DGAP-Adhoc

Airbus Group SE: Airbus Group Reports First Quarter (Q1) 2016 Results - Seite 3

thorough technical and industrial evaluation has been launched to secure
both short- and long-term solutions. The expected impact on aircraft in
service and how they can be supported, implications on the delivery
schedule and ongoing discussions with customers are under assessment.
Furthermore, industrial efficiency and military capability remain a
challenge during the ramp-up phase.
The Company is working with customers to agree a schedule of military
capability enhancement and deliveries. Overall, the cost at completion
assessment will need to be adapted accordingly, but at this stage there is
not a sufficiently mature view of the technical, commercial and industrial
consequences and their potential impact on the financial statements, which
could be significant.

As part of the portfolio reshaping, an agreement was signed during the
first quarter regarding the sale of the Defence Electronics business.

Reported EBIT*(3) of EUR 365 million (Q1 2015: EUR 1,241 million) included
net one-offs totalling EUR -136 million, representing the negative
impact from the dollar pre-delivery payment mismatch and balance sheet
revaluation. The first quarter of 2015 included a net gain of EUR 697
million from the sale of shares in Dassault Aviation.
Net income(4) in the first quarter of 2016 was EUR 399 million (Q1 2015:
EUR 792 million) with earnings per share of EUR 0.51 (Q1 2015: EUR 1.01).
The finance result of EUR 193 million (Q1 2015: EUR -366 million) included
a positive revaluation of over EUR 280 million mainly linked to the
strengthening of the euro. In the first quarter of 2015, this revaluation
had a negative impact.

Free cash flow before mergers and acquisitions amounted to EUR -2,986
million (Q1 2015:
EUR -1,136 million), reflecting the back-loaded delivery profile in 2016
and the ramp-up preparation for the A320, A320neo and A350. Free cash flow
was EUR -3,131 million (Q1 2015: EUR 452 million). The net cash position on
31 March, 2016 was EUR 6.4 billion (year-end 2015: EUR 10.0 billion) with a
gross cash position of EUR 18.0 billion (year-end 2015: EUR 19.1 billion).

Outlook
As the basis for its 2016 guidance, Airbus Group expects the world economy
and air traffic to grow in line with prevailing independent forecasts and
assumes no major disruptions.
2016 earnings and free cash flow guidance is based on a constant perimeter.
In 2016, Airbus expects to deliver more than 650 aircraft and the
commercial order book is expected to grow.
In 2016, before M&A, Airbus Group expects stable EBIT* before one-off and
EPS* before one-off compared to 2015.
In 2016, before M&A, Airbus Group expects to deliver stable free cash flow