Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — FY2022 Earnings Presentation
35 slides from Airbus's earnings presentation, Feb 16, 2023
Slide 1: FY Results 2022
FY Results 2022 16 February 2023 Guillaume FAURY | Chief Executive Officer Dominik ASAM | 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 2022
Slide 4: FY 2022 Key Topics
FY 2022 Key Topics 4 Adverse operating environment 661 (1) commercial aircraft delivered in FY 2022 FY 2022 financials: EBIT Adjusted of € 5.6 bn; EBIT reported of € 5.3 bn FCF before M&A and Customer Financing of € 4.7 bn Dividend proposal: € 1.80 per share (1) After a reduction of 2 a/
Slide 5: FY 2022 Commercial Positioning
FY 2022 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 31% Airbus 69% A320 84% Asia Pacific 29% Helicopters 11% Defence and A330 3% € 449 bn North A
Slide 6: FY 2022 Financial Performance
FY 2022 Financial Performance 6 Revenues EBIT Adjusted in € bn in € bn / RoS (%) 9.6% 9.3% 58.8 5.6 52.1 4.9 FY 2021 FY 2022 FY 2021 FY 2022 EPS(1) Adjusted FCF before M&A and Customer Financing in € in € bn 5.15 4.7 4.33 3.5 FY 2021 FY 2022 FY 2021 FY 2022 (1) FY 2022 Average number of shares: 787,
Slide 7: FY 2022 Profitability
FY 2022 Profitability 7 EBIT Performance FY 2022 EBIT Reported of € 5,325 m in € bn FY 2022 EBIT Adjustments resulting from: € + 308 m PDP mismatch / BS revaluation 5.6 € + 28 m A380 programme 5.3 5.3 4.9 € - 477 m A400M charge € - 82 m Aerostructures transformation € - 79 m Others EBI
Slide 8: USD Exposure Coverage
USD Exposure Coverage 8 IN $ BILLION Forwards & Euro Conversion as of Dec. 2022 Forwards & Euro Conversion as of Dec. 2021 23.7 23.2 20.3 18.0 12.8 12.4 3.7 Average blended rates(1) (€ vs. $) 2022 2023 2024 2025 2026 2027 2028 Forwards and Euro conversion 1.22 1.21 1.23 1.24 1.28 1.27 1.22 ( 1.22 in
Slide 9: FY 2022 Cash Evolution
FY 2022 Cash Evolution 9 IN € BILLION +1.4 -2.4 -0.2 -1.2 +5.5 -1.4 Free Cash Flow before M&A: € + 4.5 bn 9.4 t/o Customer Financing € - 0.1 bn 7.7 Free Cash Flow before M&A and Customer Financing: € + 4.7 bn Net Cash Position (1) Gross Cash Flow Change in Cash used for (2) M&A (3) Shareholder Retur
Slide 10: Divisions Highlights
Divisions Highlights Airbus FY Results 2022
Slide 11: Airbus Commercial Aircraft Division Results
11 IN € MILLION FY 2022 FY 2021 Change Deliveries by Programme (Units) Order Intake (net) 820 507 61.7% A220 8% Units Order Book 7,239 7,082 2.2% A320 78% Order Intake (net) 59,727 40,004 49.3% A330 5% Value Order Book 390,456 345,101 13.1% A350 9% (1) (2) Deliveries Units 661 611 8.2% Revenues 41,4
Slide 12: Helicopters
Helicopters 12 IN € MILLION FY 2022 FY 2021 Change External Revenue Split Order Intake (net) 362 414 -12.6% Civil 44% Units Order Book 757 739 2.4% Defence 56% Order Intake (net) 9,338 8,552 9.2% Value Order Book 20,774 17,985 15.5% Deliveries Units 344 338 1.8% Revenues 7,048 6,509 8.3% R&D Expense
Slide 13: Defence and Space
Defence and Space 13 External Revenue Split IN € MILLION FY 2022 FY 2021 Change Platforms 67% Order Intake (net) 13,660 13,656 0.0% Services 33% Order Book 38,426 36,131 6.4% Revenues 11,259 10,186 10.5% R&D Expenses 266 249 6.8% in %of Revenues 2.4% 2.4% EBIT Adjusted 384 696 -44.8% in %of Revenues
Slide 14: Guidance Highlights
Guidance Highlights Airbus FY Results 2022
Slide 15: 2023 Guidance
2023 Guidance 15 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 Company’s 2023 guidance is before M&A. On that basis, th
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 FY Results 2022
Slide 18: Dividend per Share
Dividend per Share 18 IN € [ 1.80 (3) ] 1.65 1.50 1.50 Ex-dividend date: Tuesday 25 April 2023 Record date: Wednesday 26 April 2023 Payment date: Thursday 27 April 2023 40% 42% 33% (1) (2) 28% 0.00 0.00 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Payout Ratio (1) FY 2019: dividend proposal
Slide 19: Expected Average Blended Rates for Forwards and Euro Conversion
Expected Average Blended Rates for Forwards and Euro Conversion € vs. $ 19 Active exposure management 1.28 Average Blended Rates 1.26 (1) 1.25 FY 2021 1.21 1.24 1.24 1.24 1.23 (2) 1.23 FY 2022 1.22 1.22 1.22 FY 2023E 1.21 1.21 1.21 1.20 1.20 1.19 1.19 1.18 1.16 1.16 1.14 Q1 Q2 Q3 Q4 2021 2022 2023E
Slide 20: FY 2022 Detailed Income Statement and Adjustments
FY 2022 Detailed Income Statement and Adjustments 20 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 21: FY 2021 Detailed Income Statement and Adjustments
FY 2021 Detailed Income Statement and Adjustments 21 thereof Adjustments Impact on EBIT FY 2021 Financial FY 2021 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 5,342 4,865 609 (94) 0 (38) in % of Revenues 10.2% 9.3% In
Slide 22: Liquidity as of 31 December 2022
Liquidity as of 31 December 2022 22 RSCF: € 8.0 bn Signed 5th July 2022 with a 5 years tenor + 2 extension options of 1 year; undrawn Fully committed by 38 banks Credit Facility (RSCF) No financial covenants, no MAC clause Sustainability-Linked € 14.2 bn Financing Liabilities: (1) Total Gros
Slide 23: Q4 2022 Key Figures
Q4 2022 Key Figures 23 IN € MILLION Q4 2022 Q4 2021 Revenues 20,644 16,994 EBIT Adjusted 2,146 1,496 EBIT 1,773 1,905 Net Income 1,679 1,578 FCF before M&A 1,925 1,221 FCF before M&A and Customer Financing 1,781 1,255 IN € MILLION Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Revenues EBIT Adjuste
Slide 24: Detailed Free Cash Flow
Detailed Free Cash Flow 24 IN € MILLION FY 2022 FY 2021 Net Cash position at the beginning of the period (1) 7,740 4,724 (2) Gross Cash Flow from Operations 5,512 4,078 (3) Change in working capital 1,421 984 (4) Cash used for investing activities (2,609) (1,551) (5) of which Industrial CapEx (addit
Slide 25: Net Cash Position
Net Cash Position 25 IN € MILLION Dec. 2022 Dec. 2021 Gross Cash 23,598 22,683 Financing Liabilities (12,773) (15,040) Short-term Financing Liabilities (2,142) (1,946) Long-term Financing Liabilities (10,631) (13,094) Interest rate contracts (1,394) 97 Reported Net Cash (1) 9,431 7,740 (1) The Compa
Slide 26: Customer Financing Exposure
Customer Financing Exposure 26 IN € MILLION Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021 Airbus Helicopters Closing rate € 1 = $ 1.07 $ 1.13 $ 1.07 $ 1.13 Total Gross Exposure 312 364 33 58 of which off-balance sheet 6 41 2 26 Estimated value of collateral (262) (282) (33) (58) Net Exposure 50 82 0 0 Pro
Slide 27: Airbus Customer Financing
Airbus Customer Financing 27 IN € BILLION Additions Sell Down Amortization Net change 1.0 0.8 0.9 Airbus Customer 0.8 0.8 0.7 Financing Gross 0.6 0.6 0.6 0.5 Exposure 0.3 0.3 0.3 0.1 0.2 0.0 (0.2) (0.2) (0.2) (0.3) (0.3) (0.5) (0.4) (0.4) (0.1) (0.7) (0.7) (0.7) (0.7) (0.6) (0.7) (0.6) (0.1) (0.1) (
Slide 28: Balance Sheet Highlights: Assets
Balance Sheet Highlights: Assets 28 IN € MILLION Dec. 2022 Dec. 2021 Non-current Assets (1) 52,942 51,353 of which Intangible & Goodwill 16,768 16,367 of which Property, plant & equipment 16,505 16,536 of which Investments & other long-term financial assets 6,257 5,673 of which Contract assets 26 27
Slide 29: Balance Sheet Highlights: Liabilities
Balance Sheet Highlights: Liabilities 29 IN € MILLION Dec. 2022 Dec. 2021 Total Equity 12,982 9,486 of which AOCI (Accumulated Other Comprehensive Income) (5,016) (1,822) of which Non-controlling interests 32 20 Total Non-current liabilities 50,367 49,754 of which Pensions 3,193 6,659 of which Other
Slide 30: Shareholding Structure at December 2022
Shareholding Structure at 31 December 2022 30 Free Float 74.1% Shareholder Agreement 25.9% SOGEPA 10.9% GZBV 10.9% SEPI 4.1% Treasury Shares 0.1% 788,205,008 shares issued at 31 December 2022
Slide 31: Quarterly Revenues Breakdown (Cumulative)
Quarterly Revenues Breakdown (Cumulative) 31 IN € MILLION Q1 H1 9m FY 2022 2021 2022 2021 2022 2021 2022 2021 Airbus 8,541 7,272 17,533 17,813 26,654 24,618 41,428 36,164 Helicopters 1,265 1,177 2,744 2,594 4,515 4,137 7,048 6,509 Defence and Space 2,453 2,115 5,056 4,538 7,593 6,881 11,259 10,186 E
Slide 32: Quarterly EBIT Adjusted Breakdown (Cumulative)
Quarterly EBIT Adjusted Breakdown (Cumulative) 32 IN € MILLION Q1 H1 9m FY 2022 2021 2022 2021 2022 2021 2022 2021 Airbus 1,065 533 2,276 2,291 2,875 2,739 4,600 3,570 Helicopters 90 62 215 183 380 314 639 535 Defence and Space 106 59 155 229 231 284 384 696 Eliminations 2 40 (1) 0 (5) 32 4 64 Conso
Slide 33: Quarterly EBIT Breakdown (Cumulative)
Quarterly EBIT Breakdown (Cumulative) 33 IN € MILLION Q1 H1 9m FY 2022 2021 2022 2021 2022 2021 2022 2021 Airbus 1,242 343 2,478 2,387 3,241 2,889 4,800 4,175 Helicopters 90 62 215 183 380 312 639 535 Defence and Space 95 17 (113) 157 (64) 204 (118) 568 Eliminations 2 40 (1) 0 (5) 32 4 64 Consolidat
Slide 34: FY 2022 IFRS vs. APM Cash Flow Reconciliation
FY 2022 IFRS vs. APM Cash Flow Reconciliation 34 IN € BILLION Dec. 2022 IN € BILLION Dec. 2022 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 (0.6) Cash provided by (used for) investing ac
Slide 35: 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