Airbus Group N.V.  / Key word(s): Final Results

26.02.2014 07:00

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Ad-hoc release, 26 February 2014

Airbus Group 2013 Results: Another Year Of Operational And Financial

  - Revenues increase 5 percent to EUR 59.3 billion

  - EBIT* before one-off rises 21 percent to EUR 3.6 billion

  - Net income rises 22 percent to EUR 1.5 billion, despite one-off charges

  - Proposed 2013 dividend EUR 0.75 per share, up 25 percent from EUR 0.60
    in 2012

  - Airbus to increase single-aisle production rate to 46 per month in 2016

  - Airbus Group expects moderate RoS growth in 2014 and confirms 2015 RoS

  - Breakeven free cash flow before acquisitions targeted for 2014 

Airbus Group (stock exchange symbol: AIR), known as EADS until 31 December
2013, reported improved full year revenues and profits, driven by increased
aircraft deliveries and operational improvement across the Group.

Group order intake(4) in 2013 rose sharply to EUR 218.7 billion (FY 2012:
EUR 102.5 billion), reflecting strong commercial momentum at Airbus and
major contracts in the space business.
As of 31 December 2013, the order book(4) was worth EUR 686.7 billion
(year-end 2012:
EUR 566.5 billion). The defence order book was worth EUR 47.3 billion
(year-end 2012: EUR 49.6 billion).

"2013 was an important and eventful year for the Group, not least because
of the far-reaching make-over of our governance, shareholder structure and
strategy. On the business and operational side we again increased revenues
and profits, achieved record aircraft deliveries, the A350 XWB's first
flight and initial A400M deliveries," said Airbus Group CEO Tom Enders.
"Order intake was particularly strong for our Airbus commercial aircraft
and provides a solid platform for the future growth of our Group. Strong
demand allows us now to increase the single-aisle production rate. The
restructuring and transformation efforts of Airbus Defence and Space as
well as Airbus Helicopters are progressing well and will enhance the
competitiveness and profitability of these businesses. We remain strongly
focused on programme execution across the whole company."

In 2013, revenues increased five percent to EUR 59.3 billion (FY 2012: EUR
56.5 billion), mainly reflecting higher commercial aircraft deliveries and
the A400M ramp-up. Defence revenues were stable and reflected the portfolio
mix of development and long-term defence contracts.

Group EBIT* before one-off - an indicator capturing the underlying business
by excluding material non-recurring charges or profits caused by movements
in provisions related to programmes and restructurings or foreign exchange
impacts - increased to
EUR 3.6 billion (FY 2012: EUR 3.0 billion) and to EUR 2.3 billion for
Airbus (FY 2012: EUR 1.8 billion).
The overall improvement was driven by Airbus, which achieved good margin
evolution despite the ramp up in A350 XWB support costs while the
transformation efforts launched at the former Cassidian and Astrium
Divisions have started to deliver results. The Group EBIT* before one-off
margin increased to 6.0 percent.

Reported EBIT*(2) increased to EUR 2,661 million (FY 2012: EUR 2,144
milliona) despite
EUR 913 million in total one-off charges for the year. The fourth quarter
of 2013 included a
EUR 434 million net charge to reflect the higher level of costs on the A350
XWB programme as well as a EUR 292 million provision related to the
restructuring of the Airbus Defence and Space Division and Headquarters.
The finance result was EUR -630 million (FY 2012: EUR -453 million) while
net income(3) increased to EUR 1,465 million (FY 2012: EUR 1,197 milliona),
or earnings per share of
EUR 1.85 (earnings per share FY 2012: EUR 1.46a). Self-financed research &
development (R&D) expenses were stable at EUR 3,160 million (FY 2012: EUR
3,142 million).

Based on earnings per share (EPS) of EUR 1.85, the Airbus Group Board of
Directors will propose
to the Annual General Meeting the payment to shareholders of a dividend of
EUR 0.75 per share
on 3 June 2014 (FY 2012: EUR 0.60 per share). The record date should be 2
June 2014.

"In December we announced our dividend policy and we are now implementing
this following the solid progress we made during the year," said Harald
Wilhelm, CFO of Airbus Group. "For our shareholders, this proposed dividend
represents a pay-out ratio of 40 percent and a year-on-year dividend per
share growth of 25 percent."

Free cash flow before acquisitions amounted to EUR -818 million (FY 2012:
EUR 1,449 million)
and reflected the increased investment required to support programmes in
production and development. The last quarter of 2013 benefited from a very
strong cash performance.

Capital expenditure of EUR 2.9 billion was mainly driven by progress on
A350 XWB development aircraft and includes development costs capitalised
under IAS 38 of EUR 354 million for the A350 XWB. The net cash position at
the end of 2013 was EUR 9.1 billion (year-end 2012: EUR 12.3 billion) after
taking into account the EUR 1.9 billion invested in the share buyback
programme and a dividend payment of EUR 469 million. The gross cash balance
at the end of 2013 was EUR 14.7 billion, providing financial flexibility
and security.

As the basis for its 2014 guidance, Airbus Group expects the world economy
and air traffic to grow in line with prevailing independent forecasts and
assumes no major disruptions.

In 2014, Airbus deliveries should be about the same level as in 2013,
including the first
A350 XWB delivery. Gross commercial aircraft orders should be above the
level of deliveries.

Assuming an exchange rate of EUR 1 = $ 1.35, Airbus Group revenues should
be stable compared to 2013.

In 2014, using EBIT* before one-off, Airbus Group expects moderate return
on sales growth and confirms its 2015 return on sales target of 7-8
percent(7). The EBIT* and EPS* performance of Airbus Group will depend on
the Group's ability to limit "one-off" charges. Going forward, from today's
point of view, the one-offs should be limited to potential charges on the
A350 XWB programme and foreign exchange effects linked to the pre-delivery
payment (PDP) mismatch and balance sheet revaluation.

The A350 XWB programme remains challenging. Any change to the schedule and
cost assumptions could lead to an increasingly higher impact on provisions.

Airbus Group is targeting breakeven free cash flow before acquisitions in

* Airbus Group uses EBIT pre-goodwill impairment and exceptionals as a key
indicator of its economic performance. The term "exceptionals" refers to
such items as depreciation expenses of fair value adjustments relating to
the EADS merger, the Airbus Combination and the formation of MBDA, as well
as impairment charges thereon.

a. Certain year-end 2012 figures have been restated to reflect the change
to pension accounting under IAS 19 while Airbus' figures also reflect the
inclusion of ATR and Sogerma within Airbus Commercial. ATR and Sogerma were
formerly included in Other Businesses.

Airbus Group

Airbus Group is a global leader in aerospace, defence and related services.
In 2013, the Group - comprising Airbus, Airbus Defence and Space and Airbus
Helicopters - generated revenues of EUR 59.3 billion and employed a
workforce of around 144,000.

(The legal name change from European Aeronautic Defence and Space Company
EADS N.V. ("EADS N.V.") to Airbus Group N.V. is subject to the approval of
the Annual General Meeting).

Contacts for the media:

Martin Agüera  +49 (0) 175 227 4369
Rod Stone   +33 (0) 6 30 521 993

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Language:     English
Company:      Airbus Group N.V.
              P.O. Box 32008
              2303 DA Leiden
Phone:        00 800 00 02 2002
Fax:          +49 (0)89 607 - 26481
ISIN:         NL0000235190
WKN:          938914
Indices:      MDAX
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart
End of Announcement                             DGAP News-Service