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Hedging & Debt Information

Hedging

Airbus’ currency hedge policy

More than half of Airbus' revenues are denominated in US dollars with approximately 60% of such currency exposure 'naturally hedged' by US dollar-denominated costs. The remainder of costs is incurred primarily in euro, and to a lesser extent, in pounds sterling.

As Airbus intends to generate profits only from its operations and not through speculation on foreign currency exchange rate movements, Airbus uses hedging strategies solely to manage and minimise the impact on its EBIT from the volatility of the US dollar.

Airbus manages a long-term hedge portfolio with a maturity of several years covering its net exposure to US dollar sales, mainly from the activities of Airbus Commercial Aircraft and, to a lesser extent, of the Airbus Helicopters and Airbus Defence and Space Divisions. The net exposure is defined as the total firm audited currency exposure (US dollar-denominated revenues), net of the part that is 'naturally hedged' by US dollar-denominated costs. The hedge portfolio covers nearly all of the Airbus hedging transactions.

In parallel, Airbus is proactively increasing the number of euro deals wherever suitable.

The tables below set forth the notional amount of foreign exchange hedges in place and the US dollar rates applicable to corresponding EBIT.

Hedging 31 12 2017

Status as of 31 December 2017

Approximately 60% of Airbus US$ revenues are naturally hedged by US$ procurement. Graph shows US$ Forward Sales and Collars, net exposure trend for illustrative purposes.

(1) Excluding $ 0.8 bn of hedges  closed out due to delivery phasing;
(2) Blended Forwards and Collars rate includes Collars at least favourable rate

Airbus Financing Strategy

1. Maintain liquidity and flexibility 

  • Strategic cash: to be over €3bn level at all times
  • Committed credit lines
  • Short and long-term programmes are in place

2. Diversify funding sources and maturities

  • Banks: Revolving Credit Facility
  • Capital markets: in the short term with the French and US Commercial Paper programme and in the medium and long term with our Euro Medium-Term Note programme, as well as access to the US Debt Capital Market. 
  • Supranationals: European Investment Bank loan, Development Bank of Japan.

3. Anticipate business needs

  • Long-term debt instruments to match assets or businesses of long-term nature
  • Strict control of customer financing
  • Pro-active long-term hedging policy

4. Maintain ratings in the single-A category in medium term

  • Efficient presence of Airbus in Debt Capital Markets
  • Solid balance sheet (strong cash position)

Debt Profile & Portfolio

Debt 20 Breakdown 20FY17 2018 02 13 15 30 38

Debt Breakdown as at 31 December 2017

Debt 20 Maturity 20 Profile 20FY17 2018 02 13 15 31 17

Debt Maturities as at 31 December 2017 (in m€)

(Debt breakdown and maturities are updated twice per year at publication of half-year and full-year results.)

Short-term funding

French Domestic Commercial Paper Programme (Billet de Trésorerie)

Amount Outstanding Issuer Dealer Status
€3bn €0 Airbus Finance B.V (guaranteed by Airbus SE) BNP Paribas, CIC, CA-CIB, HSBC, ING, Natixis, Société Générale 31 December 2017

US Commercial Paper Programme

Amount  Outstanding Issuer Dealer Status
€3bn €0 Airbus Finance B.V
(guaranteed by Airbus SE)
Bank of America Merill Lynch, Citigroup, GoldmanSachs, JP Morgan, RBC 31 December 2017

Long-term funding

EMTN Programme

Amount Outstanding Issuer Arranger Status
€5bn €3.5bn Airbus Finance B.V.
(guaranteed by Airbus SE)
Barclays 31 December 2017

Bonds

Amount ISIN Maturity Tenor Coupon Issuer Bookrunners
€500m XS0176914579
25 September 2018
15 yrs.
5.5%
Airbus Finance B.V.
(guaranteed by Airbus SE)
Citigroup, Commerzbank, HSBC, Sociéte Générale
€1bn XS1050846507
02 April 2024
10 yrs.
2.375%
Airbus Finance B.V.
(guaranteed by Airbus SE)
BNP Paribas,  Deutsche Bank, HSBC, Société Générale
€500m XS1128224703
29 October 2029
15 yrs.
2.125%
Airbus Finance B.V.
(guaranteed by Airbus SE)
Barclays, CA-CIB, Santander, Unicredit
€1.5bn split in 
€600m and €900m
XS1410582586 / XS1410582313
13 May 2026 /
13 May 2031
10 yrs. /
15 yrs.
0.875% /
1.375%
Airbus Finance B.V.
(guaranteed by Airbus SE)
BNP Paribas, CA-CIB, Deutsche Bank, MUFG

USD Bond (144A / RegS)

The following summary of the terms of the Notes referred to below is for information only. The placement of the Notes has been completed. The summary below does not constitute an offer to sell, or the solicitation of an offer to purchase, the Notes or any other securities in any jurisdiction.

Amount  ISIN Maturity Tenor Coupon Issuer Bookrunners
$1bn USN2823BBD21
17 April 2023
10 yrs.
2.70%
Airbus Finance B.V.
(guaranteed by Airbus SE)
JPMorgan, Citigroup, Barclays, Morgan Stanley, RBS
$1.5bn split in
$750m and
$750m
US26824KAA25 /
US009279AC43
10 April 2027 /
10 April 2047
10 yrs. /
30 yrs.
3.15% /
3.95%
Airbus SE
JPMorgan, Citigroup, GoldmanSachs, Morgan Stanley

Convertible bond

Amount  ISIN Maturity Tenor Coupon Issuer Bookrunners
€500m XS1254584599
01 July 2022
7 yrs.
0%
Airbus SE
Société Générale, HSBC, BNP Paribas

Exchangeable bond

Amount  ISIN Maturity Tenor Coupon Issuer Bookrunners
€1078m XS1434160971
14 June 2021
5 yrs.
0%
Airbus SE
GoldmanSachs, Bank of America Merill Lynch, BNP Paribas, Deutsche Bank, JPMorgan

Supranational bank loans

European Investment Bank Loan

Total outstanding amount as of 31 December 2017: $1.8bn

Amount Outstanding Fully drawn in
$721m
$412m
August 2011
$406m
$406m
February 2013
$627m
$627m
December 2014
$320m
$320m
December 2015

Development Bank of Japan Loan

Total outstanding amount as of 31 December 2017: $300m

Amount Outstanding Fully drawn in
$300m
$300m
January 2011

Revolving Syndicated Credit Facility

Credit line Outstanding Maturity Issuer Lenders
€3bn undrawn 09 October 2021 Airbus SE pool of 40 banks
3-tier structure

Credit Ratings

Rating

To assist debt and fixed income investors to better evaluate the risk of any given investment, the capital market uses the publicly available independent assessments of rating agencies. Through regular discussions with the senior management of companies, rating agencies gain an insight into the strategy and planning of the companies that they rate. Using this information as a base, supplemented by quantitative analysis, rating agencies evaluate the creditworthiness of the issuer companies through a system of rating classifications. Companies which want to raise money in the capital markets in the form of bonds, commercial paper and other debt instruments normally need a minimum of one or, better, two ratings.

The leading international rating agencies are Standard & Poor's, Moody's Investors Service and Fitch Ratings.

The higher the rating classification is, the smaller is the potential risk that a company cannot meet its debt obligations (interest and principal). The debt investor charges a higher rate of interest for financing a higher risk. Thus a company with a strong rating can raise capital more advantageously than a company which has a less favourable rating. Additionally, the outlook given by a rating agency provides a supplementary reference point for the investor in assessing the probable development of the rating.

Current Ratings

Rating Agency Short Term Long Term Outlook Last Update
Standard & Poor's
A-1+
A+ stable 06 September 2017
Moody's
P-1 A2 stable 20 December 2017
Fitch Ratings (unsolicited)
F2 A- stable 23 October 2017

Rating History

Standard & Poor's

Short Term Long Term Outlook Rating Update
A-1+ A+ stable 27 September 2016
A-1 A positive 15 September 2015
A-1
A stable 06 September 2013
A-1
A- positive 02 October 2012
A-2 A- positive 20 September 2011
A-2 A- stable 22 September 2010
A-2 BBB+ stable 10 May 2007
A-2 A- negative watch 11 October 2006
A-1
A negative watch 03 October 2006
A-1
A negative 14 June 2006
A-1
A stable 30 April 2004
A-1
A negative 03 September 2003
A-1
A negative watch 18 March 2003
A-1
A stable 08 January 2001

Moody’s

Short Term Long Term Outlook Rating Update
P1 A2 stable 30 March 2015
NR A2 stable 06 December 2012
NR
A1 stable 09 March 2007
NR
A1 negative watch
22 September 2006
NR A1 stable 23 June 2005
NR A3 stable 15 March 2002
NR A2 negative watch
27 September 2001
NR A2 stable 08 March 2001

Fitch

Short Term Long Term Outlook Rating Update
F2 A- stable 29 October 2013
F2 BBB+ positive 21 September 2012
F2 BBB+
stable
08 February 2008
F2
A- negative
12 March 2007
F2 A- negative watch
10 October 2006
F1 A negative watch
04 October 2006
F1 A negative
14 June 2006
F1 A stable 09 July 2004

Credit analyst coverage

Indicative list only: the present list does not purport to be comprehensive nor does Airbus recommend any analyst's work in particular.

Bank Name
Blackrock
Max Huefner
BNP Paribas
Timothy Rea
Crédit Agricole CIB
Nicolas Hue de la Colombe
Société Générale
Philippe Landroit
UniCredit
Stephan Haber

Airbus Finance B.V.

Airbus Finance B.V. (previously Airbus Group Finance B.V.), an Airbus subsidiary, the activity of which is to raise funds by issuance of debt securities to finance activities of Airbus, releases its financial statements for the year end and half-year frequently. These announcements are made to comply with the requirements of the EU Transparency Directive.

In addition to historical information, this website includes forward-looking statements. For further information, please refer to the Safe Harbour Statement.

  Financial Statements
Full-Year 2017, 27 April 2018
Half-Year 2017, 21 July 2017

Past financial statements

  Financial Statements
Full-Year 2016, 10 April 2017

Half-Year 2016, 27 July 2016

Full-Year 2015, 15 April 2016

Half-Year 2015, 31 July 2015

Full-Year 2014, 30 April 2015

Half-Year 2014, 30 July 2014

Full-Year 2013, 07 March 2014

Half-Year 2013, 01 August 2013

Full-Year 2012, 09 April 2013

Half-Year 2012, 26 July 2012

Full-Year 2011, 25 April 2012

Half-Year 2011, 29 July 2011

Full-Year 2010, 14 April 2011

Half-Year 2010, 30 July 2010
Full-Year 2009, 26 April 2010
Half-Year 2009, 28 July 2009
Full-Year 2008, 28 April 2009
Investors

Overview

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Annual General Meetings

Hedging & Debt Information

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