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                        Hedging & Debt Information

                        Airbus Financing Strategy

                        1. Maintain liquidity and flexibility

                        • Sufficient level of gross cash at all times in order to manage operational risks and secure our investment into the future
                        • 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

                        • Solid balance sheet
                        • Efficient presence of Airbus in Debt Capital Markets

                        Credit 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.

                        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+ stable 09 October 2019
                        P-1 A2 stable 30 January 2020
                        Fitch Ratings (unsolicited)
                        F1 A- positive 22 October 2019

                        Rating History

                        Airbus Credit Rating  Evolution 2019


                        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 FY2019 Hedging

                        Approximately 60% of Airbus US$ revenues are naturally hedged by US$ procurement. Graph shows US$ Forward Sales and Collars
                        Hedge rates reflect EBIT impact of the US$ hedge portfolio

                        (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

                        Airbus FY2019 Debt Profile
                        Airbus FY2019 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 € 0 m Airbus Finance B.V. (guaranteed by Airbus SE) BNP Paribas, CIC, CA-CIB, HSBC, ING, Natixis, Société Générale 31 December 2019

                        US Commercial Paper Programme

                        Amount  Outstanding Issuer Dealer Status
                        $ 3 bn $ 0 m Airbus Finance B.V. (guaranteed by Airbus SE) Bank of America Merill Lynch, Citigroup, GoldmanSachs, JP Morgan, RBC 31 December 2019

                        EMTN Programme

                        Amount Outstanding Issuer Arranger Status
                        € 5 bn € 3 bn Airbus Finance B.V.
                        (guaranteed by Airbus SE)
                        Barclays 31 December 2019


                        Amount ISIN Maturity Tenor Coupon Issuer Bookrunners
                        € 1 bn XS1050846507
                        02 April 2024
                        10 yrs.
                        Airbus Finance B.V.
                        (guaranteed by Airbus SE)
                        BNP Paribas,  Deutsche Bank, HSBC, Société Générale
                        € 500 m XS1128224703
                        29 October 2029
                        15 yrs.
                        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% /
                        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.
                        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 /
                        10 April 2027 /
                        10 April 2047
                        10 yrs. /
                        30 yrs.
                        3.15% /
                        Airbus SE
                        JPMorgan, Citigroup, GoldmanSachs, Morgan Stanley

                        Convertible bond

                        € 500 m XS1254584599
                        01 July 2022
                        Converted into shares per 31 December 2019
                        7 yrs.
                        Airbus SE
                        Société Générale, HSBC, BNP Paribas

                        Exchangeable bond

                        Amount  ISIN Maturity Tenor Coupon Issuer Bookrunners
                        € 1078 m XS1434160971
                        14 June 2021
                        5 yrs.
                        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
                        31 December 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


                        Share Price & Information

                        Financial Results & Annual Reports

                        Events & Presentations

                        Annual General Meetings

                        Hedging & Debt Information

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