Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — Q1 2022 Earnings Presentation
34 slides from Airbus's earnings presentation, May 4, 2022
Slide 1: Q1 2022 Results
04 May 2022 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
AIRBUS Company Highlights Divisional Highlights Guidance Highlights Appendix
Slide 4: Q1 2022 Key Topics
Q1 2022 Key Topics 4 Evolving and complex geopolitical and economic environment 142 (1) commercial aircraft delivered in Q1 2022 A320 family: Monthly production rates to increase to 75 in 2025 to meet customer demand Q1 2022 financials: EBIT Adjusted of € 1.3 bn; EBIT reported of € 1.4 bn
Slide 5: Q1 2022 Commercial Positioning
Q1 2022 Commercial Positioning 5 Consolidated Airbus Order Book Consolidated Airbus by Division External Revenue by Division Q1 2022 Q1 2021 Change Airbus 70% Order Intake 83 (61) N/A Helicopters 10% Airbus (net) (in units) Defence and Order Book 7,023 6,998 0.4% € 12.0 bn Space 20% t/o defence Orde
Slide 6: Q1 2022 Financial Performance
Q1 2022 Financial Performance 6 Revenues EBIT Adjusted in € bn in € bn / RoS (%) 10.5% 6.6% 12.0 1.3 10.5 0.7 Q1 2021 Q1 2022 Q1 2021 Q1 2022 EPS(1) Adjusted FCF before M&A and Customer Financing in € in € bn 1.14 1.2 0.58 0.2 Q1 2021 Q1 2022 Q1 2021 Q1 2022 (1) Q1 2022 Average number of shares: 785
Slide 7: Q1 2022 Profitability
Q1 2022 Profitability 7 EBIT Performance Q1 2022 EBIT Reported of € 1,429 m in € bn Q1 2022 EBIT Adjustments resulting from: € + 190 m PDP mismatch / BS revaluation 1.4 € - 11 m A380 programme 1.3 € - 13 m Others 0.7 0.5 Q1 2022 Net Adjustments of € + 166 m EBIT Adjusted EBIT Reported Q1
Slide 8: Currency Hedge Policy
Currency Hedge Policy 8 IN $ BILLION Forward Sales as of Mar. 2022 Forward Sales as of Dec. 2021 4.4 19.5 20.4 16.2 13.3 9.5 7.0 1.1 Average hedge rates 2022 2023 2024 2025 2026 2027 2028 Remaining 9 months € vs $ 1.23 1.22 1.23 1.25 1.30 1.34 1.32 Forwards ( 1.22 in Dec. 21 ) ( 1.23 in Dec. 21 ) (
Slide 9: Q1 2022 Cash Evolution
Q1 2022 Cash Evolution 9 IN € BILLION -0.7 +1.2 -0.4 -0.0 -0.2 7.7 7.7 Free Cash Flow before M&A: € + 0.2 bn t/o Customer Financing € + 0.0 bn Free Cash Flow before M&A and Customer Financing: € + 0.2 bn (1) (2) (3) (1) Net Cash Position Gross Cash Flow Change in Cash used for M&A Pensions & Others
Slide 10: Divisional Highlights
AIRBUS Company Highlights Divisional Highlights Guidance Highlights Appendix
Slide 11: Airbus: Deliveries by Programme
11 Deliveries by Programme (Units) IN € MILLION Q1 2022 Q1 2021 Change A220 8% Order Intake (net) 83 (61) N/A A320 77% Units Order Book 7,023 6,998 0.4% A330 4% (1) Deliveries Units 142 125 13.6% A350 11% Revenues 8,541 7,272 17.5% R&D Expenses 477 520 -8.3% in %of Revenues 5.6% 7.2% EBIT Adjusted 1
Slide 12: Helicopters
Helicopters 12 External Revenue Split IN € MILLION Q1 2022 Q1 2021 Change Civil 40% Order Intake (net) 56 40 40.0% Defence 60% Units Order Book 756 664 13.9% Deliveries Units 39 39 0.0% Revenues 1,265 1,177 7.5% R&D Expenses 56 55 1.8% in %of Revenues 4.4% 4.7% EBIT Adjusted 90 62 45.2% in %of Reven
Slide 13: Defence and Space
Defence and Space 13 External Revenue Split Platforms 69% IN € MILLION Q1 2022 Q1 2021 Change Services 31% Order Intake (net) 3,211 1,962 63.6% Revenues 2,453 2,115 16.0% R&D Expenses 53 47 12.8% in %of Revenues 2.2% 2.2% EBIT Adjusted 106 59 79.7% in %of Revenues 4.3% 2.8% EBIT 95 17 458.8% in %of
Slide 14: Guidance
AIRBUS Company Highlights Divisional Highlights Guidance Highlights Appendix
Slide 15: 2022 Guidance
2022 Guidance 15 The guidance issued in February 2022 remains unchanged. As the basis for its 2022 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 2022 guidan
Slide 16: Key Priorities
Key Priorities 16 Deliver on our Guidance Further strengthen the backlog across businesses Deliver on our commercial aircraft ramp-up Continue the transformation of the Company Lead the development of sustainable aerospace Focus on earnings and cash growth trajectory beyond 2022
Slide 17: Appendix
AIRBUS Company Highlights Divisional Highlights Guidance 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 FY 2021 1.20 1.24 1.23 1.23 1.23 (1) FY 2022E 1.22 1.22 1.21 1.22 1.20 1.19 1.18 1.16 1.16 1.14 Q1 Q2 Q3 Q4 2021 2022E Hedge rates reflect EBIT impact of the US$ hedge portfolio (1) Q1 actual
Slide 19: Q1 2022 Detailed Income Statement and Adjustments
Q1 2022 Detailed Income Statement and Adjustments 19 thereof Adjustments Impact on EBIT Q1 2022 Financial Q1 2022 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 1,429 1,263 (23) (1) 0 190 in % of Revenues 11.9% 10.5% In
Slide 20: Q1 2021 Detailed Income Statement and Adjustments
Q1 2021 Detailed Income Statement and Adjustments 20 thereof Adjustments Impact on EBIT Q1 2021 Financial Q1 2021 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space and Space(1) EBIT 462 694 (53) (2) 0 (177) in % of Revenues 4.4% 6.6% Interest
Slide 21: Liquidity as of March 2022
Liquidity as of 31 March 2022 21 RSCF: € 6.0 bn Signed October 2020 with maturity of 3 years + 2 extension options of 1 year. First extension option exercised extending the maturity to Credit Facility (RSCF) October 2024; undrawn Fully committed by 33 banks No financial covenants, no MAC claus
Slide 22: Q1 2022 Key Figures
Q1 2022 Key Figures 22 IN € MILLION Q1 2022 Q1 2021 Revenues 12,000 10,460 EBIT Adjusted 1,263 694 EBIT 1,429 462 Net Income 1,219 362 FCF before M&A 167 1,171 FCF before M&A and Customer Financing 213 1,202 IN € MILLION Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Revenues EBIT Adjusted EBIT Air
Slide 23: Detailed Free Cash Flow
Detailed Free Cash Flow 23 IN € MILLION Q1 2022 Q1 2021 Net Cash position at the beginning of the period (1) 7,740 4,724 (2) Gross Cash Flow from Operations 1,214 585 (3) Change in working capital (662) 1,022 (4) Cash used for investing activities (391) (443) (5) of which Industrial CapEx (additions
Slide 24: Net Cash Position
Net Cash Position 24 IN € MILLION Mar. 2022 Dec. 2021 Gross Cash 22,816 22,683 Financing Liabilities (14,572) (15,040) Short-term Financing Liabilities (2,045) (1,946) Long-term Financing Liabilities (12,527) (13,094) Interest rate contracts (533) 97 Reported Net Cash (1) 7,711 7,740 (1) The Company
Slide 25: Customer Financing Exposure
Customer Financing Exposure 25 IN € MILLION Mar. 2022 Dec. 2021 Mar. 2022 Dec. 2021 Airbus Helicopters Closing rate € 1 = $ 1.11 $ 1.13 $ 1.11 $ 1.13 Total Gross Exposure 366 364 33 58 of which off-balance sheet 41 41 1 26 Estimated value of collateral (292) (282) (33) (58) Net Exposure 74 82 0 0 Pr
Slide 26: Airbus Customer Financing
Airbus Customer Financing 26 IN € BILLION Additions Sell Down Amortization Net change 1.0 0.9 Airbus Customer 0.8 0.8 0.8 0.7 Financing Gross 0.6 0.6 0.6 0.5 Exposure 0.3 0.3 0.1 0.2 0.0 0.0 (0.2) (0.2) (0.0) (0.3) (0.2) (0.3) (0.4) (0.6) (0.5) (0.6) (0.0) (0.1) (0.7) (0.7) (0.7) (0.7) (0.7) (0.1) (
Slide 27: Balance Sheet Highlights: Assets
Balance Sheet Highlights: Assets 27 IN € MILLION Mar. 2022 Dec. 2021 Non-current Assets 51,019 51,247 of which Intangible & Goodwill 16,399 16,367 of which Property, plant & equipment 16,336 16,536 of which Investments & other long-term financial assets 5,928 5,673 of which Contract assets 25 27 of
Slide 28: Balance Sheet Highlights: Liabilities
Balance Sheet Highlights: Liabilities 28 IN € MILLION Mar. 2022 Dec. 2021 Total Equity 10,895 9,486 of which AOCI (Accumulated Other Comprehensive Income) (2,567) (1,822) of which Non-controlling interests 25 20 Total Non-current liabilities 48,837 49,754 of which Pensions 5,261 6,659 of which Other
Slide 29: Shareholding Structure at March 2022
Shareholding Structure at 31 March 2022 29 Free Float 74.0% Shareholder Agreement 25.9% SOGEPA 10.9% GZBV 10.9% SEPI 4.1% Treasury Shares 0.1% 788,136,199 shares issued at 31 March 2022
Slide 30: Quarterly Revenues Breakdown (Cumulative)
Quarterly Revenues Breakdown (Cumulative) 30 IN € MILLION Q1 H1 9m FY 2022 2021 2022 2021 2022 2021 2022 2021 Airbus 8,541 7,272 17,813 24,618 36,164 Helicopters 1,265 1,177 2,594 4,137 6,509 Defence and Space 2,453 2,115 4,538 6,881 10,186 Eliminations (259) (104) (308) (481) (710) Consolidated Air
Slide 31: Quarterly EBIT Adjusted Breakdown (Cumulative)
Quarterly EBIT Adjusted Breakdown (Cumulative) 31 IN € MILLION Q1 H1 9m FY 2022 2021 2022 2021 2022 2021 2022 2021 Airbus 1,065 533 2,291 2,739 3,570 Helicopters 90 62 183 314 535 Defence and Space 106 59 229 284 696 Eliminations 2 40 0 32 64 Consolidated Airbus 1,263 694 2,703 3,369 4,865
Slide 32: Quarterly EBIT Breakdown (Cumulative)
Quarterly EBIT Breakdown (Cumulative) 32 IN € MILLION Q1 H1 9m FY 2022 2021 2022 2021 2022 2021 2022 2021 Airbus 1,242 343 2,387 2,889 4,175 Helicopters 90 62 183 312 535 Defence and Space 95 17 157 204 568 Eliminations 2 40 0 32 64 Consolidated Airbus 1,429 462 2,727 3,437 5,342
Slide 33: Q1 2022 IFRS vs. APM Cash Flow Reconciliation
Q1 2022 IFRS vs. APM Cash Flow Reconciliation 33 IN € BILLION Mar. 2022 IN € BILLION Mar. 2022 Cash provided by (used for) operating activities 0.5 Cash provided by (used for) operating activities 0.5 t/o Reimbursement from / contribution to plan assets (0.1) 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