Slide 1: 9m Results 2014
9m RESULTS 2014 14 NOVEMBER 2014 Harald Wilhelm I Chief Financial Officer
Slide 2: Safe Harbour Statement
2 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
Slide 3: 9m Results 2014 Group Highlights
3 9m Results 2014 Group Highlights
Slide 4: 9m 2014 Highlights
4 9m 2014 Highlights Commercial Net Book-to-bill > 1 Momentum Implementing Strategy Execution Executing Programme Milestones Delivering Performance Revenues: +4%, EBIT* before one-off +12% 9m 2014 Financials EBIT* reported: +21%, EPS: +19% FCF**: € -2.1 bn (9m 2013: € -4.7 bn) Guidance Guidance conf
Slide 5: 9m 2014 Commercial Environment
5 9m 2014 Commercial Environment Airbus Group Order Intake* by Segment Airbus Group Order Book* by Region (by value) (by value) 6% 10% 6% 4% 31% € 79 bn 15% € 765 bn • Asia Pacific • Airbus • Europe • Airbus Helicopters • North America t/o Defence € 5.8 bn • Airbus D&S t/o Defence € 42.2 bn • Middle
Slide 6: 9m 2014 Financial Performance
6 9m 2014 Financial Performance Revenues EBIT* before one-off Moderate 58 Stable Growth ** 56 6.1% 44 47 58 5.2% 3.54 39 40 6.4% 37 2.96 6.0% in € bn 32 33 5.1% 2.59 30 in € bn 2.32 1.92 12 11 7 7 7 9m'12 FY'12 9m'13 FY'13 9m'14 Guidance 9m'12 FY'12 9m'13 FY'13 9m'14 Guidance (€:$ 1.35) • t/o Defenc
Slide 7: 9m 2014 Profitability
7 9m 2014 Profitability EBIT* performance 9m 2014 EBIT* reported +21% 2.59 2.58 9m 2014 one-offs limited to € - 7 m from $ PDP 2.32 Mismatch / BS Revaluation 2.13 in € bn EBIT* before one-off EBIT* Reported 9m 2013 9m 2014 EPS performance 9m 2014 Net Income of € 1.4 bn, +16 % 9m 2014 EPS of € 1.79,
Slide 8: 9m 2014 Cash Evolution
8 9m 2014 Cash Evolution in € bn Free Cash Flow* before Acquisitions -2.1 * Excluding realized fx results on Treasury swaps in 9m 2014 - prior year not restated (€ 14 m 9m 2013) ** Includes customer financing in other assets and liabilities of € +0.1 bn *** thereof capex of € -1.6 bn **** M&A transa
Slide 9: 9m Results 2014 Divisional Highlights
9 9m Results 2014 Divisional Highlights
Slide 10: Airbus
10 Airbus in € m 9m 2014 9m 2013 Change Deliveries by Programme (units) restated & pro forma Order Intake (net) 791 1,062 -25.5% 5% in units 17% Order Book 5,907 5,299 +11.5% • Single Aisle • Long Range Order Intake (net) 68,479 125,964 -45.6% • A380 in value Order Book 711,825 581,034 +22.5% 78% De
Slide 11: Airbus Helicopters
11 Airbus Helicopters in € m 9m 2014 9m 2013 Change External Revenue Split Order Intake (net) 208 276 -24.6% in units Order Book 908 1,034 -12.2% 47% • Civil Order Intake (net) 3,281 4,177 -21.5% 53% • Defence in value Order Book 11,440 12,986 -11.9% Deliveries (units) 295 312 -5.4% Revenues 4,260 4
Slide 12: Airbus Defence & Space
12 Airbus Defence & Space External Revenue Split in € m 9m 2014 9m 2013 Change restated & pro forma 26% Order Intake (net) 8,227 7,120 +15.5% • Platforms • Services Order Book 43,647 43,323 +0.7% 74% Revenues 8,197 8,382 -2.2% R&D expenses 249 238 +4.6% in % of revenues 3.0% 2.8% 11% EBIT* before on
Slide 13: 9m Results 2014 Guidance 2014
13 9m Results 2014 Guidance 2014
Slide 14: Guidance 2014
14 Guidance 2014 2014 Guidance is based on $/€ 1.35 as average rate Airbus Airbus deliveries about the same level as 2013 including 1st A350 (2013: 626 a/c) Orders & Deliveries Net book to bill > 1 Revenues Airbus Group targets revenues to be stable with 2013** Using EBIT* before one off, Airbus Gro
Slide 15: 9m Results 2014 Appendix
9m Results 2014 Appendix AIRBUS GROUP
Slide 16: Currency Hedge Policy
16 Currency Hedge Policy Expected exposure Trend (indicative) in US$ bn 24.3* • Total Forward Sales 18.5 • Dec. 2013 24.8 21.6 14.5 8.7 5.8 Average hedge rates 2014 2015 2016 2017 2018+ 1.35 1.35 1.33 1.33 1.37 € vs $ For remaining 3 months ( FY 2014e 1.35) ( 1.35 in Dec. 13 ) ( 1.32 in Dec. 13 ) (
Slide 17: Expected Airbus Group Average Hedge Rates € vs. $
17 Expected Airbus Group Average Hedge Rates € vs. $ Active exposure management $/€ 1.40 1.38 1.38 Average Rates 1.37 1.36 1.36 1.36 1.36 FY 2013 1.37 1.35 1.35 FY 2014E 1.35 1.34 1.33* 1.32 Q1 Q2 Q3 Q4 FY 2013 2014 E * Q3 2014 actual
Slide 18: 9m 2014 Forex EBIT* Impact Bridge
18 9m 2014 Forex EBIT* Impact Bridge in € bn Bridge Hedge rates ($/€ 1.37 to $/€ 1.35) 0.13 Other one-off forex effect including PDP reversal 0.13 Compared to 9m 2013 0.26 * Pre-goodwill impairment and exceptionals
Slide 19: 9m 2014 Detailed Income Statement and Adjustments
19 9m 2014 Detailed Income Statement and Adjustments thereof thereof Impact on EBIT* Goodwill in € m Financial 9m 2014* Impair. FX 9m 2014 9m 2014* result before & Fair one-off one-off one-off value dep. EBIT* 2,549 (34) 2,583 (7) 2,590 in % of revenues 6.3% 6.4% 6.4% Interest income 117 117 117 Int
Slide 20: 9m 2013 Detailed Income Statement and Adjustments
20 9m 2013 Detailed Income Statement and Adjustments thereof thereof Impact on EBIT* Goodwill 9m 2013* in € m OPERATI Financial 9m 2013 Impair. FX before 9m 2013* ONAL result Adjusted & Fair one-off one-off one-offs one-off value dep. Adjusted Airbus EBIT* 2,100 (31) 2,131 (49) (140) 2,320 in % of r
Slide 21: Q3 Key Figures
21 Q3 Key Figures in € m Q3 2014 Q3 2013 Revenues 13,297 13,277 EBIT* before one-off 821 706 EBIT* 744 653 FCF before Acquisitions 180 (689) Order Intake 50,988 41,406 in € m Q3 2014 Q3 2013 Q3 2014 Q3 2013 Q3 2014 Q3 2013 Revenues EBIT* before one-off EBIT* Airbus 9,391 9,226 493 481 416 428 Airbus
Slide 22: Detailed Free Cash Flow
22 Detailed Free Cash Flow in € m 9m 2014 9m 2013 restated & pro forma Net Cash position at the beginning of the period 8,454 11,724 Gross Cash Flow from Operations* 3,377 2,540 Change in working capital** (4,168) (5,431) of which Customer Financing 71 (418) Cash used for investing activities*** (1,
Slide 23: Net Cash Position
23 Net Cash Position in € m Dec. 2013 Sep. 2014 Adjusted Gross Cash 12,419 14,084 Financing Debts Short-term Financing Debts (1,893) (1,826) Long-term Financing Debts (5,180) (3,804) Reported Net Cash 5,346 8,454 Airbus non-recourse debt 57 50 Net Cash excl. non-recourse 5,403 8,504 2013 figures res
Slide 24: Airbus Group: Strong Liquidity Position as at 30 Sep. 2014
24 Airbus Group: Strong Liquidity Position as at 30 Sep. 2014 € 3.0 bn Maturity 2019* Undrawn Credit Facility (RSCF) Fully committed by 40 banks No financial covenants No MAC clause € 7.1 bn EMTN programme & USD Bond (144A/RegS) Financing Liabilities Long term rating : (incl. € 2.5 bn liabilities of
Slide 25: Customer Financing Exposure
25 Customer Financing Exposure in € m 100% Airbus 100% Airbus Helicopters Sep. 2014 Dec. 2013 Sep 2014 Dec. 2013 Closing rate € 1 = $ 1.26 $ 1.38 Total Gross exposure 1,142 1,193 87 84 of which off-balance sheet 78 91 14 14 Estimated value of collateral (829) (851) (46) (41) Net exposure 313 342 41
Slide 26: Airbus Customer Financing
26 Airbus Customer Financing Additions and Disposals 2.5 to Airbus customer financing gross exposure in $ bn Additions Sell Down Amortisation 1.5 1.5 1.5 1.0 0.9 1.0 0.6 0.8 0.6 0.8 0.6 Active 0.5 0.5 0.4 0.3 0.5 0.3 (0.2) (1.0) (1.1) exposure (0.9) (0.7) (0.7) (1.3) (2.2) (0.3) (0.7) ‐0.5 (0.3) (0.
Slide 27: Balance Sheet Highlights: Assets
27 Balance Sheet Highlights: Assets in € m Dec. 2013 Sep. 2014 Adjusted Non-current Assets 46,331 45,526 of which Intangible & Goodwill 12,786 12,500 of which Property, plant & equipment 16,101 15,585 of which Investments & Financial assets 5,376 5,614 of which positive hedge mark-to-market 440 1,99
Slide 28: Balance Sheet Highlights: Liabilities
28 Balance Sheet Highlights: Liabilities in € m Dec. 2013 Sep. 2014 Adjusted Total Equity 8,553 10,906 of which OCI (Other Comprehensive Income) 212 2,929 of which Non-controlling interests 4 42 Total Non-current liabilities 36,810 33,017 of which pensions 6,588 5,866 of which other provisions 3,122
Slide 29: Shareholding Structure as at 30 September 2014
29 Shareholding Structure as at 30 September 2014 0.1% 11.0% 2% Shareholder Agreement 5% 15% 10.9% • SOGEPA 33% • GZBV 26.0% 4.1% • SEPI 19% 26% Free Float 73.9% • Institutional Investors & Retail • Treasury shares* (without economic or voting rights) 784,799,440 shares issued as at 30 September 201
Slide 30: Quarterly Order Intake Breakdown (cumulative)
30 Quarterly Order Intake Breakdown (cumulative) in € m Q1 H1 9m FY 2013 2013 2013 2013 2014 pro forma & 2014 pro forma & 2014 pro forma & 2014 pro forma & restated restated restated restated Airbus 17,938 46,668 22,880 89,302 68,479 125,964 199,261 Airbus Helicopters 1,202 804 2,183 2,448 3,281 4,1
Slide 31: Quarterly Order Book Breakdown (cumulative)
31 Quarterly Order Book Breakdown (cumulative) in € m Q1 H1 9m FY 2013 2013 2013 2013 2014 pro forma & 2014 pro forma & 2014 pro forma & 2014 pro forma & restated restated restated restated Airbus 628,910 552,509 625,620 573,829 711,825 581,034 625,595 Airbus Helicopters 12,439 12,708 11,802 12,806
Slide 32: Quarterly Revenues Breakdown (cumulative)
32 Quarterly Revenues Breakdown (cumulative) in € m Q1 H1 9m FY 2013 2013 2013 2013 2014 pro forma & 2014 pro forma & 2014 pro forma & 2014 pro forma & restated restated restated restated Airbus 8,937 8,759 19,429 18,102 28,820 27,328 39,494 Airbus Helicopters 1,182 1,038 2,801 2,584 4,260 4,132 6,2
Slide 33: Quarterly EBIT* Breakdown (cumulative)
33 Quarterly EBIT* Breakdown (cumulative) in € m Q1 H1 9m FY 2013 2013 2013 2013 2014 pro forma & 2014 pro forma & 2014 pro forma & 2014 pro forma & restated restated restated restated Airbus 546 463 1,357 1,095 1,773 1,523 1,593 Airbus Helicopters 58 20 150 128 241 217 397 Airbus Defence & Space 85
Slide 34: Quarterly EBIT* before one-off Breakdown (cumulative)
34 Quarterly EBIT* before one-off Breakdown (cumulative) in € m Q1 H1 9m FY 2013 2013 2013 2013 2014 pro forma & 2014 pro forma & 2014 pro forma & 2014 pro forma & restated restated restated restated Airbus 527 608 1,287 1,231 1,780 1,712 2,214 Airbus Helicopters 58 20 150 128 241 217 397 Airbus Def
Slide 35: Airbus Group 9m 2013 restatements
35 Airbus Group 9m 2013 restatements Order Intake 9m 2013 Movements Airbus Group Divisions Airbus Group Divisions EADS Divisions Movements restructuring JV restated accounting restated & proforma Total old Airbus Airbus Total new segments divisions Defence & Airbus Elim Total in € m Military in € m
Slide 36: Airbus Group 9m 2013 restatements
36 Airbus Group 9m 2013 restatements Revenues 9m 2013 Movements Airbus Group Divisions Airbus Group Divisions EADS Divisions Movements restructuring JV restated accounting restated & proforma Total old Airbus Airbus Total new segments divisions Defence & Airbus Elim Total in € m Military in € m in €
Slide 37: Airbus Group FY 2013 restatements
37 Airbus Group FY 2013 restatements Order Intake FY 2013 Movements Airbus Group Divisions Airbus Group Divisions EADS Divisions Movements restructuring JV restated accounting restated & proforma Total old Airbus Airbus Total new segments divisions Defence & Airbus Elim Total in € m Military in € m
Slide 38: Airbus Group FY 2013 restatements
38 Airbus Group FY 2013 restatements Revenues FY 2013 Movements Airbus Group Divisions Airbus Group Divisions EADS Divisions Movements restructuring JV restated accounting restated & proforma Total old Airbus Airbus Total new segments divisions Defence & Airbus Elim Total in € m Military in € m in €