Airbus SE
Unaudited Condensed Interim
IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

Contents
1 Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements ......................................................................2
Unaudited Condensed Interim IFRS Consolidated Income Statement ...............................................................................................2
Unaudited Condensed Interim IFRS Consolidated Statement of Comprehensive Income .................................................................3
Unaudited Condensed Interim IFRS Consolidated Statement of Financial Position ...........................................................................4
Unaudited Condensed Interim IFRS Consolidated Statement of Cash Flows ....................................................................................6
Unaudited Condensed Interim IFRS Consolidated Statement of Changes in Equity ..........................................................................7
2 Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements.................................................81.

The Company .......................................................................................................................................................................82.

Impact of the COVID-19 pandemic ........................................................................................................................................83.

Accounting Policies ...............................................................................................................................................................94.

Acquisitions and Disposals.................................................................................................................................................. 10

5.

Related Party Transactions ................................................................................................................................................. 10

6.

Segment Information ........................................................................................................................................................... 10

7.

Revenue and Gross Margin ................................................................................................................................................ 11

8.

Research and Development Expenses ............................................................................................................................... 12

9.

Other Income and Other Expenses ..................................................................................................................................... 12

10.

Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments .................. 12

11.

Total Financial Result.......................................................................................................................................................... 12

12.

Income Taxes ..................................................................................................................................................................... 12

13.

Earnings per Share ............................................................................................................................................................. 12

14.

Intangible Assets and Property, Plant and Equipment ......................................................................................................... 13

15.

Investments Accounted for under the Equity Method........................................................................................................... 13

16.

Other Investments and Other Long-Term Financial Assets ................................................................................................. 13

17.

Inventories .......................................................................................................................................................................... 13

18.

Provisions ........................................................................................................................................................................... 13

19.

Contract Liabilities and Trade Liabilities .............................................................................................................................. 14

20.

Other Financial Assets and Other Financial Liabilities ......................................................................................................... 14

21.

Other Assets and Other Liabilities ....................................................................................................................................... 15

22.

Total Equity ......................................................................................................................................................................... 1523.

Net Cash ............................................................................................................................................................................. 16

24.

Financial Instruments .......................................................................................................................................................... 17

25.

Litigation and Claims ........................................................................................................................................................... 18

26.

Number of Employees......................................................................................................................................................... 20

27.

Events after the Reporting Date .......................................................................................................................................... 20

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

1
Airbus SE
Unaudited Condensed Interim
IFRS Consolidated Financial Statements
Unaudited Condensed Interim
IFRS Consolidated Income Statement(In € million)

Revenue
Cost of sales
Gross margin
Selling expenses
Administrative expenses
Research and development expenses
Other income
Other expenses
Share of profit from investments accounted for under the equity method
Other income from investments
Profit before financial result and income taxes
Interest income
Interest expense
Other financial result
Total financial result
Income taxes
Profit (Loss) for the period

Note
7
7

8
9
9
10
10

11
12

Attributable to:Equity owners of the parent (Net income)Non-controlling interests
Earnings per share
Basic
Diluted13
13

1 January 31 March 2021
10,460(8,981)
1,479
(170)
(340)
(620)
21
(26)
9
109
462
14
(96)
141
59
(175)
346

1 January 31 March 2020
10,631(9,430)
1,201
(200)
(393)
(663)
29
(14)
(15)
134
79
53
(98)
(432)
(477)
(94)
(492)

362
(16)

(481)
(11)

€
0.46
0.46

€
(0.61)(0.61)

The accompanying notes are an integral part of these Unaudited Condensed Interim IFRS Consolidated Financial Statements.

2

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

Unaudited Condensed Interim
IFRS Consolidated Statement of Comprehensive Income
1 January 31 March 2021
346

1 January 31 March 2020
(492)

Items that will not be reclassified to profit or loss:
Re-measurement of the defined benefit pension plans
Change in fair value of financial assets
Share of change from investments accounted for under the equity method
Income tax relating to items that will not be reclassified

2,372
(51)
17
(406)

1,579
(472)
2
(264)

Items that may be reclassified to profit or loss:
Foreign currency translation differences for foreign operations
Change in fair value of cash flow hedges
Change in fair value of financial assets
Share of change from investments accounted for under the equity method
Income tax relating to items that may be reclassified
Other comprehensive income, net of tax
Total comprehensive income for the period

88(2,581)
(34)
2
675
82
428

(12)
(3,618)
(340)
(20)
968
(2,177)(2,669)445(17)(2,654)(15)

Note(In € million)

Profit (Loss) for the period
Other comprehensive income

Attributable to:Equity owners of the parent
Non-controlling interests

The accompanying notes are an integral part of these Unaudited Condensed Interim IFRS Consolidated Financial Statements.

3

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

Unaudited Condensed Interim
IFRS Consolidated Statement of Financial Position(In € million)

Note

31 March 2021

31 December 202014
14

16,24916,768
2
1,666
3,935
46
1,710
523
4,498
5,121
50,51816,19916,674
2
1,578
3,855
48
3,483
483
4,023
5,350
51,69531,186
5,045
491
1,505
1,649
2,802
618
1,456
15,97360,72530,401
5,132
468
1,074
2,432
2,216
620
1,618
14,43958,4000111,2430
110,095

AssetsNon-current assets
Intangible assets
Property, plant and equipment
Investment property
Investments accounted for under the equity method
Other investments and other long-term financial assets
Non-current contract assets
Non-current other financial assets
Non-current other assets
Deferred tax assets
Non-current securities
Total non-current assets

15
16
20
21
23

Current assets
Inventories
Trade receivables
Current portion of other long-term financial assets
Current contract assets
Current other financial assets
Current other assets
Current tax assets
Current securities
Cash and cash equivalents
Total current assets

17
16
20
21
23
23

Assets and disposal group of assets classified as held for sale
Total assets

4

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

(In € million)

Equity and liabilities
Equity attributable to equity owners of the parent
Capital stock
Share premium
Retained earnings
Accumulated other comprehensive income
Treasury shares
Total equity attributable to equity owners of the parent
Non-controlling interests
Total equity

Liabilities
Non-current liabilities
Non-current provisions
Long-term financing liabilities
Non-current contract liabilities
Non-current other financial liabilities
Non-current other liabilities
Deferred tax liabilities
Non-current deferred income
Total non-current liabilities

Note

31 March 2021

31 December 2020

22

787
3,727
2,617
(41)
(42)
7,048
16
7,064

785
3,599
250
1,853
(42)
6,445
11
6,456

11,64014,041
18,539
5,524
421
549
27
50,741

13,99814,082
19,212
5,657
436
451
32
53,868

6,104
2,934
11,22625,391
2,172
3,473
1,539
599
53,4380
104,179
111,243

6,545
3,013
8,722
24,675
1,769
3,160
1,311
576
49,771
0
103,639
110,095

18
23
20
21

Current liabilities
Current provisions
Short-term financing liabilities
Trade liabilities
Current contract liabilities
Current other financial liabilities
Current other liabilities
Current tax liabilities
Current deferred income
Total current liabilities
Disposal group of liabilities classified as held for sale
Total liabilities
Total equity and liabilities

18
23
19
20
21

The accompanying notes are an integral part of these Unaudited Condensed Interim IFRS Consolidated Financial Statements.

5

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

Unaudited Condensed Interim
IFRS Consolidated Statement of Cash Flows
Note(In € million)

Operating activities
Profit (Loss) for the period attributable to equity owners of the parent (Netincome)Profit (Loss) Profit for the period attributable to non-controlling interests
Adjustments to reconcile profit for the period to cash provided by operating
activities:
Depreciation and amortization
Valuation adjustments
Deferred tax expense (income)Change in income tax assets, income tax liabilities and provisions for income
tax
Results of investments accounted for under the equity method
Change in current and non-current provisions
Contribution to plan assets
Change in other operating assets and liabilities
Cash provided by (used for) operating activities
Investing activities
Purchases of intangible assets, property, plant and equipment andinvestment property
Proceeds from disposals of intangible assets, property, plant and equipment
and investment property
Acquisitions of subsidiaries, joint ventures, businesses and non-controllinginterests (net of cash)
Payments for investments accounted for under the equity method, otherinvestments and other long-term financial assets
Proceeds from disposals of investments accounted for under the equity
method, other investments and other long-term financial assets
Dividends paid by companies valued at equity
Change in securities
Cash provided by (used for) investing activities (1)Financing activities
Change in financing liabilities
Changes in liability for puttable instruments
Changes in capital and non-controlling interests
Change in treasury shares
Cash provided by (used for) financing activities (1)Effect of foreign exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period(1)

1 January 31 March 2021

1 January 31 March 2020

362
(16)

(481)
(11)

597
(37)
(62)

828
272
(7)

227
(9)
(442)
(175)
1,040
1,485

(11)
15
(315)
(132)
(7,772)(7,614)

(460)

(453)

32

12

(7)

(479)

(84)

(147)

70
0
421
(28)

99
0
1,150
182

(341)
0
133
0
(208)
285
1,534
14,43915,973

4,254
81
0
(4)
4,331
135
(2,966)
9,314
6,348

The acquisition of real estate assets in the UK has negatively impacted cash used for investing activities, and also negatively impacted cash used for financing
activities relating to the repayment of the existing lease liabilities.

The accompanying notes are an integral part of these Unaudited Condensed Interim IFRS Consolidated Financial Statements.

6

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

Unaudited Condensed Interim
IFRS Consolidated Statement of Changes in Equity(In € million)
Balance at 1 January 2020
Loss for the period

Equity attributable toequity owners of theparent5,975

Non-controllinginterests
15

Total Equity
5,990

(481)

(11)

(492)

Other comprehensive income
Total comprehensive income for the period
Share-based payment (IFRS 2)(2,173)(2,654)
24

(4)
(15)
0

(2,177)(2,669)24

Equity transaction (IAS 27)
Change in treasury shares
Balance at 31 March 2020

176
(4)
3,517

11
0
11

187
(4)
3,528

Balance at 1 January 2021

6,445

11

6,456

Profit for the period

362

(16)

346

Other comprehensive income
Total comprehensive income for the period

83
445

(1)
(17)

82
428

Capital increase
Share-based payment (IFRS 2)
Equity transaction (IAS 27)

130
45
(17)

0
0
22

130
45
5

0
7,048

0
16

0
7,064

Change in treasury shares
Balance at 31 March 2021

The accompanying notes are an integral part of these Unaudited Condensed Interim IFRS Consolidated Financial Statements.

7

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

2
Notes to the Airbus SE
Unaudited Condensed Interim
IFRS Consolidated Financial Statements
1.

The Company

The accompanying Unaudited Condensed Interim IFRS Consolidated Financial Statements present the financial position and the resultsof operations of Airbus SE together with its subsidiaries referred to as “the Company”, a European public limited-liability company(Societas Europaea) with its seat (statutaire zetel) in Amsterdam, The Netherlands, its registered address at Mendelweg 30, 2333 CS
Leiden, The Netherlands, and registered with the Dutch Commercial Register (Handelsregister) under number 24288945. The Company’s
reportable segments are Airbus, Airbus Helicopters and Airbus Defence and Space (see “– Note 6: Segment Information”). The Company
is listed on the European stock exchanges in Paris, Frankfurt am Main, Madrid, Barcelona, Valencia and Bilbao. The Unaudited
Condensed Interim IFRS Consolidated Financial Statements were authorised for issue by the Company’s Board of Directors on
28 April 2021.

2.

Impact of the COVID-19 pandemic

In 2020, the COVID-19 pandemic resulted in significant disruption to the Company’s business operations and supply chain. For moredetails on the impact in 2020, please refer to the Company’s IFRS Consolidated Financial Statements as of 31 December 2020.
New variants and the successive waves of the COVID-19 pandemic, the resulting health and economic crisis and actions taken in responseto the spread of the pandemic, including government measures, lockdowns, travel limitations and restrictions, have resulted in significant
disruption to the Company’s business, operations and supply chain.
The aerospace industry including the financial health of operators, airlines, lessors and suppliers, commercial aircraft market, demand for
air travel and commercial air traffic have been severely impacted by the COVID-19 pandemic and the resulting health and economic crisis.
As a result, airlines have reduced capacity, grounded large portions of their fleets for months, sought to implement measures to reduce
cash spending and secure liquidity. Some airlines are also seeking arrangements with creditors, restructuring or applying for bankruptcy
or insolvency protection, which may have further consequences for the Company and its order book as well as other consequences
resulting from the related proceedings.
On 21 January 2021, the Company announced its decision to update its production rates in response to the market environment. For its
A320 Family aircraft, the new average production rates are now expected to lead to a gradual increase in production from the current rateof 40 per month to 43 and 45, respectively in the third and fourth quarter of 2021. The A220 monthly production rate increased from four
to five aircraft per month at the end of the first quarter of 2021. Widebody production is expected to remain stable at current levels. With
these new rates, the Company intends to preserve its ability to meet customer demand while protecting its ability to further adapt as theglobal market evolves.
The Company has not identified any significant changes to the underlying assumptions used at 31 December 2020 related to traffic,
estimated deliveries, forecasted gross margin and future cash-flows that would lead to significant variations regarding impairment or asset
depreciation in the first three months 2021.
The Company’s business, results of operations and financial condition have been and will continue to be materially affected by the COVID19 pandemic, and the Company continues to face significant risks and uncertainties. In addition to its impact on the financial viability ofoperators, airlines and lessors and the reduction of commercial air traffic, lockdowns, travel limitations and restrictions around the world
have posed logistical challenges and may cause disruptions to the Company’s business, its operations and supply chain. These measures
have and may continue to adversely affect the Company’s ability to deliver products and services as well as customers’ ability to takedelivery of aircraft.
The Company is monitoring the evolution of the COVID-19 pandemic and will continue to assess further impacts going forward. The mainelements related to the Unaudited Condensed Interim IFRS Consolidated Financial Statements as of 31 March 2021 are detailed in thefollowing sections.

8

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

2.1

Going concern and associated liquidity measures

In 2020, the Company announced measures to bolster its liquidity and balance sheet in response to the COVID-19 pandemic. For moredetails, please refer to the Company’s IFRS Consolidated Financial Statements as of 31 December 2020.
Due to uncertainties related to the length of the current outbreak and the recovery pattern of demand for aircrafts, the Company has
decided to exercise the first extension option of six months of its € 6.2 billion Supplemental Liquidity Line.
As of 31 March 2021, the Company has a net cash position of € 5.6 billion with a total liquidity of € 34.8 billion before deducting shortterm financing liabilities.
Management considers the Company has sufficient resources to continue operating for at least 12 months and that there are no material
uncertainties about the Company’s ability to continue as a going concern.

2.2

Hedge accounting

The Company has maintained its defined hedge accounting policies. In the first three months 2021, the Company performed a roll-overcampaign for a nominal amount of US$ 4.8 billion to re-align the hedging portfolio to the last available long term delivery plan.
In the Company’s assessment the risk of aircraft rescheduling beyond the risk management and the risk of future cancellations, notably
due to potential airlines default, have been included. The Company will continue to review this position going forward to identify any
potential trigger for hedge disqualification.

2.3

Expected credit loss

The Company has also considered the impact of COVID-19 pandemic on the expected credit loss of its financial instruments (mainlyloans, trade and lease receivables). The amount and timing of the expected credit losses, as well as the probability assigned thereto, hasbeen based on the available information at the end of the first three months 2021. As a result of this review no significant credit losses
have been recorded in the first three months 2021 (see “- Note 16: Other Investments and Other Long-Term Financial Assets”).

2.4

Pensions

The COVID-19 pandemic has a significant impact on market fluctuations (mainly impacting the interest rates and asset market values).
The decrease on the net pension liability for the first three months 2021 amounting to € 2.4 billion is recognised mainly in othercomprehensive income and is subject to future volatility (see “– Note 18: Provisions”).

3.

Accounting Policies

The Unaudited Condensed Interim IFRS Consolidated Financial Statements are prepared in accordance with International Financial
Reporting Standards (“IFRS”), issued by the International Accounting Standards Board (“IASB”) as endorsed by the European Union(“EU”). They are prepared and reported in euro (“€”) and all values are rounded to the nearest million appropriately.
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect theabsolute figures.
These Unaudited Condensed Interim IFRS Consolidated Financial Statements are prepared in compliance with IAS 34 and should beread in conjunction with the IFRS Consolidated Financial Statements as of 31 December 2020. The Company’s accounting policies andmethods are unchanged compared to 31 December 2020. The implementation of other amended standards has no material impact on
the Unaudited Condensed Interim IFRS Consolidated Financial Statements as of 31 March 2021.

Amendments to IFRS 9, IAS 39 and IFRS 7 “Interest Rate Benchmark Reform – Phase 2”
Following the financial crisis, the reform and replacement of some benchmark interest rates such as LIBOR and other Interbank OfferedRates (“IBORs”) has become a priority for global regulators. There is still some uncertainty around the timing and precise nature of thesechanges.
The Company’s treasury is managing the transition plan, so that the existing contracts that refer to LIBORs shall be adjusted to ensure
contract continuity after cessation of relevant benchmarks and address term and credit differences between LIBORs and alternativereference rates. The changed reference rates will also impact systems, processes and risk and valuation models.
The Company is mainly exposed to USD LIBOR under Airbus Bank loan assets portfolio for an amount of € 301 million (for a notionalamount of US$ 530 million) and the interest rate swaps based on USD LIBOR used in the hedge relationship as developed under “– Note
38: Financial Instruments” of the IFRS Consolidated Financial Statements as of 31 December 2020.
The Phase 2 amendments have no impact on these Unaudited Condensed Interim IFRS Consolidated Financial Statements as existing
contracts continue to refer to LIBORs as of 31 March 2021.

9

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

Use of Estimates and Judgements
In preparing the Unaudited Condensed Interim IFRS Consolidated Financial Statements, management makes assumptions and estimates.
These estimates are revised if the underlying circumstances have evolved or in light of new information. The underlying assumptions used
for the main estimates are similar to those described in the Company’s IFRS Consolidated Financial Statements as of 31 December 2020.
The only exception is the estimate of income tax liabilities which is determined in the interim financial statements using the estimatedaverage annual effective income tax rate applied to the pre-tax income of the interim period.

4.

Acquisitions and Disposals

Acquisitions
In 2020, Bombardier transferred its remaining shares in Airbus Canada Limited Partnership (“ACLP”) to Airbus and Investissement Québec(“IQ”). As per the agreement, Airbus acquired an additional 29.64% of the issued shares in ACLP. This agreement brought theshareholdings in ACLP for Airbus and IQ to 75% and 25%, respectively
Airbus paid to Bombardier a consideration of US$ 591 million of which US$ 531 million was received at closing and US$ 60 million to be
paid over the 2020-22 period under certain conditions. The agreement also provides for the cancellation of Bombardier warrants owned
by Airbus, as well as releasing Bombardier of its future funding capital requirement to ACLP, previously performed through the non-voting
participation Class B common units in ACLP.
The call rights of Airbus in respect of all IQ’s interests in ACLP at fair market value have been extended by an additional three years to
January 2026.
The effect of this equity transaction on the equity attributable to the owners of ACLP amounted to € -53 million.
As part of this transaction, Airbus, via its wholly owned subsidiary Stelia Aerospace, also acquired the A220 and A330 work package
production capabilities from Bombardier in Saint Laurent, Québec. Under this non-material transaction, the fair value of the net assets
acquired amounted to US$ -4 million.

5.

Related Party Transactions

The Company has entered into various transactions with related entities; carried out in the normal course of business.

6.

Segment Information

The Company operates in three reportable segments which reflect the internal organisational and management structure according to thenature of the products and services provided.


Airbus — Development, manufacturing, marketing and sale of commercial jet aircraft of more than 100 seats, aircraft conversion
and related services; development, manufacturing, marketing and sale of regional turboprop aircraft and aircraft components. It also
includes the holding function of the Company and its bank activities.



Airbus Helicopters — Development, manufacturing, marketing and sale of civil and military helicopters; provision of helicopter
related services.



Airbus Defence and Space — Military Aircraft design, development, delivery, and support of military aircraft such as combat,
mission, transport and tanker aircraft and their associated services. Space Systems design, development, delivery, and support offull range of civil and defence space systems for telecommunications, earth observations, navigation, science and orbital systems.
Connected Intelligence provision of services around data processing from platforms, secure communication and cyber security. In
addition, the main joint ventures design, develop, deliver, and support missile systems as well as space launcher systems. Unmanned
Aerial Systems design, development, delivery and service support.

The following tables present information with respect to the Company’s business segments. As a rule, inter-segment transfers are carriedout on an arm’s length basis. Inter-segment sales predominantly take place between Airbus and Airbus Defence and Space and between
Airbus Helicopters and Airbus. Consolidation effects are reported in the column “Eliminations”.
The Company uses EBIT as a key indicator of its economic performance.

10

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

Business segment information for the three-month period ended 31 March 2021 is as follows:(In € million)

Total revenue
Internal revenue
Revenue
thereofsales of goods at a point in timesales of goods over time
services, including sales of spare parts
Profit before financial result and income taxes(EBIT)
thereof research and development expenses
Interest result
Other financial result
Income taxes
Profit for the period

Airbus
7,272
(46)
7,226

AirbusHelicopters
1,177
(50)
1,127

AirbusDefenceand Space
2,115
(8)
2,107

Eliminations
0
0
0

Consolidated
Airbus
10,564(104)
10,460

6,770
1
455

461
41
625

542
783
782

0
0
0

7,773
825
1,862

343
(520)

62
(55)

17
(47)

40
2

462
(620)
(82)
141
(175)
346

Airbus
7,569
(126)
7,443

AirbusHelicopters
1,202
(106)
1,096

AirbusDefenceand Space
2,111
(19)
2,092

Eliminations
0
0
0

Consolidated
Airbus
10,882(251)
10,631

6,572
7
864

459
41
596

495
866
731

0
0
0

7,526
914
2,191

57
(543)

53
(75)

(53)
(51)

22
6

79
(663)
(45)
(432)
(94)
(492)

Business segment information for the three-month period ended 31 March 2020 is as follows:(In € million)

Total revenue
Internal revenue
Revenue
thereofsales of goods at a point in timesales of goods over time
services, including sales of spare parts
Profit before financial result and income taxes(EBIT)
thereof research and development expenses
Interest result
Other financial result
Income taxes
Loss for the period

7.

Revenue and Gross Margin

Revenue decreased by € -171 million to € 10,460 million (first three months 2020: € 10,631 million). The decrease is mainly driven by
Airbus (€ -217 million) reflecting lower volume in services.
Revenue by geographical areas based on the location of the customer is as follows:
1 January 31 March 2021
3,437
3,830
1,297
349
153
1,394
10,460(In € million)

Asia-Pacific
EuropeNorth America
Middle East
Latin America
Other countries
Total

1 January 31 March 2020
2,428
4,659
2,216
521
129
678
10,631

The gross margin increased by € +278 million to € 1,479 million compared to € 1,201 million in the first three months 2020. It mainlyreflects a better mix at Airbus and a favourable foreign exchange impact. The gross margin rate increased from 11.3% to 14.1%.
Deliveries of the A380 will cease in 2022. As a consequence and in addition to the net charge recorded in 2018, the Company recorded
a net charge of € 320 million in EBIT in 2020 as part of its continuous assessment of assets recoverability and review of onerous contract
provision assumptions. In the first three months 2021, the Company recorded an additional net charge of € 15 million in EBIT.

11

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

As of 31 March 2021, the Company has delivered a total of 98 A400M aircraft including 1 aircraft in the first three months 2021.
The COVID-19 pandemic is weighing on the performance of development, production, flight testing, aircraft delivery and retrofit activities.
The Company continued with development activities toward achieving the revised capability roadmap. Retrofit activities are progressing
in close alignment with the customer.
In 2020, an update of the contract estimate at completion was performed and a charge of € 63 million recorded reflecting mainly
the variation of price escalation indexes. The year-end 2020 assessment remains unchanged as of 31 March 2021.
Risks remain on the development of technical capabilities and associated costs, on aircraft operational reliability in particular with regard
to power plant, on cost reductions and on securing export orders in time as per the revised baseline.
Defence export licences to Saudi Arabia were suspended by the German Government until 31 March 2020. A revised Estimate atCompletion (EAC) for a customer contract was performed as of 31 December 2020, and the Company continues to engage with its
customer to agree a way forward. The outcome of these negotiations is presently unclear but could result in further significant financial
impacts.

8.

Research and Development Expenses

Research and development expenses decreased by € -43 million to € 620 million compared to € 663 million in the first three months
2020.

9.

Other Income and Other Expenses

Other income decreased by € -8 million to € 21 million compared to € 29 million in the first three months 2020.
Other expenses increased by € +12 million to € -26 million compared to € -14 million in the first three months 2020.

10. Share of Profit from Investments Accounted for under the Equity Method
and Other Income from Investments
Share of profit from investments under the equity method and other income from investments decreased by € -1 million to € 118
million compared to € 119 million in the first three months 2020. It includes dividends received from other investments classified at fairvalue through OCI for an amount of € 108 million (first three months 2020: € 137 million).

11.

Total Financial Result

Total financial result improved by € +536 million to € 59 million compared to € -477 million in the first three months 2020. This is mainly
due to the revaluation of certain equity investments.

12.

Income Taxes

The income tax expense amounts to € -175 million (first three months 2020: € -94 million). It corresponds to an effective income tax rateof 33.6%, mainly driven by deferred tax asset impairments.

13.

Earnings per ShareProfit (Loss) for the period attributable to equity owners of the parent (Net income)Weighted average number of ordinary shares
Basic earnings per share

1 January 31 March 2021
€ 362 million
783,986,683€ 0.46

1 January 31 March 2020
€ (481) million
782,298,786€ (0.61)

Diluted earnings per share – The Company’s dilutive potential ordinary shares are share-settled Performance Units relating to LongTerm Incentive Plans (“LTIP”).
During the first three months 2021, the average price of the Company’s shares exceeded the exercise price of the share-settled
Performance Units and therefore 542,184 shares were considered in the calculation of diluted earnings per share.
As there was a loss in the first three months 2020, the effect of potentially dilutive ordinary shares was anti-dilutive.
12

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

Profit (Loss) for the period attributable to equity owners of the parent (Net income),
adjusted for diluted calculation
Weighted average number of ordinary shares (diluted) (1)Diluted earnings per share
(1)

14.

1 January 31 March 2021

1 January 31 March 2020

€ 362 million
784,528,867€ 0.46€ (481) million
782,298,786€ (0.61)

In the first three months 2021, dilution assumes conversion of all potential ordinary shares.

Intangible Assets and Property, Plant and Equipment

Intangible assets decreased by € -50 million to € 16,249 million (prior year-end: € 16,199 million). Intangible assets mainly relate to
goodwill of € 13,010 million (prior year-end: € 12,999 million).
Property, plant and equipment increased by € +94 million to € 16,768 million (prior year-end: € 16,674 million). Property, plant andequipment include right-of-use assets for an amount of € 1,708 million as of 31 March 2021 (prior year-end: € 1,804 million).

15.

Investments Accounted for under the Equity Method

Investments accounted for under the equity method increased by € +88 million to € 1,666 million (prior year-end: € 1,578 million). They
mainly include the equity investments in ArianeGroup, MBDA and ATR GIE.

16.

Other Investments and Other Long-Term Financial Assets(In € million)

Other investments
Other long-term financial assets
Total non-current other investments and other long-term financial assets
Current portion of other long-term financial assets
Total

31 March 2021
2,284
1,651
3,935
491
4,426

31 December 2020
2,245
1,610
3,855
468
4,323

Other investments mainly comprise the Company’s participations and include the remaining investment in Dassault Aviation (9.90%,
prior year-end: 9.90%) amounting to € 785 million at 31 March 2021 (prior year-end: € 742 million).
Other long-term financial assets and the current portion of other long-term financial assets include other loans in the amount of€ 1,877 million as of 31 March 2021 (prior year-end: € 1,841 million), and the sales financing activities in the form of finance leasereceivables and loans from aircraft financing.

17.

Inventories

Inventories of € 31,186 million (prior year-end: € 30,401 million) increased by € +785 million. This mainly relates to an increase in stored
aircraft at Airbus reflecting customer requests to defer deliveries.

18.

Provisions
31 March 2021
7,593
10,151
17,744
11,6406,104(In € million)

Provisions for pensions
Other provisions
Total
thereof non-current portion
thereof current portion

31 December 2020
9,980
10,563
20,543
13,998
6,545

Provisions for pensions decreased mainly due to the increase of the discount rates in Germany, France, Canada and the UK during thefirst three months 2021, resulting from market volatility related to the ongoing COVID-19 pandemic (see "– Note 2: “Impact of the COVID19 pandemic”).

13Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

In September 2020, a restructuring provision was recognised in response to the COVID-19 pandemic under other provisions for an
amount of € 1.2 billion including mainly the cost of voluntary and compulsory measures taking into account management’s best estimateof the impact of the working time adaptation and government support measures. Workforce adaptation plan has been progressing as
expected.
As of 31 March 2021 and 31 December 2020, the provision amounted to € 0.7 billion and € 1.0 billion respectively, reduced mainly by thecosts incurred.

19.

Contract Liabilities and Trade Liabilities

Contract liabilities include final payments received from customers and other parties in anticipation.
Trade liabilities of € 11,226 million (prior year-end: € 8,722 million) increased by € +2,504 million, mainly in Airbus. In the first threemonths 2021, cash provided by operating activities has been positively impacted by certain agreements reached with suppliers relating
to negotiation on payment terms, and by the payments made to suppliers in anticipation as at 31 December 2020.
Similar to previous years, the Company has supported its suppliers concerning supply chain financing arrangements.

20.

Other Financial Assets and Other Financial Liabilities

Other Financial Assets(In € million)

Positive fair values of derivative financial instruments
OthersTotal non-current other financial assets
Receivables from related companies
Positive fair values of derivative financial instruments
OthersTotal current other financial assets
Total

31 March 2021
1,680
30
1,710
809
508
332
1,649
3,359

31 December 2020
3,451
32
3,483
1,158
973
301
2,432
5,915

31 March 2021
1,645
3,730
149
5,524
1,322
191
129
530
2,172

31 December 2020
1,834
3,712
111
5,657
983
200
130
456
1,769

7,696

7,426

Other Financial Liabilities(In € million)

Liabilities for derivative financial instruments
European Governments' refundable advances
OthersTotal non-current other financial liabilities
Liabilities for derivative financial instruments
European Governments' refundable advances
Liabilities to related companies
OthersTotal current other financial liabilities
Total

In 2020, the Company has signed amendments to the French and Spanish A350 RLI contracts, leading to a re-measurement of the A350
RLI for an additional net amount of € 236 million in the third quarter, using an equivalent estimated market rate at the date of theamendments.
In the first three months 2021, the European Governments’ refundable advances increased by € +9 million to € 3,921 million (prior yearend: € 3,912 million).
The allocation of European Governments’ refundable advances between non-current and current presented in the Unaudited Condensed
Interim IFRS Consolidated Financial Statements ended 31 March 2021 is based on the applicable contractual repayment dates.

14

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

21.

Other Assets and Other Liabilities

Other Assets(In € million)

Cost to fulfil a contract
Prepaid expenses
OthersTotal non-current other assets
Value added tax claims
Cost to fulfil a contract
Prepaid expenses
OthersTotal current other assets
Total

31 March 2021
285
109
129
523
1,249
560
456
537
2,802
3,325

31 December 2020
282
76
125
483
1,025
557
191
443
2,216
2,699

31 March 2021
421
421
967
2,506
3,473
3,894

31 December 2020
436
436
749
2,411
3,160
3,596

Other Liabilities(In € million)

OthersTotal non-current other liabilities
Tax liabilities (excluding income tax)
OthersTotal current other liabilities
Total

22.

Total Equity

The Company’s shares are exclusively ordinary shares with a par value of € 1.00. The following table shows the development of thenumber of shares issued and fully paid:
31 March 2021
784,149,270
1,871,546
786,020,816(433,062)
785,587,754(In number of shares)

Issued as at 1 January
Issued for ESOP
Issued at end of period
Treasury shares
Outstanding at end of period

31 December 2020
783,173,115
976,155
784,149,270(432,875)
783,716,395

Holders of ordinary shares are entitled to dividends and to one vote per share at general meetings of the Company.
Equity attributable to equity owners of the parent (including purchased treasury shares) amounts to € 7,048 million (prior year-end:€ 6,445 million) representing an increase of € +603 million. This is due to a net income for the period of € 362 million and an increase inother comprehensive income, principally related to a change in actuarial gains and losses of € +1,977 million partly offset by the mark tomarket revaluation of the hedge portfolio of € -1,922 million.
The non-controlling interests (“NCI”) from non-wholly owned subsidiaries increased to € 16 million as of 31 March 2021
(prior year-end: € 11 million). These NCI do not have a material interest in the Company’s activities and cash flows.

15

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

23.

Net Cash

The net cash position provides financial flexibility to fund the Company’s operations, to react to business needs and risk profile and toreturn capital to the shareholders. This flexibility has been essential in managing the Company’s operations during the COVID-19
pandemic (see "– Note 2: Impact of the COVID-19 pandemic”).
31 March 2021
15,973
1,456
5,121
22,550(2,934)(14,041)
5,575(In € million)

Cash and cash equivalents
Current securities
Non-current securities
Gross cash position
Short-term financing liabilities
Long-term financing liabilities
Total

31 December 2020
14,4391,618
5,350
21,407(3,013)(14,082)
4,312

The net cash position on 31 March 2021 amounted to € 5,575 million (prior year-end: € 4,312 million), with a gross cash position of€ 22,550 million (prior year-end: € 21,407 million).

Cash and Cash Equivalents
Cash and cash equivalents are composed of the following elements:
31 March 2021
5,810
9,478
670
15
15,973(In € million)

Bank account and petty cash
Short-term securities (at fair value through profit and loss)
Short-term securities (at fair value through OCI)
OthersTotal cash and cash equivalents

31 December 2020
4,173
9,654
512
100
14,439Only securities with a maturity of three months or less from the date of the acquisition, that are readily convertible to known amounts ofcash and which are subject to an insignificant risk of changes in value, are recognised in cash equivalents.

Financing Liabilities
31 March 2021
12,057426
96
1,462
14,041
1,077
29
90
240
1,498
2,934
16,975(In € million)

Bonds and commercial papers
Liabilities to financial institutions
Loans
Lease liabilities
Total long term financing liabilities
Bonds and commercial papers
Liabilities to financial institutions
Loans
Lease liabilities
Others (1)Total short term financing liabilities
Total
(1)

31 December 2020
12,032418
94
1,538
14,082
1,075
111
94
260
1,473
3,013
17,095

Included in “others” are financing liabilities to joint ventures.

Long-term financing liabilities, mainly comprising of bonds and lease liabilities, decreased by € -41 million to € 14,041 million (prioryear-end: € 14,082 million).
Short-term financing liabilities decreased by € -79 million to € 2,934 million (prior year-end: € 3,013 million).

16

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

24.

Financial Instruments

The following table presents the composition of derivative financial instruments:(In € million)

31 March 2021
1,680
508
2,188
(1,645)(1,322)(2,967)(779)

Non-current positive fair values
Current positive fair values
Total positive fair values of derivative financial instruments
Non-current negative fair values
Current negative fair values
Total negative fair values of derivative financial instruments
Total net fair values of derivative financial instruments

31 December 2020
3,451
973
4,424
(1,834)(983)(2,817)
1,607

The total net fair value of derivative financial instruments decreased by € -2,386 million to € -779 million (prior year-end: € 1,607 million)
as a result of the strengthened US dollar versus the euro associated with the mark to market valuation of the hedge portfolio.
The volume of hedged US dollar-contracts was US$ 79.8 billion as at 31 March 2021 (prior year-end: US$ 81.0 billion). The US dollar spot
rate was 1.17 US$/€ and 1.23 US$/€ at 31 March 2021 and at 31 December 2020, respectively. The average US dollar hedge rate for thehedge portfolio of the Company remains at 1.26 US$/€ as at 31 March 2021.

Carrying Amounts and Fair Values of Financial Instruments
Fair values of financial instruments have been determined with reference to available market information at the end of the reporting period
and the valuation methodologies as described in detail in Note 38.2 to the 2020 IFRS Consolidated Financial Statements. For the first
three months 2021, the Company has applied the same methodologies for the fair value measurement of financial instruments.
Carrying amount is a reasonable approximation of fair value for all classes of financial instruments listed in the first table of Note 38.2 tothe 2020 IFRS Consolidated Financial Statements, with the exception of:(In € million)

Financing liabilities
Bonds and commercial papers
Liabilities to financial institutions and others

31 March 2021
Book Value
Fair Value(13,134)(2,139)(13,848)(2,139)31 December 2020
Book Value
Fair Value(13,107)(2,190)(13,997)(2,190)Fair Value Hierarchy
Depending on the extent the inputs used to measure fair values rely on observable market data, fair value measurements may behierarchised according to the following levels of input:Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities;

Level 2: inputs other than quoted prices that are observable for the asset or liability – fair values measured based on Level 2
input typically rely on observable market data such as interest rates, foreign exchange rates, credit spreads or volatilities;

Level 3: inputs for the asset or liability that are not based on observable market data – fair values measured based on Level 3
input rely to a significant extent on estimates derived from the Company’s’ own data and may require the use of assumptions
that are inherently judgemental and involve various limitations.

The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company
determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input.

17

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

The following table presents the carrying amounts of the financial instruments held at fair value across the three levels of the fair value
hierarchy:(In € million)

Financial assets measured at fair value
Equity instruments
Derivative instruments
Securities
Customer financing
Cash equivalents
Total
Financial liabilities measured at fair value
Derivative instruments
Other financial liabilities
Total

Level 131 March 2021
Level 2
Level 3

Total

Level 131 December 2020
Level 2
Level 3

Total

1,809
0
6,577
0
9,478
17,864

0
2,188
0
0
670
2,858

475
0
0
264
0
739

2,284
2,188
6,577
264
10,14821,461

1,780
0
6,968
0
9,654
18,402

0
4,424
0
0
512
4,936

465
0
0
237
0
702

2,245
4,424
6,968
237
10,16624,040000(2,952)0(2,952)

(15)
0
(15)

(2,967)0(2,967)000(2,805)0(2,805)

(12)
0
(12)

(2,817)0(2,817)

There has been no material changes in the valuation of the Level 3 financial instruments during the first three months 2021.
As at 31 December 2020, the fair value of the written put options on non-controlling interests (“NCI puts”) relating to ACLP was nil, mainlyreflecting the latest projections on funding needs, slower ramp-up phasing and market projections. The fair value is unchanged as at 31
March 2021.
The fair value of these NCI puts are derived from a discounted cash flow analysis using the latest operating plan and a projection overthe lifetime of the A220 programme.

25.

Litigation and Claims

The Company is involved from time to time in various legal and arbitration proceedings in the ordinary course of its business, the mostsignificant of which are described below. Other than as described below, the Company is not aware of any material governmental, legal
or arbitration proceedings (including any such proceedings which are pending or threatened), during a period covering at least the previous
twelve months which may have, or have had in the recent past significant effects on Airbus SE’s or the Company’s financial position or
profitability.
If the Company concludes that the disclosures relative to contingent liabilities can be expected to prejudice seriously its position in a
dispute with other parties, the Company limits its disclosures to the nature of the dispute.

WTO
Although the Company is not a party, the Company is supporting the European Commission in litigation before the WTO. Following its
unilateral withdrawal from the 1992 EU-US Agreement on Trade in Large Civil Aircraft, the US lodged a request on 6 October 2004 to
initiate proceedings before the WTO in relation to alleged subsidies benefiting Airbus. On the same day, the EU launched a parallel WTO
case against the US in relation to its subsidies to Boeing.
Following a series of interim WTO decisions, in October 2019 the WTO authorised the US to impose US$ 7.5 billion in annual tariffs on
EU imports. The US imposed 15% tariffs on new aircraft and manufacturing parts imported into the US. Similarly, in October 2020, theWTO authorised the EU to impose tariffs on US$ 4 billion of US imports. The EU imposed 15% tariffs on new aircraft imported into the
EU. In March 2021, the EU and the US announced they would suspend all tariffs related to the WTO aircraft disputes for a four-month
period.
Tariffs could have a material impact on the Financial Statements, business and operations of the Company and could result in (i) increased
costs for the aerospace industry, (ii) weakening demand for new aircraft, (iii) decisions to defer, reject or reschedule the delivery of new
aircraft, and/or (iv) damage to the Company’s business or reputation.

GPT
In August 2012, the UK Serious Fraud Office (“SFO”) announced that it had opened a formal criminal investigation in relation to GPTSpecial Project Management Ltd (“GPT”). GPT is a UK company that operated in the Kingdom of Saudi Arabia which the Company
acquired in 2007. GPT is now an indirect subsidiary of Airbus Defence and Space. It ceased operations in April 2020.
The SFO’s investigation related to contractual arrangements that had been put in place prior to GPT’s acquisition by the Company, butwhich continued thereafter.
On 29 July 2020, the SFO requisitioned (required) GPT to appear in court, and a series of hearings have followed. The single charge
against GPT relates to alleged historic corruption in the Kingdom of Saudi Arabia between 2007 and 2012. On 28 April 2021, GPT entereda guilty plea and a sentence was handed down of a fine of £ 28,124,920 plus £ 2,200,000 in costs. For legal reasons, neither the Company
nor GPT can comment further on it.
The Deferred Prosecution Agreement of 31 January 2020 mentioned below under “Investigation by the UK SFO, France’s PNF, US
Departments of State and Justice and Related Commercial Litigation” is not affected by the guilty plea and sentencing of GPT.
18

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

Investigation by the UK SFO, France’s PNF, US Departments of State and Justice and Related
Commercial Litigation
The Company reached final agreements (“the agreements”) with the French Parquet National Financier (“PNF”), the UK Serious Fraud
Office (“SFO”), and the US Department of Justice (“DoJ”) resolving the authorities’ investigations into allegations of bribery and corruption,
as well as with the US Department of State (“DoS”) and the DoJ to resolve their investigations into inaccurate and misleading filings madewith the DoS pursuant to the US International Traffic in Arms Regulations (“ITAR”). The agreements were approved and made public on
31 January 2020.
Under the terms of the agreements, the Company agreed to pay penalties of € 3,597,766,766 plus interest and costs to the French, UK
and US authorities. This was recognised in the Company’s 2019 accounts. The settlements with each authority were as follows: PNF€ 2,083,137,455, the SFO € 983,974,311, the DoJ € 526,150,496 and the DoS € 9,009,008 of which € 4,504,504 may be used for approved
remedial compliance measures. All penalties have been paid, except for $ 1 million that remains to be paid to the DoS by 28 January2022.
Under the terms of the Convention judiciaire d’intérêt public (“CJIP”) with the PNF, the Company has an obligation to submit its complianceprogramme to targeted audits carried out by the Agence Française Anticorruption (“AFA”) over a period of three years.
Under the terms of the Deferred Prosecution Agreement (“DPA”) with the SFO, no independent compliance monitor will be imposed on
the Company in light of the continuing monitorship to be conducted by the AFA.
Under the terms of the DPA with the DoJ, no independent compliance monitor will be imposed on Airbus under the agreement with the
DoJ, but the Company will periodically report on its continuing compliance enhancement progress during the three year term of the DPA
and carry out further reviews as required by the DoJ.
The agreements result in the suspension of prosecution for a duration of three years whereupon the prosecutions will be extinguished if
the Company complies with their terms throughout the period.
Under the terms of the Consent Agreement with the DoS, the DoS has agreed to settle all civil violations of the ITAR outlined in the
Company’s voluntary disclosures identified in the Consent Agreement, and the Company has agreed to retain an independent export
control compliance officer, who will monitor the effectiveness of the Company’s export control systems and its compliance with the ITAR
for a duration of three years.
Any breach of the terms of the agreements by the Company could lead to rescission by the authorities of the terms of the agreements
and reopening of the prosecutions. Prosecution could result in the imposition of further monetary penalties or other sanctions including
additional tax liability and could have a material impact on the Financial Statements, business and operations of the Company.
In addition to any pending investigation in other jurisdictions, the factual disclosures made in the course of reaching the agreements may
result in the commencement of additional investigations in other jurisdictions. Such investigations could also result in (i) civil claims or
claims by shareholders against the Company, (ii) adverse consequences on the Company’s ability to obtain or continue financing for
current or future projects, (iii) limitations on the eligibility of group companies for certain public sector contracts, and/or (iv) damage to theCompany’s business or reputation via negative publicity adversely affecting the Company’s prospects in the commercial market place.
Airbus will continue to cooperate with the authorities in the future, pursuant to the agreements and to enhance its strong Ethics &Compliance culture within the Company.
Several consultants and other third parties have initiated commercial litigation and arbitration against the Company seeking relief. The
agreements reached with authorities may lead to additional commercial litigation and arbitration against the Company and tax liability inthe future, which could have a material impact on the Financial Statements, business and operations of the Company.

Securities Litigation
In August 2020, a putative class action lawsuit was filed in US federal court in the state of New Jersey against Airbus SE and membersof its current and former management. The lawsuit was brought on behalf of alleged shareholders that purchased or otherwise acquired
Airbus SE securities in the US between 24 February 2016 and 30 July 2020, and asserts violations of US securities laws. The complaint
alleges that defendants made false and misleading statements or omissions concerning, among other things, the Company’s agreements
approved on 31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS as well as the Company’s historic practices
regarding the use of third party business partners and anti-corruption compliance. The lawsuit seeks unquantified damages. The Company
believes it has solid grounds to defend itself against the allegations. The consequences of such litigation and the outcome of theproceedings cannot be fully assessed at this stage, but any judgement or decision unfavourable to the Company could have a material
adverse impact on the Financial Statements, business and operations of the Company.

Other Investigations
The Company is cooperating fully with the authorities in a judicial investigation in France related to Kazakhstan. In this spirit, the Company
asked to be interviewed by the investigating magistrates and has been granted the status of “assisted witness” in the investigation.
In 2019, the Company self-reported to German authorities potentially improper advance receipt and communication of confidential
customer information by employees of Airbus Defence and Space GmbH. The information concerned relates to two future German
government procurement projects in the programme line Connected Intelligence. The self-disclosure by the Company follows an ongoinginternal review with the support of an external law firm. Both the German Ministry of Defence and the Munich public prosecutor opened
an investigation into the matter. The Company will continue to fully cooperate with relevant authorities. The investigation could have an
impact on Airbus Defence and Space GmbH’s and Airbus Secure Land Communications GmbH’s ability to participate in future public
procurement projects in Germany and may have other legal consequences.

19

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2021

Other Disputes
In the course of a commercial dispute, the Company received a statement of claim by the Republic of China (Taiwan) alleging liability forrefunding part of the purchase price of a large contract for the supply of missiles by subsidiary Matra Défense S.A.S., which the customer
claims it was not obliged to pay. An arbitral award was rendered on 12 January 2018 with a principal amount of € 104 million plus interest
and costs against Matra Défense S.A.S. Post-award proceedings are currently underway.

26.

Number of Employees
Airbus75,15978,48731 March 2021
31 December 202027.

Airbus Airbus Defence
Helicopters
and Space
19,87132,78420,026
32,836

Consolidated
Airbus127,814131,349

Events after the Reporting Date

On 21 April 2021, the Company presented its plans to create integrated aerostructures assembly companies in both France and Germany,
and a third company as a new global player in the detail parts business, anchored in Germany.
This followed the Company's decision to place fuselage aerostructures assembly at the heart of its industrial system in order to reinforce
its value stream management and prepare the Company for its short and long-term future.
The plans are subject to successful completion of the ongoing social process.

20