Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — Q1 2024 Earnings Presentation
35 slides from Airbus's earnings presentation, Apr 25, 2024
Slide 1: Q1 Results 2024
Q1 Results 2024 25 April 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: Q1 2024 Key Topics
4 Q1 2024 Key Topics Continue to execute on our plan, in Financials an increasingly complex environment € 0.6 bn 142 EBIT Adjusted Commercial aircraft delivered € 0.6 bn EBIT Reported Guidance unchanged € - 1.8 bn FCF before Customer Financing
Slide 5: Q1 2024 Commercial Positioning
5 Q1 2024 Commercial Positioning Airbus: Good commercial Q1 2024 Q1 2023 Change momentum on Widebody aircraft Order Intake 170 142 19.7% (net) Airbus (in units) Order Book 8,626 7,254 18.9% Helicopters: New orders mainly in the Light and Medium Order Intake segments 63 39 61.5% (net) Helicopters (in
Slide 6: Q1 2024 Financial Performance
6 Q1 2024 Financial Performance Revenues Revenues by Division (1) R&D in € bn in % in € bn Defence and Space 18% 11.8 12.8 € 12.8 bn 0.7 0.7 t/o defence € 2.1 bn Airbus Helicopters 71% Q1 2023 Q1 2024 11% Q1 2023 Q1 2024 (1) Breakdown based on External Revenues
Slide 7: Q1 2024 Profitability
7 Q1 2024 Profitability EBIT Adjusted EBIT Reported in € bn in €bn EBIT Adjustments of € +32 m : 6.6% • € - 13 m $ Working Capital mismatch and 4.7% 4.5% Balance Sheet revaluation 3.3% • € + 51 m Airbus OneWeb Satellites gain 0.8 0.6 0.6 • €- 6 m Others 0.4 Q1 2023 Q1 2024 Q1 2023 Q1 2024 EPS Adjust
Slide 8: USD Exposure Coverage
8 USD Exposure Coverage IN $ BILLION 4.5 Forwards & Euro Conversion as of Mar. 2024 Forwards & Euro Conversion as of Dec. 2023 19.4 20.4 18.3 16.3 13.2 3.9 Average blended rates(1) 2024 (€ vs. $) Remaining 9 months 2025 2026 2027 2028 2029 Forwards and Euro conversion 1.21 1.21 1.23 1.25 1.23 1.17 (
Slide 9: Q1 2024 Cash Evolution
9 Q1 2024 Cash Evolution IN € BILLION +1.0 -2.3 -0.5 +0.0 -0.2 10.7 Free Cash Flow (1): € - 1.8 bn 8.7 FCF before Customer Financing (1): € - 1.8 bn [Q1’23: € - 0.9 bn] (2) Net Cash Position Gross Cash Flow Change in Industrial CapEx Other FCF Pensions Net Cash Position December 2023 from Operations
Slide 10: Divisional Highlights
02. Divisional Highlights
Slide 11: Airbus
11 Airbus IN € MILLION Q1 2024 Q1 2023 Change Deliveries by Programme (% of units delivered) Order Intake (net) 170 142 19.7% Units A330 Order Book 8,626 7,254 18.9% 5% Deliveries Units 142 127 11.8% A320 A350 Revenues 9,167 8,110 13.0% 82% 5% R&D Expenses 614 569 in % of Revenues 6.7% 7.0% 7.9% EBI
Slide 12: Airbus Helicopters
12 Airbus Helicopters IN € MILLION Q1 2024 Q1 2023 Change External Revenue Split Order Intake (net) 63 39 61.5% Units Order Book 817 725 12.7% Defence 40% Deliveries Units 50 71 -29.6% Revenues 1,461 1,598 -8.6% R&D Expenses 71 66 in % of Revenues 4.9% 4.1% 7.6% EBIT Adjusted 71 156 Civil in % of Re
Slide 13: Airbus Defence and Space
13 Airbus Defence and Space IN € MILLION Q1 2024 Q1 2023 Change External Revenue Split Order Intake (net) 1,994 2,521 -20.9% Services Revenues 2,399 2,299 4.3% 37% R&D Expenses 58 45 in % of Revenues 2.4% 2.0% 28.9% EBIT Adjusted (9) 36 in % of Revenues -0.4% 1.6% N/A Platforms EBIT 30 36 63% in % o
Slide 14: Guidance Highlights
03. Guidance Highlights
Slide 15: 2024 Guidance
15 2024 Guidance The guidance issued in February 2024 remains unchanged. 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
Slide 16: Key Priorities
16 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 17: Appendix
Appendix. Airbus Q1 Results 2024
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 1.24 (1) Average 1.23 Blended Rates FY 2023 1.20 1.22 1.22 1.22 1.21 FY 2024E 1.21 1.21 1.20 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 19: Q1 2024 Detailed Income Statement and Adjustments
19 Q1 2024 Detailed Income Statement and Adjustments thereof Adjustments Impact on EBIT Q1 2024 Financial Q1 2024 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 609 577 (4) 49 0 (13) in % of Revenues 4.7% 4.5% Interest
Slide 20: Q1 2023 Detailed Income Statement and Adjustments
20 Q1 2023 Detailed Income Statement and Adjustments 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 21: Liquidity as of 31 March 2024
21 Liquidity as of 31 March 2024 RSCF € 8.0 bn • Signed on July 5, 2022 • 1st extension option of 1 year exercised in June 2023: • € 7,925 m maturing on July 5, 2028 Credit Facility (RSCF) • € 75 m maturing on July 5, 2027 • One remaining extension option of 1 year • Fully committed by 38 banks • No
Slide 22: Q1 2024 Key Figures
22 Q1 2024 Key Figures IN € MILLION Q1 2024 Q1 2023 Revenues 12,830 11,763 EBIT Adjusted 577 773 EBIT 609 390 Net Income 595 466 FCF before Customer Financing (1,791) (876) FCF (1,799) (873) IN € MILLION Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Revenues EBIT Adjusted EBIT Airbus 9,167 8,110 5
Slide 23: Detailed Free Cash Flow
23 Detailed Free Cash Flow IN € MILLION Q1 2024 Q1 2023 Net Cash position at the beginning of the period 10,726 9,431 Gross Cash Flow from Operations (1) 959 356 Change in working capital (2) (2,284) (738) Investments in intangible and fixed assets (net) (474) (491) & Dividens paid by companies valu
Slide 24: Net Cash Position
24 Net Cash Position IN € MILLION Mar. 2024 Dec. 2023 Gross Cash 23,424 25,278 Financing Liabilities (13,679) (13,591) Short-term Financing Liabilities (3,393) (3,389) Long-term Financing Liabilities (10,286) (10,202) Interest rate contracts (1,029) (961) Reported Net Cash 8,716 10,726
Slide 25: Customer Financing Exposure
25 Customer Financing Exposure IN € MILLION Mar. 2024 Dec. 2023 Mar. 2024 Dec. 2023 Airbus Helicopters Closing rate € 1 = $ 1.08 $ 1.11 $ 1.08 $ 1.11 Total Gross Exposure 312 312 18 19 of which off-balance sheet 6 6 2 2 Estimated value of collateral (250) (252) (18) (19) Net Exposure 62 60 0 0 Provi
Slide 26: Airbus Customer Financing
26 Airbus Customer Financing Airbus Customer Additions Sell Down Amortization Net change Financing Gross Exposure in $ bn 1.0 0.9 0.8 0.7 0.8 0.5 0.6 0.6 0.6 0.3 0.3 0.1 0.1 0.2 0.0 0.0 (0.2) (0.1) (0.0) (0.3) (0.2) (0.3) (0.4) (0.5) (0.4) (0.0) (0.7) (0.6) (0.6) (0.0) (0.1) (0.7) (0.7) (0.7) (0.7)
Slide 27: Balance Sheet Highlights: Assets
27 Balance Sheet Highlights: Assets IN € MILLION Mar. 2024 Dec. 2023 Non-current Assets 55,789 54,870 of which Intangible & Goodwill 17,055 16,929 of which Property, plant & equipment 17,360 17,201 of which Investments & other long-term financial assets 7,224 6,947 of which Contract assets 62 26 of
Slide 28: Balance Sheet Highlights: Liabilities
28 Balance Sheet Highlights: Liabilities IN € MILLION Mar. 2024 Dec. 2023 Total Equity 18,460 17,730 of which AOCI (Accumulated Other Comprehensive Income) (2,949) (2,305) of which Non-controlling interests 36 35 Total Non-current liabilities 47,082 47,391 of which Pensions 2,234 2,405 of which Othe
Slide 29: New Capitalised Research and Development
29 New Capitalised Research and Development IN € MILLION Q1 2024 Q1 2023 Airbus 20 31 Helicopters 0 0 Defence and Space 37 52 Eliminations 0 0 Consolidated Airbus 57 83
Slide 30: Shareholding Structure at 31 March 2024
30 Shareholding Structure at 31 March 2024 SOGEPA 10.8% Free Float 74.1% GZBV 10.8% SEPI 4.1% Treasury Shares 0.2% 792,283,683 shares issued at 31 March 2024
Slide 31: Quarterly Revenues Breakdown (Cumulative)
31 Quarterly Revenues Breakdown (Cumulative) IN € MILLION Q1 H1 9m FY 2024 2023 2024 2023 2024 2023 2024 2023 Airbus 9,167 8,110 20,349 31,507 47,763 Helicopters 1,461 1,598 3,194 4,662 7,337 Defence and Space 2,399 2,299 4,653 7,133 11,495 Eliminations (197) (244) (533) (742) (1,149) Consolidated A
Slide 32: Quarterly EBIT Adjusted Breakdown (Cumulative)
32 Quarterly EBIT Adjusted Breakdown (Cumulative) IN € MILLION Q1 H1 9m FY 2024 2023 2024 2023 2024 2023 2024 2023 Airbus 507 580 2,256 3,216 4,818 Helicopters 71 156 274 417 735 Defence and Space (9) 36 78 (1) 229 Eliminations 8 1 10 (1) 56 Consolidated Airbus 577 773 2,618 3,631 5,838
Slide 33: Quarterly EBIT Breakdown (Cumulative)
33 Quarterly EBIT Breakdown (Cumulative) IN € MILLION Q1 H1 9m FY 2024 2023 2024 2023 2024 2023 2024 2023 Airbus 500 197 1,523 2,306 3,610 Helicopters 71 156 267 410 717 Defence and Space 30 36 87 (3) 220 Eliminations 8 1 10 (1) 56 Consolidated Airbus 609 390 1,887 2,712 4,603
Slide 34: Q1 2024 IFRS vs. APM Cash Flow Reconciliation
34 Q1 2024 IFRS vs. APM Cash Flow Reconciliation IN € BILLION Mar. 2024 Cash provided by (used for) operating activities (1.4) t/o Reimbursement from / contribution to plan assets (0.1) t/o Treasury swaps 0.0 t/o Change in other operating assets and liabilities (2.3) Gross Cash Flow from Operations
Slide 35: Glossary on Alternative Performance Measures (APM)
35 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