1. Maintain liquidity and flexibility
2. Diversify funding sources and maturities
3. Anticipate business needs
4. Maintain ratings in the single-A category in medium term
Credit Ratings
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.
| 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 |
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.
(1) Full year 2019 hedge rate expected at an average rate of € 1 = $ 1.24 as of 30 September 2019;
(2) Total hedge amount contains $/€ and $/£ designated hedges
The FX Global Code is a voluntary code of conduct having been developed in a joint effort between major central banks and private sector market participants (one of them being Airbus) on a global scale in order to restore trust and to ensure integrity, fairness, liquidity, transparency and effective functioning of the foreign exchange market. Due to its business model and in order to protect its activities from currency fluctuations, Airbus maintains a significant portfolio of foreign exchange hedges. Airbus is therefore committed to the FX Global Code and has already previously been acting in accordance with its leading principles and will continue to do so.
Airbus sees adherence to the code as a way to demonstrate towards its stakeholders compliant behaviours in the context of a wider ethics and compliance framework.
Read more on the Global Foreign Exchange Committee website.
Debt breakdown and maturities are updated once per year at publication of full-year results.
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 | |
| Half-Year 2019, 31 July 2019 |
|
Past financial statements
| Financial Statements | |
| Full-Year 2018, 23 April 2019 | |
| Half-Year 2018, 27 July 2018 | |
| Full-Year 2017, 27 April 2018 | |
| Half-Year 2017, 21 July 2017 | |
| 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 |
|