Airbus Group Reports Solid Half-Year (H1) 2015 Results
(Thomson Reuters ONE) -
Airbus Group Reports Solid Half-Year (H1) 2015 Results
* Revenues ? 28.9 billion, EBIT* before one-off ? 1.88 billion: Both rise 6%
* Earnings per share up 34 percent to ? 1.94
* Free cash flow ? 549 million, including sale of Dassault Aviation shares
* A400M deliveries resumed, charge of ? 290 million included
* H1 financial performance confirms 2015 guidance
Amsterdam, 31 July 2015 - Airbus Group (stock exchange symbol: AIR) reported
solid half-year results supported by an improved operational performance and
confirmed its 2015 guidance.
"The half-year underlying results reflect our continued focus on programme
execution and operational efficiency," said Tom Enders, Airbus Group Chief
Executive Officer. "Revenues, profitability and cash generation all improved,
and the overall financial performance means
we are on track to deliver our 2015 guidance. We continue to see healthy
commercial momentum across the portfolio as shown by the major contracts
announced at June's Paris Air Show. We are focused on operational priorities,
including A350 and A400M ramp-up,
cost control and deliveries plus the A320neo transition, as we strive to further
enhance profits and cash."
Group order intake((1)) in the first six months of 2015 increased sharply to ?
53.9 billion (H1 2014:
? 27.7 billion), with the order book((1) )value rising to ? 927 billion as of
30 June (year-end 2014:
? 858 billion) taking into account a positive revaluation linked to the
strengthening of the US dollar. Airbus received 348 net commercial aircraft
orders (H1 2014: 290 net orders), including 57 A330 Family aircraft.
Demonstrating the continued strength of the commercial aircraft market, 421 firm
orders and commitments were announced during the Paris Air Show. Airbus
Helicopters received 135 net orders (H1 2014: 148 units), including 29 H175s.
Order intake by value rose 40 percent
at Airbus Defence and Space, with strong momentum seen across business lines
including additional Earth observation satellites and A330 MRTTs. In June,
Defence and Space was selected by OneWeb to design and manufacture an initial
900 satellites.
Group revenues rose six percent to ? 28.9 billion (H1 2014: ? 27.2 billion),
reflecting the strong delivery mix at Commercial Aircraft and strengthening US
dollar. Commercial Aircraft's revenues rose nine percent with 304 commercial
airplanes delivered (H1 2014: 303 units), including 4 A350 XWBs and 13 A380s.
Helicopters' revenues increased five percent, driven
by government programmes and services activities which mitigated lower
deliveries of 152 units (H1 2014: 200 units). Defence and Space's revenues were
stable despite the deconsolidation
of launcher revenues with the creation of the Airbus Safran Launchers JV's first
phase.
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
- rose six percent
to ? 1,883 million (H1 2014: ? 1,769 million) with improvements in all
Divisions.
Commercial Aircraft's EBIT* before one-off rose to ? 1,533 million (H1 2014: ?
1,287 million), driven by operational improvement and some favourable cost
phasing including research and development (R&D) expenses.
Helicopters' EBIT* before one-off rose eight percent to ? 162 million (H1 2014:
? 150 million), with lower volumes and a less favourable mix mitigated by higher
services activity and
the Division's transformation plan. Defence and Space's EBIT* before one-off
increased
to ? 267 million (H1 2014: ? 223 million), reflecting good programme execution
and progress
in its transformation plan.
Group self-financed R&D expenses were ? 1,506 million (H1 2014: ? 1,564 million)
while
the Group EBIT* before one-off return on sales was 6.5 percent (H1 2014: 6.5
percent).
The industrial ramp-up of the A350 XWB programme is gaining traction, with
Vietnam Airlines becoming the second operator in June. Development of the
A320neo is progressing with
a CFM-powered aircraft making its first flight in May and flight tests of Pratt
& Whitney-engined aircraft resuming at the end of July. Despite some flight test
interruptions, the A320neo delivery stream is still expected to commence in
2015. The A380 programme is on track for breakeven by the year-end. Helicopters'
product renewal strategy is progressing with flight testing
for the new H160 underway and the X6 concept phase now launched. At Defence and
Space,
four A400Ms were delivered in the first half of 2015.
Reported EBIT*((3)) increased 21 percent to ? 2,229 million (H1 2014: ? 1,839
million),
with net one-offs totalling a positive ? 346 million and comprising:
* A ? 290 million additional net charge related to the A400M programme.
Following the accident on
9 May 2015, an analysis of the programme's current status was conducted.
Airbus Group
has worked with all its partners to resume flights and deliveries. However,
the accident caused setbacks on qualifying enhanced military capability and
the schedule of planned deliveries.
The accident stopped certain flight test activity for a number of weeks and
caused bottlenecks
in the production process. Industrial efficiency remains a challenge during
the ramp-up phase and furthermore, the escalation formulae in the contract
versus costs has gone significantly negative due to lower inflation in the
eurozone((5)). Airbus Group is working with its customers
to agree the new schedule of military capability enhancement and deliveries
as well as reviewing
the escalation formulae.
* A ? 145 million net charge related to the dollar pre-delivery payment
mismatch
and balance sheet revaluation driven by the weaker euro versus the dollar.
The second quarter included a negative impact of ? 36 million linked to the
revaluation of the A400M provision.
* A ? 748 million net gain from the sale of an 18.75% stake in Dassault
Aviation((6),).
* A net gain of ? 33 million mainly linked to the creation of the Airbus
Safran Launchers JV's first phase.
Net income((4)) increased 34 percent to ? 1,524 million (H1 2014: ? 1,135
million) while earnings per share (EPS) rose the same percentage to ? 1.94 (H1
2014: ? 1.45), driven by the improved operational performance. Both included the
Dassault Aviation capital gain and A400M charge. The finance result was ? -344
million (H1 2014: ? -252 million) and included one-offs totalling
? -100 million mainly from negative foreign exchange revaluation of financial
instruments.
Free cash flow before mergers and acquisitions improved significantly to ?
-1,025 million (H1 2014: ? -2,270 million), reflecting the delivery performance
and tight cash control while proceeds of around ? 1.7 billion from the sale of
Dassault Aviation shares boosted total free cash flow to ? 549 million (H1
2014: ? -2,244 million). The net cash position at the end of June 2015 was ?
8.4 billion (year-end 2014: ? 9.1 billion) after a 2014 dividend payment of ?
945 million (2013: ? 587 million) with a gross cash position of ? 16.8 billion
(year-end 2014: ? 16.4 billion).
Outlook
As the basis for its 2015 guidance, Airbus Group expects the world economy and
air traffic to grow in line with prevailing independent forecasts and assumes no
major disruptions.
Airbus deliveries should be slightly higher than in 2014, and the commercial
aircraft order book
is again expected to grow.
In 2015, before mergers & acquisitions (M&A), Airbus Group expects an increase
in revenues
and targets a slight increase in EBIT* before one-off.
Based on its current view of the industrial ramp-up, Airbus Group targets
breakeven free cash flow in 2015 before M&A.
Airbus Group targets its EPS and dividend per share to increase further in 2015.
* 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.
Airbus Group
Airbus Group is a global leader in aeronautics, space and related services. In
2014, the Group - comprising Airbus, Airbus Defence and Space and Airbus
Helicopters - generated revenues of ? 60.7 billion and employed a workforce of
around 138,600.
Airbus Group Investor Relations contacts:
Julie Kitcher +33 (0) 5 82 05 53 01
julie.kitcher(at)airbus.com
Note to editors: Live-Transmission of the Airbus Group Analyst Conference Call
on the Internet
You can listen to the Half-Year 2015 Results Analyst Conference Call today at
11:00 a.m. CET with
Chief Executive Officer Tom Enders and Chief Financial Officer Harald Wilhelm
via the Airbus Group website: www.airbusgroup.com/H12015. Please click on the
front page banner. A recording of the call will be made available in due course.
Airbus Group - Half-Year (H1) Results 2015
(Amounts in euro)
+-----------------------------------------+----------+----------+--------+
| Airbus Group | H1 2015 | H1 2014 | Change |
+-----------------------------------------+----------+----------+--------+
| Revenues, in millions | 28,893 | 27,200 | +6% |
| | | | |
| thereof defence, in millions | 4,869 | 4,614 | +6% |
+-----------------------------------------+----------+----------+--------+
| EBITDA ((2)), in millions | 3,295 | 2,773 | +19% |
+-----------------------------------------+----------+----------+--------+
| EBIT before one-offs ((3)), in millions | 1,883 | 1,769 | +6% |
+-----------------------------------------+----------+----------+--------+
| EBIT ((3)), in millions | 2,229 | 1,839 | +21% |
+-----------------------------------------+----------+----------+--------+
| Research & Development expenses, | 1,506 | 1,564 | -4% |
| in millions | | | |
+-----------------------------------------+----------+----------+--------+
| Net Income ((4)), in millions | 1,524 | 1,135 | +34% |
+-----------------------------------------+----------+----------+--------+
| Earnings Per Share (EPS) ((4)) | 1.94 | 1.45 | +34% |
+-----------------------------------------+----------+----------+--------+
| Free Cash Flow (FCF), in millions | 549 | - 2,244 | - |
+-----------------------------------------+----------+----------+--------+
| Free Cash Flow | - 1,025 | - 2,270 | - |
| before M&A, in millions | | | |
+-----------------------------------------+----------+----------+--------+
| Free Cash Flow | 612 | - 2,112 | - |
| before Customer Financing, in millions | | | |
+-----------------------------------------+----------+----------+--------+
| Order Intake ((1)), in millions | 53,919 | 27,708 | +95% |
+-----------------------------------------+----------+----------+--------+
+-----------------------------------------+----------+----------+--------+
| Airbus Group | 30 June | 31 Dec | Change |
| | 2015 | 2014 | |
+-----------------------------------------+----------+----------+--------+
| Order Book ((1)), in millions | 926,978 | 857,519 | +8% |
| | | | |
| thereof defence, in millions | 38,757 | 42,240 | -8% |
+-----------------------------------------+----------+----------+--------+
| Net Cash position, in millions | 8,436 | 9,092 | -7% |
+-----------------------------------------+----------+----------+--------+
| Employees | 137,217 | 138,622 | -1% |
+-----------------------------------------+----------+----------+--------+
For footnotes please refer to page 8.
+-----------------------------+--------------------+----------------------+
|by Division | Revenues | EBIT( (3)) |
+-----------------------------+------+------+------+-------+-------+------+
|(Amounts in millions of Euro)| H1 | H1 |Change| H1 | H1 |Change|
| | 2015 | 2014 | | 2015 | 2014 | |
+-----------------------------+------+------+------+-------+-------+------+
|Commercial Aircraft |21,081|19,429| +9% | 1,424 | 1,357 | +5% |
+-----------------------------+------+------+------+-------+-------+------+
|Helicopters |2,950 |2,801 | +5% | 162 | 150 | +8% |
+-----------------------------+------+------+------+-------+-------+------+
|Defence and Space |5,531 |5,516 | 0% | -26 | 223 | - |
+-----------------------------+------+------+------+-------+-------+------+
|Headquarters / Eliminations | -669 | -546 | - | 669 | 109 | - |
+-----------------------------+------+------+------+-------+-------+------+
|Total |28,893|27,200| +6% | 2,229 | 1,839 | +21% |
+-----------------------------+------+------+------+-------+-------+------+
+-----------------------------+--------------------+----------------------+
|by Division | Order Intake ((1)) | Order Book ((1)) |
+-----------------------------+------+------+------+-------+-------+------+
|(Amounts in millions of Euro)| H1 | H1 |Change|30 June|31 Dec |Change|
| | 2015 | 2014 | | 2015 | 2014 | |
+-----------------------------+------+------+------+-------+-------+------+
|Commercial Aircraft |46,334|22,880|+103% |875,018|803,633| +9% |
+-----------------------------+------+------+------+-------+-------+------+
|Helicopters |2,726 |2,183 | +25% |12,004 |12,227 | -2% |
+-----------------------------+------+------+------+-------+-------+------+
|Defence and Space |5,371 |3,831 | +40% |41,683 |43,075 | -3% |
+-----------------------------+------+------+------+-------+-------+------+
|Headquarters / Eliminations |- 512 |-1,186| - |- 1,727|-1,416 | - |
+-----------------------------+------+------+------+-------+-------+------+
|Total |53,919|27,708| +95% |926,978|857,519| +8% |
+-----------------------------+------+------+------+-------+-------+------+
For footnotes please refer to page 8.
Airbus Group - Second Quarter Results (Q2) 2015
+-------------------------------------+-------------+------------+------+
|Airbus Group | Q2 2015 | Q2 2014 |Change|
+-------------------------------------+-------------+------------+------+
|Revenues, in millions | 16,815 | 14,552 | +16% |
+-------------------------------------+-------------+------------+------+
|EBIT before one-offs ((3)), in | 1,232 | 1,069 | +15% |
|millions | | | |
+-------------------------------------+-------------+------------+------+
|EBIT ((3)), in millions | 988 | 1,120 | -12% |
+-------------------------------------+-------------+------------+------+
|Net Income ((4)), in millions | 732 | 696 | +5% |
+-------------------------------------+-------------+------------+------+
|Earnings Per Share (EPS)( (4)) | 0.93 | 0.89 | +4% |
+-------------------------------------+-------------+------------+------+
+-----------------------------+---------------------+-------------------+
|by Division | Revenues | EBIT ((3)) |
+-----------------------------+-------+------+------+------+-----+------+
|(Amounts in millions of Euro)| Q2 | Q2 |Change| Q2 | Q2 |Change|
| | 2015 | 2014 | | 2015 |2014 | |
+-----------------------------+-------+------+------+------+-----+------+
|Commercial Aircraft |12,516 |10,492| +19% |1,005 | 811 | +24% |
+-----------------------------+-------+------+------+------+-----+------+
|Helicopters | 1,665 |1,619 | +3% | 110 | 92 | +20% |
+-----------------------------+-------+------+------+------+-----+------+
|Defence and Space | 2,928 |2,773 | +6% | - 159| 138 | - |
+-----------------------------+-------+------+------+------+-----+------+
|Headquarters / | -294 | -332 | - | 32 | 79 | - |
|Eliminations | | | | | | |
+-----------------------------+-------+------+------+------+-----+------+
|Total |16,815 |14,552| +16% | 988 |1,120| -12% |
+-----------------------------+-------+------+------+------+-----+------+
Q2 2015 revenues rose 16 percent compared to the second quarter of 2014, driven
by a higher volume of commercial aircraft and positive foreign exchange effects.
Q2 2015 EBIT* before one-off rose 15 percent to ? 1,232 million, reflecting
operational improvement in all Divisions as well as some favourable cost phasing
including R&D. Q2 2015 EBIT* declined 12 percent to ? 988 million and included
negative net one-offs mainly reflecting the additional net charge of ? 290
million on the A400M programme.
For footnotes please refer to page 8.
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.
5. Long-term contracts generally contain a contract clause which escalates the
price of the contract in line with a formula reflecting an approximate
escalation of the input costs - labour and materials. Various indexes are
used depending on the mix of input costs.
6. The remaining Dassault Aviation participation is now recorded as an asset
held for sale and the result of the period of Dassault Aviation will no
longer contribute to the Headquarters earnings line, except for dividends to
be received and the capital gain from future sales of Dassault Aviation
shares.
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 16 April 2015. For more
information, please refer to www.airbusgroup.com.
Airbus Group Reports Solid Half-Year (H1) 2015 Results:
http://hugin.info/143449/R/1942778/702994.pdf
Financial statements:
http://hugin.info/143449/R/1942778/702996.pdf
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Source: Airbus Group via GlobeNewswire
[HUG#1942778]
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Datum: 31.07.2015 - 08:54 Uhr
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