14 February 2019
Tom Enders| Chief Executive Officer

Harald Wilhelm| Chief Financial Officer

Guillaume Faury | President Airbus Commercial AircraftSAFE HARBOUR STATEMENTDISCLAIMER
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 anddelivery 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: 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 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 Airbus “Registration Document” dated 28 March 2018,
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 in light 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.
IFRS 15 Disclaimer:
The Company has adopted the IFRS 15 standard as of 1st January 2018. 2017 figures are pro forma, amended with IFRS15 restatements and new segment reporting.

Company
Highlights

Business
Highlights

Guidance
Highlights

4

FY 2018 HIGHLIGHTS
Strong 2018 performance, Guidance delivered
A380 deliveries cease in 2021
A400M re-baselining negotiatedDividend proposal: € 1.65 / share, +10% vs. FY 20172019 Guidance confirms growth trajectory5

FY 2018 COMMERCIAL POSITIONING
Airbus Commercial Aircraft

Consolidated Airbus

Consolidated Airbus

Order Book in units by Programme

Order Book in value by Region

External Revenue by Division

7,577 units€ 460 bn

€ 63.7 bn

t/o A220
480 unitst/o defence€ 39 bnt/o defence€ 9.9 bn

A320

80%

A330

4%

Asia Pacific30%

Middle East8%

Airbus

74%

A350

9%

A380

1%

Europe28%

Latin America

6%

Helicopters

9%

A220

6%

North America

19%

Other

9%

Defence and Space

17%

Order Book units reflect contractual view. Order Book value measured under IFRS 15 reflects
assessment of recoverability and net transaction price, including engines

AIRBUS: Gross orders: 831 a/c; net orders: 747 a/c, incl. 40 A350, 27 A330 and 135 A220; Backlog: 7,577 a/c
HELICOPTERS: Net book to bill > 1; 381 net orders including 15 H160, 51 Lakota LUH, 29 NH90, 8 H215M, and 4 H225M
DEFENCE AND SPACE: Net book to bill of ~0.8. Key contract wins include EF Qatar, 4 MRTTs, Heron TP drones forGermany, 2 satellites and first contract for Ariane 6 signed with Eutelsat

6

FY 2018 FINANCIAL PERFORMANCE
Revenues

EBIT Adjusted

in € bnin € bn / RoS (%)

9.2%

59.0

5.4%

63.7

5.8

3.2
FY 2017
FY 2017
Restated

FY 2018

EPS(1) Adjusted

FY 2017
FY 2017
Restated

FY 2018

FCF before M&A and Customer Financing

in €in € bn

5.22

2.9

2.9

FY 2018

FY 2017
Restated
FY 2017

FY 2018

2.67
FY 2017
Restated
FY 2017(1) FY 2018 Average number of shares: 775,167,941 compared to 773,772,702 in FY 2017
Capitalised R&D: € 91 m in FY 2018 and € 219 m in FY 20172018 figures include A220, consolidated into Airbus as of July 1st 20182017 figures are amended with IFRS15 restatements

7

FY 2018 PROFITABILITYEBIT Performance

FY 2018 EBIT Reported of € 5.0 bn

in € bn

FY 2018 EBIT Adjustments resulting from:
5.8

5.0

3.2

2.7

EBIT Adjusted

EBIT Reported

FY 2017 Restated

FY 2018

€
€
€
€
€
€

–
–
–
+
+
–

463
436
123
188
129
81

m
m
m
m
m
m

A380
A400M provision
Compliance costs
M&A
PDP mismatch / BS revaluation
Others

FY 2018 Net Adjustments of € – 786 m

EPS(1) Performancein €FY 2018 Net Income of € 3.1 bn
FY 2018 Finance Result adjustments of € – 0.5 bn

5.22

3.94

2.67

3.05

EPS Adjusted

EPS Reported

FY 2017 Restated

FY 2018(1) FY 2018 Average number of shares: 775,167,941 compared to 773,772,702 in FY 2017
Capitalised R&D: € 91 m in FY 2018 and € 219 m in FY 20172018 figures include A220, consolidated into Airbus as of July 1st 20182017 figures are amended with IFRS15 restatements

FY 2018 Net Income Adjusted of € 4.0 bn
FY 2018 tax rate on core business is 26%

8

CURRENCY HEDGE POLICY
IN $ BILLION

Forward Sales as of December 2018
1.9

Collars as of December 2018

4.6

Forward Sales and Collars as of Dec. 2017
1.7
25.4

25.7

22.2
17.0
7.6
1.3

Average hedge
rates€ vs $

Forwards/Collars (2)£ vs $

2018
1.24

2019
1.23

2020
1.23

2021
1.24

2022
1.27

2023

and beyond

1.30( 1.25 in Dec. 17 )( 1.24 in Dec. 17 )( 1.22 in Dec. 17 )( 1.23 in Dec. 17 )( 1.24 in Dec. 17 )( 1.32 in Dec. 17)

1.52

1.45

1.37

1.36

1.35

1.40

Mark-to-market value incl. in AOCI = € - 1.6 bn
Closing rate @ 1.15 € vs. $In FY 2018, $ 19.0 bn(1) of new Forwards were added at an average rate of € 1 = $ 1.25
$ 25.4 bn(1) of hedges matured at an average rate of € 1 = $ 1.24
Hedge portfolio(1) 31 December 2018 at $ 81.9 bn (vs. $ 88.7 bn in Dec. 2017), at an average rate of $ 1.24(2)2018 figures include A220, consolidated into Airbus as of July 1st 2018
Approximately 60% of Airbus US$ revenues are naturally hedged by US$ procurement. Graph shows US$ Forward Sales and Collars(1) Total hedge amount contains $/€ and $/£ designated hedges; (2) Blended Forwards and Collars rate includes Collars at least favourable rate

9

FY 2018 CASH EVOLUTION
IN € BILLION

+5.5
+0.5

-0.6
-1.9

-1.2
-2.4

Free Cash Flow incl. A220 before M&A : € 3.0 bn
t/o Customer Financing: € 0.1 bn

13.4

Net Cashposition
Dec. 201713.3

Free Cash Flow before M&A andCustomer Financing € 2.9 bn

Gross Cash Flowfrom Operations

Change in
Working Capital

Cash used forinvestingactivities before
M&A(1)

M&A(2)

Shareholder
ReturnPensions &Others (3)A220 impact on FCF: ~ € -0.2 bn, net cash impact limited after funding agreement
2018 figures include A220, consolidated into Airbus as of July 1st 2018
(1) Thereof Capex of -2.3 bn; (2) M&A transactions include acquisitions and disposals of subsidiaries and businesses(3) Including C-Series A/C Ltd. Partnership (C-SALP) funding agreement

Net Cashposition
Dec. 2018

Company
Highlights

Business
Highlights

Guidance
Highlights

11

FY 2018

Deliveries by Programme (units)

Change747

FY 2017
Restated
1,109-32.6%

A320

7,577

7,265

78%

4.3%

41,519

N/A

A350

N/A

12%

411,659

N/A

N/A

A330

6%

800

718

11.4%

A220

3%

Revenues

47,97043,486

10.3%

A380

2%

R&D Expenses

2,214

1,842

4.6%

4.2%

4,808

2,383

10.0%

5.5%

4,295

2,257

Platforms

94%

9.0%

5.2%

Services6%

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

Units
Value

Deliveries (units)

in % of Revenues

EBIT Adjusted
in % of Revenues

EBIT
in % of Revenues

20.2%
101.8%
90.3%

Airbus combines former Commercial Division and HQ function, excluding Transversal activities

Record deliveries: 800 aircraft incl. 626 A320 of which 386 A320neo and 93 A350
A320neo ramp up on-going; rate 60 expected mid-2019 and rate 63 targeted in 2021
A380 deliveries cease in 2021
A350 rate 10 achieved, progressing towards break-even
EBIT Adjusted reflects strong operational performance
Capitalised R&D: € 51 m in FY 2018 and € 122 m in FY 20172018 figures include A220, consolidated into Airbus as of July 1st 20182017 figures are pro forma, amended with IFRS15 restatements and new segment reporting
FY 2018 order intake and order book value measured under IFRS 15External Revenue Split

12

HELICOPTERS
FY 2018

External Revenue Split

Change381

FY 2017
Restated
335

13.7%

Civil

717

692

51%

3.6%

6,339

N/A

Defence

N/A

49%

14,943

N/A

N/A

356

409

-13.0%

5,934

6,335

-6.3%

R&D Expenses

315

306

in % of Revenues

5.3%

4.8%

EBIT Adjusted

380

247

in % of Revenues

6.4%

3.9%

EBIT

366

247

in % of Revenues

6.2%

3.9%

Platforms

59%

Services41%

IN € MILLION
Order Intake (net)
Order Book
Order Intake (net)
Order Book
Deliveries (units)
Revenues

Units
Value

Revenues stable on a comparable basis

2.9%
53.8%
48.2%

Perimeter change impact on Revenues ~ € 500 m from sale of Vector Aerospace

EBIT Adjusted reflects higher Super Puma deliveries
Solid underlying programme execution

Capitalised R&D: € 28 m in FY 2018 and € 70 m in FY 20172017 figures are pro forma, amended with IFRS15 restatements and new segment reporting
FY 2018 order intake and order book value measured under IFRS 15

13

DEFENCE AND SPACE
FY 2018IN € MILLION
Order Intake (net)
Order Book

Value

Change8,441

FY 2017
Restated
N/A

35,316

N/A

N/A

11,063

10,596

R&D Expenses

328

322

in % of Revenues

3.0%

3.0%

EBIT Adjusted

935

815

in % of Revenues

8.5%

7.7%

EBIT

676

462

in % of Revenues

6.1%

4.4%

Revenues

N/A

Platforms

70%

Services

30%

Military Aircraft

52%

Space Systems

27%

CIS(1) & Others

21%

4.4%
1.9%
14.7%
46.3%

Revenues increase supported by Space and Military Aircraft
Perimeter change impact on Revenues ~ € 240 m

EBIT Adjusted mainly reflects solid programme execution
A400M: 17 a/c delivered in FY 2018. € 436 m provision update.
Discussions with customer nations concluded, final signature expected in 2019(1) Communications, Intelligence & Security
Capitalised R&D: € 12 m in FY 2018 and € 27 m in FY 20172017 figures are pro forma, amended with IFRS15 restatements and new segment reporting
FY 2018 order intake and order book value measured under IFRS 15External Revenue Split

Company
Highlights

Business
Highlights

Guidance
Highlights

152019 GUIDANCE AND DIVIDEND PROPOSAL
As the basis for its 2019 guidance, Airbus expects the world economy and air traffic to grow in linewith prevailing independent forecasts, which assume no major disruptions
Airbus 2019 Earnings and FCF guidance is before M&A
Airbus targets 880 to 890 commercial aircraft deliveries in 2019
On that basis:
Airbus expects to deliver an increase in EBIT Adjusted of approximately +15% compared to 2018
and FCF before M&A and Customer Financing of approximately € 4 bn

2018 Dividend Proposal:
Airbus proposes a dividend for 2018 of € 1.65 / share, +10% vs. FY 2017

16

KEY PRIORITIESDeliver on 2019 commitments
Ramp-up A320
Improve A350 margins
Leverage military portfolio
Services, Digital and Innovation

Deliver Earnings and FCF growth potential

Appendix

18

DIVIDEND PER SHARE
IN €[ 1.65 (1) ]
1.35

1.50

105%

FY 201640%

42%

FY 2017

FY 2018

Pay-out Ratio

Ex-dividend date: Monday 15 April 2019
Record date: Tuesday 16 April 2019
Payment date: Wednesday 17 April 2019(1) Board proposal to be submitted to the AGM 2019. Subject to AGM approval

19

EXPECTED AIRBUS AVERAGE HEDGE RATES € VS. $Active exposure management

1.36

Average
Hedge Rates

1.34
1.32
1.30
1.28
1.26

1.33

1.31
1.29

1.25

1.24
1.22

1.22

1.22
1.19

1.20
1.18
1.16

1.20

1.18

Q1

1.29

FY 2018

1.24

FY 2019E

1.23

1.27

1.27

1.27

FY 2017

Q2

Q3

Q4

FY 2019E

FY 2018

FY 20172018 figures include A220, consolidated into Airbus as of July 1st 2018
(1) Q4 actual

(1)

20

FY 2018 DETAILED INCOME STATEMENT AND ADJUSTMENTS
IN € MILLION

thereof Adjustments
Impact on EBITFY 2018

5,048

EBIT

Operational

FX

AirbusDefence andSpace(1)

Helicopters

Airbus

(642)

(259)

(14)

129

Financial
ResultFY 2018
Adjusted

5,834

in % of Revenues

7.9%

Interest income

208

208

Interest expenses

(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

Net Income reported
Number of shares

EPS reported (in €)

(642)

(259)

(14)

129

9.2%

43

3,054

4,045

775,167,941

775,167,941

3.94

5.22

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%

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

21

FY 2017 DETAILED INCOME STATEMENT AND ADJUSTMENTS
IN € MILLION

thereof Adjustments
Impact on EBITFY 2017
Restated

Operational

FX

AirbusDefence andSpace(1)

Helicopters

Airbus & ADS (2)

(46)

(472)

0

(7)

Financial
ResultFY 2017
Adjusted
Restated

EBIT

2,665

in % of Revenues

4.5%

Interest income

189

189

Interest expenses

(517)

(517)

Other Financial Result

1,489(1,538)(49)

Finance Result

1,161(1,538)(377)

Income before taxes

3,826(1,538)2,813

Non-controlling interest(3)

Net Income reported
Number of shares

EPS reported (in €)

(46)

(472)

0

(7)

3,190
5.4%

(3)

2,361

2,065

773,772,702

773,772,702

3.05

2.67

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 27%. The effective tax rate on Income before taxes is 38%
2017 figures are pro forma, amended with IFRS15 restatements and new segment reporting(1) Thereof € - 992 m A400M provision update(2) Thereof € -126 m Airbus

22

Q4 2018 KEY FIGURES
Q4 2018

Q4 2017
Restated

Revenues

23,28621,015

EBIT Adjusted

3,096

1,982

EBIT

2,365

992

Net Income

1,601

963

FCF before M&A

7,333

6,630

FCF before M&A and Customer Financing

7,081

6,293

IN € MILLIONIN € MILLION

Q4 2018

Q4 2017
Restated

Revenues

Q4 2018

Q4 2017
Restated

EBIT Adjusted

Q4 2018

Q4 2017
Restated

EBIT

Airbus17,492

15,907

2,468

1,577

2,057

1,478

Helicopters

2,179

2,138

178

86

187

86

Defence and Space(1)

4,012

3,544

526

418

197

(427)

Transversal & Elim.

(397)

(574)

(76)

(99)

(76)

(145)

Consolidated Airbus(1)23,28621,015

3,096

1,982

2,365

992

(1) 2017 IFRS 15 restatements updated for Q3/Q4 phasing. No impact on FY 2017 restatements
2018 figures include A220, consolidated into Airbus as of July 1st 20182017 figures are pro forma, amended with IFRS15 restatements and new segment reporting

23

AIRBUS: STRONG LIQUIDITY POSITION AS OF 31 DECEMBER 2018
€ 3.0 bn

Credit Facility:

Credit Facility (RSCF)

 Maturity 2021, undrawn
 Fully committed by 40 banks
 No financial covenants, no MAC clause€ 8.9 bn
Financing Liabilities

Financing Liabilities:of which long-term : € 7.5 bn

 Includes € 3.0 bn EMTN, € 0.5 bn Convertible

Bond, € 1.1 bn exchangeable bond and $ 2.5
bn USD 144A/RegS€ 22.2 bn
Total Gross CashInvested in highly rated securities

Credit Ratings:€ 13.3 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

24

DETAILED FREE CASH FLOWIN € MILLION

FY 2018

FY 2017
Restated

Net Cash position at the beginning of the period

13,391

11,113Gross Cash Flow from Operations (1)

5,515

4,356

(633)

361

(1,377)(982)(2,285)(2,558)

3,505

3,735

514

886

Free Cash Flow before M&A

2,991

2,849

of which Customer Financing

79

(100)

2,912

2,949

Change in capital and non-controlling interests

117

83

Change in treasury shares / share buyback

(49)

0

Contribution to plan assets of pension schemes(2,519)(458)

Cash distribution to shareholders / non-controlling interests(1,161)(1,046)(3)(36)

13,281

13,391

Change in working capital(2)

Cash used for investing activities(3)of which Industrial Capex (additions) (4)Free Cash Flow

(5) (6)of which M&AFree Cash Flow before M&A and customer financing

Others(7)

Net Cash position at the end of the period

2018 figures include A220, consolidated into Airbus as of July 1st 20182017 figures are amended with IFRS15 restatements(1) Excluding working capital change, contribution to plan assets of pension schemes and realised FX results on Treasury swaps(2) Including net customer financing(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 A220 integration ; (7) Including C-Series A/C Ltd. Partnership (C-SALP) funding agreement

25

NET CASH POSITIONIN € MILLION

FY 2018

FY 2017
Restated

Gross Cash

22,207

24,587

Financing Debts(8,926)(11,196)

Short-term Financing Debts(1,463)(2,212)Long-term Financing Debts(7,463)(8,984)

13,281

13,39128

29

13,30913,420

Reported Net Cash
Airbus non-recourse debt
Net Cash excl. non-recourse

2018 figures include A220, consolidated into Airbus as of July 1st 20182017 figures are amended with IFRS15 restatements

26

CUSTOMER FINANCING EXPOSURE
IN € MILLION

Dec. 2018

Dec. 2017
Restated
AirbusDec. 2018

Dec. 2017
Restated
Helicopters

Closing rate € 1 =$ 1.15$ 1.20$ 1.15$ 1.20Total Gross Exposure

803

1,264

109

135

of which off-balance sheet

28

144

10

4

Estimated value of collateral

(562)

(953)

(35)

(64)

Net Exposure

241

311

74

71

Provision and asset impairment

(241)

(311)

(74)

(71)

0

0

0

0

Net Exposure after provision2018 figures include A220, consolidated into Airbus as of July 1st 20182017 figures are amended with IFRS15 restatements

27

AIRBUS CUSTOMER FINANCING
IN € BILLION

Additions

0.4
Airbus Customer
Financing Gross
Exposure

0.8

(1.1)
(2.2)

0.6

0.3

(0.2)
(0.1)

(0.2)
(0.1)

(0.1)

Sell Down
0.8

0.5

(0.7)

(0.7)

(0.2)

(0.1)

Amortization

Net change

1.0
0.6
(0.3)
(0.1)

0.8

0.6
(0.7)
(0.1)

0.9

0.7
0.1

(0.6)

(0.7)
(0.2)

(0.5)

(0.1)

(0.2)

(0.7)
(0.1)

(0.6)
(0.2)

(0.2)

Gross Exposurein $ bn

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

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

Net Exposure fully provisioned
Net Exposure
Gross
Exposure€ 0.8 bn($ 0.9 bn)€ 0.2 bn)
Estimated
Collateral

Net Exposure fully provisioned
Net Exposure
Gross
Exposure€ 1.3 bn($ 1.5 bn)€ 0.6 bn($ 0.6 bn)

31 December 2018€/$ = 1.15

2018 figures include A220, consolidated into Airbus as of July 1st 2018

€ 0.3 bn
Estimated
Collateral€ 1.0 bn($ 1.1 bn)

31 December 2017€/$ = 1.20

28

BALANCE SHEET HIGHLIGHTS: ASSETSIN € MILLION

Dec. 2018

Dec. 2017
Restated

Non-current Assets

56,56453,525of which Intangible & Goodwill

16,726

11,629of which Property, plant & equipment

16,773

16,610of which Investments & Financial assets

5,504

5,821

of which positive hedge mark-to-market

1,031

2,901

of which Non-current securities

10,662

10,944Current Assets

58,30055,722of which Inventory

31,89129,737of which Cash

9,413

12,016of which Current securities

2,132

1,627

of which positive hedge mark-to-market

286

663

Assets of disposal groups classified as held for sale

334

202

115,198

109,449

1.15

1.20

Total Assets
Closing rate € vs. $2018 figures include A220, consolidated into Airbus as of July 1st 20182017 figures are amended with IFRS15 restatements

29

BALANCE SHEET HIGHLIGHTS: LIABILITIESIN € MILLION

Dec. 2018

Dec. 2017
Restated

9,719

10,742

134
(5)

2,742
2

Total Non-current liabilities

44,69342,822of which pensionsof which other provisionsof which financing debts
of which European governments refundable advancesof which Customer advancesof which negative hedge mark-to-market

6,690
4,881
7,463
4,233
16,792
1,132

8,025
1,754
8,984
5,537
16,659
1,127

Total Current liabilities

60,35455,779of which pensionsof which other provisionsof which financing debts
of which European governments refundable advancesof which Customer advancesof which negative hedge mark-to-market

382
6,935
1,463
344
33,490
1,623

336
5,936
2,212
364
30,921
1,144

432

106

115,198

109,449

Total Equityof which OCI (Other Comprehensive Income)of which Non-controlling interests

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

2018 figures include A220, consolidated into Airbus as of July 1st 20182017 figures are amended with IFRS15 restatements

30

SHAREHOLDING STRUCTURE AS AT 31 DECEMBER 2018

Free Float (73.7%)
Shareholder Agreement (26.3%)
SOGEPA (11.1%)
GZBV (11.0%)
SEPI (4.2%)

Treasury Shares (0.1%)

776,367,881 shares issued as at 31 December 20182018 figures include A220, consolidated into Airbus as of July 1st 2018

31

QUARTERLY REVENUES BREAKDOWN (CUMULATIVE)
IN € MILLION
Q1
2018
AirbusHelicopters

7,222

2017
Restated
8,166

961

1,176

H1
2018

9m
2018

18,5462017
Restated
18,18230,4782017
Restated
27,579

2,388

2,716

3,755

4,197

Defence and Space(1)

2,217

2,340

4,652

4,900

7,051

7,052

Transversal & Elim.

(281)

(240)

(616)

(623)

(863)

(821)

Consolidated Airbus

10,11911,442

24,970(1) 2017 IFRS 15 restatements updated for Q3/Q4 phasing. No impact on FY 2017 restatements
2018 figures include A220, consolidated into Airbus as of July 1st 2018
Helicopters and Defence and Space figures reflect perimeter change impact
2017 figures are pro forma, amended with IFRS15 restatements and new segment reporting

25,17540,421

38,007

FY
2018

(1)

(1)

47,9702017
Restated
43,486

5,934

6,335

11,063

10,596(1,260)(1,395)63,70759,022

32

QUARTERLY EBIT ADJUSTED BREAKDOWN (CUMULATIVE)
IN € MILLION
Q1
2018
Airbus(41)

2017
Restated(103)

Helicopters

(3)

(6)

H1
2018
867

2017
Restated
257

135

80

9m
2018

FY
2018

2,340

2017
Restated
806

4,808

2017
Restated
2,383

202

161

380

247

(1)

Defence and Space(1)

112

118

309

298

409

397

935

815

Transversal & Elim.

(54)

(28)

(149)

(82)

(213)

(156)

(289)

(255)

5,834

3,190

Consolidated Airbus

14

(19)

1,162

(1) 2017 IFRS 15 restatements updated for Q3/Q4 phasing. No impact on FY 2017 restatements
2018 figures include A220, consolidated into Airbus as of July 1st 2018
Helicopters and Defence and Space figures reflect perimeter change impact
2017 figures are pro forma, amended with IFRS15 restatements and new segment reporting

553

2,738

(1)

1,208

33

QUARTERLY EBIT BREAKDOWN (CUMULATIVE)
IN € MILLION
Q1
2018
Airbus(2)

2017
Restated(48)

Helicopters

(10)

(6)

H1
2018
773

2017
Restated
381

114

80

9m
2018

FY
2018

2,238

2017
Restated
779

4,295

2017
Restated
2,257

179

161

366

247

(1)

Defence and Space(1)

265

657

382

832

479

889

676

462

Transversal & Elim.

(54)

(28)

(149)

(82)

(213)

(156)

(289)

(301)

5,048

2,665

Consolidated Airbus

199

575

1,120

(1) 2017 IFRS 15 restatements updated for Q3/Q4 phasing. No impact on FY 2017 restatements
2018 figures include A220, consolidated into Airbus as of July 1st 2018
Helicopters and Defence and Space figures reflect perimeter change impact
2017 figures are pro forma, amended with IFRS15 restatements and new segment reporting

1,211

2,683

(1)

1,673

34

FY 2018 IFRS VS. APM CASH FLOW RECONCILIATIONIN € MILLIONIN € MILLION
FY 2018

FY 2018

Cash provided by (used for) operating activities

2,318

Cash provided by (used for) operating activities

2,318

t/o Reimbursement from / contribution to plan assets(2,519)Cash provided by (used for) investing activities(1,635)t/o Treasury swaps
t/o Change in working capital(1)

Gross Cash Flow from Operations(45)

t/o Net proceeds (payment)(633)

Others5,515Free Cash Flow

(93)
2,729

(1)

3,505
514

t/o M&A transactions
Free Cash Flow before M&A(1)

2,991
79

t/o Customer Financing
FCF before M&A and Customer Financing

2018 figures include A220, consolidated into Airbus as of July 1st 2018(1) Including A220 integration - Net cash impact of A220 integration covered by C-SALP funding agreement

(1)

2,912

35

GLOSSARY ON ALTERNATIVE PERFORMANCE MEASURES (APM)
The following 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 measures enhance 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 asreported 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 result 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 toprogrammes, restructuring or foreign exchange 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, restructurings or foreign exchange impacts as well as capital gains/losses from thedisposal 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 20.

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 (allas recorded in the consolidated statement of financial position) as defined in MD&A section 2.1.6.1

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 before changes in working capital. It is defined in Registration Document, MD&A section 2.1.6.1 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 foreignexchange 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, tradereceivables, 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 the amount 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 analternative performance measure and key indicator that reflects Free Cash Flow excluding those cash flows resulting from acquisitions and disposals 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 performance measure and indicator that may be used from time to time by the Company in its financial guidance, esp. when there is higher
uncertainty around customer financing activities, such as during the suspension of ECA financing support.