14.11.2014 Airbus Group N.V.  NL0000235190

DGAP-Adhoc: Airbus Group N.V.: Airbus Group Reports Improved Nine-Month (9m) Results 2014


 
Airbus Group N.V. / Key word(s): Quarter Results 14.11.2014 07:00 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Ad-hoc release, 14 November 2014 Airbus Group Reports Improved Nine-Month (9m) Results 2014 - Financial performance reflects operational progress, guidance confirmed - Revenues increase four percent to EUR 40.5 billion - EBIT* before one-off rises 12 percent to EUR 2.6 billion - Net income up 16 percent to EUR 1.4 billion - Free cash flow before acquisitions positive in Q3 2014 Airbus Group (stock exchange symbol: AIR) reported improved results for the first nine months of 2014, driven by an enhanced operational performance across the company. Demand for the Group's products remains strong overall with a net book-to-bill for commercial aircraft above 1 at the end of September, already fulfilling the full-year target, and continued momentum seen in defence and space. Group order intake(2) in the first nine months of 2014 was EUR 78.7 billion (9m 2013: EUR 137.0 billion(1)), with the order book(2) worth EUR 765.4 billion on 30 September 2014 (year-end 2013: EUR 680.6 billion(1)). Airbus received 791 net commercial aircraft orders (9m 2013: 1,062 net orders(1)). Net order intake at Airbus Helicopters was 208 units (9m 2013: 276 units), including 19 Super Pumas. Airbus Defence and Space's order intake by value rose 16 percent, with strong demand seen for light and medium transport aircraft and third quarter contracts including three telecommunications satellites. "An improved operational performance drove revenues and profitability higher over the first nine months of 2014. We achieved key operational targets such as the certification of the A350 and first flight of the A320neo while improving our overall cash flow profile," said Airbus Group CEO Tom Enders. "Nevertheless, keep in mind that going forward we still face a number of challenges such as the transition to the A330neo and the ramp-up of the A350 and A400M programmes, which continue to require strong management focus." Group revenues increased four percent to EUR 40.5 billion (9m 2013: EUR 38.9 billion(1)). Commercial Aircraft revenues rose 5.5 percent, reflecting the delivery mix with 21 A380s delivered compared to 14 in the first nine months of 2013 and 443 aircraft delivered in total (9m 2013: 445 deliveries). Revenues at Helicopters rose three percent with 295 deliveries (9m 2013: 312 units), including the initial EC145 T2. Defence and Space's revenues were stable with two successful Ariane 5 launches in the third quarter and another taking place in October. In mid-November, the Philae lander of the Rosetta spacecraft performed a world first by successfully touching down on a comet. Group EBIT* before one-off - an indicator capturing the underlying business margin by excluding material non-recurring charges or profits caused by movements in provisions related to programmes and restructurings or foreign exchange impacts - improved to EUR 2,590 million (9m 2013: EUR 2,320 million(1)). Commercial Aircraft EBIT* before one-off reached EUR 1,780 million (9m 2013: EUR 1,712 million(1)), driven by operational improvement, including progress on the A380 programme towards breakeven, and the favourable evolution of maturing U.S. dollar hedges despite higher research and development expenses and A350 XWB support costs. Helicopters' EBIT* before one-off was EUR 241 million (9m 2013: EUR 217 million), reflecting the Super Puma recovery. Defence and Space's EBIT* before one-off was EUR 370 million (9m 2013: EUR 356 million(1)). Headquarters/Eliminations and Others' EBIT* rose to EUR 199 million (9m 2013: EUR 35 million) and included the sale of the Paris Headquarters building in the first half of 2014. Group EBIT* before one-off return on sales was 6.4 percent (9m 2013: 6.0 percent(1)). The A350 XWB programme is gaining momentum with EASA and FAA type certification achieved and remains on track for entry-into-service by year-end. The Group continues to work on the efficient production ramp-up with the focus on maturity and recurring cost convergence. The A320neo made its first flight in the third quarter in line with the initial launch schedule. Entry-into-service is expected in the fourth quarter of 2015. At Helicopters, the EC175 is progressing towards entry-into-service in the final quarter of 2014. The restructuring programme at Defence and Space is on track while the outcome of the portfolio review was announced in September. Resulting disposals are under preparation. The A400M programme industrial ramp-up is ongoing and entering into progressive enhancements of military capabilities but with some delays incurred. The sequence of progressive enhancements and deliveries is under negotiation with customers and related costs, risks and mitigation actions are under assessment. A contractual termination right became exercisable on 1 November 2014. However, management judges that it is highly unlikely that this termination right is exercised. Four aircraft have been delivered this year with first deliveries now being prepared for the U.K. and Germany. Reported EBIT*(3) increased 21 percent to EUR 2,583 million (9m 2013: EUR 2,131 million(1)) with one-offs limited to a EUR 7 million charge from the dollar pre-delivery payment mismatch and balance sheet revaluation. The finance result was EUR -612 million (9m 2013: EUR -435 million(1)) while net income(4) rose to EUR 1,399 million (9m 2013: EUR 1,203 million(1)), or earnings per share (EPS) of EUR 1.79 (EPS 9m 2013: EUR 1.51(1)). Net income and EPS included EUR -178 million of negative foreign exchange revaluation before taxes, particularly in the third quarter. Group self-financed R&D expenses totalled EUR 2,376 million (9m 2013: EUR 2,152 million(1)). Free cash flow before acquisitions improved significantly to EUR -2,090 million (9m 2013: EUR -4,749 million(1)), reflecting tight cash control while investing in production and development programmes. Third quarter free cash flow before acquisitions was positive at EUR 180 million (Q3 2013: EUR -686 million(1)). The net cash position on 30 September 2014 was EUR 5.3 billion (year-end 2013: EUR 8.5 billion(1)) after the 2013 dividend payment of EUR 587 million and EUR 349 million pension plan contribution. The gross cash position on 30 September 2014 was EUR 12.4 billion. Outlook As the basis for its 2014 guidance, Airbus Group expects the world economy and air traffic to grow in line with prevailing independent forecasts and assumes no major disruptions. In 2014, Airbus deliveries should be about the same level as in 2013, including the first A350 XWB delivery. Net commercial aircraft orders will be above the level of deliveries. Assuming an exchange rate of EUR 1 = $ 1.35, Airbus Group's revenues should be stable compared to 2013(5). Using EBIT* before one-off, Airbus Group expects moderate return on sales growth in 2014(5). The 2015 return on sales target of 7-8 percent (6) is unchanged pre A330neo development, which is assessed to have a net impact of around -70 basis points. The EBIT* and EPS* performance of Airbus Group will depend on the Group's ability to limit "one-off" charges. Going forward, from today's point of view, the one-offs should be limited to potential charges on the A350 XWB programme and foreign exchange effects linked to the pre-delivery payment mismatch and balance sheet revaluation. The A350 XWB programme remains challenging. Any change to the schedule and cost assumptions could lead to an increasingly higher impact on provisions. On A400M, negative cost and risk evolution mostly driven by military functionalities challenges, delays in aircraft acceptance and industrial ramp-up together with associated mitigation actions are under assessment and will be finalised for the 2014 full year accounts. Airbus Group is targeting breakeven free cash flow before acquisitions in 2014. * Airbus Group uses EBIT pre-goodwill impairment and exceptionals as a key indicator of its economic performance. The term "exceptionals" refers to such items as depreciation expenses of fair value adjustments relating to the EADS merger, the Airbus Combination and the formation of MBDA, as well as impairment charges thereon. Airbus Group Airbus Group is a global leader in aeronautics, space and related services. In 2013, the Group - comprising Airbus, Airbus Defence and Space and Airbus Helicopters - generated revenues of EUR 57.6 billion (restated) and employed a workforce of around 138,000 (restated). Contacts for the media: Martin Agüera +49 (0) 175 227 4369 Rod Stone +33 (0) 6 30 521 993 Airbus Group - Nine Month (9m) Results 2014 (Amounts in euro)

Airbus Group                              9m 2014     9m 2013 (1)    Change
Revenues, in millions                     40,497      38,947         +4%
thereof defence, in millions              6,917       6,920          0%
EBITDA (7), in millions                   4,022       3,440          +17%
EBIT (3) before one-off, in millions      2,590       2,320          +12%
EBIT (3), in millions                     2,583       2,131          +21%
Research & Development expenses,          2,376       2,152          +10%
in millions
Net Income (4), in millions               1,399       1,203          +16%
Earnings Per Share (EPS) (4)              1.79        1.51           +19%
Free Cash Flow (FCF), in millions         - 2,120     - 4,764        -
Free Cash Flow                            - 2,090     - 4,749        -
before Acquisitions, in millions
Free Cash Flow                            - 2,191     - 4,346        -
before Customer Financing, in millions
Order Intake (2), in millions             78,696      136,967        - 43%


Airbus Group                              30 Sept     31 Dec         Change
                                          2014        2013 (1)
Order Book (2), in millions               765,350     680,560        +12%
thereof defence, in millions              42,215      42,630         -1%
Net Cash position, in millions            5,346       8,454          -37%
Employees                                 139,248     138,404        +1%


by Division                        Revenues                 EBIT (3)

(Amounts in millions of Euro)     9m     9m      Change 9m    9m     Change
                                  2014   2013           2014  2013
                                         (1)                  (1)
Airbus                            28,820 27,328  +5%    1,773 1,523   +16%
Airbus Helicopters                4,260  4,132   +3%    241   217     +11%
Airbus Defence and Space          8,197  8,382   -2%    370   356     +4%
Headquarters / Eliminations /     - 780  - 895   -      199   35      -
Others
Total                             40,497 38,947  +4%    2,583 2,131   +21%


by Division                      Order Intake (2)      Order Book (2)
(Amounts in millions of Euro)    9m      9m      Cha-  30 Sept 31 Dec  Cha-
                                 2014    2013    nge   2014    2013    nge
                                         (1)                   (1)
Airbus                           68,479  125,964 -46%  711,825 625,595 +14%
Airbus Helicopters               3,281   4,177   -21%  11,440  12,420  -8%
Airbus Defence and Space         8,227   7,120   +16%  43,647  43,208  +1%
Headquarters / Eliminations /    - 1,291 - 294   -     - 1,562 - 663   -
Others
Total                            78,696  136,967 -43%  765,350 680,560 +12%
 

Airbus Group - Third Quarter Results (Q3) 2014 

Airbus Group                          Q3 2014      Q3 2013 (1)      Change
Revenues, in millions                 13,297       13,277           0%
EBIT before one-off, in millions      821          706              +16%
EBIT (3), in millions                 744          653              +14%
Net Income (4), in millions           264          445              -41%
Earnings Per Share (EPS) (4)          0.34         0.56             -39%


by Division                        Revenues                EBIT (3)

(Amounts in millions of Euro)     Q3     Q3      Change Q3    Q3  Change

                                  2014   2013           2014  2013
                                         (1)                  (1)
Airbus                            9,391  9,226   +2%    416   428     -3%
Airbus Helicopters                1,459  1,548   -6%    91    89      +2%
Airbus Defence and Space          2,681  2,818   -5%    147   140     +5%
Headquarters / Eliminations /     - 234  - 315   -      90    - 4     -
Others
Total                             13,297 13,277  0%     744   653     +14%


Q3 2014 revenues were stable compared to the third quarter of 2013. Q3 EBIT* increased 14 percent to EUR 744 million, driven by the performance of Headquarters, which included a more positive contribution from Dassault Aviation. In the third quarter of 2014, net income was reduced by negative foreign exchange revaluation on U.S dollar liabilities. Footnotes: 1) The 2013 figures have been restated to reflect the application of IFRS 10 and 11. Wherever necessary, Divisional figures are also restated to reflect the new Group structure as of 1 January 2014. 2) Contributions from commercial aircraft activities to Order Intake and Order Book based on list prices. 3) Earnings before interest and taxes, pre goodwill impairment and exceptionals. 4) Airbus Group continues to use the term Net Income. It is identical with Profit for the period attributable to equity owners of the parent as defined by IFRS Rules. 5) Compared to 2013 reported figures (pre IFRS 11 restatements). 6) Return on sales for EBIT* before one-off, including A350 XWB dilution with a EUR/$ exchange rate of 1.35. 7) Earnings before interest, taxes, depreciation, amortisation and exceptionals. 14.11.2014 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Airbus Group N.V. P.O. Box 32008 2303 DA Leiden Netherlands Phone: 00 800 00 02 2002 Fax: +49 (0)89 607 - 26481 E-mail: [email protected] Internet: www.eads.com ISIN: NL0000235190 WKN: 938914 Indices: MDAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 66.767,00 63.707,00 70.478,00 49.912,00 52.149,00 58.763,00 65.446,00
EBITDA1,2 5.719,00 7.492,00 4.266,00 2.321,00 7.667,00 8.041,00 6.845,00
EBITDA-Marge3 8,57 11,76 6,05 4,65 14,70 13,68
EBIT1,4 3.421,00 5.048,00 1.339,00 -510,00 5.342,00 5.325,00 4.603,00
EBIT-Marge5 5,12 7,92 1,90 -1,02 10,24 9,06 7,03
Jahresüberschuss1 2.873,00 3.011,00 -1.362,00 -1.169,00 4.174,00 4.136,00 3.613,00
Netto-Marge6 4,30 4,73 -1,93 -2,34 8,00 7,04 5,52
Cashflow1,7 4.444,00 2.318,00 3.753,00 -5.420,00 4.639,00 6.288,00 6.255,00
Ergebnis je Aktie8 3,05 3,92 -1,75 -1,45 5,36 5,39 4,80
Dividende8 1,50 1,65 0,00 0,00 1,50 1,80 1,35
Quelle: boersengefluester.de und Firmenangaben

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1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ernst & Young

INVESTOR-INFORMATIONEN
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Airbus
WKN Kurs in € Einschätzung Börsenwert in Mio. €
938914 171,980 Kaufen 135.942,35
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
21,77 26,60 0,81 56,42
KBV KCV KUV EV/EBITDA
8,78 21,73 2,08 20,80
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
1,80 2,80 1,63 10.04.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
25.04.2024 30.07.2024 30.10.2024 15.02.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
12,77% 24,92% 22,98% 45,28%
    
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