Figures & Debt Airbus

Airbus currency hedge policy

More than half of Airbus' revenues are denominated in US dollars with approximately half of such currency exposure 'naturally hedged' by US dollar-denominated costs. The reminder 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*.

Status as at 30 June 2016

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.
* Total hedge maturing in 2015

** Total hedge amount contains $/€ and $/£ designated hedges.
*** Blended Forwards and Collars rate includes Collars at least favourable rate
 

* EBIT
Airbus 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.

EMTN Programme

Issuer: Airbus Group Finance B.V. (guaranteed by Airbus Group SE, formely known as Airbus Group N.V.)

Drawn amount Maturity Tenor  Coupon Benchmark  Bookrunners

1 Bn. EUR

ISIN XS0445463887

12.08.2016 7 yrs. 4.625% 145 bps over midswap (08/2009) BNP Paribas, Ca-cib, Deutsche Bank, Morgan Stanley, Société Générale

500 Mio. EUR

ISIN XS0176914579

25.09.2018 15 yrs. 5.5% 95 bps over midswap (09/2003) Citigroup, Commerzbank, HSBC, Sociéte Générale

1 Bn. EUR

ISIN XS1050846507

02.04.2024 10 yrs. 2.375% 58 bps over midswap (04/2014) BNP Paribas,  Deutsche Bank, HSBC, Société Générale

500 Mio. EUR

ISIN XS1128224703

29.10.2029 15 yrs. 2.125% 70 bps over midswap (10/2014) Barclays, CA-CIB, Santander, Unicredit

1.5 Bn. EUR split in 900 Mio. and 600 Mio.

Dual tranche: ISIN: XS1410582313 and XS1410582586

13.05.2026

and

13.05.2031

Respectively 10 yrs. and 15 yrs.

Respectively 0.875% and 1.375%

42 bps over midswap and 60 bps over midswap (05/2016)

BNP Paribas, CACIB, Deutsche Bank, MUFG

Convertible bond

Issuer: Airbus Group SE

Drawn amount Maturity Tenor Coupon Benchmark Bookrunners

500 Mio. EUR
ISIN XS1254584599

01.07.2022 7 yrs. 0% Initial Premium 62.5% Société Générale, HSBC, BNP Paribas

French Domestic Commercial Paper Programme

(Billet de Trésorerie)

Drawn amount Issuer Arranger Status

1.23 bn EUR

Airbus Group Finance B.V.
(guaranteed by Airbus Group SE, formely known as Airbus Group N.V.)
Natixis 31 March 2016

USD Bond (144A / RegS)

Issuer: Airbus Group Finance B.V. (guaranteed by Airbus Group SE, formely known as Airbus Group N.V.)

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.

Drawn amount Maturity Tenor Coupon Benchmark Bookrunners
1 billion USD
ISIN: US26824KAA25
ISIN: USN2823BBD21
17.04.2023 10 years 2.70% 98 bps over US Treasury JP Morgan, Citigroup, Barclays, Morgan Stanley, RBS

US Commercial Paper Programme

Drawn amount Issuer Arranger Status
787 Mio. USD (equivalent to approx. 691 Mio. EUR) Airbus Group Finance B.V. (guaranteed by Airbus Group SE, formely known as Airbus Group N.V.) N/A  31 March 2016

European Investment Bank Loan

Amount
720.75 million USD
(equivalent to approx. 500 Mio.EUR)
Fully drawn in August 2011
406.11 million USD
(equivalent to approx. 300 Mio.EUR)
Fully drawn in February 2013

627 million USD

(equivalent to approx. 500 Mio. EUR)

Fully drawn in December 2014

320 million USD

(equivalent to approx. 300 Mio. EUR)

Fully drawn in December 2015

Total outstanding as of 31 March 2016: 2.1 bn USD

(equivalent to approx. 2.0 bn EUR)

DBJ: Development Bank of Japan

Amount
300 million USD
(equivalent to approx. 220 million EUR)
Fully drawn in January 2011

Airbus Financing Strategy

1. Maintain liquidity and flexibility 

  • Strategic cash: to be over €3 bn 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)

EMTN Programme

Issuer Airbus Group Finance B.V
Guaranteed by Airbus Group SE, formely known as Airbus Group N.V.
Amount 5 billion EUR
Arranger Barclays Capital
Range of tenor medium- to long-term (30 years)
Of which used
  1. 1 bn EUR (08/2016, 4.625%)
  2. 500 Mio. EUR (09/2018, 5.5%)
  3. 1 bn EUR (04/2024, 2.375%)
  4. 500 Mio. EUR (10/2029, 2.125%)
  5. 1.5 bn EUR (05/2026 and 05/2031, respectively 0.875% and 1.375%)

Access to US Debt Capital Market

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.

Issuer Airbus Group Finance B.V.
Guaranteed by Airbus Group SE, formely known as Airbus Group N.V.
Format 144A / RegS
Series / ISIN 144A / US26824KAA25
RegS / USN2823BBD21

French Domestic Commercial Paper Programme (Billet de Trésorerie)

Issuer  Airbus Group Finance B.V.
Guaranteed by  Airbus Group SE
Amount of the programme  3 billion EUR
Arranger  Natixis
Range of tenor  only short term (up to one year)
Outstanding amount

 1.23 bn EUR (as of 31 March 2016)

Revolving Credit Facility

Issuer AIRBUS GROUP N.V.
Credit line 3 billion EUR
Maturity 09 October 2020
Co-ordinators The Bank of Tokyo-Mitsubishi; Crédit Agricole Corporate and Investment Bank; The Royal Bank of Scotland (RBS); and UniCredit Bank
Mandated Lead Arrangers The Bank of Tokyo-Mitsubishi; Crédit Agricole Corporate and Investment Bank; RBS; UniCredit Bank; Banco Bilbao Vizcaya Argentaria; Banco Santander; Barclays; BNP Paribas; Citibank; Commerzbank; Credit Industriel et Commercial; Deutsche Bank; HSBC; Mizuho Bank; Natixis; Société Générale; and Sumitomo Mitsui Banking
Co-arrangers Australia and New Zealand Banking Group; Bank of America Merrill Lynch; Bayerische Landesbank; Deutsche Zentral-Genossenschaftsbank; Goldman Sachs; ING; JPMorgan Chase; KfW IPEX-Bank; Landesbank Baden-Württemberg; Landesbank Hessen- Thüringen Girozentrale; Lloyds Bank; Morgan Stanley; Royal Bank of Canada; and SEB
Arrangers Commonwealth Bank of Australia; Credit Suisse; DBS Bank; ICBC (London); National Bank of Abu Dhabi; Standard Chartered Bank; TD Bank; UBS; and Westpac Banking
 Outstanding amount undrawn

Supranational sources

EIB: European Investment Bank

Amount: 2.1 bn USD
(equivalent to approx. 2.0 bn EUR)

DBJ: Development Bank of Japan

Amount:   300 million USD
(equivalent to approx. 220 Mio. EUR)

Airbus Group Finance B.V., an Airbus entity whose activity is to raise funds by issuance of debt securities to finance Airbus activities, 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.

Airbus Group Finance B.V.

  Financial
Statements 
Published
as of...
1st Half Year Earnings 2016 (147 kB) 27 July 2016
Annual results 2015 (2.4 MB) 15 April 2015
1st Half Year Earnings 2015 (154 kB) 31 July 2015
Annual results 2014 (1.4 MB) 30 April 2015
1st Half year Earnings 2014 (3.2 MB) 30 July 2014
Annual results 2013 (4.9 MB) 07 March 2014
1st Half Year Earnings 2013 (3.8 MB) 01 August 2013
Annual results 2012 (5.4 MB) 09 April 2013
1st Half Year Earnings 2012 (3.3 MB) 26 July 2012
Annual results 2011 (5.5 MB) 25 April 2012
1st Half Year Earnings 2011 (3 MB) 29 July 2011
Annual results 2010 (6.6 MB) 14 April 2011
1st Half Year earnings 2010 (5.7 MB) 30 July 2010
Annual results 2009 (0.7 MB) 26 April 2010
1st Half Year earnings 2009 (0.1 MB) 28 July 2009
Annual results 2008 (0.1 MB) 28 April 2009

In addition to historical information, this web site includes forward-looking statements. The forward-looking statements are generally identified by the use of forward-looking words, such as “anticipate”, “expect” “estimate”, “intend”, “plan”, “predict, “project”, “will”, “believe”, “should”, “may” or other variations of such terms, or by discussion of strategy that involves risks and uncertainties. These statements relate to future prospects, developments and business strategies of Airbus and are based on analyses or forecasts of future results and estimates of amounts not yet determinable. These forward-looking statements represent the view of Airbus only as of the dates they are made, and Airbus disclaims any obligation to update forward-looking statements, except as may be otherwise required by law. The forward-looking statements in this web site involve known and unknown risks, uncertainties and other factors that could cause the actual future results, performance and achievements of Airbus to differ materially from those forecasted or suggested herein. These factors include changes in general economic and business conditions and currency exchange rates, as well as those described in the Airbus Group Registration Document 2015- Section: Risk Factors.

Further Information

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.

Current Ratings

Rating Agency Analyst Short Term Long Term Outlook Last Updates
Standard & Poor's Alex Herbert A-1+ A+ stable 27 September 2016
Moody's Investors Service
 
Russell Solomon P-1 A2 stable 21 September 2015
Fitch Ratings (unsolicited)
 
Tom Chruszcz F2 A- stable 12 December 2014

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 History

Standard & Poor's

Short Term Long Term Outlook Rating Action
 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  3 October 2006
 A-1  A  negative  14 June 2006
 A-1  A  stable  30 April 2004
 A-1  A  negative  3 September 2003
 A-1  A  Negative watch  18 March 2003
 A-1  A  stable  8 January 2001

Moody's

Short Term Long Term Outlook Rating Action
P-1 A2 stable 30 March 2015
NR A2 stable 28 June 2013
NR A2 stable 6 December 2012
NR A1 stable 9 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 8 March 2001

Fitch

Short Term

Long Term Outlook Rating Action
F2 A- stable 29 October 2013
F2 BBB+ positive 21 September 2012
F2 BBB+ stable 8 February 2008
F2 A- negative 12 March 2007
F2 A- negative watch 10 October 2006
F1 A negative watch 4 October 2006
F1 A negative 14 June 2006
F1 A stable 9 July 2004

Credit analysts' coverage

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

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