airbus investor meeting · pensions. dividend (30 – 40%) fcf* solid credit rating: s&p a+...
TRANSCRIPT
Dominik AsamChief Financial Officer
AIRBUS INVESTOR MEETINGLE BOURGET AIRSHOW 2019
DELIVER 2019 GUIDANCE
0.6 ~ + 15%
0.01 5.79 5.8
(4.3) ~ 8.3 ~ 4.0
(3.8) 6.7 2.9
2019 313 567 – 577 880 – 890
2018 223 577 800
313
880-
890
567 -
577
May Remain to Do FY 2019Guidance
Deliveries
(4.3)
~ 4.0
FCF Before M&A and Customer Financing
in € bn
0.6
~ + 15%
Q1 2019 Remain to Do FY 2019Guidance
EBIT Adjusted in € bn
Q1 2019
FY 2019 Guidance
Remain to Do
~ 8.3
31 May 2019 Q1 2019
DELIVER EPS GROWTH
2018 - 2021
Boost Competitiveness
A350Turning Profitable
A320neoVolume & Price
Investment inDigital & Innovation
EPSGrowth
DELIVER FCF GROWTH
Boost Competitiveness
A350Turning Profitable
A320neoVolume & Price
A400M*
EPS Growth
Working CapitalControl
A220**
Investment inDigital & Innovation
FCF Conversion of 1
EPSGrowth FCF Growth
2018 - 2021 2018 - 2021
* A400M will continue to weigh until 2021** A220 will continue to weigh until 2021. Partnership funding arrangement not included in FCFBox sizes for illustration purpose only
FCF INTRA-YEAR VOLATILITY
2017 2018 2019Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 FY
Guidance
Deliveries 136 170 148 264 718 121 182 200 297 800 162 880 - 890
Quarterly Balance Sheet movements (as reported)
Inventories (3.8) (1.3) (0.7) 4.0 (3.1) (1.0) (1.3) 3.2 (3.3)
Trade liabilities 1.0 0.0 (1.3) 1.3 (1.2) 1.4 (0.1) 2.7 (2.4)
Quarterly FCF
Cumulative FCF
*
*
* FCF before M&A and Customer Financing
DELIVER EPS & FCF GROWTH POTENTIAL
* A400M will continue to weigh until 2021** A220 will continue to weigh until 2021. Partnership funding arrangement not included in FCFBox sizes for illustration purpose only
Investment inDigital & Innovation
Boost Competitiveness
A350Turning Profitable
A320neoVolume & Price
EPSGrowth
Future Growth Potential
2018 - 2021
A320 HigherRate potential
A350Margin improvement
A400M*
EPS Growth
Working CapitalControl
FCF Growth
Boost Competitiveness
2021+
A220**
CAPITAL ALLOCATION & FINANCIAL FLEXIBILITY
*Excluding M&A, Customer Financing, and Pensions
Customer Financing
Pensions
Dividend(30 – 40%)
FCF*
Solid credit rating: S&P A+ stable / Moody’s A2 stable
6.
€ 7.5 bn
Net Cash
€ 18.5 bn
Total Gross Cash Invested in highly rated securities
€ 11.0 bn
Financing Liabilities
€ 3.0 bn Credit Facility (RSCF)
Strong Liquidity Position as of 31 March 2019
WRAP UP
2019 Guidance confirmed
EPS and FCF Growth building blocks in place
Potential for Cash Conversion of 1