Airbus Se · EURONEXT:AIR
Airbus — H1 2022 Earnings Presentation
34 slides from Airbus's earnings presentation, Jul 27, 2022
Slide 1: H1 2022 Results
27 July 2022 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
AIRBUS Company Highlights Divisional Highlights Guidance Highlights Appendix
Slide 4: H1 2022 Key Topics
H1 2022 Key Topics 4 Complex operating environment 297 (1) commercial aircraft delivered in H1 2022 H1 2022 financials: EBIT Adjusted of € 2.6 bn; EBIT reported of € 2.6 bn FCF before M&A and Customer Financing of € 2.0 bn A320 Family: monthly production rate target of 75 for 2025 unch
Slide 5: H1 2022 Commercial Positioning
H1 2022 Commercial Positioning 5 Consolidated Airbus Order Book Consolidated Airbus by Division External Revenue by Division H1 2022 H1 2021 Change Airbus 69% Order Intake 259 38 581.6% Helicopters 11% Airbus (net) (in units) Defence and Order Book 7,046 6,925 1.7% € 24.8 bn Space 20% t/o defence Or
Slide 6: H1 2022 Financial Performance
H1 2022 Financial Performance 6 Revenues EBIT Adjusted in € bn in € bn / RoS (%) 11.0% 10.7% 24.6 24.8 2.7 2.6 H1 2021 H1 2022 H1 2021 H1 2022 EPS(1) Adjusted FCF before M&A and Customer Financing in € in € bn 2.37 2.40 2.1 2.0 H1 2021 H1 2022 H1 2021 H1 2022 (1) H1 2022 Average number of shares: 78
Slide 7: H1 2022 Profitability
H1 2022 Profitability 7 EBIT Performance H1 2022 EBIT Reported of € 2,579 m in € bn H1 2022 EBIT Adjustments resulting from: € + 226 m PDP mismatch / BS revaluation 2.7 2.7 € - 218 m A400M charge 2.6 2.6 € - 33 m Aerostructures transformation € - 7 m A380 programme € - 34 m Others EBIT
Slide 8: USD Exposure Coverage
USD Exposure Coverage 8 IN $ BILLION Forward Sales as of Jun. 2022 0.6 1.1 Euro Conversion as of Jun. 2022 1.9 Forward Sales as of Dec. 2021 9.3 Euro Conversion as of Dec. 2021 4.6 0.5 3.6 19.6 20.4 4.2 11.3 13.3 9.5 7.0 2.1 1.1 Average rates (€ vs. $) 2022 2023 2024 2025 2026 2027 2028 Remaining 6
Slide 9: H1 2022 Cash Evolution
H1 2022 Cash Evolution 9 IN € BILLION +0.3 -0.7 -0.0 +2.0 -1.2 -1.0 7.7 7.2 Free Cash Flow before M&A: € + 1.7 bn t/o Customer Financing € - 0.3 bn Free Cash Flow before M&A and Customer Financing: € + 2.0 bn Net Cash Position (1) Gross Cash Flow Change in Cash used for (2) M&A (3) Shareholder Retur
Slide 10: Divisional Highlights
AIRBUS Company Highlights Divisional Highlights Guidance Highlights Appendix
Slide 11: Airbus
11 Deliveries by Programme (Units) IN € MILLION H1 2022 H1 2021 Change A220 8% Order Intake (net) 259 38 581.6% A320 77% Units Order Book 7,046 6,925 1.7% A330 4% (1) (2) Deliveries Units 297 297 0.0% A350 10% Revenues 17,533 17,813 -1.6% R&D Expenses 1,020 1,039 -1.8% in %of Revenues 5.8% 5.8% EBIT
Slide 12: Helicopters
Helicopters 12 External Revenue Split IN € MILLION H1 2022 H1 2021 Change Civil 45% Order Intake (net) 163 123 32.5% Defence 55% Units Order Book 787 671 17.3% Deliveries Units 115 115 0.0% Revenues 2,744 2,594 5.8% R&D Expenses 120 119 0.8% in %of Revenues 4.4% 4.6% EBIT Adjusted 215 183 17.5% in %
Slide 13: Defence and Space
Defence and Space 13 External Revenue Split Platforms 68% IN € MILLION H1 2022 H1 2021 Change Services 32% Order Intake (net) 6,534 3,510 86.2% Revenues 5,056 4,538 11.4% R&D Expenses 117 113 3.5% in %of Revenues 2.3% 2.5% EBIT Adjusted 155 229 -32.3% in %of Revenues 3.1% 5.0% EBIT (113) 157 N/A in
Slide 14: Guidance Highlights
AIRBUS Company Highlights Divisional Highlights Guidance Highlights Appendix
Slide 15: 2022 Guidance
2022 Guidance 15 As the basis for its 2022 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 2022 guidance is before M&A. On that basis, The Company now targe
Slide 16: Key Priorities
Key Priorities 16 Deliver on our commercial aircraft ramp-up Continue the transformation of the Company Further strengthen the backlog across businesses Lead the development of sustainable aerospace Focus on earnings and cash growth trajectory beyond 2022
Slide 17: Appendix
AIRBUS Company Highlights Divisional Highlights Guidance 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 FY 2021 1.20 1.24 (1) 1.23 1.23 1.23 FY 2022E 1.22 1.22 1.23 1.22 1.21 1.20 1.19 1.18 1.16 1.16 1.14 Q1 Q2 Q3 Q4 2021 2022E Hedge rates reflect EBIT impact of the US$ hedge portfolio (1) Q2 actual
Slide 19: H1 2022 Detailed Income Statement and Adjustments
H1 2022 Detailed Income Statement and Adjustments 19 thereof Adjustments Impact on EBIT H1 2022 Financial H1 2022 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 2,579 2,645 (73) (219) 0 226 in % of Revenues 10.4% 10.7%
Slide 20: H1 2021 Detailed Income Statement and Adjustments
H1 2021 Detailed Income Statement and Adjustments 20 thereof Adjustments Impact on EBIT H1 2021 Financial H1 2021 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 2,727 2,703 229 (35) 0 (170) in % of Revenues 11.1% 11.0%
Slide 21: Liquidity as of June 2022
Liquidity as of 30 June 2022 21 RSCF: € 6.0 bn Signed October 2020 with maturity of 3 years + 2 extension options of 1 year. First extension (1) option exercised extending the maturity to Credit Facility (RSCF) October 2024; undrawn Fully committed by 33 banks No financial covenants, no MAC cl
Slide 22: Q2 2022 Key Figures
Q2 2022 Key Figures 22 IN € MILLION Q2 2022 Q2 2021 Revenues 12,810 14,177 EBIT Adjusted 1,382 2,009 EBIT 1,150 2,265 Net Income 682 1,869 FCF before M&A 1,498 849 FCF before M&A and Customer Financing 1,742 849 IN € MILLION Q2 2022 Q2 2021 Q2 2022 Q2 2021 Q2 2022 Q2 2021 Revenues EBIT Adjusted EBIT
Slide 23: Detailed Free Cash Flow
Detailed Free Cash Flow 23 IN € MILLION H1 2022 H1 2021 Net Cash position at the beginning of the period (1) 7,740 4,724 (2) Gross Cash Flow from Operations 2,002 2,130 (3) Change in working capital 323 710 (4) Cash used for investing activities (679) (828) (5) of which Industrial CapEx (additions)
Slide 24: Net Cash Position
Net Cash Position 24 IN € MILLION June 2022 Dec. 2021 Gross Cash 21,561 22,683 Financing Liabilities (13,297) (15,040) Short-term Financing Liabilities (2,053) (1,946) Long-term Financing Liabilities (11,244) (13,094) Interest rate contracts (1,050) 97 Reported Net Cash (1) 7,214 7,740 (1) The Compa
Slide 25: Customer Financing Exposure
Customer Financing Exposure 25 IN € MILLION June 2022 Dec. 2021 June 2022 Dec. 2021 Airbus Helicopters Closing rate € 1 = $ 1.04 $ 1.13 $ 1.04 $ 1.13 Total Gross Exposure 550 364 36 58 of which off-balance sheet 44 41 2 26 Estimated value of collateral (485) (282) (36) (58) Net Exposure 65 82 0 0 Pr
Slide 26: Airbus Customer Financing
Airbus Customer Financing 26 IN € BILLION Additions Sell Down Amortization Net change 1.0 0.8 0.9 Airbus Customer 0.8 0.8 0.7 Financing Gross 0.6 0.6 0.6 0.5 Exposure 0.3 0.3 0.1 0.2 0.0 0.2 (0.2) (0.2) (0.2) (0.0) (0.3) (0.3) (0.4) (0.6) (0.5) (0.6) (0.0) (0.1) (0.7) (0.7) (0.7) (0.7) (0.7) (0.1) (
Slide 27: Balance Sheet Highlights: Assets
Balance Sheet Highlights: Assets 27 IN € MILLION June 2022 Dec. 2021 Non-current Assets 52,870 51,247 of which Intangible & Goodwill 16,543 16,367 of which Property, plant & equipment 16,488 16,536 of which Investments & other long-term financial assets 5,744 5,673 of which Contract assets 26 27 of
Slide 28: Balance Sheet Highlights: Liabilities
Balance Sheet Highlights: Liabilities 28 IN € MILLION June 2022 Dec. 2021 Total Equity 8,706 9,486 of which AOCI (Accumulated Other Comprehensive Income) (6,316) (1,822) of which Non-controlling interests 27 20 Total Non-current liabilities 49,689 49,754 of which Pensions 3,175 6,659 of which Other
Slide 29: Shareholding Structure at June 2022
Shareholding Structure at 30 June 2022 29 Free Float 74.0% Shareholder Agreement 25.9% SOGEPA 10.9% GZBV 10.9% SEPI 4.1% Treasury Shares 0.1% 788,136,199 shares issued at 30 June 2022
Slide 30: Quarterly Revenues Breakdown (Cumulative)
Quarterly Revenues Breakdown (Cumulative) 30 IN € MILLION Q1 H1 9m FY 2022 2021 2022 2021 2022 2021 2022 2021 Airbus 8,541 7,272 17,533 17,813 24,618 36,164 Helicopters 1,265 1,177 2,744 2,594 4,137 6,509 Defence and Space 2,453 2,115 5,056 4,538 6,881 10,186 Eliminations (259) (104) (523) (308) (48
Slide 31: Quarterly EBIT Adjusted Breakdown (Cumulative)
Quarterly EBIT Adjusted Breakdown (Cumulative) 31 IN € MILLION Q1 H1 9m FY 2022 2021 2022 2021 2022 2021 2022 2021 Airbus 1,065 533 2,276 2,291 2,739 3,570 Helicopters 90 62 215 183 314 535 Defence and Space 106 59 155 229 284 696 Eliminations 2 40 (1) 0 32 64 Consolidated Airbus 1,263 694 2,645 2,7
Slide 32: Quarterly EBIT Breakdown (Cumulative)
Quarterly EBIT Breakdown (Cumulative) 32 IN € MILLION Q1 H1 9m FY 2022 2021 2022 2021 2022 2021 2022 2021 Airbus 1,242 343 2,478 2,387 2,889 4,175 Helicopters 90 62 215 183 312 535 Defence and Space 95 17 (113) 157 204 568 Eliminations 2 40 (1) 0 32 64 Consolidated Airbus 1,429 462 2,579 2,727 3,437
Slide 33: H1 2022 IFRS vs. APM Cash Flow Reconciliation
H1 2022 IFRS vs. APM Cash Flow Reconciliation 33 IN € BILLION June 2022 IN € BILLION June 2022 Cash provided by (used for) operating activities 1.9 Cash provided by (used for) operating activities 1.9 t/o Reimbursement from / contribution to plan assets (0.4) 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