Slide 1: Q1 Results 2023
Q1 Results 2023 3 May 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 Q1 Results 2023
Slide 4: Q1 2023 Key Topics
Q1 2023 Key Topics 4 Adverse operating environment 127 commercial aircraft delivered in Q1 2023 Q1 2023 financials: EBIT Adjusted of € 0.8 bn; EBIT reported of € 0.4 bn FCF before M&A and Customer Financing of € - 0.9 bn Guidance unchanged
Slide 5: Q1 2023 Commercial Positioning
Q1 2023 Commercial Positioning 5 Consolidated Airbus Order Book Consolidated Airbus by Division External Revenue by Division Q1 2023 Q1 2022 Change Airbus 68% Order Intake 142 83 71.1% Helicopters 13% Airbus (net) (in units) Defence and 19% Order Book 7,254 7,023 3.3% € 11.8 bn Space t/o defence Ord
Slide 6: Q1 2023 Financial Performance
Q1 2023 Financial Performance 6 Revenues EBIT Adjusted in € bn in € bn / RoS (%) 10.5% 6.6% 12.0 11.8 1.3 0.8 Q1 2022 Q1 2023 Q1 2022 Q1 2023 EPS(1) Adjusted FCF before M&A and Customer Financing in € in € bn 0.2 1.14 (0.9) 0.72 Q1 2022 Q1 2023 Q1 2022 Q1 2023 (1) Q1 2023 Average number of shares: 7
Slide 7: Q1 2023 Profitability
Q1 2023 Profitability 7 EBIT Performance Q1 2023 EBIT Reported of € 390 m in € bn Q1 2023 EBIT Adjustments resulting from: € - 360 m PDP mismatch / BS revaluation 1.4 € - 9 m Aerostructures transformation 1.3 € - 14 m Others 0.8 0.4 Q1 2023 Net Adjustments of € - 383 m EBIT Adjusted EBIT
Slide 8: USD Exposure Coverage
USD Exposure Coverage 8 IN $ BILLION Forwards & Euro Conversion as of Mar. 2023 Forwards & Euro Conversion as of Dec. 2022 3.7 22.0 17.7 18.1 14.5 13.3 7.5 Average blended rates(1) 2023 (€ vs. $) Remaining 9 months 2024 2025 2026 2027 2028 Forwards and Euro conversion 1.20 1.23 1.23 1.27 1.28 1.25 (
Slide 9: Q1 2023 Cash Evolution
Q1 2023 Cash Evolution 9 IN € BILLION +0.4 -0.7 -0.5 -0.1 -0.1 9.4 8.4 Free Cash Flow before M&A: € - 0.9 bn t/o Customer Financing € + 0.0 bn Free Cash Flow before M&A and Customer Financing: € - 0.9 bn Net Cash Position Gross Cash Flow Change in Cash used for (1) Shareholder Return Pensions & Othe
Slide 10: Divisions Highlights
Divisions Highlights Airbus Q1 Results 2023
Slide 11: Airbus: Deliveries by Programme (Units)
11 Deliveries by Programme (Units) IN € MILLION Q1 2023 Q1 2022 Change A220 8% Order Intake (net) 142 83 71.1% A320 83% Units Order Book 7,254 7,023 3.3% A330 5% Deliveries Units 127 142 (1) -10.6% A350 4% Revenues 8,110 8,541 -5.0% R&D Expenses 569 477 19.3% in % of Revenues 7.0% 5.6% EBIT Adjusted
Slide 12: Helicopters
Helicopters 12 External Revenue Split IN € MILLION Q1 2023 Q1 2022 Change Civil 45% Order Intake (net) 39 56 -30.4% Defence 55% Units Order Book 725 756 -4.1% Deliveries Units 71 39 82.1% Revenues 1,598 1,265 26.3% R&D Expenses 66 56 17.9% in % of Revenues 4.1% 4.4% EBIT Adjusted 156 90 73.3% in % o
Slide 13: Defence and Space
Defence and Space 13 External Revenue Split Platforms 67% IN € MILLION Q1 2023 Q1 2022 Change Services 33% Order Intake (net) 2,521 3,211 -21.5% Revenues 2,299 2,453 -6.3% R&D Expenses 45 53 -15.1% in % of Revenues 2.0% 2.2% EBIT Adjusted 36 106 -66.0% in % of Revenues 1.6% 4.3% EBIT 36 95 -62.1% in
Slide 14: Guidance Highlights
Guidance Highlights Airbus Q1 Results 2023
Slide 15: 2023 Guidance
2023 Guidance 15 The guidance issued in February 2023 remains unchanged. 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
Slide 16: Key Priorities
Key Priorities 16 Deliver on our commercial aircraft ramp-up Airbus Continue the transformation of the Company Business Update Paris Air Show 21 June 2023 Further strengthen the backlog across businesses Lead the development of sustainable aerospace Deliver earnings and free cash flow grow
Slide 17: Appendix
Appendix Airbus Q1 Results 2023
Slide 18: Expected Average Blended Rates for Forwards and Euro Conversion € vs. $
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 (2) FY 2023E 1.20 1.22 1.23 1.22 1.21 1.21 1.20 1.19 1.18 1.18 1.16 1.14 Q1 Q2 Q3 Q4 2022 2023E Blended rates reflect both EBIT impact
Slide 19: Q1 2023 Detailed Income Statement and Adjustments
Q1 2023 Detailed Income Statement and Adjustments 19 thereof Adjustments Impact on EBIT Q1 2023 Financial Q1 2023 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 390 773 (22) (1) 0 (360) in % of Revenues 3.3% 6.6% Intere
Slide 20: Q1 2022 Detailed Income Statement and Adjustments
Q1 2022 Detailed Income Statement and Adjustments 20 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 21: Liquidity as of 31 March 2023
Liquidity as of 31 March 2023 21 RSCF: € 8.0 bn Signed 5th July 2022 with a 5 years tenor + 2 extension options of 1 year; undrawn Fully committed by 38 banks Credit Facility (RSCF) No financial covenants, no MAC clause Sustainability-Linked € 14.1 bn Financing Liabilities: (1) Total Gross D
Slide 22: Q1 2023 Key Figures
Q1 2023 Key Figures 22 IN € MILLION Q1 2023 Q1 2022 Revenues 11,763 12,000 EBIT Adjusted 773 1,263 EBIT 390 1,429 Net Income 466 1,219 FCF before M&A (886) 167 FCF before M&A and Customer Financing (889) 213 IN € MILLION Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Revenues EBIT Adjusted EBIT Air
Slide 23: Detailed Free Cash Flow
Detailed Free Cash Flow 23 IN € MILLION Q1 2023 Q1 2022 (6) Net Cash position at the beginning of the period 9,431 7,740 Gross Cash Flow from Operations (1) 356 1,214 Change in working capital (2) (738) (662) Cash used for investing activities (3) (504) (391) of which Industrial CapEx (additions) (4
Slide 24: Net Cash Position
Net Cash Position 24 IN € MILLION Mar. 2023 Dec. 2022 Gross Cash 22,418 23,598 Financing Liabilities (12,752) (12,773) Short-term Financing Liabilities (2,102) (2,142) Long-term Financing Liabilities (10,650) (10,631) Interest rate contracts (1,307) (1,394) Reported Net Cash 8,359 9,431
Slide 25: Customer Financing Exposure
Customer Financing Exposure 25 IN € MILLION Mar. 2023 Dec. 2022 Mar. 2023 Dec. 2022 Airbus Helicopters Closing rate € 1 = $ 1.09 $ 1.07 $ 1.09 $ 1.07 Total Gross Exposure 304 312 31 33 of which off-balance sheet 6 6 2 2 Estimated value of collateral (246) (262) (31) (33) Net Exposure 58 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 Mar. 2023 Dec. 2022 Non-current Assets 53,214 52,942 of which Intangible & Goodwill 16,818 16,768 of which Property, plant & equipment 16,345 16,505 of which Investments & other long-term financial assets 6,776 6,257 of which Contract assets 30 26 of
Slide 28: Balance Sheet Highlights: Liabilities
Balance Sheet Highlights: Liabilities 28 IN € MILLION Mar. 2023 Dec. 2022 Total Equity 14,568 12,982 of which AOCI (Accumulated Other Comprehensive Income) (4,132) (5,016) of which Non-controlling interests 35 32 Total Non-current liabilities 48,429 50,367 of which Pensions 3,079 3,193 of which Othe
Slide 29: Shareholding Structure at March 2023
Shareholding Structure at 31 March 2023 29 Free Float 74.0% Shareholder Agreement 25.8% SOGEPA 10.9% GZBV 10.8% SEPI 4.1% Treasury Shares 0.2% 790,395,611 shares issued at 31 March 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 17,533 26,654 41,428 Helicopters 1,598 1,265 2,744 4,515 7,048 Defence and Space 2,299 2,453 5,056 7,593 11,259 Eliminations (244) (259) (523) (643) (972) Consolidated Air
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 2,276 2,875 4,600 Helicopters 156 90 215 380 639 Defence and Space 36 106 155 231 384 Eliminations 1 2 (1) (5) 4 Consolidated Airbus 773 1,263 2,645 3,481 5,627
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 2,478 3,241 4,800 Helicopters 156 90 215 380 639 Defence and Space 36 95 (113) (64) (118) Eliminations 1 2 (1) (5) 4 Consolidated Airbus 390 1,429 2,579 3,552 5,325
Slide 33: Q1 2023 IFRS vs. APM Cash Flow Reconciliation
Q1 2023 IFRS vs. APM Cash Flow Reconciliation 33 IN € BILLION Mar. 2023 IN € BILLION Mar. 2023 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) investin
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