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Airbus SE: Airbus reports Nine-Month (9m) 2024 results
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EQS-Ad-hoc: Airbus SE / Schlagwort(e): 9-Monatszahlen
Airbus SE: Airbus reports Nine-Month (9m) 2024 results
30.10.2024 / 17:45 CET/CEST
Veröffentlichung einer Insiderinformation nach Artikel 17 der Verordnung
(EU) Nr. 596/2014, übermittelt durch EQS News - ein Service der EQS Group
AG.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.
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Ad-hoc release, 30 October 2024
Airbus reports Nine-Month (9m) 2024 results
* 497commercial aircraft delivered
* Revenues EUR 44.5 billion; EBIT Adjusted EUR 2.8 billion
* EBIT (reported) EUR 2.7 billion; EPS (reported) EUR 2.29
* Free cash flow before customer financing EUR -0.8 billion
* Guidance maintained
Airbus SE (stock exchange symbol: AIR) reported consolidated financial
results for the nine months ended 30 September 2024.
"We saw strong demand across our product range in the first nine months of
the year. The nine-month earnings reflect the level of commercial aircraft
deliveries, a solid performance in helicopters and the charges in our space
business recorded in the first half," said Guillaume Faury, Airbus Chief
Executive Officer. "We are constantly adapting to a complex and
fast-changing operating environment marked by geopolitical uncertainties and
specific supply chain challenges that have materialised in the course of
2024. We remain focused on our priorities, including ramping up commercial
aircraft deliveries and transforming our Defence and Space division."
Gross commercial aircraft orders totalled 667 (9m 2023: 1,280 aircraft) with
net orders of 648 aircraft after cancellations (9m 2023: 1,241 aircraft).
The order backlog amounted to 8,749 commercial aircraft at the end of
September 2024. Airbus Helicopters registered 308 net orders (9m 2023: 191
units), including 43 heavy helicopters from the Super Puma Family. Airbus
Defence and Space's order intake by value increased to EUR 11.0 billion (9m
2023: EUR 8.5 billion), reflecting good momentum across the division.
Consolidated revenues increased 5 percent year-on-year to EUR 44.5 billion (9m
2023: EUR 42.6 billion). A total of 497 commercial aircraft were delivered (9m
2023: 488 aircraft), comprising 45 A220s, 396 A320 Family, 20 A330sand 36
A350s. Revenues generated by Airbus' commercial aircraft activities
increased 4 percent, mainly reflecting the higher number of deliveries.
Airbus Helicopters' deliveries totalled 190 units (9m 2023: 197 units) with
revenues rising 5 percent, reflecting a more favourable mix in programmes
and a solid performance in services. Revenues at Airbus Defence and Space
increased 7 percent year-on-year, mainly driven by the Air Power business,
partly offset by the previous Estimate at Completion updates in Space
Systems. Five A400M military airlifters were delivered (9m 2023: 4
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 - totalled EUR 2,798 million
(9m 2023: EUR 3,631 million).
EBIT Adjusted related to Airbus' commercial aircraft activities decreased to
EUR 3,028 million (9m 2023: EUR 3,216 million), with the increase in deliveries
being reduced by investments for preparing the future.
The A220 programme continues towards a monthly production rate of 14
aircraft in 2026, with a focus on financial performance. The A320 Family
programme continues to ramp up towards a rate of 75 aircraft per month in
2027. In late October, the first A321XLR was delivered. On widebody
aircraft, the Company is now stabilising monthly A330 production at around
rate 4. On the A350, the Company continues to target rate 12 in 2028 and is
actively managing specific supply chain challenges that may have an impact
on the programme's ramp-up trajectory, in particular in 2025.
Airbus Helicopters' EBIT Adjusted totalled EUR 420 million (9m 2023: EUR 417
million), reflecting services and the programmes mix despite lower
deliveries.
EBIT Adjusted at Airbus Defence and Space was EUR -661 million (9m 2023: EUR -1
million), reflecting the charges of EUR 989 million in Space Systems, as
announced in the H1 2024 financial results. 9m 2023 included EUR 0.4 billion
of charges recorded on certain satellite development programmes.
On the A400M programme, development activities continue towards achieving
the revised capability roadmap. Retrofit activities are progressing in close
alignment with the customer. No further net material impact was recognised
in the first nine months of 2024. 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 EUR 2,351 million (9m 2023: EUR
2,167 million).
Consolidated EBIT(reported) amounted to EUR 2,690 million (9m 2023: EUR 2,712
million), including net Adjustments of EUR -108 million.
These Adjustments comprised:
* EUR -146 million related to the dollar working capital mismatch and
balance sheet revaluation, of which EUR -165 million were in Q3. This
mainly reflects the phasing impact arising from the difference between
transaction date and delivery date;
* EUR +51 million related to the gain on Airbus OneWeb Satellites, linked to
the acquisition of the remaining 50% of the joint venture in Q1;
* EUR -13 million of other costs including compliance costs, of which EUR -8
million were in Q3.
The financial result was EUR -92 million (9m 2023: EUR 231 million), mainly
reflecting negative impacts from the interest result and revaluation of
financial instruments, partially offset by the positive impact from the
revaluation of certain equity investments. Consolidated net income(1) was EUR
1,808 million (9m 2023: EUR 2,332 million) with consolidated reported earnings
per share of EUR 2.29 (9m 2023: EUR 2.96).
Consolidated free cash flow before customer financing was EUR -845 million (9m
2023: EUR 1,104 million), mainly reflecting the change in working capital,
notably the inventory build-up that supports fourth quarter deliveries and
the ramp-up across programmes. Consolidated free cash flow was EUR -877
million (9m 2023: EUR 843 million). The gross cash position stood at EUR 21.1
billion at the end of September 2024 (year-end 2023: EUR 25.3 billion), with a
consolidated net cash position of EUR 7.2 billion (year-end 2023: EUR 10.7
billion).
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 770 commercial aircraft deliveries;
* EBIT Adjusted of around EUR 5.5 billion;
* Free Cash Flow before Customer Financing of around EUR 3.5 billion.
Note to editors: Live Webcast of the Analyst Conference Call
At around 19:30 CET on 30 October 2024, you can follow the Nine-Month 2024
Results Analyst Conference Call via the Airbus website via
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.
Contacts for the media:
Guillaume Steuer Rod Stone Airbus +33 Justin Dubon
Airbus +33 (0) 6 73 82 (0) 6 30 52 19 93 Commercial Aircraft
11 68 +33 (0) 6 74 97 49
51
Martin Agüera Airbus Laurence Petiard Philippe Gmerek
Defence and Space +49 Airbus Helicopters Airbus +33 (0) 6 13
(0) 175 227 4369 +33 (0) 6 18 79 75 69 19 37 27
Consolidated Airbus - Nine-Month (9m) 2024 Results
(Amounts in Euro)
Consolidated Airbus 9m 2024 9m 2023 Chang-
e
Revenues, in millions thereof defence, in 44,514 42,560 +5%
millions 7,722 7,249 +7%
EBIT Adjusted, in millions 2,798 3,631 -23%
EBIT (reported), in millions 2,690 2,712 -1%
Research & Development expenses, in 2,351 2,167 +8%
millions
Net Income(1), in millions 1,808 2,332 -22%
Earnings Per Share 2.29 2.96 -23%
Free Cash Flow (FCF), in millions -877 843 -
Free Cash Flow before Customer Financing, -845 1,104 -
in millions
Consolidated Airbus 30 Sept. 31 Dec. Chang-
2024 2023 e
Net Cash position, in millions of 7,163 10,726 -33%
Euro
Number of employees 156,569 147,893 +6%
By Business Segment Reve- EBIT
nues (reported)
(Amounts in millions 9m 9m Chan- 9m 2024 9m Chan-
of Euro) 2024 2023 ge 2023 ge
Airbus 32,879 31,507 +4% 2,876 2,306 +25%
Airbus Helicopters 4,875 4,662 +5% 420 410 +2%
Airbus Defence and 7,609 7,133 +7% -617 -3 -
Space
Eliminations -849 -742 - 11 -1 -
Total 44,514 42,560 +5% 2,690 2,712 -1%
By Business Segment EBIT Adjusted
(Amounts in millions of Euro) 9m 2024 9m 2023 Change
Airbus 3,028 3,216 -6%
Airbus Helicopters 420 417 +1%
Airbus Defence and Space -661 -1 -
Eliminations 11 -1 -
Total 2,798 3,631 -23%
By Business Segment Order Order
Intake Book
(net)
9m 2024 9m Cha- 30 30 Cha-
2023 nge Sept. Sept. nge
2024 2023
Airbus, in units 648 1,241 -48- 8,749 7,992 +9%
%
Airbus Helicopters, in 308 191 +61- 922 751 +23-
units % %
Airbus Defence and 10,971 8,469 +30- N/A N/A N/A
Space, in millions of %
Euro
Consolidated Airbus - Third Quarter (Q3) 2024 Results
(Amounts in Euro)
Consolidated Airbus Q3 2024 Q3 2023 Change
Revenues, in millions 15,689 14,897 +5%
EBIT Adjusted, in millions 1,407 1,013 +39%
EBIT (reported), in millions 1,234 825 +50%
Net Income(1), in millions 983 806 +22%
Earnings Per Share 1.24 1.02 +22%
By Business Segment Reve- EBIT
nues (reported)
(Amounts in millions Q3 Q3 Chan- Q3 2024 Q3 Chan-
of Euro) 2024 2023 ge 2023 ge
Airbus 11,664 11,158 +5% 904 783 +15%
Airbus Helicopters 1,684 1,468 +15% 190 143 +33%
Airbus Defence and 2,624 2,480 +6% 143 -90 -
Space
Eliminations -283 -209 - -3 -11 -
Total 15,689 14,897 +5% 1,234 825 +50%
By Business Segment EBIT Adjusted
(Amounts in millions of Euro) Q3 2024 Q3 2023 Change
Airbus 1,074 960 +12%
Airbus Helicopters 190 143 +33%
Airbus Defence and Space 146 -79 -
Eliminations -3 -11 -
Total 1,407 1,013 +39%
Q3 2024 revenues increased by 5 percent, mainly reflecting the higher
contribution from the Airbus Helicopters division, in particular from the
increased helicopter deliveries, and the higher commercial aircraft
deliveries with a favourable mix.
Q3 2024 EBIT Adjusted increased by 39 percent. Q3 2023 was negatively
impacted by the charges recorded in certain satellite development
programmes. The year-on-year increase also reflects the good performance
across programmes and services at Airbus Helicopters as well as the
favourable commercial aircraft delivery mix.
Q3 2024 EBIT (reported) of EUR 1,234 million included net Adjustments of EUR
-173 million. Net Adjustments in the third quarter of 2023 amounted to EUR
-188 million.
Q3 2024 net income(1) of EUR 983 million mainly reflects the EBIT (reported),
EUR 16 million from the financial result and EUR -312 million from income taxes.
EBIT (reported) / EBIT Adjusted Reconciliation
The table below reconciles EBIT (reported) with EBIT Adjusted.
Consolidated Airbus 9m 2024
(Amounts in millions of Euro)
EBIT (reported) 2,690
thereof:
$ working capital mismatch and balance sheet revaluation -146
Airbus OneWeb Satellites gain +51
Others -13
EBIT Adjusted 2,798
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.
Ad- Adjustment, an alternative performance measure, is a term used
just- by the Company which includes material charges or profits
ment 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 The Company uses an alternative performance measure, EBIT
Adjus- Adjusted, as a key indicator capturing the underlying business
ted 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 EPS Adjusted is an alternative performance measure of a basic
Adjus- earnings per share as reported whereby the net income as the
ted numerator does include Adjustments. For reconciliation, see
the Analyst presentation.
Gross The Company defines its consolidated gross cash position as
cash the sum of (i) cash and cash equivalents and (ii) securities
posi- (all as recorded in the Consolidated Statement of Financial
tion Position).
Net The Company defines its consolidated net cash position as the
cash sum of (i) cash and cash equivalents and (ii) securities,
posi- minus (iii) financing liabilities, plus or minus (iiii)
tion interest rate contracts related to fair value hedges (all as
recorded in the Consolidated Statement of Financial Position).
Free An alternative performance measure and key indicator which
Cash allows the Company to measure the amount of cash flow
Flow generated by its operations. The Company defines free cash
(FCF) 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 FCF before Customer Financing refers to free cash flow
befo- adjusted for cash flow related to aircraft financing
re activities. It is an alternative performance measure and
Custo- indicator used by the Company in its financial guidance.
mer
Finan-
cing
Footnotes:
1. 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.
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 Unaudited Condensed
Interim IFRS Consolidated Financial Statements for the nine-month period
ended 30 September 2024 published 30 October 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.
Ende der Insiderinformation
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Sprache: Deutsch
Unternehmen: Airbus SE
P.O. Box 32008
2303 DA Leiden
Niederlande
Telefon: 00 800 00 02 2002
Fax: +49 (0)89 607 - 26481
Internet: www.airbusgroup.com
ISIN: NL0000235190
WKN: 938914
Indizes: DAX
Börsen: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart, Tradegate Exchange
EQS News ID: 2019367
Ende der Mitteilung EQS News-Service
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2019367 30.10.2024 CET/CEST
°
Quelle: dpa-AFX
