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Year 2018 (H1) financial results

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Airbus SE: Airbus reports Half-Year 2018 (H1) financial results

Airbus SE / Key word(s): Half Year Results
Airbus SE: Airbus reports Half-Year 2018 (H1) financial results

26-Jul-2018 / 06:59 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, 26 July 2018


Airbus reports Half-Year 2018 (H1) financial results

- Commercial aircraft environment robust, backlog underpins ramp-up plans

- H1 financials reflect mainly A350 XWB performance and delivery phasing

- Revenues EUR 25 billion; EBIT Adjusted EUR 1.2 billion

- EBIT (reported) EUR 1.1 billion; EPS (reported) EUR 0.64

- 2018 guidance maintained

Airbus SE (stock exchange symbol: AIR) reported Half-Year (H1) 2018 consolidated financial results and maintained its guidance for the full year.

"The first half financials reflect the back-loaded deliveries due to A320neo engine shortages, while on the positive side there was a strong improvement on the A350 programme," said Airbus Chief Executive Officer Tom Enders. "A320neo aircraft deliveries picked up during the second quarter but challenges remain to meet our full year targets. Market demand remains strong for the expanded Airbus portfolio that now includes the A220 at the smaller end. The recent Farnborough Airshow underlined this, with new business for over 400 single-aisle and wide-body aircraft announced. Our operational focus in commercial aircraft remains squarely on securing the production ramp-up. On our largest military programme, the A400M, we are making progress operationally, on improving capabilities as well as in negotiations with governments for the necessary contract amendment."

Net commercial aircraft orders increased to 206 (H1 2017: 203 aircraft) with gross orders of 261 aircraft including 50 A350 XWBs and 14 A330s. The order backlog by units totalled 7,168 commercial aircraft as of 30 June 2018. During July's Farnborough Airshow, Airbus announced orders and commitments for a total of 431 aircraft although these are not yet reflected in the order book. Net helicopter orders totalled 143 units (H1 2017: 151 units). Airbus Defence and Space saw good order momentum, particularly in Space Systems, while there are encouraging prospects for European military cooperation programmes in Military Aircraft and Unmanned Aerial Systems.

Consolidated revenues were stable at EUR 25.0 billion (H1 2017: EUR 25.2 billion(1)), reflecting the commercial aircraft delivery mix and perimeter changes as well as the weakening of the US dollar. Deliveries totalled 303 commercial aircraft (H1 2017: 306 aircraft), comprising 239 A320 Family, 18 A330s, 40 A350 XWBs and six A380s. Airbus Helicopters delivered 141 units (H1 2017: 190 units) with revenues mainly reflecting the perimeter change from the sale of Vector Aerospace in late 2017. Revenues at Airbus Defence and Space reflected the stable core business and solid programme execution as well as the perimeter change mainly related to the divestment of Defence Electronics in February 2017 and Airbus DS Communications, Inc. in March 2018.

Consolidated EBIT Adjusted - an alternativeperformance 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 - totalled
EUR 1,162 million (H1 2017: EUR 553 million(1)).

Airbus' EBIT Adjusted of EUR 867 million (H1 2017: EUR 257 million(1)), reflected mainly the strong improvement on the A350 programme and the A320neo ramp-up and transition.

A total of 110 A320neo aircraft were delivered (H1 2017: 59 aircraft) with more NEO (new engine option) versions delivered than CEO (current engine option) versions in the second quarter. The ramp-up is ongoing. Engine manufacturers are working to meet their commitments and resources and capabilities have been mobilised internally. A recovery plan is in place and the number of stored aircraft has started to decline from the end of May peak but risks remain to meet the 800 aircraft delivery target, which is challenging. On the A350 programme, the first A350-1000s were delivered to Qatar Airways and Cathay Pacific in the half-year. Good progress was made on the recurring cost curve compared to a year earlier as the programme ramps up to the targeted monthly production rate of 10 aircraft by year-end. The A350's industrial system is now reaching a mature level with the focus remaining on recurring cost convergence. Route proving flights have now been completed on the A330neo with more than 1,000 flight hours accumulated by the test aircraft fleet. The first delivery is expected end summer. In July, the BelugaXL transport aircraft completed its maiden flight.

Airbus Helicopters' EBIT Adjusted increased to EUR 135 million (H1 2017: EUR 80 million(1)), reflecting solid underlying programme execution which compensated the lower deliveries.

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