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        Hedging & Debt Information

        Airbus Financing Strategy

        1. Maintain liquidity and flexibility

        • Strategic cash: to be over € 3bn 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)

        Credit Ratings

        Rating

        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.

        Current Ratings

        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

        Rating History

        Airbus Credit Rating Evolution 2018

        Hedging

        Airbus’ currency hedge policy

        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.

        Airbus H12019 Hedging

        Approximately 60% of Airbus US$ revenues are naturally hedged by US$ procurement. Graph shows US$ Forward Sales and Collars

        (1) Total hedge amount contains $/€ and $/£ designated hedges;
        (2) Blended Forwards and Collars rate includes Collars at least favourable rate

        FX Global Code

        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 Profile & Portfolio

        FY 2018 Airbus Debt Maturity
        FY2018 Airbus Debt Portfolio

        Debt breakdown and maturities are updated once per year at publication of full-year results.

        Funding Tools

        French Domestic Commercial Paper Programme (Billet de Trésorerie)

        Amount Outstanding Issuer Dealer Status
        € 3 bn € 746 m Airbus Finance B.V. (guaranteed by Airbus SE) BNP Paribas, CIC, CA-CIB, HSBC, ING, Natixis, Société Générale 30 June 2019

        US Commercial Paper Programme

        Amount  Outstanding Issuer Dealer Status
        $ 3 bn $ 0 Airbus Finance B.V. (guaranteed by Airbus SE) Bank of America Merill Lynch, Citigroup, GoldmanSachs, JP Morgan, RBC 30 June 2019

        EMTN Programme

        Amount Outstanding Issuer Arranger Status
        € 5 bn € 3 bn Airbus Finance B.V.
        (guaranteed by Airbus SE)
        Barclays 30 June 2019

        Bonds

        Amount ISIN Maturity Tenor Coupon Issuer Bookrunners
        € 1 bn XS1050846507
        02 April 2024
        10 yrs.
        2.375%
        Airbus Finance B.V.
        (guaranteed by Airbus SE)
        BNP Paribas,  Deutsche Bank, HSBC, Société Générale
        € 500 m XS1128224703
        29 October 2029
        15 yrs.
        2.125%
        Airbus Finance B.V.
        (guaranteed by Airbus SE)
        Barclays, CA-CIB, Santander, Unicredit
        € 1.5 bn split in 
        € 600 m and € 900 m
        XS1410582586 / XS1410582313
        13 May 2026 /
        13 May 2031
        10 yrs. /
        15 yrs.
        0.875% /
        1.375%
        Airbus Finance B.V.
        (guaranteed by Airbus SE)
        BNP Paribas, CA-CIB, Deutsche Bank, MUFG

        USD Bond (144A / RegS)

        Amount  ISIN Maturity Tenor Coupon Issuer Bookrunners
        $ 1 bn USN2823BBD21
        17 April 2023
        10 yrs.
        2.70%
        Airbus Finance B.V.
        (guaranteed by Airbus SE)
        JPMorgan, Citigroup, Barclays, Morgan Stanley, RBS
        $ 1.5 bn split in
        $ 750 m and
        $ 750 m
        US26824KAA25 /
        US009279AC43
        10 April 2027 /
        10 April 2047
        10 yrs. /
        30 yrs.
        3.15% /
        3.95%
        Airbus SE
        JPMorgan, Citigroup, GoldmanSachs, Morgan Stanley

        Convertible bond

        € 500 m XS1254584599
        01 July 2022
        7 yrs.
        0%
        Airbus SE
        Société Générale, HSBC, BNP Paribas

        Exchangeable bond

        Amount  ISIN Maturity Tenor Coupon Issuer Bookrunners
        € 1078 m XS1434160971
        14 June 2021
        5 yrs.
        0%
        Airbus SE
        GoldmanSachs, Bank of America Merill Lynch, BNP Paribas, Deutsche Bank, JPMorgan

        Development Bank of Japan Loan

        Amount Outstanding Fully drawn in Status
        $ 300 m $ 100 m January 2011
        30 June 2019
        Credit line Outstanding Maturity Issuer Lenders
        € 3 bn undrawn 09 October 2021 Airbus SE pool of 40 banks
        3-tier structure

        Airbus Finance B.V.

        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
        ?
        Investors

        Overview

        Share Price & Information

        Financial Results & Annual Reports

        Events & Presentations

        Annual General Meetings

        Hedging & Debt Information

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