Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — Q3 2024 Earnings Presentation
35 slides from Airbus's earnings presentation, Oct 30, 2024
Slide 1: 9m Results 2024
9m Results 2024 30 October 2024 - Guillaume FAURY | Chief Executive Officer Thomas TOEPFER | Chief Financial Officer
Slide 2: Safe Harbour Statement
Safe Harbour Statement 2 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
Slide 3: Company Highlights
01. Company Highlights
Slide 4: 9m 2024 Key Topics
4 9m 2024 Key Topics Complex and fast changing Financials operating environment € 2.8 bn 497 EBIT Adjusted Commercial aircraft delivered € 2.7 bn EBIT Reported Guidance maintained € - 0.8 bn FCF before Customer Financing
Slide 5: 9m 2024 Commercial Positioning
5 9m 2024 Commercial Positioning 9m 2024 9m 2023 Change Airbus: Order Intake Good commercial 648 1,241 -47.8% (net) momentum Airbus (in units) Order Book 8,749 7,992 9.5% Helicopters: Order Intake Positive momentum in 308 191 61.3% (net) both Civil & Military Helicopters markets (in units) Order Boo
Slide 6: 9m 2024 Financial Performance
6 9m 2024 Financial Performance Revenues Revenues by Division (1) R&D in € bn in % in € bn Helicopters 10% Airbus 73% 42.6 44.5 € 44.5 bn 2.4 2.2 t/o defence € 7.7 bn 9m 2023 9m 2024 Defence and Space 9m 2023 9m 2024 17% (1) Breakdown based on External Revenues
Slide 7: 9m 2024 Profitability
7 9m 2024 Profitability EBIT Adjusted EBIT Reported in € bn in € bn EBIT Adjustments of € - 108 m: 8.5% 6.4% 6.0% • € - 146 m $ Working Capital mismatch and 6.3% Balance Sheet revaluation • €+ 51 m Airbus OneWeb Satellites gain 3.6 2.7 2.7 2.8 • €- 13 m Others 9m 2023 9m 2024 9m 2023 9m 2024 EPS Adj
Slide 8: USD Exposure Coverage
8 USD Exposure Coverage IN $ BILLION Forwards & Euro Conversion as of Sep. 2024 16.0 Forwards & Euro Conversion as of Dec. 2023 22.0 21.2 17.0 15.0 7.2 4.3 Average blended rates(1) 2024 (€ vs. $) Remaining 3 months 2025 2026 2027 2028 2029 Forwards and Euro conversion 1.21 1.20 1.22 1.25 1.22 1.17 (
Slide 9: 9m 2024 Cash Evolution
9 9m 2024 Cash Evolution IN € BILLION -2.3 +3.3 -2.1 +0.2 -2.2 -0.5 10.7 Free Cash Flow (1): € - 0.9 bn 7.2 FCF before Customer Financing (1): € - 0.8 bn [9m’23: € + 1.1 bn] (2) Net Cash Position Gross Cash Flow Change in Industrial CapEx Other FCF Shareholder Pensions Net Cash Position December 202
Slide 10: Divisional Highlights
| 02. \ Divisional © \ Highlights _ AIRBUS
Slide 11: Airbus
11 Airbus IN € MILLION 9m 2024 9m 2023 Change Deliveries by Programme (% of units delivered) Order Intake (net) 648 1,241 -47.8% Units A320 A330 Order Book 8,749 7,992 9.5% 80% 4% Deliveries Units 497 488 1.8% A350 Revenues 32,879 31,507 4.4% 7% R&D Expenses 1,919 1,798 in % of Revenues 5.8% 5.7% 6.
Slide 12: Airbus Helicopters
12 Airbus Helicopters IN € MILLION 9m 2024 9m 2023 Change External Revenue Split Order Intake (net) 308 191 61.3% Units Order Book 922 751 22.8% Civil Deliveries Units 190 197 -3.6% 51% Revenues 4,875 4,662 4.6% R&D Expenses 227 223 in % of Revenues 4.7% 4.8% 1.8% Defence EBIT Adjusted 420 417 49% i
Slide 13: Airbus Defence and Space
13 Airbus Defence and Space IN € MILLION 9m 2024 9m 2023 Change External Revenue Split Order Intake (net) 10,971 8,469 29.5% Services 37% Revenues 7,609 7,133 6.7% R&D Expenses 228 165 in % of Revenues 3.0% 2.3% 38.2% EBIT Adjusted (661) (1) in % of Revenues -8.7% 0.0% N/A Platforms EBIT (617) (3) 6
Slide 14: Guidance Highlights
03. Guidance Highlights
Slide 15: 2024 Guidance
15 2024 Guidance As the basis for its 2024 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 Company’s 2024 guidance is before M&A. On that basis, th
Slide 16: Key Priorities
16 Key Priorities Leverage Successfully digitalisation & Maintain the Continue to deliver manage the lead the strong on our transformation of development of commercial commercial Airbus Defence sustainable positioning across Focus on aircraft ramp-up and Space aerospace businesses profitable growth
Slide 17: Appendix. 9m 2024
Appendix. 9m 2024
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 1.24 Average 1.23 Blended Rates FY 2023 1.20 1.22 1.22 1.21 FY 2024E 1.21 1.21 1.20 1.20 (1) 1.20 1.20 1.18 1.18 1.16 Q1 Q2 Q3 Q4 2023 2024E Blended rates reflect both EBIT impact of hedge rates of
Slide 19: 9m 2024 Detailed Income Statement and Adjustments
19 9m 2024 Detailed Income Statement and Adjustments thereof Adjustments Impact on EBIT 9m 2024 Financial 9m 2024 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 2,690 2,798 (18) 56 0 (146) in % of Revenues 6.0% 6.3% Int
Slide 20: 9m 2023 Detailed Income Statement and Adjustments
20 9m 2023 Detailed Income Statement and Adjustments 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 21: Liquidity as of 30 September 2024
21 Liquidity as of 30 September 2024 RSCF € 8.0 bn • Signed on July 5, 2022 • 2nd extension option of 1 year exercised in June 2024 and approved by all lenders: the full €8bn line is committed until Credit Facility (RSCF) July 5, 2029 • Fully committed by 38 banks • No financial covenants, no MAC cl
Slide 22: Q3 2024 Key Figures
22 Q3 2024 Key Figures IN € MILLION Q3 2024 Q3 2023 Revenues 15,689 14,897 EBIT Adjusted 1,407 1,013 EBIT 1,234 825 Net Income 983 806 FCF before Customer Financing (316) (531) FCF (318) (750) IN € MILLION Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Revenues EBIT Adjusted EBIT Airbus 11,664 11,1
Slide 23: Detailed Free Cash Flow
23 Detailed Free Cash Flow IN € MILLION 9m 2024 9m 2023 Net Cash position at the beginning of the period 10,726 9,431 Gross Cash Flow from Operations (1) 3,256 3,285 Change in working capital (2) (2,294) (942) Investments in intangible and fixed assets (net) (1,839) (1,500) & Dividens paid by compan
Slide 24: Net Cash Position
24 Net Cash Position IN € MILLION Sep. 2024 Dec. 2023 Gross Cash 21,088 25,278 Financing Liabilities (13,120) (13,591) Short-term Financing Liabilities (2,976) (3,389) Long-term Financing Liabilities (10,144) (10,202) Interest rate contracts (805) (961) Reported Net Cash 7,163 10,726
Slide 25: Customer Financing Exposure
25 Customer Financing Exposure IN € MILLION Sep. 2024 Dec. 2023 Sep. 2024 Dec. 2023 Airbus Helicopters Closing rate € 1 = $ 1.12 $ 1.11 $ 1.12 $ 1.11 Total Gross Exposure 306 312 16 19 of which off-balance sheet 6 6 2 2 Estimated value of collateral (259) (252) (16) (19) Net Exposure 47 60 0 0 Provi
Slide 26: Airbus Customer Financing
26 Airbus Customer Financing Additions Sell Down Amortization Net change Airbus Customer Financing Gross 1.0 Exposure in $ bn 0.8 0.9 0.7 0.8 0.5 0.6 0.6 0.6 0.1 0.3 0.3 0.1 0.2 0.0 0.1 (0.2) (0.2) (0.1) (0.1) (0.3) (0.3) (0.4) (0.4) (0.6) (0.5) (0.6) (0.0) (0.1) (0.7) (0.7) (0.7) (0.7) (0.7) (0.0)
Slide 27: Balance Sheet Highlights: Assets
27 Balance Sheet Highlights: Assets IN € MILLION Sep. 2024 Dec. 2023 Non-current Assets 58,028 54,870 of which Intangible & Goodwill 17,216 16,929 of which Property, plant & equipment 17,905 17,201 of which Investments & other long-term financial assets 6,969 6,947 of which Contract assets 59 26 of
Slide 28: Balance Sheet Highlights: Liabilities
28 Balance Sheet Highlights: Liabilities IN € MILLION Sep. 2024 Dec. 2023 Total Equity 19,124 17,730 of which AOCI (Accumulated Other Comprehensive Income) (1,358) (2,305) of which Non-controlling interests 41 35 Total Non-current liabilities 47,267 47,391 of which Pensions 1,947 2,405 of which Othe
Slide 29: New Capitalised Research and Development
29 New Capitalised Research and Development IN € MILLION 9m 2024 9m 2023 Airbus 144 98 Helicopters 1 0 Defence and Space 128 154 Eliminations 0 0 Consolidated Airbus 273 252
Slide 30: Shareholding Structure at 30 September 2024
30 Shareholding Structure at 30 September 2024 SOGEPA 10.8% Free Float 74.1% GZBV 10.8% SEPI 4.1% Treasury Shares 0.2% 792,283,683 shares issued at 30 September 2024
Slide 31: Quarterly Revenues Breakdown (Cumulative)
31 Quarterly Revenues Breakdown (Cumulative) IN € MILLION Q1 H1 9m FY 2024 2023 2024 2023 2024 2023 2024 2023 Airbus 9,167 8,110 21,215 20,349 32,879 31,507 47,763 Helicopters 1,461 1,598 3,191 3,194 4,875 4,662 7,337 Defence and Space 2,399 2,299 4,985 4,653 7,609 7,133 11,495 Eliminations (197) (2
Slide 32: Quarterly EBIT Adjusted Breakdown (Cumulative)
32 Quarterly EBIT Adjusted Breakdown (Cumulative) IN € MILLION Q1 H1 9m FY 2024 2023 2024 2023 2024 2023 2024 2023 Airbus 507 580 1,954 2,256 3,028 3,216 4,818 Helicopters 71 156 230 274 420 417 735 Defence and Space (9) 36 (807) 78 (661) (1) 229 Eliminations 8 1 14 10 11 (1) 56 Consolidated Airbus
Slide 33: Quarterly EBIT Breakdown (Cumulative)
33 Quarterly EBIT Breakdown (Cumulative) IN € MILLION Q1 H1 9m FY 2024 2023 2024 2023 2024 2023 2024 2023 Airbus 500 197 1,972 1,523 2,876 2,306 3,610 Helicopters 71 156 230 267 420 410 717 Defence and Space 30 36 (760) 87 (617) (3) 220 Eliminations 8 1 14 10 11 (1) 56 Consolidated Airbus 609 390 1,
Slide 34: 9m 2024 IFRS vs. APM Cash Flow Reconciliation
34 9m 2024 IFRS vs. APM Cash Flow Reconciliation IN € BILLION Sep. 2024 Cash provided by (used for) operating activities 0.8 t/o Reimbursement from / contribution to plan assets (0.3) t/o Treasury swaps 0.0 t/o Change in other operating assets and liabilities (2.2) Gross Cash Flow from Operations 3.
Slide 35: Glossary on Alternative Performance Measures (APM)
35 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