Full Year 2020 Airbus SE Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Benjamin Michael Heelan - BofA Securities, Research Division - Analyst : I've got 2. Firstly, on the guidance. So you've guided for at least flat deliveries, and you only announced a production increase about a month ago. Now on my numbers, it looks as though if you were to do flat deliveries, you wouldn't unwind any of that finished product inventory that you have versus the year-end. So can you talk a little bit about what is the upside there? Because I just find it surprising if you would be comfortable announcing REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 18, 2021 / 6:30AM, AIR.PA - Full Year 2020 Airbus SE Earnings Call a production increase and you still thought that you were going to end 2021 with a sizable amount of finished product. So that would be my first question. And then the second question on EBIT. So the guidance for the year, it looks to me, so at flat deliveries, around EUR 2 billion of EBIT guide. And you delivered EUR 2.6 million in the second half of 2020. So you're run rating well ahead of that. And you also have this significant charge that you mentioned in your prepared remarks as well that impacted, I think, it was primarily Q2. So it seems to be -- to me very, very conservative or it seems as though there's something else that's going on in EBIT. So would you be able to talk a little bit about what is driving that EUR 2 billion of EBIT guide?