Airbus reports Full-Year (FY) 2020 results
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566 commercial aircraft delivered in adverse market environment
Financials reflect the early business adaptation and cash containment plan
FY revenues € 49.9 billion; FY EBIT Adjusted € 1.7 billion
FY EBIT (reported) € -0.5 billion; FY loss per share (reported) € -1.45
No dividend proposed for 2020
FY FCF before M&A and customer financing € -6.9 billion
Net cash position at € 4.3 billion
2021 guidance issued

Amsterdam, 18 February 2021 ​– Airbus SE (stock exchange symbol: AIR) reported
consolidated Full-Year (FY) 2020 financial results and provided guidance for 2021.
“The 2020 results demonstrate the resilience of Airbus in the most challenging crisis to hit theaerospace industry. I want to thank our teams for their great achievements in 2020 andacknowledge the strong support of our Helicopters and Defence and Space businesses. I
would also like to thank our customers, suppliers and partners for their loyalty to Airbus,” said
Airbus Chief Executive Officer Guillaume Faury. “Many uncertainties remain for our industry
in 2021 as the pandemic continues to impact lives, economies and societies. We have issued
guidance to provide some visibility in a volatile environment. Over the longer term, ourambition is to lead the development of a sustainable global aerospace industry.”
Net commercial aircraft orders totalled 268 (2019: 768 aircraft) with the order backlog
comprising 7,184 commercial aircraft as of 31 December 2020. Airbus Helicopters booked
268 net orders (2019: 310 units), including 31 NH90s for the German Bundeswehr in Q4 and11 H160s. Airbus Defence and Space’s order intake by value increased 39% year-on-year to€ 11.9 billion, a book-to-bill above one, mainly driven by major contract wins in Military
Aircraft. This included a contract signed in November to deliver 38 new Eurofighters for theGerman Air Force.
Consolidated ​order intake by value decreased to € 33.3 billion (2019: € 81.2 billion) with theconsolidated ​order book valued at € 373 billion on 31 December 2020 (year-end 2019:€ 471 billion). The decrease in the value of the commercial aircraft backlog reflects the higher
number of deliveries compared to order intake, the weakening of the US dollar and anassessment of the backlog’s recoverability.
Consolidated revenues ​decreased to € 49.9 billion (2019: € 70.5 billion), driven by thedifficult market environment impacting the commercial aircraft business with 34% fewer
deliveries year-on-year. A total of 566 commercial aircraft were delivered (2019: 863 aircraft),comprising 38 A220s, 446 A320 Family, 19 A330s, 59 A350s and 4 A380s. During the fourth
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quarter of 2020, a total of 225 commercial aircraft were delivered including 89 in December.
In 2020, Airbus Helicopters delivered 300 units (2019: 332 units) with revenues increasing byaround 4%, benefiting from a favourable product mix and growth in services. Revenues atAirbus Defence and Space decreased by around 4%, mainly reflecting lower volume as wellas the impact of COVID-19 on business phasing, mainly in Space Systems.
Consolidated EBIT Adjusted ​– an alternative ​performance measure and key indicator
capturing the underlying 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 – totalled€ 1,706 million (2019: € 6,946 million). This mainly reflects the weaker commercial aircraft
performance, which was supported by a strong contribution from Airbus Helicopters andAirbus Defence and Space.
Airbus’ EBIT Adjusted of € 618 million (2019: € 5,947 million​(1)​) mainly reflects the reduced
commercial aircraft deliveries and associated lower cost efficiency. It also includes € -1.1
billion in COVID-19 related charges. In January 2021, an update on production rates wascommunicated in response to the market environment with rates to remain lower for longer.
Airbus Helicopters’ EBIT Adjusted increased to € 471 million (2019: € 422 million), mainly
driven by strong government-related activities and reliable programme execution. It also
includes lower Research & Development (R&D) expenses reflecting the end of the European
Union Aviation Safety Agency (EASA) certification process for the five-bladed H145 and the
H160.
EBIT Adjusted at Airbus Defence and Space increased to € 660 million (2019: € 565 million),
mainly reflecting cost containment measures and lower R&D expenses, partly offset by the
impact of COVID-19, including on the launcher business.
A total of 9 A400M military airlifters were delivered during the year, with Belgium taking
delivery of its first of seven aircraft in December. Good progress was made with the aircraft’s
capability roadmap, including the flight test campaign for Automatic Low Level Flightcertification.
Consolidated self-financed R&D ​expenses ​decreased to ​€ 2,858 million (2019: € 3,358
million).
Consolidated EBIT ​(reported) was € -510 million (2019: € 1,339 million), including
Adjustments totalling a net € -2,216 million.

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These Adjustments comprised:●●●●€ -1,202 million related to the Company-wide restructuring plan;€ -385 million related to A380 programme cost, of which € -27 million were in Q4;€ -480 million related to the dollar pre-delivery payment mismatch and balance sheet
revaluation, of which € -106 million were in Q4;€ -149 million of other costs (including compliance), of which € -21 million were in Q4.

The consolidated ​net loss​(2) was € -1,133 million (2019 net loss: € -1,362 million). It includes
the financial result of € -620 million (2019: € -275 million). The financial result largely reflectsinterest results of € -271 million, Repayable Launch Investment re-measurement impact inthe other financial result of € -157 million, as well as a net € -149 million related to Dassault
Aviation financial instruments. It also includes the impairment of the OneWeb loan,
recognised in Q1 2020. The consolidated reported ​loss per share ​was € -1.45 (2019:€ -1.75).
Consolidated free cash flow ​before M&A and customer financing ​amounted to ​€ -6,935
million (2019: € 3,509 million), including the payment of the compliance-related penalties of€ -3.6 billion in Q1 2020. The Q4 2020 free cash flow before M&A and customer financing of€ 4.9 billion reflects the solid level of aircraft deliveries in the quarter, the good performancefrom Helicopters and Defence and Space, as well as a strong focus on working capitalmanagement.
Various measures were taken during 2020 to maintain a strong liquidity position whilenavigating the COVID-19 crisis, including a new € 15.0 billion credit facility. Thanks to its
strong credit rating, the Company was able to limit interest expenses to € 0.4 billion for theyear and extend the maturities of funding sources by issuing new bonds.
Full-year capital expenditure was around € 1.8 billion, down by about € 0.6 billion
year-on-year following the prioritisation of projects. Consolidated ​free cash flow was€ -7,362 million (2019: € 3,475 million). The consolidated ​net cash position was € 4.3 billion
on 31 December 2020 (year-end 2019: € 12.5 billion) with a ​gross cash position of € 21.4
billion (year-end 2019: € 22.7 billion).
Given the global business environment, there will be no dividend proposed for 2020. Thisdecision aims at strengthening the Company’s financial resilience by protecting the net cash
position and supporting its ability to adapt as the situation evolves.
OutlookAs the basis for its 2021 guidance, the Company assumes no further disruptions to the world
economy, air traffic, the Company’s internal operations, and its ability to deliver products andservices. The Company’s 2021 guidance is before M&A.
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On that basis, the Company targets to at least achieve in 2021:●●●

Same number of commercial aircraft deliveries as in 2020;
EBIT Adjusted of € 2 billion;
Breakeven free cash flow before M&A and customer financing.

Note to editors​: Live Webcast of the Analyst Conference Call and Annual Press Conference
At ​07:30 CET on 18 February 2021, you can listen to the ​FY 2020 Results Analyst Conference ​Call with ​Chief
Executive Officer Guillaume Faury and ​Chief Financial Officer Dominik Asam via the Airbus website
https://www.airbus.com​. The analyst call presentation can also be found on the website. A recording will be madeavailable in due course. For a reconciliation of Airbus’ KPIs to “reported IFRS” please refer to the analyst
presentation.
The Airbus Annual Press Conference on the 2020 Results starts at ​09:30 CET and is also webcast live via the
Airbus website.

Contacts for the media
Guillaume Steuer

Stefan Schaffrath

Justin Dubon

Airbus+33 (0) 6 73 82 11 68

Airbus+33 (0) 6 16 09 55 92

Airbus+33 (0) 6 74 97 49 51

Martin Agüera

Laurence Petiard

Matthieu Duvelleroy

Airbus Defence and Space+49 (0) 175 227 4369

Airbus Helicopters+33 (0) 6 18 79 75 69

Airbus+33 6 29 43 15 64

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Consolidated Airbus – Full-Year (FY) 2020 Results(Amounts in Euro)
Consolidated Airbus

FY 2020

FY 2019

ChangeRevenues​, in millions
thereof defence, in millions

49,912
10,51770,47810,085-29%+4%

EBIT Adjusted​, in millions

1,706

6,946

-75%

EBIT (reported)​, in millions

-510

1,339

-

Research & Development expenses​, inmillions

2,858

3,358

-15%

Net Loss​(2)​, in millions-1,133-1,362-

Loss Per Share

-1.45

-1.75

-

Free Cash Flow (FCF)​, in millions-7,362

3,475-Free Cash Flow before M&A​, in millions-6,811

3,567-

Free Cash Flow before M&A andCustomer Financing​, in millions-6,935

3,509-

Order intake, ​in millions

33,29081,195-59%

Consolidated Airbus

31 Dec 2020

31 Dec 2019

ChangeOrder Book, ​in millions
thereof defence,​ ​in millions

373,127
38,587

471,488
38,129-21%+1%

Net Cash position​, in millions

4,312

12,534-66%

Employees

131,349

134,931-3%

For footnotes please refer to page 10.

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By Business Segment

Revenues

EBIT (reported)(Amounts in millions ofEuro)

FY 2020

FY 2019​(1)

ChangeFY 2020

FY 2019​(1)

ChangeAirbus34,25054,775-37%-1,3301,794-

Airbus Helicopters

6,251

6,007

+4%

455

414

+10%

Airbus Defence andSpace

10,446

10,907

-4%

408

-881

-

Eliminations-1,035-1,211

-

-43

12

-

Total

49,91270,478

-29%

-510

1,339

-

By Business Segment(Amounts in millions of
Euro)

EBIT Adjusted
FY 2020

FY 2019​(1)

ChangeAirbus

618

5,947

-90%

Airbus Helicopters

471

422

+12%

Airbus Defence and
Space

660

565

+17%

Eliminations

-43

12

-

Total

1,706

6,946

-75%

By Business Segment

Order Intake (net)

Airbus, in units
Airbus, in millions ofEuroAirbus Helicopters, inunits
Airbus Helicopters, inmillions of Euro
Airbus Defence andSpace, in millions ofEuro

Order Book

FY 2020

FY 2019

Change31 Dec2020

31 Dec2019

Change

268

768

-65%

7,184

7,482

-4%

16,08965,769-76%

324,675

424,082

-23%

268

310

-14%

663

695

-5%

5,519

7,179

-23%

15,782

16,627-5%

11,862

8,520

+39%

33,50532,263+4%

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Consolidated Airbus – Fourth Quarter (Q4) 2020 Results(Amounts in Euro)

Consolidated Airbus

Q4 2020

Q4 2019

ChangeRevenues​, in millions

19,751

24,310-19%

EBIT Adjusted​, in millions

1,831

2,813

-35%

EBIT (reported)​, in millions

1,675-2,092-Net Income/Loss​ , in millions

1,553-3,548-

Earnings/Loss Per Share

1.98

-4.56

-

(2)​

By Business Segment

Revenues

EBIT (reported)(Amounts in millions ofEuro)

Q4 2020

Q4 2019​(1)

ChangeQ4 2020

Q4 2019​(1)

ChangeAirbus13,97919,203

-27%

1,069

-1,371-

Airbus Helicopters

2,628

2,295

+15%

217

211

+3%

Airbus Defence and
Space

3,510

3,201

+10%

444

-964

-

Eliminations

-366

-389

-

-55

32

-

Total

19,751

24,310

-19%

1,675

-2,092-By Business Segment

EBIT Adjusted(Amounts in millions ofEuro)

Q4 2020

Q4 2019​(1)

ChangeAirbus

1,259

2,354

-47%

Airbus Helicopters

233

217

+7%

Airbus Defence and
Space

394

210

+88%

Eliminations

-55

32

-

Total

1,831

2,813

-35%

For footnotes please refer to page 10.

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Q4 2020 revenues ​decreased by 19%, mainly driven by lower deliveries at Airbus andpartially offset by higher revenues at Airbus Helicopters and Airbus Defence and Space.
Q4 2020 EBIT Adjusted ​decreased by 35% to € 1,831 million, mainly reflecting lower
commercial aircraft deliveries and partly offset by lower Research & Development expenses.
Q4 2020 EBIT (reported) ​of € 1,675 million included net Adjustments of € -156 million. Net
Adjustments in the fourth quarter of 2019 amounted to € -4,905 million.
Q4 2020 Net Income ​of € 1,553 million mainly reflects the EBIT (reported), € 92 million fromthe financial result and the low effective tax rate.

EBIT (reported) / EBIT Adjusted Reconciliation
The table below reconciles EBIT (reported) with EBIT Adjusted.
Consolidated Airbus(Amounts in millions of Euro)EBIT (reported)

FY 2020-510

thereof:Restructuring provision-1,202

A380 programme cost

-385

$ PDP mismatch/balance
sheet revaluation-480

Others-149

EBIT Adjusted

1,706

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Glossary
KPI

DEFINITIONEBITThe Company continues to use the term EBIT (Earnings before interest and taxes). It is
identical to Profit before finance result and income taxes as defined by IFRS Rules.

Adjustment

Adjustment, 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

The Company uses an ​alternative performance measure, ​EBIT Adjusted​, ​as a key
indicator capturing the underlying business margin by excluding material charges or profits
caused by movements in provisions related to programmes, restructuring or foreignexchange impacts as well as capital gains/losses from the disposal and acquisition ofbusinesses.

EPS Adjusted

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

Gross cash
position

The Company defines its consolidated gross cash position as the sum of (i) cash and cash
equivalents and (ii) securities (all as recorded in the consolidated statement of financial
position).

Net cash position For the definition of the ​alternative performance measure net cash position, see theUniversal Registration Document, MD&A section 2.1.6.
FCF

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

FCF before M&A Free cash flow before mergers and acquisitions refers to free cash flow as defined in the
Universal Registration Document, MD&A section 2.1.6.1 adjusted for net proceeds from
disposals and acquisitions. It is an ​alternative performance measure and key indicator thatreflects free cash flow excluding those cash flows resulting from acquisitions and disposals
of businesses.
FCF before M&A Free 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 anfinancingalternative performance measure ​and indicator that may be used occasionally by theCompany in its financial guidance, especially when there is higher uncertainty aroundcustomer financing activities.

Page | 9Footnotes:
1)

Previous year figures are restated to reflect the adoption of a new segment reporting structure for“Transversal” activities as of 1 January 2020. Activities related to innovation and digital transformation,
which were formerly reported in “Transversal”, are now included in the business segment “Airbus” under the
new segment structure. “Eliminations” continue to be reported separately.

2)

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

Safe Harbour Statement:This press release includes forward-looking statements. Words such as “anticipates”, “believes”, “estimates”,“expects”, “intends”, “plans”, “projects”, “may” and similar expressions are used to identify these forward-looking
statements. Examples of forward-looking statements include statements made about strategy, ramp-up anddelivery schedules, introduction of new products and services and market expectations, as well as statements
regarding future performance and outlook.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events andcircumstances and there are many factors that could cause actual results and developments to differ materiallyfrom those expressed or implied by these forward-looking statements.
These factors include but are not limited to:▪

Changes in general economic, political or market conditions, including the cyclical nature of some of Airbus’
businesses;
Significant disruptions in air travel (including as a result of the spread of disease or terrorist attacks);▪

Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar;▪

The successful execution of internal performance plans, including cost reduction and productivity efforts;▪

Product performance risks, as well as programme development and management risks;▪

Customer, supplier and subcontractor performance or contract negotiations, including financing issues;▪

Competition and consolidation in the aerospace and defence industry;▪

Significant collective bargaining labour disputes;▪
▪

The outcome of political and legal processes, including the availability of government financing for certain
programmes and the size of defence and space procurement budgets;
Research and development costs in connection with new products;▪

Legal, financial and governmental risks related to international transactions;▪

Legal and investigatory proceedings and other economic, political and technological risks and uncertainties;▪

The full impact of the COVID-19 pandemic and the resulting health and economic crisis.

▪

As a result, Airbus SE’s actual results may differ materially from the plans, goals and expectations set forth insuch forward-looking statements.
For more information about the impact of the COVID-19 pandemic, see Note 2 “Impact of the COVID-19
pandemic” of the Notes to the Airbus SE Unaudited Condensed IFRS Consolidated Financial Statements
published 18 February 2021. For more information about factors that could cause future results to differ from suchforward-looking statements, see Airbus SE’s annual reports, including its Universal Registration Document andthe most recent Risk Factors.

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Any forward-looking statement contained in this press release speaks as of the date of this press release. Airbus
SE undertakes no obligation to publicly revise or update any forward-looking statements in light of new
information, future events or otherwise.
Rounding
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may notprecisely reflect the absolute figures.

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