Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — Q4 2021 Earnings Presentation
35 slides from Airbus's earnings presentation, Feb 17, 2022
Slide 1: Airbus Q4 and FY 2021 Results
17 February 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: FY 2021 Key Topics
FY 2021 Key Topics 4 Strong results in a year of transition 611 commercial aircraft delivered in FY 2021 FY 2021 financials reflect deliveries as well as efforts on cost containment and competitiveness: EBIT Adjusted of € 4.9 bn; EBIT reported of € 5.3 bn Record Net Income of € 4.2 bn; EPS
Slide 5: FY 2021 Commercial Positioning
FY 2021 Commercial Positioning 5 Airbus Commercial Aircraft Consolidated Airbus Consolidated Airbus Order Book in units by Programme Order Book in value by Region External Revenue by Division A220 7% Asia Pacific 26% Airbus 69% A320 82% Europe 33% Helicopters 12% Defence and A330 4% € 398 bn North A
Slide 6: FY 2021 Financial Performance
FY 2021 Financial Performance 6 Revenues EBIT Adjusted in € bn in € bn / RoS (%) 9.3% 49.9 52.1 4.9 3.4% 1.7 FY 2020 FY 2021 FY 2020 FY 2021 EPS(1) Adjusted FCF before M&A and Customer Financing in € in € bn FY 2020 FY 2021 3.5 4.33 (3.3) 1.36 Penalty Payment (3.6) FY 2020 FY 2021 (6.9) (1) FY 2021
Slide 7: FY 2021 Profitability
FY 2021 Profitability 7 EBIT Performance FY 2021 EBIT Reported of € 5,342 m in € bn FY 2021 EBIT Adjustments resulting from: € + 274 m A380 programme 4.9 5.3 € + 122 m Gain on disposal € - 212 m A400M charge 1.7 € - 38 m PDP mismatch / BS revaluation (0.5) € + 331 m Others EBIT Adjuste
Slide 8: Currency Hedge Policy
Currency Hedge Policy 8 IN $ BILLION Forward Sales as of Dec. 2021 Forward Sales as of Dec. 2020 20.9 21.6 19.3 18.5 11.8 9.1 8.0 0.0 Average hedge rates 2021 2022 2023 2024 2025 2026 2027 and beyond € vs $ 1.20 1.22 1.23 1.24 1.26 1.31 1.34 Forwards ( 1.21 in Dec. 20 ) ( 1.23 in Dec. 20) ( 1.26 in
Slide 9: FY 2021 Cash Evolution
FY 2021 Cash Evolution 9 IN € BILLION +1.0 -1.5 -0.0 -0.2 +4.1 7.6 Free Cash Flow before M&A: € + 3.5 bn t/o Customer Financing € + 0.0 bn 4.3 Free Cash Flow before M&A and Customer Financing: € + 3.5 bn (2) Net Cash Position Gross Cash Flow Change in Cash used for (1) M&A Pensions & Others Net Cash
Slide 10: Divisional Highlights
AIRBUS Company Highlights Divisional Highlights Guidance Highlights Appendix
Slide 11: Airbus Commercial Aircraft Results
11 IN € MILLION FY 2021 FY 2020 Change Deliveries by Programme (Units) Order Intake (net) 507 268 89.2% A220 8% Units Order Book 7,082 7,184 -1.4% A320 79% Order Intake (net) 40,004 16,089 148.6% A330 3% Value Order Book 345,101 324,675 6.3% A350 9% (1) A380 1% Deliveries Units 611 566 8.0% Revenues
Slide 12: Helicopters
Helicopters 12 IN € MILLION FY 2021 FY 2020 Change External Revenue Split Order Intake (net) 414 268 54.5% Civil 44% Units Order Book 739 663 11.5% Defence 56% Order Intake (net) 8,552 5,519 55.0% Value Order Book 17,985 15,782 14.0% Deliveries Units 338 300 12.7% Revenues 6,509 6,251 4.1% R&D Expen
Slide 13: Defence and Space
Defence and Space 13 External Revenue Split IN € MILLION FY 2021 FY 2020 Change Platforms 65% Order Intake (net) 13,656 11,862 15.1% Services 35% Order Book 36,131 33,505 7.8% Revenues 10,186 10,446 -2.5% R&D Expenses 249 225 10.7% in %of Revenues 2.4% 2.2% EBIT Adjusted 696 660 5.5% in %of Revenues
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 targets to
Slide 16: Key Priorities
Key Priorities 16 Further strengthen the backlog across businesses Deliver on our commercial aircraft ramp-up Continue the transformation of the Company 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: Dividend per Share
Dividend per Share 18 IN € 1.65 1.50 [ 1.50 (3) ] Ex-dividend date: Tuesday 19 April 2022 Record date: Wednesday 20 April 2022 Payment date: Thursday 21 April 2022 40% 42% (1) (2) 28% 0.00 0.00 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 Pay-out-Ratio (1) FY 2019: dividend proposal of € 1.80 per s
Slide 19: Expected Average Hedge Rates € vs. $
Expected Average Hedge Rates € vs. $ 19 Active exposure management 1.28 Average 1.26 Hedge Rates 1.24 FY 2020 1.19 1.24 1.23 (1) 1.22 1.23 FY 2021 1.20 1.22 1.22 1.20 FY 2022E 1.22 1.20 1.19 (2) 1.19 1.20 1.19 1.18 1.17 1.16 1.16 1.14 Q1 Q2 Q3 Q4 2020 2021 2022E Hedge rates reflect EBIT impact of th
Slide 20: FY 2021 Detailed Income Statement and Adjustments
FY 2021 Detailed Income Statement and Adjustments 20 thereof Adjustments Impact on EBIT FY 2021 Financial FY 2021 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 5,342 4,865 609 (94) 0 (38) in % of Revenues 10.2% 9.3% In
Slide 21: FY 2020 Detailed Income Statement and Adjustments
FY 2020 Detailed Income Statement and Adjustments 21 thereof Adjustments Impact on EBIT FY 2020 Financial FY 2020 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT (510) 1,706 (1,436) (284) (16) (480) in % of Revenues -1.0
Slide 22: Airbus Liquidity as of 31 December 2021
Airbus Liquidity as of 31 December 2021 22 RSCF: € 6.0 bn Initialmaturity October 2023 + 2 extension options of 1 year. First extension option exercised prolonging the maturity to October Credit Facility (RSCF) 2024; undrawn Fully committed by 33 banks No financial covenants, no MAC clause Fin
Slide 23: Q4 2021 Key Figures
Q4 2021 Key Figures 23 IN € MILLION Q4 2021 Q4 2020 Revenues 16,994 19,751 EBIT Adjusted 1,496 1,831 EBIT 1,905 1,675 Net Income 1,578 1,553 FCF before M&A 1,221 4,945 FCF before M&A and Customer Financing 1,255 4,863 IN € MILLION Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Revenues EBIT Adjuste
Slide 24: Detailed Free Cash Flow
Detailed Free Cash Flow 24 IN € MILLION FY 2021 FY 2020 Net Cash position at the beginning of the period 4,312 12,534 (1) Gross Cash Flow from Operations 4,078 3,061 Change in working capital(2) 984 (8,197) (3) Cash used for investing activities (1,551) (2,226) (4) of which Industrial CapEx (additio
Slide 25: Net Cash Position
Net Cash Position 25 IN € MILLION Dec. 2021 Dec. 2020 Gross Cash 22,683 21,407 Financing Liabilities (15,040) (17,095) Short-term Financing Liabilities (1,946) (3,013) Long-term Financing Liabilities (13,094) (14,082) Reported Net Cash 7,643 4,312
Slide 26: Customer Financing Exposure
Customer Financing Exposure 26 IN € MILLION Dec. 2021 Dec. 2020 Dec. 2021 Dec. 2020 Airbus Helicopters Closing rate € 1 = $ 1.13 $ 1.23 $ 1.13 $ 1.23 Total Gross Exposure 364 427 58 46 of which off-balance sheet 41 11 26 2 Estimated value of collateral (282) (241) (58) (38) Net Exposure 82 186 0 8 P
Slide 27: Airbus Customer Financing
Airbus Customer Financing 27 IN € BILLION Additions Sell Down Amortization Net change 1.0 0.8 0.9 0.8 0.8 0.6 0.7 Airbus Customer 0.6 0.5 0.6 0.4 0.3 0.3 Financing Gross 0.1 0.2 0.0 Exposure (0.2) (0.2) (0.2) (0.3) (0.3) (0.6) (0.5) (0.6) (0.4) (0.1) (0.7) (0.7) (0.7) (0.7) (0.7) (1.1) (0.1) (0.1) (
Slide 28: Balance Sheet Highlights: Assets
Balance Sheet Highlights: Assets 28 IN € MILLION Dec. 2021 Dec. 2020 Non-current Assets 51,247 51,695 of which Intangible & Goodwill 16,367 16,199 of which Property, plant & equipment 16,536 16,674 of which Investments & other long-term financial assets 5,673 5,433 of which Contract assets 27 48 of
Slide 29: Balance Sheet Highlights: Liabilities
Balance Sheet Highlights: Liabilities 29 IN € MILLION Dec. 2021 Dec. 2020 Total Equity 9,486 6,456 of which AOCI (Accumulated Other Comprehensive Income) (1,822) 1,853 of which Non-controlling interests 20 11 Total Non-current liabilities(1) 49,754 54,168 of which Pensions 6,659 9,515 of which Other
Slide 30: Shareholding Structure at December 2021
Shareholding Structure at 31 December 2021 30 Free Float 74.0% Shareholder Agreement 25.9% SOGEPA 10.9% GZBV 10.9% SEPI 4.1% Treasury Shares 0.1% 786,083,690 shares issued at 31 December 2021
Slide 31: Quarterly Revenues Breakdown (Cumulative)
Quarterly Revenues Breakdown (Cumulative) 31 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 36,164 34,250 Helicopters 1,177 1,202 2,594 2,333 4,137 3,623 6,509 6,251 Defence and Space 2,115 2,111 4,538 4,551 6,881 6,936 10,186 10,446 E
Slide 32: Quarterly EBIT Adjusted Breakdown (Cumulative)
Quarterly EBIT Adjusted Breakdown (Cumulative) 32 IN € MILLION Q1 H1 9m FY 2021 2020 2021 2020 2021 2020 2021 2020 Airbus 533 191 2,291 (1,307) 2,739 (641) 3,570 618 Helicopters 62 53 183 152 314 238 535 471 Defence and Space 59 15 229 186 284 266 696 660 Eliminations 40 22 0 24 32 12 64 (43) Consol
Slide 33: Quarterly EBIT Breakdown (Cumulative)
Quarterly EBIT Breakdown (Cumulative) 33 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) 4,175 (1,330) Helicopters 62 53 183 152 312 238 535 455 Defence and Space 17 (53) 157 73 204 (36) 568 408 Eliminations 40 22 0 24 32 12 64 (43) Consolid
Slide 34: FY 2021 IFRS vs. APM Cash Flow Reconciliation
FY 2021 IFRS vs. APM Cash Flow Reconciliation 34 IN € BILLION Dec. 2021 IN € BILLION Dec. 2021 Cash provided by (used for) operating activities 4.6 Cash provided by (used for) operating activities 4.6 t/o Reimbursement from / contribution to plan assets (0.5) Cash provided by (used for) investing ac
Slide 35: 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