Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — Q1 2021 Earnings Presentation
34 slides from Airbus's earnings presentation, Apr 29, 2021
Slide 1: 29 April 2021 Guillaume FAURY | Chief Executive Officer Dominik ASAM
29 April 2021 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
Company Business Guidance Highlights Highlights Highlights Appendix
Slide 4: Q1 2021 Key Topics
Q1 2021 Key Topics 4 125 commercial aircraft delivered in a market environment that remains uncertain Strong focus on cost and cash containment; progress on restructuring Q1 2021 financials: EBIT Adjusted of € 0.7 bn; EBIT reported of € 0.5 bn FCF before M&A and Customer Financing of € 1.2
Slide 5: Q1 2021 Commercial Positioning
Q1 2021 Commercial Positioning 5 Consolidated Airbus Order Book Consolidated Airbus by Division External Revenue by Division Q1 2021 Q1 2020 Change Airbus 69% Order Intake (61) 290 N/A Helicopters 11% Airbus (net) (in units) Defence and Order Book 6,998 7,650 -8.5% € 10.5 bn Space 20% t/o defence Or
Slide 6: Q1 2021 Financial Performance
Q1 2021 Financial Performance 6 Revenues EBIT Adjusted in € bn in € bn / RoS (%) 6.6% 10.6 10.5 2.6% 0.7 0.3 Q1 2020 Q1 2021 Q1 2020 Q1 2021 EPS(1) Adjusted FCF before M&A and Customer Financing in € in € bn Q1 2020 Q1 2021 1.2 0.58 (4.4) 0.23 Penalty (3.6) Payment Q1 2020 Q1 2021 (8.0) (1) Q1 2021
Slide 7: Q1 2021 Profitability
Q1 2021 Profitability 7 EBIT Performance Q1 2021 EBIT Reported of € 462 m in € bn Q1 2021 EBIT Adjustments resulting from: € - 29 m A380 programme cost € - 177 m PDP mismatch / BS revaluation 0.7 € - 26 m Others 0.5 0.3 Q1 2021 Net Adjustments of € - 232 m 0.1 EBIT Adjusted EBIT Reported
Slide 8: Currency Hedge Policy
Currency Hedge Policy 8 IN $ BILLION Forward Sales as of Mar. 2021 Forward Sales as of Dec. 2020 4.5 18.1 13.5 13.4 10.4 8.1 8.7 7.6 Average hedge rates 2021 2022 2023 2024 2025 2026 2027 Remaining 9 months and beyond € vs $ 1.22 1.23 1.24 1.27 1.29 1.31 1.35 Forwards ( 1.21 in Dec. 20 ) ( 1.23 in D
Slide 9: Q1 2021 Cash Evolution
Q1 2021 Cash Evolution 9 IN € BILLION -0.4 -0.0 +0.1 +1.0 +0.6 Free Cash Flow before M&A: € + 1.2 bn t/o Customer Financing € - 0.0 bn Free Cash Flow before M&A and Customer Financing € + 1.2 bn 5.6 4.3 (1) (2) Net Cash Position Gross Cash Flow Change in Cash used for M&A Pensions & Others Net Cash
Slide 10: Business Highlights
Company Business Guidance Highlights Highlights Highlights Appendix
Slide 11: Airbus division: Deliveries by Programme
11 Deliveries by Programme (Units) IN € MILLION Q1 2021 Q1 2020 Change A220 7% Order Intake (net) (61) 290 N/A A320 84% Units Order Book 6,998 7,650 -8.5% A330 1% Deliveries Units 125 122 2.5% A350 8% Revenues 7,272 7,569 -3.9% A380 0% R&D Expenses 520 543 -4.2% in %of Revenues 7.2% 7.2% EBIT Adjust
Slide 12: Helicopters
Helicopters 12 External Revenue Split IN € MILLION Q1 2021 Q1 2020 Change Civil 37% Order Intake (net) 40 54 -25.9% Defence 63% Units Order Book 664 702 -5.4% Deliveries Units 39 47 -17.0% Revenues 1,177 1,202 -2.1% R&D Expenses 55 75 -26.7% in %of Revenues 4.7% 6.2% EBIT Adjusted 62 53 17.0% in %of
Slide 13: Defence and Space
Defence and Space 13 External Revenue Split IN € MILLION Q1 2021 Q1 2020 Change Platforms 63% Order Intake (net) 1,962 1,734 13.1% Services 37% Revenues 2,115 2,111 0.2% R&D Expenses 47 51 -7.8% in %of Revenues 2.2% 2.4% EBIT Adjusted 59 15 293.3% in %of Revenues 2.8% 0.7% EBIT 17 (53) N/A in %of Re
Slide 14: Guidance Highlights
Company Business Guidance Highlights Highlights Highlights Appendix
Slide 15: 2021 Guidance
2021 Guidance 15 The guidance issued in February 2021 remains unchanged. As the basis for its 2021 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 2021 guidan
Slide 16: Key Priorities
Key Priorities 16 Manage deliveries and backlog, including defence contracts Finalise the implementation of the restructuring Prepare the industrial ecosystem for when the market recovers Transformation of commercial aircraft industrial value chain Lead the development of sustainable aeros
Slide 17: Appendix
Company Business Guidance Highlights Highlights 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 1.24 FY 2020 1.19 1.24 FY 2021E 1.21 1.22 (2) 1.20 1.20 1.19 1.20 1.19 1.18 1.17 (1) 1.16 1.16 1.14 Q1 Q2 Q3 Q4 2020 2021E Hedge rates reflect EBIT impact of the US$ hedge portfolio (1) Q1 actual (2
Slide 19: Q1 2021 Detailed Income Statement and Adjustments
Q1 2021 Detailed Income Statement and Adjustments 19 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 20: Q1 2020 Detailed Income Statement and Adjustments
Q1 2020 Detailed Income Statement and Adjustments 20 thereof Adjustments Impact on EBIT Q1 2020 Financial Q1 2020 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 79 281 (65) (3) (134) in % of Revenues 0.7% 2.6% Interest
Slide 21: Liquidity as of 31 March 2021
Liquidity as of 31 March 2021 21 € 6.2 bn SLL: Signed on 31 March 2020, undrawn. Supplemental Liquidity Line (SLL) Maturity: 12 months from signing date, extended by 6 months to 30 September 2021. Possibility of a further extension at Airbus’ € 6.0 bn discretion to 31 March 2022. RSCF: Credit Fa
Slide 22: Q1 2021 Key Figures
Q1 2021 Key Figures 22 IN € MILLION Q1 2021 Q1 2020 Revenues 10,460 10,631 EBIT Adjusted 694 281 EBIT 462 79 Net Income (Loss) 362 (481) FCF before M&A 1,171 (7,999) FCF before M&A and Customer Financing 1,202 (8,030) IN € MILLION Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Revenues EBIT Adjuste
Slide 23: Detailed Free Cash Flow
Detailed Free Cash Flow 23 IN € MILLION Q1 2021 Q1 2020 Net Cash position at the beginning of the period 4,312 12,534 (1) Gross Cash Flow from Operations 585 256 Change in working capital(2) 1,022 (7,778) (3) Cash used for investing activities (443) (979) (4) of which Industrial CapEx (additions) (4
Slide 24: Net Cash Position
Net Cash Position 24 IN € MILLION Mar. 2021 Dec. 2020 Gross Cash 22,550 21,407 Financing Liabilities (16,975) (17,095) Short-term Financing Liabilities (2,934) (3,013) Long-term Financing Liabilities (14,041) (14,082) Reported Net Cash 5,575 4,312 Airbus non-recourse debt 10 7 Net Cash excl. non-rec
Slide 25: Customer Financing Exposure
Customer Financing Exposure 25 IN € MILLION Mar. 2021 Dec. 2020 Mar. 2021 Dec. 2020 Airbus Helicopters Closing rate € 1 = $ 1.17 $ 1.23 $ 1.17 $ 1.23 Total Gross Exposure 483 427 46 46 of which off-balance sheet 10 11 2 2 Estimated value of collateral (284) (241) (38) (38) Net Exposure 199 186 8 8 P
Slide 26: Airbus Customer Financing
Airbus Customer Financing 26 IN € BILLION Additions Sell Down Amortization Net change 0.8 1.0 0.8 0.9 0.7 0.8 0.5 0.6 Airbus Customer 0.3 0.6 0.6 0.1 0.4 0.2 Financing Gross 0.0 0.1 Exposure (0.2) (0.2) (0.2) (0.3) (0.0) (0.3) (0.6) (0.5) (0.6) (0.0) (0.1) (0.7) (0.7) (0.7) (0.7) (0.7) (0.1) (1.1) (
Slide 27: Balance Sheet Highlights: Assets
Balance Sheet Highlights: Assets 27 IN € MILLION Mar. 2021 Dec. 2020 Non-current Assets 50,518 51,695 of which Intangible & Goodwill 16,249 16,199 of which Property, plant & equipment 16,768 16,674 of which Investments & other long-term financial assets 5,601 5,433 of which Contract assets 46 48 of
Slide 28: Balance Sheet Highlights: Liabilities
Balance Sheet Highlights: Liabilities 28 IN € MILLION Mar. 2021 Dec. 2020 Total Equity 7,064 6,456 of which AOCI (Accumulated Other Comprehensive Income) (41) 1,853 of which Non-controlling interests 16 11 Total Non-current liabilities 50,741 53,868 of which Pensions 7,180 9,515 of which Other provi
Slide 29: Shareholding Structure at March 2021
Shareholding Structure at 31 March 2021 29 Free Float 74.0% Shareholder Agreement 25.9% SOGEPA 10.9% GZBV 10.9% SEPI 4.1% Treasury Shares 0.1% 786,020,816 shares issued at 31 March 2021
Slide 30: Quarterly Revenues Breakdown (Cumulative)
Quarterly Revenues Breakdown (Cumulative) 30 IN € MILLION Q1 H1 9m FY 2021 2020 2021 2020 2021 2020 2021 2020 Airbus 7,272 7,569 12,533 20,271 34,250 Helicopters 1,177 1,202 2,333 3,623 6,251 Defence and Space 2,115 2,111 4,551 6,936 10,446 Eliminations (104) (251) (469) (669) (1,035) Consolidated A
Slide 31: Quarterly EBIT Adjusted Breakdown (Cumulative)
Quarterly EBIT Adjusted Breakdown (Cumulative) 31 IN € MILLION Q1 H1 9m FY 2021 2020 2021 2020 2021 2020 2021 2020 Airbus 533 191 (1,307) (641) 618 Helicopters 62 53 152 238 471 Defence and Space 59 15 186 266 660 Eliminations 40 22 24 12 (43) Consolidated Airbus 694 281 (945) (125) 1,706
Slide 32: Quarterly EBIT Breakdown (Cumulative)
Quarterly EBIT Breakdown (Cumulative) 32 IN € MILLION Q1 H1 9m FY 2021 2020 2021 2020 2021 2020 2021 2020 Airbus 343 57 (1,808) (2,399) (1,330) Helicopters 62 53 152 238 455 Defence and Space 17 (53) 73 (36) 408 Eliminations 40 22 24 12 (43) Consolidated Airbus 462 79 (1,559) (2,185) (510)
Slide 33: Q1 2021 IFRS vs. APM Cash Flow Reconciliation
Q1 2021 IFRS vs. APM Cash Flow Reconciliation 33 IN € BILLION Mar. 2021 IN € BILLION Mar. 2021 Cash provided by (used for) operating activities 1.5 Cash provided by (used for) operating activities 1.5 t/o Reimbursement from / contribution to plan assets (0.2) 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