Airbus reports First Quarter (Q1) 2017 results•Revenues €13bn; EBIT Adjusted €240m; EBIT (reported) €852m; EPS (reported) €0.79•

Q1 financials reflect delivery phasing and divestments•

Strong commercial aircraft backlog supporting ramp-up plans•

2017 guidance confirmed

Amsterdam, 27 April 2017 – Airbus SE (stock exchange symbol: AIR) reported first quarter2017 results and confirmed its guidance for the full year.

“Our first quarter performance doesn’t offer any big surprises: we are on track for our full year
EBIT and free cash flow objectives and we took a nice uptick in cash proceeds from the saleof Defence Electronics,” said Airbus Chief Executive Officer Tom Enders. “New order activity
was low in Q1 as predicted but let’s not forget that our strong order book of over 6,700
commercial aircraft supports our ongoing production ramp-up. Programme execution
remains key for all our businesses!”Order intake(1) totalled € 3.8 billion (Q1 2016: € 7.2 billion) with the order book(1) valued at€ 1,030 billion as of 31 March 2017 (year-end 2016: € 1,060 billion) and supporting the rampup plans. Net commercial aircraft orders amounted to six aircraft (Q1 2016: 10 aircraft), withthe backlog comprising 6,744 aircraft as of 31 March. Net helicopter orders rose to 60(Q1 2016: 51 net orders), including 10 Super Puma family helicopters and 14 H145s.
Defence and Space’s order intake was impacted by the perimeter changes from portfolio
reshaping.

Revenues increased seven percent to € 13.0 billion (Q1 2016: € 12.2 billion). Commercial
Aircraft’s revenues rose 13 percent, with deliveries of 136 aircraft (Q1 2016: 125 aircraft)including a higher proportion of A350 XWBs. Helicopters’ revenues increased by 11 percent
with deliveries of 78 units (Q1 2016: 56 units). Lower revenues at Defence and Space weremainly driven by the perimeter change impact from portfolio reshaping but were stable on acomparable basis. The sale of the Defence Electronics business took place in the firstquarter.
EBIT Adjusted – an alternative performance measure and key indicator capturing theunderlying business margin by excluding material charges or profits caused by movements inprovisions related to programmes, restructuring or foreign exchange impacts as well as
capital gains/losses from the disposal and acquisition of businesses – totalled € 240 million(Q1 2016: € 498 million).
Commercial Aircraft’s EBIT Adjusted was € 281 million (Q1 2016: € 406 million), mainlyreflecting the aircraft delivery mix, transition pricing and some higher ramp-up costs.

Good progress was made on the A350 XWB with 13 aircraft delivered in the quarter.
The programme is on track to reach the monthly production target of 10 aircraft by the end of2018. The level of outstanding work has improved in the industrial system and supply chain
bottlenecks are also beginning to improve. A key area of focus remains recurring costconvergence, which is challenging, as the ramp-up pace accelerates.
On the A320neo programme, a total of 26 aircraft were delivered to 14 customers. The firstdelivery of an A321neo occurred in April. Flight testing of the A319neo is now underway.
The A320neo is exceeding expectations, however customers are experiencing a number ofin-service issues which need to be resolved, in particular with the Pratt & Whitney GTF
engine. The ramp-up will again be back-loaded this year to reflect the necessary time for theimplementation of product improvements.
Despite higher deliveries and revenues, Helicopters’ EBIT Adjusted totalled € -2 million(Q1 2016: € 33 million). This reflected an unfavourable mix and lower commercial flight hours
in services as well as impacts associated with the partial H225 grounding. The Company
continues to work with the investigation authorities and customers to resume flights andservices in all regions.
Defence and Space’s EBIT Adjusted declined to € 63 million (Q1 2016: € 107 million), mainlyreflecting the perimeter change with the underlying business performing as expected.

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Four A400Ms were delivered compared to two aircraft in the first quarter of 2016.
Discussions were entered into with customers as planned. Challenges remain on meeting
contractual capabilities, securing sufficient export orders in time, cost reduction andcommercial exposure, which could be significant.
Group self-financed R&D expenses were stable at € 548 million (Q1 2016: € 547 million).
EBIT (reported) of € 852 million (Q1 2016: € 362 million) included Adjustments totalling a net€ +612 million. These Adjustments comprised:•A net capital gain of € 560 million from the divestment of the Defence Electronics
business;•A positive impact of € 55 million related to the dollar pre-delivery payment mismatch andbalance sheet revaluation;•A net negative impact of € 3 million related to other portfolio changes at Defence andSpace.

Net income(2) increased to € 608 million (Q1 2016: € 399 million) after the EBIT Adjustmentswith earnings per share of € 0.79 (Q1 2016: € 0.51). EPS and net income included a significant
negative impact mainly from the revaluation of financial instruments. The finance result was€ -206 million (Q1 2016: € 193 million).
Free cash flow before M&A and customer financing was € -1,269 million (Q1 2016:€ -2,731 million), reflecting the strong focus on working capital amid the production ramp-up
and back-loaded deliveries. Free cash flow of € -1,116 million (Q1 2016: € -3,131 million)
included net proceeds of around € 600 million from the Defence Electronics disposal.
The net cash position on 31 March 2017 was € 9.8 billion (year-end 2016: € 11.1 billion) with agross cash position of € 20.3 billion (year-end 2016: € 21.6 billion).

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Outlook
As the basis for its 2017 guidance, Airbus expects the world economy and air traffic to grow inline with prevailing independent forecasts, which assume no major disruptions.
Airbus’ 2017 earnings and free cash flow guidance is based on a constant perimeter:•Airbus expects to deliver more than 700 commercial aircraft.

•

Before M&A, Airbus expects mid-single-digit percentage growth in EBIT Adjusted andEPS Adjusted compared to 2016.

•Free Cash Flow is expected to be similar to 2016 before M&A and CustomerFinancing.

The perimeter change in Defence and Space is expected to reduce EBIT Adjusted and Free
Cash Flow before M&A and Customer Financing by around € 150 million and EPS Adjusted byaround 14 cents.

About Airbus
Airbus is a global leader in aeronautics, space and related services. In 2016, it generated revenues of € 67 billion
and employed a workforce of around 134,000. Airbus offers the most comprehensive range of passenger airliners
from 100 to more than 600 seats. Airbus is also a European leader providing tanker, combat, transport andmission aircraft, as well as Europe’s number one space enterprise and the world’s second largest spacebusiness. In helicopters, Airbus provides the most efficient civil and military rotorcraft solutions worldwide.
Airbus Investor Relations contacts:
Julie KITCHER

tel. +33 5 82 05 53 01

julie.kitcher@airbus.com

Thorsten FISCHER

tel. +33 5 67 19 02 64

thorsten.t.fischer@airbus.com

Mohamed DENDEN

tel. +33 5 82 05 30 53

mohamed.denden@airbus.com

Note to editors: Live Webcast of the Analyst Conference Call
At 08:30 a.m. CEST today, you can listen to the First Quarter 2017 Results Analyst Conference Call with Chief
Financial Officer Harald Wilhelm via the Airbus website: www.airbusgroup.com/Q12017. The analyst call presentation
can also be found on the company website. A recording will be made available in due course. For a reconciliation of Airbus’
KPIs to “reported IFRS” please refer to the analyst presentation.

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Airbus – First Quarter (Q1) 2017 Results(Amounts in Euro)

Airbus

Q1 2017

Q1 2016

ChangeRevenues, in millions

12,98812,183

+7%

1,897

2,290

-17%

EBIT Adjusted, in millions

240498-52%

EBIT (reported), in millions

852

362

+135%

548

547

0%

608

399

+52%

Earnings Per Share (EPS)

0.79

0.51

+55%

Free Cash Flow (FCF), in millions-1,116-3,131--1,599-2,986--1,269-2,731

-

3,823

7,245

-47%

Airbus31 March
2017

31 Dec2016

ChangeOrder Book(1), in millions

1,030,158

1,060,447-3%

thereof defence, in millions

37,69639,811-5%

Net Cash position, in millions

9,750

11,113-12%

Employees

130,289

133,782-3%

thereof defence, in millions

Research & Development expenses,in millionsNet Income(2), in millions

Free Cash Flow
before M&A, in millions
Free Cash Flow before M&Aand Customer Financing, in millions
Order Intake(1), in millions

For footnotes please refer to page 9.

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By Division

Revenues(Amounts in millions ofEuro)

Q1
2017

Commercial Aircraft

9,825

Q1
2016
8,668

Helicopters

1,291

Defence and Space
Headquarters /Eliminations
Total

EBIT (reported)
Change

Q1
2017

+13%

336

Q1
2016
289

1,158

+11%

-2

33-

2,114

2,534

-17%

620

88+605%-242-177--102-48-

12,98812,183+7%852362+135%

By Division+16%

EBIT Adjusted(Amounts in millions ofEuro)

Q1
2017

Q1
2016

ChangeCommercial Aircraft281

406-31%

Helicopters-233-

Defence and Space
Headquarters /Eliminations

63107

-41%

-102-48-240

498-52%

Total

ChangeOrder Intake(1)By Division

Order Book(1)(Amounts in millions ofEuro)

Q1
2017

Q1
2016

Change31 March
2017

31 Dec2016

ChangeCommercial Aircraft

1,153

4,311-73%

981,958

1,010,200-3%

Helicopters
Defence and Space
Headquarters /Eliminations
Total

1,417
1,521

1,004
2,515

+41%
-40%

11,392
39,421

11,26941,499

+1%
-5%

-268

-585--2,613-2,521-

3,823

7,245

-47%

1,030,158

1,060,447-3%

For footnotes please refer to page 9.

Page 6 of 9(At the end of the 2016 financial year, Airbus implemented the European Securities and Markets Authority’s
guidelines on Alternative Performance Measures. As a result, certain items are no longer labelled as “one-offs”.
Such items are now labelled as “Adjustments”. Airbus no longer measures and communicates its performance on
the basis of “EBIT*” but on the basis of “EBIT” (reported) as the difference between the two KPIs, the so called“pre-goodwill and exceptionals”, has become less relevant. There is no change to the substance of the guidance.
Terminology has changed such that “EBIT* before one-offs” has been replaced by “EBIT Adjusted” and “EPS*
before one-offs” replaced by “EPS Adjusted”. Please refer to the Glossary on page 8 for definitions of theAlternative Performance Measures.)

EBIT (reported) / EBIT Adjusted Reconciliation
The table below reconciles EBIT (reported) with EBIT Adjusted.

AirbusEBIT (reported), in millions
Defence Electronics divestment, inmillions$ PDP mismatch/ Balance Sheet
revaluation, in millions
Other net portfolio changes atDefence and Space, in millions
EBIT Adjusted, in millions

Q1 2017
852
560
55-3
240

Reconciliation of Q1 2016 EBIT* before one-off to EBIT Adjusted

Airbus

Q1 2016

EBIT* before one-off, in millions

501

Exceptionals, in millions-3

EBIT Adjusted, in millions

498*Pre-goodwill impairment and exceptionals.

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GlossaryKPIEBIT

DEFINITION
The Company continues to use the term EBIT (Earnings before interest and taxes). It isidentical to Profit before finance cost and income taxes as defined by IFRS Rules.

Adjustments

Adjustments, an alternative performance measure, is a term used by the Company which
includes material charges or profits caused by movements in provisions related toprogrammes, restructuring or foreign exchange impacts as well as capital gains/losses fromthe disposal and acquisition of businesses.

EBIT Adjusted

EBIT Adjusted – an alternative performance measure and key indicator capturing theunderlying business margin by excluding material charges or profits caused by movements
in provisions related to programmes, restructuring or foreign exchange impacts as well as
capital gains/losses from the disposal and acquisition of businesses.

EPS Adjusted

EPS Adjusted is an alternative performance measure of a basic earnings per share asreported whereby the net income as the numerator does include Adjustments. For
reconciliation, see slide 20 of the Analyst presentation.

Gross cash

The Company defines its consolidated gross cash position as the sum of (i) cash and cash

positionequivalents and (ii) securities (as all recorded in the consolidated statement of financialposition).

Net cash

For definition of the alternative performance measure net cash position, see Registration

position

Document, MD&A section 2.1.6.

FCF

For the definition of the alternative performance measure free cash flow, see Registration
Document, MD&A section 2.1.6.1. It is a key indicator which allows the Company to measure
the amount of cash flow generated from operations after cash used in investing activities.

FCF before M&AFree cash flow before mergers and acquisitions refers to free cash flow as defined in theRegistration Document, MD&A section 2.1.6.1 adjusted for net proceeds from disposals andacquisitions. It is an alternative performance measure and indicator that is important inorder to measure FCF excluding those cash flows from the disposal and acquisition ofbusinesses.

FCF before M&AFree cash flow before M&A and customer financing refers to free cash flow before mergers

and customer

and acquisitions adjusted for cash flow related to aircraft financing activities. It is anfinancing

alternative performance measure and indicator that may be used from time to time by theCompany in its financial guidance, esp. when there is higher uncertainty around customer
financing activities, such as during the suspension of ECA financing support.

Page 8 of 9Footnotes:
1)

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

2)

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

Safe Harbour Statement:
Certain statements contained in this press release are not historical facts but rather are statements of future
expectations and other forward-looking statements that are based on management’s beliefs. These statements
reflect Airbus’ views and assumptions as of the date of the statements and involve known and unknown risk anduncertainties that could cause actual results, performance or events to differ materially from those expressed or
implied in such statements.
When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “may”, “intend”, “planto” and “project” are intended to identify forward-looking statements.
This forward looking information is based upon a number of assumptions including without limitation: assumption
regarding demand, current and future markets for Airbus’ products and services, internal performance, customer
financing, customer, supplier and subcontractor performance or contracts negotiations, favourable outcomes ofcertain pending sales campaigns. Forward looking statements are subject to uncertainty and actual future results
and trends may differ materially depending on variety of factors including without limitation: general economic andlabour conditions, including in particular economic conditions in Europe, North America and Asia, legal, financial
and governmental risk related to international transactions, the cyclical nature of some of Airbus’ businesses,
volatility of the market for certain products and services, product performance risks, collective bargaining labour
disputes, factors that result in significant and prolonged disruption to air travel worldwide, the outcome of politicaland legal processes, including uncertainty regarding government funding of certain programs, consolidation
among competitors in the aerospace industry, the cost of developing, and the commercial success of newproducts, exchange rate and interest rate spread fluctuations between the euro and the U.S. dollar and othercurrencies, legal proceeding and other economic, political and technological risk and uncertainties. Additional
information regarding these factors is contained in the Company’s “Registration Document” dated 4 April 2017.
For more information, please refer to www.airbusgroup.com

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