27.07.2016 Airbus Group SE  NL0000235190

DGAP-Adhoc: Airbus Group Reports Half-Year (H1) 2016 Results


 
Airbus Group SE / Key word(s): Half Year Results 27.07.2016 06:59 Disclosure of an inside information according to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Ad-hoc release, 27 July 2016 Airbus Group Reports Half-Year (H1) 2016 Results - Robust and diversified commercial backlog supporting ramp-up - H1 financials driven by back-loaded aircraft delivery schedule - Revenues EUR 29 billion; EBIT* before one-off EUR 1.7 billion; Earnings per share EUR 2.27 - Significant progress on strategy to focus on core activities with material capital gains - A400M and A350 XWB programme charges recognised in Q2 2016 - 2016 guidance confirmed** Airbus Group SE (stock exchange symbol: AIR) reported half-year 2016 results and confirmed its guidance for the full year**. "The first-half underlying financial performance reflects our well-flagged back-loaded aircraft delivery schedule this year," said Tom Enders, Airbus Group Chief Executive Officer. "We continue to see good demand for our products as shown by the brisk order intake at the Farnborough Airshow, with the production ramp-up supported by our robust and diversified commercial backlog. Our operational focus remains squarely on the A320 and A350 ramp-ups and transition to the new engine version of the A320. Unfortunately, we have to cope with new charges on the A400M and A350 programmes. Significant capital gains from the portfolio reshaping mitigated these programme losses but that does not make them more acceptable! Industrial efficiency and the stepwise introduction of the A400M's military functionalities are still lagging behind schedule and remain challenging. But we are making good progress and the A400M, servicing already five air forces with its impressive performance, proves more and more to be an exceptional aircraft. In the second quarter, we successfully finalised the Airbus Safran Launchers Joint Venture and exited from Dassault Aviation. In summary, despite our near term challenges, we remain committed to delivering our earnings and cash growth story." Group order intake(1) in the first six months of 2016 was EUR 39.1 billion (H1 2015: EUR 53.9 billion), with the order book(1) value totalling EUR 978 billion as of 30 June 2016 (year-end 2015: EUR 1,006 billion). The order book of Airbus Defence and Space decreased by EUR 4.6 billion due to perimeter changes. Airbus received 183 net commercial aircraft orders (H1 2015: 348 net orders) with gross orders of 227 aircraft including 27 A350 XWBs. The second half of the year started positively with 279 orders and commitments announced at Farnborough, including firm contracts for eight A350-1000s from Virgin Atlantic Airways and for 100 A321neos from AirAsia. Airbus Helicopters received 127 net orders (H1 2015: 135 net orders) and was selected as the aircraft service provider for the UK's Military Flying Training System contract. It also signed an agreement with a Chinese consortium for 100 H135 helicopters. Order intake was stable at Defence and Space with good momentum seen in Space Systems driven by Earth observation and telecommunication satellites. Group revenues were stable at EUR 28.8 billion (H1 2015: EUR 28.9 billion). Despite lower deliveries of 298 aircraft (H1 2015: 304 aircraft), revenues were stable at Airbus Commercial supported by the strengthening US dollar hedge rate. Helicopters' revenues declined nine percent, reflecting an unfavourable mix despite higher deliveries of 163 units (H1 2015: 152 units). Airbus Defence and Space's revenues were broadly stable. Group EBIT* before one-off(3) - an indicator capturing the underlying business margin by excluding material non-recurring charges or profits caused by movements in provisions related to programmes and restructurings or foreign exchange impacts - totalled EUR 1,684 million (H1 2015: EUR 1,883 million). Airbus Commercial's EBIT* before one-off was EUR 1,270 million (H1 2015: EUR 1,533 million), driven mainly by the back-loaded delivery profile, lower A330 production and transition pricing on the A320 and A330. Helicopters' EBIT* before one-off totalled EUR 144 million (H1 2015: EUR 162 million), mainly reflecting a less favourable mix. Defence and Space's EBIT* before one-off rose 22 percent to EUR 325 million (H1 2015: EUR 267 million), driven by good programme execution, its portfolio re-focus and efficiency measures. Group self-financed R&D expenses decreased to EUR 1,309 million (H1 2015: EUR 1,506 million). On the A380, delivery planning is being adjusted to 12 deliveries a year from 2018 with traffic growth supporting the programme's long-term perspective. On the A320 programme, preparation for the ramp-up continues with temporary issues, mainly linked to the supply chain, expected to be recovered by year-end. In the half-year, eight A320neos were handed over to three customers while in July the first aircraft fitted with CFM engines was delivered. Twelve A350s were delivered in the first half of 2016 with the production ramp-up progressing. The A350 Loss Making Contract provision has been stable since the Full Year 2013 results - throughout the aircraft's certification, entry-into-service and ramp-up phase. As the ramp-up accelerates challenges are being faced on supply chain capability and performance, with the cabin still the critical pacing item and outstanding work causing some slower progress on recurring cost convergence than planned. Due to this, a charge of EUR 385 million was taken in the second quarter as an addition to the LMC provision. This also includes lower escalation and delivery phasing. The target for a monthly production rate of ten A350s by the end of 2018 remains unchanged. On the A400M programme, five aircraft were delivered in the first half of 2016. The European Aviation Safety Agency certified an interim fix to the engine propeller gearbox (PGB) which, once available, will give air forces at least 650 flight hours before initial inspections of the affected parts of the PGB. The first major development milestone of the mission capability roadmap defined with customers earlier this year was successfully completed in June with certification and delivery of 'MSN 33', the 9th aircraft for the French customer. Industrial efficiency and military capability remain a challenge for the A400M programme. Furthermore, the EASA's Airworthiness Directive, linked to the PGB on the engine, and various PGB quality issues have strongly impacted the customer delivery programme. Management has subsequently reviewed the programme evolution and estimated contract result incorporating the implications at this time of the revised engine programme and its associated recovery plan, technical issues related to the aluminium alloy used for some parts within the aircraft, recurring cost convergence issues and finally some delays, escalation and cost overruns in the development programme. As a result of the review, including an updated assumption of export orders during the launch contract phase, Defence and Space recorded an additional net charge of EUR 1,026 million. Commercial negotiations with OCCAR and the Nations are yet to take place with regard to the revised delivery schedule and its implications. As of today, the outcome of these negotiations cannot be reliably estimated. The potential impacts on the financial statements could be significant. At Helicopters, the investigation into April's H225 accident in Norway is ongoing while the financial impact cannot be reliably estimated at this stage. Reported EBIT*(3) of EUR 1,856 million (H1 2015: EUR 2,229 million) included net one-offs totalling EUR 172 million which comprised: - The net charge of EUR 1,026 million related to the A400M programme; - The EUR 385 million net charge on the A350 programme; - A negative impact of EUR 509 million related to the dollar pre-delivery payment mismatch and balance sheet revaluation; - A net capital gain of EUR 1,139 million linked to the creation of the Airbus Safran Launchers Joint Venture; - A net capital gain of EUR 868 million related to the sale of shares in Dassault Aviation and a mark-to-market of the remaining shares; - A total net capital gain of EUR 85 million related to portfolio adjustments at Airbus Commercial and Defence and Space. Net income(4) rose to EUR 1,761 million (H1 2015: EUR 1,524 million) with earnings per share of EUR 2.27 (H1 2015: EUR 1.94) further supported by an accretion of around two percent related to the share buyback. The finance result was EUR -148 million (H1 2015: EUR -344 million). Free cash flow before mergers and acquisitions amounted to EUR -3,236 million (H1 2015: EUR -1,025 million), reflecting the focus on the production ramp-up and transition. Free cash flow was EUR -1,119 million (H1 2015: EUR 549 million) and included EUR 1.2 billion from the sale of Dassault Aviation shares, EUR 750 million from the implementation of the second phase of the Airbus Safran Launchers JV and EUR 310 million from the sale of the Business Communications activities. The net cash position on 30 June 2016 was EUR 7.2 billion (year-end 2015: EUR 10.0 billion) with a gross cash position of EUR 19.5 billion (year-end 2015: EUR 19.1 billion). Outlook As the basis for its 2016 guidance, Airbus Group expects the world economy and air traffic to grow in line with prevailing independent forecasts, which assume no major disruptions. Airbus Group confirms its 2016 earnings and free cash flow guidance based on a constant perimeter: - Airbus expects to deliver more than 650 aircraft and the commercial order book is expected to grow. - Before M&A, Airbus Group expects stable EBIT* before one-off and EPS* before one-off compared to 2015. - Before M&A, Airbus Group expects to deliver stable free cash flow compared to 2015, although the A400M industrial situation and delivery re-scheduling makes the achievement of the 2016 free cash flow guidance more difficult. Export Credit Agency financing is targeted to resume in the fourth quarter of 2016. The perimeter change in Airbus Defence and Space implemented at H1 2016 is expected to reduce EBIT* before one-off and free cash flow before M&A by around EUR 200 million and EPS* before one-off by around 20 cents. * Airbus Group uses EBIT pre-goodwill impairment and exceptionals as a key indicator of its economic performance. The term "exceptionals" refers to such items as depreciation expenses of fair value adjustments relating to the former EADS merger and Airbus Combination, as well as impairment charges thereon. ** On a constant perimeter. About Airbus Group Airbus Group is a global leader in aeronautics, space and related services. In 2015, the Group - comprising Airbus, Airbus Defence and Space and Airbus Helicopters - generated revenues of EUR 64.5 billion and employed a workforce of around 136,600. Contacts for the media: Martin Agüera +49 (0) 175 227 4369 Rod Stone +33 (0) 6 3052 1993 Airbus Group - Half-Year (H1) Results 2016 (Amounts in euro)
Airbus Group                   H1 2016  H1 2015    Change
Revenues, in millions          28,755   28,893     0%
thereof defence, in millions   4,731    4,869      -3%
EBITDA (2), in millions        2,924    3,295      -11%
EBIT before one-off (3), in    1,684    1,883      -11%
millions
EBIT (3), in millions          1,856    2,229      -17%
Research & Development         1,309    1,506      -13%
expenses,
in millions
Net Income (4), in millions    1,761    1,524      +16%
Earnings Per Share (EPS) (4)   2.27     1.94       +17%
Free Cash Flow (FCF), in       -1,119   549        -
millions
Free Cash Flow                 -3,236   -1,025     -
before M&A, in millions
Free Cash Flow                 -532     612        -
before Customer Financing, in
millions
Order Intake (1), in millions  39,135   53,919     -27%


Airbus Group                   30 June  31 Dec     Change
                               2016     2015
Order Book (1), in millions    978,087  1,005,864  -3%
thereof defence, in millions   37,055   38,411     -4%
Net Cash position, in          7,196    10,003     -28%
millions
Employees                      136,890  136,574    0%


by Division           Revenues                EBIT (3)
(Amounts in millions  H1      H1      Change  H1     H1     Change
of Euro)              2016    2015            2016   2015
Commercial Aircraft   21,061  21,081  0%      421    1,424  -70%
Helicopters           2,687   2,950   -9%     144    162    -11%
Defence and Space     5,440   5,531   -2%     478    -26    -
Headquarters /        -433    -669    -       813    669    +22%
Eliminations
Total                 28,755  28,893  0%      1,856  2,229  -17%



by Division                       EBIT before one-off(3)
(Amounts in millions of Euro)     H1                         H1     Change
                                  2016                       2015
Commercial Aircraft               1,270                      1,533  -17%
Helicopters                       144                        162    -11%
Defence and Space                 325                        267    +22%
Headquarters / Eliminations       -55                        -79    -
Total                             1,684                      1,883  -11%



by Division        Order Intake (1)             Order Book (1)
(Amounts in        H1      H1           Change  30 June  31 Dec     Change
millions of Euro)  2016    2015                 2016     2015
Commercial         32,302  46,334       -30%    930,885  952,450    -2%
Aircraft
Helicopters        2,338   2,726        -14%    11,421   11,769     -3%
Defence and Space  5,189   5,371        -3%     37,665   42,861     -12%
Headquarters /     -694    -512         -       -1,884   -1,216     -
Eliminations
Total              39,135  53,919       -27%    978,087  1,005,864  -3%


Airbus Group - Second Quarter Results (Q2) 2016
Airbus Group                  Q2 2016         Q2 2015       Change
Revenues, in millions         16,572          16,815        -1%
EBIT before one-offs (3), in  1,183           1,232         -4%
millions
EBIT (3), in millions         1,491           988           +51%
Net Income (4), in millions   1,362           732           +86%
Earnings Per Share (EPS) (4)  1.76            0.93          +89%

by Division           Revenues                EBIT (3)
(Amounts in millions  Q2      Q2      Change  Q2     Q2     Change
of Euro)              2016    2015            2016   2015
Commercial Aircraft   12,393  12,516  -1%     131    1,005  -87%
Helicopters           1,529   1,665   -8%     111    110    +1%
Defence and Space     2,906   2,928   -1%     388    -159   -
Headquarters /        -256    -294    -       861    32     -
Eliminations
Total                 16,572  16,815  -1%     1,491  988    +51%


by Division                       EBIT before one-off(3)
(Amounts in millions of Euro)     Q2                         Q2     Change
                                  2016                       2015
Commercial Aircraft               863                        964    -10%
Helicopters                       111                        110    +1%
Defence and Space                 216                        177    +22%
Headquarters /                    -7                         -19    -
Eliminations
Total                             1,183                      1,232  -4%


Q2 2016 revenues decreased by one percent compared to Q2 2015, mainly reflecting an unfavourable mix at helicopters despite higher deliveries. Q2 2016 EBIT* before one-off decreased slightly, driven mainly by Airbus Commercial, and partially compensated by good momentum at Airbus Defence and Space. Airbus Commercial EBIT* before one-off mainly reflects the back- loaded delivery profile, lower A330 production and transition pricing, partially compensated by a small R&D tailwind. Q2 2016 reported EBIT* increased by 51 percent to EUR 1,491 million. It reflects net "one-offs" of approximately EUR 300 million. Net programme charges were booked in Q2 on A400M (EUR -1,026 million) and A350 (EUR -385 million) and a negative one-off from foreign exchange from the dollar pre-delivery payment mismatch and balance sheet revaluation (EUR -0.5 billion). In Q2, positive one-offs were recorded from the creation of the Airbus Safran Launchers JV (EUR 1,139 million), the sale of shares in Dassault Aviation (EUR 868 million) and other smaller portfolio adjustments mainly related to Defence and Space. In Q2 2015, a net charge was booked related to A400M programme (EUR -290 million). Q2 2016 net income was positively influenced by a low Q2 effective tax rate which reflected net programme charges and the gains from the creation of the Airbus Safran Launchers JV, Dassault Aviation and other divestments in Defence and Space. Footnotes: 1) Contributions from commercial aircraft activities to Order Intake and Order Book based on list prices. 2) Earnings before interest, taxes, depreciation, amortisation and exceptionals. 3) Earnings before interest and taxes, pre goodwill impairment and exceptionals. 4) Airbus Group 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: Certain statements contained in this press release are not historical facts but rather are statements of future expectations and other forward-looking statements that are based on management's beliefs. These statements reflect Airbus Group's views and assumptions as of the date of the statements and involve known and unknown risk and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. When used in this press release, words such as "anticipate", "believe", "estimate", "expect", "may", "intend", "plan to" and "project" are intended to identify forward-looking statements. This forward looking information is based upon a number of assumptions including without limitation: assumption regarding demand, current and future markets for Airbus Group's products and services, internal performance, customer financing, customer, supplier and subcontractor performance or contracts negotiations, favourable outcomes of certain pending sales campaigns. Forward looking statements are subject to uncertainty and actual future results and trends may differ materially depending on variety of factors including without limitation: general economic and labour conditions, including in particular economic conditions in Europe, North America and Asia, legal, financial and governmental risk related to international transactions, the cyclical nature of some of Airbus Group's businesses, volatility of the market for certain products and services, product performance risks, collective bargaining labour disputes, factors that result in significant and prolonged disruption to air travel worldwide, the outcome of political and legal processes, including uncertainty regarding government funding of certain programs, consolidation among competitors in the aerospace industry, the cost of developing, and the commercial success of new products, exchange rate and interest rate spread fluctuations between the euro and the U.S. dollar and other currencies, legal proceeding and other economic, political and technological risk and uncertainties. Additional information regarding these factors is contained in the Company's "Registration Document" dated 5 April 2016. For more information, please refer to www.airbusgroup.com. 27.07.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: Airbus Group SE P.O. Box 32008 2303 DA Leiden Netherlands Phone: 00 800 00 02 2002 Fax: +49 (0)89 607 - 26481 E-mail: [email protected] Internet: www.eads.com ISIN: NL0000235190 WKN: 938914 Indices: MDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart; Terminbörse EUREX End of Announcement DGAP News-Service ---------------------------------------------------------------------------


Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 64.450,00 66.581,00 66.767,00 63.707,00 70.478,00 49.912,00 0,00
EBITDA1,2 6.528,00 4.552,00 5.719,00 7.492,00 4.266,00 2.321,00 0,00
EBITDA-Marge3 10,13 6,84 8,57 11,76 6,05 4,65 0,00
EBIT1,4 4.062,00 2.258,00 3.421,00 5.048,00 1.339,00 -510,00 0,00
EBIT-Marge5 6,30 3,39 5,12 7,92 1,90 -1,02 0,00
Jahresüberschuss1 2.698,00 995,00 2.873,00 3.011,00 -1.362,00 -1.169,00 0,00
Netto-Marge6 4,19 1,49 4,30 4,73 -1,93 -2,34 0,00
Cashflow1,7 3.600,00 4.369,00 4.444,00 2.318,00 3.753,00 -5.420,00 0,00
Ergebnis je Aktie8 3,42 1,29 3,05 3,92 -1,75 -1,45 3,10
Dividende8 1,30 1,35 1,50 1,65 0,00 0,00 0,75
Quelle: boersengefluester.de und Firmenangaben

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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
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Airbus
WKN Kurs in € Einschätzung Börsenwert in Mio. €
938914 114,700 Halten 89.829,96
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
26,07 27,08 0,96 69,31
KBV KCV KUV EV/EBITDA
13,94 - 1,80 43,05
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
Hauptversammlung
0,00 0,00 0,00 14.04.2021
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
29.04.2021 29.07.2021 29.10.2020 18.02.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
0,17% 9,81% 25,22% 85,00%
    
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Airlines/Luftfahrttechnik , 938914 , AIR , XETR:AIR