13 February 2020

Guillaume FAURY| Chief Executive Officer

Dominik ASAM

| Chief Financial Officer

Safe Harbour Statement
DISCLAIMER
This presentation 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 andmarket 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 andcircumstances 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: 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.

As a result, Airbus’ actual results may differ materially from the plans, goals and expectations set forth in such forward-looking statements.
For a discussion of factors that could cause future results to differ from such forward-looking statements, see the 2018 Airbus SE Registration Document dated 29 July 2019, including the Risk Factors
section.
Any forward-looking statement contained in this presentation speaks as of the date of this presentation. Airbus undertakes no obligation to publicly revise or update any forward-looking statements inlight of new information, future events or otherwise.

Rounding disclaimer:
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Company
Highlights

Business
Highlights

Guidance
Highlights

FY 2019 Key Topics

 Record commercial aircraft deliveries Strong underlying financial performance, FY 2019 Guidance achieved € -3.6 bn penalties recognised for agreements with authorities A400M: € -1.2 bn charge; export assumptions revised
 EBIT reported € 1.3 bn, EPS reported € -1.75
 Dividend proposal: € 1.80 / share, up 9% vs. FY 2018
 2020 Guidance to set the path for sustainable growth4

FY 2019 Commercial Positioning

5

Airbus Commercial Aircraft

Consolidated Airbus

Consolidated Airbus

Order Book in units by Programme

Order Book in value by Region

External Revenue by Division

7,482 units

A220

7%

Asia Pacific31%

Airbus

77%

A320

81%

Europe28%

Helicopters

8%

A330

4%

€ 471 bn

North America

18%€ 70.5 bn

Defenceand Space

15%

A350

8%

Middle East

9%

A380

0%

t/o defence€ 38 bn

Latin America

6%t/o defence€ 10.1 bn

Other

8%

 AIRBUS: Gross orders: 1,131 a/c; net orders: 768 a/c, incl. 32 A350, 89 A330, and 63 A220; Backlog: 7,482 a/c
 HELICOPTERS: Net book to bill >1 in value; 310 net orders incl. 25 Super Puma, 23 NH90 and 10 H160
 DEFENCE AND SPACE: Net book to bill of ~0.8; order intake € 8.5 bn, incl. A400M services contracts and key contract wins in SpaceFY 2019 Financial Performance
Revenues

6

EBIT Adjusted

in € bnin € bn / RoS (%)

9.9%
9.2%

63.7

70.5

FY 2018

FY 2019

5.8

FY 2018

6.9

FY 2019

EPS(1) Adjusted

FCF before M&A and Customer Financing

in €in € bn

5.22

FY 2018

6.07

FY 2019(1) FY 2019 Average number of shares: 777,039,858 compared to 775,167,941 in FY 2018
Capitalised R&D: € 133 m in FY 2019 and € 91 m in FY 2018
A220 consolidated into Airbus as of 1 July 2018

2.9

FY 2018

3.5

FY 2019

FY 2019 Profitability

7

 FY 2019 EBIT Reported of € 1.3 bn

EBIT Performancein € bn

 FY 2019 EBIT Adjustments resulting from:
 €

5.8

6.9
5.0
1.3

EBIT Adjusted
FY 2018

EBIT Reported
FY 2019-3,598 m Penalties € -1,212 m
A400M charge €-221 mDefence export ban €-202 m A380 programme cost €-170 m PDP mismatch / BS revaluation €-103 mPremium AEROTEC restructuring plan €-101 mOthers FY 2019 Net Adjustments of € -5.6 bn

EPS(1) Performancein € FY 2019 Net Loss of € -1.4 bn
5.22

6.07

 FY 2019 Net Income Adjusted of € 4.7 bn

3.94(1.75)EPS Adjusted
FY 2018(1) FY 2019 Average number of shares: 777,039,858 compared to 775,167,941 in FY 2018
Capitalised R&D: € 133 m in FY 2019 and € 91 m in FY 2018
A220 consolidated into Airbus as of 1 July 2018

EPS Reported
FY 2019

Currency Hedge Policy

8

IN $ BILLION

Forward Sales as of Dec. 2019

1.0
1.6

Collars as of Dec. 2019
Forward Sales and Collars as of Dec. 2018

24.5

24.0

22.1

20.7
14.9
12.4

Average hedge rates€ vs $
Forwards/Collars (2)£ vs $

2019

2020

2021

2022

2023

2024
and beyond

1.24

1.20

1.23

1.23

1.24

1.27

( 1.23 for FY19 in Dec. 18 )( 1.23 in Dec. 18 )( 1.24 in Dec. 18 )( 1.27 in Dec. 18 )( 1.30 in Dec. 18 )( 1.31 in Dec. 18 )

1.45

1.37

1.36

1.35

1.40

n/a

 In FY 2019, $ 40.6 bn(1) of new Forwards were added at an average rate of € 1 = $ 1.20
 $ 24.0 bn(1) of hedges matured at an average rate of € 1 = $ 1.24
 $ 4.1 bn of hedges rolled over into 2020 and $ 7.1 bn of hedges rolled forward out of 2020
 Hedge portfolio(1) 31 December 2019 at $ 97.1 bn (vs. $ 81.9 bn in Dec. 2018), at an average rate of $ 1.23(2)Approximately 60% of Airbus US$ revenues are naturally hedged by US$ procurement. Graph shows US$ Forward Sales and Collars
Hedge rates reflect EBIT impact of the US$ hedge portfolio(1) Total hedge amount contains $/€ and $/£ designated hedges; (2) Blended Forwards and Collars rate includes Collars at least favourable rateMark-to-market value incl. in AOCI = € - 3.0 bn
Closing rate @ 1.12 € vs. $FY 2019 Cash Evolution9IN € BILLION

-1.4
-2.0

-0.1

+7.0

-1.3
-1.6

-1.4
Impact from the penalties netted

13.3

12.5

Free Cash Flow before M&A: € + 3.6 bn
t/o Customer Financing € 0.1 bn
Free Cash Flow before M&A andCustomer Financing € + 3.5 bn

Net Cash Position
December 2018

IFRS 16 Implementation

Gross Cash
Flow fromOperations

 IFRS 16 implemented 1 January 2019(1) Thereof Capex of € - 2.3 bn(2) M&A transactions include acquisitions and disposals of subsidiaries and businesses

Change in Working
CapitalCash used for investing
activities before M&A (1)

M&A (2)

Shareholder Return

Pensions & Others

Net Cash Position
December 2019

Company
Highlights

Business
Highlights

Guidance
Highlights

11

IN € MILLION
Order Intake (net)
Order Book
Order Intake (net)
Order Book

Units

Value

FY 2019

FY 2018

Change

768

747

2.8%

7,482

7,577

-1.3%

A220

6%

65,76941,519

58.4%

A320

74%

424,082

411,659

3.0%

A330

6%

A350

13%

A380

1%

863

800

7.9%

Revenues

54,77547,970

14.2%

R&D Expenses

2,405

2,214

4.4%

4.6%

6,358

4,808

11.6%

10.0%

2,205

4,295

4.0%

9.0%

Deliveries

Unitsin % of Revenues

EBIT Adjusted
in % of Revenues

EBIT
in % of Revenues

Deliveries by Programme (Units)

8.6%
32.2%

External Revenue Split-48.7%
Platforms 94%

 Record deliveries: 863 aircraft incl. 642 A320 Family of which 108 ACF
 A320neo ramp-up on-going: rate 63 confirmed in 2021; A321 ACF ramp up remains challenging
 A350 breakeven achieved A330 rate adjustment
 EBIT Adjusted reflects strong operational performance
Capitalised R&D: € 81 m in FY 2019 and € 51 m in FY 2018
A220 consolidated into Airbus as of 1 July 2018

Services6%

HelicoptersIN € MILLION
Order Intake (net)
Order Book

Units

12

FY 2019

FY 2018

Change310

381-18.6%

695

717

-3.1%

Civil

45%

Defence55%

Platforms

57%

Services

43%

7,179

6,339

13.3%

16,627

14,943

11.3%

332

356

-6.7%

6,007

5,934

1.2%

R&D Expenses

291

315

in % of Revenues

4.8%

5.3%

EBIT Adjusted

422

380

in % of Revenues

7.0%

6.4%

EBIT

414

366

in % of Revenues

6.9%

6.2%

Order Intake (net)
Order Book

Deliveries
Revenues

Value

Units

-7.6%
11.1%
13.1%

 Stable Revenues supported by growth in services offsetting lower deliveries

 EBIT Adjusted reflects increased contribution from services and lower R&D, reduced by less favourable delivery mix

Capitalised R&D: € 16 m in FY 2019 and € 28 m in FY 2018

External Revenue Split

Defence and SpaceIN € MILLION
Order Intake (net)
Order Book

Value

13

FY 2019

FY 2018

Change

8,520

8,441

0.9%

32,26335,316-8.6%

10,907

11,063

R&D Expenses

302

328

in % of Revenues

2.8%

3.0%

EBIT Adjusted

565

935

in % of Revenues

5.2%

8.5%

-881

676

N/A

6.1%

Revenues

EBIT
in % of Revenues

Platforms

68%

Services

32%

-1.4%

-7.9%
-39.6%
N/A Revenues broadly stable EBIT Adjusted mainly reflects lower performance in Space and efforts to support sales campaigns
 A400M: 14 a/c delivered in FY 2019; key milestones towards full capabilities achieved.

€ 1.2 bn provision update, export assumptions revised German defence export ban: EBIT impact of € - 221 m booked in FY 2019
 2018 EBIT included Capital Gain from disposal of Airbus DS Communications, Inc. business

Capitalised R&D: € 36 m in FY 2019 and € 12 m FY 2018

External Revenue Split

Military Aircraft

51%

Space Systems

26%

Connected Intelligence& Other23%

Company
Highlights

Business
Highlights

Guidance
Highlights

2020 Guidance and Dividend Proposal

15

As the basis for its 2020 guidance, Airbus assumes:‒

the world economy and air traffic to grow in line with prevailing independent forecasts, which assume no major disruptions, including fromthe coronavirus‒

the current tariff regime to remain unchanged

Airbus 2020 Earnings and FCF guidance is before M&A
Airbus targets around 880 commercial aircraft deliveries in 2020
On that basis:
Airbus expects to deliver an EBIT Adjusted of approximately € 7.5 bn, andFCF before M&A and Customer Financing of approximately € 4 bn before: € - 3.6 bn for the penalty payments and;
 a negative mid to high triple digit million Euro amount for the consumption of compliance-related provisions for tax and legal disputes

2019 Dividend Proposal:

Airbus proposes a dividend for 2019 of € 1.80 / share, +9% vs. FY 2018

Key Priorities



Stabilising the A320 industrial flowLeveraging A220 commercial momentum and reducing recurring costImproving A350 profitability and adapting A330 rates

Capturing growth in military helicopter and services



Adapting Defence and Space and Premium AEROTEC cost structure

Paving the way for stronger financial performance and FCF growth16Appendix

Dividend per Share

18

IN €

[ 1.80 (1) ]
1.65

1.50

 Ex-dividend date: Monday 20 April 2020

 Record date: Tuesday 21 April 2020

40%

42%

FY 2017

FY 2018

Pay-out Ratio Payment date: Wednesday 22 April 2020

FY 2019(2)(1) Board proposal to be submitted to the AGM 2020. Subject to AGM approval(2) 2019 EPS Reported € -1.75, pay-out ratio not applicableExpected Airbus Average Hedge Rates € vs. $19

Active exposure management

1.34
1.32

Average
Hedge Rates

1.32
1.31

1.30
1.28

1.27

FY 2018

1.24

FY 2019

1.24

FY 2020

1.20

1.26
1.24
1.22

1.22

1.23

1.21

1.21
1.20

1.23

1.20
1.19

1.18
1.16

1.18

Q2

Q3

1.16
1.14
Q1

FY 2020E(1) Q4 actual

FY 2019

Q4

FY 2018(1)

FY 2019 Detailed Income Statement and Adjustments

20

thereof Adjustments
Impact on EBITIN € MILLION

FY 2019
Reported

Operational

FX

Airbus(1)Defenceand Space(2)Helicopters

Airbus & Defence
and Space(3)(4,014)(1,415)

(8)

(170)

Financial
ResultFY 2019
Adjusted

EBIT

1,339

in % of Revenues

1.9%

9.9%

Interest income

228

228

Interest expense

(339)

(339)

Other Financial Result

(164)

(118)

(46)

Finance Result

(275)

(118)

(157)

Income before taxes

1,064

(118)

6,789

Non-controlling interest

(37)

(37)

(1,362)

4,715

Number of shares

777,039,858

777,039,858

EPS reported (in €)(1.75)

6.07

Net Income (Loss) reported

6,946(4,014)(1,415)(8)Net Income Adjusted excludes the following items:
 Adjustments impacting the EBIT line (as reported in the EBIT Adjusted) The Other Financial Result, except for the unwinding of discount on provisions

The tax effect on Adjusted Income before taxes is calculated at 30%. The effective tax rate on Income before taxes is 225%

(1) Thereof € -3,598 m penalties(2) Thereof € -1,212 m A400M charge, € -221 m Saudi Germany prolonged export ban(3) Thereof € -139 m Airbus, € -31 m Defence and Space(170)

FY 2018 Detailed Income Statement and Adjustments

21

thereof Adjustments
Impact on EBITIN € MILLION

FY 2018
Reported

Operational

FX

AirbusDefenceand Space(1)Helicopters

Airbus

(642)

(259)

(14)

129

Financial
ResultFY 2018
Adjusted

EBIT

5,048

in % of Revenues

7.9%

9.2%

Interest income

208

208

Interest expense

(440)

(440)

Other Financial Result

(531)

(487)

(44)

Finance Result

(763)

(487)

(276)

Income before taxes

4,285

(487)

5,558

Non-controlling interest

43

43

3,054

4,045

Number of shares

775,167,941

775,167,941

EPS reported (in €)

3.94

5.22

Net Income (Loss) reported

5,834

(642)

(259)

Net Income Adjusted excludes the following items:
 Adjustments impacting the EBIT line (as reported in the EBIT Adjusted) The Other Financial Result, except for the unwinding of discount on provisions

The tax effect on Adjusted Income before taxes is calculated at 28%. The effective tax rate on Income before taxes is 30%

A220 consolidated into Airbus as of 1 July 2018
(1) Thereof € - 436 m A400M provision update

(14)

129

Q4 2019 Key Figures22

IN € MILLION

Q4 2019

Q4 2018

Revenues

24,31023,286

EBIT Adjusted

2,813

3,096

EBIT

(2,092)2,365

Net Income (Loss)(3,548)

1,601

FCF before M&A

8,469

7,333

FCF before M&A and Customer Financing

8,446

7,081

Q4 2019

Q4 2018IN € MILLION

Revenues

Q4 2019

Q4 2018

EBIT Adjusted

Q4 2019

Q4 2018

EBIT

Airbus

19,203

17,492

2,525

2,468

(1,200)2,057

Helicopters

2,295

2,179

217

178

211

187

Defence and Space

3,201

4,012

210

526

(964)

197

Transversal & Elim.

(389)

(397)

(139)

(76)

(139)

(76)

Consolidated Airbus

24,31023,286

2,813

3,096

(2,092)2,365

Airbus: Strong Liquidity Position as of 31 December 2019

€ 3.0 bn

23

Credit Facility:

Credit Facility (RSCF)€ 10.1 bn
Financing Liabilities

Financing Liabilities:of which long-term: € 8.2 bn
€ 22.7 bn

Maturity 2021, undrawn
Fully committed by 40 banks
No financial covenants, no MAC clause

Includes € 3.2 bn EMTN, € 1.1 bn exchangeablebond and $ 2.5 bn USD 144A/RegS

Total Gross CashInvested in highly rated securities
Credit Ratings:€ 12.5 bn
Net Cash

Short-term rating: S & P:
A-1+
 Moody´s: P-1
Long-term rating: S & P:
A+ stable
 Moody’s: A2 stable

Detailed Free Cash FlowIN € MILLION24

FY 2019

FY 2018

Net Cash position at the beginning of the period

13,281

13,391First time impact of IFRS 16(1,352)Gross Cash Flow from Operations

(1)

3,391

5,515

2,176

(633)

(2,092)(1,377)(2,340)(2,285)

3,475

3,505

(92)

514

Free Cash Flow before M&A

3,567

2,991

of which Customer Financing

58

79

3,509

2,912

Change in capital and non-controlling interests

194

117

Change in treasury shares / share buyback

(31)

(49)

Change in liability for puttable instruments

319

179

Contribution to plan assets of pension schemes(1,752)(2,519)Cash distribution to shareholders / non-controlling interests(1,280)(1,161)

(320)

(182)

12,534

13,281

Change in working capital(2)

Cash used for investing activities(3)of which Industrial Capex (additions)Free Cash Flow

(4)

(5)

of which M&AFree Cash Flow before M&A and customer financing

Others (6)Net cash position at the end of the period(1) Excluding working capital change, contribution to plan assets of pension schemes and realised FX results on Treasury swaps(2) Including net customer financing and excluding some perimeter change impacts from changes in consolidation(3) Excluding change in securities and change in cash from changes in consolidation and excluding bank activities(4) Excluding leased and financial assets(5) Excluding change in securities, change in cash from changes in consolidation, contribution to plan assets, realised FX results on Treasury swaps and bank activities(6) Including Airbus Canada Ltd. Partnership funding agreement
A220 consolidated into Airbus as of 1 July 2018

Net Cash PositionIN € MILLION

25

Dec. 2019

Dec. 2018

Gross Cash

22,682

22,207

Financing Liabilities(10,148)(8,926)

Short-term Financing Liabilities(1,959)(1,463)Long-term Financing Liabilities(8,189)(7,463)

12,534

13,28124

28

12,55813,309

Reported Net Cash
Airbus non-recourse debt
Net Cash excl. non-recourseCustomer Financing ExposureIN € MILLION

26

Dec. 2019

Dec. 2018

Dec. 2019

AirbusDec. 2018

Helicopters

Closing rate € 1 =$ 1.12$ 1.15$ 1.12$ 1.15

Total Gross Exposure

731

802

48

109

of which off-balance sheet

95

28

9

10

Estimated value of collateral

(530)

(562)

(30)

(35)

Net Exposure

202

240

18

74

Provision and asset impairment

(202)

(240)

(18)

(74)

0

0

0

0

Net Exposure after provisionAirbus Customer Financing

27

IN € BILLION
Additions
0.8
Airbus Customer
Financing Gross
Exposure

0.6

0.3

0.8

0.4

0.5

0.6

Amortization
1.0
0.6

Net change
0.9

0.8

0.7
0.1

(1.1)
(2.2)

Sell Down

(0.2)
(0.1)

(0.3)

(0.2)
(0.1)

(0.7)

(0.1)

(0.7)

(0.2)

(0.1)

(0.1)

(0.7)

(0.5)

(0.6)

(0.7)

(0.2)

(0.1)

(0.1)

(0.2)

(0.6)

(0.7)
(0.1)

0.2

(0.2)

(0.2)
(0.1)

(0.2)

Gross Exposurein $ bn

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

1.8

1.5

1.5

1.8

1.7

1.4

1.5

1.6

1.3

1.5

1.7

1.5

0.9

0.8

Net Exposure fully provisioned

Net Exposure fully provisioned

Net Exposure
Gross
Exposure€ 0.7 bn($ 0.8 bn)€ 0.2 bn)
Estimated
Collateral

Net Exposure€ 0.8 bn
€ 0.5 bn($ 0.6 bn)€ 0.2 bn

Gross
Exposure($ 0.9 bn)

Estimated
Collateral€ 0.6 bn($ 0.6 bn)

31 December 201931 December 2018€/$ = 1.12€/$ = 1.15

Balance Sheet Highlights: Assets

IN € MILLION

28

Dec. 2019

Dec. 2018

Non-current Assets

57,68656,564of which Intangible & Goodwill

16,591

16,726of which Property, plant & equipment

17,294

16,773of which Investments & other long-term financial assets

6,079

5,504

of which Contract assets

91

65

of which Positive hedge mark-to-market

996

1,031

of which Non-current securities

11,066

10,662Current Assets

56,72358,300of which Inventory

31,55031,891of which Contract assets

1,167

789

of which Cash and cash equivalents

9,314

9,413

of which Current securities

2,302

2,132

444

286

0

334

114,409

115,198

1.12

1.15

of which Positive hedge mark-to-market
Assets of disposal groups classified as held for sale
Total Assets

Closing rate € vs. $Balance Sheet Highlights: Liabilities

IN € MILLION

29

Dec. 2019

Dec. 2018

Total Equity

5,990

9,719

of which OCI (Other Comprehensive Income)

(523)

134

15

(5)

Total Non-current liabilities

46,04544,693of which Pensions

7,932

6,690

of which Other provisions

4,610

4,881

of which Financing liabilities

8,189

7,463

of which European Governments refundable advances

3,725

4,233

of which Contract liabilities

16,98015,832of which Negative hedge mark-to-market

2,434

1,132

Total Current liabilities

62,37460,354421

382

of which Other provisions

5,951

6,935

of which Financing liabilities

1,959

1,463

552

344

of which Contract liabilities

26,426

26,229of which Trade liabilities

14,80816,237of which Negative hedge mark-to-market

1,560

1,623

0

432

114,409

115,198of which Non-controlling interestsof which Pensionsof which European Governments refundable advances

Liabilities of disposal groups classified as held for sale
Total Liabilities and Equity

Shareholding Structure as at 31 December 2019

Free Float

73.9%

Shareholder Agreement 26.0%
SOGEPA

11.0%

GZVB

10.9%

SEPI

4.1%

Treasury Shares

0.1%

 783,173,115 shares issued as at 31 December 201930

Quarterly Revenues Breakdown (Cumulative)IN € MILLION

Q1

31

H1

9m

FY

2019

2018

2019

2018

2019

2018

2019

2018

Airbus

9,697

7,222

24,043

18,54635,57230,47854,77547,970

Helicopters

1,007

961

2,371

2,388

3,712

3,755

6,007

5,934

Defence and Space

2,112

2,217

5,015

4,652

7,706

7,051

10,907

11,063

Transversal / Elim.

(267)

(281)

(563)

(616)

(822)

(863)

(1,211)(1,260)12,549

10,11930,86624,97046,16840,42170,47863,707

Consolidated Airbus

A220 consolidated into Airbus as of 1 July 2018

Quarterly EBIT Adjusted Breakdown (Cumulative)IN € MILLION

Q1

32

H1

9m

FY

2019

2018

2019

2018

2019

2018

2019

2018

Airbus

536

(41)

2,338

867

3,833

2,340

6,358

4,808

Helicopters

15

(3)

125

135

205

202

422

380

Defence and Space

101

112

233

309

355

409

565

935

Transversal / Elim.

(103)

(54)

(167)

(149)

(260)

(213)

(399)

(289)

Consolidated Airbus

549

14

2,529

1,162

4,133

2,738

6,946

5,834

A220 consolidated into Airbus as of 1 July 2018

Quarterly EBIT Breakdown (Cumulative)IN € MILLION

33

Q1

H1

9m

FY

2019

2018

2019

2018

2019

2018

2019

2018

392

(2)

2,151

773

3,405

2,238

2,205

4,295

9

(10)

124

114

203

179

414

366

Defence and Space

(117)

265

(15)

382

83

479

(881)

676

Transversal / Elim.

(103)

(54)

(167)

(149)

(260)

(213)

(399)

(289)

Consolidated Airbus

181

199

2,093

1,120

3,431

2,683

1,339

5,048

AirbusHelicopters

A220 consolidated into Airbus as of 1 July 2018

FY 2019 IFRS vs. APM Cash Flow ReconciliationIN € BILLION

FY 201934

IN € BILLION

FY 2019

Cash provided by (used for) operating activities

3.8

Cash provided by (used for) operating activities

3.8

t/o Reimbursement from / contribution to plan assets(1.8)

Cash provided by (used for) investing activities(2.9)

t/o Treasury swaps(0.1)

t/o Net proceeds (payment)(0.4)

t/o Change in working capital(1)2.2Others2.2

Gross Cash Flow from Operations(1)3.4Free Cash Flow

3.5

t/o Penalties(3.6)

t/o M&A transactions(0.1)

Free Cash Flow before M&A

3.6

t/o Customer Financing

0.1

FCF before M&A and Customer Financing

3.5(1) Impact from the penalties included. Excluding the penalties, change in working capital amounts to € -1.4 bn and gross cash flow from operations amounts to € 7.0 bn

Glossary on Alternative Performance Measures (APM)
This presentation also contains certain “non-GAAP financial measures”, i.e. financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable
measure calculated and presented in accordance with IFRS. For example, Airbus makes use of the non-GAAP measures “EBIT Adjusted”, “EPS Adjusted” and “Free Cash Flow”.
Airbus uses these non-GAAP financial measures to assess its consolidated financial and operating performance and believes they are helpful in identifying trends in its performance. These measuresenhance management’s ability to make decisions with respect to resource allocation and whether Airbus is meeting established financial goals.
Non-GAAP financial measures have certain limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of Airbus’ results as reported under IFRS. Because of
these limitations, they should not be considered substitutes for the relevant IFRS measures.
 EBIT: Airbus 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 is an alternative performance measure used by Airbus which includes material charges or profits caused by movements in provisions related to programmes, restructuring or foreignexchange impacts as well as capital gains/losses from the disposal and acquisition of businesses.
 EBIT Adjusted: Airbus 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 is an alternative performance measure of a basic EPS as reported whereby the net income as the numerator does include Adjustments. For reconciliation see slide “Detailed Income
Statement and Adjustments”.
 Gross cash position: Airbus 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: Airbus defines its consolidated net cash position as the sum of (i) cash and cash equivalents and (ii) securities, minus (iii) financing liabilities (all as recorded in the consolidated
statement of financial position) as defined in MD&A section 2.1.6.
 Gross cash flow from operations: Gross cash flow from operations is an alternative performance measure and an indicator used by Airbus to measure its operating cash performance beforechanges in working capital. It is defined in Registration Document, MD&A section 2.1.6 as cash provided by operating activities, excluding (i) changes in other operating assets and liabilities (working
capital), (ii) contribution to plan assets of pension schemes and (iii) realised foreign exchange results on treasury swaps.
 Change in working capital: it is identical to changes in other operating assets and liabilities as defined by IFRS Rules. It is comprised of inventories, trade receivables, other assets and prepaid
expenses netted against trade liabilities, other liabilities (including customer advances), deferred income and customer financing.
 FCF: For the definition of the alternative performance measure free cash flow, see Registration Document, MD&A section 2.1.6.1. It is a key indicator which allows the Company to measure theamount of cash flow generated from operations after cash used in investing activities.
 FCF before M&A refers to FCF as defined in the Registration Document, MD&A section 2.1.6.1. adjusted for net proceeds from disposals and acquisitions. It is an alternative performance measureand indicator that is important in order to measure FCF excluding those cash flows from the disposal and acquisition of businesses.
 FCF before M&A and Customer Financing refers to free cash flow before mergers and acquisitions adjusted for cash flow related to aircraft financing activities. It is an alternative performancemeasure and indicator that may be used from time to time by the Company in its financial guidance, especially when there is higher uncertainty around customer financing activities, such as during
the suspension of ECA financing support.