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Airbus Reports First Half Loss of €1.6 Billion or €2.45 per Share on a 39 Percent Revenue Decline

Airbus announced on Thursday a first half (H1) loss of €1.6 billion or € (2.45) per share on a 39 percent year-over revenue decline to €18.95 billion. The company ended the first half with a gross cash position of €17.5 billion and consolidated net debt position of € (586) million.

Airbus Reports First Half (H1) 2020 Financial Results - Image Courtesy Airbus

On Thursday (July 30, 2020) Airbus reported a first half (H1) 2020 loss of €1.6 billion or € (2.45) per share on a 39 percent year-over-year revenue decline to €18.95 billion. For H1, the company’s net commercial aircraft orders totaled 298, including 8 aircraft in the second quarter. As of June 30, 2020, Airbus’ commercial order backlog included 7,584 commercial aircraft. Airbus Helicopters booked 75 net orders during the first half of the year including one Super Puma and one H160 during Q2, while Airbus Defence and Space booked orders totaling €5.6 billion. The company’s H1 revenue was primarily impacted by an approximately 50 percent decline in aircraft deliveries versus last year, partially offset by a more favorable foreign exchange rate. Airbus delivered a total of 196 commercial aircraft during H1 including 11 A220s, 150 A320 Family, 5 A330s and 23 A350s. In Thursday’s announcement, Airbus’ Chief Executive Officer, Guillaume Faury said,

“The impact of the COVID-19 pandemic on our financials is now very visible in the second quarter, with H1 commercial aircraft deliveries halving compared to a year ago. We have calibrated the business to face the new market environment on an industrial basis and the supply chain in now working inline with the new plan. It is our ambition to not consume cash before M&A and customer financing in H2 2020. We have a difficult situation with uncertainty ahead, but with the decisions we have taken, we believe we are adequately positioned to navigate these challenging times in our industry.”

The company is now producing commercial aircraft in accordance with a revised plan announced in April 2020 due to the global COVID-19 pandemic. Airbus has reduced A350 production from six to five aircraft monthly and the company’s Mirabel, Canada A220 Final Assembly Line (FAL) is expected to return to the pre-pandemic level of four aircraft monthly. The company’s new FAL in Mobile, Alabama opened in May as planned and as of June 30, 2020, 145 aircraft could not be delivered due to the COVID-19 pandemic. Airbus reported a stable H1 CAPEX at around €0.9 billion which is expected to be approximately €1.9 billion for the full year.

Source: Airbus


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