Airbus Group Reports Strong Nine-Month (9m) 2015 Results
(Thomson Reuters ONE) -
Airbus Group Reports Strong Nine-Month (9m) 2015 Results
* Nine-month financial performance enables the Group to confirm FY guidance
* Revenues ? 43.0 billion; EBIT* before one-off up eight percent to ? 2.8
billion
* Earnings per share up 35 percent to ? 2.42
* Commercial aircraft market robust with book-to-bill above 1
* Single-aisle aircraft production rate to increase to 60/month in mid-2019
* Board of Directors approves ? 1 billion share buyback for completion by mid-
2016**
Amsterdam, 30 October 2015 - Airbus Group SE (stock exchange symbol: AIR)
reported strong nine-month results and confirmed its 2015 guidance.
"We again increased revenues, profitability and cash generation due to a good
operational performance. We're on track to deliver on our full year guidance,"
said Tom Enders,
Airbus Group Chief Executive Officer. "The healthy commercial aircraft market,
robustness of our backlog and supply chain capability allows us to raise the
single-aisle production rate to
60 a month in mid-2019. We are strongly focused on programme execution given our
key operational challenges with the A350 and A400M production ramp-ups and
A320neo. Based on operational progress, divestments materialised and the
expected cash position this year, the Board has decided to launch a ? 1 billion
share buyback which will begin immediately and be completed by the end of June
2016."
Group order intake((1)) in the first nine months of 2015 rose 42 percent to ?
112 billion (9m 2014:
? 79 billion), with the order book((1) )value reaching ? 967 billion as of 30
September
2015 (year-end 2014: ? 858 billion). Airbus received 815 net commercial aircraft
orders (9m 2014:
791 net orders), including 87 A330 Family aircraft. The full year target of a
book-to-bill ratio above 1 is now secured. Airbus Helicopters received 181 net
orders (9m 2014: 208 units) after
50 governmental helicopter cancellations. New orders included 38 H175s and 67
H145s.
Order intake by value rose three percent at Airbus Defence and Space, with third
quarter bookings including additional satellites and four A330 MRTTs for South
Korea.
Group revenues increased six percent to ? 43.0 billion (9m 2014: ? 40.5
billion), reflecting the strengthening U.S. dollar and a favourable mix at
Airbus. Revenues at Commercial Aircraft rose eight percent with 446
aircraft((6)) delivered (9m 2014: 443 units), including 19 A380s and five A350
XWBs. Despite lower overall deliveries of 237 units (9m 2014: 295 units),
Helicopters' revenues rose four percent due mainly to higher government
programme and services activity. Defence and Space's revenues were broadly
stable despite the de-consolidation of launcher revenues with the creation of
the Airbus Safran Launchers Joint Venture'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 eight percent
to ? 2,804 million (9m 2014: ? 2,590 million). Commercial Aircraft's EBIT*
before one-off rose
25 percent to ? 2,226 million (9m 2014: ? 1,780 million), driven by operational
improvement with a strong contribution from the A380 programme. It also
reflected some favourable cost phasing, including research & development (R&D)
and A350 support costs. Helicopters' EBIT* before one-off was ? 241 million (9m
2014: ? 241 million), with lower deliveries and unfavourable mix offset by
services activity and progress on the transformation plan. Defence and Space's
EBIT* before one-off increased to ? 431 million (9m 2014: ? 370 million), driven
by good programme execution and its transformation plan.
Group self-financed R&D expenses decreased to ? 2,287 million (9m 2014: ? 2,376
million).
The A350 industrial ramp-up is progressing with Finnair becoming the third
operator in October. As the production rate increases, the focus is on supply
chain performance, controlling the level of outstanding work and the convergence
of recurring costs to target. This remains challenging. Several interruptions
have been experienced on the A320neo flight test programme with the Pratt &
Whitney engine. Certification and first deliveries are still targeted in the
fourth quarter of 2015. The focus is on the delivery of mature aircraft and the
industrial ramp-up. Breakeven on the A380 is on track for 2015. Flight tests for
the H160 helicopter are progressing as per schedule for the planned entry-into-
service in 2018. Five A400M transport aircraft were delivered in the first nine
months of 2015. The focus remains on A400M programme execution, and addressing
the challenges of military capabilities and the industrial ramp-up.
Reported EBIT*((3)) rose 14 percent to ? 2,946 million (9m 2014: ? 2,583
million),
with net one-offs totalling a positive ? 142 million and comprising:
* A net charge of ? 360 million related to the dollar pre-delivery payment
mismatch and balance sheet revaluation driven by the strong devaluation of
the euro versus the dollar compared to historical rates;
* A ? 290 million net charge related to the A400M programme which is unchanged
compared to the first half 2015 results disclosure;
* A ? 748 million net gain from the sale of an 18.75% stake in Dassault
Aviation((5)) in the first half of 2015;
* A net gain of ? 44 million mainly linked to divestments in Defence and
Space.
Net income((4)) increased 36 percent to ? 1,900 million (9m 2014: ? 1,399
million) while earnings per share (EPS) rose 35 percent to ? 2.42 (9m 2014: ?
1.79). The finance result was ? -536 million (9m 2014: ? -612 million) and
included one-offs totalling ? -156 million mainly from the revaluation of
financial instruments.
Free cash flow before mergers and acquisitions improved to ? -1,751 million (9m
2014:
? -2,090 million), despite the ramp-up on programmes and reflected continued
tight cash control and the seasonality of the defence and institutional
business. Proceeds of around ? 1.7 billion in the first half of 2015 from the
sale of Dassault Aviation shares boosted nine-month
free cash flow to ? -112 million (9m 2014: ? -2,120 million). The net cash
position at the end of September 2015 was ? 7.8 billion (year-end 2014: ? 9.1
billion) after a 2014 dividend payment of
? 945 million (2013: ? 587 million). The gross cash position on 30 September
2015 was
? 17.2 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 SE has appointed an Investment Services Provider for the
implementation of its Share Buyback as authorised by the Annual General Meeting
of 27 May 2015. Under the terms of the Agreement signed on
30 October 2015, the parties agree that the Investment Services Provider will
sell a certain number of
Airbus Group SE shares, representing a maximum of ? 1 billion to Airbus Group
SE, which undertakes to buy them at market price, between 2 November 2015 and
30 June 2016, with a guarantee that the final price will reflect the arithmetic
average of daily Volume Weighted Average Price (VWAP) over the execution period
less a guaranteed discount. The price may not exceed the maximum purchase price
approved by the Annual General Meeting of
27 May 2015. All of the shares bought back under the Agreement will be
cancelled.
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 tel. +33 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 Nine-Month 2015 Results Analyst Conference Call today at
10:30 a.m. CET with
Chief Financial Officer Harald Wilhelm via the Airbus Group website:
www.airbusgroup.com/9M2015. A recording of the call will be made available in
due course.
Airbus Group - Nine-Month (9m) Results 2015
(Amounts in euro)
+-----------------------------------------+---------+---------+--------+
| Airbus Group | 9m 2015 | 9m 2014 | Change |
+-----------------------------------------+---------+---------+--------+
| Revenues, in millions | 42,965 | 40,497 | +6% |
| | | | |
| thereof defence, in millions | 7,476 | 6,917 | +8% |
+-----------------------------------------+---------+---------+--------+
| EBITDA ((2)), in millions | 4,574 | 4,022 | +14% |
+-----------------------------------------+---------+---------+--------+
| EBIT before one-offs ((3)), in millions | 2,804 | 2,590 | +8% |
+-----------------------------------------+---------+---------+--------+
| EBIT ((3)), in millions | 2,946 | 2,583 | +14% |
+-----------------------------------------+---------+---------+--------+
| Research & Development expenses, | 2,287 | 2,376 | -4% |
| in millions | | | |
+-----------------------------------------+---------+---------+--------+
| Net Income ((4)), in millions | 1,900 | 1,399 | +36% |
+-----------------------------------------+---------+---------+--------+
| Earnings Per Share (EPS) ((4)) | 2.42 | 1.79 | +35% |
+-----------------------------------------+---------+---------+--------+
| Free Cash Flow (FCF), in millions | -112 | -2,120 | - |
+-----------------------------------------+---------+---------+--------+
| Free Cash Flow | -1,751 | -2,090 | - |
| before M&A, in millions | | | |
+-----------------------------------------+---------+---------+--------+
| Free Cash Flow | 5 | -2,191 | - |
| before Customer Financing, in millions | | | |
+-----------------------------------------+---------+---------+--------+
| Order Intake ((1)), in millions | 111,923 | 78,696 | +42% |
+-----------------------------------------+---------+---------+--------+
+-----------------------------------------+---------+---------+--------+
| Airbus Group | 30 Sept | 31 Dec | Change |
| | 2015 | 2014 | |
+-----------------------------------------+---------+---------+--------+
| Order Book ((1)), in millions | 966,870 | 857,519 | +13% |
| | | | |
| thereof defence, in millions | 38,230 | 42,240 | -9% |
+-----------------------------------------+---------+---------+--------+
| Net Cash position, in millions | 7,798 | 9,092 | -14% |
+-----------------------------------------+---------+---------+--------+
| Employees | 137,488 | 138,622 | -1% |
+-----------------------------------------+---------+---------+--------+
For footnotes please refer to page 8.
+-----------------------------+---------------------+----------------------+
|by Division | Revenues | EBIT( (3)) |
+-----------------------------+-------+------+------+-------+-------+------+
|(Amounts in millions of Euro)| 9m | 9m |Change| 9m | 9m |Change|
| | 2015 | 2014 | | 2015 | 2014 | |
+-----------------------------+-------+------+------+-------+-------+------+
|Commercial Aircraft |31,119 |28,820| +8% | 1,902 | 1,773 | +7% |
+-----------------------------+-------+------+------+-------+-------+------+
|Helicopters | 4,423 |4,260 | +4% | 241 | 241 | 0% |
+-----------------------------+-------+------+------+-------+-------+------+
|Defence and Space | 8,383 |8,197 | +2% | 149 | 370 | -60% |
+-----------------------------+-------+------+------+-------+-------+------+
|Headquarters / Eliminations | -960 | -780 | - | 654 | 199 | - |
+-----------------------------+-------+------+------+-------+-------+------+
|Total |42,965 |40,497| +6% | 2,946 | 2,583 | +14% |
+-----------------------------+-------+------+------+-------+-------+------+
+-----------------------------+---------------------+----------------------+
|by Division | Order Intake ((1)) | Order Book ((1)) |
+-----------------------------+-------+------+------+-------+-------+------+
|(Amounts in millions of Euro)| 9m | 9m |Change|30 Sept|31 Dec |Change|
| | 2015 | 2014 | | 2015 | 2014 | |
+-----------------------------+-------+------+------+-------+-------+------+
|Commercial Aircraft |100,061|68,479| +46% |914,692|803,633| +14% |
+-----------------------------+-------+------+------+-------+-------+------+
|Helicopters | 4,013 |3,281 | +22% |11,818 |12,227 | -3% |
+-----------------------------+-------+------+------+-------+-------+------+
|Defence and Space | 8,483 |8,227 | +3% |41,657 |43,075 | -3% |
+-----------------------------+-------+------+------+-------+-------+------+
|Headquarters / Eliminations | -634 |-1,291| - |-1,297 |-1,416 | - |
+-----------------------------+-------+------+------+-------+-------+------+
|Total |111,923|78,696| +42% |966,870|857,519| +13% |
+-----------------------------+-------+------+------+-------+-------+------+
For footnotes please refer to page 8.
Airbus Group - Third Quarter Results (Q3) 2015
+-------------------------------------+-------------+---------+------+
|Airbus Group | Q3 2015 | Q3 2014 |Change|
+-------------------------------------+-------------+---------+------+
|Revenues, in millions | 14,072 | 13,297 | +6% |
+-------------------------------------+-------------+---------+------+
|EBIT before one-offs ((3)), in | 921 | 821 | +12% |
|millions | | | |
+-------------------------------------+-------------+---------+------+
|EBIT ((3)), in millions | 717 | 744 | -4% |
+-------------------------------------+-------------+---------+------+
|Net Income ((4)), in millions | 376 | 264 | +42% |
+-------------------------------------+-------------+---------+------+
|Earnings Per Share (EPS)( (4)) | 0.48 | 0.34 | +41% |
+-------------------------------------+-------------+---------+------+
+-----------------------------+---------------------+----------------+
|by Division | Revenues | EBIT ((3)) |
+-----------------------------+-------+------+------+----+----+------+
|(Amounts in millions of Euro)| Q3 | Q3 |Change| Q3 | Q3 |Change|
| | 2015 | 2014 | |2015|2014| |
+-----------------------------+-------+------+------+----+----+------+
|Commercial Aircraft |10,038 |9,391 | +7% |478 |416 | +15% |
+-----------------------------+-------+------+------+----+----+------+
|Helicopters | 1,473 |1,459 | +1% | 79 | 91 | -13% |
+-----------------------------+-------+------+------+----+----+------+
|Defence and Space | 2,852 |2,681 | +6% |175 |147 | +19% |
+-----------------------------+-------+------+------+----+----+------+
|Headquarters / | -291 | -234 | - |-15 | 90 | - |
|Eliminations | | | | | | |
+-----------------------------+-------+------+------+----+----+------+
|Total |14,072 |13,297| +6% |717 |744 | -4% |
+-----------------------------+-------+------+------+----+----+------+
Q3 2015 revenues rose six percent compared to the third quarter of 2014, driven
mainly by a favourable foreign exchange impact at Commercial Aircraft.
Q3 2015 EBIT* before one-off increased 12 percent, driven by operational
improvement at Commercial Aircraft as well as some favourable cost phasing,
including R&D. It was reduced by the lower Dassault Aviation contribution in the
Headquarters/Eliminations line. Q3 reported EBIT* declined four percent to ?
717 million. It includes the negative one-off from foreign exchange from the
dollar pre-delivery payment mismatch and balance sheet revaluation of ? -215
million in Q3. The Q3 2015 net income also included a negative impact from
foreign exchange linked to the revaluation of U.S. dollar liabilities. In Q3
2014 this negative impact was more significant.
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. 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.
6. Comprising 444 aircraft with revenue recognition and two long-range aircraft
on operating lease.
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 9m 2015 Earnings Presentation :
http://hugin.info/143449/R/1962831/716089.pdf
Airbus Group 9m 2015 Financial Statements:
http://hugin.info/143449/R/1962831/716090.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Airbus Group via GlobeNewswire
[HUG#1962831]
Unternehmensinformation / Kurzprofil:
Datum: 30.10.2015 - 07:55 Uhr
Sprache: Deutsch
News-ID 430725
Anzahl Zeichen: 24575
contact information:
Town:
Paris cedex 16
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 256 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Airbus Group Reports Strong Nine-Month (9m) 2015 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Airbus Group (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
