Airbus cutting 2020 capex by EUR700m, will continue to focus on cash preservation

Airbus announced (29-Apr-2020) it will continue to focus on cash preservation and will be reducing cash outflows in the coming quarters, due to the repercussions of the COVID-19 crisis. Airbus is reducing expected 2020 capital expenditure by around EUR700 million to around EUR1.9 billion. Other activated measures which were introduced in Mar-2020 also include the deferral and suspension of activities which are not critical to business continuity and to meeting customer and compliance commitments. Airbus has already secured a new credit facility amounting to EUR15 billion, withdrawn its 2019 dividend proposal and suspending the voluntary top up in pension funding. In addition, a EUR2.5 billion bond was issued, partially terming out the EUR15 billion credit facility, and settled on 07-Apr-2020. [more - original PR]