Airbus: steps against COVID-19 pandemic
(CercleFinance.com) - Airbus has announced measures to strengthen its liquidity and balance sheet against the COVID-19 pandemic.
The group said that it has cancelled its 2020 forecasts due to the volatility of the situation.
Airbus intends to ensure the continuity of its activities, even in the event of a prolonged crisis, by maintaining production.
Airbus management has received the Board of Directors' approval to: obtain a new credit facility of 15 billion euros in addition to its existing revolving credit facility. It is withdrawing the 2019 dividend proposal of 1.80 euro per share which would represent a total payout of around 1.4 billion euros. It is also suspending the voluntary funding of supplementary pensions.
Total Liquidity, which previously stood at around 20 billion euros, including around 12 billion euros in available financial assets and around 8 billion euros in unused credit lines, has been increased thanks to the conversion of an existing credit line of 5 billion euros into a new credit facility of 15 billion euros. Available cash now amounts to around 30 billion euros the group said.
Airbus has convened its 2020 AGM on 16 April in Amsterdam. However, due to the COVID-19 epidemic, the company recommends that its shareholders do not attend in person, but rather vote by proxy.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The group said that it has cancelled its 2020 forecasts due to the volatility of the situation.
Airbus intends to ensure the continuity of its activities, even in the event of a prolonged crisis, by maintaining production.
Airbus management has received the Board of Directors' approval to: obtain a new credit facility of 15 billion euros in addition to its existing revolving credit facility. It is withdrawing the 2019 dividend proposal of 1.80 euro per share which would represent a total payout of around 1.4 billion euros. It is also suspending the voluntary funding of supplementary pensions.
Total Liquidity, which previously stood at around 20 billion euros, including around 12 billion euros in available financial assets and around 8 billion euros in unused credit lines, has been increased thanks to the conversion of an existing credit line of 5 billion euros into a new credit facility of 15 billion euros. Available cash now amounts to around 30 billion euros the group said.
Airbus has convened its 2020 AGM on 16 April in Amsterdam. However, due to the COVID-19 epidemic, the company recommends that its shareholders do not attend in person, but rather vote by proxy.
Copyright (c) 2020 CercleFinance.com. All rights reserved.