Record deliveries in 2009 are not enough to paper over the significant challenges EADS confronts as the strong euro, A400M military transport and A380 continue to weigh on the aerospace giant’s outlook. If anything, the headwind is stronger even than it was last year. EADS has been using currency hedges to dampen the effect of the falling dollar. But the average exchange rate it has been able to secure for 2010 is 10 cents below 2009’s level. That automatically spells a €1-billion ...

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