AIRBUS - 2020 Financial Statement

2. Notes to the IFRS Consolidated Financial Statements / 2.7 Capital Structure and Financial Instruments

31 December

2020

2019

(In € million)

Bonds and commercial papers

12,032

6,491

418

244

Liabilities to financial institutions

94

156

Loans

Lease liabilities

1,538

1,298

14,082

8,189

Total long term financing liabilities

1,075

0

Bonds and commercial papers

111

106

Liabilities to financial institutions

94

127

Loans

260

262

Lease liabilities

Others (1)

1,473

1,464

Total short-term financing liabilities

3,013

1,959

Total

17,095

10,148

(1) Included in “others” are financing liabilities to joint ventures.

Long-term financing liabilities , mainly comprising of bonds and lease liabilities, increased by € +5,893 million to €14,082 million (2019: €8,189 million), mainly due to the issuance of two bonds for a total of €6 billion. The first bond was split into a 5 year- maturity tranche of €750 million with a coupon of 1.625%, an 8 year-maturity tranche of €750 million with a coupon of 2.00% and a 12 year-maturity tranche of €1 billion with a coupon of 2.375%. The second bond was split into a six year-maturity tranche of €1.25 billion with a coupon of 1.375%, a ten year-maturity tranche of €1.25 billion with a coupon of 1.625% and a 20 year-maturity tranche of €1 billion with a coupon of 2.375%. Short-term financing liabilities increased by € +1,054 million to €3,013 million (2019: €1,959 million). The increase in short- term financing liabilities is mainly related to the reclassification of €1 billion of exchangeable bonds from long-term to short-term due to maturity in June 2021.

The Company has issued several euro-denominated bonds under its EMTN programme and three stand-alone US dollar- denominated bonds on the US institutional market under Rule 144A. It has also issued a euro-denominated exchangeable bonds into Dassault Aviation shares. Furthermore, the Company has long-term US dollar-denominated loans outstanding with the Development Bank of Japan (“DBJ”). The Company can issue commercial paper under its Negotiable European Commercial Paper (“NEuCP”) programme at floating or fixed interest rates corresponding to the individual maturities ranging from 1 day to 12 months. The programme has been set up in 2003 with a maximum volume of €2 billion, increased in 2013 to €3 billion and in 2020 to a maximum volume of €11 billion. In 2020, the Company established a Euro Commercial Paper (“ECP”) Programme with a maximum volume of €4 billion. The Company established in April 2015 a US$2 billion commercial paper programme which has been increased to US$3 billion in April 2016. As of 31 December 2020, there were no outstanding amounts under any of its commercial paper programmes.

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Airbus / Financial Statements 2020