| Consolidated Airbus | Q1 2024 | Q1 2023 | Change |
|
Revenues, in millions
thereof defence, in millions |
12,830
2,133 |
11,763
2,381 |
+9%
-10% |
| EBIT Adjusted, in millions | 577 | 773 | -25% |
| EBIT (reported), in millions | 609 | 390 | +56% |
| Research & Development expenses, in millions | 743 | 683 | +9% |
| Net Income(1), in millions | 595 | 466 | +28% |
| Earnings Per Share | 0.76 | 0.59 | +29% |
| Free Cash Flow (FCF), in millions | -1,799 | -873 | - |
| Free Cash Flow before Customer Financing , in millions | -1,791 | -876 | - |
| Consolidated Airbus | 31 March 2024 | 31 Dec. 2023 | Change |
| Net Cash position , in millions of Euro | 8,716 | 10,726 | -19% |
| Number of employees | 150,093 | 147,893 | +1% |
| By Business Segment | Revenues | EBIT (reported) | ||||
| (Amounts in millions of Euro) | Q1 2024 | Q1 2023 | Change | Q1 2024 | Q1 2023 | Change |
| Airbus | 9,167 | 8,110 | +13% | 500 | 197 | +154% |
| Airbus Helicopters | 1,461 | 1,598 | -9% | 71 | 156 | -54% |
| Airbus Defence and Space | 2,399 | 2,299 | +4% | 30 | 36 | -17% |
| Eliminations | -197 | -244 | - | 8 | 1 | - |
| Total | 12,830 | 11,763 | +9% | 609 | 390 | +56% |
| By Business Segment | EBIT Adjusted | ||
| (Amounts in millions of Euro) | Q1 2024 | Q1 2023 | Change |
| Airbus | 507 | 580 | -13% |
| Airbus Helicopters | 71 | 156 | -54% |
| Airbus Defence and Space | -9 | 36 | - |
| Eliminations | 8 | 1 | - |
| Total | 577 | 773 | -25% |
| By Business Segment | Order Intake (net) | Order Book | ||||
|
|
Q1 2024 | Q1 2023 | Change | 31 March 2024 | 31 March 2023 | Change |
| Airbus, in units | 170 | 142 | +20% | 8,626 | 7,254 | +19% |
| Airbus Helicopters, in units | 63 | 39 | +62% | 817 | 725 | +13% |
| Airbus Defence and Space, in millions of Euro | 1,994 | 2,521 | -21% | N/A | N/A | N/A |
EBIT (reported) / EBIT Adjusted Reconciliation
The table below reconciles EBIT (reported) with EBIT Adjusted.
|
Consolidated Airbus
(Amounts in millions of Euro) |
Q1 2024 |
| EBIT (reported) | 609 |
| thereof: | |
| $ working capital mismatch and balance sheet revaluation | -13 |
| Airbus OneWeb Satellites gain | +51 |
| Others | -6 |
| EBIT Adjusted | 577 |
Glossary
|
KPI
|
DEFINITION
|
|
EBIT |
The Company continues to use the term EBIT (Earnings before interest and taxes). It is identical to Profit before finance cost and income taxes as defined by IFRS Rules. |
|
Adjustment |
Adjustment, an alternative performance measure, is a term used by the Company which includes 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. |
|
EBIT Adjusted |
The Company uses an alternative performance measure, EBIT Adjusted , as a 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. |
|
EPS Adjusted |
EPS Adjusted is an alternative performance measure of a basic earnings per share as reported whereby the net income as the numerator does include Adjustments. For reconciliation, see the Analyst presentation. |
|
Gross cash position |
The Company defines its consolidated gross cash position as the sum of (i) cash and cash equivalents and (ii) securities (all as recorded in the Consolidated Statement of Financial Position). |
|
Net cash position |
The Company defines its consolidated net cash position as the sum of (i) cash and cash equivalents and (ii) securities, minus (iii) financing liabilities, plus or minus (iiii) interest rate contracts related to fair value hedges (all as recorded in the Consolidated Statement of Financial Position). |
|
Free Cash Flow (FCF) |
An alternative performance measure and key indicator which allows the Company to measure the amount of cash flow generated by its operations. The Company defines free cash flow as the sum of (i) cash provided by operating activities and (ii) investments in intangible and fixed assets (net) & dividends paid by companies valued at equity, minus (iii) contribution to plan assets of pension schemes, (iv) realised foreign exchange results on treasury swaps and (v) change in cash from changes in consolidation. |
|
FCF before Customer Financing |
FCF before Customer Financing refers to free cash flow adjusted for cash flow related to aircraft financing activities. It is an alternative performance measure and indicator used by the Company in its financial guidance. |
Footnotes:
- Airbus SE continues to use the term Net Income/Loss. It is identical to Profit/Loss for the period attributable to equity owners of the parent as defined by IFRS Rules.
Safe Harbour Statement:
This press release includes forward-looking statements. Words such as “anticipates”, “believes”, “estimates”, “expects”, “intends”, “plans”, “projects”, “may” and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include statements made about strategy, ramp-up and delivery schedules, introduction of new products and services and market expectations, as well as statements regarding future performance and outlook. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
These factors include but are not limited to:
These factors include but are not limited to:
- Changes in general economic, political or market conditions, including the cyclical nature of some of Airbus’ businesses;
- Significant disruptions in air travel (including as a result of the spread of disease or terrorist attacks);
- Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar;
- The successful execution of internal performance plans, including cost reduction and productivity efforts;
- Product performance risks, as well as programme development and management risks;
- Customer, supplier and subcontractor performance or contract negotiations, including financing issues;
- Competition and consolidation in the aerospace and defence industry;
- Significant collective bargaining labour disputes;
- The outcome of political and legal processes, including the availability of government financing for certain programmes and the size of defence and space procurement budgets;
- Research and development costs in connection with new products;
- Legal, financial and governmental risks related to international transactions;
- Legal and investigatory proceedings and other economic, political and technological risks and uncertainties;
- Changes in societal expectations and regulatory requirements about climate change;
- The lingering effects of the COVID-19 pandemic;
- Aggravation of adverse geopolitical events, including Russia’s invasion of Ukraine and the resulting imposition of export control restrictions and international sanctions, and rising military tensions around the world.
As a result, Airbus SE’s actual results may differ materially from the plans, goals and expectations set forth in such forward-looking statements.
For more information about the impact of Russia’s invasion of Ukraine and the impact of the Macroeconomic Environment, see note 2 “Geopolitical and Macroeconomic Environment” of the Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements for the three-month period ended 31 March 2024 published 25 April 2024 (the “Financial Statements”). For more information about factors that could cause future results to differ from such forward-looking statements, please refer to Airbus SE’s most recent annual reports, including the Report of the Board of Directors, the Financial Statements and the Notes thereto, the Universal Registration Document and the most recent Risk Factors. Any forward-looking statement contained in this press release speaks as of the date of this press release. Airbus SE undertakes no obligation to publicly revise or update any forward-looking statement in light of new information, future events or otherwise.
Rounding
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
For more information about the impact of Russia’s invasion of Ukraine and the impact of the Macroeconomic Environment, see note 2 “Geopolitical and Macroeconomic Environment” of the Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements for the three-month period ended 31 March 2024 published 25 April 2024 (the “Financial Statements”). For more information about factors that could cause future results to differ from such forward-looking statements, please refer to Airbus SE’s most recent annual reports, including the Report of the Board of Directors, the Financial Statements and the Notes thereto, the Universal Registration Document and the most recent Risk Factors. Any forward-looking statement contained in this press release speaks as of the date of this press release. Airbus SE undertakes no obligation to publicly revise or update any forward-looking statement in light of new information, future events or otherwise.
Rounding
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Contact for the media
Guillaume Steuer
Airbus
+33 6 73 82 11 68
guillaume.steuer@airbus.com
Rod Stone
Airbus
+33 6 30 52 19 93
rod.stone@airbus.com?
Justin Dubon
Airbus
+33 6 74 97 49 51
justin.dubon@airbus.com
Martin Agüera
Airbus Defence and Space
+49 175 227 4369
martin.aguera@airbus.com
Laurence Petiard
Airbus Helicopters
+33 6 18 79 75 69
laurence.petiard@airbus.com
Philippe Gmerek
Airbus
+33 6 13 19 37 27
PHILIPPE.GMEREK@AIRBUS.COM
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