Amsterdam, 9 April 2018 – Airbus SE (stock exchange symbol: AIR) has restated its 2017 financial figures for the implementation of IFRS 15 “Revenue from contracts with Customers” as well as new reporting segments, as was already announced during the Full-Year 2017 results disclosure presentations.
The restatements are now available on the Airbus website via the following link: www.airbus.com/investors/financial-results-and-annual-reports.html
These restatements are provided for comparative purposes, in advance of the First Quarter (Q1) 2018 financial disclosure on 27 April, in which the Q1 2018 financials will be prepared under IFRS 15.
IFRS 15 changes do not impact the 2017 reported Free Cash Flow or Net Cash position.
There is no change to the FY 2018 guidance as provided in the FY 2017 disclosure:
Based on around 800 commercial aircraft deliveries, compared to 2017 EBIT Adjusted of € 4,253 million (as reported), Airbus expects, before M&A, an increase in EBIT Adjusted of approximately 20 percent. IFRS 15 is expected to further increase EBIT Adjusted by an estimated € 0.1 billion. Free Cash Flow is expected to be at a similar level as 2017, before M&A and Customer Financing.
The restatements resulting from the change in reporting segments do not change the 2017 figures at a consolidated Airbus level.
Airbus is a global leader in aeronautics, space and related services. In 2017 it generated reported revenues of € 67 billion - or € 59 billion restated for IFRS 15 - and employed a workforce of around 129,000. Airbus offers the most comprehensive range of passenger airliners from 100 to more than 600 seats. Airbus is also a European leader providing tanker, combat, transport and mission aircraft, as well as one of the world’s leading space companies. In helicopters, Airbus provides the most efficient civil and military rotorcraft solutions worldwide.
Safe Harbour Statement:
This press release includes forward-looking statements. Words such as “anticipates”, “believes”, “estimates”, “expects”, “intends”, “plans”, “projects”, “may” and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include statements made about strategy, ramp-up and delivery schedules, introduction of new products and services and market expectations, as well as statements regarding future performance and outlook.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
These factors include but are not limited to:
- Changes in general economic, political or market conditions, including the cyclical nature of some of Airbus’ businesses;
- Significant disruptions in air travel (including as a result of terrorist attacks);
- Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar;
- The successful execution of internal performance plans, including cost reduction and productivity efforts;
- Product performance risks, as well as programme development and management risks;
- Customer, supplier and subcontractor performance or contract negotiations, including financing issues;
- Competition and consolidation in the aerospace and defence industry;
- Significant collective bargaining labour disputes;
- The outcome of political and legal processes including the availability of government financing for certain programmes and the size of defence and space procurement budgets;
- Research and development costs in connection with new products;
- Legal, financial and governmental risks related to international transactions;
- Legal and investigatory proceedings and other economic, political and technological risks and uncertainties.
As a result, Airbus’ actual results may differ materially from the plans, goals and expectations set forth in such forward-looking statements.
For a discussion of factors that could cause future results to differ from such forward-looking statements, see the Airbus “Registration Document” dated 28 March 2018, including the Risk Factors section.
Any forward-looking statement contained in this press release speaks as of the date of this press release. Airbus undertakes no obligation to publicly revise or update any forward-looking statements in light of new information, future events or otherwise.
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
IFRS 15 Estimate Disclaimer:
The Company has adopted the IFRS 15 standard as of 1 January 2018. The new accounting policies are subject to change until the Company presents its first consolidated financial statements that include the date of initial application.