US News Airbus in the red in the third quarter but stopped the bleeding of its cash

10:15  29 october  2020
10:15  29 october  2020 Source:   challenges.fr

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The European plane maker said in a statement Monday that it has agreed with unions to furlough 3 ,200 production workers at its manufacturing site in CEO Guillaume Faury reportedly told employees in an internal letter on Friday that Airbus was " bleeding cash at an unprecedented rate, which which may

The France-based aviation giant, which employs 13,500 people in Britain, has already slashed production by a third . The boss of aeroplane maker Airbus has warned that it is " bleeding cash at an unprecedented speed" and that its survival is under threat without immediate action.

Airbus © CHRISTOF STACHE / AFP Airbus Airbus announced on Thursday a net loss of 767 million euros in the third quarter, but has the ambition to 'be balanced in the fourth quarter.

Airbus announced on Thursday that it had suffered a net loss of 767 million euros in the third quarter, marked in particular by an exceptional charge of 1.2 billion intended to finance social measures related to the 15,000 job cuts announced in June.

The European aircraft manufacturer, which had consumed 12.4 billion euros in cash over the first six months of the year due to the crisis linked to the coronavirus, however managed to stop the bleeding, releasing a flow of cash before mergers and acquisitions and positive customer financing of 600 million euros between July and September. And he has the ambition that it is "at least in balance in the fourth quarter", according to a statement.

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In all, Airbus employs 14,000 people in the UK. That includes 6,000 jobs at its main wings factory at Broughton in Wales, as well as 3 ,000 at Filton, near Opposition to Brexit from Airbus is not new. The company warned of the potential dangers to its business even before the referendum had taken place.

In response to the pandemic Airbus had already begun implementing government-assisted furlough schemes starting with 3 ,000 workers in France and Meanwhile, Airbus ' main rival Boeing is battling another major crisis due to the year-long grounding of its 737 Max passenger jet, which had been its

"We are now seeing the progress made in adapting our company to the new market environment linked to Covid-19," said Airbus executive chairman Guillaume Faury, quoted in the press release.

"Despite the slower-than-expected recovery in air transport, we converged production and deliveries of commercial aircraft during the third quarter and stopped cash consumption in line with our ambition," he adds.

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Production rates

To adapt to an upturn in air traffic which should only return to its 2019 level between 2023 and 2025, the aircraft manufacturer has lowered its production rates overall by 40% compared to what it expected before the crisis, with 40 Airbus A320s produced per month, 4 A220s, 2 A330s and 5 A350s.

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If over the first nine months of the year, deliveries of commercial aircraft fell by around 40%, in the third quarter they showed only a 20% drop compared to the previous year, with 145 aircraft delivered to customers. They were only 74 in the second quarter, at the height of the crisis.

Deliveries are a reliable indicator of profitability in aeronautics, primarily because customers pay most of the bill when they take possession of aircraft.

Sales between July and September amounted to 11.2 billion euros, down 27% from the previous year.

The aircraft manufacturer announced in June that it planned to cut 5,100 jobs in Germany, 5,000 in France, 1,700 jobs in the United Kingdom, 900 in Spain and 1,300 in the rest of the world.

(With AFP)

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