Airbus earns 1,197 million in the first half, 141% more

Expect to deliver between 880 and 890 aircraft in 2019

Airbus recorded a net profit of 1,197 million euros during the first half of the year, which represents 141% more than the 496 million obtained in the same period of 2018, as reported on Wednesday by the aeronautical group that maintains the forecasts it made for the exercise.

The semi-annual turnover of the aircraft manufacturer stood at 30,866 million euros, 24% more compared to revenues of 24,970 million euros for that period last year. While the reported operating profit increased by 87% to 2,093 million euros, the adjusted grew 118%, to 2,529 million euros, driven by the activities of commercial Airbus aircraft.

As reported by the European aeronautical manufacturer, the figures for the first half reflect the increase in the production of the A320 aircraft and the transition to the new NEO models.

Gross orders for commercial airplanes totaled 213 (compared to 261 airplanes in 2018) and net orders for 88 airplanes (compared to 206 airplanes in 2018). The order book has accumulated 7,276 commercial aircraft since June 30, 2019.

Net helicopter orders, which reached 123 units (compared to 143 of 2018), included 23 NH90 helicopters for Spain and 11 H145 in the second quarter. The value of orders received by Airbus Defense and Space amounted to 4,200 million euros.

As for the A320 program, NEO aircraft accounted for 234 of the total 294 deliveries. The focus of the A330 program focuses on increasing the production of the NEO version to guarantee deliveries during the second half of 2019. A330neo deliveries totaled 13 in the first six months of the year. The company ensures that good progress has been achieved in the convergence of recurring costs of the A350 and the program is on track to reach the breakeven point at the end of the year.
Consolidated revenues increased to 30,900 million euros (compared to 25,000 million euros in 2018), which mainly reflects an increase in commercial aircraft deliveries and a favorable currency exchange.

Airbus deliveries reached a total of 389 commercial aircraft (compared to 3030 in 2018) and comprised 21 A220 aircraft, 294 A320 family aircraft, 17 A330 aircraft, 53 A350 aircraft and 4 A380 aircraft. Airbus Helicopters delivered 143 units with stable revenues due to the staggering of the programs, offset by a greater volume of services.

The declared consolidated earnings per share of 1.54 euros include a negative impact on the financial result, mainly due to losses due to exchange rate hedges, linked to the prolonged suspension of defense export licenses.

The consolidated free cash flow was -4,116 million euros (compared to -3,797 of the previous year). The consolidated net cash position as of June 30, 2019 stood at 6,600 million euros (compared to 13,300 million at the end of 2018), after the payment of dividends in 2018 for a value of 1,300 million euros in the second quarter

WAIT TO DELIVER BETWEEN 880 AND 890 AIRCRAFT

As a basis for its forecasts with respect to 2019, the company expects the world economy and air traffic to grow according to current independent forecasts, which do not presuppose significant distortions. The forecast of benefits and free cash flow of 2019 has been calculated before mergers and acquisitions.

Airbus plans to deliver between 880 and 890 commercial airplanes in 2019 On this basis the company plans to achieve an adjusted EBIT increase of approximately + 15% compared to 2018 and a free cash flow before mergers and acquisitions and financing to customers of about 4,000 millions of euros.