Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — H1 2024 Earnings Presentation
38 slides from Airbus's earnings presentation, Jul 30, 2024
Slide 1: H1 Results 2024
H1 Results 2024 30 July 2024 - Guillaume FAURY | Chief Executive Officer Thomas TOEPFER | Chief Financial Officer
Slide 2: Safe Harbour Statement
Safe Harbour Statement 2 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: Company Highlights
01. Company Highlights
Slide 4: H1 2024 Key Topics
4 H1 2024 Key Topics Degraded operating environment Financials and specific supply chain challenges € 1.4 bn 323 EBIT Adjusted Commercial aircraft delivered € 1.5 bn EBIT Reported Guidance as per June update € - 0.5 bn FCF before Customer Financing
Slide 5: Focus on Space Systems
5 Focus on Space Systems 2024 Charges. What happened: Further enhancement of transformation plan: New Space Systems management launched extensive technical reviews: • Bid excellence / higher technological maturity threshold ▪ Full bottom-up with high level of granularity (except one major programme)
Slide 6: Focus on Commercial aircraft ramp-up
6 Focus on Commercial aircraft ramp-up Operations Procurement Final Assembly Production Lines Aerostructures Ramp-up assessment performed at all levels of the supply chain and associated action plans to secure the rate readiness Extended commitment horizon on certain suppliers and on site supply cha
Slide 7: Focus on current supply chain tensions
7 Focus on current supply chain tensions Cabin & Engines Spirit AeroSystems equipment 2024 & 2025 Cabin supplier Binding term sheet volumes aligned readiness team signed for potential with Engines and JIP* with acquisition of major manufacturers equipment suppliers Airbus related activities * Joint
Slide 8: H1 2024 Commercial Positioning
8 H1 2024 Commercial Positioning H1 2024 H1 2023 Change Airbus: Good commercial Order Intake (net) 310 1,044 -70.3% momentum on Airbus Widebody aircraft (in units) Order Book 8,585 7,967 7.8% Helicopters: Order Intake New orders include 38 233 131 77.9% (net) H225 helicopters for the Helicopters Ger
Slide 9: H1 2024 Financial Performance
9 H1 2024 Financial Performance Revenues Revenues by Division (1) R&D in € bn in % in € bn Airbus Helicopters 72% 11% 27.7 28.8 € 28.8 bn 1.6 1.4 t/o defence € 5.2 bn H1 2023 H1 2024 H1 2023 H1 2024 Defence and Space 17% (1) Breakdown based on External Revenues
Slide 10: H1 2024 Profitability
10 H1 2024 Profitability EBIT Adjusted EBIT Reported in € bn in € bn EBIT Adjustments of € + 65 m: 9.5% 6.8% • € + 19 m $ Working Capital mismatch and 5.1% Balance Sheet revaluation 4.8% • € + 51 m Airbus OneWeb Satellites gain 2.6 1.9 1.5 • €- 5 m Others 1.4 H1 2023 H1 2024 H1 2023 H1 2024 EPS Adju
Slide 11: USD Exposure Coverage
11 USD Exposure Coverage IN $ BILLION Forwards & Euro Conversion as of 10.4 Jun. 2024 Forwards & Euro Conversion as of Dec. 2023 23.1 20.2 16.6 13.1 13.8 4.2 Average blended rates(1) 2024 (€ vs. $) Remaining 6 months 2025 2026 2027 2028 2029 Forwards and Euro conversion 1.21 1.20 1.22 1.25 1.22 1.17
Slide 12: H1 2024 Cash Evolution
12 H1 2024 Cash Evolution IN € BILLION -1.6 +2.1 -1.3 +0.2 -2.2 -0.0 10.7 Free Cash Flow (1): € - 0.6 bn 7.9 FCF before Customer Financing (1): € - 0.5 bn [H1’23: € + 1.6 bn] (2) Net Cash Position Gross Cash Flow Change in Industrial CapEx Other FCF Shareholder Pensions Net Cash Position December 20
Slide 13: Divisional Highlights
02. Divisional Highlights
Slide 14: Airbus
14 Airbus IN € MILLION H1 2024 H1 2023 Change Deliveries by Programme (% of units delivered) Order Intake (net) 310 1,044 -70.3% Units A330 Order Book 8,585 7,967 7.8% A320 4% Deliveries Units 323 316 2.2% 81% Revenues 21,215 20,349 4.3% A350 R&D Expenses 1,301 1,196 6% in % of Revenues 6.1% 5.9% 8.
Slide 15: Airbus Helicopters
15 Airbus Helicopters IN € MILLION H1 2024 H1 2023 Change External Revenue Split Order Intake (net) 233 131 77.9% Units Order Book 913 743 22.9% Civil Deliveries Units 124 145 -14.5% 51% Revenues 3,191 3,194 -0.1% R&D Expenses 155 145 in % of Revenues 4.9% 4.5% 6.9% EBIT Adjusted 230 274 -16.1% Defe
Slide 16: Airbus Defence and Space
16 Airbus Defence and Space IN € MILLION H1 2024 H1 2023 Change External Revenue Split Order Intake (net) 6,059 6,038 0.3% Services 38% Revenues 4,985 4,653 7.1% R&D Expenses 150 96 in % of Revenues 3.0% 2.1% 56.3% EBIT Adjusted (807) 78 in % of Revenues -16.2% 1.7% N/A Platforms EBIT (760) 87 62% i
Slide 17: Guidance Highlights
03. Guidance Highlights
Slide 18: 2024 Guidance
18 2024 Guidance As the basis for its 2024 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 Company’s 2024 guidance is before M&A. On that basis, th
Slide 19: Key Priorities
19 Key Priorities Leverage Successfully digitalisation & Maintain the Continue to deliver manage the lead the strong on our transformation of development of commercial commercial Airbus Defence sustainable positioning across Focus on aircraft ramp-up and Space aerospace businesses profitable growth
Slide 20: Appendix. H1 2024
Appendix. H1 2024
Slide 21: Expected Average Blended Rates for Forwards and Euro Conversion
Expected Average Blended Rates for Forwards and Euro Conversion € vs. $ 21 Active exposure management 1.24 Average 1.23 Blended Rates FY 2023 1.20 1.22 1.22 1.22 1.21 FY 2024E 1.21 1.20 1.20 (1) 1.20 1.20 1.18 1.18 1.16 Q1 Q2 Q3 Q4 2023 2024E Blended rates reflect both EBIT impact of hedge rates of
Slide 22: H1 2024 Detailed Income Statement and Adjustments
22 H1 2024 Detailed Income Statement and Adjustments thereof Adjustments Impact on EBIT H1 2024 Financial H1 2024 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 1,456 1,391 (11) 57 0 19 in % of Revenues 5.1% 4.8% Intere
Slide 23: H1 2023 Detailed Income Statement and Adjustments
23 H1 2023 Detailed Income Statement and Adjustments 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 24: Liquidity as of 30 June 2024
24 Liquidity as of 30 June 2024 RSCF € 8.0 bn • Signed on July 5, 2022 • 2nd extension option of 1 year exercised in June 2024 and approved by all lenders: the full €8bn line is committed until Credit Facility (RSCF) July 5, 2029 • Fully committed by 38 banks • No financial covenants, no MAC clause
Slide 25: Q2 2024 Key Figures
25 Q2 2024 Key Figures IN € MILLION Q2 2024 Q2 2023 Revenues 15,995 15,900 EBIT Adjusted 814 1,845 EBIT 847 1,497 Net Income 230 1,060 FCF before Customer Financing 1,262 2,511 FCF 1,240 2,466 IN € MILLION Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Revenues EBIT Adjusted EBIT Airbus 12,048 12,2
Slide 26: Detailed Free Cash Flow
26 Detailed Free Cash Flow IN € MILLION H1 2024 H1 2023 Net Cash position at the beginning of the period 10,726 9,431 Gross Cash Flow from Operations (1) 2,127 1,859 Change in working capital (2) (1,615) 647 Investments in intangible and fixed assets (net) (1,071) (913) & Dividens paid by companies
Slide 27: Net Cash Position
27 Net Cash Position IN € MILLION June 2024 Dec. 2023 Gross Cash 21,875 25,278 Financing Liabilities (12,878) (13,591) Short-term Financing Liabilities (3,113) (3,389) Long-term Financing Liabilities (9,765) (10,202) Interest rate contracts (1,063) (961) Reported Net Cash 7,934 10,726
Slide 28: Customer Financing Exposure
28 Customer Financing Exposure IN € MILLION June 2024 Dec. 2023 June 2024 Dec. 2023 Airbus Helicopters Closing rate € 1 = $ 1.07 $ 1.11 $ 1.07 $ 1.11 Total Gross Exposure 346 312 18 19 of which off-balance sheet 6 6 2 2 Estimated value of collateral (294) (252) (18) (19) Net Exposure 52 60 0 0 Provi
Slide 29: Airbus Customer Financing
29 Airbus Customer Financing Additions Sell Down Amortization Net change Airbus Customer Financing Gross 1.0 Exposure in $ bn 0.8 0.9 0.7 0.8 0.5 0.6 0.6 0.6 0.1 0.3 0.3 0.1 0.2 0.0 0.1 (0.2) (0.1) (0.0) (0.3) (0.2) (0.3) (0.4) (0.5) (0.4) (0.6) (0.6) (0.0) (0.0) (0.1) (0.7) (0.7) (0.7) (0.7) (0.7)
Slide 30: Balance Sheet Highlights: Assets
30 Balance Sheet Highlights: Assets IN € MILLION June 2024 Dec. 2023 Non-current Assets 56,892 54,870 of which Intangible & Goodwill 17,129 16,929 of which Property, plant & equipment 17,574 17,201 of which Investments & other long-term financial assets 6,889 6,947 of which Contract assets 62 26 of
Slide 31: Balance Sheet Highlights: Liabilities
31 Balance Sheet Highlights: Liabilities IN € MILLION June 2024 Dec. 2023 Total Equity 16,580 17,730 of which AOCI (Accumulated Other Comprehensive Income) (3,108) (2,305) of which Non-controlling interests 35 35 Total Non-current Liabilities 47,352 47,391 of which Pensions 1,903 2,405 of which Othe
Slide 32: New Capitalised Research and Development
32 New Capitalised Research and Development IN € MILLION H1 2024 H1 2023 Airbus 73 62 Helicopters 1 0 Defence and Space 90 101 Eliminations 0 0 Consolidated Airbus 164 163
Slide 33: Shareholding Structure at 30 June 2024
33 Shareholding Structure at 30 June 2024 SOGEPA 10.8% Free Float 74.2% GZBV 10.8% SEPI 4.1% Treasury Shares 0.1% 792,283,683 shares issued at 30 June 2024
Slide 34: Quarterly Revenues Breakdown (Cumulative)
34 Quarterly Revenues Breakdown (Cumulative) IN € MILLION Q1 H1 9m FY 2024 2023 2024 2023 2024 2023 2024 2023 Airbus 9,167 8,110 21,215 20,349 31,507 47,763 Helicopters 1,461 1,598 3,191 3,194 4,662 7,337 Defence and Space 2,399 2,299 4,985 4,653 7,133 11,495 Eliminations (197) (244) (566) (533) (74
Slide 35: Quarterly EBIT Adjusted Breakdown (Cumulative)
35 Quarterly EBIT Adjusted Breakdown (Cumulative) IN € MILLION Q1 H1 9m FY 2024 2023 2024 2023 2024 2023 2024 2023 Airbus 507 580 1,954 2,256 3,216 4,818 Helicopters 71 156 230 274 417 735 Defence and Space (9) 36 (807) 78 (1) 229 Eliminations 8 1 14 10 (1) 56 Consolidated Airbus 577 773 1,391 2,618
Slide 36: Quarterly EBIT Breakdown (Cumulative)
36 Quarterly EBIT Breakdown (Cumulative) IN € MILLION Q1 H1 9m FY 2024 2023 2024 2023 2024 2023 2024 2023 Airbus 500 197 1,972 1,523 2,306 3,610 Helicopters 71 156 230 267 410 717 Defence and Space 30 36 (760) 87 (3) 220 Eliminations 8 1 14 10 (1) 56 Consolidated Airbus 609 390 1,456 1,887 2,712 4,6
Slide 37: H1 2024 IFRS vs. APM Cash Flow Reconciliation
37 H1 2024 IFRS vs. APM Cash Flow Reconciliation IN € BILLION June 2024 Cash provided by (used for) operating activities 0.4 t/o Reimbursement from / contribution to plan assets (0.2) t/o Treasury swaps 0.0 t/o Change in other operating assets and liabilities (1.5) Gross Cash Flow from Operations 2.
Slide 38: Glossary on Alternative Performance Measures (APM)
38 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