Airbus Se · EURONEXT:AIR
Airbus — Q1 2015 Earnings Presentation
33 slides from Airbus's earnings presentation, Apr 30, 2015
Slide 1: Q1 Results 2015
1 Q1 RESULTS 2015 30 APRIL 2015 Harald Wilhelm I Chief Financial Officer
Slide 2: Safe Harbour Statement
2 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
Slide 3: Q1 Results 2015: Group Highlights
3 Q1 RESULTS 2015 Group Highlights Divisional Highlights Guidance 2015
Slide 4: Q1 2015 Highlights
4 Q1 2015 HIGHLIGHTS Financial performance on track to deliver 2015 guidance Hedge-book benefiting from favourable FX in 2018 and beyond Healthy commercial aircraft market Programme execution on track Implementing strategy to focus on core
Slide 5: Q1 2015 Commercial Environment
5 Q1 2015 COMMERCIAL ENVIRONMENT Airbus Group Airbus Group Order Intake* by Segment (by value) Order Book* by Region (by value) Other countries Airbus D&S 11% Latin America 9% Airbus Helicopters 5% 7% Asia Pacific 31% Middle-East 13% € 21 bn € 955 bn** t/o Defence: € 2 bn t/o Defence: € 40 bn 19% Ai
Slide 6: Q1 2015 Financial Performance
6 Q1 2015 FINANCIAL PERFORMANCE Revenues EBIT* before one-off 6.7% 6.2% 4.07 61 62 3.57 58 in € bn / RoS (%) in € bn 6.1% 5.5% 5.4% 12 13 12 0.73 0.70 0.65 Q1'13 FY'13 Q1'14 FY'14 Q1'15 FY'15 Q1'13 FY'13 Q1'14 FY'14 Q1'15 FY'15 Guidance Guidance EPS** before one-off FCF before M&A 1.1 in € bn 3.36 B
Slide 7: Q1 2015 Profitability
7 Q1 2015 PROFITABILITY EBIT* performance 1.24 Q1 2015 EBIT* reported +73% Q1 2015 one-offs resulting from: € + 697 m Sale of Dassault Aviation shares 0.70 0.72 0.65 € + 43 m AD&S Portfolio € - 150 m $ PDP mismatch / BS Revaluation in € bn € + 590 m Net one-offs EBIT* before one-off EBIT*
Slide 8: Q1 2015 Cash Evolution
8 Q1 2015 CASH EVOLUTION in € bn Free Cash Flow* before M&A -1.1 * thereof Capex of € - 0.5 bn; ** M&A transactions include acquisitions and disposals of subsidiaries and businesses
Slide 9: Currency Hedge Policy
9 CURRENCY HEDGE POLICY in US$ bn 25.3* 5.7 • Forward Sales as of Mar. 2015 • As of Dec. 2014 23.0 22.6 19.6 16.9 11.9 Average hedge rates 2015 2016 2017 2018 2019 and beyond 1.35 1.33 1.31 1.29 1.31 € vs $ ( 1.35 in Dec. 14 ) ( 1.33 in Dec. 14 ) ( 1.32 in Dec. 14 ) ( 1.33 in Dec. 14 ) ( 1.36 in Dec
Slide 10: Q1 Results 2015: Divisional Highlights
10 Q1 RESULTS 2015 Group Highlights Divisional Highlights Guidance 2015
Slide 11: Airbus
11 AIRBUS in € m Q1 2015 Q1 2014 Change Deliveries by Programme (units) Order Intake (net) 101 103 -1.9% A380 A350 in units Order Book 6,353 5,521 +15.1% Long Range 15% Order Intake (net) 17,217 17,938 -4.0% in value Order Book 901,565 628,910 +43.4% Single Aisle 81% Deliveries (a/c) 134 141 -5.0% R
Slide 12: Airbus Helicopters
12 AIRBUS HELICOPTERS in € m Q1 2015 Q1 2014 Change External Revenue Split Order Intake (net) 86 78 +10.3% in units Order Book 917 999 -8.2% Defence Order Intake (net) 1,428 1,202 +18.8% in value 47% Order Book 12,371 12,439 -0.5% 53% Civil Deliveries (a/c) 62 74 -16.2% Revenues 1,285 1,182 +8.7% R&
Slide 13: Airbus Defence & Space
13 AIRBUS DEFENCE & SPACE External Revenue Split in € m Q1 2015 Q1 2014 Change Order Intake (net) 2,390 2,068 +15.6% Services 29% Order Book 41,854 42,588 -1.7% Revenues 2,603 2,743 -5.1% 71% Platforms R&D expenses 66 76 -13.2% in % of revenues 2.5% 2.8% EBIT* before one-off 90 85 +5.9% in % of reve
Slide 14: Q1 Results 2015: Guidance 2015
14 Q1 RESULTS 2015 Group Highlights Divisional Highlights Guidance 2015
Slide 15: Guidance 2015
15 GUIDANCE 2015 As the basis for its 2015 guidance, Airbus Group expects the world economy and air traffic to grow in line with prevailing independent forecasts and assumes no major disruptions Airbus deliveries should be slightly higher than in 2014, and the commercial aircraft order book is e
Slide 16: Appendix
Q1 RESULTS 2015 Appendix AIRBUS GROUP
Slide 17: Expected Airbus Group Average Hedge Rates € vs. $
17 EXPECTED AIRBUS GROUP AVERAGE HEDGE RATES € VS. $ Active exposure management 1.38 1.37 Average Hedge Rates 1.36 1.36* FY 2014 1.35 1.35 1.35 FY 2015E 1.35 1.35 1.34 1.34 1.33 1.33 1.32 Q1 Q2 Q3 Q4 FY 2014 2015 E * Q1 2015 Actual
Slide 18: Q1 2015 Forex EBIT Impact Bridge
18 Q1 2015 FOREX EBIT* IMPACT BRIDGE in € bn Bridge Hedge rates ($/€ 1.37 to $/€ 1.36) 0.03 Other one-off forex effect including PDP reversal (0.17) Compared to Q1 2014 (0.14) * Pre-goodwill impairment and exceptionals
Slide 19: Q1 2015 Detailed Income Statement and Adjustments
19 Q1 2015 DETAILED INCOME STATEMENT AND ADJUSTMENTS thereof thereof Impact on EBIT* in € m Goodwill Financial Q1 2015* Q1 2015 Impair. Q1 2015* OPERATIONAL HQ FX Result before & FV dep. one-off one-off A350 LMC AD&S portfolio Dassault sale compounded rate EBIT 1,232 (9) 1,241 90 43 697 (240) 651 in
Slide 20: Q1 2014 Detailed Income Statement and Adjustments
20 Q1 2014 DETAILED INCOME STATEMENT AND ADJUSTMENTS thereof thereof Impact on EBIT* in € m Goodwill Financial Q1 2014* Q1 2014 Impair. Q1 2014* FX one-off Result before one-off & FV dep. one-off EBIT 709 (10) 719 19 700 in % of revenues 5.6% 5.7% 5.5% Interest income 36 36 36 Interest expenses (130
Slide 21: Detailed Free Cash Flow
21 DETAILED FREE CASH FLOW in € m Q1 2015 Q1 2014 Net Cash position at the beginning of the period 9,092 8,454 Gross Cash Flow from Operations* 610 1,008 Change in working capital** (1,227) (2,545) of which Customer Financing (31) (138) Cash used for investing activities*** 1,069 (497) of which Indu
Slide 22: Net Cash Position
22 NET CASH POSITION in € m Mar. 2015 Dec. 2014 Gross Cash 17,342 16,443 Financing Debts Short-term Financing Debts (1,177) (1,073) Long-term Financing Debts (6,705) (6,278) Reported Net Cash 9,460 9,092 Airbus non-recourse debt 122 46 Net Cash excl. non-recourse 9,582 9,138
Slide 23: Airbus Group: Strong Liquidity Position as at 31 March 2015
23 AIRBUS GROUP: STRONG LIQUIDITY POSITION AS AT 31 MARCH 2015 € 3.0 bn Maturity 2019*, undrawn Fully committed by 40 banks Credit Facility (RSCF) No financial covenants, no MAC clause Maturities: € 7.9 bn Short-term € 1.2 bn Long-term € 6.7 bn Financing Liabilities Includes Bonds: € 3 b
Slide 24: Customer Financing Exposure
24 CUSTOMER FINANCING EXPOSURE in € m 100% Airbus 100% Airbus Helicopters Mar. 2015 Dec. 2014 Mar. 2015 Dec. 2014 Closing rate € 1 = $ 1.08 $ 1.21 Total Gross exposure 1,283 1,103 81 81 of which off-balance sheet 79 71 9 9 Estimated value of collateral (969) (743) (37) (37) Net exposure 314 360 44 4
Slide 25: Customer Financing
25 CUSTOMER FINANCING Net Exposure fully provisioned Net Exposure fully provisioned Net Exposure Gross Gross € 0.3 bn Net Exposure Exposure € 0.4 bn Exposure Estimated € 1.3 bn € 1.1 bn Estimated Collateral Collateral ($ 1.3 bn) € 0.7 bn ($ 1.4 bn) € 1.0 bn 31 December 2014 31 March 2015 Additions S
Slide 26: Balance Sheet Highlights: Assets
26 BALANCE SHEET HIGHLIGHTS: ASSETS in € m Mar. 2015 Dec. 2014 Non-current Assets 52,289 48,420 of which Intangible & Goodwill 12,867 12,758 of which Property, plant & equipment 16,660 16,321 of which Investments & Financial assets 3,211 5,160 of which positive hedge mark-to-market 1,038 502 of whic
Slide 27: Balance Sheet Highlights: Liabilities
27 BALANCE SHEET HIGHLIGHTS: LIABILITIES in € m Mar. 2015 Dec. 2014 Total Equity 2,635 7,079 of which OCI (Other Comprehensive Income) (6,072) (1,205) of which Non-controlling interests (1) 18 Total Non-current liabilities 50,202 40,846 of which pensions 8,522 7,864 of which other provisions 2,684 2
Slide 28: Shareholding Structure as at 31 March 2015
28 SHAREHOLDING STRUCTURE AS AT 31 MARCH 2015 Free Float 0.1% 4.1% • Institutional Investors & Retail 74.0% 10.9% 10.9% Shareholder Agreement • SOGEPA • GZBV 25.9% 74.0% • SEPI Treasury shares • Treasury shares (without economic or voting rights) 0.1% 785,914,888 shares issued as at 31 March 2015
Slide 29: Quarterly Order Intake Breakdown (Cumulative)
29 QUARTERLY ORDER INTAKE BREAKDOWN (CUMULATIVE) in € m Q1 H1 9m FY 2015 2014 2015 2014 2015 2014 2015 2014 Airbus 17,217 17,938 22,880 68,479 150,085 Airbus Helicopters 1,428 1,202 2,183 3,281 5,469 Airbus Defence & Space 2,390 2,068 3,831 8,227 12,225 HQ/Elim & Others (41) (107) (1,186) (1,291) (1
Slide 30: Quarterly Order Book Breakdown (Cumulative)
30 QUARTERLY ORDER BOOK BREAKDOWN (CUMULATIVE) in € m Q1 H1 9m FY 2015 2014 2015 2014 2015 2014 2015 2014 Airbus 901,565 628,910 625,620 711,825 803,633 Airbus Helicopters 12,371 12,439 11,802 11,440 12,227 Airbus Defence & Space 41,854 42,588 41,566 43,647 43,075 HQ/Elim & Others (1,226) (689) (1,5
Slide 31: Quarterly Revenues Breakdown (Cumulative)
31 QUARTERLY REVENUES BREAKDOWN (CUMULATIVE) in € m Q1 H1 9m FY 2015 2014 2015 2014 2015 2014 2015 2014 Airbus 8,565 8,937 19,429 28,820 42,280 Airbus Helicopters 1,285 1,182 2,801 4,260 6,524 Airbus Defence & Space 2,603 2,743 5,516 8,197 13,025 HQ/Elim & Others (375) (214) (546) (780) (1,116) Airb
Slide 32: Quarterly EBIT Breakdown (Cumulative)
32 QUARTERLY EBIT* BREAKDOWN (CUMULATIVE) in € m Q1 H1 9m FY 2015 2014 2015 2014 2015 2014 2015 2014 Airbus 419 546 1,357 1,773 2,671 Airbus Helicopters 52 58 150 241 413 Airbus Defence & Space 133 85 223 370 409 HQ/Elim & Others 637 30 109 199 547 Airbus Group 1,241 719 1,839 2,583 4,040 * Pre-good
Slide 33: Quarterly EBIT Before One-Off Breakdown (Cumulative)
33 QUARTERLY EBIT* BEFORE ONE-OFF BREAKDOWN (CUMULATIVE) in € m Q1 H1 9m FY 2015 2014 2015 2014 2015 2014 2015 2014 Airbus 569 527 1,287 1,780 2,529 Airbus Helicopters 52 58 150 241 413 Airbus Defence & Space 90 85 223 370 920 HQ/Elim & Others (60) 30 109 199 204 Airbus Group 651 700 1,769 2,590 4,0