Airbus SE - Investor Guide Value Drivers 2017 · 34,899 new deliveries between 2017-2036 ......
Transcript of Airbus SE - Investor Guide Value Drivers 2017 · 34,899 new deliveries between 2017-2036 ......
Source: Airbus Defence and Space Global Market Forecast * IHS Markit Procurement and RDT&E Budgets (doesn’t include Personnel, Operations and Maintenance some of which may be addressable)
Market Outlook
The world’s passenger air traffic is set to grow at 4.4% per year between 2017 and 2036 supporting strong aircraft demand.
34,899 new deliveries between 2017-2036 Single-aisle: 71% of units, Wide-bodies: 54% of value
Portfolio Highlights Investment Case
Com
mer
cial
Airc
raft
Source: Airbus Global Market Forecast
Hel
icop
ters
D
efen
ce a
nd S
pace
A world leading manufacturer of aircraft in the category of 100 seats and more
Best-selling single-aisle – A320 Family with New Engine Option (neo) entry into service 2016. Backlog of 6,141 aircraft (December 2017)
Versatile and complementary wide-body A330 Family with neo version to be delivered in summer 2018. Backlog of 317 aircraft (December 2017)
New generation A350 XWB: designed to reduce operating costs, fuel burn and CO2 emissions. Backlog of 712 aircraft (December 2017)
The world´s largest commercial aircraft – A380: in service with 13 operators. Backlog of 95 aircraft (December 2017)
A global leader in the civil and military helicopter market
Light and light twin engine – H130, H135 and H145 multi-purpose helicopter Medium-lift: H175, a new standard for offshore, VIP and public service transport
and the all-new H160 Medium-heavy: Super Puma (H225/H215) full multi-purpose helicopter for military
and civil missions Multi-mission NH90: Multi-role military helicopter for both tactical transport and
naval applications Tiger combat helicopter: Air-to-air and fire support helicopter Airbus Corporate Helicopters (ACH): Dedicated Private and Business Aviation
Helicopter Brand
Leadership in civil and parapublic sector: 50% of global civil deliveries in 2017 Services visibility: large in-service fleet of approx. 12,000 helicopters worldwide Customer proximity: covering nearly 150 countries worldwide New product introduction: all-new H175 in 2014; H160 with three prototypes now
in flight-testing ahead of certification An ambitious innovation roadmap to lead the change in future Vertical Take-Off
and Landing systems (CityAirbus, VSR700, RACER) Transformation program Wave 2 launched to increase digitalization of our
products, services and operations
Europe’s #1 defence and space company Military Aircraft – Develops, manufactures and supports a large family of
aircraft including combat, mission, transport and tanker aircraft. Key products: Eurofighter Typhoon, A400M, A330 MRTT, C295.
Space Systems – Satellites, orbital systems, space equipment; deep-space exploration and space transportation capabilities (via ArianeGroup).
CIS – Satellite communications, large system integration projects for security and defence, satellite-based intelligence, cyber security and digital applications.
UAS – Solutions for military & commercial applications. Military UAS (Eurodrone, Harfang, Zephyr), Operational Services and Airbus Aerial.
Comprehensive portfolio with leading position in European home markets and strong export potential
Clear growth strategy based on strengthening core products and expanding services business with a focus on digitalization (“smarter products – more services – more digital”)
Growth opportunities driven by increasing defence spending and dynamic evolution of space market
Favourable political context with increasing Franco-German and Europe-wide defence and space cooperation
Global Defence Procurement in 2017 ca. €370bn with forecast growth of 2.7% p.a. out to 2021. Governmental Space Procurement in 2017 ca. €36bn with forecast growth of 2.4% p.a. out to 2021
Evolving security threats and big data require increasing data analytics and cyber protection. Demand for autonomy and Unmanned Systems is driving the UAS market and potential for drones and related services
Passenger aircraft (≥ 100 seats) | Jet freight aircraft (>10 tonnes), Rounded figures to the nearest 10
20 Years New Deliveries of Passenger and Freighter Aircraft (units)
Source: Airbus Helicopters
1
Value Drivers
H145M H215 Tiger
Airbus SE - Investor Guide
Last update: 15.02.2018
2017
Eurofighter A330 MRTT Eurostar E3000(e) Zephyr
Market leading products through continuous innovation (A320neo, A330neo, A350 XWB)
Record backlog supporting ramp-up plans Revenue visibility: backlog represents ~9 years of production at current
production rates Production rate increase on A320 family aircraft to 60 per month by mid-2019,
on A350 XWB to 10 per month by end of 2018 Partnership with Bombardier on C Series bringing together two complementary
product lines to rapidly extend our product offering into a fast growing market sector (subject to regulatory approvals)
H160
Stock exchange symbol AIR; ISIN NL0000235190; Shares listed on Paris, Frankfurt and Spanish stock exchange
Civil & Parapublic demand is 40% driven by replacements essentially coming from North America & Europe and 60% driven by growth, essentially from Emerging Markets (~80%)
Military demand is mainly driven by budgetary and strategic considerations, as well as the need to replace ageing fleets
% units 61% 39%
Civil & Parapublic Military
22,000
14,000
5.000
10.000
15.000
20.000
25.00020 Years Global Helicopter Delivery Forecast (units)
Defence Procurement & RDTE Budgets* Top-down (2017 vs. 2021, € bn )
A330neo A380 A350 XWB A321neo
2015 2016 2017 Order Intake (€ bn) 159.0 134.5 157.7 Order Book (€ bn) 1,006 1,060 996.8 Revenues (€ bn) 64.5 66.6 66.8 EBIT adjusted (€ bn) 4.1 4.0 4.3 RoS based on EBIT adjusted 6.4% 5.9% 6.4% EBIT reported (€ bn) 4.1 2.3 3.4 Net Income (€ bn) 2.7 1.0 2.9 EPS reported (€) 3.43 1.29 3.71 Dividend (€) 1.30 1.35 1.50* Net Cash Position (€ bn) 10.0 11.1 13.4 FCF before M&A and Customer Financing (€ bn) 1.3 1.4 2.9
Head of Investor Relations and Financial Communication: Julie Kitcher [email protected] +33 5 82 05 53 01 Institutionals and analysts: Mohamed Denden [email protected] +33 5 82 05 30 53 Thorsten Fischer [email protected] +33 5 67 19 02 64 Alexandre Petovari [email protected] +65 98 63 70 63 Individual Investors: Nicolas Chretien [email protected] +33 800 01 2001
Further information on company.airbus.com/investors
A global leader in aeronautics, space and related services 85% civil revenues, 15% defence 3 business segments: Commercial Aircraft, Helicopters, Defence and Space Robust and diverse backlog Global footprint with European industrial roots
Financial Performance
Dividend policy: target of sustainable growth in dividend with a pay-out ratio of 30-40%
Dividend proposal of €1.50 per share, +11% vs. FY16, at upper end of policy
Group Key Financials Contact
Defence and Space
Major orders include 22 C-295 & 5 A330 MRTT and 2 telecom satellites
Major deliveries include 19 A400M, 1 A330 MRTT, 7 C-295, 8 Eurofighter Typhoon and 4 telecom satellites
Partner for defence ministries, institutional, and commercial space sector
Helicopters
Commercial Aircraft
2 Stock exchange symbol AIR; ISIN NL0000235190; Shares listed on Paris, Frankfurt and Spanish stock exchange
Airbus SE - Investor Guide
* Percentage breakdown excludes undisclosed and VIP orders
Last update: 15.02.2018
* Commercial Order Book based on list prices
* Communications, Intelligence & Security
2017
2017 Airbus Order Book* by Region (by value) 2017 External Revenue by Division
Click here for guidance. * Board proposal to be submitted to the AGM 2018. Subject to AGM approval
All 2017 KPIs overachieved, driven by strong underlying business performance
Cumulative perimeter changes vs. 2015 compensated: Revenues: ~ - € 3 bn; EBIT Adjusted: ~ - € 0.3 bn
2018 Guidance confirms EPS / FCF growth potential
Dividend per Share in € / Pay-out Ratio
A Global Leader
Focus on Shareholder Return
* Board proposal to be submitted to the AGM 2018, subject to AGM approval;
H160 NH90 Ariane 5 A400M
2015 2016 2017 Order Intake net (€ m) 14,440 15,393 8,893 Order Book (€ m) 42,861 41,499 37,407 Revenues (€ m) 13,080 11,854 10,804 R&D Expenses (€ m) 344 332 322 EBIT adjusted (€ m) 1,051 1,002 872 RoS (based on EBIT adj.) 8.0% 8.5% 8.1%
2017 External Revenues by Activity
2017 External Revenues by Business Lines 2017 Orders & Deliveries Key Financials
335 net helicopter orders 409 helicopter deliveries Global fleet of approx. 12,000
helicopters More than 3,000 operators in 154
countries
2015 2016 2017 Order Intake net (€ m) 6,168 6,057 6,544 Order Book (€ m) 11,769 11,269 11,201 Revenues (€ m) 6,786 6,652 6,450 R&D Expenses (€ m) 325 327 306 EBIT adjusted (€ m) 427 350 337 RoS (based on EBIT adj.) 6.3% 5.3% 5.2%
2017 External Revenues by Activity
2017 External Revenues by Sector 2017 Orders & Deliveries Key Financials
2015 2016 2017 Order Intake net (€ m) 139,062 114,938 143,361 Order Book (€ m) 952,450 1,010,200 950,354 Revenues (€ m) 45,854 49,237 50,958 R&D Expenses (€ m) 2,702 2,147 2,011 EBIT adjusted (€ m) 2,766 2,811 3,554 RoS (based on EBIT adj.) 6.0% 5.7% 7.0%
2017 External Revenues by Activity
2017 Deliveries by Programme (units)
1109 net aircraft orders 718 aircraft deliveries 399 customers worldwide 9,950 aircraft in operation Click here for Commercial Aircraft Orders & Deliveries.
2017 Orders & Deliveries Key Financials
2017 Airbus Order Book* by region (units)
Revenues in € bn
64.5
66.6 66.8
FY 2015 FY 2016 FY 2017
EBIT Adjusted in € bn / RoS (%)
4.11 3.96 4.25
6.4% 5.9% 6.4%
FY 2015 FY 2016 FY 2017
FCF before M&A and Customer Financing in € bn
1.3 1.4
2.9
FY 2015 FY 2016 FY 2017
A380 A350 XWB