Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — FY2023 Earnings Presentation
37 slides from Airbus's earnings presentation, Feb 15, 2024
Slide 1: FY Results 2023
FY Results 2023 15 February 2024 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 FY Results 2023
Slide 4: FY 2023 Key Topics
FY 2023 Key Topics 4 ▪ Strong commercial momentum ▪ Guidance achieved: ▪ 735 commercial aircraft delivered ▪ EBIT Adjusted of € 5.8 bn ▪ FCF before M&A and Customer Financing of € 4.4 bn ▪ Net Cash of € 10.7 bn ▪ Dividend proposals: ▪ Dividend of € 1.80 per share ▪ Special dividend of € 1.00 per sha
Slide 5: FY 2023 Commercial Positioning
FY 2023 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% Europe 34% Airbus 72% A320 84% Asia Pacific 31% Helicopters 11% Defence and A330 2% € 554 bn North A
Slide 6: FY 2023 Financial Performance
FY 2023 Financial Performance 6 Revenues EBIT Adjusted in € bn in € bn / RoS (%) 9.6% 8.9% 58.8 65.4 5.8 5.6 FY 2022 FY 2023 FY 2022 FY 2023 EPS(1) Adjusted FCF before M&A and Customer Financing in € in € bn 5.15 5.60 4.7 4.4 FY 2022 FY 2023 FY 2022 FY 2023 (1) FY 2023 Average number of shares: 788,
Slide 7: FY 2023 Profitability
FY 2023 Profitability 7 EBIT Performance ▪ FY 2023 EBIT Reported of € 4,603 m in € bn ▪ FY 2023 EBIT Adjustments resulting from: ▪ € - 1,030 m $ Working Capital mismatch and Balance Sheet revaluation 5.6 5.8 ▪ € - 89 m Aerostructures transformation 5.3 4.6 ▪ € - 41 m A400M charge ▪ € - 75 m Others ▪
Slide 8: USD Exposure Coverage
USD Exposure Coverage 8 IN $ BILLION Forwards & Euro Conversion as of Dec. 2023 Forwards & Euro Conversion as of Dec. 2022 22.4 23.3 20.5 17.8 16.1 10.5 3.7 Average blended rates(1) (€ vs. $) 2023 2024 2025 2026 2027 2028 2029 Forwards and Euro 1.20 1.21 1.22 1.24 1.26 1.23 1.16 conversion ( 1.21 in
Slide 9: FY 2023 Cash Evolution
FY 2023 Cash Evolution 9 IN € BILLION +1.2 -3.0 -0.1 +5.7 -1.8 -0.8 Free Cash Flow before M&A: € + 4.0 bn t/o Customer Financing € - 0.4 bn Free Cash Flow before M&A and Customer Financing: € + 4.4 bn 10.7 9.4 (1) (2) Net Cash Position Gross Cash Flow Change in Cash used for M&A Shareholder Return P
Slide 10: Divisions Highlights
Company Highlights Divisions Highlights Airbus FY Results 2023
Slide 11: Airbus Commercial Aircraft Results
11 IN € MILLION FY 2023 FY 2022 Change Deliveries by Programme (Units) Order Intake (net) 2,094 820 155.4% A220 9% Units Order Book 8,598 7,239 18.8% A320 78% Order Intake (net) 162,571 59,727 172.2% A330 4% Value Order Book 490,812 390,456 25.7% A350 9% (1) Deliveries Units 735 661 11.2% Revenues 4
Slide 12: Helicopters
Helicopters 12 IN € MILLION FY 2023 FY 2022 Change External Revenue Split Order Intake (net) 393 362 8.6% Civil 48% Units Order Book 804 757 6.2% Defence 52% Order Intake (net) 8,597 9,338 -7.9% Value Order Book 21,525 20,774 3.6% Deliveries Units 346 344 0.6% Revenues 7,337 7,048 4.1% R&D Expenses
Slide 13: Defence and Space
Defence and Space 13 External Revenue Split IN € MILLION FY 2023 FY 2022 Change Platforms 66% Order Intake (net) 15,701 13,660 14.9% Services 34% Order Book 42,195 38,426 9.8% Revenues 11,495 11,259 2.1% R&D Expenses 275 266 3.4% in % of Revenues 2.4% 2.4% EBIT Adjusted 229 384 -40.4% in % of Revenu
Slide 14: New Free Cash Flow Definition
New Free Cash Flow Definition 14 ▪ In line with market practices, the Company has decided to update the definition of the Alternative Performance Measure Free Cash Flow to better reflect the underlying cash generation performance of its operations. ▪ As per new definition, the Company defines Free C
Slide 15: Guidance Highlights
Company Guidance Highlights Airbus FY Results 2023
Slide 16: 2024 Guidance
2024 Guidance 16 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 17: Key Priorities
Key Priorities 17 ▪ Continue to deliver on our commercial aircraft ramp-up ▪ Successfully manage the transformation of Airbus Defence and Space ▪ Leverage digitalisation and lead the development of sustainable aerospace ▪ Maintain the strong commercial positioning across businesses ▪ Focus on profit
Slide 18: Appendix
Company Highlights Appendix Airbus FY Results 2023
Slide 19: Dividend proposals
Dividend proposals 19 IN € PER SHARE (1) 1.80 1.80 1.50 (1) 1.00 38% 33% 28% FY 2021 FY 2022 FY 2023 FY 2023 Payout Ratio Dividend policy Special dividend ▪ Ex-dividend date: Tuesday 16 April 2024 ▪ Record date: Wednesday 17 April 2024 ▪ Payment date: Thursday 18 April 2024 (1) Board proposal to be
Slide 20: Expected Average Blended Rates for Forwards and Euro Conversion
Expected Average Blended Rates for Forwards and Euro Conversion € vs. $ 20 Active exposure management 1.28 Average Blended Rates 1.26 FY 2022 1.22 (1) 1.24 1.24 1.23 FY 2023 1.20 1.23 1.22 1.22 FY 2024E 1.21 1.22 1.21 1.21 1.21 1.20 1.21 1.21 1.20 1.18 1.18 1.16 1.14 Q1 Q2 Q3 Q4 2022 2023 2024E Blen
Slide 21: Detailed Free Cash Flow Reconciliation
Detailed Free Cash Flow Reconciliation 21 ▪ As per new definition, the Company defines Free Cash Flow as the sum of (i) cash provided by operating activities and (ii) Investments in intangible and fixed assets (net) & Dividends paid by companies valued at Equity, minus (iii) contribution to plan ass
Slide 22: FY 2023 Detailed Income Statement and Adjustments
FY 2023 Detailed Income Statement and Adjustments 22 thereof Adjustments Impact on EBIT FY 2023 Financial FY 2023 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 4,603 5,838 (157) (30) (18) (1,030) in % of Revenues 7.0%
Slide 23: FY 2022 Detailed Income Statement and Adjustments
FY 2022 Detailed Income Statement and Adjustments 23 thereof Adjustments Impact on EBIT FY 2022 Financial FY 2022 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 5,325 5,627 (134) (476) 0 308 in % of Revenues 9.1% 9.6% I
Slide 24: Liquidity as of December 2023
Liquidity as of 31 December 2023 24 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 25: Q4 2023 Key Figures
Q4 2023 Key Figures 25 IN € MILLION Q4 2023 Q4 2022 Revenues 22,886 20,644 EBIT Adjusted 2,207 2,146 EBIT 1,891 1,773 Net Income 1,457 1,679 FCF before M&A 3,174 1,925 FCF before M&A and Customer Financing 3,349 1,781 IN € MILLION Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Revenues EBIT Adjuste
Slide 26: Detailed Free Cash Flow
Detailed Free Cash Flow 26 IN € MILLION FY 2023 FY 2022 (6) Net Cash position at the beginning of the period 9,431 7,740 (1) Gross Cash Flow from Operations 5,718 5,512 (2) Change in working capital 1,204 1,421 (3) Cash used for investing activities (3,037) (2,609) (4) of which Industrial CapEx (add
Slide 27: Net Cash Position
Net Cash Position 27 IN € MILLION Dec. 2023 Dec. 2022 Gross Cash 25,278 23,598 Financing Liabilities (13,591) (12,773) Short-term Financing Liabilities (3,389) (2,142) Long-term Financing Liabilities (10,202) (10,631) Interest rate contracts (961) (1,394) Reported Net Cash 10,726 9,431
Slide 28: Customer Financing Exposure
Customer Financing Exposure 28 IN € MILLION Dec. 2023 Dec. 2022 Dec. 2023 Dec. 2022 Airbus Helicopters Closing rate € 1 = $ 1.11 $ 1.07 $ 1.11 $ 1.07 Total Gross Exposure 312 312 19 33 of which off-balance sheet 6 6 2 2 Estimated value of collateral (252) (262) (19) (33) Net Exposure 60 50 0 0 Provi
Slide 29: Airbus Customer Financing
Airbus Customer Financing 29 Additions Sell Down Amortization Net change Airbus Customer 1.0 0.9 Financing Gross 0.8 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) (0.2) (0.2) (0.1) (0.3) (0.3) (0.4) (0.4) (0.6) (0.5) (0.6) (0.1) (0.1) (0.7) (0.7) (0.7) (0.7) (0.7) (0.0)
Slide 30: Balance Sheet Highlights: Assets
Balance Sheet Highlights: Assets 30 IN € MILLION Dec. 2023 Dec. 2022 Non-current Assets 54,870 52,942 of which Intangible & Goodwill 16,929 16,768 of which Property, plant & equipment 17,201 16,505 of which Investments & other long-term financial assets 6,947 6,257 of which Contract assets 26 26 of
Slide 31: Balance Sheet Highlights: Liabilities
Balance Sheet Highlights: Liabilities 31 IN € MILLION Dec. 2023 Dec. 2022 Total Equity 17,730 12,982 of which AOCI (Accumulated Other Comprehensive Income) (2,305) (5,016) of which Non-controlling interests 35 32 Total Non-current liabilities 47,391 50,367 of which Pensions 2,405 3,193 of which Othe
Slide 32: Shareholding Structure at December 2023
Shareholding Structure at 31 December 2023 32 Free Float 73.8% Shareholder Agreement 25.8% SOGEPA 10.9% GZBV 10.8% SEPI 4.1% Treasury Shares 0.4% ▪ 790,459,434 shares issued at 31 December 2023
Slide 33: Quarterly Revenues Breakdown (Cumulative)
Quarterly Revenues Breakdown (Cumulative) 33 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 47,763 41,428 Helicopters 1,598 1,265 3,194 2,744 4,662 4,515 7,337 7,048 Defence and Space 2,299 2,453 4,653 5,056 7,133 7,593 11,495 11,259 E
Slide 34: Quarterly EBIT Adjusted Breakdown (Cumulative)
Quarterly EBIT Adjusted Breakdown (Cumulative) 34 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 4,818 4,600 Helicopters 156 90 274 215 417 380 735 639 Defence and Space 36 106 78 155 (1) 231 229 384 Eliminations 1 2 10 (1) (1) (5) 56 4 Cons
Slide 35: Quarterly EBIT Breakdown (Cumulative)
Quarterly EBIT Breakdown (Cumulative) 35 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 3,610 4,800 Helicopters 156 90 267 215 410 380 717 639 Defence and Space 36 95 87 (113) (3) (64) 220 (118) Eliminations 1 2 10 (1) (1) (5) 56 4 Consolida
Slide 36: FY 2023 IFRS vs. APM Cash Flow Reconciliation
FY 2023 IFRS vs. APM Cash Flow Reconciliation 36 IN € BILLION Dec. 2023 IN € BILLION Dec. 2023 Cash provided by (used for) operating activities 6.3 Cash provided by (used for) operating activities 6.3 t/o Reimbursement from / contribution to plan assets (0.7) Cash provided by (used for) investing ac
Slide 37: 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