Noteworthy Items from Airbus Half-Year Results (selected excerpts)
(Source:; posted July 31, 2019)
PARIS --- Below is our selection of the most noteworthy items from Airbus’ financial results statements for the first half of 2019, released this morning.

A link to the full statement is at the foot of the page.


“Seven A400M military transport aircraft were delivered in the half-year, bringing the in-service fleet to 81 as of 30 June.

“The A400M contract amendment was signed with OCCAR during the second quarter, concluding the discussions on the programme’s Global Rebaselining. With this contract amendment, an agreement has been reached on a new capabilities development plan, a new production delivery schedule, a new retrofit delivery schedule and new financial terms.

“The anticipated impact of the Global Rebaselining was reflected in the 2018 results.”


“A negative € -208 million related to the prolonged suspension of defence export licences to Saudi Arabia by the German government, of which € -18 million were booked in Q2 2019;”

Suspension of defense export licenses:

“Consolidated reported earnings per share of € 1.54 (H1 2018: € 0.64) included a negative impact from the financial result, mainly driven by losses on foreign exchange hedges recognised in the context of the prolonged suspension of defence export licences.”

Consolidated net cash position:

“The consolidated net cash position was € 6.6 billion on 30 June 2019 (year-end 2018: € 13.3 billion) after the 2018 dividend payment of € 1.3 billion in the second quarter. The gross cash position on 30 June was € 17.8 billion (year-end 2018: € 22.2 billion).”

WTO dispute:

In response to developments in the WTO dispute, the United States Trade Representative (USTR) in April published a list of EU products upon which the USTR intends to apply tariffs, which included new aircraft and helicopters as well as major components for aircraft manufacturing in the US. If the USTR decides to impose tariffs on Airbus products and other products from the EU, this could significantly affect the delivery of new Airbus aircraft and helicopters to the US market and have a negative effect on Airbus’ financial condition and results of operations. The potential decision of the EU to impose tariffs on US products could come at a later stage. Airbus continues to support an outcome through a negotiated solution (3).


As the basis for its 2019 guidance, the Company expects the world economy and air traffic to grow in line with prevailing independent forecasts, which assume no major disruptions.

The 2019 earnings and Free Cash Flow guidance is before M&A.
-- Airbus targets 880 to 890 commercial aircraft deliveries in 2019.

On that basis, Airbus expects to deliver an increase in EBIT Adjusted of approximately +15% compared to 2018 and FCF before M&A and Customer Financing of approximately € 4 billion. (end of selected excerpt)

Click here for the full statement, on the Airbus website.


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