Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — H1 2023 Earnings Presentation
34 slides from Airbus's earnings presentation, Jul 26, 2023
Slide 1: H1 Results 2023
H1 Results 2023 26 July 2023 Guillaume FAURY | Chief Executive Officer Xavier TARDY | Interim 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 Highlights Airbus H1 Results 2023
Slide 4: H1 2023 Key Topics
H1 2023 Key Topics 4 Progressing on our plan in a complex operating environment 316 commercial aircraft delivered in H1 2023 H1 2023 financials: EBIT Adjusted of € 2.6 bn; EBIT reported of € 1.9 bn FCF before M&A and Customer Financing of € 1.6 bn Guidance maintained
Slide 5: H1 2023 Commercial Positioning
H1 2023 Commercial Positioning 5 Consolidated Airbus Order Book Consolidated Airbus by Division External Revenue by Division H1 2023 H1 2022 Change Airbus 72% Order Intake 1,044 259 303.1% Helicopters 11% Airbus (net) (in units) Defence and 17% Order Book 7,967 7,046 13.1% € 27.7 bn Space t/o defenc
Slide 6: H1 2023 Financial Performance
H1 2023 Financial Performance 6 Revenues EBIT Adjusted in € bn in € bn / RoS (%) 10.7% 9.5% 24.8 27.7 2.6 2.6 H1 2022 H1 2023 H1 2022 H1 2023 EPS(1) Adjusted FCF before M&A and Customer Financing in € in € bn 2.40 2.47 2.0 1.6 H1 2022 H1 2023 H1 2022 H1 2023 (1) H1 2023 Average number of shares: 788
Slide 7: H1 2023 Profitability
H1 2023 Profitability 7 EBIT Performance H1 2023 EBIT Reported of € 1,887 m in € bn H1 2023 EBIT Adjustments resulting from: € - 651 m PDP mismatch / BS revaluation 2.6 2.6 2.6 € - 34 m Aerostructures transformation 1.9 € - 46 m Others H1 2023 Net Adjustments of € - 731 m EBIT Adjusted E
Slide 8: USD Exposure Coverage
USD Exposure Coverage 8 IN $ BILLION Forwards & Euro Conversion as of Jun. 2023 Forwards & Euro Conversion as of Dec. 2022 9.7 22.4 19.0 12.5 14.8 13.4 7.7 Average blended rates(1) 2023 (€ vs. $) Remaining 6 months 2024 2025 2026 2027 2028 Forwards and Euro conversion 1.19 1.22 1.23 1.27 1.27 1.25 (
Slide 9: H1 2023 Cash Evolution
H1 2023 Cash Evolution 9 IN € BILLION +0.6 -1.0 +1.9 -0.1 -1.5 -0.3 Free Cash Flow before M&A: € + 1.5 bn t/o Customer Financing € + 0.0 bn Free Cash Flow before M&A and Customer Financing: € + 1.6 bn 9.4 9.1 (1) (2) Net Cash Position Gross Cash Flow Change in Cash used for M&A Shareholder Return Pe
Slide 10: Divisions Highlights
Divisions Highlights Airbus H1 Results 2023
Slide 11: Airbus Division: Deliveries by Programme
11 Deliveries by Programme (Units) IN € MILLION H1 2023 H1 2022 Change A220 8% Order Intake (net) 1,044 259 303.1% A320 81% Units Order Book 7,967 7,046 13.1% A330 4% Deliveries Units 316 297 (1) (2) 6.4% A350 7% Revenues 20,349 17,533 16.1% R&D Expenses 1,196 1,020 17.3% in % of Revenues 5.9% 5.8%
Slide 12: Helicopters
Helicopters 12 External Revenue Split IN € MILLION H1 2023 H1 2022 Change Civil 47% Order Intake (net) 131 163 -19.6% Defence 53% Units Order Book 743 787 -5.6% Deliveries Units 145 115 26.1% Revenues 3,194 2,744 16.4% R&D Expenses 145 120 20.8% in % of Revenues 4.5% 4.4% EBIT Adjusted 274 215 27.4%
Slide 13: Defence and Space
Defence and Space 13 External Revenue Split Platforms 64% IN € MILLION H1 2023 H1 2022 Change Services 36% Order Intake (net) 6,038 6,534 -7.6% Revenues 4,653 5,056 -8.0% R&D Expenses 96 117 -17.9% in % of Revenues 2.1% 2.3% EBIT Adjusted 78 155 -49.7% in % of Revenues 1.7% 3.1% EBIT 87 (113) N/A in
Slide 14: Guidance Highlights
Guidance Highlights Airbus H1 Results 2023
Slide 15: 2023 Guidance
2023 Guidance 15 The guidance issued in February 2023 is maintained. As the basis for its 2023 guidance, the Company assumes: no additional disruptions to the world economy, air traffic, the supply chain, the Company’s internal operations, and its ability to deliver products and services. The Comp
Slide 16: Key Priorities
Key Priorities 16 Deliver on our commercial aircraft ramp-up Continue the transformation of the Company Further strengthen the backlog across businesses Lead the development of sustainable aerospace Deliver earnings and free cash flow growth potential
Slide 17: Appendix
Appendix Airbus H1 Results 2023
Slide 18: Expected Average Blended Rates for Forwards and Euro Conversion
Expected Average Blended Rates for Forwards and Euro Conversion € vs. $ 18 Active exposure management 1.28 Average Blended Rates 1.26 (1) FY 2022 1.22 1.24 1.24 1.23 FY 2023E 1.20 1.22 1.22 (2) 1.21 1.21 1.21 1.21 1.20 1.18 1.17 1.16 1.14 Q1 Q2 Q3 Q4 2022 2023E Blended rates reflect both EBIT impact
Slide 19: H1 2023 Detailed Income Statement and Adjustments
H1 2023 Detailed Income Statement and Adjustments 19 thereof Adjustments Impact on EBIT H1 2023 Financial H1 2023 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 1,887 2,618 (74) 1 (7) (651) in % of Revenues 6.8% 9.5% In
Slide 20: H1 2022 Detailed Income Statement and Adjustments
H1 2022 Detailed Income Statement and Adjustments 20 thereof Adjustments Impact on EBIT H1 2022 Financial H1 2022 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 2,579 2,645 (73) (219) 0 226 in % of Revenues 10.4% 10.7%
Slide 21: Liquidity as of 30 June 2023
Liquidity as of 30 June 2023 21 RSCF: Signed on July 5, 2022 1st extension option of 1 year exercised in € 8.0 bn June 2023: o € 7,925 m maturing on July 5, 2028 o € 75 m maturing on July 5, 2027 Credit Facility (RSCF) One remaining extension option of 1 year Fully committed by 38 banks No
Slide 22: H1 2023 Key Figures
H1 2023 Key Figures 22 IN € MILLION Q2 2023 Q2 2022 Revenues 15,900 12,810 EBIT Adjusted 1,845 1,382 EBIT 1,497 1,150 Net Income 1,060 682 FCF before M&A 2,418 1,498 FCF before M&A and Customer Financing 2,463 1,742 IN € MILLION Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Revenues EBIT Adjusted
Slide 23: Detailed Free Cash Flow
Detailed Free Cash Flow 23 IN € MILLION H1 2023 H1 2022 (6) Net Cash position at the beginning of the period 9,431 7,740 Gross Cash Flow from Operations (1) 1,859 2,002 Change in working capital (2) 647 323 Cash used for investing activities (3) (1,032) (679) of which Industrial CapEx (additions) (4
Slide 24: Net Cash Position
Net Cash Position 24 IN € MILLION June 2023 Dec. 2022 Gross Cash 22,919 23,598 Financing Liabilities (12,549) (12,773) Short-term Financing Liabilities (2,186) (2,142) Long-term Financing Liabilities (10,363) (10,631) Interest rate contracts (1,306) (1,394) Reported Net Cash 9,064 9,431
Slide 25: Customer Financing Exposure
Customer Financing Exposure 25 IN € MILLION June 2023 Dec. 2022 June 2023 Dec. 2022 Airbus Helicopters Closing rate € 1 = $ 1.09 $ 1.07 $ 1.09 $ 1.07 Total Gross Exposure 308 312 30 33 of which off-balance sheet 6 6 1 2 Estimated value of collateral (252) (262) (30) (33) Net Exposure 56 50 0 0 Provi
Slide 26: Airbus Customer Financing
Airbus Customer Financing 26 Additions Sell Down Amortization Net change Airbus Customer 1.0 0.9 Financing Gross 0.8 0.8 0.7 Exposure in $ bn 0.6 0.5 0.6 0.6 0.3 0.3 0.3 0.2 0.1 0.0 0.0 (0.2) (0.0) (0.2) (0.3) (0.2) (0.3) (0.4) (0.5) (0.4) (0.0) (0.7) (0.7) (0.7) (0.6) (0.6) (0.1) (0.1) (0.7) (0.7)
Slide 27: Balance Sheet Highlights: Assets
Balance Sheet Highlights: Assets 27 IN € MILLION June 2023 Dec. 2022 Non-current Assets 53,640 52,942 of which Intangible & Goodwill 16,893 16,768 of which Property, plant & equipment 16,501 16,505 of which Investments & other long-term financial assets 6,875 6,257 of which Contract assets 29 26 of
Slide 28: Balance Sheet Highlights: Liabilities
Balance Sheet Highlights: Liabilities 28 IN € MILLION June 2023 Dec. 2022 Total Equity 15,156 12,982 of which AOCI (Accumulated Other Comprehensive Income) (3,537) (5,016) of which Non-controlling interests 37 32 Total Non-current liabilities 49,404 50,367 of which Pensions 2,756 3,193 of which Othe
Slide 29: Shareholding Structure at 30 June 2023
Shareholding Structure at 30 June 2023 29 Free Float 74.1% Shareholder Agreement 25.8% SOGEPA 10.9% GZBV 10.8% SEPI 4.1% Treasury Shares 0.2% 790,395,611 shares issued at 30 June 2023
Slide 30: Quarterly Revenues Breakdown (Cumulative)
Quarterly Revenues Breakdown (Cumulative) 30 IN € MILLION Q1 H1 9m FY 2023 2022 2023 2022 2023 2022 2023 2022 Airbus 8,110 8,541 20,349 17,533 26,654 41,428 Helicopters 1,598 1,265 3,194 2,744 4,515 7,048 Defence and Space 2,299 2,453 4,653 5,056 7,593 11,259 Eliminations (244) (259) (533) (523) (64
Slide 31: Quarterly EBIT Adjusted Breakdown (Cumulative)
Quarterly EBIT Adjusted Breakdown (Cumulative) 31 IN € MILLION Q1 H1 9m FY 2023 2022 2023 2022 2023 2022 2023 2022 Airbus 580 1,065 2,256 2,276 2,875 4,600 Helicopters 156 90 274 215 380 639 Defence and Space 36 106 78 155 231 384 Eliminations 1 2 10 (1) (5) 4 Consolidated Airbus 773 1,263 2,618 2,6
Slide 32: Quarterly EBIT Breakdown (Cumulative)
Quarterly EBIT Breakdown (Cumulative) 32 IN € MILLION Q1 H1 9m FY 2023 2022 2023 2022 2023 2022 2023 2022 Airbus 197 1,242 1,523 2,478 3,241 4,800 Helicopters 156 90 267 215 380 639 Defence and Space 36 95 87 (113) (64) (118) Eliminations 1 2 10 (1) (5) 4 Consolidated Airbus 390 1,429 1,887 2,579 3,
Slide 33: H1 2023 IFRS vs. APM Cash Flow Reconciliation
H1 2023 IFRS vs. APM Cash Flow Reconciliation 33 IN € BILLION June 2023 IN € BILLION June 2023 Cash provided by (used for) operating activities 2.3 Cash provided by (used for) operating activities 2.3 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