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    AIR   NL0000235190

AIRBUS SE

(AIR)
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DGAP-Adhoc : Airbus SE: Airbus reports Half-Year (H1) 2021 results

07/29/2021 | 12:30am EDT
DGAP-Ad-hoc: Airbus SE / Key word(s): Half Year Results 
Airbus SE: Airbus reports Half-Year (H1) 2021 results 
29-Jul-2021 / 06:29 CET/CEST 
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a 
service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
Ad-hoc release, 29 July 2021 
Airbus reports Half-Year (H1) 2021 results 
- 297 commercial aircraft delivered in H1 2021 
- H1 financials reflect deliveries as well as continued efforts on cost containment and competitiveness 
- Revenues EUR 24.6 billion; EBIT Adjusted EUR 2.7 billion 
- EBIT (reported) EUR 2.7 billion; EPS (reported) 2.84 
- Free cash flow before M&A and customer financing EUR 2.1 billion 
- Focus on securing A320 Family ramp-up and transforming the industrial value chain 
- Board of Directors approval for A350 freighter derivative 
- 2021 guidance updated 
Airbus SE (stock exchange symbol: AIR) reported consolidated financial results for the Half-Year (H1) ended 30 June 
2021. 
"These half-year results reflect the commercial aircraft deliveries, our focus on cost containment and competitiveness, 
and the good performance in Helicopters and Defence and Space. Although the COVID-19 pandemic continues, the numerous 
actions taken by the teams have delivered a strong H1 performance. This enables us to raise our 2021 guidance although 
we continue to face an unpredictable environment," said Airbus Chief Executive Officer Guillaume Faury. "We are now 
working to secure the A320 Family ramp up while transforming the industrial set up. Furthermore and following Board 
approval, we are enhancing our product line with an A350 freighter derivative, responding to customer feedback for 
increased competition and efficiency in this market segment." 
Gross commercial aircraft orders totalled 165 (H1 2020: 365 aircraft) with net orders of 38 aircraft after 
cancellations (H1 2020: 298 aircraft). The order backlog was 6,925 commercial aircraft on 30 June 2021. Airbus 
Helicopters booked 123 net orders (H1 2020: 75 units), including 10 helicopters of the Super Puma Family. Airbus 
Defence and Space's order intake by value was EUR 3.5 billion (H1 2020: EUR 5.6 billion). 
Consolidated revenues increased 30 percent year-on-year to EUR 24.6 billion (H1 2020: EUR 18.9 billion), mainly reflecting 
the higher number of commercial aircraft deliveries compared to H1 2020. A total of 297 commercial aircraft were 
delivered (H1 2020: 196 aircraft), comprising 21 A220s, 237 A320 Family, 7 A330s, 30 A350s and 2 A380s. Revenues 
generated by Airbus' commercial aircraft activities increased 42 percent, largely reflecting the increased deliveries. 
Airbus Helicopters delivered 115 units (H1 2020: 104 units) with revenues up 11 percent reflecting growth in services 
and higher volume in civil helicopters. Revenues at Airbus Defence and Space were broadly stable compared to a year 
earlier, with two A400M military airlifters delivered in H1 2021. 
Consolidated EBIT Adjusted - an alternative performance measure and 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 - was EUR 
2,703 million (H1 2020: EUR -945 million). 
The EBIT Adjusted related to Airbus' commercial aircraft activities totalled EUR 2,291 million (H1 2020: EUR -1,307 
million), mainly driven by the delivery performance and the Company's focus on cost containment and competitiveness. 
Airbus Helicopters' EBIT Adjusted increased to EUR 183 million (H1 2020: EUR 152 million), driven by services, programme 
execution and lower Research & Development (R&D) spending. 
EBIT Adjusted at Airbus Defence and Space increased to EUR 229 million (H1 2020: EUR 186 million), mainly reflecting the 
Division's ongoing cost containment and competitiveness efforts as well as increased volume in Space Systems. 
Consolidated self-financed R&D expenses totalled EUR 1,262 million (H1 2020: EUR 1,396 million). 
Consolidated EBIT^(reported) amounted to EUR 2,727 million (H1 2020: EUR -1,559 million), including net Adjustments of EUR 
+24 million. 
These Adjustments comprised: 
- EUR +145 million related to the A380 programme, of which EUR +174 million were booked in Q2; 
- EUR -170 million related to the dollar pre-delivery payment mismatch and balance sheet revaluation, of which EUR +7 
million were in Q2; 
- EUR +49 million of other Adjustments, including compliance costs, of which EUR +75 million were in Q2. 
The financial result was EUR -30 million (H1 2020: EUR -429 million). It mainly reflects the net interest result of EUR -172 
million partly offset by the evolution of the US dollar as well as EUR +79 million related to the revaluation of the 
Dassault Aviation equity stake. Consolidated net income^(1) was EUR 2,231 million (H1 2020 net loss: EUR -1,919 million) 
with consolidated reported earnings per share of EUR 2.84 (H1 2020 loss per share: EUR -2.45). 
Consolidated free cash flow before M&A and customer financing improved to EUR 2,051 million (H1 2020: EUR -12,440 million), 
in line with the earnings performance. It also included a positive phasing impact from the timing of receipts and 
payments. Consolidated free cash flow was EUR 2,012 million (H1 2020: EUR -12,876 million). 
The gross cash position stood at EUR 21.4 billion on 30 June 2021 (year-end 2020: EUR 21.4 billion) after the redemption of 
a EUR 1.1 billion exchangeable bond and prepayment of a USD1 billion US bond, further improving leverage ratios in support 
of the Company's robust credit ratings. The consolidated net cash position was EUR 6.5 billion on 30 June 2021 (year-end 
2020: EUR 4.3 billion). The Company's liquidity position remains strong, standing at EUR 33.7 billion at the end of June 
2021. 
Outlook 
As the basis for its 2021 guidance, the Company assumes no further disruptions to the world economy, air traffic, the 
Company's internal operations, and its ability to deliver products and services. 
The Company's 2021 guidance is before M&A. 
On that basis, the Company has updated its 2021 guidance and now targets to achieve in 2021 around: 
- 600 commercial aircraft deliveries; 
- EBIT Adjusted of EUR 4 billion; 
- Free Cash Flow before M&A and Customer Financing of EUR 2 billion. 
 
Note to editors: Live Webcast of the Analyst Conference Call 
At 08:15 CEST on 29 July 2021, you can listen to the H1 2021 Results Analyst Conference Call with Chief Executive 
Officer Guillaume Faury and Chief Financial Officer Dominik Asam via the Airbus website https://www.airbus.com. 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. 
Contacts for the media 
Guillaume Steuer          Stefan Schaffrath     Justin Dubon 
Airbus                    Airbus                Airbus 
+33 (0) 6 73 82 11 68     +33 (0) 6 16 09 55 92 +33 (0) 6 74 97 49 51 
Martin Agüera             Laurence Petiard      Matthieu Duvelleroy 
Airbus Defence and Space  Airbus Helicopters    Airbus 
+49 (0) 175 227 4369      +33 (0) 6 18 79 75 69 +33 (0) 6 29 43 15 64 

Consolidated Airbus - Half-Year (H1) 2021 Results (Amounts in Euro)

Consolidated Airbus                                           H1 2021 H1 2020 Change 
Revenues, in millions                                         24,637  18,948   +30% 
thereof defence, in millions                                   3,911   4,092   -4% 
EBIT Adjusted, in millions                                     2,703   -945     - 
EBIT (reported), in millions                                   2,727  -1,559    - 
Research & Development expenses, in millions                   1,262   1,396   -10% 
Net Income/Loss^(1), in millions                               2,231  -1,919    - 
Earnings/Loss Per Share                                        2.84    -2.45    - 
Free Cash Flow (FCF), in millions                              2,012  -12,876   - 
Free Cash Flow before M&A, in millions                         2,020  -12,373   - 
Free Cash Flow before M&A and Customer Financing, in millions  2,051  -12,440   - 
Consolidated Airbus                     30 June 2021 31 Dec 2020 Change 
Net Cash position, in millions of Euro     6,485        4,312     +50% 
Number of employees                       126,050      131,349    -4% 
By Business Segment                  Revenues           EBIT (reported) 
(Amounts in millions of Euro) H1 2021 H1 2020 Change H1 2021 H1 2020 Change 
Airbus                        17,813  12,533   +42%   2,387  -1,808    - 
Airbus Helicopters             2,594   2,333   +11%    183     152    +20% 
Airbus Defence and Space       4,538   4,551    0%     157     73    +115% 
Eliminations                   -308    -469     -       0      24      - 
Total                         24,637  18,948   +30%   2,727  -1,559    - 
By Business Segment                EBIT Adjusted 
(Amounts in millions of Euro)  H1 2021 H1 2020 Change 
Airbus                          2,291  -1,307    - 
Airbus Helicopters               183     152    +20% 
Airbus Defence and Space         229     186    +23% 
Eliminations                      0      24      - 
Total                           2,703   -945     - 
By Business Segment                             Order Intake (net)              Order Book 
                                              H1 2021 H1 2020 Change 30 June 2021 30 June 2020 Change 
Airbus, in units                                38      298    -87%     6,925        7,584      -9% 
Airbus Helicopters, in units                    123     75     +64%      671          666       +1% 
Airbus Defence and Space, in millions of Euro  3,510   5,588   -37%      N/A          N/A       N/A 

Consolidated Airbus - Second Quarter (Q2) 2021 Results

(MORE TO FOLLOW) Dow Jones Newswires

July 29, 2021 00:29 ET (04:29 GMT)

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Financials
Sales 2021 52 867 M 62 060 M 62 060 M
Net income 2021 2 818 M 3 308 M 3 308 M
Net cash 2021 5 820 M 6 832 M 6 832 M
P/E ratio 2021 30,3x
Yield 2021 0,72%
Capitalization 91 685 M 108 B 108 B
EV / Sales 2021 1,62x
EV / Sales 2022 1,41x
Nbr of Employees 126 050
Free-Float 74,1%
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Number of Analysts 21
Last Close Price 116,68 €
Average target price 138,09 €
Spread / Average Target 18,3%
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Managers and Directors
Guillaume Faury Chief Executive Officer
Dominik Asam Chief Financial Officer
RenÚ Richard Obermann Chairman
Sabine Klauke Chief Technical Officer
Alberto Jose Gutierrez Moreno Chief Operating Officer
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