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AIRBUS SE

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Airbus reaches deal to restructure AirAsia jet order -sources

09/17/2021 | 01:51pm EDT
FILE PHOTO: A logo of Airbus is seen at the entrance of its factory in Blagnac near Toulouse

PARIS (Reuters) - Airbus has agreed to cut prices or reschedule delivery for hundreds of jets ordered by Malaysia's AirAsia to salvage a contract worth tens of billions of dollars with its largest Asian customer, industry sources said on Friday.

The restructuring deal resets relations between two of the industry's closest partners, torn apart by the financial impact of the coronavirus crisis, and lifts uncertainty over the fate of up to 400 A320-family single-aisle jets yet to be delivered.

Airbus declined comment, while AirAsia did not immediately reply to a request for comment.

The AirAsia deal does not involve cancelling jets on order but includes a new delivery schedule and price cuts or other improvements in terms, the sources said.

AirAsia said last year it would stop taking deliveries of all Airbus jets and review remaining orders.

Industry sources said it had also stopped sending progress payments to Airbus, prompting the planemaker to suspend plans to produce jets on order pending the new restructuring deal.

The deal comes as other airlines in Asia that have ordered hundreds of jets to secure their growth are in the midst of restructuring or are expected to press for relief.

Other suppliers are also expected to come under pressure to negotiate new conditions, one of the sources said.

(This story changes "to restructure" instead of "to restructures" in headline)

(Reporting by Tim Hepher; Editing by Sudip Kar-Gupta, Louise Heavens and David Gregorio)

By Tim Hepher


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIRASIA GROUP BERHAD -2.59% 1.13 End-of-day quote.27.68%
AIRASIA X BERHAD 0.00% 0.095 End-of-day quote.26.67%
AIRBUS SE -1.18% 110.84 Real-time Quote.24.93%
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Financials
Sales 2021 52 703 M 61 346 M 61 346 M
Net income 2021 2 778 M 3 233 M 3 233 M
Net cash 2021 5 784 M 6 732 M 6 732 M
P/E ratio 2021 28,6x
Yield 2021 0,75%
Capitalization 88 133 M 103 B 103 B
EV / Sales 2021 1,56x
EV / Sales 2022 1,34x
Nbr of Employees 126 050
Free-Float 74,1%
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Number of Analysts 21
Last Close Price 112,16 €
Average target price 139,23 €
Spread / Average Target 24,1%
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Managers and Directors
Guillaume Faury Chief Executive Officer
Dominik Asam Chief Financial Officer
René Richard Obermann Chairman
Sabine Klauke Chief Technical Officer
Alberto Jose Gutierrez Moreno Chief Operating Officer
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