Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — 9M 2023 Earnings Presentation
34 slides from Airbus's earnings presentation, Nov 8, 2023
Slide 1: 9m Results 2023
9m Results 2023 8 November 2023 Guillaume FAURY | Chief Executive Officer Thomas TOEPFER | 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 Highlights Airbus 9m Results 2023
Slide 4: 9m 2023 Key Topics
9m 2023 Key Topics 4 ▪ Progressing on our plan albeit in a complex operating environment ▪ 488 commercial aircraft delivered in 9m 2023 ▪ 9m 2023 financials: ▪ EBIT Adjusted of € 3.6 bn; EBIT reported of € 2.7 bn ▪ FCF before M&A and Customer Financing of € 1.0 bn ▪ Charges on certain satellite deve
Slide 5: 9m 2023 Commercial Positioning
9m 2023 Commercial Positioning 5 Consolidated Airbus Order Book Consolidated Airbus by Division External Revenue by Division 9m 2023 9m 2022 Change Airbus 73% Order Intake Helicopters 10% 1,241 647 91.8% Airbus (net) (in units) Defence and Order Book 7,992 7,294 9.6% € 42.6 bn Space 17% t/o defence
Slide 6: 9m 2023 Financial Performance
9m 2023 Financial Performance 6 Revenues EBIT Adjusted in € bn in € bn / RoS (%) 9.1% 8.5% 42.6 38.1 3.5 3.6 9m 2022 9m 2023 9m 2022 9m 2023 EPS(1) Adjusted FCF before M&A and Customer Financing in € in € bn 3.51 2.9 3.17 1.0 9m 2022 9m 2023 9m 2022 9m 2023 (1) 9m 2023 Average number of shares: 788,
Slide 7: 9m 2023 Profitability
9m 2023 Profitability 7 EBIT Performance ▪ 9m 2023 EBIT Reported of € 2,712 m in € bn ▪ 9m 2023 EBIT Adjustments resulting from: ▪ € - 806 m PDP mismatch / BS revaluation ▪ € - 57 m Aerostructures transformation 3.5 3.6 3.6 2.7 ▪ € - 56 m Others ▪ 9m 2023 Net Adjustments of € - 919 m EBIT Adjusted E
Slide 8: USD Exposure Coverage
USD Exposure Coverage 8 IN $ BILLION Forwards & Euro Conversion as of Sep. 2023 Forwards & Euro Conversion as of Dec. 2022 15.2 23.2 20.2 15.7 13.6 6.9 8.0 Average blended rates(1) 2023 2028 (€ vs. $) 2024 2025 2026 2027 Remaining 3 months and beyond Forwards and Euro conversion 1.20 1.21 1.22 1.26
Slide 9: 9m 2023 Cash Evolution
9m 2023 Cash Evolution 9 IN € BILLION -0.9 +3.3 -1.6 -0.1 -1.5 Free Cash Flow before M&A: € + 0.8 bn -0.3 t/o Customer Financing € - 0.3 bn Free Cash Flow before M&A and Customer Financing: € + 1.0 bn 9.4 8.3 (1) (2) Net Cash Position Gross Cash Flow Change in Cash used for M&A Shareholder Return Pe
Slide 10: Divisions Highlights
Divisions Highlights Airbus 9m Results 2023
Slide 11: Airbus Division: Deliveries by Programme
11 Deliveries by Programme (Units) IN € MILLION 9m 2023 9m 2022 Change A220 8% Order Intake (net) 1,241 647 91.8% A320 80% Units Order Book 7,992 7,294 9.6% A330 4% (1) (2) Deliveries Units 488 437 11.7% A350 7% Revenues 31,507 26,654 18.2% R&D Expenses 1,798 1,618 11.1% in % of Revenues 5.7% 6.1% E
Slide 12: Helicopters
Helicopters 12 External Revenue Split IN € MILLION 9m 2023 9m 2022 Change Civil 47% Order Intake (net) 191 246 -22.4% Defence 53% Units Order Book 751 792 -5.2% Deliveries Units 197 193 2.1% Revenues 4,662 4,515 3.3% R&D Expenses 223 178 25.3% in % of Revenues 4.8% 3.9% EBIT Adjusted 417 380 9.7% in
Slide 13: Defence and Space
Defence and Space 13 External Revenue Split Platforms 64% IN € MILLION 9m 2023 9m 2022 Change Services 36% Order Intake (net) 8,469 7,991 6.0% Revenues 7,133 7,593 -6.1% R&D Expenses 165 180 -8.3% in % of Revenues 2.3% 2.4% EBIT Adjusted (1) 231 N/A in % of Revenues 0.0% 3.0% EBIT (3) (64) N/A in %
Slide 14: Guidance Highlights
Guidance Highlights Airbus 9m Results 2023
Slide 15: 2023 Guidance
2023 Guidance 15 The guidance issued in February 2023 is maintained. As the basis for its 2023 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 Comp
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 ▪ Deliver earnings and free cash flow growth potential
Slide 17: Appendix
Appendix Airbus 9m Results 2023
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 1.28 Average Blended Rates 1.26 (1) FY 2022 1.22 1.24 1.24 1.23 FY 2023E 1.20 1.22 1.22 1.21 1.20 1.21 1.21 1.20 1.18 (2) 1.18 1.16 1.14 Q1 Q2 Q3 Q4 2022 2023E Blended rates reflect both EBIT impact
Slide 19: 9m 2023 Detailed Income Statement and Adjustments
9m 2023 Detailed Income Statement and Adjustments 19 thereof Adjustments Impact on EBIT 9m 2023 Financial 9m 2023 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 2,712 3,631 (106) 0 (7) (806) in % of Revenues 6.4% 8.5% I
Slide 20: 9m 2022 Detailed Income Statement and Adjustments
9m 2022 Detailed Income Statement and Adjustments 20 thereof Adjustments Impact on EBIT 9m 2022 Financial 9m 2022 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 3,552 3,481 (62) (216) 0 349 in % of Revenues 9.3% 9.1% In
Slide 21: Liquidity as of 30 September 2023
Liquidity as of 30 September 2023 21 RSCF: ▪ Signed on July 5, 2022 ▪ 1st extension option of 1 year exercised in € 8.0 bn June 2023: o € 7,925 m maturing on July 5, 2028 o € 75 m maturing on July 5, 2027 Credit Facility (RSCF) ▪ One remaining extension option of 1 year ▪ Fully committed by 38 banks
Slide 22: Q3 2023 Key Figures
Q3 2023 Key Figures 22 IN € MILLION Q3 2023 Q3 2022 Revenues 14,897 13,309 EBIT Adjusted 1,013 836 EBIT 825 973 Net Income 806 667 FCF before M&A (756) 944 FCF before M&A and Customer Financing (537) 944 IN € MILLION Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Revenues EBIT Adjusted EBIT Airbus
Slide 23: Detailed Free Cash Flow
Detailed Free Cash Flow 23 IN € MILLION 9m 2023 9m 2022 (6) Net Cash position at the beginning of the period 9,431 7,740 Gross Cash Flow from Operations (1) 3,285 3,745 (2) Change in working capital (942) 78 Cash used for investing activities (3) (1,625) (1,321) (4) of which Industrial CapEx (additi
Slide 24: Net Cash Position
Net Cash Position 24 IN € MILLION Sep. 2023 Dec. 2022 Gross Cash 22,405 23,598 Financing Liabilities (12,667) (12,773) Short-term Financing Liabilities (3,141) (2,142) Long-term Financing Liabilities (9,526) (10,631) Interest rate contracts (1,423) (1,394) Reported Net Cash 8,315 9,431
Slide 25: Customer Financing Exposure
Customer Financing Exposure 25 IN € MILLION Sep. 2023 Dec. 2022 Sep. 2023 Dec. 2022 Airbus Helicopters Closing rate € 1 = $ 1.06 $ 1.07 $ 1.06 $ 1.07 Total Gross Exposure 366 312 20 33 of which off-balance sheet 6 6 1 2 Estimated value of collateral (292) (262) (20) (33) Net Exposure 74 50 0 0 Provi
Slide 26: Airbus Customer Financing
Airbus Customer Financing 26 Additions Sell Down Amortization Net change Airbus Customer 1.0 0.8 0.9 Financing Gross 0.8 0.7 Exposure in $ bn 0.6 0.5 0.6 0.6 0.3 0.3 0.3 0.2 0.1 0.0 0.1 (0.2) (0.0) (0.2) (0.3) (0.2) (0.3) (0.4) (0.5) (0.4) (0.6) (0.6) (0.0) (0.1) (0.1) (0.7) (0.7) (0.7) (0.7) (0.7)
Slide 27: Balance Sheet Highlights: Assets
Balance Sheet Highlights: Assets 27 IN € MILLION Sep. 2023 Dec. 2022 Non-current Assets 55,489 52,942 of which Intangible & Goodwill 17,009 16,768 of which Property, plant & equipment 16,645 16,505 of which Investments & other long-term financial assets 6,798 6,257 of which Contract assets 26 26 of
Slide 28: Balance Sheet Highlights: Liabilities
Balance Sheet Highlights: Liabilities 28 IN € MILLION Sep. 2023 Dec. 2022 Total Equity 15,300 12,982 of which AOCI (Accumulated Other Comprehensive Income) (4,510) (5,016) of which Non-controlling interests 37 32 Total Non-current liabilities 49,039 50,367 of which Pensions 2,525 3,193 of which Othe
Slide 29: Shareholding Structure at September 2023
Shareholding Structure at 30 September 2023 29 Free Float 74.1% Shareholder Agreement 25.8% SOGEPA 10.9% GZBV 10.8% SEPI 4.1% Treasury Shares 0.2% ▪ 790,395,611 shares issued at 30 September 2023
Slide 30: Quarterly Revenues Breakdown (Cumulative)
Quarterly Revenues Breakdown (Cumulative) 30 IN € MILLION Q1 H1 9m FY 2023 2022 2023 2022 2023 2022 2023 2022 Airbus 8,110 8,541 20,349 17,533 31,507 26,654 41,428 Helicopters 1,598 1,265 3,194 2,744 4,662 4,515 7,048 Defence and Space 2,299 2,453 4,653 5,056 7,133 7,593 11,259 Eliminations (244) (2
Slide 31: Quarterly EBIT Adjusted Breakdown (Cumulative)
Quarterly EBIT Adjusted Breakdown (Cumulative) 31 IN € MILLION Q1 H1 9m FY 2023 2022 2023 2022 2023 2022 2023 2022 Airbus 580 1,065 2,256 2,276 3,216 2,875 4,600 Helicopters 156 90 274 215 417 380 639 Defence and Space 36 106 78 155 (1) 231 384 Eliminations 1 2 10 (1) (1) (5) 4 Consolidated Airbus 7
Slide 32: Quarterly EBIT Breakdown (Cumulative)
Quarterly EBIT Breakdown (Cumulative) 32 IN € MILLION Q1 H1 9m FY 2023 2022 2023 2022 2023 2022 2023 2022 Airbus 197 1,242 1,523 2,478 2,306 3,241 4,800 Helicopters 156 90 267 215 410 380 639 Defence and Space 36 95 87 (113) (3) (64) (118) Eliminations 1 2 10 (1) (1) (5) 4 Consolidated Airbus 390 1,
Slide 33: 9m 2023 IFRS vs. APM Cash Flow Reconciliation
9m 2023 IFRS vs. APM Cash Flow Reconciliation 33 IN € BILLION Sep. 2023 IN € BILLION Sep. 2023 Cash provided by (used for) operating activities 2.1 Cash provided by (used for) operating activities 2.1 t/o Reimbursement from / contribution to plan assets (0.3) 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