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Sun, Feb 16, 2020

Airbus reports Full-Year (FY) 2019 Results, Delivers On Guidance

Sees Record Commercial Aircraft Deliveries

Airbus SE has reported Full-Year (FY) 2019 consolidated financial results and provided guidance for 2020.

“We achieved a great deal in 2019. We delivered a strong underlying financial performance driven mainly by our commercial aircraft deliveries,” said Airbus Chief Executive Officer Guillaume Faury (pictured). “The reported earnings also reflect the final agreements with the authorities resolving the compliance investigations and a charge related to revised export assumptions for the A400M. The level of confidence in our ability to continue to deliver sustainable growth going forward has led to a dividend proposal of $1.80 per share. Our focus in 2020 will be on reinforcing our company culture, improving operationally, and adjusting our cost structure to strengthen the financial performance and prepare for the future.”

Net commercial aircraft orders increased to 768 aircraft (2018: 747 aircraft), including 32 A350 XWBs, 89 A330s and 63 A220s. At the end of 2019, the order backlog reached 7,482 commercial aircraft. Airbus Helicopters achieved a book-to-bill ratio by value above 1 in a difficult market, recording 310 net orders in the year (2018: 381 units). This included 25 helicopters from the Super Puma family, 23 NH90s and 10 H160s. Airbus Defence and Space’s order intake by value of $9.23 billion was supported by A400M services contracts and key contract wins in Space Systems.

Consolidated order intake in 2019 increased to $88.13 billion (2018: $60.23 billion) with the consolidated order book valued at $511.17 billion on 31 December 2019.

Consolidated revenues increased to $76.51 billion, mainly driven by the higher commercial aircraft deliveries and a favourable mix at Airbus, and to a lesser extent the favorable exchange rate development. A record 863 commercial aircraft were delivered (2018: 800 aircraft), comprising 48 A220s, 642 A320 Family, 53 A330s, 112 A350s and 8 A380s. Airbus Helicopters recorded stable revenues supported by growth in services, which offset lower deliveries of 332 rotorcraft (2018: 356 units). Revenues at Airbus Defence and Space were broadly stable compared to the previous year.

On the A320 program, NEO aircraft deliveries rose by 43% year-on-year to 551 aircraft. The ramp-up continued for the Airbus Cabin Flex (ACF) version of the A321 with almost 100 more deliveries than in 2018. The Airbus teams are focused on securing the ongoing ACF ramp-up and improving the industrial flow. Airbus is discussing further ramp-up potential for the A320 program beyond rate 63 per month with the supply chain, and already sees a clear path to further increase the monthly production rate by 1 or 2 for each of the 2 years after 2021. The breakeven target for the A350 was achieved in 2019. Given overall customer demand for widebody aircraft, Airbus expects A330 deliveries of approximately 40 aircraft per year beginning in 2020 and the A350 to stay between a monthly rate of 9 and 10 aircraft.

Airbus Helicopters’ EBIT Adjusted increased to $458 million, mainly reflecting an increased contribution from services and lower research and development costs. This was reduced by a less favourable delivery mix.

EBIT Adjusted at Airbus Defence and Space declined to $613.19 million, mainly reflecting the lower performance in a competitive Space environment and efforts to support sales campaigns. The Division is targeting a restructuring program to address its cost structure and restore profitability to a high single digit margin.

As the basis for its 2020 guidance, the Company assumes:

  • The world economy and air traffic to grow in line with prevailing independent forecasts, which assume no major disruptions, including from the coronavirus.
  • The current tariff regime to remain unchanged.
  • The 2020 earnings and FCF guidance is before M&A.

Airbus targets around 880 commercial aircraft deliveries in 2020.

On that basis:

Airbus expects to deliver an EBIT Adjusted of approximately $8.14 billion, and

  • Free Cash Flow before M&A and Customer Financing of approximately $4.34 billion before:
  • $-39.07 billion for the penalty payments and;
  • A negative mid-to-high triple digit million Euro amount for the consumption of compliance-related provisions for tax and legal disputes.

(Images from file)

FMI: www.airbus.com

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