Consolidated Airbus – Half-Year (H1) 2021 Results
(Amounts in Euro)
Consolidated Airbus
|
H1 2021
|
H1 2020
|
Change
|
Revenues, in millions
thereof defence, in millions
|
24,637
3,911 |
18,948
4,092 |
+30%
-4% |
EBIT Adjusted, in millions
|
2,703 |
-945 |
- |
EBIT (reported), in millions |
2,727 |
-1,559 |
- |
Research & Development expenses, in millions |
1,262 |
1,396 |
-10% |
Net Income/Loss(1), in millions |
2,231 |
-1,919 |
- |
Earnings/Loss Per Share |
2.84 |
-2.45 |
- |
Free Cash Flow (FCF), in millions |
2,012 |
-12,876 |
- |
Free Cash Flow before M&A, in millions |
2,020 |
-12,373 |
- |
Free Cash Flow before M&A and Customer Financing, in millions |
2,051 |
-12,440 |
- |
Consolidated Airbus |
30 June 2021 |
31 Dec 2020 |
Change |
Net Cash position, in millions of Euro |
6,485 |
4,312 |
+50% |
Number of employees |
126,050 |
131,349 |
-4% |
By Business Segment
|
Revenues |
EBIT (reported) |
(Amounts in millions of Euro)
|
H1 2021 |
H1 2020 |
Change |
H1 2021 |
H1 2020 |
Change |
Airbus
|
17,813 |
12,533 |
+42% |
2,387 |
-1,808 |
- |
Airbus Helicopters
|
2,594 |
2,333 |
+11% |
183 |
152 |
+20% |
Airbus Defence and Space
|
4,538 |
4,551 |
0%
|
157 |
73 |
+115% |
Eliminations |
-308 |
-469 |
- |
0 |
24 |
- |
Total |
24,637 |
18,948 |
+30% |
2,727 |
-1,559 |
- |
By Business Segment
|
EBIT Adjusted |
(Amounts in millions of Euro)
|
H1 2021 |
H1 2020 |
Change |
Airbus
|
2,291 |
-1,307 |
- |
Airbus Helicopters
|
183 |
152 |
+20% |
Airbus Defence and Space
|
229 |
186 |
+23% |
Eliminations
|
0 |
24 |
- |
Total
|
2,703 |
-945 |
- |
By Business Segment
|
Order Intake (net) |
Order Book |
|
H1 2021 |
H1 2020 |
Change |
30 June 2021 |
30 June 2020 |
Change |
Airbus, in units
|
38 |
298 |
-87% |
6,925 |
7,584 |
-9% |
Airbus Helicopters, in units
|
123 |
75 |
+64% |
671 |
666 |
+1% |
Airbus Defence and Space, in millions of Euro
|
3,510 |
5,588 |
-37% |
N/A |
N/A |
N/A |
Consolidated Airbus – Second Quarter (Q2) 2021 Results
(Amounts in Euro)
Consolidated Airbus
|
Q2 2021 |
Q2 2020 |
Change |
Revenues, in millions
|
14,177 |
8,317 |
+70% |
EBIT Adjusted, in millions
|
2,009 |
-1,226 |
- |
EBIT (reported), in millions
|
2,265 |
-1,638 |
- |
Net Income/Loss(1), in millions
|
1,869 |
-1,438 |
-
|
Earnings/Loss Per Share
|
2.38 |
-1.84 |
-
|
|
|
|
|
|
|
|
By Business Segment |
Revenues |
EBIT (reported) |
(Amounts in millions of
Euro) |
Q2 2021 |
Q2 2020 |
Change |
Q2 2021 |
Q2 2020 |
Change |
Airbus
|
10,541 |
4,964 |
+112% |
2,044 |
-1,865 |
- |
Airbus Helicopters
|
1,417 |
1,131 |
+25% |
121 |
99 |
+22% |
Airbus Defence and Space
|
2,423 |
2,440 |
-1% |
140 |
126 |
+11% |
Eliminations
|
-204 |
-218 |
- |
-40 |
2 |
- |
Total
|
14,177 |
8,317 |
+70% |
2,265 |
-1,638 |
- |
By Business Segment |
EBIT Adjusted |
(Amounts in millions of Euro) |
Q2 2021
|
Q2 2020
|
Change
|
Airbus |
1,758 |
-1,498 |
- |
Airbus Helicopters |
121 |
99 |
+22% |
Airbus Defence and Space |
170 |
171 |
-1% |
Eliminations |
-40 |
2 |
- |
Total |
2,009
|
-1,226
|
- |
Q2 2021 revenues increased 70 percent, mainly driven by the higher commercial aircraft deliveries at Airbus and higher revenues at Airbus Helicopters.
Q2 2021 EBIT Adjusted of € 2,009 million was mainly driven by the delivery performance. It also reflected the continued efforts on cost containment and competitiveness. Q2 2020 EBIT Adjusted included COVID-19 related charges.
Q2 2021 EBIT (reported) of € 2,265 million included net Adjustments of € +256 million, of which € +174 million relate to the A380 programme mainly for a provision release on the former A380 Lagardère facility in Toulouse.
Q2 2021 Net Income of € 1,869 million mainly reflected the EBIT (reported), € -89 million from the financial result and € -318 million from income taxes.
EBIT (reported) / EBIT Adjusted Reconciliation
The table below reconciles EBIT (reported) with EBIT Adjusted.
Consolidated Airbus
(Amounts in millions of Euro) |
H1 2021
|
EBIT (reported) |
2,727
|
thereof: |
|
A380 programme |
+145
|
$ PDP mismatch/balance sheet revaluation |
-170
|
Others |
+49
|
EBIT Adjusted |
2,703
|
Glossary
KPI
|
DEFINITION
|
EBIT |
The Company continues to use the term EBIT (Earnings before interest and taxes). It is identical to Profit before finance result 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 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 |
For the definition of the alternative performance measure net cash position, see the Universal Registration Document, MD&A section 2.1.6. |
FCF |
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 |
Free cash flow before mergers and acquisitions 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 |
Free cash flow 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. |
Footnotes:
- 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;
- The full impact of the COVID-19 pandemic and the resulting health and economic crisis.
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 the COVID-19 pandemic, see Note 2 “Impact of the COVID-19 pandemic” of the Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements for the six-month period ended 30 June 2021. For more information about factors that could cause future results to differ from such forward-looking statements, see Airbus SE’s annual reports, including its 2020 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 statements 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.
|