By Scott Hamilton
In an early morning release March 23, Toulouse time, Airbus said it is suspending its dividend and its 2020 guidance.
“Our first priority is protecting people while supporting efforts globally to curb the spread of the coronavirus.” said Airbus Chief Executive Officer Guillaume Faury.
“We are also safeguarding our business to protect the future of Airbus and to ensure we can return to efficient operations once the situation recovers. We have withdrawn our 2020 guidance due to the volatility of the situation. At the same time, we are committed to securing the liquidity of the Company at all times through a prudent balance sheet policy.”
Airbus announced the following moves: it will
Airbus said it has « significant liquidity available to cope with additional cash requirements related to the coronavirus. Liquidity resources previously standing at approximately €20bn, comprising around €12bn in financial assets at hand and around €8bn in undrawn credit lines, were further bolstered by converting an existing €5bn credit line into a new facility amounting to €15bn. Available liquidity now amounts to approximately €30bn.