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DGAP-Adhoc: Airbus SE: Airbus reports Full-Year (FY) 2019 results, delivers on guidance

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DGAP-Ad-hoc: Airbus SE / Key word(s): Annual Results
Airbus SE: Airbus reports Full-Year (FY) 2019 results, delivers on guidance

13-Feb-2020 / 06:29 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

*Ad-hoc release, 13 February 2020*

*Airbus reports Full-Year (FY) 2019 results, delivers on guidance*

*- *Record commercial aircraft deliveries

- Strong underlying financial performance, FY 2019 guidance achieved

- &euro -3.6 billion penalties recognised for agreements with authorities

- A400M &euro -1.2 billion charge; export assumptions revised

- Revenues &euro 70.5 billion, +11% YoY; EBIT Adjusted &euro 6.9 billion,
+19% YoY

- EBIT (reported) &euro 1.3 billion; loss per share (reported) &euro -1.75

- 2019 dividend proposal: &euro 1.80 per share, +9% versus 2018

- 2020 guidance to set the path for sustainable growth

Airbus SE (stock exchange symbol: AIR) 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. "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 &euro
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 &euro 8.5 billion was
supported by A400M services contracts and key contract wins in Space
Systems.

Consolidated *order intake* in 2019 increased to &euro 81.2 billion (2018:
&euro 55.5 billion) with the consolidated *order book* valued at &euro 471
billion on 31 December 2019 (end December 2018: &euro 460 billion).

Consolidated *revenues *increased to &euro 70.5 billion (2018: &euro 63.7
billion), mainly driven by the higher commercial aircraft deliveries and a
favourable mix at Airbus, and to a lesser extent the favourable 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.

Consolidated *EBIT Adjusted *- an alternativeperformance 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 to &euro 6,946
million (2018: &euro 5,834 million), mainly reflecting the operational
performance at Airbus, partially offset by Airbus Defence and Space's
performance and additional ramp-up costs.

Airbus' EBIT Adjusted increased by 32% to &euro 6,358 million (2018: &euro
4,808 million), largely driven by the A320 ramp-up and NEO premium, together
with good progress on the A350.

On the A320 programme, 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 programme
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 &euro 422 million (2018:
&euro 380 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 &euro 565 million
(2018: &euro 935 million), mainly reflecting the lower performance in a
competitive Space environment and efforts to support sales campaigns. The
Division is targeting a restructuring programme to address its cost
structure and restore profitability to a high single digit margin.

During 2019, 14 A400M military transport aircraft were delivered in line
with the latest delivery schedule, bringing the in-service fleet to 88
aircraft at year-end. Several key milestones towards full capability were
achieved in the year, including the simultaneous deployment of paratroopers
and helicopter air-to-air refuelling dry contacts. In 2020, development
activities will continue towards achieving the revised capability roadmap.
Retrofit activities are progressing in line with the customer-agreed plan.
While the rebaselining of the A400M programme was completed and significant
progress has been made on technical capabilities, the outlook is
increasingly challenging on exports during the launch contract phase, also
in light of the repeatedly extended German export ban to Saudi Arabia. As a
result, the Company has reassessed its export assumptions on future export
deliveries for the launch contract phase and recognised a charge of &euro
1.2 billion in the fourth quarter of 2019.

Consolidated *self-financed R&D* *expenses *totalled &euro 3,358 million
(2018: &euro 3,217 million).

Consolidated *EBIT*(reported) was &euro 1,339 million (2018: &euro 5,048
million), including Adjustments totalling a net &euro -5,607 million. These
Adjustments comprised:

- &euro -3,598 million related to the penalties;

- &euro -1,212 million related to the A400M charge;

- &euro -221 million related to the suspension of defence export licences to
Saudi Arabia by the German government, now prolonged to March 2020;

- &euro -202 million related to A380 programme cost;

- &euro -170 million related to the dollar pre-delivery payment mismatch and
balance sheet revaluation;

- &euro -103 million related to Premium AEROTEC's restructuring plan
launched to improve its competitiveness;

- &euro -101 million of other costs, including compliance costs partially
offset by positive capital gains from the Alestis Aerospace and PFW
Aerospace divestments.

Consolidated reported *loss per share *of &euro -1.75 (2018 earnings per
share: &euro 3.94) includes a negative impact from the financial result,
mainly driven by the revaluation of financial instruments. The financial
result was &euro -275 million (2018: &euro -763 million). The consolidated
*net loss(1)* was &euro -1,362 million (2018 net income: &euro 3,054
million).

Consolidated *free cash flow* *before M&A and customer financing *improved
by 21% to&euro 3,509 million (2018: &euro 2,912 million), mainly reflecting
commercial aircraft deliveries and the earnings performance. Consolidated
*free cash flow* was &euro 3,475 million (2018: &euro 3,505 million). The
consolidated *net cash position* was &euro 12.5 billion on 31 December 2019
(year-end 2018: &euro 13.3 billion) after the 2018 dividend payment of &euro
1.3 billion and pension contribution of &euro 1.8 billion. The *gross cash
position* on 31 December was &euro 22.7 billion (year-end 2018: &euro 22.2
billion).

The Board of Directors will propose the payment of a 2019 dividend of &euro
1.80 per share to the 2020 Annual General Meeting. This represents an
increase of 9% over the 2018 dividend of &euro 1.65 per share. The payment
date is 22 April 2020.

*Outlook *
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 &euro 7.5
billion, and
Free Cash Flow before M&A and Customer Financing of approximately &euro 4
billion before:

- &euro -3.6 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.

*About Airbus*
Airbus is a global leader in aeronautics, space and related services. In
2019, it generated revenues of &euro 70 billion and employed a workforce of
around 135,000. 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*

Guillaume Steuer +33 (0) 6 7382 1168 guillaume.steuer@airbus.com

(MORE TO FOLLOW) Dow Jones Newswires

February 13, 2020 00:30 ET ( 05:30 GMT)
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