Airbus SE Aandelen op naam EO 1

WKN: 938914  ISIN: NL0000235190
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30. April 2019 11:45 Uhr

Adhoc-Mitteilung: Airbus SE: Airbus reports First Quarter (Q1) 2019 results

Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014

The issuer is solely responsible for the content of this announcement.



Ad-hoc release, 30 April 2019

Airbus reports First Quarter (Q1) 2019 results

Commercial aircraft environment robust
Q1 2019 financials mainly reflect A320 Family ramp-up and delivery phasing
Revenues EUR 12.5 billion; EBIT Adjusted EUR 549 million
EBIT (reported) EUR 181 million; EPS (reported) EUR 0.05
2019 guidance maintained

Airbus SE (stock exchange symbol: AIR) reported First Quarter (Q1) 2019 consolidated financial results(1) and maintained its guidance for the full-year.

"The first quarter underlying financials mainly reflect our commercial aircraft ramp-up and delivery phasing," said Airbus Chief Executive Officer Guillaume Faury. "The commercial aircraft market remains robust and we continue to see good prospects in the helicopters and defence and space businesses. The new management team is in place and focused on delivering on our commitments."

Gross commercial aircraft orders totalled 62 (Q1 2018: 68 aircraft) and included
38 A350 XWBs. Net commercial aircraft orders of -58 (Q1 2018: 45 aircraft) after
120 cancellations mainly reflect the winding down of the A380 programme and the commercial agreement with Etihad as communicated in the Full-Year 2018 disclosure.
The commercial aircraft backlog stood at 7,357 aircraft as of 31 March 2019. Net helicopter orders of 66 units (Q1 2018: 104 units) included 20 Super Puma Family and 16 H145s. Airbus Defence and Space's order intake by value totalled EUR 1.1 billion.

Consolidated revenues increased to EUR 12.5 billion (Q1 2018: EUR 10.1 billion), mainly reflecting the higher commercial aircraft deliveries as the production ramp-up continued. At Airbus, a total of 162 commercial aircraft were delivered (Q1 2018: 121 aircraft), comprising 8 A220s, 126 A320 Family, 5 A330s, 22 A350s and 1 A380. Airbus Helicopters delivered 46 units
(Q1 2018: 52 units) with increased revenues reflecting the higher volume in services. Revenues at Airbus Defence and Space reflected the overall stable business performance.

Consolidated EBIT Adjusted - an alternative performance measure and key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programmes, restructurings or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses - increased strongly to EUR 549 million (Q1 2018: EUR 14 million), driven by Airbus.

Airbus' EBIT Adjusted improved to EUR 536 million (Q1 2018: EUR -41 million), mainly reflecting the A320neo ramp-up and premium as well as further progress on the A350 financial performance.

A total of 96 A320neo Family aircraft were delivered in the quarter. The ramp-up of the Airbus Cabin Flex version of the A321 continued in Q1 but remains challenging. Airbus is working to improve execution in its internal industrial systems and monitoring engine performance. The overall A320 Family programme is on track to reach 60 aircraft per month by mid-2019 and preparing for rate 63 in 2021. On the A330 programme, 5 aircraft were delivered in the first quarter, including 3 NEOs. A330neo deliveries continue to ramp-up and Airbus is working closely with its engine partner and suppliers to deliver in line with customer commitments. The flight test campaign of the A330-800 variant is progressing.

Airbus Helicopters' EBIT Adjusted totalled EUR 15 million (Q1 2018: EUR -3 million), reflecting lower deliveries and higher volume in services.

Airbus Defence and Space's EBIT Adjusted of EUR 101 million (Q1 2018: EUR 112 million) reflected the Division's overall stable business performance.

One A400M military transport aircraft was delivered in the first quarter, bringing the in-service fleet to 75 aircraft. Development activities continued as agreed in the revised capability roadmap, with certification flights successfully completed for the Cargo Hold Tanks refuelling unit in the first quarter. A400M retrofit activities are progressing in line with the customer agreed plan. The approval process of the Contract Amendment is progressing.

Consolidated self-financed R&D expenses totalled EUR 654 million (Q1 2018: EUR 616 million).

Consolidated EBIT (reported) amounted to EUR 181 million (Q1 2018: EUR 199 million), including Adjustments totalling a net EUR -368 million. These Adjustments mainly comprised:

A negative EUR -190 million as a consequence of the prolonged suspension of defence export licences to Saudi Arabia by the German government;
A negative impact of EUR -83 million relating to the dollar pre-delivery payment mismatch and balance sheet revaluation;
A negative EUR -61 million related to A380 programme cost.


Consolidated reported earnings per share of EUR 0.05 (Q1 2018: EUR 0.37) included a negative adjustment for foreign exchange hedges in the financial result corresponding to the prolonged suspension of defence export licences. The financial result was EUR -43 million (Q1 2018: EUR 39 million). The financial impacts recorded in the Q1 2019 Financial Statements relating to the prolonged suspension of defence export licences also impacted the effective tax rate. Consolidated net income(2) was EUR 40 million (Q1 2018: EUR 283 million).

Consolidated free cash flow before M&A and customer financing of EUR -4,341 million
(Q1 2018: EUR -3,839 million), mainly reflected the inventory build to support the production ramp-up, improved engine delivery stream and other changes in working capital. Consolidated free cash flow was EUR -4,448 million (Q1 2018: EUR -3,656 million).

On 1 January 2019, the Company adopted the IFRS 16 'Leases' accounting standard, whereby most operating leases must now be recorded on the balance sheet.
The corresponding commitments are booked as financing liabilities, which being part of the Company's definition of net cash, means the net cash position is mechanically reduced by around EUR 1.4 billion. The consolidated net cash position was EUR 7.5 billion on 31 March 2019 (year-end 2018: EUR 13.3 billion) with a gross cash position of EUR 18.5 billion (year-end 2018: EUR 22.2 billion).

Outlook
As the basis for its 2019 guidance, the Company expects the world economy and air traffic to grow in line with prevailing independent forecasts, which assume no major disruptions.

The 2019 earnings and Free Cash Flow guidance is before M&A.

Airbus targets 880 to 890 commercial aircraft deliveries in 2019.
On that basis: Airbus expects to deliver an increase in EBIT Adjusted of approximately +15% compared to 2018 and FCF before M&A and Customer Financing of approximately EUR 4 billion.



About Airbus
Airbus is a global leader in aeronautics, space and related services. In 2018 it generated revenues of EUR 64 billion and employed a workforce of around 134,000. Airbus offers the most comprehensive range of passenger airliners. Airbus is also a European leader providing tanker, combat, transport and mission aircraft, as well as one of the world's leading space companies. In helicopters, Airbus provides the most efficient civil and military rotorcraft solutions worldwide.

Contacts for the media:
Martin Agüera +49 (0) 175 227 4369 martin.aguera@airbus.com
Rod Stone +33 (0) 6 3052 1993 rod.stone@airbus.com

Note to editors: Live Webcast of the Analyst Conference Call

At 08:00 CEST on 30 April, you can listen to the Q1 2019 Results Analyst Conference Call with Chief Executive Officer Guillaume Faury and Chief Financial Officer Dominik Asam via www.airbus.com. The analyst call presentation can also be found on the company website. A recording will be made available in due course. For a reconciliation of Airbus' KPIs to "reported IFRS" please refer to the analyst presentation.
Airbus Consolidated - First Quarter (Q1) Results 2019
(Amounts in Euro)
Airbus Consolidated Q1 2019 Q1 2018 Change
Revenues, in millions 12,549 10,119 +24%
thereof defence, in millions 1,678 1,771 -5%
EBIT Adjusted, in millions 549 14 +3,821%
EBIT (reported), in millions 181 199 -9%
Research & Development expenses,
in millions 654 616 +6%
Net Income(2), in millions 40 283 -86%
Earnings Per Share (EPS) 0.05 0.37 -86%
Free Cash Flow (FCF), in millions -4,448 -3,656 -
Free Cash Flow
before M&A, in millions -4,393 -3,846 -
Free Cash Flow before M&A
and Customer Financing, in millions -4,341 -3,839 -


Airbus Consolidated 31 March
2019 31 Dec
2018 Change
Net Cash position, in millions 7,463 13,281 -44%
Employees 135,468 133,671 +1%

By Business Segment Revenues EBIT (reported)
(Amounts in millions of Euro) Q1
2019 Q1
2018 Change Q1
2019 Q1
2018 Change
Airbus 9,697 7,222 +34% 392 -2 -
Airbus Helicopters 1,007 961 +5% 9 -10 -
Airbus Defence and Space 2,112 2,217 -5% -117 265 -
Transversal & Eliminations -267 -281 - -103 -54 -
Total 12,549 10,119 +24% 181 199 -9%


By Business Segment EBIT Adjusted
(Amounts in millions of Euro) Q1
2019 Q1
2018 Change
Airbus 536 -41 -
Airbus Helicopters 15 -3 -
Airbus Defence and Space 101 112 -10%
Transversal & Eliminations -103 -54 -
Total 549 14 +3,821%


By Business Segment Order Intake (net) Order Book
Q1
2019 Q1
2018 Change 31 March
2019 31 March
2018 Change
Airbus, in units -58 45 - 7,357 7,189 +2%
Airbus Helicopters, in units 66 104 -37% 737 744 -1%
Airbus Defence and Space, in millions of Euro 1,074 1,581 -32% N/A N/A N/A






EBIT (reported) / EBIT Adjusted Reconciliation

The table below reconciles EBIT (reported) with EBIT Adjusted.
Airbus Consolidated
(Amounts in millions of Euro) Q1 2019
EBIT (reported) 181
thereof:
Defence export ban -190
$ PDP mismatch/Balance Sheet revaluation -83
A380 programme cost -61
Others -34
EBIT Adjusted 549




Glossary

KPI DEFINITION
EBIT The Company continues to use the term EBIT (Earnings before interest and taxes). It is identical to Profit before finance result and income taxes as defined by IFRS Rules.
Adjustment Adjustment, an alternative performance measure, is a term used by the Company which includes material charges or profits caused by movements in provisions related to programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses.
EBIT Adjusted The Company uses an alternative performance measure, EBIT Adjusted, as a key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programmes, restructurings or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses.
EPS Adjusted EPS Adjusted is an alternative performance measure of basic earnings per share as reported whereby the net income as the numerator does include Adjustments. For reconciliation, see the Analyst presentation.
Gross cash position The Company defines its consolidated gross cash position as the sum of (i) cash and cash equivalents and (ii) securities (as all recorded in the consolidated statement of financial position).
Net cash position For definition of the alternative performance measure net cash position, see Information Document, MD&A section 2.1.6.
FCF For the definition of the alternative performance measure free cash flow, see Information Document, MD&A section 2.1.6.1. It is a key indicator which allows the Company to measure the amount of cash flow generated from operations after cash used in investing activities.
FCF before M&A Free cash flow before mergers and acquisitions refers to free cash flow as defined in the Information Document, MD&A section 2.1.6.1 adjusted for net proceeds from disposals and acquisitions. It is an alternative performance measure and key indicator that reflects free cash flow excluding those cash flows resulting from acquisitions and disposals of businesses.
FCF before M&A and customer financing Free cash flow before M&A and customer financing refers to free cash flow before mergers and acquisitions adjusted for cash flow related to aircraft financing activities. It is an alternative performance measure and indicator that may be used from time to time by the Company in its financial guidance, esp. when there is higher uncertainty around customer financing activities, such as during the suspension of ECA financing support.




Footnotes:

1) Q1 2019 figures include the A220 programme, which was consolidated into Airbus on 1 July 2018.

2) Airbus SE continues to use the term Net Income. It is identical to Profit for the period attributable to equity owners of the parent as defined by IFRS Rules.



Safe Harbour Statement:

This press release 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 statements include statements made about strategy, ramp-up and delivery schedules, introduction of new products and services and market expectations, as well as statements regarding future performance and outlook.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

These factors include but are not limited to:

Changes in general economic, political or market conditions, including the cyclical nature of some of Airbus' businesses;
Significant disruptions in air travel (including as a result of terrorist attacks);
Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar;
The successful execution of internal performance plans, including cost reduction and productivity efforts;
Product performance risks, as well as programme development and management risks;
Customer, supplier and subcontractor performance or contract negotiations, including financing issues;
Competition and consolidation in the aerospace and defence industry;
Significant collective bargaining labour disputes;
The outcome of political and legal processes including the availability of government financing for certain programmes and the size of defence and space procurement budgets;
Research and development costs in connection with new products;
Legal, financial and governmental risks related to international transactions;
Legal and investigatory proceedings and other economic, political and technological risks and uncertainties.

As a result, Airbus SE's actual results may differ materially from the plans, goals and expectations set forth in such forward-looking statements.
For a discussion of factors that could cause future results to differ from such forward-looking statements, see the Airbus SE "Information Document" released in March 2019, including the Risk Factors section.
Any forward-looking statement contained in this press release speaks as of the date of this press release. Airbus SE undertakes no obligation to publicly revise or update any forward-looking statements in light of new information, future events or otherwise.

Rounding
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Language: English
Company: Airbus SE
P.O. Box 32008
2303 DA Leiden
Netherlands
Phone: 00 800 00 02 2002
Fax: +49 (0)89 607 - 26481
Internet: www.airbusgroup.com
ISIN: NL0000235190
WKN: 938914
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

End of Announcement
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