- WKN: 938914
- ISIN: NL0000235190
- Land: Niederlande
Nachricht vom 31.07.2019 | 06:30
Airbus SE: Airbus reports Half-Year (H1) 2019 results
Airbus SE / Key word(s): Half Year Results
Ad-hoc release, 31 July 2019
Airbus reports Half-Year (H1) 2019 results
Airbus SE (stock exchange symbol: AIR) reported Half-Year (H1) 2019 consolidated financial results(1) and maintained its guidance for the full-year.
"The half-year financial performance mainly reflects the ramp-up in production of A320 Family aircraft and transition to the more efficient NEO version, as well as further progress on the A350 financial performance," said Airbus Chief Executive Officer Guillaume Faury. "We continue to see good demand for our competitive product portfolio, including the new A321XLR, as shown by the strong market endorsement at June's Le Bourget airshow. Our operational focus is mainly on the A320neo Family ramp-up. The second half of the year in terms of deliveries and in particular free cash flow continues to be challenging. In defence and space, we signed the important contract amendment for the A400M programme."
Gross commercial aircraft orders totalled 213 (H1 2018: 261 aircraft) with net orders of 88 aircraft (H1 2018: 206 aircraft). The order book stood at 7,276 commercial aircraft as of 30 June 2019. Net helicopter orders of 123 units (H1 2018: 143 units) included 23 NH90s for Spain and 11 H145s in the second quarter. Airbus Defence and Space's order intake by value totalled EUR 4.2 billion, with second quarter bookings including the A400M Global Support Step 2 contract with OCCAR and next generation geostationary Ka-band communications satellites.
Consolidated revenues increased to EUR 30.9 billion (H1 2018: EUR 25.0 billion), mainly reflecting higher commercial aircraft deliveries and favourable foreign exchange. At Airbus, a total of 389 commercial aircraft were delivered (H1 2018: 303 aircraft), comprising 21 A220s, 294 A320 Family, 17 A330s, 53 A350s and 4 A380s. Airbus Helicopters delivered 143 units (H1 2018: 141 units) with stable revenues driven by programme phasing compensated by growth in services. Higher revenues at Airbus Defence and Space were supported by Military Aircraft activities.
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 - more than doubled to EUR 2,529 million (H1 2018: EUR 1,162 million), driven by commercial aircraft activities at Airbus.
Airbus' EBIT Adjusted increased to EUR 2,338 million (H1 2018: EUR 867 million), mainly reflecting the A320 ramp-up and NEO premium, further progress on the A350 financial performance and an improvement in foreign exchange rates in the second quarter.
On the A320 programme, NEO aircraft represented 234 out of the total 294 deliveries. The ramp-up in production of the Airbus Cabin Flex (ACF) version of the A321 remains challenging. Given the recent commercial success of the A321 ACF and XLR as demonstrated at Le Bourget, Airbus is studying different options to increase the share of the A321 in current A320 Family production capacity. On the A330 programme, the focus is on the ramp-up of the NEO version to secure deliveries in the second half of 2019. A330neo deliveries totalled 13 in the half-year. Good progress was made on A350 recurring cost convergence and the programme is on track to reach the breakeven target for the year. Meanwhile, progress was made in preparing the winding down of the A380 programme and securing in-service support for the next decades.
Airbus Helicopters' EBIT Adjusted totalled EUR 125 million (H1 2018: EUR 135 million), reflecting a less favourable delivery mix partially compensated by an increased contribution from services.
EBIT Adjusted at Airbus Defence and Space totalled EUR 233 million (H1 2018: EUR 309 million), mainly reflecting efforts to support ongoing campaigns.
Seven A400M military transport aircraft were delivered in the half-year, bringing the in-service fleet to 81 as of 30 June. The A400M contract amendment was signed with OCCAR during the second quarter, concluding the discussions on the programme's Global Rebaselining. With this contract amendment, an agreement has been reached on a new capabilities development plan, a new production delivery schedule, a new retrofit delivery schedule and new financial terms. The anticipated impact of the Global Rebaselining was reflected in the 2018 results.
Consolidated self-financed R&D expenses totalled EUR 1,423 million (H1 2018: EUR 1,403 million).
Consolidated EBIT (reported) amounted to EUR 2,093 million (H1 2018: EUR 1,120 million), including Adjustments totalling a net EUR -436 million. These Adjustments mainly comprised:
Consolidated free cash flow before M&A and customer financing of EUR -3,981 million
The consolidated net cash position was EUR 6.6 billion on 30 June 2019 (year-end 2018: EUR 13.3 billion) after the 2018 dividend payment of EUR 1.3 billion in the second quarter. The gross cash position on 30 June was EUR 17.8 billion (year-end 2018: EUR 22.2 billion).
Following a review of demographic and underlying assumptions, the pension provision increased in the second quarter. This reflected the global decrease in the discount rate as well as the change in management's estimates for the valuation of employee benefits in Germany.
In response to developments in the WTO dispute, the United States Trade Representative (USTR) in April published a list of EU products upon which the USTR intends to apply tariffs, which included new aircraft and helicopters as well as major components for aircraft manufacturing in the US. If the USTR decides to impose tariffs on Airbus products and other products from the EU, this could significantly affect the delivery of new Airbus aircraft and helicopters to the US market and have a negative effect on Airbus' financial condition and results of operations. The potential decision of the EU to impose tariffs on US products could come at a later stage. Airbus continues to support an outcome through a negotiated solution(3).
The 2019 earnings and Free Cash Flow guidance is before M&A.
Contacts for the media:
Note to editors: Live Webcast of the Analyst Conference Call
At 08:15 CEST on 31 July, you can listen to the H1 2019 Results Analyst Conference Call with Chief Executive Officer Guillaume Faury and Chief Financial Officer Dominik Asam via the Airbus website. 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 - Second Quarter (Q2) Results 2019
(Amounts in Euro)
Q2 2019 revenues increased by 23%, mainly driven by higher commercial aircraft deliveries, favourable foreign exchange and higher revenues at Airbus Defence and Space.
EBIT (reported) / EBIT Adjusted Reconciliation
The table below reconciles EBIT (reported) with EBIT Adjusted.
1) H1 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.
3) For more details on the WTO dispute, please refer to the Financial Statements and, in particular, note 23, "Litigation and Claims" of the Unaudited Condensed Interim Financial Information of Airbus SE for the six-month period ended 30 June 2019 available on Airbus' website (www.airbus.com).
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.
These factors include but are not limited to:
As a result, Airbus SE's actual results may differ materially from the plans, goals and expectations set forth in such forward-looking statements.
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