Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — Q3 2021 Earnings Presentation
34 slides from Airbus's earnings presentation, Oct 28, 2021
Slide 1: Q3 2021 Results, 28 October 2021
28 October 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: 9m 2021 Key Topics
9m 2021 Key Topics 4 424 commercial aircraft delivered in 9m 2021 9m 2021 financials reflect deliveries as well as efforts on cost containment and competitiveness: EBIT Adjusted of € 3.4 bn; EBIT reported of € 3.4 bn FCF before M&A and Customer Financing of € 2.3 bn 2021 Guidance: Unchan
Slide 5: 9m 2021 Commercial Positioning
9m 2021 Commercial Positioning 5 Consolidated Airbus Order Book Consolidated Airbus by Division External Revenue by Division 9m 2021 9m 2020 Change Airbus 69% Order Intake 133 300 -55.7% Helicopters 11% Airbus (net) (in units) Defence and Order Book 6,894 7,441 -7.4% € 35.2 bn Space 19% t/o defence
Slide 6: 9m 2021 Financial Performance
9m 2021 Financial Performance 6 Revenues EBIT Adjusted in € bn in € bn / RoS (%) 9.6% 3.4 35.2 30.2 -0.4% (0.1) 9m 2020 9m 2021 9m 2020 9m 2021 EPS(1) Adjusted FCF before M&A and Customer Financing in € in € bn 9m 2020 9m 2021 2.3 2.95 (8.2) (0.32) Penalty (3.6) Payment 9m 2020 9m 2021 (11.8) (1) 9m
Slide 7: 9m 2021 Profitability
9m 2021 Profitability 7 EBIT Performance 9m 2021 EBIT Reported of € 3,437 m in € bn 9m 2021 EBIT Adjustments resulting from: 3.4 € + 190 m A380 programme 3.4 € - 165 m PDP mismatch / BS revaluation € + 43 m Others (0.1) (2.2) 9m 2021 Net Adjustments of € + 68 m EBIT Adjusted EBIT Reporte
Slide 8: Currency Hedge Policy
Currency Hedge Policy 8 IN $ BILLION Forward Sales as of Sep. 2021 Forward Sales as of Dec. 2020 15.4 20.8 17.7 16.7 9.8 8.7 8.0 5.2 Average hedge rates 2021 2022 2023 2024 2025 2026 2027 Remaining 3 months and beyond € vs $ 1.24 1.22 1.23 1.25 1.28 1.31 1.34 Forwards ( 1.21 in Dec. 20 ) ( 1.23 in D
Slide 9: 9m 2021 Cash Evolution
9m 2021 Cash Evolution 9 IN € BILLION +0.8 -1.2 -0.0 +0.1 +2.7 Free Cash Flow before M&A: € + 2.3 bn t/o Customer Financing € + 0.1 bn 6.7 Free Cash Flow before M&A and Customer Financing € + 2.3 bn 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 Deliveries by Programme (Units)
11 Deliveries by Programme (Units) IN € MILLION 9m 2021 9m 2020 Change A220 8% Order Intake (net) 133 300 -55.7% A320 80% Units Order Book 6,894 7,441 -7.4% A330 3% (1) Deliveries Units 424 341 24.3% A350 8% Revenues 24,618 20,271 21.4% A380 < 1% R&D Expenses 1,584 1,674 -5.4% in %of Revenues 6.4% 8
Slide 12: Helicopters
Helicopters 12 External Revenue Split IN € MILLION 9m 2021 9m 2020 Change Civil 47% Order Intake (net) 185 143 29.4% Defence 53% Units Order Book 654 669 -2.2% Deliveries Units 194 169 14.8% Revenues 4,137 3,623 14.2% R&D Expenses 177 196 -9.7% in %of Revenues 4.3% 5.4% EBIT Adjusted 314 238 31.9% i
Slide 13: Defence and Space
Defence and Space 13 External Revenue Split IN € MILLION 9m 2021 9m 2020 Change Platforms 64% Order Intake (net) 10,134 8,214 23.4% Services 36% Revenues 6,881 6,936 -0.8% R&D Expenses 169 177 -4.5% in %of Revenues 2.5% 2.6% EBIT Adjusted 284 266 6.8% in %of Revenues 4.1% 3.8% EBIT 204 (36) N/A in %
Slide 14: Guidance
Company Business Guidance Highlights Highlights Highlights Appendix
Slide 15: 2021 Guidance
2021 Guidance 15 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 guidance is before M&A. On that basis, the Company has updated
Slide 16: Key Priorities
Key Priorities 16 Manage deliveries and backlog, including defence contracts Secure the commercial aircraft ramp-up Transform the commercial aircraft industrial value chain Lead the development of sustainable aerospace Focus on earnings and cash growth trajectory beyond 2021
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) 1.24 FY 2020 1.19 1.23 FY 2021E 1.21 1.22 (2) 1.20 1.20 1.19 1.19 1.19 1.18 1.17 1.16 1.16 1.14 Q1 Q2 Q3 Q4 2020 2021E Hedge rates reflect EBIT impact of the US$ hedge portfolio (1) Q3 actual (2
Slide 19: 9m 2021 Detailed Income Statement and Adjustments
9m 2021 Detailed Income Statement and Adjustments 19 thereof Adjustments Impact on EBIT 9m 2021 Financial 9m 2021 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 3,437 3,369 264 (29) (2) (165) in % of Revenues 9.8% 9.6%
Slide 20: 9m 2020 Detailed Income Statement and Adjustments
9m 2020 Detailed Income Statement and Adjustments 20 thereof Adjustments Impact on EBIT 9m 2020 Financial 9m 2020 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT (2,185) (125) (1,396) (290) 0 (374) in % of Revenues -7.2%
Slide 21: Airbus Liquidity as of September 2021
Airbus Liquidity as of 30 September 2021 21 SLL (Supplemental Liquidity Line): Matured on 30 September 2021 € 6.0 bn - Credit Facility (RSCF) RSCF: Initialmaturity October 2023 + 2 extension options of 1 year. First extension option exercised prolonging the maturity to October 2024; undrawn Fu
Slide 22: Q3 2021 Key Figures
Q3 2021 Key Figures 22 IN € MILLION Q3 2021 Q3 2020 Revenues 10,518 11,213 EBIT Adjusted 666 820 EBIT 710 (626) Net Income (Loss) 404 (767) FCF before M&A 302 617 FCF before M&A and Customer Financing 209 642 IN € MILLION Q3 2021 Q3 2020 Q3 2021 Q3 2020 Q3 2021 Q3 2020 Revenues EBIT Adjusted EBIT Ai
Slide 23: Detailed Free Cash Flow
Detailed Free Cash Flow 23 IN € MILLION 9m 2021 9m 2020 Net Cash position at the beginning of the period 4,312 12,534 (1) Gross Cash Flow from Operations 2,733 1,612 (2) Change in working capital 800 (12,276) (3) Cash used for investing activities (1,225) (1,612) (4) of which Industrial CapEx (addit
Slide 24: Net Cash Position
Net Cash Position 24 IN € MILLION Sep. 2021 Dec. 2020 Gross Cash 21,656 21,407 Financing Liabilities (14,923) (17,095) Short-term Financing Liabilities (1,898) (3,013) Long-term Financing Liabilities (13,025) (14,082) Reported Net Cash 6,733 4,312
Slide 25: Customer Financing Exposure
Customer Financing Exposure 25 IN € MILLION Sep. 2021 Dec. 2020 Sep. 2021 Dec. 2020 Airbus Helicopters Closing rate € 1 = $ 1.16 $ 1.23 $ 1.16 $ 1.23 Total Gross Exposure 364 427 68 46 of which off-balance sheet 41 11 27 2 Estimated value of collateral (274) (241) (60) (38) Net Exposure 90 186 8 8 P
Slide 26: Airbus Customer Financing
Airbus Customer Financing 26 IN € BILLION Additions Sell Down Amortization Net change 1.0 0.8 0.9 0.8 0.8 0.6 0.7 0.6 0.5 0.6 Airbus Customer 0.4 0.3 0.1 0.2 0.0 0.2 Financing Gross Exposure (0.2) (0.2) (0.3) (0.2) (0.3) (0.3) (0.7) (0.7) (0.7) (0.7) (0.6) (0.5) (0.7) (0.6) (1.1) (0.1) (0.1) (0.1) (
Slide 27: Balance Sheet Highlights: Assets
Balance Sheet Highlights: Assets 27 IN € MILLION Sep. 2021 Dec. 2020 Non-current Assets 50,155 51,695 of which Intangible & Goodwill 16,255 16,199 of which Property, plant & equipment 16,363 16,674 of which Investments & other long-term financial assets 5,716 5,433 of which Contract assets 94 48 of
Slide 28: Balance Sheet Highlights: Liabilities
Balance Sheet Highlights: Liabilities 28 IN € MILLION Sep. 2021 Dec. 2020 Total Equity 8,804 6,456 of which AOCI (Accumulated Other Comprehensive Income) (1,006) 1,853 of which Non-controlling interests 17 11 Total Non-current liabilities 48,896 53,868 of which Pensions 6,858 9,515 of which Other pr
Slide 29: Shareholding Structure at September 2021
Shareholding Structure at 30 September 2021 29 Free Float 74.0% Shareholder Agreement 25.9% SOGEPA 10.9% GZBV 10.9% SEPI 4.1% Treasury Shares 0.0% 786,020,816 shares issued at 30 September 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 17,813 12,533 24,618 20,271 34,250 Helicopters 1,177 1,202 2,594 2,333 4,137 3,623 6,251 Defence and Space 2,115 2,111 4,538 4,551 6,881 6,936 10,446 Eliminations (104) (2
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 2,291 (1,307) 2,739 (641) 618 Helicopters 62 53 183 152 314 238 471 Defence and Space 59 15 229 186 284 266 660 Eliminations 40 22 0 24 32 12 (43) Consolidated Airbus 694
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 2,387 (1,808) 2,889 (2,399) (1,330) Helicopters 62 53 183 152 312 238 455 Defence and Space 17 (53) 157 73 204 (36) 408 Eliminations 40 22 0 24 32 12 (43) Consolidated Airbus 462 7
Slide 33: 9m 2021 IFRS vs. APM Cash Flow Reconciliation
9m 2021 IFRS vs. APM Cash Flow Reconciliation 33 IN € BILLION Sep. 2021 IN € BILLION Sep. 2021 Cash provided by (used for) operating activities 3.3 Cash provided by (used for) operating activities 3.3 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