The European Aerospace Consortium Airbus today partially return to activity in the ten factories in Spain, “temporarily” paralyzed since last Tuesday to implement preventive measures against the coronavirus epidemic, despite the rejection of the unions, which advocate a “staggered” reopening.
Airbus CEO Guillaume Faury sent a letter to the workers, announcing that “on Monday, we will partially restart production and assembly work at our French and Spanish facilities.”
Faury admits the possibility that they may not “welcome everyone the first day” as some workstations “will take longer to adjust” and that “in the early days, some critical teams may not be available still in the required quantity, mainly face masks “, but he assured that they will soon be” ready “and will need each worker” to gradually regain our efficiency with these new processes “.
Today Airbus has decided withdraw the proposed dividend of 1.80 euros charged to the results of 2019, whose effective value reached 1,400 million euros, at the same time it has withdrawn its forecasts for 2020, suspended the additional voluntary contribution to the financing of pensions and established a new line of credit for the amount of 15,000 million euros in the face of the situation created by the expansion of the coronavirus worldwide.
The aeronautical consortium, in a notification sent this Monday to the National Securities Market Commission (CNMV), explained that its liquidity resources, previously located at 20,000 million euros (12,000 million euros in available financial assets and around 8,000 million euros in unused lines of credit) have been strengthened by converting the current credit line of 5,000 million euros into a new line worth 15,000 million euros.
In this way, the available liquidity of Airbus currently stands at around 30,000 million euros. “With these decisions, the company has significant liquidity to meet the additional cash needs related to the coronavirus,” said the group, which stated that the withdrawal of its forecasts for 2020 respond to the “volatility” of the current panorama.
Airbus has assured that it continues to evaluate the current situation derived from Covid-19 and its impact on its businesses, its customers, its suppliers and on the sector as a whole.
“Our top priority is to protect people and at the same time support global efforts to curb the spread of the coronavirus. We are also safeguarding our business to protect the future of Airbus and to ensure that we will resume efficient operations when normality returns, ”said Airbus CEO Guillaume Faury.
Faury has highlighted the commitment of the aeronautical consortium to guarantee the liquidity of the company at all times through the principle of prudence in the balance. “I am convinced that Airbus and the aerospace sector as a whole will overcome this critical period,” he added.
Airbus is committed to ensuring the continuity of its business, even in the event of a crisis, by maintaining production, managing its order book, supporting its customers and ensuring the financial flexibility of its operations.
The company has also stated that it welcomes “with great satisfaction” government initiatives around the world aimed at stabilizing the sector by supporting the financial health of its client airlines and its suppliers.
The group, which has convened its 2020 Annual General Meeting in Amsterdam for April 16, discourages physical assistance to it and recommends to its shareholders the proxy vote in order to comply with the public health and safety measures established by the authorities in the face of the world coronavirus outbreak.