six-month delay in
A380 deliveries and says the setback is expected to hit
operating profit at EADS from 2007 until 2010.
 July 2, 2006 - EADS co-Chief Executive Noel Forgeard and
Gustav Humbert, the man who had replaced him as CEO of Airbus a
year earlier, resign over the second A380 delay.
 Sept 4, 2006 - Charles Champion, the head of the A380
programme, is replaced by Mario Heinen, former head of the
profitable A320 business.
 Sept 21, 2006 - EADS acknowledges that further delay in the
Airbus A380 is expected. It blames wiring installation problems
which have already delayed the project by a year.
 Oct 3, 2006 - EADS delays A380 deliveries by an additional
year, putting the programme two years behind schedule, and says
Airbus will not see an operating profit on the A380 until 2010.
 Oct 3, 2006 - EADS announces 'Power8' restructuring
programme aimed at annual costs savings of least 2 billion euros
from 2010 onwards and around 5 billion euros in cash savings by
2010.
 Oct 9, 2006 - Airbus Chief Executive Christian Streiff quits
after 100 days in the job.
 Oct 19, 2006 - Airbus says A380 programme break-even point
has risen to 420 aircraft from earlier estimate of 270. Some
analysts note the new figure fails to take into account the
impact of a weakened dollar since 2000, arguing the real figure
could be higher.
 Nov 7, 2006 - FedEx Corp. cancels a $2.5 billion order for
the A380 and switches to Boeing planes instead.
 Jan 17, 2007 - Airbus drops behind Boeing Co. in the annual
new plane orders tally for the first time since 2000, failing to
retain its minimum target of 40 percent market share by value
and losing to its U.S. rival in every model range.
 Feb 2, 2007 - Some 24,000 Airbus and supplier employees in
Germany and 100 in France stage protests over feared job cuts.
 Feb 19, 2007 - Airbus cancels planned Feb. 20 announcement
of Power8 details. Company cites differences over where its
newest model, the A350 XWB, will be manufactured.
 Feb 23 - German Chancellor Angela Merkel says at a joint
news conference with French President Jacques Chirac that
Germany and France will continue to support Airbus politically.
 Feb 27 - Airbus' Power8 restructuring plan is approved by
the EADS board.
 Feb 28 - Airbus announces plans for 10,000 job cuts, half
from its own employees and half from contractors, as well as
plans to sell all or part of six of its 16 main manufacturing
plants.
 Mar 9 - EADS posts 2006 earnings before interest and taxes
(EBIT) of 399 million euros, down 86 percent from the previous
year. The company says A380 woes cost 2.5 billion euros in 2006.



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