Airbus Group Reports Solid 2015 Results, With Guidance Achieved


Revenues up six percent to € 64 billion; EBIT* before one-off € 4.1 billion

Earnings per share rise 15 percent to € 3.43

Proposed 2015 dividend € 1.30 per share, up eight percent from 2014

Free cash flow € 2.8 billion, including € 1.7 bn proceeds from Dassault Aviation stake sale

Record order backlog supports ramp-up

Guidance 2016 confirms outlook

Amsterdam, 24 February 2016 – Airbus Group SE (stock exchange symbol: AIR) reported solid
2015 results with its guidance achieved for all key performance indicators, reflecting continued
operational improvement.
“The 2015 results reflect our solid financial and operational performance. We have delivered on
our commitments and have maintained our outlook for 2016 and beyond,” said Tom Enders,
Airbus Group Chief Executive Officer. “Revenues and EBIT increased from a year earlier,delivering earnings per share growth while free cash flow improved. The record order booksupports our commercial aircraft ramp-up plans and we are driving operational efficiency.
We have now decided to increase the A330 production rate back to seven aircraft a month in2017. There was also strong momentum in defence and space, with a book-to-bill ratio above 1.
Operational highlights included reaching breakeven on the A380 programme for the first time,delivering 14 A350s in the first year of industrialisation and receiving dual certification for theA320neo. We remain focused on programme execution and managing the challenges we facewith the acceleration of the A350 and A400M ramp-ups and A320neo transition. We will
increase shareholder returns with a proposed dividend of 1.30 euros a share and our current
share buyback.”Group order intake(1) in 2015 was € 159 billion (2014: € 166 billion), with the order book(1) value
reaching a record € 1,006 billion as of 31 December 2015 (year-end 2014: € 858 billion).
Airbus received 1,080 net commercial aircraft orders (2014: 1,456 net orders), including 136 A330s.
The 2015 gross orders of 1,190 aircraft included three A380s for new customer ANA. After
50 governmental helicopter cancellations, Airbus Helicopters received 333 net orders (2014:369 units) including 107 H145s and 36 H175s. Order intake by value rose 18 percent at

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Airbus Defence and Space, with bookings including 14 additional A330 MRTTs and fivetelecommunications satellites. During the year, an agreement was also signed with OneWeb for
900 small telecommunications satellites.
Group revenues increased six percent to € 64.5 billion (2014: € 60.7 billion). This was mainly
driven by Commercial Aircraft which registered an eight percent rise in revenues on higherdeliveries of 635 aircraft (2014: 629 units), including 14 A350 XWBs, and the strengthening
U.S. dollar. Despite lower overall deliveries of 395 units (2014: 471 units), Helicopters’ revenuesrose four percent and mainly reflected a higher level of services activities. Defence and Space’s
revenues were broadly stable despite the de-consolidation of launcher revenues with thecreation of the Airbus Safran Launchers Joint Venture’s first phase. A total of 11 A400M militarytransport aircraft were delivered in 2015.
Group EBIT* before one-off(3) – 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 – rose to € 4,132 million(2014: € 4,066 million) with increases in all Divisions compensating the lower Dassault Aviation
contribution.
Commercial Aircraft’s EBIT* before one-off rose 10 percent to € 2,780 million (2014:€ 2,529 million), reflecting a solid operational performance that included the A380 breakevenand cost control. Helicopters’ EBIT* before one-off increased to € 427 million (2014:€ 413 million), as lower deliveries were compensated by higher services activities, a favourable
mix and progress on the Division’s transformation plan. Defence and Space’s EBIT* before oneoff rose 15 percent to € 1,060 million (2014: € 920 million), driven by strong programme
execution across all business lines and progress with its transformation plan.
Group self-financed R&D expenses totalled € 3,460 million (2014: € 3,391 million).
The A350 XWB production ramp-up is accelerating, with a strong focus on the supply chain
performance, controlling and reducing the level of outstanding work and managing recurringcosts to target. This remains challenging. Joint European and U.S. certification for the A320neo
was received in the fourth quarter of 2015 with the first delivery following in January 2016.
Despite some schedule setbacks, the A320neo ramp-up preparation is underway with the focus
on maturity and service readiness for early operations in line with customer expectations.
Deliveries will be back-loaded this year. The A400M programme is in the ramp-up phase.
Industrial efficiency and military capability remains a challenge during this phase.
2The Group is working with its customers to agree a schedule of military capability enhancementand deliveries as well as reviewing the escalation formulae(5). Industrial recovery measures
have been identified and the Group is focused on delivery, but risk remains.
Reported EBIT*(3) rose slightly to € 4,086 million (2014: € 4,040 million), with net one-offs
totalling € -46 million and comprising:A net charge of € 635 million related to the dollar pre-delivery payment mismatch andbalance sheet revaluation driven by the devaluation of the euro versus the dollar comparedto historical rates;A € 290 million net charge related to the A400M programme which is unchanged comparedto the first half 2015 results disclosure;A net gain of € 90 million linked to divestments in Defence and Space andof Commercial Aircraft subsidiary CIMPA;A gain of € 41 million after reassessing and adjusting the provision for the restructuring at
Defence and Space which is progressing well;A € 748 million net gain from the sale of an 18.75% stake in Dassault Aviation(6) in thefirst half of 2015.

Net income(4) and earnings per share (EPS) increased 15 percent to € 2,696 million (2014:€ 2,343 million) and € 3.43 (2014: € 2.99) respectively. The finance result was € -687 million (2014:€ -778 million) and included one-offs totalling € -218 million, mainly from a negative foreignexchange revaluation. 2015 net income and EPS were positively influenced by a lower effective
tax rate following tax reduced capital gains from divestments.
Based on the EPS performance, Airbus Group’s Board of Directors will propose to theAnnual General Meeting the payment of a 2015 dividend of € 1.30 per share on 4 May 2016
(FY 2014: € 1.20 per share). The record date shall be 3 May 2016. “Given the solid financial andoperational progress during 2015, we are proposing an improved dividend of € 1.30 a share, which
represents an eight percent increase over 2014. This is in line with the top end of our stateddividend policy,” said Airbus Group Chief Financial Officer Harald Wilhelm.
Free cash flow before mergers and acquisitions improved to € 1,175 million (2014:€ 1,109 million), reflecting the solid operational performance, healthy pre-delivery payment
inflows and ongoing efforts to control working capital during the programme ramp-up phase.
Proceeds of around € 1.7 billion in the first half of 2015 from the sale of Dassault Aviation
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shares boosted free cash flow to € 2,825 million (2014: € 2,002 million). The net cash positionat the end of 2015 was € 10.0 billion (year-end 2014: € 9.1 billion) after a 2014 dividend payment of€ 945 million (2013: € 587 million), € 264 million spent under the share buyback and a pension
contribution of € 217 million. The gross cash position on 31 December 2015 was € 19.1 billion(year-end 2014: € 16.4 billion).
OutlookAs the basis for its 2016 guidance, Airbus Group expects the world economy and air traffic to growin line with prevailing independent forecasts and assumes no major disruptions.
2016 earnings and free cash flow guidance is based on a constant perimeter.
In 2016, Airbus expects to deliver more than 650 aircraft, and the commercial order book isexpected to grow.
In 2016, before M&A, Airbus Group expects stable EBIT* before one-off and EPS* before one-off
compared to 2015.
In 2016, before M&A, Airbus Group expects to deliver stable free cash flow compared to 2015.
* Airbus Group uses EBIT pre-goodwill impairment and exceptionals as a key indicator of its economicperformance. The term “exceptionals” refers to such items as depreciation expenses of fair value adjustments relating
to the former EADS merger and Airbus Combination, as well as impairment charges thereon.

Airbus GroupAirbus Group is a global leader in aeronautics, space and related services. In 2015, the Group – comprising Airbus,
Airbus Defence and Space and Airbus Helicopters – generated revenues of € 64.5 billion and employed a workforce of around
136,600.

Airbus Group Investor Relations contacts:
Julie KITCHER
tel. +33 5 82 05 53 01

julie.kitcher@airbus.com

Note to editors: Live-Transmission of the Press Conference & Analyst Conference Call on the Internet
You can watch the Annual Press Conference on the Annual Results 2015 from 09:00 am CET today via the Airbus Groupwebsite: www.airbusgroup.com/FY2015. Live audio of the 2015 Results Analyst Conference Call with Chief Executive
Officer Tom Enders and Chief Financial Officer Harald Wilhelm is also available via www.airbusgroup.com/FY2015 starting at
11:00 am CET. A video interview with CFO Harald Wilhelm is also available.

4Airbus Group – Full-Year (FY) Results 2015

(Amounts in euro)
Airbus GroupFY 2015

FY 2014

ChangeRevenues, in millions

64,45060,713+6%

11,512

10,993+5%

6,528

6,147+6%

4,132

4,066

+2%

4,086

4,040

+1%

Research & Development expenses,
in millions

3,460

3,391+2%

Net Income (4), in millions

2,696

2,343

+15%

Earnings Per Share (EPS) (4)3.43

2.99+15%

Free Cash Flow (FCF), in millions

2,825

2,002

+41%

Free Cash Flow
before M&A, in millions

1,175

1,109+6%

Free Cash Flow
before Customer Financing, in millions

2,975

1,894

+57%

Dividend per share(7)

1.30

1.20

+8%

158,967

166,430-4%

Airbus Group

31 Dec2015

31 Dec2014

ChangeOrder Book (1), in millions

1,005,864

857,519+17%

thereof defence, in millions

38,411

42,240-9%

Net Cash position, in millions

10,003

9,092

+10%

Employees

136,574

138,622-1%

thereof defence, in millionsEBITDA(2), in millions

EBIT before one-offs
EBIT

(3)

, in millions(3), in millions

Order Intake(1), in millions

For footnotes please refer to page 8.

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by Division

EBIT (3)

Revenues(Amounts in millions of Euro)FY2015FY2014

ChangeFY2015

FY2014

ChangeCommercial Aircraft

45,85442,280

+8%

2,301

2,671

-14%

Helicopters

6,786

6,524

+4%

427

413

+3%

Defence and Space

13,08013,025

0%

745

409

+82%

Headquarters /Eliminations-1,270-1,116-

613

547

-

Total

64,45060,713+6%

4,086

4,040+1%

by Division

EBIT before one-offs(3)(Amounts in millions of Euro)FY2015FY2014

ChangeCommercial Aircraft

2,780

2,529

+10%

Helicopters427

413+3%

Defence and Space

1,060

920

+15%

Headquarters /Eliminations-135

204-Total

4,132

4,066

+2%

Order Intake (1)by Division

Order Book (1)FY2015FY2014

Change31 Dec2015

31 Dec2014

ChangeCommercial Aircraft

139,062150,085-7%952,450803,633+19%

Helicopters

6,168

5,469

+13%

11,76912,227-4%

Defence and Space

14,44012,225+18%

42,861

43,0750%

Headquarters /Eliminations-703-1,349--1,216-1,416-

158,967

166,430-4%

1,005,864

857,519+17%(Amounts in millions of Euro)Total

For footnotes please refer to page 8.

6Airbus Group – Fourth Quarter Results (Q4) 2015
Airbus GroupQ4 2015

Q4 2014

Change21,485

20,216

+6%

1,328

1,476

-10%

1,140

1,457

-22%

796

944

-16%

1.02

1.21

-16%

Revenues, in millions
EBIT before one-offs
EBIT

(3)

, in millions(3), in millions

Net Income(4), in millions

Earnings Per Share (EPS)(4)

by Division

EBIT (3)

Revenues(Amounts in millions of Euro)

Q4
2015

Q42014

ChangeQ42015Q4
2014

ChangeCommercial Aircraft

14,735

13,460+9%399

898-56%

Helicopters

2,363

2,264+4%

186

172+8%

Defence and Space

4,697

4,828

-3%

596

39+1,428%

Headquarters /Eliminations-310-336--41

348

-

Total

21,485

20,216

+6%

1,140

1,457

-22%

by Division

EBIT before one-offs(3)(Amounts in millions of Euro)

Q4
2015

Q4
2014

ChangeCommercial Aircraft

554

749

-26%

Helicopters

186

172+8%

Defence and Space

629

550+14%

Headquarters /Eliminations

-41

5-

Total

1,3281,476-10%For footnotes please refer to page 8.
Q4 2015 revenues rose six percent compared to Q4 2014, driven mainly by a favourable
foreign exchange impact and higher A350 deliveries at Commercial Aircraft.
Q4 2015 EBIT* before one-off decreased as expected, driven mainly by higher R&D at
Commercial Aircraft. It was further reduced by the lower Dassault Aviation contribution in theHeadquarters/ Eliminations line.
7Q4 2015 reported EBIT* declined 22% to € 1,140 million. Reflecting net one-offs of € -188
million, it includes the negative one-off from foreign exchange from the dollar pre-delivery
payment mismatch and balance sheet revaluation of € -275 million. Q4 2014 reported EBIT*
included net one-offs of € -19 million.
Q4 2015 net income was positively influenced by a low Q4 effective tax rate following tax
reduced capital gains on divestments in Commercial Aircraft and in Defence and Space.
Footnotes:
1)

Contributions from commercial aircraft activities to Order Intake and Order Book based on list prices.

2)

Earnings before interest, taxes, depreciation, amortisation and exceptionals.

3)

Earnings before interest and taxes, pre goodwill impairment and exceptionals.

4)

Airbus Group continues to use the term Net Income. It is identical to Profit for the period attributable toequity owners of the parent as defined by IFRS Rules.

5)Long-term contracts generally contain a contract clause which escalates the price of the contract in linewith a formula reflecting an approximate escalation of the input costs – labour and materials.
Various indexes are used depending on the mix of input costs.

6)

The remaining Dassault Aviation participation is now recorded as an asset held for sale and the result ofthe period of Dassault Aviation will no longer contribute to the Headquarters earnings line, except fordividends to be received and the capital gain from future sales of Dassault Aviation shares.

7)

To be proposed to the Annual General Meeting 2016.

Safe Harbour Statement:
Certain statements contained in this press release are not historical facts but rather are statements of future
expectations and other forward-looking statements that are based on management’s beliefs. These statements
reflect Airbus Group’s views and assumptions as of the date of the statements and involve known and unknown risk
and uncertainties that could cause actual results, performance or events to differ materially from those expressed orimplied in such statements.
When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “may”, “intend”, “plan to”
and “project” are intended to identify forward-looking statements.
This forward looking information is based upon a number of assumptions including without limitation: assumption
regarding demand, current and future markets for Airbus Group’s products and services, internal performance,
customer financing, customer, supplier and subcontractor performance or contracts negotiations, favourable
outcomes of certain pending sales campaigns.
Forward looking statements are subject to uncertainty and actual future results and trends may differ materiallydepending on variety of factors including without limitation: general economic and labour conditions, including inparticular economic conditions in Europe, North America and Asia, legal, financial and governmental risk related tointernational transactions, the cyclical nature of some of Airbus Group’s businesses, volatility of the market for certain
products and services, product performance risks, collective bargaining labour disputes, factors that result insignificant and prolonged disruption to air travel worldwide, the outcome of political and legal processes, including
uncertainty regarding government funding of certain programs, consolidation among competitors in the aerospaceindustry, the cost of developing, and the commercial success of new products, exchange rate and interest rate
spread fluctuations between the euro and the U.S. dollar and other currencies, legal proceeding and other economic,
political and technological risk and uncertainties. Additional information regarding these factors is contained in theCompany’s “Registration Document” dated 16 April 2015. For more information, please refer towww.airbusgroup.com.

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