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Airbus

Airbus's Cash & Cash Equivalents remain unchanged yoy at EUR mil in 4Q2019

By Helgi Analytics - October 12, 2020

Airbus's total assets reached EUR 114,409 mil at the end of 4Q2019, down 0.685% compared to the previous year. Cur...

Airbus's Cash & Cash Equivalents rose 0.900% yoy to EUR 13,681 mil in 2019

By Helgi Analytics - April 2, 2020

Airbus's total assets reached EUR 114,409 mil at the end of 2019, down 0.685% compared to the previous year. Curre...

Annual Quarterly
Profit Statement 2017 2018 2019
Sales EUR mil 59,022 63,707 70,478
Gross Profit EUR mil 21,005 22,370 23,705
EBITDA EUR mil 4,267 7,511 9,497
EBIT EUR mil 1,969 5,067 6,570
Financing Cost EUR mil 328 232 111
Pre-Tax Profit EUR mil 3,826 4,285 1,064
Net Profit EUR mil 2,361 3,054 -1,362
Dividends EUR mil 1,162 1,280 1,408
Balance Sheet 2017 2018 2019
Total Assets EUR mil 109,449 115,198 114,409
Non-Current Assets EUR mil 53,525 56,564 57,686
Current Assets EUR mil 55,924 58,634 56,723
Working Capital EUR mil 21,818 21,732 22,416
Shareholders' Equity EUR mil 10,742 9,719 5,990
Liabilities EUR mil 98,707 105,479 108,419
Total Debt EUR mil 12,400 10,225 11,619
Net Debt EUR mil -3,088 -3,334 -2,062
Ratios 2017 2018 2019
ROE % 38.4 29.9 -17.3
ROCE % 3.12 3.98 -1.72
Gross Margin % 35.6 35.1 33.6
EBITDA Margin % 7.23 11.8 13.5
EBIT Margin % 3.34 7.95 9.32
Net Margin % 4.00 4.79 -1.93
Net Debt/EBITDA -0.724 -0.444 -0.217
Net Debt/Equity % -0.287 -0.343 -0.344
Cost of Financing % 1.58 2.05 1.02
Valuation 2017 2018 2019
Market Capitalisation USD mil 77,053 74,571 116,872
Enterprise Value (EV) USD mil 73,351 70,754 114,511
Number Of Shares mil 779 781 777
Share Price EUR 82.5 83.4 131
EV/EBITDA 15.3 8.04 10.3
EV/Sales 1.11 0.948 1.39
Price/Earnings (P/E) 27.2 21.3 -74.9
Price/Book Value (P/BV) 5.98 6.70 17.0
Dividend Yield % 1.81 1.97 1.38

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summary Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                            
Sales EUR mil                               57,567 60,713 64,450 66,581 59,022    
Gross Profit EUR mil                               20,676 21,820 22,471 20,987 21,005    
EBIT EUR mil                               2,080 3,057 2,844 782 1,969    
Net Profit EUR mil                               1,473 2,343 2,696 995 2,361    
ROE % ...                             13.8 26.1 41.3 26.4 38.4    
EBIT Margin %                               3.61 5.04 4.41 1.17 3.34    
Net Margin %                               2.56 3.86 4.18 1.49 4.00    
Employees ...                   ...         144,061 138,622 136,574 133,782 129,442    
balance sheet                                            
Total Assets EUR mil ...                             90,274 96,102 105,782 107,667 109,449    
Non-Current Assets EUR mil ...                             45,526 48,420 53,438 54,364 53,525    
Current Assets EUR mil ...                             44,748 47,682 52,344 53,303 55,924    
Shareholders' Equity EUR mil ...                             10,906 7,079 5,973 1,556 10,742    
Liabilities EUR mil ...                             79,368 89,023 99,809 106,111 98,707    
Non-Current Liabilities EUR mil ...                             33,017 40,846 46,700 48,123 42,822    
Current Liabilities EUR mil ...                             46,351 48,177 53,109 57,988 55,885    
Net Debt/EBITDA ...                             -1.29 -0.812 -0.091 5.08 -0.724    
Net Debt/Equity % ...                             -0.473 -0.597 -0.081 10.0 -0.287    
Cost of Financing % ... ... ... ... ... ...     ... ...           6.38 4.93 4.47 1.44 1.58    
cash flow                                            
Total Cash From Operations EUR mil                               1,975 2,703 2,925 4,561 4,662    
Total Cash From Investing EUR mil                               -1,758 -3,366 -3,493 -1,022 -2,748    
Total Cash From Financing EUR mil                               -1,080 495 -25.0 -116 321    
Net Change In Cash EUR mil                               -863 -168 -593 3,423 2,235    
valuation                                            
Market Capitalisation USD mil ... ...                           60,036 39,255 52,911 51,278 77,053    
Number Of Shares mil ... ...                           794 784 788 779 779    
Share Price EUR ... ...                           54.8 41.4 61.6 62.3 82.5    
Earnings Per Share (EPS) EUR ... ...                           1.85 2.99 3.42 1.28 3.03    
Book Value Per Share EUR ... ...                           13.7 9.03 7.58 2.00 13.8    
Dividend Per Share EUR ... ...                           0.737 1.20 1.29 1.34 1.49    
Price/Earnings (P/E) ... ...                           29.6 13.8 18.0 48.8 27.2    
Price/Book Value (P/BV) ... ...                           3.99 4.58 8.14 31.2 5.98    
Dividend Yield % ... ...                           1.34 2.90 2.10 2.15 1.81    
Earnings Per Share Growth % ... ... ...                         27.2 61.1 14.4 -62.6 137    
Book Value Per Share Growth % ... ... ...                         8.00 -34.3 -16.1 -73.6 590    
income statement Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                            
Sales EUR mil                               57,567 60,713 64,450 66,581 59,022    
Cost of Goods & Services EUR mil                               36,891 38,893 41,979 45,594 38,017    
Gross Profit EUR mil                               20,676 21,820 22,471 20,987 21,005    
Staff Cost EUR mil                               12,683 12,840 13,620 13,128 13,140    
Other Cost EUR mil                               3,986 3,773 3,541 4,783 3,598    
EBITDA EUR mil                               4,007 5,207 5,310 3,076 4,267    
Depreciation EUR mil                               1,927 2,150 2,466 2,294 2,298    
EBIT EUR mil                               2,080 3,057 2,844 782 1,969    
Financing Cost EUR mil ... ... ... ... ... ...     ... ...           332 320 368 275 328    
Extraordinary Cost EUR mil ... ... ... ... ... ...     ... ...           -212 -476 -899 -784 -2,185    
Pre-Tax Profit EUR mil                               1,960 3,213 3,375 1,291 3,826    
Tax EUR mil                               477 863 677 291 1,462    
Minorities EUR mil                               10.0 7.00 2.00 5.00 3.00    
Net Profit EUR mil                               1,473 2,343 2,696 995 2,361    
Dividends EUR mil                               585 941 1,019 1,043 1,162    
growth rates                                            
Total Revenue Growth % ...                             1.92 5.46 6.16 3.31 -11.4    
Operating Cost Growth % ...                             2.80 -0.336 3.30 4.37 -6.55    
EBITDA Growth % ...                             1.80 29.9 1.98 -42.1 38.7    
EBIT Growth % ...                             10.5 47.0 -6.97 -72.5 152    
Pre-Tax Profit Growth % ...                             19.8 63.9 5.04 -61.7 196    
Net Profit Growth % ...                             23.1 59.1 15.1 -63.1 137    
ratios                                            
ROE % ...                             13.8 26.1 41.3 26.4 38.4    
ROCE % ... ...                           2.21 3.42 3.60 1.28 3.12    
Gross Margin %                               35.9 35.9 34.9 31.5 35.6    
EBITDA Margin %                               6.96 8.58 8.24 4.62 7.23    
EBIT Margin %                               3.61 5.04 4.41 1.17 3.34    
Net Margin %                               2.56 3.86 4.18 1.49 4.00    
Payout Ratio %                               39.7 40.2 37.8 105 49.2    
Cost of Financing % ... ... ... ... ... ...     ... ...           6.38 4.93 4.47 1.44 1.58    
Net Debt/EBITDA ...                             -1.29 -0.812 -0.091 5.08 -0.724    
balance sheet Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                            
Non-Current Assets EUR mil ...                             45,526 48,420 53,438 54,364 53,525    
Property, Plant & Equipment EUR mil ...                             15,585 16,321 17,127 16,913 16,610    
Intangible Assets EUR mil ... ... ... ...                       12,500 12,758 12,555 12,068 11,629    
Goodwill EUR mil ... ... ... ...                       9,872 9,979 9,907 9,425 9,141    
Current Assets EUR mil ...                             44,748 47,682 52,344 53,303 55,924    
Inventories EUR mil ...                             24,023 25,355 29,051 28,107 29,737    
Receivables EUR mil ...                             6,628 6,798 7,877 6,383 5,487    
Cash & Cash Equivalents EUR mil ...                             10,793 11,577 9,609 13,473 15,488    
Total Assets EUR mil ...                             90,274 96,102 105,782 107,667 109,449    
Shareholders' Equity EUR mil ...                             10,906 7,079 5,973 1,556 10,742    
Of Which Minority Interest EUR mil ...                             42.0 18.0 7.00 -5.00 2.00    
Liabilities EUR mil ...                             79,368 89,023 99,809 106,111 98,707    
Non-Current Liabilities EUR mil ...                             33,017 40,846 46,700 48,123 42,822    
Long-Term Debt EUR mil ...                             3,804 6,278 6,335 21,756 9,282    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ...     ... ...           1,454 1,130 1,200 1,104 1,002    
Current Liabilities EUR mil ...                             46,351 48,177 53,109 57,988 55,885    
Short-Term Debt EUR mil ...                             1,826 1,073 2,790 7,331 3,118    
Trade Payables EUR mil ...                             9,668 10,183 10,864 12,921 13,406    
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ...         5,866 7,864 7,615 8,000 8,361    
Equity And Liabilities EUR mil ...                             90,274 96,102 105,782 107,667 109,449    
growth rates                                            
Total Asset Growth % ... ...                           -1.98 6.46 10.1 1.78 1.66    
Shareholders' Equity Growth % ... ...                           4.52 -35.1 -15.6 -73.9 590    
Net Debt Growth % ... ...                           -33.1 -18.1 -88.5 -3,326 -120    
Total Debt Growth % ... ...                           17.8 30.6 24.1 219 -57.4    
ratios                                            
Total Debt EUR mil ...                             5,630 7,351 9,125 29,087 12,400    
Net Debt EUR mil ...                             -5,163 -4,226 -484 15,614 -3,088    
Working Capital EUR mil ...                             20,983 21,970 26,064 21,569 21,818    
Capital Employed EUR mil ...                             66,509 70,390 79,502 75,933 75,343    
Net Debt/Equity % ...                             -0.473 -0.597 -0.081 10.0 -0.287    
Cost of Financing % ... ... ... ... ... ...     ... ...           6.38 4.93 4.47 1.44 1.58    
cash flow Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                                            
Net Profit EUR mil                               1,473 2,343 2,696 995 2,361    
Depreciation EUR mil                               1,927 2,150 2,466 2,294 2,298    
Non-Cash Items EUR mil ... ...                           -531 -803 1,857 -3,223 252    
Change in Working Capital EUR mil ... ...                           -894 -987 -4,094 4,495 -249    
Total Cash From Operations EUR mil                               1,975 2,703 2,925 4,561 4,662    
Capital Expenditures EUR mil                               -2,870 -2,316 -2,846 -2,988 -2,381    
Other Investments EUR mil                               1,112 -1,050 -647 1,966 -367    
Total Cash From Investing EUR mil                               -1,758 -3,366 -3,493 -1,022 -2,748    
Dividends Paid EUR mil ...                             -467 -587 -945 -1,008 -1,043    
Issuance Of Shares EUR mil                               -1,744 154 -69.0 -676 83.0    
Issuance Of Debt EUR mil ... ...                           851 1,721 1,774 19,962 -16,687    
Total Cash From Financing EUR mil                               -1,080 495 -25.0 -116 321    
Net Change In Cash EUR mil                               -863 -168 -593 3,423 2,235    
ratios                                            
Days Sales Outstanding days ...                             42.0 40.9 44.6 35.0 33.9    
Days Sales Of Inventory days ...                             238 238 253 225 286    
Days Payable Outstanding days ...                             95.7 95.6 94.5 103 129    
Cash Conversion Cycle days ...                             184 183 203 157 191    
Cash Earnings EUR mil                               3,400 4,493 5,162 3,289 4,659    
Cash Earnings Per Share EUR ... ...                           4.28 5.73 6.55 4.22 5.98    
Price/Cash Earnings (P/CE) ... ...                           12.8 7.22 9.41 14.8 13.8    
Free Cash Flow EUR mil                               217 -663 -568 3,539 1,914    
Free Cash Flow Yield % ... ...                           0.480 -2.18 -1.23 7.40 2.79    
other data Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
other data                                            
ROA % ...                             1.62 2.51 2.67 0.932 2.17    
Gross Margin %                               35.9 35.9 34.9 31.5 35.6    
Cost Per Employee USD per month ...                   ...         9,739 9,950 9,526 8,767 9,499    
Cost Per Employee (Local Currency) EUR per month ...                   ...         7,337 7,719 8,311 8,177 8,459    
Staff Cost (As % Of Total Cost) %                               22.9 22.3 22.1 20.0 23.0    
Effective Tax Rate %                               24.3 26.9 20.1 22.5 38.2    
Enterprise Value (EV) USD mil ... ...                           52,918 34,140 52,384 67,766 73,351    
EV/EBITDA ... ...                           9.95 5.09 8.61 20.5 15.3    
EV/Capital Employed ... ...                           0.577 0.401 0.605 0.845 0.812    
EV/Sales ... ...                           0.692 0.436 0.709 0.949 1.11    
EV/EBIT ... ...                           19.2 8.66 16.1 80.8 33.2    
Capital Expenditures (As % of Sales) %                               4.99 3.81 4.42 4.49 4.03    

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Finance

Airbus has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 12.8% a year during that time to total of EUR 9,497 mil in 2019, or 13.5% of sales. That’s compared to 9.07% average margin seen in last five years.

The company netted EUR -1,362 mil in 2019 implying ROE of -17.3% and ROCE of -1.72%. Again, the average figures were 23.7% and 2.05%, respectively when looking at the previous 5 years.

Airbus’s net debt amounted to EUR -2,062 mil at the end of 2019, or -0.344% of equity. When compared to EBITDA, net debt was -0.217x, down when compared to average of 0.720x seen in the last 5 years.

Valuation

Airbus stock traded at EUR 131 per share at the end of 2019 resulting in a market capitalization of USD 116,872 mil. Over the previous five years, stock price grew by 218% or 26.0% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 10.3x and price to earnings (PE) of -74.9x as of 2019.

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