Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — Q4 2020 Earnings Presentation
35 slides from Airbus's earnings presentation, Feb 18, 2021
Slide 1: 18 February 2021 Results Presentation
18 February 2021 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 Business Guidance Highlights Highlights Highlights Appendix
Slide 4: FY 2020 Key Topics
FY 2020 Key Topics 4 566 commercial aircraft delivered in adverse market environment Financials reflect the early business adaptation and cash containment plan FY EBIT Adjusted of € 1.7 bn; EBIT reported of € - 0.5 bn FY FCF before M&A and Customer Financing of € - 6.9 bn Q4 FCF before M&A
Slide 5: FY 2020 Commercial Positioning
FY 2020 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% Asia Pacific 29% Airbus 67% A320 82% Europe 30% Helicopters 12% Defence and A330 4% € 373 bn North A
Slide 6: FY 2020 Financial Performance
FY 2020 Financial Performance 6 Revenues EBIT Adjusted in € bn in € bn / RoS (%) 9.9% 70.5 6.9 49.9 3.4% 1.7 FY 2019 FY 2020 FY 2019 FY 2020 EPS(1) Adjusted FCF before M&A and Customer Financing in € in € bn FY 2019 FY 2020 3.5 6.07 (3.3) 1.36 Penalty (3.6) Payment FY 2019 FY 2020 (6.9) (1) FY 2020
Slide 7: FY 2020 Profitability
FY 2020 Profitability 7 EBIT Performance FY 2020 EBIT Reported of € - 510 m in € bn FY 2020 EBIT Adjustments resulting from: € - 1,202 m Restructuring provision 6.9 € - 385 m A380 programme cost € - 480 m PDP mismatch / BS revaluation 1.7 1.3 € - 149 m Others (0.5) FY 2020 Net Adjustme
Slide 8: Currency Hedge Policy
Currency Hedge Policy 8 IN $ BILLION Forward Sales as of Dec. 2020 Forward Sales and Collars as of Dec. 2019 17.1 16.6 15.2 12.4 10.5 9.2 8.2 8.9 Average hedge rates 2020 2021 2022 2023 2024 2025 2026 2027 € vs $ 1.19 1.21 1.23 1.26 1.26 1.28 1.31 1.32 Forwards/Collars (2) ( 1.20 in Dec. 19 ) ( 1.23
Slide 9: FY 2020 Cash Evolution
FY 2020 Cash Evolution 9 IN € BILLION +3.1 -3.6 -4.6 12.5 -1.7 -0.6 -0.9 Free Cash Flow before M&A: € - 6.8 bn t/o Customer Financing € 0.1 bn Free Cash Flow before M&A and 4.3 Customer Financing € - 6.9 bn (1) Net Cash Position Gross Cash Flow Penalties Change in Cash used for (2) M&A (3) Pensions
Slide 10: Liquidity as of December 2020
Liquidity as of 31 December 2020 10 SLL: € 6.2 bn Signed March 31st with 9 banks, undrawn Maturity: 12 months from signing Supplemental Liquidity Line (SLL) day + 2 extension options of 6 months at Airbus’ discretion Term-out amounts of € 5.5 bn from bond issuances, € 3.0 bn from incremental a
Slide 11: Business Highlights
Company Business Guidance Highlights Highlights Highlights Appendix
Slide 12: Airbus Commercial Aircraft Results
12 FY 2019 Deliveries by Programme (Units) IN € MILLION FY 2020 (1) Change Restated Order Intake (net) 268 768 -65.1% A220 7% Units Order Book 7,184 7,482 -4.0% A320 79% Order Intake (net) 16,089 65,769 -75.5% A330 3% Value Order Book 324,675 424,082 -23.4% A350 10% Deliveries Units 566 863 -34.4% A
Slide 13: Helicopters
Helicopters 13 IN € MILLION FY 2020 FY 2019 Change External Revenue Split Order Intake (net) 268 310 -13.5% Civil 41% Units Order Book 663 695 -4.6% Defence 59% Order Intake (net) 5,519 7,179 -23.1% Value Order Book 15,782 16,627 -5.1% Deliveries Units 300 332 -9.6% Revenues 6,251 6,007 4.1% R&D Exp
Slide 14: Defence and Space
Defence and Space 14 IN € MILLION FY 2020 FY 2019 Change External Revenue Split Order Intake (net) 11,862 8,520 39.2% Platforms 68% Order Book 33,505 32,263 3.9% Services 32% Revenues 10,446 10,907 -4.2% R&D Expenses 225 302 -25.5% in % of Revenues 2.2% 2.8% EBIT Adjusted 660 565 16.8% in % of Reven
Slide 15: Guidance
Company Business Guidance Highlights Highlights Highlights Appendix
Slide 16: 2021 Guidance
2021 Guidance 16 As the basis for its 2021 guidance, the Company assumes: no further disruptions to the world economy, air traffic, the Company’s internal operations, and its ability to deliver products and services. The Company’s 2021 guidance is before M&A. On that basis, the Company targets to
Slide 17: Key Priorities
Key Priorities 17 Manage deliveries and backlog, including defence contracts Finalise the implementation of the restructuring plan Prepare the industrial ecosystem for when the market recovers Transformation of commercial aircraft industrial value chain Lead the development of sustainable
Slide 18: Appendix
Company Divisional Highlights Highlights Guidance Appendix
Slide 19: Dividend per Share
Dividend per Share 19 IN € 1.65 42% (1) (2) 0.00 0.00 FY 2018 FY 2019 FY 2020 Pay-out-Ratio (3) (1) FY 2019: dividend proposal of € 1.80 per share revoked following the COVID-19 outbreak (2) FY 2020: no dividend proposed for 2020 (3) 2019 EPS Reported € -1.75 and 2020 EPS Reported € -1.45, pay-out r
Slide 20: Expected Average Hedge Rates € vs. $
Expected Average Hedge Rates € vs. $ 20 Active exposure management 1.34 Average 1.32 Hedge Rates FY 2019 1.24 1.29 FY 2020 1.19 1.25 FY 2021E 1.21 1.24 1.23 1.24 1.21 1.21 1.20 (1) 1.19 (2) 1.19 1.20 1.19 1.17 1.15 1.14 Q1 Q2 Q3 Q4 2019 2020 2021E (1) Q4 actual (2) Based on $ 4.1 bn hedges matured w
Slide 21: FY 2020 Detailed Income Statement and Adjustments
FY 2020 Detailed Income Statement and Adjustments 21 thereof Adjustments Impact on EBIT FY 2020 Financial FY 2020 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT (510) 1,706 (1,436) (284) (16) (480) in % of Revenues -1.0
Slide 22: FY 2019 Detailed Income Statement and Adjustments
FY 2019 Detailed Income Statement and Adjustments 22 thereof Adjustments Impact on EBIT FY 2019 Financial FY 2019 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus(1) Helicopters and Space(2) and Space(3) EBIT 1,339 6,946 (4,014) (1,415) (8) (170) in % of Revenues
Slide 23: Q4 2020 Key Figures
Q4 2020 Key Figures 23 IN € MILLION Q4 2020 Q4 2019 Revenues 19,751 24,310 EBIT Adjusted 1,831 2,813 EBIT 1,675 (2,092) Net Income (Loss) 1,553 (3,548) FCF before M&A 4,945 8,469 FCF before M&A and Customer Financing 4,863 8,446 IN € MILLION Q4 2019 Q4 2019 Q4 2019 Q4 2020 (1) Q4 2020 (1) Q4 2020 (1
Slide 24: Detailed Free Cash Flow
Detailed Free Cash Flow 24 IN € MILLION FY 2020 FY 2019 Net Cash position at the beginning of the period 12,534 13,281 First time impact of IFRS 16 - (1,352) Gross Cash Flow from Operations(1) 3,061 3,391 (2) Change in working capital (8,197) 2,176 (3) Cash used for investing activities (2,226) (2,0
Slide 25: Net Cash Position
Net Cash Position 25 IN € MILLION Dec. 2020 Dec. 2019 Gross Cash 21,407 22,682 Financing Liabilities (17,095) (10,148) Short-term Financing Liabilities (3,013) (1,959) Long-term Financing Liabilities (14,082) (8,189) Reported Net Cash (Debt) 4,312 12,534 Airbus non-recourse debt 7 24 Net Cash (Debt)
Slide 26: Customer Financing Exposure
Customer Financing Exposure 26 IN € MILLION Dec. 2020 Dec. 2019 Dec. 2020 Dec. 2019 Airbus Helicopters Closing rate € 1 = $ 1.23 $ 1.12 $ 1.23 $ 1.12 Total Gross Exposure 427 731 46 48 of which off-balance sheet 11 95 2 9 Estimated value of collateral (241) (530) (38) (30) Net Exposure 186 202 8 18
Slide 27: Airbus Customer Financing
Airbus Customer Financing 27 IN € BILLION Additions Sell Down Amortization Net change 1.0 0.8 0.9 0.8 0.6 0.8 0.7 Airbus Customer 0.5 0.6 0.6 0.4 Financing Gross 0.3 0.2 0.0 (0.2) 0.1 Exposure (0.3) (0.2) (0.3) (0.6) (0.7) (0.6) (0.2) (0.1) (0.7) (0.7) (0.7) (0.7) (0.5) (0.1) (0.1) (0.1) (1.1) (0.1)
Slide 28: Balance Sheet Highlights: Assets
Balance Sheet Highlights: Assets 28 IN € MILLION Dec. 2020 Dec. 2019 Non-current Assets 51,695 57,686 of which Intangible & Goodwill 16,199 16,591 of which Property, plant & equipment 16,674 17,294 of which Investments & other long-term financial assets 5,433 6,079 of which Contract assets 48 91 of
Slide 29: Balance Sheet Highlights: Liabilities
Balance Sheet Highlights: Liabilities 29 IN € MILLION Dec. 2020 Dec. 2019 Total Equity 6,456 5,990 of which AOCI (Accumulated Other Comprehensive Income) 1,853 (523) of which Non-controlling interests 11 15 Total Non-current liabilities 53,868 46,045 of which Pensions 9,515 7,932 of which Other prov
Slide 30: Shareholding Structure at December 2020
Shareholding Structure at 31 December 2020 30 Free Float 73.9% Shareholder Agreement 26.0% SOGEPA 10.9% GZBV 10.9% SEPI 4.1% Treasury Shares 0.1% 784,149,270 shares issued at 31 December 2020
Slide 31: Quarterly Revenues Breakdown (Cumulative)
Quarterly Revenues Breakdown (Cumulative) 31 IN € MILLION Q1 H1 9m FY 2019 2019 2019 2019 2020 (1) 2020 (1) 2020 (1) 2020 Restated Restated Restated Restated(1) Airbus 7,569 9,697 12,533 24,043 20,271 35,572 34,250 54,775 Helicopters 1,202 1,007 2,333 2,371 3,623 3,712 6,251 6,007 Defence and Space
Slide 32: Quarterly EBIT Adjusted Breakdown (Cumulative)
Quarterly EBIT Adjusted Breakdown (Cumulative) 32 IN € MILLION Q1 H1 9m FY 2019 2019 2019 2019 2020 (1) 2020 (1) 2020 (1) 2020 Restated Restated Restated Restated(1) Airbus 191 463 (1,307) 2,193 (641) 3,593 618 5,947 Helicopters 53 15 152 125 238 205 471 422 Defence and Space 15 101 186 233 266 355
Slide 33: Quarterly EBIT Breakdown (Cumulative)
Quarterly EBIT Breakdown (Cumulative) 33 IN € MILLION Q1 H1 9m FY 2019 2019 2019 2019 2020 (1) 2020 (1) 2020 (1) 2020 Restated Restated Restated Restated(1) Airbus 57 319 (1,808) 2,006 (2,399) 3,165 (1,330) 1,794 Helicopters 53 9 152 124 238 203 455 414 Defence and Space (53) (117) 73 (15) (36) 83 4
Slide 34: FY 2020 IFRS vs. APM Cash Flow Reconciliation
FY 2020 IFRS vs. APM Cash Flow Reconciliation 34 IN € BILLION Dec. 2020 IN € BILLION Dec. 2020 Cash provided by (used for) operating activities (5.4) Cash provided by (used for) operating activities (5.4) t/o Reimbursement from / contribution to plan assets (0.3) Cash provided by (used for) investin
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