15.02.2024 Airbus SE  NL0000235190

EQS-Adhoc: Airbus reports Full-Year (FY) 2023 results


 

EQS-Ad-hoc: Airbus SE / Key word(s): Annual Results
Airbus reports Full-Year (FY) 2023 results

15-Feb-2024 / 06:30 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Ad-hoc release, 15 February 2024

 

Airbus reports Full-Year (FY) 2023 results

 

  • 735commercial aircraft delivered 
  • Revenues € 65.4 billion; EBIT Adjusted € 5.8 billion
  • EBIT (reported) € 4.6 billion; EPS (reported) € 4.80
  • Free cash flow before M&A and customer financing € 4.4 billion; Net cash € 10.7 billion
  • 2023 guidance achieved
  • Dividend proposals: dividend of € 1.80 per share; special dividend of € 1.00 per share
  • 2024 guidance issued 

 

Airbus SE (stock exchange symbol: AIR) reported consolidated Full-Year (FY) 2023 financial results and provided guidance for 2024.

 

“In 2023 we recorded strong order intake across all our businesses and we delivered on our commitments. This was a significant achievement given the complexity of the operating environment,” said Guillaume Faury, Airbus Chief Executive Officer. “We will continue to invest in our global industrial system, while progressing on our transformation and decarbonisation journey. Our dividend proposals are a reflection of the strong 2023 financials, our growth prospects in 2024 and balance sheet strength.”

 

Gross commercial aircraft orders totalled 2,319 (2022: 1,078 aircraft) with net orders of 2,094 aircraft after cancellations (2022: 820 aircraft). The order backlog amounted to 8,598 commercial aircraft at the end of 2023. Airbus Helicopters registered 393 net orders (2022: 362 units), which were well spread across programmes and corresponds to a book-to-bill ratio above 1 both in units and value. Airbus Defence and Space’s order intake by value increased 15 percent to € 15.7 billion (2022: € 13.7 billion), corresponding to a book-to-bill of around 1.4 by value. Fourth quarter orders included 16 C295 aircraft for Spain.

 

Consolidated order intake by value increased to € 186.5 billion (2022: € 82.5 billion) with the consolidated order book valued at € 554 billion at the end of 2023 (year-end 2022: € 449 billion). The increase in the consolidated backlog value mainly reflects the Company-wide book-to-bill of well above 1, partly offset by the weakening of the US dollar.

 

Consolidated revenues increased 11 percent year-on-year to € 65.4 billion (2022: € 58.8 billion). A total of 735 commercial aircraft were delivered (2022: 661(1) aircraft), comprising 68 A220s, 571 A320 Family, 32 A330sand 64 A350s. Revenues generated by Airbus’ commercial aircraft activities increased 15 percent, mainly reflecting the higher number of deliveries. Airbus Helicopters’ deliveries were stable at 346 units (2022: 344 units) with revenues rising 4 percent, reflecting the overall performance across programmes and services. Revenues at Airbus Defence and Space increased 2 percent, mainly driven by Military Air Systems and Connected Intelligence, offset by some updated Estimates at Completion of certain Space programmes. A total of 8 A400M military airlifters were delivered (2022: 10 aircraft).

 

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, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses – was € 5,838 million (2022: € 5,627 million). 

 

EBIT Adjusted related to Airbus’ commercial aircraft activities increased to € 4,818 million (2022: € 4,600 million), reflecting the higher deliveries and a more favourable hedge rate, partially offset by investments for preparing the future. FY 2022 included the non-recurring positive impacts from retirement obligations and compliance-related topics partly offset by the impact resulting from international sanctions against Russia, while in H1 2023 provisions were released for € 0.1 billion from compliance-related topics.

 

The A220 ramp-up continues towards a monthly production rate of 14 aircraft in 2026, with a focus on the programme's industrial maturity and financial performance. On the A320 Family programme, production is progressing well towards the previously announced rate of 75 aircraft per month in 2026. In 2023, construction of the second A320 Final Assembly capacities in Tianjin (China) and Mobile (US) commenced and the new A320 Family Final Assembly Line in Toulouse delivered its first aircraft in December. The first customer A321XLR entered into the Final Assembly Line in December, with entry-into-service for the aircraft type expected to take place in Q3 2024.

 

On widebody aircraft, the Company continues towards a monthly rate of 4 aircraft for the A330 in 2024 and rate 10 in 2026 for the A350.

 

Airbus Helicopters’ EBIT Adjusted increased to € 735 million (2022: € 639 million), reflecting the strong performance across programmes and services. FY 2022 also included net positive non-recurring elements. 

 

EBIT Adjusted at Airbus Defence and Space decreased to € 229 million (2022: € 384 million).

The decrease reflects € 0.6 billion charges resulting from the update of Estimates at Completion of certain Space programmes, partially mitigated by the performance of the rest of the business. FY 2022 included some non-recurring elements, notably from the loss of two Pleiades Neo satellites.

 

On the A400M programme, development activities continue towards achieving the revised capability roadmap. Retrofit activities are progressing in close alignment with the customer. In 2023, an additional update of the contract estimate at completion has been performed and a net charge of € 41 million recorded. Risks remain on the qualification of technical capabilities and associated costs, on aircraft operational reliability, on cost reductions and on securing overall volume as per the revised baseline.

 

Consolidated self-financed R&D expenses totalled € 3,257 million (2022: € 3,079 million).

 

Consolidated EBIT(reported) amounted to € 4,603 million (2022: € 5,325 million), including net Adjustments of € -1,235 million.

 

These Adjustments comprised: 

 

  • € -1,030 million related to the dollar working capital mismatch and balance sheet revaluation, of which € -224 million were in Q4. This mainly reflects the phasing impact arising from the difference between transaction date and delivery date;
  • € -89 million related to the Aerostructures transformation, of which € -32 million were in Q4;
  • € -41 million related to the A400M programme, of which € -41 million were in Q4;
  • € -75 million of other costs including compliance, of which € -19 million were in Q4.

 

The financial result was € 166 million (2022: € -250 million). It mainly reflects a positive impact from the revaluation of certain equity investments. Consolidated net income(2) was € 3,789 million (2022: € 4,247 million) with consolidated reported earnings per share of € 4.80 (2022: € 5.40).

 

Consolidated free cash flow before M&A and customer financing was € 4,386 million (2022: € 4,680 million), mainly reflecting the level of commercial aircraft deliveries as well as the strong performance in all businesses. Consolidated free cash flow of € 3,885 million (2022: € 4,324 million) included € -65 million for M&A activities and € -436 million of customer financing, mostly related to the planned execution of certain contractual obligations. The gross cash position stood at € 25.3 billion at the end of 2023 (year-end 2022: € 23.6 billion), with a consolidated net cash position of € 10.7 billion (year-end 2022: € 9.4 billion). 

 

The Board of Directors will propose the payment of a 2023 dividend of € 1.80 per share (2022: € 1.80 per share) and a special dividend of € 1.00 per share to the 2024 Annual General Meeting taking place on 10 April 2024. The proposed payment date is 18 April 2024. 

 

Outlook 

 

As the basis for its 2024 guidance, the Company assumes no additional disruptions to the world economy, air traffic, the supply chain, the Company’s internal operations, and its ability to deliver products and services.

 

The Company’s 2024 guidance is before M&A.

 

On that basis, the Company targets to achieve in 2024:
 

  • Around 800 commercial aircraft deliveries;
  • EBIT Adjusted between € 6.5 billion and € 7.0 billion;
  • Free Cash Flow before Customer Financing(3) of around € 4.0 billion.




Note to editors: Live Webcast of the Analyst Conference Call and Annual Press Conference

At 07:30 CET on 15 February 2024, you can follow the FY 2023 Results Analyst Conference Call via the Airbus website at https://www.airbus.com/en/investors. The analyst call presentation can also be found on the 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. 

The Annual Press Conference on the 2023 Results starts at 09:15 CET on 15 February 2024 and is also broadcast live via the Airbus website.

 

Contacts for the media:

Guillaume Steuer
Airbus
+33 (0) 6 73 82 11 68
Rod Stone
Airbus
+33 (0) 6 30 52 19 93    
Justin Dubon
Airbus
+33 (0) 6 74 97 49 51
Martin Agüera
Airbus Defence and Space
+49 (0) 175 227 4369
Laurence Petiard
Airbus Helicopters
+33 (0) 6 18 79 75 69
 



 

Consolidated Airbus – Full-Year (FY) 2023 Results  

 

(Amounts in Euro)

Consolidated Airbus FY 2023 FY 2022 Change
Revenues, in millions
thereof defence, in millions
65,446
11,929
58,763
11,491
+11%
 +4%
EBIT Adjusted, in millions 5,838 5,627 +4%
EBIT (reported), in millions 4,603 5,325 -14%
Research & Development expenses, in millions 3,257 3,079 +6%
Net Income(2), in millions 3,789 4,247 -11%
Earnings Per Share   4.80 5.40 -11%
Free Cash Flow (FCF), in millions 3,885 4,324 -10%
Free Cash Flow before M&A, in millions 3,950 4,534 -13%
Free Cash Flow before M&A and Customer Financing, in millions 4,386 4,680 -6%
Dividend per share(4) 1.80 1.80 0%
Special dividend per share(4) 1.00 - -
Order intake, in millions 186,493 82,521 +126%

 

Consolidated Airbus 31 Dec. 2023 31 Dec. 2022 Change
Order book, in millions of Euro
thereof defence, in millions of Euro
553,893
52,340
449,241
47,242
+23%
+11%
Net Cash position, in millions of Euro 10,726 9,431 +14%
Number of employees 147,893 134,267 +10%

 

By Business Segment Revenues EBIT (reported)
(Amounts in millions of Euro) FY 2023 FY 2022 Change FY 2023 FY 2022 Change
Airbus 47,763 41,428 +15% 3,610 4,800 -25%
Airbus Helicopters 7,337 7,048 +4% 717 639 +12%
Airbus Defence and Space 11,495 11,259 +2% 220 -118 -
Eliminations -1,149 -972 - 56 4 -
Total 65,446 58,763 +11% 4,603 5,325 -14%

 

By Business Segment EBIT Adjusted
(Amounts in millions of Euro) FY 2023 FY 2022 Change
Airbus 4,818 4,600 +5%
Airbus Helicopters 735 639 +15%
Airbus Defence and Space 229 384 -40%
Eliminations 56 4 -
Total 5,838 5,627 +4%

 

By Business Segment Order Intake (net) Order Book
  FY 2023 FY 2022 Change 31 Dec. 2023 31 Dec. 2022 Change
Airbus, in units 2,094 820 +155% 8,598 7,239 +19%
Airbus, in millions of Euro 162,571 59,727 +172% 490,812 390,456 +26%
Airbus Helicopters, in  units 393 362 +9% 804 757 +6%
Airbus Helicopters, in millions of Euro 8,597 9,338 -8% 21,525 20,774 +4%
Airbus Defence and Space, in millions of Euro 15,701 13,660 +15% 42,195 38,426    +10%



Consolidated Airbus – Fourth Quarter (Q4) 2023 Results

(Amounts in Euro) 

 

Consolidated Airbus Q4 2023 Q4 2022 Change
Revenues, in millions 22,886 20,644 +11%
EBIT Adjusted, in millions 2,207  2,146 +3%
EBIT (reported), in millions 1,891 1,773 +7%
Net Income(2), in millions 1,457 1,679 -13%
Earnings Per Share  1.85 2.13 -13%

 

By Business Segment Revenues EBIT (reported)
(Amounts in millions of
Euro)
Q4 2023 Q4 2022 Change Q4 2023 Q4 2022 Change
Airbus 16,256 14,774 +10% 1,304 1,559 -16%
Airbus Helicopters 2,675 2,533 +6% 307 259 +19%
Airbus Defence and Space 4,362 3,666 +19% 223 -54 -
Eliminations -407 -329 - 57 9 -
Total 22,886 20,644 +11% 1,891 1,773 +7%

 

By Business Segment EBIT Adjusted
(Amounts in millions of Euro) Q4 2023 Q4 2022 Change
Airbus 1,602 1,725 -7%
Airbus Helicopters 318 259 +23%
Airbus Defence and Space 230 153 +50%
Eliminations 57 9 -
Total 2,207 2,146 +3%

 

Q4 2023 revenues increased by 11 percent, mainly reflecting the higher commercial aircraft deliveries, the higher contribution from Airbus Defence and Space and Airbus Helicopters, notably from services.   

Q4 2023 EBIT Adjusted increased by 3 percent. It mainly reflects the increased commercial aircraft deliveries, a positive year-on-year impact from currency hedging and a good performance across programmes and services at Helicopters. It also reflects charges recorded in certain Space programmes, partially mitigated by the good performance of the rest of the business at Defence and Space. Q4 2022 included non-recurring elements from the progress made on compliance-related topics, while Airbus Defence and Space was negatively impacted by the loss of the two Pleiades Neo satellites.

Q4 2023 EBIT (reported) of € 1,891 million included net Adjustments of € -316 million. Net Adjustments in the fourth quarter of 2022 amounted to € -373 million.  

Q4 2023 Net Income(2) of € 1,457 million mainly reflects the EBIT (reported), € -65 million from the financial result and € -427 million from income tax.

 

EBIT (reported) / EBIT Adjusted Reconciliation

The table below reconciles EBIT (reported) with EBIT Adjusted.

 

Consolidated Airbus
(Amounts in millions of Euro)
FY 2023
EBIT (reported) 4,603
thereof:  
$ working capital mismatch and balance sheet revaluation -1,030
Aerostructures transformation -89
A400M charge -41
Others -75
EBIT Adjusted 5,838

 

Glossary 

 

KPI DEFINITION
EBIT The Company continues to use the term EBIT (Earnings before interest and taxes). It is identical to Profit before finance cost 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, restructuring 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 a 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 (all as recorded in the Consolidated Statement of Financial Position).
Net cash position The Company defines its consolidated net cash position as the sum of (i) cash and cash equivalents and (ii) securities, minus (iii) financing liabilities, plus or minus (iiii) interest rate contracts related to fair value hedges (all as recorded in the Consolidated Statement of Financial Position).
Free Cash Flow (FCF) - definition until 31 December 2023.
 
For the definition of the alternative performance measure free cash flow, see the Universal Registration 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 - definition until 31 December 2023. FCF before M&A refers to free cash flow as defined in the Universal Registration 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 - definition until 31 December 2023. FCF 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 occasionally by the Company in its financial guidance, especially when there is higher uncertainty around customer financing activities.
Free Cash Flow (FCF) - definition from 1 January 2024.  An alternative performance measure and key indicator which allows the Company to measure the amount of cash flow generated by its operations. The Company defines free cash flow as the sum of (i) cash provided by operating activities and (ii) investments in intangible and fixed assets (net) & dividends paid by companies valued at equity, minus (iii) contribution to plan assets of pension schemes, (iv) realised foreign exchange results on treasury swaps and (v) change in cash from changes in consolidation.
FCF before Customer Financing - definition from 1 January 2024. FCF before Customer Financing refers to free cash flow adjusted for cash flow related to aircraft financing activities. It is an alternative performance measure and indicator used by the Company in its financial guidance.

 

Footnotes:

  1. After a reduction of two aircraft previously recorded as sold in December 2021 for which a transfer was not possible due to international sanctions against Russia. 
  2. Airbus SE continues to use the term Net Income/Loss. It is identical to Profit/Loss for the period attributable to equity owners of the parent as defined by IFRS Rules.
  3. The Company has decided to update the definition of the Alternative Performance Measure Free Cash Flow in line with market practices to better reflect the underlying cash generation performance of its operations. Going forward, Mergers and Acquisitions transactions will be excluded from this definition (see Glossary). This applies from 1 January 2024 onwards and the 2024 Guidance is issued on that basis.
  4. To be proposed to the Annual General Meeting on 10 April 2024.

 

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 the spread of disease or 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;
  • Changes in societal expectations and regulatory requirements about climate change;
  • The lingering effects of the COVID-19 pandemic;
  • Aggravation of adverse geopolitical events, including Russia’s invasion of Ukraine and the resulting imposition of export control restrictions and international sanctions, and rising military tensions around the world.

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 more information about the impact of Russia’s invasion of Ukraine and the impact of the Macroeconomic Environment, see note 2 “Geopolitical and Macroeconomic Environment” of the Notes to the Airbus SE IFRS Consolidated Financial Statements for the twelve-month period ended 31 December 2023 published 15 February 2024 (the “Financial Statements”). For more information about factors that could cause future results to differ from such forward-looking statements, please refer to Airbus SE’s most recent annual reports, including the Report of the Board of Directors, the Financial Statements and the Notes thereto, the Universal Registration Document and the most recent Risk Factors. 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 statement 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.

 

 

 



End of Inside Information

15-Feb-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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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: DAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1837611

 
End of Announcement EQS News Service

1837611  15-Feb-2024 CET/CEST

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 66.767,00 63.707,00 70.478,00 49.912,00 52.149,00 58.763,00 65.446,00
EBITDA1,2 5.719,00 7.492,00 4.266,00 2.321,00 7.667,00 8.041,00 6.845,00
EBITDA-Marge3 8,57 11,76 6,05 4,65 14,70 13,68
EBIT1,4 3.421,00 5.048,00 1.339,00 -510,00 5.342,00 5.325,00 4.603,00
EBIT-Marge5 5,12 7,92 1,90 -1,02 10,24 9,06 7,03
Jahresüberschuss1 2.873,00 3.011,00 -1.362,00 -1.169,00 4.174,00 4.136,00 3.613,00
Netto-Marge6 4,30 4,73 -1,93 -2,34 8,00 7,04 5,52
Cashflow1,7 4.444,00 2.318,00 3.753,00 -5.420,00 4.639,00 6.288,00 6.255,00
Ergebnis je Aktie8 3,05 3,92 -1,75 -1,45 5,36 5,39 4,80
Dividende8 1,50 1,65 0,00 0,00 1,50 1,80 1,35
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ernst & Young

INVESTOR-INFORMATIONEN
©boersengefluester.de
Airbus
WKN Kurs in € Einschätzung Börsenwert in Mio. €
938914 148,100 Kaufen 117.066,30
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
18,75 26,14 0,72 48,59
KBV KCV KUV EV/EBITDA
7,56 18,72 1,79 18,04
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
1,80 2,80 1,89 10.04.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
25.04.2024 30.07.2024 30.10.2024 15.02.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-6,38% 1,84% 5,91% 16,93%
    
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