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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Airbus SE    AIR   NL0000235190

AIRBUS SE

(AIR)
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Airbus : defence division to start talks on job cuts

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02/15/2020 | 05:55am EST
An Airbus A400M military transport plane is parked at the Airbus assembly plant during an event in Seville, southern Spain

The head of the defence business of Airbus said he would start talks with labour representatives next week on job cuts, as the German-based group retrenches following setbacks with its A400M military transporter.

"We will enter the first talks soon with the European works council," Airbus Defence and Space chief Dirk Hoke told Reuters in an interview cleared for publication on Saturday, adding that negotiations would then take place at national level.

Recurring technical problems with the A400M led the German air force to refuse delivery of two of the aircraft last autumn.

The group has also taken a 1.2 billion euro (1 billion pounds) charge on the worsening sales outlook, with a German ban on defence exports to Saudi Arabia causing Airbus Defence and Space to lose a promising potential customer, said Hoke.

German-headquartered Airbus Defence and Space, formed in 2014 as part of a broader restructuring, employs 34,000 staff - 13,000 of them in Germany - and contributes around a fifth of revenues to parent group Airbus.

"The works councils know that I will fight to keep every job I can. We won't come with disproportionate numbers," Hoke said.

Job cuts would depend on capacity utilisation and project pipeline at different facilities: "Here I have to tell local politicians that the guarantees to keep plants open that many of them demand depend on projects."

Hoke expressed optimism over the prospects for a project to develop joint next-generation Franco-German fighter jets and military drones after German lawmakers allocated nearly 80 billion euros for the test phase of the project.

(Reporting by Sabine Siebold and Alexander Huebner; Writing by Douglas Busvine; Editing by Andrew Cawthorne)

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Financials (EUR)
Sales 2020 73 087 M
EBIT 2020 7 722 M
Net income 2020 5 452 M
Finance 2020 11 241 M
Yield 2020 1,73%
P/E ratio 2020 19,2x
P/E ratio 2021 16,7x
EV / Sales2020 1,25x
EV / Sales2021 1,17x
Capitalization 102 B
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Average target price 150,38  €
Last Close Price 130,84  €
Spread / Highest target 30,7%
Spread / Average Target 14,9%
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Guillaume Faury Chief Executive Officer
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Michael Schöllhorn Chief Operating Officer
Dominik Asam Chief Financial Officer
Luc Hennekens Chief Information Officer
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