Slide 1: Annual Results 2015
AIRBUS GROUP ANNUAL RESULTS 2015 LONDON, 24 FEBRUARY 2016 TOM ENDERS HARALD WILHELM Chief Executive Officer 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: FY Results 2015
3 FY RESULTS 2015 GROUP HIGHLIGHTS DIVISIONAL HIGHLIGHTS GUIDANCE 2016 & DIVIDEND
Slide 4: 2015 Highlights
2015 HIGHLIGHTS 4 ° Solid performance with guidance achieved for all KPIs ° Robust commercial aircraft order intake, record deliveries and order backlog ° Strong focus on programme execution and enhancing competitiveness ° 2015 achievements support short/mid-term outlook ° 2015 EPS growth +15%, divi
Slide 5: FY 2015 Commercial Positioning
FY 2015 COMMERCIAL POSITIONING 5 Airbus Group Order Book* Airbus Group External by Region (by value) Revenue Split by Division 10% 20% 6% 31% 12% € 1,006 bn 10% € 64 bn t/o Defence € 38 bn t/o Defence € 11 bn 18% 70% 23% Airbus Asia Pacific Europe North America Middle East Airbus Helicopters Latin A
Slide 6: FY 2015 Financial Performance
FY 2015 FINANCIAL PERFORMANCE 6 Revenues EBIT* before one-off 6.4% 6.7% 64 4.13 6.1% 4.07 in € bn in € bn 61 58 3.54 FY'13 FY'14 FY'15 FY'13 FY'14 FY'15 EPS** before one-off FCF before M&A 3.36 3.41 in € bn in € bn 2.81 1.1 1.2 FY'13 FY'14 FY'15 (0.8) FY'13 FY'14 FY'15 * Pre-goodwill impairment and
Slide 7: FY 2015 Profitability
FY 2015 PROFITABILITY 7 EBIT* Performance 4.13 ° FY 2015 EBIT* reported + 1.1 % ° FY 2015 one-offs resulting from: in € bn 4.09 ° € - 635 m $ PDP mismatch / BS Revaluation 4.07 ° € 90 m Portfolio 4.04 ° € 41 m Defence & Space Restructuring Provision Release ° € - 290 m A400M Provision ° € 748 m Sale
Slide 8: Currency Hedge Policy
CURRENCY HEDGE POLICY 8 IN $ BILLION Net Exposure Forward Sales as of Dec 2015 Collars as of Dec 2015 Forward Sales as of Dec 2014 25.5* 3.8 23.2 23.8 23.5 17.1 4.2 6.3 Average hedge 2020 2015 2016 2017 2018 ² 2019 rates and beyond € vs $ 1.34 1.32 1.30 1.25 1.26 1.25 Forwards/Collars*** ( 1.35 in D
Slide 9: FY 2015 Cash Evolution
FY 2015 CASH EVOLUTION 9 IN € BILLION +4.6 (0.7) +1.7 (2.7) (1.9) Free Cash Flow before M&A +1.2 10.0 9.1 Net Cash position Gross Cash Flow Change in Working Cash used for M&A ** Dividends, Net Cash position Dec. 2014 from Operations Capital investing activities Pensions & Others Dec. 2015 before M&
Slide 10: FY Results 2015
10 FY RESULTS 2015 GROUP HIGHLIGHTS DIVISIONAL HIGHLIGHTS GUIDANCE 2016 & DIVIDEND
Slide 11: Airbus
AIRBUS 11 Deliveries by programme IN € MILLION FY 2015 FY 2014 Change (units) Order Intake (net) 1,080 1,456 -25.8% Units 4% 2% Order Book 6,831 6,386 +7.0% 16% Order Intake (net) 139,062 150,085 -7.3% Value Order Book 952,450 803,633 +18.5% 78% Deliveries (a/c) 635 629 +1.0% Single Aisle Long Range
Slide 12: Airbus Helicopters
AIRBUS HELICOPTERS 12 IN € MILLION FY 2015 FY 2014 Change External revenue split Order Intake (net) 333 369 -9.8% Units Order Book 831 893 -6.9% Order Intake (net) 6,168 5,469 +12.8% 50% 50% Value Order Book 11,769 12,227 -3.7% Defence Civil Deliveries (a/c) 395 471 -16.1% Revenues 6,786 6,524 +4.0%
Slide 13: Airbus Defence & Space
AIRBUS DEFENCE & SPACE 13 IN € MILLION External revenue split FY 2015 FY 2014 Change 26% Order Intake (net) 14,440 12,225 +18.1%* Order Book 42,861 43,075 -0.5% 74% Revenues 13,080 13,025 +0.4%** Services Platforms R&D expenses*** 344 360 -4.4% 10% in % of revenues 2.6% 2.8% 41% 20% EBIT**** before
Slide 14: FY Results 2015
14 FY RESULTS 2015 GROUP HIGHLIGHTS DIVISIONAL HIGHLIGHTS GUIDANCE 2016 & DIVIDEND
Slide 15: 2015 Guidance Achievements
2015 GUIDANCE ACHIEVEMENTS 15 ° Airbus deliveries higher than in 2014 V ° Growing commercial aircraft order book V ° Increase in revenues V ° Slight increase in EBIT* before one-off V ° Breakeven Free Cash Flow before M&A V ° EPS to increase further V ° DPS to increase further V Airbus Group propose
Slide 16: 2016 Guidance
2016 GUIDANCE 16 As the basis for its 2016 guidance, Airbus Group expects the world economy and air traffic to grow in line with prevailing independent forecasts and assumes no major disruptions 2016 earnings and FCF guidance is based on a constant perimeter ° In 2016, Airbus expects to deliver more
Slide 17: Key Takeaways
KEY TAKEAWAYS 17 ° Solid 2015 performance, guidance achieved or exceeded for all KPIs ° Record commercial aircraft order book ° Strong focus on programme execution and continuous improvement ° Long-term EPS / FCF growth story confirmed ° Increasing shareholder returns
Slide 18: Appendix
te) a o N Y) = > Y) LL oO > LL APPENDIX AIRBUS GROUP
Slide 19: Dividend per Share
DIVIDEND PER SHARE 19 IN € Pay-out Ratio 1.40 1.30* 1.20 1.20 1.00 ° Ex-dividend date: Monday 02 May 2016 0.75 0.80 ° Record date: Tuesday 03 May 2016 0.60 ° Payment date: Wednesday 04 May 2016 0.40 40% 40% 38% 0.20 0.00 FY 2013 FY 2014 FY 2015 ° Gross Dividend per share increase to € 1.30* * Board
Slide 20: Strong Liquidity Position as at December 2015
2015 AIRBUS GROUP: STRONG LIQUIDITY POSITION AS AT 31 DECEMBER 2015 20 € 3.0 bn Credit Facility: Credit Facility (RSCF) ° Maturity 2020, undrawn ° Fully committed by 40 banks ° No financial covenants, no MAC clause Financing Liabilities: € 9.1 bn ° Short-term: € 2.8 bn Financing Liabilities ° Includ
Slide 21: Expected Airbus Group Average Hedge Rates € vs. $
EXPECTED AIRBUS GROUP AVERAGE HEDGE RATES € VS. $ 21 Active exposure management 1.38 1.37 1.36 1.36 1.35 Average 1.35 Hedge Rates 1.34 1.34 1.34 1.33 * FY 2014 1.35 1.33 1.33 1.32 FY 2015 1.34 1.31 1.31 2016 E 1.32 1.30 Q1 Q2 Q3 Q4 FY 2015 FY 2014 2016 E * Q4 2015 Actual
Slide 22: FY 2015 Forex EBIT Impact Bridge
FY 2015 FOREX EBIT* IMPACT BRIDGE 22 IN € BILLION Bridge Hedge rates (to €/$ 1.34 from /€ $ 1.35) 0.05 Other one-off forex effect including PDP reversal (0.78) Compared to FY 2014 (0.73) * Pre-goodwill impairment and exceptionals
Slide 23: FY 2015 Detailed Income Statement and Adjustments
FY 2015 DETAILED INCOME STATEMENT AND ADJUSTMENTS 23 IN € MILLION thereof one-offs thereof Impact on EBIT* FY 2015 * Goodwill Impair. Financial FY 2015 FY 2015 * OPERATIONAL HQ FX *** before & FV dep. Result one-off Dassault Airbus Airbus DS** sale EBIT 4,062 4,086 4,132 (24) 72 (231) 748 (635) in %
Slide 24: FY 2014 Detailed Income Statement and Adjustments
FY 2014 DETAILED INCOME STATEMENT AND ADJUSTMENTS 24 IN € MILLION thereof one-offs thereof Impact on EBIT* FY 2014* Goodwill Impair. Financial FY 2014 FY 2014* OPERATIONAL HQ FX before & FV dep. Result one-off Airbus DS Dassault sale EBIT 3,991 4,040 4,066 (49) (511) 343 142 in % of revenues 6.6% 6.
Slide 25: Q4 Key Figures
Q4 KEY FIGURES 25 IN € MILLION Q4 2015 Q4 2014 Revenues 21,485 20,216 EBIT* before one-off 1,328 1,476 EBIT* 1,140 1,457 FCF before M&A 2,926 3,199 Order Intake 47,044 87,734 IN € MILLION Q4 2015 Q4 2014 Q4 2015 Q4 2014 Q4 2015 Q4 2014 Revenues EBIT* before one-off EBIT* Airbus 14,735 13,460 554 749
Slide 26: Detailed Free Cash Flow
DETAILED FREE CASH FLOW 26 IN € MILLION FY 2015 FY 2014 Net Cash position at the beginning of the period 9,092 8,454 Gross Cash Flow from Operations* 4,614 5,595 Change in working capital** (723) (2,386) of which Customer Financing (150) 108 Cash used for investing activities*** (1,066) (1,207) of w
Slide 27: Net Cash Position
NET CASH POSITION 27 IN € MILLION Dec. 2015 Dec. 2014 Gross Cash 19,128 16,443 Financing Debts Short-term Financing Debts (2,790) (1,073) Long-term Financing Debts (6,335) (6,278) Reported Net Cash 10,003 9,092 Airbus non-recourse debt 94 46 Net Cash excl. non-recourse 10,097 9,138
Slide 28: A350 / A400M Provision Consumption
A350 / A400M PROVISION CONSUMPTION* (AS AT 31 DEC. 2015) 28 IN € BILLION 6� 5� 4� 3� 2� 1� 0� Total 2016 2017-2018 >2018 Liquiditated Damages Loss Making Contracts * Including A380 Liquidated Damages
Slide 29: Customer Financing Exposure
CUSTOMER FINANCING EXPOSURE 29 IN € MILLION Airbus Airbus Helicopters Dec. 2015 Dec. 2014 Dec. 2015 Dec. 2014 Closing rate € 1 = $ 1.09 $ 1.21 Total Gross Exposure 1,366 1,103 69 81 of which off-balance sheet 60 71 8 9 Estimated value of collateral (922) (743) (20) (37) Net Exposure 444 360 49 44 Pr
Slide 30: Airbus Customer Financing
AIRBUS CUSTOMER FINANCING 30 Additions Sell Down Amortization Net change IN € BILLION 1.5 1.5 1.0 0.9 1.0 0.9 0.8 0.8 0.6 0.5 0.6 0.5 0.6 0.6 0.4 0.3 (0.3) Airbus Customer (0.2) (0.7) (0.6) (0.7) (0.7) (0.2) (0.7) (0.7) (0.7) Financing Gross (0.9) (0.2) (0.1) (0.1) (1.0) (1.1) (0.1) (0.3) (2.2) (0.1
Slide 31: Balance Sheet Highlights: Assets
BALANCE SHEET HIGHLIGHTS: ASSETS 31 IN € MILLION Dec. 2015 Dec. 2014 Non-current Assets 53,438 48,420 of which Intangible & Goodwill 12,555 12,758 of which Property, plant & equipment 17,127 16,321 of which Investments & Financial assets 3,818 5,160 of which positive hedge mark-to-market 931 502 of
Slide 32: Balance Sheet Highlights: Liabilities
BALANCE SHEET HIGHLIGHTS: LIABILITIES 32 IN € MILLION Dec. 2015 Dec. 2014 Total Equity 5,973 7,079 of which OCI (Other Comprehensive Income) (4,316) (1,205) of which Non-controlling interests 7 18 Total Non-current liabilities 46,700 40,846 of which pensions 7,172 7,864 of which other provisions 2,6
Slide 33: Shareholding Structure as at December 2015
SHAREHOLDING STRUCTURE AS AT 31 DECEMBER 2015 33 0.2% Free Float 10.9% • Institutional Investors & Retail 73.9% 10.9% 4.1% Shareholder Agreement • SOGEPA 73.9% • GZBV 25.9% • SEPI Treasury shares • Treasury shares (without economic or voting rights) 0.2% ° 785,344,784 shares issued as at 31 December
Slide 34: Quarterly Order Intake Breakdown (Cumulative)
QUARTERLY ORDER INTAKE BREAKDOWN (CUMULATIVE) 34 IN € MILLION Q1 H1 9m FY 2015 2014 2015 2014 2015 2014 2015 2014 Airbus 17,217 17,938 46,334 22,880 100,061 68,479 139,062 150,085 Airbus Helicopters 1,428 1,202 2,726 2,183 4,013 3,281 6,168 5,469 Airbus Defence & Space 2,390 2,068 5,371 3,831 8,483
Slide 35: Quarterly Order Book Breakdown (Cumulative)
QUARTERLY ORDER BOOK BREAKDOWN (CUMULATIVE) 35 IN € MILLION Q1 H1 9m FY 2015 2014 2015 2014 2015 2014 2015 2014 Airbus 901,565 628,910 875,018 625,620 914,692 711,825 952,450 803,633 Airbus Helicopters 12,371 12,439 12,004 11,802 11,818 11,440 11,769 12,227 Airbus Defence & Space 41,854 42,588 41,68
Slide 36: Quarterly Revenues Breakdown (Cumulative)
QUARTERLY REVENUES BREAKDOWN (CUMULATIVE) 36 IN € MILLION Q1 H1 9m FY 2015 2014 2015 2014 2015 2014 2015 2014 Airbus 8,565 8,937 21,081 19,429 31,119 28,820 45,854 42,280 Airbus Helicopters 1,285 1,182 2,950 2,801 4,423 4,260 6,786 6,524 Airbus Defence & Space 2,603 2,743 5,531 5,516 8,383 8,197 13,
Slide 37: Quarterly EBIT* Breakdown (Cumulative)
QUARTERLY EBIT* BREAKDOWN (CUMULATIVE) 37 IN € MILLION Q1 H1 9m FY 2015 2014 2015 2014 2015 2014 2015 2014 Airbus 419 546 1,424 1,357 1,902 1,773 2,301 2,671 Airbus Helicopters 52 58 162 150 241 241 427 413 Airbus Defence & Space 133 85 (26) 223 149 370 745 409 HQ / Elim. 637 30 669 109 654 199 613
Slide 38: Quarterly EBIT* Before One-Off Breakdown (Cumulative)
QUARTERLY EBIT* BEFORE ONE-OFF BREAKDOWN (CUMULATIVE) 38 IN € MILLION Q1 H1 9m FY 2015 2014 2015 2014 2015 2014 2015 2014 Airbus 569 527 1,533 1,287 2,226 1,780 2,780 2,529 Airbus Helicopters 52 58 162 150 241 241 427 413 Airbus Defence & Space 90 85 267 223 431 370 1,060 920 HQ / Elim. (60) 30 (79)