Airbus Se · EURONEXT:AIR
Airbus — H1 2021 Earnings Presentation
34 slides from Airbus's earnings presentation, Jul 29, 2021
Slide 1: H1 2021 Results
29 July 2021 Guillaume FAURY | Chief Executive Officer Dominik ASAM | Chief Financial Officer
Slide 2: Safe Harbour Statement
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 s
Slide 3: Company Highlights
Company Business Guidance Highlights Highlights Highlights Appendix
Slide 4: H1 2021 Key Topics
H1 2021 Key Topics 4 297 commercial aircraft delivered in H1 2021 H1 2021 financials reflect deliveries as well as continued efforts on cost containment and competitiveness: EBIT Adjusted of € 2.7 bn; EBIT reported of € 2.7 bn FCF before M&A and Customer Financing of € 2.1 bn Focus on secu
Slide 5: H1 2021 Commercial Positioning
H1 2021 Commercial Positioning 5 Consolidated Airbus Order Book Consolidated Airbus by Division External Revenue by Division H1 2021 H1 2020 Change Airbus 72% Order Intake 38 298 -87.2% Helicopters 10% Airbus (net) (in units) Defence and Order Book 6,925 7,584 -8.7% € 24.6 bn Space 18% t/o defence O
Slide 6: H1 2021 Financial Performance
H1 2021 Financial Performance 6 Revenues EBIT Adjusted in € bn in € bn / RoS (%) 11.0% 2.7 24.6 18.9 -5.0% (0.9) H1 2020 H1 2021 H1 2020 H1 2021 EPS(1) Adjusted FCF before M&A and Customer Financing in € in € bn H1 2020 H1 2021 2.1 2.37 (0.) (8.8) (1.01) Penalty Payment (3.6) H1 2020 H1 2021 (12.4)
Slide 7: H1 2021 Profitability
H1 2021 Profitability 7 EBIT Performance H1 2021 EBIT Reported of € 2,727 m in € bn H1 2021 EBIT Adjustments resulting from: 2.7 2.7 € + 145 m A380 programme € - 170 m PDP mismatch / BS revaluation € + 49 m Others (0.9) (1.6) H1 2021 Net Adjustments of € + 24 m EBIT Adjusted EBIT Reporte
Slide 8: Currency Hedge Policy
Currency Hedge Policy 8 IN $ BILLION Forward Sales as of Jun. 2021 Forward Sales as of Dec. 2020 10.2 19.8 15.1 11.7 9.2 8.7 8.1 7.6 Average hedge rates 2021 2022 2023 2024 2025 2026 2027 Remaining 6 months and beyond € vs $ 1.24 1.23 1.24 1.27 1.29 1.31 1.35 Forwards ( 1.21 in Dec. 20 ) ( 1.23 in D
Slide 9: H1 2021 Cash Evolution
H1 2021 Cash Evolution 9 IN € BILLION +0.7 -0.8 +0.2 -0.0 +2.1 Free Cash Flow before M&A: € + 2.0 bn t/o Customer Financing € - 0.0 bn Free Cash Flow before M&A and 6.5 Customer Financing € + 2.1 bn 4.3 (1) (2) Net Cash Position Gross Cash Flow Change in Cash used for M&A Pensions & Others Net Cash
Slide 10: Business Highlights
Company Business Guidance Highlights Highlights Highlights Appendix
Slide 11: Airbus: Deliveries by Programme (Units)
11 Deliveries by Programme (Units) IN € MILLION H1 2021 H1 2020 Change A220 7% Order Intake (net) 38 298 -87.2% A320 80% Units Order Book 6,925 7,584 -8.7% A330 2% Deliveries Units 297 196 51.5% A350 10% Revenues 17,813 12,533 42.1% A380 1% R&D Expenses 1,039 1,146 -9.3% in % of Revenues 5.8% 9.1% E
Slide 12: Helicopters
Helicopters 12 External Revenue Split IN € MILLION H1 2021 H1 2020 Change Civil 45% Order Intake (net) 123 75 64.0% Defence 55% Units Order Book 671 666 0.8% Deliveries Units 115 104 10.6% Revenues 2,594 2,333 11.2% R&D Expenses 119 140 -15.0% in % of Revenues 4.6% 6.0% EBIT Adjusted 183 152 20.4% i
Slide 13: Defence and Space
Defence and Space 13 External Revenue Split IN € MILLION H1 2021 H1 2020 Change Platforms 64% Order Intake (net) 3,510 5,588 -37.2% Services 36% Revenues 4,538 4,551 -0.3% R&D Expenses 113 119 -5.0% in % of Revenues 2.5% 2.6% EBIT Adjusted 229 186 23.1% in % of Revenues 5.0% 4.1% EBIT 157 73 115.1%
Slide 14: Guidance
Company Business Guidance Highlights Highlights Highlights Appendix
Slide 15: 2021 Guidance
2021 Guidance 15 As the basis for its 2021 guidance, the Company assumes: no further disruptions to the world economy, air traffic, the Company’s internal operations, and its ability to deliver products and services. The Company’s 2021 guidance is before M&A. On that basis, the Company has updated
Slide 16: Key Priorities
Key Priorities 16 Manage deliveries and backlog, including defence contracts Prepare the industrial ecosystem for commercial aircraft ramp-up Transformation of commercial aircraft industrial value chain Lead the development of sustainable aerospace Focus on earnings and cash growth traject
Slide 17: Appendix
Company Business Guidance Highlights Highlights Highlights Appendix
Slide 18: Expected Average Hedge Rates € vs. $
Expected Average Hedge Rates € vs. $ 18 Active exposure management 1.28 Average 1.26 Hedge Rates 1.24 1.24 FY 2020 1.19 1.23 FY 2021E 1.21 1.22 (2) 1.20 1.20 1.19 (1) 1.19 1.19 1.18 1.17 1.16 1.16 1.14 Q1 Q2 Q3 Q4 2020 2021E Hedge rates reflect EBIT impact of the US$ hedge portfolio (1) Q2 actual (2
Slide 19: H1 2021 Detailed Income Statement and Adjustments
H1 2021 Detailed Income Statement and Adjustments 19 thereof Adjustments Impact on EBIT H1 2021 Financial H1 2021 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 2,727 2,703 229 (35) 0 (170) in % of Revenues 11.1% 11.0%
Slide 20: H1 2020 Detailed Income Statement and Adjustments
H1 2020 Detailed Income Statement and Adjustments 20 thereof Adjustments Impact on EBIT H1 2020 Financial H1 2020 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT (1,559) (945) (381) (68) (165) in % of Revenues -8.2% -5.0
Slide 21: Airbus Liquidity as of 30 June 2021
Airbus Liquidity as of 30 June 2021 21 SLL: € 6.2bn Signed on 31 March 2020, undrawn Maturity: 12 months from signing day, Supplemental Liquidity Line (SLL) extended by 6 months to 30 September 2021. Possibility of a further extension at Airbus’ discretion to 31 March 2022 RSCF: € 6.0bn - Credit
Slide 22: Q2 2021 Key Figures
Q2 2021 Key Figures 22 IN € MILLION Q2 2021 Q2 2020 Revenues 14,177 8,317 EBIT Adjusted 2,009 (1,226) EBIT 2,265 (1,638) Net Income (Loss) 1,869 (1,438) FCF before M&A 849 (4,374) FCF before M&A and Customer Financing 849 (4,410) IN € MILLION Q2 2021 Q2 2020 Q2 2021 Q2 2020 Q2 2021 Q2 2020 Revenues
Slide 23: Detailed Free Cash Flow
Detailed Free Cash Flow 23 IN € MILLION H1 2021 H1 2020 Net Cash position at the beginning of the period 4,312 12,534 (1) Gross Cash Flow from Operations 2,130 329 (2) Change in working capital 710 (11,898) Cash used for investing activities(3) (828) (1,307) (4) of which Industrial CapEx (additions)
Slide 24: Net Cash Position
Net Cash Position 24 IN € MILLION June 2021 Dec. 2020 Gross Cash 21,441 21,407 Financing Liabilities (14,956) (17,095) Short-term Financing Liabilities (1,902) (3,013) Long-term Financing Liabilities (13,054) (14,082) Reported Net Cash 6,485 4,312
Slide 25: Customer Financing Exposure
Customer Financing Exposure 25 IN € MILLION June 2021 Dec. 2020 June 2021 Dec. 2020 Airbus Helicopters Closing rate € 1 = $ 1.19 $ 1.23 $ 1.19 $ 1.23 Total Gross Exposure 411 427 44 46 of which off-balance sheet 8 11 2 2 Estimated value of collateral (312) (241) (36) (38) Net Exposure 98 186 8 8 Pro
Slide 26: Airbus Customer Financing
Airbus Customer Financing 26 IN € BILLION Additions Sell Down Amortization Net change 1.0 0.8 0.9 0.8 0.6 0.8 0.6 0.6 0.7 Airbus Customer 0.4 0.5 0.3 0.2 Financing Gross 0.1 0.0 0.1 Exposure (0.2) (0.2) (0.3) (0.2) (0.3) (0.7) (0.7) (0.7) (0.7) (0.6) (0.5) (0.7) (0.6) (0.1) (1.1) (0.1) (0.1) (0.1) (
Slide 27: Balance Sheet Highlights: Assets
Balance Sheet Highlights: Assets 27 IN € MILLION June 2021 Dec. 2020 Non-current Assets 49,982 51,695 of which Intangible & Goodwill 16,223 16,199 of which Property, plant & equipment 16,526 16,674 of which Investments & other long-term financial assets 5,622 5,433 of which Contract assets 69 48 of
Slide 28: Balance Sheet Highlights: Liabilities
Balance Sheet Highlights: Liabilities 28 IN € MILLION June 2021 Dec. 2020 Total Equity 9,275 6,456 of which AOCI (Accumulated Other Comprehensive Income) 205 1,853 of which Non-controlling interests 18 11 Total Non-current liabilities 48,823 53,868 of which Pensions 7,183 9,515 of which Other provis
Slide 29: Shareholding Structure at 30 June 2021
Shareholding Structure at 30 June 2021 29 Free Float 74.0% Shareholder Agreement 25.9% SOGEPA 10.9% GZBV 10.9% SEPI 4.1% Treasury Shares 0.0% 786,020,816 shares issued at 30 June 2021
Slide 30: Quarterly Revenues Breakdown (Cumulative)
Quarterly Revenues Breakdown (Cumulative) 30 IN € MILLION Q1 H1 9m FY 2021 2020 2021 2020 2021 2020 2021 2020 Airbus 7,272 7,569 17,813 12,533 20,271 34,250 Helicopters 1,177 1,202 2,594 2,333 3,623 6,251 Defence and Space 2,115 2,111 4,538 4,551 6,936 10,446 Eliminations (104) (251) (308) (469) (66
Slide 31: Quarterly EBIT Adjusted Breakdown (Cumulative)
Quarterly EBIT Adjusted Breakdown (Cumulative) 31 IN € MILLION Q1 H1 9m FY 2021 2020 2021 2020 2021 2020 2021 2020 Airbus 533 191 2,291 (1,307) (641) 618 Helicopters 62 53 183 152 238 471 Defence and Space 59 15 229 186 266 660 Eliminations 40 22 0 24 12 (43) Consolidated Airbus 694 281 2,703 (945)
Slide 32: Quarterly EBIT Breakdown (Cumulative)
Quarterly EBIT Breakdown (Cumulative) 32 IN € MILLION Q1 H1 9m FY 2021 2020 2021 2020 2021 2020 2021 2020 Airbus 343 57 2,387 (1,808) (2,399) (1,330) Helicopters 62 53 183 152 238 455 Defence and Space 17 (53) 157 73 (36) 408 Eliminations 40 22 0 24 12 (43) Consolidated Airbus 462 79 2,727 (1,559) (
Slide 33: H1 2021 IFRS vs. APM Cash Flow Reconciliation
H1 2021 IFRS vs. APM Cash Flow Reconciliation 33 IN € BILLION June 2021 IN € BILLION June 2021 Cash provided by (used for) operating activities 2.7 Cash provided by (used for) operating activities 2.7 t/o Reimbursement from / contribution to plan assets (0.2) Cash provided by (used for) investing ac
Slide 34: Glossary on Alternative Performance Measures (APM)
Glossary on Alternative Performance Measures (APM) This presentation also contains certain “non-GAAP financial measures”, i.e. financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measure calculated and presented in accordance wi