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Airbus Announces Nine Month 2020 Loss of €2.7 Billion on 35 Percent Revenue Decline to 30.2 Billion

The aerospace giant reported a 9 month 2020 net loss of (€2.7) billion or (€3.43) per share and a 9m EBIT loss of (€2.2) billion. The company’s 9m revenue declined 25 percent year-over-year to €30.2 billion, largely attributable to 40 percent fewer deliveries.

Airbus Reports Nine Months 2020 Financial Results - Courtesy Airbus

On Thursday (October 30, 2020), Airbus SE reported a nine month net loss of (€2.7) billion or (€3.43) per share on a 35 percent revenue decline to €30.2 billion. The aerospace giant’s 9m EBIT loss was reported as (€2.2) billion and the company recognized a (€1.2) billion restructuring provision during the period. Airbus’ 9m free cash flow before M&A and customer financing totaled (€11.8) billion. The year-over-year decrease in consolidated revenue is largely attributable to the difficult commercial aircraft market environment and 40 percent fewer deliveries. In Thursday’s announcement, Airbus’ Chief Executive Officer, Guillaume Faury, said,

“After nine months of 2020 we now see the progress made on adapting our business to the new COVID-19 market environment. Despite the slower air travel recovery than anticipated, we converged commercial aircraft production and deliveries in the third quarter, and we stopped cash consumption in line with our ambition. Furthermore, the restructuring provision booked shows our discussions with social partners and stakeholders have advanced well. Our ability to stabilize the cash flow in the quarter gives us confidence to issue a free cash flow guidance for the fourth quarter.”

Airbus Consolidated 9m 2020 Financial Results - Courtesy Airbus

Airbus’ net commercial orders for the first nine months of 2020 totaled 300 aircraft versus 127 for 9m 2019 and as of September 30, 2020, the company’s order backlog totaled 7,441 commercial aircraft. During 9m 2020, Airbus delivered a total of 341 commercial aircraft compared to 571 during the same period last year. The deliveries included 18 A220s, 282 A320 Family, 9 A330s and 32 A350s, with a total of 145 aircraft delivered during the third quarter.

The company’s consolidated EBIT was reported as (€2.185) billion which includes adjustments totaling (€2.060) billion. The adjustments are comprised of a (€1.2) billion restructuring charge, (€358) million related to A380 program costs, (€374) million related to pre-delivery payment mismatch and balance sheet valuation and (€128) million in compliance and other costs. CAPEX spending for 9m 2020 totaled €1.2 billion, a €300 million decrease year-over -year. On October 21, 2020, Airbus signed a new €6 billion Revolving Syndicated Credit facility, partially timing out the company’s €15 billion credit facility by €3 billion and refinancing their existing €3 billion Revolving Syndicated Facility.

Source: Airbus


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