Airbus Annual Report
Overview 2019

Pioneering
sustainableaerospace –resilience andresponsibility

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For 50 years, Airbus has transformed aerospace throughbold alliances, innovative products and technologies.
This has only been possible thanks to the strong commitmentof generations of passionate, visionary and talented people.
This annual report was prepared on the basis of theCompany’s 2019 operations, results and performance.
Today, as Airbus releases this document, the world, theaerospace and defence industry and the Company arein the midst of the coronavirus pandemic. So in early 2020,
the entire world, humanity and globalisation look very
different; the Company and its stakeholders are adapting
at a fast pace in an even faster changing environment.
Despite the pandemic, Airbus continues to report on its
2019 transformation activities which have begun to lay
the groundwork for the future.
Airbus is focused on serving its customers and society
as a whole while remaining resilient. Throughout 2019, it
focused its efforts on building a sustainable, purpose-driven
culture that puts safety, quality and ethics at its heart while
listening to stakeholders and putting them at the centreof all the Company does. The “Next Chapter” initiative wasdesigned to empower the Airbus teams to achieve this.
Now, Airbus is focused on its resilience, as a company
and as an industry, as well as meeting the needsof wider society in the current context either directlyor via the Airbus Foundation.
Resilience is a key word for all. The foundations laid in2019 will support the Company through the crisis andas it comes out on the other side.

Airbus Defence and Space has developed an extensive portfolio
of Earth Observation satellites capable of providing highresolution imagery and environmental monitoring.

Overview
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From formation flights involving a wide arrayof aircraft to a special event at the Paris
Airshow, employees around the world marked
Airbus’ 50th anniversary in 2019.

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18
20

Next Chapter
2019 Highlights
Airbus at a glance
07 Airbus
08 Airbus Helicopters
09 Airbus Defence and Space
Chairman’s message
11 Board of Directors
Chief Executive Officer’s interview
13 Executive Committee
Sustainability and Environment
50 years of Airbus
Chief Financial Officer’s interview
Share information

Registration Document and
Financial Statements
The 2019 Universal Registration
Document and Financial Statements,
which together with the Overview
form the Annual Report suite, areavailable online at:www.airbus.com/investors.html

Where applicable, ‘Airbus’ refers to commercial aircraft andthe integrated functions while ‘the Company’ refers to Airbus
SE together with its subsidiaries.

Airbus / Annual Report – Overview 20191

Overview / Next Chapter

Next Chapter:
Addressing challenges
and opportunities
Over the past 50 years, Airbus’ products
and technologies have changed theaerospace industry beyond recognition.
But now a game-changing moment has
been reached as the sector and society
in general address the impact of thecoronavirus pandemic.

In 2019, the Next Chapter initiative was started
to shape a sustainable future for Airbus.
Under the guiding principles of Simplify,
Empower and Grow, its goal is to build a morecompetitive and resilient company that meets
customer commitments. The Company is also
committed to the sustainability of its business,
its products and the role it wants to play insociety, with a constant mind-set of Safety,
Quality, Integrity and Compliance.
Next Chapter will help to transform theCompany, providing the vision anddynamism needed to lead and develop
clean and safe solutions while serving
citizens and stakeholders. It will support
the CEO and his executive team, giving
them the inspiration to plan the Company’s
future strategy and the means to deliver it
dynamically together with all employees.

Next Chapter provides the vision and dynamism
needed to develop clean and safe solutions
while serving citizens and stakeholders

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The Company is also addressing its
resilience and prioritising business continuity.
A key focus in 2020 is to ensure that normal
business can be resumed as soon as thecoronavirus crisis situation improves in
its home countries and in all its markets.
Providing constant support to Airbus’
teams and the overall ecosystem mostnotably in the commercial aircraft sector,
as they navigate the crisis is vital. Safe
and efficient air travel is a key backboneof global development and will again help
to drive the global economy after thecrisis subsides.

Next Chapter is all about Airbus, pioneering
sustainable aerospace for a safe and united
world. What is described in this purpose
encompasses the constant will forgroundbreaking innovation while remaining
resilient and competitive to be a sustainableAs a first step for Next Chapter, employees
business and when the time is right, to befrom all parts of the Company were asked
able to invest in a sustainable future and befor their views and ideas. The best of these
the leading force for the decarbonisation of
initiatives were channelled into and accelerated the industry. It also includes the commitment
by Next Chapter, driving a collective effort to to follow the highest standards in Ethics
set the Company’s future direction.
and Compliance, to deliver on customer
commitments and foster an inclusive,
The role Airbus takes in society is of utmost diverse and safe workplace.
importance in 2020 as efforts globally focus
on addressing the coronavirus pandemic.
The guidelines of Next Chapter will continue
This starts with ensuring that employees have to define the Company’s approach toa safe and inspiring place of work that meets business while our purpose will guide us
the highest health and safety standards.
even in challenging times such as these.
At all times, the Company will support thosein the emergency and public services that
rely on its products and services to performtheir important missions. Airbus’ airlift
capabilities as well as its engineering talentand resources are also being used to help
the crisis efforts where possible.

Airbus / Annual Report – Overview 2019

Pioneering
sustainableaerospace

Seven streams totransform Airbus
Next Chapter initiative encompasses work
along seven streams, which deliver collectively
on common goals while satisfying a diverse
set of objectives.

Purpose and Story
Expresses a long-term, essential
and unifying ambition for the future of theCompany. It connects all Next Chapter
work streams.

PeopleSafety@Work
Embedding a culture of excellence and asafety mind-set where risk prevention is core.

Airbus in Society
Harnessing efforts to drive and promote
Airbus SE in society, within the frame of theCompany’s Responsibility and Sustainability
charter and its commitments.

People@Airbus
Focusing on the improvement of the
day-to-day experience of employees
and leaders.

Competitiveness
Understanding how robust and sustainable
the Company’s situation is comparedto others and which measures weneed to drive in the coming years fora successful future.

Employees are at the heart of Next Chapter

Remaining competitive in key markets
is a priority

Technology demonstrators can lead to moresustainable solutions

Health and safety is part of theCompany’s culture

Customer@Heart
Focusing on customer trust andloyalty in the ability to deliveraccording to commitments.

Governance
Focusing on creating a sustainable
governance model and governance principles
empowering quick and agile decision making
while adhering to legal obligations.

Airbus / Annual Report – Overview 20193

Overview / 2019 Highlights

A year ofsignificant
achievements

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A321XLR launched
Due to enter service in 2023, the A321XLR delivers an unprecedented
single-aisle airliner range of up to 4,700 nautical miles with 30% lower
fuel consumption per seat compared with previous-generationcompetitor aircraft. Following its launch in June 2019, over
450 orders and commitments had been received by year-end.

US A220 facility for Mobile, Alabama
During 2019 construction began on the US A220 manufacturing
facility in Mobile, Alabama, complementing the primary final
assembly line in Mirabel, Canada. The plant is creating additionaljobs in Mobile.

Highly automated assembly line opens
A highly automated fuselage structure assembly line for A320
Family aircraft was opened in Hamburg, Germany. Featuring
20 robots and automated positioning by laser measurement,
the facility reflects Airbus’ drive to improve both quality andefficiency while bringing an enhanced level of digitalisation
to its industrial production system.

Future Combat Air System progresses
Europe’s ambitious FCAS project took some major steps
forward during 2019. France and Germany agreed to contract
the programme’s demonstrator phase after Airbus andDassault Aviation delivered a joint industrial proposal.
The initial framework contract was awarded in early 2020.

Airbus / Annual Report – Overview 2019

2019 was another year of progresswith some significant operationaland commercial milestones achieved.
The Company also further enhanced
its product portfolio and continued
its strong focus on innovation andsustainable aerospace.

OneSat finds success
Airbus launched and received major orders for its revolutionary
OneSat product line. These satellites are fully configurable in orbit
and by using a standard, modular and design-to-manufacture
approach they can be delivered more quickly than existingtelecommunications satellites.

Flight demonstrators progress
Airbus progressed in the field of urban air mobility researchthrough its electric-powered vertical take-off and landing(eVTOL) demonstrator projects. The innovative CityAirbus
started its test flight campaign in Germany, while the Vahana
aircraft completed its flight programme in the US.

Five-bladed H145 launched
Airbus Helicopters unveiled a new version of its best-selling
H145 light twin-engine helicopter at Heli-Expo 2019.
This latest upgrade brings a new, innovative five-bladed rotor
to the multi-mission H145, increasing the useful load of thehelicopter by 150 kg while delivering new levels of comfort,
simplicity and connectivity.

E-Aircraft test facility opens
As part of Airbus’ strong commitment to pioneer eco-friendly
propulsion technologies, the E-Aircraft Systems House
was opened near Munich. This is Europe’s largest test
facility dedicated to alternative propulsion systems andenergy sources. Projects include the E-Fan X hybrid-electric
aircraft demonstrator.

Airbus / Annual Report – Overview 20195

Overview / Airbus at a glance

A global leader
in aeronautics, spaceand related services
Airbus SE
External revenue split
Airbus8%

AirbusHelicopters

15%

AirbusDefence andSpace€70.5bn(2018: €63.7bn)

Financial

Non-Financial

EBIT Adjusted (€ million)

Total energy consumption (MWh)6,946

4,054,849(2018: 5,834)

EBIT Reported (€ million)

1,339

77%

(2018: 5,048)

Reported loss per share (€)1

Order book value by region
Asia Pacific

8%
6%

31%

9%

€471bn(2018: €460bn)

18%EuropeNorth America
Middle East
Latin America

28 %

Other

-1.75

(2018 earnings per share: 3.94)

Order intake (€ million)

81,195(2018: 55,521)(Excluding electricity generated
by CHP on site for own use)

Health and Safety training hours(to 20,900 employees)

148,000(October 2018 to September 2019)

Ethics and Compliance digitaltraining sessions

185,365(1 October 2018 to 30 September 2019)

Number of employees

134,931(end 2018: 133,671)

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Airbus / Annual Report – Overview 2019

	FY2019 average number of shares:
777,039,858 compared to775,167,941 in FY2018.

Airbus
Commercial aircraft deliveries reacheda record level as the ramp-up of thefuel-efficient A320neo Family continued.
Order intake was healthy overall,including for the new A321XLR.
Airbus delivered 863 commercial aircraft(2018: 800 aircraft) to 99 customers as itraised production for the 17th year in a row.
A total of 642 A320 Family aircraft weredelivered (2018: 626 aircraft), including
551 NEO versions compared to 386 NEOs
in 2018. Additionally, customers received
48 A220s, 53 A330s, 112 A350 XWBs and
8 A380s. During the year, Airbus delivered
its 12,000th commercial aircraft since
foundation – an A220.
Net commercial aircraft orders increased to768 (2018: 747 aircraft), reflecting customer
endorsements in all market segments, withcumulative historical net orders crossing
the 20,000 mark in the year. An outstanding
market response was seen for the A321XLR,External revenues by activity
Platforms

6%

Services

94%

94%

which was formally launched at the 2019
Paris Airshow. At year-end, the total orderbacklog stood at 7,482 commercial aircraft
across all product ranges.
Revenues increased by 14% to € 54,775
million (2018: € 47,970 million), mainly driven by
the higher deliveries and a favourable productmix. EBIT Adjusted rose by 32% to € 6,358
million (2018: € 4,808 million), largely reflecting
the A320 ramp-up and NEO premium andgood progress on the A350. A total of 19 more
A350s were delivered compared to 2018.
A350 breakeven
The ramp-up of the Airbus Cabin Flex (ACF)
version of the A321 continued, with almost
100 more deliveries of this variant compared
to 2018. The breakeven target for the A350
was achieved as planned. In early 2019,
the decision was announced to wind down
production of the A380 double-decker
aircraft due to a lack of airline demand.

A key landmark was achieved for the
Skywise digital data platform, reachingover 100 airline customers. The higher
capacity BelugaXL transporter received
type certification from EASA and enteredinto service early in 2020.
During 2019 construction started on the
US A220 manufacturing facility in Mobile,
Alabama, complementing the primary final
assembly line in Mirabel, Canada.
Key achievements 2019–– Record 863 aircraft deliveries–– Successful market launch of thelong-range single-aisle A321XLR–– Cumulative net historical orders rise
above 20,000 aircraft–– A350 XWB breakeven target achieved–– Higher capacity BelugaXL transporter
receives EASA certification

Deliveries (units)

Net order intake (units)

863

768

(2018: 800)

(2018: 747)

Revenues (€ million)

EBIT Adjusted (€ million)

54,775

6,358(2018: 47,970)(2018: 4,808)

Airbus / Annual Report – Overview 20197

Overview / Airbus at a glance

Airbus Helicopters
The Division’s underlying earnings andorder intake value reflected an increased
contribution from services. Meanwhile,progress continued on new helicopter
variants and innovation programmes.
Airbus Helicopters achieved a net
book-to-bill ratio by value of above 1 for thethird consecutive year despite a difficult
market environment. Net orders totalled 310
units (2018: 381 units), including 25 Super
Puma Family, 23 NH90s and 10 H160s.
The Division maintained its leading positionin the civil and parapublic sector and received
some key services contracts in defence.
These included a support contract extension
for Australia’s Armed Reconnaissance
Helicopter (ARH) Tiger and support contracts
for the Cougar and Caracal fleets of theFrench Army and Air Force.

Innovation focus
From an innovation perspective, 2019 saw
good progress in the focus areas of autonomy,electrification and connectivity that will prepare
the next generation of VTOL (vertical take-off
and landing) aircraft. In the field of Urban Air
Mobility, the electric-engine powered
CityAirbus demonstrator conducted its firstflight, as did the prototype of the VSR700
unmanned aerial system that’s designed
for military applications.

Helicopter deliveries totalled 332 units(2018: 356 units) with the landmark 1,000th
Super Puma Family delivered in the year.
Stable revenues of € 6,007 million

Renewed product offering
The renewal of the product portfolio
continued, with a new five-bladed versionof the strong-selling twin-engine light H145
helicopter unveiled in the year and launchcustomers secured. Airbus Helicopters
continued with its flagship H160 programmewith the flight test campaign finalised.
A full-scale mock-up of the military version,
the H160M, was also unveiled at the Paris
Airshow. The French Defence Ministryannounced that the launch of its Joint Light
Helicopter programme, for which the H160M
has been selected, has been brought forward
and will enable the first delivery to beadvanced to 2026.

External revenues by activity

Deliveries (units)

Net order intake (units)

332

310

(2018: 356)

(2018: 381)

Revenues (€ million)

EBIT Adjusted (€ million)

6,007

422

(2018: 5,934)(2018: 380)

Platforms
Services
43%
57 %

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(2018: € 5,934 million) were supported by
growth in services, which offset the lower
total deliveries. EBIT Adjusted increased to€ 422 million (2018: € 380 million), mainlyreflecting the increased contribution fromservices and lower research and development
expenses, reduced by a less favourable
delivery mix.

Airbus / Annual Report – Overview 2019

Key achievements 2019–– Net book-to-bill ratio by value above
1 for third year in a row–– Leading position in civil and parapublicmarket maintained–– New, more capable five-bladed versionof H145 launched–– Military version of the H160 unveiled–– Good progress on key innovation projects,
CityAirbus and VSR700

Airbus Defence and SpaceThe Division’s order intake was supported
by services contracts in Military Aircraft
and some key contract wins in Space
Systems. The A400M transporter passed
several key milestones while the FCAS
programme moved forward.
Airbus Defence and Space’s order intake of€ 8,520 million (2018: € 8,441 million) included
the Global Support Step 2 services contract
for the A400M plus two SpainSAT Next
Generation communication satellites. While
the Division foresees significant market
opportunities in the long term, its net
book-to-bill ratio by value was around 0.8.

restructuring programme to address its
cost structure and increase profitability.
EBIT (reported) was at € -881 million(2018: € 676 million). Even though the A400M
programme’s rebaselining was completed
and significant progress was made on theaircraft’s technical capabilities, the outlook
is increasingly challenging on exports during
the launch contract phase, also in light of
the repeatedly prolonged German export
ban to Saudi Arabia. As a result, the Company
reassessed its export assumptions on future
export A400M deliveries for the launch
contract phase and recognised a chargeof € 1.2 billion in the fourth quarter.

Focus on future opportunities
The Division focused on some key midto long-term prospects in the defence field.
These include Europe’s next-generation
Future Combat Air System (FCAS), with ajoint industrial proposal for the programme’s
first demonstrator stage delivered to thegovernments of France and Germany.
In February 2020, the French andGerman governments awarded theinitial framework contract (Phase 1A).
Key achievements 2019–– 14 A400Ms delivered, in-service
fleet reaches 88 aircraft–– A400M passes several technicalcapability milestones–– Satellite contract wins announced
in Space Systems–– FCAS programme progresses

Revenues were broadly stable at € 10,907
million (2018: € 11,063 million). Underlying
profitability, or EBIT Adjusted, decreasedto € 565 million (2018: € 935 million), mainlyreflecting the lower performance in Space
Systems and efforts to support sales
campaigns. As stated in the 2019 results
disclosure, the Division is targeting a

A total of 14 A400M aircraft were delivered,taking the in-service fleet to 88 at the end of
2019. Capability milestones achieved during
2019 included the deployment of paratroopers
simultaneously from both of the A400M’s side
doors and in-flight refuelling dry contacts withan H225M helicopter.

External revenues by activity

A400M deliveries (units)

Net order intake (€ million)

14

8,520

(2018: 17)(2018: 8,441)

Revenues (€ million)

EBIT Adjusted (€ million)

10,907565(2018: 11,063)(2018: 935)

Platforms
Services

32%

68 %

Airbus / Annual Report – Overview 20199

Overview / Chairman’s message

Movingto a
new eraRecruited from outside and within, thisnew generation has the required expertiseand values to continue driving aerospace
innovation and address the challenges
and opportunities of 2020 and beyond.
The 12-strong Executive Committee ofdiverse backgrounds is focusing not only
on the Company’s technical, industrial
and financial performance but also on
customer trust, employee engagement andsustainability. Furthermore, the management
is working on setting the right conditions forcollective change in order to successfully
meet both short- and long-term challenges.

Denis Ranque
Chairman of the Board

In his final message to shareholders
before stepping down as Chairman of
the Board of Directors, Denis Ranqueoutlines the Board’s key activities
during 2019.
Dear shareholders, Dear stakeholders,2019 was an historic year for Airbus, as wecelebrated our 50th anniversary. I am proud
to say that since 1969 we have been innovative
pioneers that have helped transform theaerospace and defence industry, and havebecome a world leader in this field.

10

As we head into 2020, after having taken
immediate health and safety actions toprotect its employees, the Company isfocused on how to manage the economic
consequences of the coronavirus pandemic
that is affecting businesses and people all
around the world. At the same time, Airbus
will contribute where it can to assist global
efforts to limit the spread of the disease.
Looking back to 2019, it was a defining
year when a new generation of management
took the helm. Your Board diligently followed
a comprehensive process designed to
identify and recruit, or promote, the best
candidates, including the new Chief
Executive Officer, Chief Financial Officer
and Chief Operating Officer.

Airbus / Annual Report – Overview 2019

Operationally, the new management
team took over at a testing time in 2019.
From a geopolitical perspective, Airbus
had to navigate global trade tensions andpotentially disruptive events like Brexit.
Within aerospace specifically, digitalisationis transforming the means of production,
while the industry as a whole is committed
to reducing its environmental footprint.
Additionally, the Company faces strong
competition from both existing businesses
and newcomers, including the private
space companies that are becoming
formidable challengers.
At an industrial level, the new team madea smooth start, making fundamental andstructural changes for addressing the issues
related to the ramp-up of A320neo Family
aircraft production, particularly for thelarger and more complex A321. Despite
this, Airbus delivered a record numberof commercial aircraft in 2019 while also
having a successful year in terms of orders.
Defence and Space took significant steps
towards achieving the A400M transporter’s
full technical capability and successfully
rebaselined the programme even though a
new charge was recorded for revised export
assumptions. Looking to the future, theDivision made further progress on Europe’s

Board of Directors

Company’s priorities. The 2019 accounts
included a provision related to the penalties
that the Company agreed to pay in 2020
under the terms of the agreements withthe authorities.

René Obermann (left) and Denis Ranquepictured during a visit to the Airbus Helicopters
headquarters in Marignane, France

next generation Future Combat Air System,
scored some important satellite contract
wins and successfully met key milestones
in Ariane 6’s development. Helicopters
saw good growth in services, although
the civil and parapublic market remained
soft, and managed a healthy overall
financial performance.
Your Board continued to visit industrialsites, staying close to the products andbusinesses. During 2019 we met
management and employees at the A220
final assembly line in Mirabel, near Montreal.
We also examined key topics in our
meetings, including strategy, the commercial
aircraft ramp-up, defence and space
programmes, digital transformation, productsafety and cyber security.
The Board committees once again had
a busy year. I would like to thank theRemuneration, Nomination and GovernanceCommittee, especially the Chair, Amparo
Moraleda, for preparing the recommendations
for the wider Board regarding themanagement transition. Additionally,
Catherine Guillouard made a strong startas the new Chair of the Audit Committee,
mastering business and external challenges.
The compliance-related settlements
reached with the French, UK and US
authorities in January 2020 turned the pageon unacceptable business practices fromthe past. The commitment from the Ethics
and Compliance Committee, together with
the Board, to provide full support to theinvestigations, ensure strong cooperation
with the authorities and supervise theimplementation of an effective complianceprogramme, paved the way to these
agreements. More broadly, conducting
business in a responsible and sustainable
manner is now at the heart of the

As of 1 January 2020

In line with the policy of staggered
appointments, 2020 will see two Directors
step down and two join after the AGM. I
would like to thank Hermann-Josef Lamberti,
the former long-standing leader of our Audit
Committee, who leaves after more than
12 years. I have also announced my own
departure after seven years. The Board has
selected René Obermann to replace me
as Chairman, to be confirmed at the Board
meeting after the AGM. René is a respected
former European technology CEO, with vital
insights for Airbus’ strategy over the coming
years. He already knows Airbus well, having
been a Director since 2018.

Denis Ranque*
Chairman of the Boardof Directors of Airbus SE
and Chairman of Ethics
and Compliance
Committee

After a rigorous selection process, we
proposed the election of Stephan Gemkow
and Mark Dunkerley to become new
Members of the Board at the 2020 AGM.
Each brings widespread experience of thecommercial airline and aviation industry,including finance-related and operationalroles. The mandates of Ralph Crosby and
Lord Drayson are up for renewal.
In March 2020 and subsequent to thedisclosure of the 2019 results, the Board
agreed to a number of immediate measures
to safeguard the business in reaction to therapidly evolving coronavirus crisis. These
included the withdrawal of the 2019 dividend
proposal of € 1.80 per share in order tobolster liquidity and the balance sheet.
In the circumstances and to protect Airbus,
these prudent steps were the right courseof action to take.
In summary, 2019 was the year of afundamental transition to prepare yourCompany for the future. I would like tothank Airbus’ employees who made theseaccomplishments both possible andsuccessful, and for their efforts in 2020.
For me, it has been a great honor to serve
Airbus, with real passion and pleasure, andI extend my best wishes to my successor.
With a renewed management team andan experienced Board, your Company isin good hands as it heads into its sixth
decade and addresses its immediateand longer-term challenges.

Biographies of our Board
Members can be found in
our Registration Document

Chief Executive Officer
of Airbus SE

René Obermann

Victor Chu

Jean-Pierre
Clamadieu

Ralph D. Crosby, Jr.

Lord Drayson (Paul)

Catherine Guillouard
Chair of Audit Committee

Hermann-Josef
Lamberti

Amparo Moraleda
Chair of Remuneration,
Nomination and
Governance Committee

Claudia Nemat

Denis Ranque
Chairman of the Board

Guillaume Faury

Carlos Tavares

Audit Committee Remuneration, Nomination
and Governance Committee
Ethics and Compliance Committee* René Obermann has been selected to succeed Denis
Ranque as Chairman, subject to formal approval at theBoard meeting convened immediately after the 2020 AGM.

Airbus / Annual Report – Overview 201911

Overview / Chief Executive Officer’s interview

Resilienceandresponsibility

As we release this document, the world
looks very different now compared to
2019. The coronavirus pandemic ishaving a devastating effect on humanlife and to society throughout the world.
It’s a fact and we all have to face it.
This annual report is based on our
key achievements of 2019 and thechallenges we overcame. At the sametime, we need to face a new reality
in 2020. We are confronted with twocrises, a health crisis and an economiccrisis and we need to take the rightmeasures now to navigate this situation
through the year and beyond. Stay
safe! Guillaume.

12

Looking back at 2019, we made good
progress despite various industrial challenges
and a complex geopolitical environment. I
would like to salute the efforts of our employees,
which ultimately meant we delivered a record
number of commercial aircraft and achieved
our guidance. The reported financial
performance reflected significant charges,
most notably the € -3.6 billion related to thecompliance settlements with the authoritiesand € -1.2 billion for the A400M programme.
What were the main achievements
in 2019?
In commercial aircraft, we continued the
production ramp-up and achieved 863
deliveries. We progressed on the NEOtransition, with 43% more A320neo Family
aircraft delivered compared to 2018. We
reached breakeven for the A350 as plannedand diligently prepared the winding down of
the A380 programme. Net orders increased
to 768 aircraft and reflected the overall robustcommercial environment in 2019. The A220
notched up 63 net orders in the year, including
new customers, confirming this aircraft as theleader in its category. We saw an outstanding
market response for the long-range capable
A321XLR, which was launched at the Paris
Airshow and had secured a backlog of over
450 orders and commitments by year-end.
The overall backlog stood at 7,482 commercial
aircraft at year-end.

Guillaume Faury
Chief Executive Officer

Dear Shareholders,business and supporting our customers, we’recontributing to the global efforts by the healthand public services to treat those affected andbattle the disease. We are supporting those on
the frontline who rely on our aircraft, helicopters,
satellites and services to accomplish theircritical missions. Based on our portfolio, we
have a strong role to play in missions thatconnect people and critical supplies.

How would you sum up 2019 and thestart of 2020?
2019 was a very busy year! Together with theBoard of Directors, we finalised the set-up of
our new management team that has laid thefoundations of Airbus’ Next Chapter. Together,
we focused on building a stronger, morecompetitive Airbus to meet the needs of ourmany different stakeholders and an Airbus
that is committed to our customers and thesustainability of our business, our products,
and the role we want to play in society.
We designed our company purpose andalthough the world has changed significantly
since the start of the year, it will guide us inaddressing the most pressing challenge that
we and society in general face in 2020, thatof the coronavirus pandemic. Aside fromprotecting our employees, safeguarding our

Airbus / Annual Report – Overview 2019

Airbus Helicopters had a good year, achieving
a book-to-bill by value above 1 despitedifficult market conditions. Even though
total helicopter deliveries declined, earnings
were supported by services and the overall
performance showed the Division’s resilience.
Defence and Space’s order intake was
supported by services contracts for the
A400M and some key satellite contract wins.
Commercial discussions continued for major
contract campaigns in defence, including
the initial demonstrator contract for the
Future Combat Air System (FCAS). The initialframework contract for FCAS’ demonstrator
phase followed in early 2020. Even though
we successfully rebaselined the A400M
programme and made significant progresson the aircraft’s technical capabilities, werecognised a charge in the fourth quarter afterrevising our export assumptions.

What are your key business priorities
in 2020?
Obviously our main priority is to deal with theimpact from the coronavirus pandemic on
all our businesses, which has been evolving
rapidly on a global scale since early 2020. All
governments, public and private organisations
are doing their best to react and adapt to thisunprecedented situation. So are we at Airbus.
We are doing all we can to protect people
and support the fight against the virus. We
are in constant dialogue with our customers
and supply chain partners as we are all going
through this unprecedented situation together.
Our airline customers are heavily impacted by
the COVID-19 crisis. We are actively adapting
our production to their new situation andworking on operational and financial mitigation
measures to face reality. At the same time, we
are in constant dialogue with our social partners
to define the most appropriate social measures
to adapt to this new and evolving situation.
How serious is Airbus’ commitment
towards sustainable aerospace?
Sustainable aerospace for us means anumber of important things and in the current
context, it means resilience and businesssustainability. It also means following thehighest standards in Ethics and Compliance.
The agreements we reached with the French,
UK and US authorities in January 2020
represent a very important milestone andallow us to move forward and grow in asustainable and responsible way.

Executive Committee

4

2

8

5

6

1

3

9

7

11
10

12

1. Guillaume Faury

7. Julie Kitcher

Chief Executive Officer, Airbus SE

Executive Vice-President Communications
and Corporate Affairs

2. John Harrison
General Counsel

8. Jean-Brice Dumont
Executive Vice-President Engineering

3. Grazia Vittadini
Chief Technology Officer

9. Dirk Hoke

4. Christian Scherer

Chief Executive Officer,
Airbus Defence and Space

Chief Commercial Officer

In the context of the coronavirus crisis, being
sustainable also means leading the way tosecuring the long-term future of our industry
in close cooperation with all our partners
and stakeholders. During 2019, we laid thefoundations for our “Next Chapter”, built
around the four pillars of Safety, Quality,
Integrity and Compliance. Our top objectives
for 2020 reflected our new ambition andincluded targets relating to customer trust,sustainability, people and innovation in
addition to our equally important financial
and industrial targets. We will now reshape
our objectives to focus on the absolute
essentials in order to navigate this severecrisis situation. This will take considerable
commitment from the Airbus teams but I am
convinced that we and the aerospace sector
will overcome this serious challenge.
Once we are through this crisis, decarbonisationof the industry will be back at the forefrontof the agenda and we will continue on ourjourney to lead clean aerospace. This willagain be a vital role for us in society.
Guillaume Faury
Chief Executive Officer

10. Michael Schöllhorn
5. Philippe Mhun

Chief Operating Officer

Executive Vice-President Programmes
and Services

11. Bruno Even

6. Thierry Baril

Chief Executive Officer,
Airbus Helicopters

Chief Human Resources Officer

12. Dominik Asam
Chief Financial Officer“Looking back at 2019,
we made good progressdespite various industrial
challenges and a complex
geopolitical environment.”
Airbus / Annual Report – Overview 201913

Overview / Sustainability and Environment

Setting theframework forsustainability
Sustainability is at the core of Airbus
SE’s Next Chapter, as the executive
team puts in place a fresh vision andobjectives. The Company continues
to support the United Nations
Sustainable Development Goals(SDGs) by acting responsibly, leading
sustainable innovation and partneringwith stakeholders to set the standards
in aerospace and defence.
Airbus SE has been a signatory to the
UN Global Compact since 2003, reaching
the advanced level. In 2015, it adopted
the UN SDGs as a framework formapping responsibility and sustainability.
Based on publicly available informationand stakeholders’ feedback, the Company
is contributing to eight of the SDGs.
These are:Accordingly, Airbus SE is focused on
setting its top strategic sustainability
priorities and related ambitions. These willreflect a materiality assessment carried out
in 2019, in which a range of stakeholders
identified topics such as environmentally
responsible products, product quality andresponsibility, and health and safety as themost significant.
Notably, 2019 saw a drive to further
strengthen the culture of conducting
business with integrity. An updated
Code of Conduct was communicated toall employees, with an introduction fromthe Chief Executive Officer that set thetone from the top.
Environment
The Company’s environmental policy
aims to ‘go further’ in developing products
and services that consider current
and foreseeable future environmental
challenges. With strong support from the
CEO and Executive Committee, the policy
has three main elements:
1.	Continually improving manufacturing
and site operations by achieving net
zero greenhouse gas emissions, zerowater and air pollution, sustainableenergy sources and zero waste tolandfill before 2050.
2.	Developing eco-efficient products
and services, taking into accountenvironmental challenges.
3.	Collaborating with the rest of theaerospace sector to develop sustainable
operations of air transportation.
The Company is a founding member of
the International Aerospace Environmental
Group and an active board member of the
Air Transport Action Group, which setsindustry goals including CO2 emissions
reduction and mobilises action on strategic

14

Airbus / Annual Report – Overview 2019aviation issues. Airbus supported theInternational Civil Aviation Organization’s
agreement in 2016 on the CO2 standard
and also the adoption of the new Carbon
Offsetting & Reduction Scheme forInternational Aviation (CORSIA) in 2017.
In 2019, the Company introduced High5+,
a plan to reduce the footprint of all its
industrial operations globally and reachout to the supply chain. There are specifictargets for reducing energy consumption,
CO2 emissions, water consumption, airemissions and waste production by 2030.
Separately, growing interest in environmental
issues throughout the business led to
employees requesting the option toinvest their employee savings plans in asustainable fund. This was launched for
employees with French contracts during
the year. The fund invests in green bonds,
impact investments and solidarity assets.
Similar funds are being discussed for
employees in the UK, Germany and Spain.
Supply chain
In the past few years, the Company has
stepped up the management of suppliers’social and environmental practices.
Suppliers must comply with the Airbus
Supplier Code of Conduct, as well as all
applicable laws and regulations in the
countries where operations are managed orservices are provided. The Supplier Code of
Conduct, which covers environment, humanrights, labour practices, anti-corruption andresponsible sourcing of materials, is thebaseline for responsible business. In 2019,a Responsible Mineral Policy was released,
outlining the Company’s commitment toethically and sustainably sourcing minerals
throughout the supply chain.

Health and Safety
Airbus SE is known for its technology,
innovative products and commercial
success. It prioritises having a safe andhealthy workplace, where wellbeing isgenuinely valued. Indeed, having a mission
ensuring health and safety is part of theCompany’s culture will help to attract thebest talent and sustain commercial success.
This requires competent, risk-aware
employees who feel responsible forthemselves and each other, supported
by a world-class management system.

Inclusion and Diversity
The Company’s business performance
depends largely on its ways of working,behaviours, beliefs, principles and how its
individuals and teams engage. Employees
live diversity as part of their identity; morethan 140 nations are represented and morethan 20 languages are spoken. As a socially
responsible Company, intergenerational,
ethnic and social diversity is a serious topic,
along with gender equality, disability-friendly
policies and hiring processes.

The ‘Inclusion starts with I’ campaign helps
to ensure an inclusive environment for all, by
being intentional about how people with all
kinds of capabilities, experience and talent
are integrated. Since 2017, Pride@Airbus
has been taking a positive stance byeducating employees on LGBT+, promoting
their inclusion, their equal rights andincreasing their visibility as a community.
More than 31,000 employees took partin the 2019 Ability Week(s) campaign’s
different activities, including self-awarenesstests, workshops and networking events.

Active year for the Airbus Foundation
The Airbus Foundation launched its Humanitarian challenge in 2019.
Employees organised small fundraising events on behalf of two
humanitarian partners. The Foundation also focused on its youth
programmes which have so far reached over 14,000 young people andbeen supported by more than 2,000 employees. The Little Engineer
programme expanded in 2019, kicking off in countries such as Botswana,
Pakistan and Australia. Seven humanitarian flights were coordinated.

Targeting zero-emission flights
Through the E-Fan X programme and other initiatives, the Company ispioneering research into the use of alternative energy sources for flight.
The ambitious E-Fan X hybrid-electric regional aircraft demonstrator is thenext step on this journey. One of the test aircraft’s four jet engines will be
replaced by a 2MW electric motor, which is roughly equivalent to that of 10
medium-sized cars. The electric propulsion unit utilises a power-generation
system and battery.

Sustainable aviation fuel in focus
As part of its decarbonisation strategy, Airbus began using sustainableaviation fuel for select flights of its Beluga ST aircraft from Hamburg inDecember 2019. The feedstock comes from recycled cooking oil andhelps to reduce CO2 emissions of the Company’s internal logistics aircraft.
In early 2020, Airbus and other companies acknowledged the Frenchgovernment’s initiative to support the development of a sustainableaviation fuel industry in France.

Environmental management system recertified
Airbus’ environmental management system was recertified by the certificationbody DNV GL in 2019. We were the first aircraft manufacturer to be awarded thebenchmark ISO 14001 standard. Specific initiatives were mentioned, including
High5+ and efforts to promote the use of sustainable fuels with customers. The
certificate covers Airbus’ commercial aircraft activities, products and services,
including 20 sites across 7 countries.

Airbus / Annual Report – Overview 201915

Overview / 50 years of Airbus

50
pioneering
years
In May 2019, employees begancelebrating the Company’s 50th
anniversary and five decades of
Pioneering Progress. From the seedof an agreement between France andGermany, signed by ministers at theParis Airshow on 29 May 1969, hasflowered a global aerospace champion.

Today, Airbus SE has a major share of thecommercial aviation market and successful
businesses in helicopters, defence andspace. Behind its success lies the quiet
excellence of generations of engineers who
have helped to make air travel safer, more
efficient and accessible to hundreds ofmillions of new passengers all over the world.
Airbus SE now employs 135,000 highly
skilled people globally from more than 140
nations. They have an enormous breadthand depth of skills. But what really stands
out is their passion for aeronautics andspace and flight, and their commitment
to the Company and its customers.

Team work has been central to the Company’s
success over the last five decades

Over the past 50 years, landmark innovations
from the Airbus teams have propelled theCompany’s growth. Think of the A320, thesingle-aisle aircraft family launched in 1984
that pioneered fly-by-wire technology in the
sector. Harnessing the latest developments
in aeronautics and engine technology,
the more efficient A320neo was formallylaunched in 2010, offering airlines a 20%
reduced fuel burn as well as 50% less noisecompared to previous generation aircraft.
The 1,000th A320neo was delivered in 2019,a year which also saw the launch of thelatest evolution, the A321XLR, which opens
up new long-range markets for single-aisle
aircraft. During the year, Airbus delivered
its 12,000th aircraft since foundation.

Digital technologies are being embraced acrossthe Company

16

Airbus / Annual Report – Overview 2019

There is a special spirit among employees,
a strong emotional commitment. That is partof what has driven the Company’s success.
Employees will continue to shape theindustry with pioneering innovations that
address some of society’s most criticalissues. They will guide the Company
through a new era of digital technology
and will design, develop and build thenext generation of commercial and military
aircraft, satellites and helicopters.
Just as Airbus SE’s talented people madesome of the most remarkable innovationsof the past 50 years, so they will do so in thedecades to come, leading the way towards
a more sustainable aerospace sector.

“There is a
special spirit among
employees, a strong
emotional commitment.”Formation flights organised
Employees based at sites around the globe marked the 50th anniversary
in a variety of ways. In Toulouse, a special formation flight involving all thecurrent jetliner families – the A220, A320neo, A330neo, A350 XWB and
A380, along with the new BelugaXL airlifter – was organised. Similar
flights involving the Company’s successful families of helicopters andmilitary aircraft were also undertaken during the year in Europe. In North
America, Airbus Helicopters Inc. marked its 50 successful years of
supporting US helicopter operators.

Leading commercial aviation’s progress
At the 1969 Paris Airshow, France and Germany signed an historic agreement
to collaborate in building the Airbus A300, the world’s first twin-engine
widebody commercial aircraft. Continuous innovation has enabled Airbus
to develop the industry’s most capable and efficient aircraft, including the
widebodied A350 and single-aisle A320neo, which have delivered a stepchange in performance and helped operators open up new markets. During
2019, Airbus presented its latest products and services at the Paris Airshow.

Setting the benchmark in helicopters
Due to enter into service in 2020, the H160 sets the benchmark forhelicopter design. Building on decades of pioneering work by Airbus
Helicopters’ engineers, since the 1992 formation of Eurocopter Groupthrough a merger, the H160 integrates 68 different patented technologies
to provide a step change in the flying experience. The first of a newgeneration of Airbus helicopters, it combines precision performance andsafety with style and comfort, resulting in the smoothest and quietest of
flying experiences. Airbus Helicopters is now developing a military version
known as the H160M. During 2019, the 1,000th Super Puma was delivered.

50 years of progress in space
In 2019, the space industry globally marked the 50th anniversary of the firstmanned mission to the Moon. Over the past five decades, Airbus Defence andSpace engineers have pioneered tremendous technical developments in thefield. The Division is the prime contractor for the European Service Module of
the Orion spacecraft that will send humans back into space. 2019 also marked
significant milestones in satellites, including the 50th anniversary of providing
secure communications for the UK through the Skynet programme.

Airbus / Annual Report – Overview 201917

Overview interview / Chief Financial Officer’s interview

Delivering a strong
2019 underlying
performance
We have also dedicated a lot of time andresources to further strengthen our internal
controls and support our efforts to foster
compliance. In early 2020, the focus has
clearly been on managing the implicationsof the coronavirus pandemic.
What drove the underlying
performance in 2019?
Overall, we delivered a strong underlying
financial performance. Looking at the top
line, our revenues grew by 11% to € 70.5
billion. This improvement mainly reflected
the higher deliveries of 863 commercial
aircraft and favourable product mix within
Airbus and to a lesser extent the positive
exchange rate development.

Dominik Asam
Chief Financial Officer

Dominik Asam took over as Chief
Financial Officer in April 2019.
Here he discusses the Company’s
financial performance in 2019and priorities for 2020.

18

What have been your priorities since
becoming CFO?
Firstly, it was a privilege to join Airbus lastyear. I sincerely thank the Board for its trust
in offering me this fantastic opportunity tocontribute to further developing this highly
innovative and global industrial flagship.
I had a lot to learn initially, but my prime
objective since arriving has been to ensurethat the Finance function is supporting theearnings and free cash flow performance of
the Company. To prepare for this challenge,
we are further optimising our structures andprocesses, rolling out modern digital tools
and are investing in talent development.

Airbus / Annual Report – Overview 2019

Regarding our EBIT Adjusted, we achieved
a 19% improvement to € 6.9 billion,
exceeding our guidance of plus 15%,
despite a downward revision of our delivery
target by roughly 20 aircraft in October
2019. This strong improvement in underlying
profitability was mainly driven by the A320
ramp-up and NEO premium and good
progress on the A350, which was only partly
offset by the performance at Defence andSpace and additional ramp-up costs.
The reduced EBIT Adjusted at Defence
and Space was largely a result of thelower performance in Space and efforts to
support large sales campaigns. The margin
expansion at Helicopters mainly reflected
an increased contribution from services
and lower R&D expenses, offset by theless favourable delivery mix. Looking to the
future, we have also continued increasing
our important investments into innovationand digitalisation company-wide.

“Underlying profitability was mainly
driven by the A320 ramp-up
and NEO premium and good
progress on the A350.”
Why the large difference between
underlying and reported earnings?
Essentially this was due to the very highlevel of Adjustments in the year, totallinga net negative € -5.6 billion, of which
about € -0.7 billion was already bookedin the Nine-Month 2019 results. Therefore
EBIT (reported) declined by some 73% to€ 1.3 billion. The main Adjustments in 2019were the € -3.6 billion charge related to thepenalties for the agreements with authorities
on compliance topics and a € -1.2 billion
charge for the A400M, predominantly
recognising revised export assumptions.
There were also charges linked to A380
programme cost, the suspension of defence
export licences to Saudi Arabia by Germany
and a restructuring plan for our aerostructuressubsidiary Premium AEROTEC to improveits competitiveness.
After tax, we recorded a net loss of about€ -1.4 billion and a loss per share of € -1.75.
Obviously we are not at all satisfied with the
exceptionally high level of negative Adjustments
in 2019 and are focusing on managing thisdown in 2020.
What is behind the 2019 cash
performance?
Free cash flow before M&A and customer
financing, the underlying measure weuse in our guidance, increased by about
21% year on year to around € 3.5 billion.
We achieved this despite higher cash
consumption for the A220 and some firstprogress in reducing the high seasonal
swings in working capital, in particular on

trade liabilities. Looking closer at the cash
evolution, thanks to the record aircraft
deliveries, we had strong gross cash flowfrom operations of € +7 billion, comparedto € +5.5 billion in 2018. On the other hand,
the A400M continued to weigh on free
cash flow but less so than in 2018.
Capital expenditure was stable at about€ 2.3 billion. We ended the year with a
net cash position of about € 12.5 billion
after the 2018 dividend payment andpension contributions.

Revenues (€ million)

70,478(2018: 63,707)

EBIT Adjusted (€ million)

6,946(2018: 5,834)

What are your priorities for 2020?
Clearly, the number one priority in 2020
is mitigating the impact of the coronavirus
pandemic on our business.

EBIT Reported (€ million)

1,339

Subsequent to our 2019 results disclosure
in February 2020, we announced various
prudent measures in March to bolster our
liquidity and balance sheet in response to
the pandemic. These included securing
a new credit facility amounting to € 15 billion
in addition to an existing € 3 billion revolving
credit facility, temporarily suspending
voluntary top ups in pension funding andwithdrawing the 2019 dividend proposalthat had a cash value of about € 1.4 billion.
Finally, we also withdrew our 2020 guidance
due to the limited visibility surrounding thecoronavirus pandemic.

(2018: 5,048)

Reported loss per share1 (€)-1.75(2018 earnings per share: 3.94)

Free cash flow before M&A
and Customer Financing(€ million)

Dominik Asam
Chief Financial Officer

3,509(2018: 2,912)

More detailed financial information
can be found in our Registration
Document and Financial Statements

1

	FY2019 average number of shares:
777,039,858 compared to 775,167,941
in FY2018.

Airbus / Annual Report – Overview 201919

Overview / Share information

2019
Share
Information
Capital structure(As of 31 December 2019)
Free float*

11 %SOGEPA(French State)

11 %

GZBV
(German State)

4%
74%

SEPI
(Spanish State)* Includes shares held by the Company itself.

Financial calendar
Full-Year 2019 results release:
13 February 2020
First Quarter 2020 results release:
29 April 2020
Half-Year 2020 results release:
30 July 2020

The Airbus SE share price increased
throughout 2019, to close up 55% at€ 130.48.

programme execution and A320neo
and A350 margin improvement. After thesummer, shares were weighed down bysome profit-taking and news flow around
the WTO report published in September.
After opening at € 83.86 in January, theShares later recovered, supported by lower
share price climbed by approximately 50%
than expected US tariffs. Despite revisedto € 124.80 during the first half of the year.
guidance during the Nine-Month (9m)
In early 2019, the share price increased as
earnings disclosure, the share price
the Company reached its delivery target
continued to increase in November as
and disclosed solid Full-Year 2018 results
reflecting the strong operational performance investors gained confidence on underlying
and programme execution in all businesses. profitability in the next years. Shares
Shares continued to increase on better-than- reached a then all-time high of € 136.40
on 15 November 2019. The shares traded
expected underlying Q1 2019 earnings andslightly down in December 2019 following
the guidance reiteration, as well as positivemarket concerns around operationalcommercial momentum during the 2019
challenges continuing into the following year.
Paris Airshow with the successful launchof the A321XLR.
With the annual increase of 55%, Airbus
shares strongly outperformed the Eurostoxx
The positive trend initially continued in
600 (+23%) and the CAC 40 (+26%), as well
the second half of 2019 driven by strong
Half-Year results ahead of market consensus, as most European aerospace peers.
especially for Airbus commercial aircraft
reflecting strong deliveries, good

Share price evolution

Nine-Month 2020 results release:
29 October 2020

220%

2017

2018

2019

CAC 40 INDEX

Dec-2018
Dec-2019
MSCI World Aerospace & Defence

210%
200%
190%
180%
170%
160%
150%
140%
130%
120%

Investor Relations andFinancial Communication
E-mail: ir@airbus.com
Website: www.airbus.com

20

Airbus / Annual Report – Overview 2019

110%
100%
90%
Dec-2016
AirbusDec-2017
Eurostoxx 600

Safe Harbour Statement
This document 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 asstatements regarding future performance andoutlook. 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 bythese forward-looking statements.

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Image credits
Cover @ Altayb / Getty Images
p. 1 © Airbus Defence & Space, © Airbus 2019
– photo by Alexandre Doumenjou / master films
p. 3 @ BlackJack3D, © Airbus 2019 – photoby Helen Fischer, © Airbus 2019 – photo by
Alexandre Doumenjou / master films, © Airbus
SAS 2020 – computer rendering by FIXON– photo by dreamstime.com – MMS – 2020,© Airbus 2019 – photo by Pascal Pigeyre /master films
p. 4-5 © Airbus SAS 2019 – computer
rendering by FIXON – photo by dreamstime.com– MMS – 2019, © Tad Denson – Airwind.com,© Airbus Defence & Space – 2019, © Airbus
Helicopters, © Airbus 2018 – Michael Lindner,© Airbus Defence & Space – 2018, © Airbus
Helicopters – Rodrigo Ocharán, © Airbus –Jürgen Dannenberg

These factors include but are not limited to:Changes in general economic, political or market
conditions, including the cyclical nature of someof Airbus’ businesses; Significant disruptions in air
travel (including as a result of the spread of
disease or terrorist attacks); Currency exchange
rate fluctuations, in particular between the Euroand the U.S. dollar; The successful execution ofinternal performance plans, including cost
reduction and productivity efforts; Productperformance risks, as well as programme
development and management risks; Customer,
supplier and subcontractor performance orcontract negotiations, including financing issues;Competition and consolidation in the aerospaceand defence industry; Significant collective
bargaining labour disputes; The outcome ofpolitical and legal processes, including theavailability of government financing for certain
programmes and the size of defence and spaceprocurement budgets; Research and development
costs in connection with new products; Legal,financial and governmental risks related tointernational transactions; Legal and investigatory
proceedings and other economic, political andtechnological risks and uncertainties; The full
impact of the outbreak of the COVID-19 disease.

This report was printed in the UK by CPI Colour
Limited. The printer and paper manufacturing
mill are both ISO 14001 environmental
management system certified and Forest
Stewardship Council® certified. The inks
used are vegetable based. CPI Colour is acertified Carbon Neutral® printing company.
The unavoidable carbon emissions
generated during the manufacturing anddelivery of this document have been
reduced to net zero through a verified
carbon offsetting project.

The FSC® (Forest Stewardship Council) isa worldwide label which identifies products
obtained from sustainable and responsible
forest management.

p. 7 © Airbus 2018 photo by S. Ramadierp. 8 © Airbus Helicopters – A. Pecchi
p. 9 © DGA-Essais en volp. 10 © Airbus Group
p. 11 © Airbus Helicopters – Eric Raz,
© Airbus 2019p. 12 © Airbus 2019 – photo by Hervé Goussé /master films
p. 13 © Airbus 2019 – photo by Pascal Pigeyre /master films
p. 15 © Airbus Foundation, © Airbus SAS
2019 – computer rendering by FIXON – photoby dreamstime.com – MMS – 2019, © Airbus
2019 photo by Bengt Lange, © Airbus 2019 –photo by Alexandre Doumenjou / master films
p. 16 © Airbus 2019 – photo by FrédéricLancelot / master films, © Airbus 2018 – photoby Alexandre Doumenjou / master films
p. 17 © Airbus 2019 – photo by S. Ramadier,© Airbus 2019 – photo by Thomas Jullien /master films, © Airbus Helicopters – J. Deulin,© Airbus Defence & Space
p. 18 © Airbus 2019 – photo by JV. Reymondon

As a result, Airbus SE’s 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 SE “2019 Universal
Registration Document” dated 23 March 2020,
including the Risk Factors section. Any forwardlooking statement contained in this document
speaks as of the date of this document. Airbus
SE undertakes no obligation to publicly revise
or update any forward-looking statements in lightof 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.

All rights reserved.

Contact Airbus at:
2 rond-point Dewoitine
BP 9011231703 Blagnac Cedex
FranceAirbus SE
Mendelweg 302333 CS Leiden
The Netherlands