Airbus secures credit facility of €15 billion; withdraws 2020 guidance

©Airbus

Airbus will bolster its liquidity and balance sheet in response to the COVID-19 pandemic as it continues to assess the ongoing situation and the impact on its business, customers, suppliers and the industry as a whole. 

Airbus’ management has received approval from the Board of Directors to secure a new credit facility amounting to €15 billion in addition to the existing €3 billion revolving credit facility. The company will withdraw the 2019 dividend proposal of €1.80 per share with an overall cash value of approximately €1.4 billion and suspend the voluntary top up in pension funding.

Given the limited visibility due to the evolving COVID-19 situation, the 2020 guidance is withdrawn. Operational scenarios, including measures to minimise cash requirements, have been identified and will be activated depending on the further development of the pandemic.

With these decisions, the Company has significant liquidity available to cope with additional cash requirements related to the coronavirus. Liquidity resources previously standing at approximately €20 billion, comprising around €12 billion in financial assets at hand and around €8 billion in undrawn credit lines, were further bolstered by converting an existing €5 billion credit line into a new facility amounting to €15 billion. Available liquidity now amounts to approximately €30 billion. (€1.00 = US$1.07 at time of publication.)

 

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