Note to editors: Live Webcast of the Analyst Conference Call
At
19:30 CET on
08 November 2023, you can follow the
9m 2023 Results Analyst Conference
Call via the Airbus website
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.
Courtesy translations available on the Airbus newsroom
Contact for the media
Justin Dubon
Airbus
+33 6 74 97 49 51
Daniel Werdung
Airbus
+49 160 715 8152
Consolidated Airbus – Nine-Month (9m) 2023 Results
Consolidated Airbus – Nine-Month (9m) 2023 Results
(Amounts in Euro)
Consolidated Airbus – Third Quarter (Q3) 2023 Results
(Amounts in Euro)
Q3 2023 revenues increased by 12 percent, mainly reflecting the higher commercial aircraft deliveries, partly offset by the lower contribution from the Airbus Helicopters and Airbus Defence and Space divisions, in particular by the reduced helicopter deliveries.
Q3 2023 EBIT Adjusted increased by 21 percent, mainly reflecting the increased commercial aircraft deliveries and a positive year-on-year impact from currency hedging, partly offset by the charges related to updated Estimates at Completion of certain satellite development programmes.
Q3 2023 EBIT (reported) of € 825 million included net Adjustments of € -188 million. Net Adjustments in the third quarter of 2022 amounted to € 137 million.
Q3 2023 Net Income (3) of € 806 million mainly reflects the EBIT (reported), € 129 million from the financial result and € -192 million from income tax.
EBIT (reported) / EBIT Adjusted Reconciliation
The table below reconciles EBIT (reported) with EBIT Adjusted.
Glossary
Footnotes:
Safe Harbour Statement:
Rounding
(Amounts in Euro)
Consolidated Airbus | 9m 2023 | 9m 2022 | Change |
Revenues, in millions
thereof defence, in millions |
42,560
7,249 |
38,119
7,541 |
+12%
-4% |
EBIT Adjusted, in millions | 3,631 | 3,481 | +4% |
EBIT (reported), in millions | 2,712 | 3,552 | -24% |
Research & Development expenses, in millions | 2,167 | 1,965 | +10% |
Net Income(3), in millions | 2,332 | 2,568 | -9% |
Earnings Per Share | 2.96 | 3.26 | -9% |
Free Cash Flow (FCF) , in millions | 718 | 2,502 | -71% |
Free Cash Flow before M&A , in millions | 776 | 2,609 | -70% |
Free Cash Flow before M&A and Customer Financing , in millions | 1,037 | 2,899 | -64% |
Consolidated Airbus | 30 Sept. 2023 | 31 Dec. 2022 | Change |
Net Cash position , in millions of Euro | 8,315 | 9,431 | -12% |
Number of employees | 145,511 | 134,267 | +8% |
By Business Segment | Revenues | EBIT (reported) | ||||
(Amounts in millions of Euro) | 9m 2023 | 9m 2022 | Change | 9m 2023 | 9m 2022 | Change |
Airbus | 31,507 | 26,654 | +18% | 2,306 | 3,241 | -29% |
Airbus Helicopters | 4,662 | 4,515 | +3% | 410 | 380 | +8% |
Airbus Defence and Space | 7,133 | 7,593 | -6% | -3 | -64 | - |
Eliminations | -742 | -643 | - | -1 | -5 | - |
Total | 42,560 | 38,119 | +12% | 2,712 | 3,552 | -24% |
By Business Segment | EBIT Adjusted | ||
(Amounts in millions of Euro) | 9m 2023 | 9m 2022 | Change |
Airbus | 3,216 | 2,875 | +12% |
Airbus Helicopters | 417 | 380 | +10% |
Airbus Defence and Space | -1 | 231 | - |
Eliminations | -1 | -5 | - |
Total | 3,631 | 3,481 | +4% |
By Business Segment | Order Intake (net) | Order Book | ||||
9m 2023 | 9m 2022 | Change | 30 Sept. 2023 | 30 Sept. 2022 | Change | |
Airbus, in units | 1,241 | 647 | +92% | 7,992 | 7,294 | +10% |
Airbus Helicopters, in units | 191 | 246 | -22% | 751 | 792 | -5% |
Airbus Defence and Space, in millions of Euro | 8,469 | 7,991 | +6% | N/A | N/A | N/A |
Consolidated Airbus – Third Quarter (Q3) 2023 Results
(Amounts in Euro)
Consolidated Airbus | Q3 2023 | Q3 2022 | Change |
Revenues , in millions | 14,897 | 13,309 | +12% |
EBIT Adjusted , in millions | 1,013 | 836 | +21% |
EBIT (reported) , in millions | 825 | 973 | -15% |
Net Income (3) , in millions | 806 | 667 | +21% |
Earnings Per Share | 1.02 | 0.85 | +20% |
By Business Segment | Revenues | EBIT (reported) | ||||
(Amounts in millions of
Euro) |
Q3 2023 | Q3 2022 | Change | Q3 2023 | Q3 2022 | Change |
Airbus | 11,158 | 9,121 | +22% | 783 | 763 | +3% |
Airbus Helicopters | 1,468 | 1,771 | -17% | 143 | 165 | -13% |
Airbus Defence and Space | 2,480 | 2,537 | -2% | -90 | 49 | - |
Eliminations | -209 | -120 | - | -11 | -4 | - |
Total | 14,897 | 13,309 | +12% | 825 | 973 | -15% |
By Business Segment | EBIT Adjusted | ||
(Amounts in millions of Euro) | Q3 2023 | Q3 2022 | Change |
Airbus | 960 | 599 | +60% |
Airbus Helicopters | 143 | 165 | -13% |
Airbus Defence and Space | -79 | 76 | - |
Eliminations | -11 | -4 | - |
Total | 1,013 | 836 | +21% |
Q3 2023 revenues increased by 12 percent, mainly reflecting the higher commercial aircraft deliveries, partly offset by the lower contribution from the Airbus Helicopters and Airbus Defence and Space divisions, in particular by the reduced helicopter deliveries.
Q3 2023 EBIT Adjusted increased by 21 percent, mainly reflecting the increased commercial aircraft deliveries and a positive year-on-year impact from currency hedging, partly offset by the charges related to updated Estimates at Completion of certain satellite development programmes.
Q3 2023 EBIT (reported) of € 825 million included net Adjustments of € -188 million. Net Adjustments in the third quarter of 2022 amounted to € 137 million.
Q3 2023 Net Income (3) of € 806 million mainly reflects the EBIT (reported), € 129 million from the financial result and € -192 million from income tax.
EBIT (reported) / EBIT Adjusted Reconciliation
The table below reconciles EBIT (reported) with EBIT Adjusted.
Consolidated Airbus
(Amounts in millions of Euro) |
9m 2023 |
EBIT (reported) | 2,712 |
thereof: | |
$ PDP mismatch/balance sheet revaluation | -806 |
Aerostructures transformation | -57 |
Others | -56 |
EBIT Adjusted | 3,631 |
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. |
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 | The Company defines its consolidated net cash position as the sum of (i) cash and cash equivalents and (ii) securities, minus (iii) financing liabilities, plus or minus (iiii) interest rate contracts related to fair value hedges (all as recorded in the consolidated statement of financial position). |
Free Cash Flow (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 |
FCF before M&A 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 |
FCF 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:
- Before a reduction of two aircraft previously recorded as sold in December 2021 for which a transfer was not possible due to international sanctions against Russia.
- Two A350s delivered on operating lease without revenue recognition at delivery.
- 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:
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 full impact of the COVID-19 pandemic and the resulting health and economic crisis;
- 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, see note 2 “Ukraine Crisis” of the Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements for the nine-month period ended 30 September 2023. For more information about the impact of the Macroeconomic Environment, see note 3 “Macroeconomic Environment” of the Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements for the nine-month period ended 30 September 2023. 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 report, including the financial statements and notes thereto, the most recent 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.
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