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DGAP-Adhoc: Airbus SE: Airbus reports Nine-Month (9m) 2019 results; delivery and FCF outlook updated, EBIT Adjusted guidance maintained

DGAP-Ad-hoc: Airbus SE / Key word(s): 9 Month figures 
Airbus reports Nine-Month (9m) 2019 results; delivery and FCF outlook 
updated, EBIT Adjusted guidance maintained 
 
30-Oct-2019 / 06:30 CET/CEST 
Disclosure of an inside information acc. to Article 17 MAR of the Regulation 
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
 
*Ad-hoc release, 30 October 2019* 
 
*Airbus reports Nine-Month (9m) 2019 results; delivery and FCF outlook 
updated, EBIT Adjusted guidance maintained* 
 
  · Solid commercial aircraft environment 
 
  · 9m financials mainly reflect A320neo ramp-up and A350 progress 
 
  · Revenues EUR 46.2 billion, +14% YoY; EBIT Adjusted EUR 4.1 billion, +51% 
  YoY 
 
  · EBIT (reported) EUR 3.4 billion; EPS (reported) EUR 2.81 
 
  · 2019 guidance updated for delivery outlook of around 860 commercial 
  aircraft: FCF before M&A and Customer Financing now approximately EUR 3 
  billion, EBIT Adjusted guidance maintained 
 
Airbus SE (stock exchange symbol: AIR) reported Nine-Month (9m) 2019 
consolidated financial results and provided full-year guidance. 
 
"Our nine-month results are mainly driven by the performance in commercial 
aircraft, reflecting both the A320neo ramp-up and progress on the A350," 
said Airbus Chief Executive Officer Guillaume Faury. "We are focused on the 
A320neo ramp-up and improving the industrial flow while managing the higher 
level of complexity on the A321 ACF in particular. Our nine-month delivery 
numbers and the updated delivery outlook for the year reflect the underlying 
actions to secure a more efficient delivery flow in the next years as we 
progress to rate 63 per month for the A320 Family in 2021. The full-year 
free cash flow guidance has been adjusted to reflect the revised delivery 
outlook while the EBIT Adjusted target is maintained. We are focused on 
meeting our customer commitments and preparing the production system for the 
future." 
 
Gross commercial aircraft orders totalled 303 (9m 2018: 311 aircraft), 
including 20 A330neos and 22 A350 XWBs in the third quarter alone, with net 
orders of 127 aircraft (9m 2018: 256 aircraft). The order book stood at 
7,133 commercial aircraft as of 30 September 2019. Net helicopter orders of 
173 units (9m 2018: 230 units) included 12 H135s in the third quarter. 
Airbus Defence and Space's order intake by value totalled EUR 6.1 billion, 
with third quarter bookings supported by key contract wins in Space Systems. 
 
Consolidated *revenues *increased to EUR 46.2 billion (9m 2018: EUR 40.4 
billion), mainly driven by higher deliveries, a favourable mix and foreign 
exchange rate development. A total of 571 commercial aircraft were delivered 
(9m 2018: 503 aircraft), comprising 33 A220s, 422 A320 Family, 34 A330s, 77 
A350s and 5 A380s. Airbus Helicopters delivered 209 units (9m 2018: 218 
units) with its stable revenues supported by growth in services and reduced 
by programme phasing. In September, the 1,000th Super Puma helicopter was 
delivered. Higher revenues at Airbus Defence and Space were mainly driven by 
Military Aircraft activities. 
 
Consolidated *EBIT Adjusted *- an alternativeperformance measure and key 
indicator capturing the underlying business margin by excluding material 
charges or profits caused by movements in provisions related to programmes, 
restructurings or foreign exchange impacts as well as capital gains/losses 
from the disposal and acquisition of businesses - increased to EUR 4,133 
million (9m 2018: EUR 2,738 million), mainly reflecting the commercial 
aircraft performance at Airbus. 
 
Airbus' EBIT Adjusted increased sharply to EUR 3,833 million (9m 2018: EUR 
2,340 million), largely driven by the A320 ramp-up and NEO premium, progress 
on the A350 financial performance and foreign exchange improvement which 
already materialised in H1 2019. 
 
On the A320 programme, NEO aircraft represented 338 out of the total 422 
deliveries. The production ramp-up continued for the Airbus Cabin Flex (ACF) 
version of the A321, which remains challenging. The ACF programme will 
further ramp up in Q4 2019 with efforts continuing throughout 2020 to 
improve the industrial maturity of the programme. Airbus also continues to 
study different options to increase the share of the A321 in current A320 
Family production capacity. The ramp-up of the A330neo continued and 
represented 26 of the total 34 A330 deliveries over the nine-month period. 
Airbus continued to make good progress on A350 recurring cost convergence 
with the programme on track to reach the breakeven target for the year. 
 
Airbus Helicopters' EBIT Adjusted was stable at EUR 205 million (9m 2018: 
EUR 202 million), reflecting an increased contribution from services which 
was reduced by a less favourable delivery mix. 
 
EBIT Adjusted at Airbus Defence and Space totalled EUR 355 million (9m 2018: 
EUR 409 million), mainly reflecting efforts to support ongoing and future 
campaigns. The Division's focus is on performance improvement across its 
businesses. 
 
Ten A400M military transport aircraft were delivered, bringing the 
in-service fleet to 84 as of 30 September 2019. During the third quarter 
several key milestones were achieved towards the aircraft's full capability, 
including the successful deployment of 58 paratroopers through a single side 
door and 80 simultaneously from both side doors as well as in-flight 
refuelling contacts with an H225M helicopter. While the A400M cash 
consumption is reducing, it is not at the pace being targeted. Airbus will 
continue with development activities towards achieving the revised 
capability roadmap. Retrofit activities are progressing in line with the 
customer agreed plan. Challenges remain, particularly on exports. 
 
Consolidated *self-financed R&D* *expenses *totalled EUR 2,150 million (9m 
2018: EUR 2,103 million). 
 
Consolidated *EBIT*(reported) increased to EUR 3,431 million (9m 2018: EUR 
2,683 million), including Adjustments totalling a net EUR -702 million. 
These Adjustments comprised: 
 
  · A negative EUR -253 million related to the dollar pre-delivery payment 
  mismatch and balance sheet revaluation; 
 
  · A negative EUR -221 million related to the suspension of defence export 
  licences to Saudi Arabia by the German government, now prolonged to March 
  2020, of which EUR -13 million were booked in Q3 2019; 
 
  · A negative EUR -158 million related to A380 programme cost, of which EUR 
  -22 million were booked in Q3 2019, as part of Airbus' continuous 
  assessment of asset recoverability and the quarterly review of onerous 
  contract provision assumptions; 
 
  · A total of EUR -70 million of other costs. 
 
Consolidated reported *earnings per share *of EUR 2.81 (9m 2018: EUR 1.88) 
included a negative impact from the financial result, affected by the 
recognition of a loss on foreign exchange hedges as a result of the defence 
export licence suspension already booked as of Q2 2019. The financial result 
was EUR -233 million (9m 2018: EUR -413 million). The effective tax rate 
also reflected charges related to the defence export licence suspension, as 
well as the reassessment of tax assets and liabilities. Consolidated *net 
income(1)* was EUR 2,186 million (9m 2018: EUR 1,453 million). 
 
Consolidated *free cash flow* *before M&A and customer financing *ofEUR 
-4,937 million 
(9m 2018: EUR -4,169 million) mainly reflected the working capital build to 
support future deliveries, including advanced stage aircraft close to 
delivery. Consolidated *free cash flow* was EUR -5,127 million (9m 2018: EUR 
-3,928 million). 
 
The consolidated *net cash position* was EUR 5.6 billion on 30 September 
2019 (year-end 2018: EUR 13.3 billion) after the 2018 dividend payment of 
EUR 1.3 billion in the second quarter. The *gross cash position* on 30 
September was EUR 17.8 billion (year-end 2018: EUR 22.2 billion). 
 
In response to developments in the WTO dispute, the United States Trade 
Representative (USTR) decided to impose tariffs on Airbus commercial 
aircraft imported from the EU into the US from 18 October 2019. The tariffs, 
as announced, do not include components delivered to Mobile, US, from 
Europe. Airbus is working with its US customers to manage the consequences 
of these tariffs. The potential decision of the EU to impose tariffs on US 
products should come at a later stage. Airbus continues to support an 
outcome through a negotiated solution(2). 
 
*Outlook * 
As the basis for its 2019 guidance, the Company expects the world economy 
and air traffic to grow in line with prevailing independent forecasts, which 
assume no major disruptions. 
 
The 2019 earnings and Free Cash Flow guidance is before M&A. 
 
  · Airbus now targets around 860 commercial aircraft deliveries in 2019, 
  which reflects the updated delivery schedule. 
 
  · On that basis: 
  Airbus maintains its expected increase in EBIT Adjusted of approximately 
  +15% compared to 2018. 
  Airbus now expects FCF before M&A and Customer Financing of approximately 
  EUR 3 billion. 
 
*About Airbus* 
Airbus is a global leader in aeronautics, space and related services. In 
2018, it generated revenues of EUR 64 billion and employed a workforce of 
around 134,000. Airbus offers the most comprehensive range of passenger 
airliners. Airbus is also a European leader providing tanker, combat, 
transport and mission aircraft, as well as one of the world's leading space 
companies. In helicopters, Airbus provides the most efficient civil and 
military rotorcraft solutions worldwide. 
 
*Contacts for the media:* 
Martin Agüera 
+49 (0) 175 227 4369 
martin.aguera@airbus.com 
 
Rod Stone 
+33 (0) 6 3052 1993 
rod.stone@airbus.com 
 
*Note to editors:* *Live Webcast of the Analyst Conference Call * 
 
At 08:15 CET on 30 October, you can listen to the *9m 2019 Results Analyst 
Conference* *Call* with *Chief Executive Officer Guillaume Faury* and *Chief 
Financial Officer Dominik Asam* via the Airbus website. The analyst call 
presentation can also be found on the company website. A recording will be 
made available in due course. For a reconciliation of Airbus' KPIs to 
"reported IFRS" please refer to the analyst presentation. 
 
*Airbus Consolidated - Nine-Month (9m) Results 2019 * 
(Amounts in Euro) 
 
*Airbus Consolidated*                 *9m 2019* 9m 2018 Change 
*Revenues*, in millions               *46,168*  40,421   +14% 
thereof defence, in millions           *6,231*   6,141   +1% 
*EBIT Adjusted*, in millions           *4,133*  2,738    +51% 
*EBIT (reported)*, in millions         *3,431*  2,683    +28% 
*Research & Development expenses*,     *2,150*  2,103    +2% 
in millions 
*Net Income(1)*, in millions           *2,186*  1,453    +50% 
*Earnings Per Share (EPS) *            *2.81 *   1.88    +49% 
*Free Cash Flow (FCF)*, in millions   *-5,127*  -3,928    - 
*Free Cash Flow *                     *-4,902*  -4,342    - 
*before M&A*, in millions 
*Free Cash Flow before M&A*           *-4,937*  -4,169    - 
*and Customer Financing*, in millions 
 
*Airbus Consolidated*                 *30 Sept* 31 Dec  Change 
                                       *2019*    2018 
*Net Cash position*, in millions       *5,576*  13,281   -58% 
*Employees*                           *135,978* 133,671  +2% 
*By                *Revenues*             *EBIT(reported)* 
Business 
Segment* 
(Amounts in   *9m*      9m    Change   *9m *      9m    Change 
millions of  *2019*    2018            *2019*    2018 
Euro) 
Airbus      *35,572*  30,478   +17%   *3,405*   2,238    +52% 
Airbus      *3,712*   3,755     -1%    *203*     179     +13% 
Helicopters 
Airbus      *7,706*   7,051     +9%    *83 *     479    -83% 
Defence and 
Space 
Transversal  *-822*    -863      -     *-260*    -213      - 
& 
Elimination 
s 
*Total*     *46,168*  40,421   +14%   *3,431*   2,683    +28% 
 
*By Business Segment*              *EBIT Adjusted* 
(Amounts in millions of Euro)  *9m *      9m     Change 
                               *2019*    2018 
Airbus                        *3,833*   2,340     +64% 
Airbus Helicopters             *205*     202      +1% 
Airbus Defence and Space       *355*     409      -13% 
Transversal & Eliminations     *-260*    -213      - 
*Total*                       *4,133*   2,738     +51% 
 
*By       *Order Intake (net)*             *Order Book* 
Busine 
ss 
Segmen 
t* 
          *9m *       9m   Change   *30     30 Sept     Change 
          *2019*     2018          Sept*      2018 
                                   *2019* 
Airbus    *127*      256    -50%   *7,133    7,383       -3% 
, in                                 * 
units 
Airbus    *173*      230    -25%   *681*      704        -3% 
Helico 
pters, 
in 
units 
Airbus   *6,064*    4,988  +22%     N/A   N/A            N/A 
Defenc 
e and 
Space, 
in 
millio 
ns of 
Euro 
 
*Airbus Consolidated - Third Quarter (Q3) Results 2019* 
 
(Amounts in Euro) 
 
*Airbus                 *Q3 2019*          Q3 2018      Change 
Consolidated* 
*Revenues*, in           *15,302*          15,451         -1% 
millions 
*EBIT Adjusted*, in      *1,604*            1,576         +2% 
millions 
*EBIT (reported)*,   *1,338*                1,563        -14% 
in millions 
*Net Income(1)*, in       *989*              957          +3% 
millions 
*Earnings Per Share       *1.27*            1.23          +3% 
(EPS)* 
 
*By                *Revenues*             *EBIT (reported)* 
Business 
Segment* 
(Amounts in   *Q3*      Q3    Change    *Q3*      Q3    Change 
millions of  *2019*    2018            *2019*    2018 
Euro) 
Airbus      *11,529*  11,932    -3%   *1,254*   1,465    -14% 
Airbus      *1,341*   1,367     -2%     *79*      65     +22% 
Helicopters 
Airbus      *2,691*   2,399    +12%     *98*      97    +1% 
Defence and 
Space 
Transversal  *-259*    -247      -     *-93*     -64    - 
& 
Elimination 
s 
*Total*     *15,302*  15,451    -1%   *1,338*   1,563   -14% 
*By Business Segment*              *EBIT Adjusted* 
(Amounts in millions of Euro)   *Q3*      Q3     Change 
                               *2019*    2018 
Airbus                        *1,495*   1,473     +1% 
Airbus Helicopters              *80*      67      +19% 
Airbus Defence and Space       *122*     100      +22% 
Transversal & Eliminations     *-93*     -64       - 
*Total*                       *1,604*   1,576     +2% 
 
*Q3 2019 revenues* were stable as lower commercial aircraft deliveries were 
compensated by favourable foreign exchange rates and higher revenues at 
Airbus Defence and Space. 
 
*Q3 2019 EBIT Adjusted *was stable as lower commercial aircraft deliveries 
were compensated by the transition to the NEO and progress on the A350 XWB 
programme. 
 
*Q3 2019 EBIT (reported) *decreased by 14%. This reflected Net Adjustments 
of EUR -266 million booked in the quarter. Net Adjustments in the third 
quarter of 2018 amounted to EUR -13 million. 
 
*Q3 2019 Net Income *was stable, reflecting the lower EBIT (reported) and 
offset by an improved financial result and a lower effective tax rate. 
 
*EBIT (reported) / EBIT Adjusted Reconciliation* 
 
The table below reconciles EBIT (reported) with EBIT Adjusted. 
 
*Airbus Consolidated*                    *9m 2019* 
(Amounts in millions of Euro) 
*EBIT (reported)*                         *3,431* 
*thereof:* 
$ PDP mismatch/Balance Sheet revaluation  *-253* 
Defence export ban                        *-221* 
A380 programme cost                       *-158* 
Others                                     *-70* 
*EBIT Adjusted*                           *4,133* 
 
*Glossary * 
 
             *KPI*                       *DEFINITION* 
            *EBIT*              The Company continues to use 
                                the term EBIT (Earnings before 
                                interest and taxes). It is 
                                identical to Profit before 
                                finance result and income taxes 
                                as defined by IFRS Rules. 
         *Adjustment*           Adjustment, an *alternative 
                                performance measure,* is a term 
                                used by the Company which 
                                includes material charges or 
                                profits caused by movements in 
                                provisions related to 
                                programmes, restructuring or 
                                foreign exchange impacts as 
                                well as capital gains/losses 
                                from the disposal and 
                                acquisition of businesses. 
        *EBIT Adjusted*         The Company uses an 
                                *alternative performance 
                                measure, *EBIT Adjusted*, *as a 
                                key indicator capturing the 
                                underlying business margin by 
                                excluding material charges or 
                                profits caused by movements in 
                                provisions related to 
                                programmes, restructurings or 
                                foreign exchange impacts as 
                                well as capital gains/losses 
                                from the disposal and 
                                acquisition of businesses. 
        *EPS Adjusted*          EPS Adjusted is an *alternative 
                                performance measure* of basic 
                                earnings per share as reported 
                                whereby the net income as the 
                                numerator does include 
                                Adjustments. For 
                                reconciliation, see the Analyst 
                                presentation. 
     *Gross cash position*      The Company defines its 
                                consolidated gross cash 
                                position as the sum of (i) cash 
                                and cash equivalents and (ii) 
                                securities (all as recorded in 
                                the consolidated statement of 
                                financial position). 
      *Net cash position*       For the definition of the 
                                *alternative performance 
                                measure* net cash position, see 
                                Registration Document, MD&A 
                                section 2.1.6. 
             *FCF*              For the definition of the 
                                *alternative performance 
                                measure* free cash flow, see 
                                Registration Document, MD&A 
                                section 2.1.6.1. It is a key 
                                indicator which allows the 
                                Company to measure the amount 
                                of cash flow generated from 
                                operations after cash used in 
                                investing activities. 
       *FCF before M&A*         Free cash flow before mergers 
                                and acquisitions refers to free 
                                cash flow as defined in the 
                                Registration Document, MD&A 
                                section 2.1.6.1 adjusted for 
                                net proceeds from disposals and 
                                acquisitions. It is an 
                                *alternative performance 
                                measure* and key indicator that 
                                reflects free cash flow 
                                excluding those cash flows 
                                resulting from acquisitions and 
                                disposals of businesses. 
 *FCF before M&A and customer   Free cash flow before M&A and 
          financing*            customer financing refers to 
                                free cash flow before mergers 
                                and acquisitions adjusted for 
                                cash flow related to aircraft 
                                financing activities. It is an 
                                *alternative performance 
                                measure *and indicator that may 
                                be used from time to time by 
                                the Company in its financial 
                                guidance, especially when there 
                                is higher uncertainty around 
                                customer financing activities. 
 
*Footnotes:* 
 
*1. *Airbus SE continues to use the term Net Income. It is identical to 
Profit for the period attributable to equity owners of the parent as defined 
by IFRS Rules. 
 
*2. *For more details on the WTO dispute, please refer to the Financial 
Statements and, in particular, note 23, "Litigation and Claims" of the 
Unaudited Condensed Interim Financial Information of Airbus SE for the 
nine-month period ended 30 September 2019 available on Airbus' website 
(www.airbus.com [1]). 
 
*Safe Harbour Statement:* 
 
This press release includes forward-looking statements. Words such as 
"anticipates", "believes", "estimates", "expects", "intends", "plans", 
"projects", "may" and similar expressions are used to identify these 
forward-looking statements. Examples of forward-looking statements include 
statements made about strategy, ramp-up and delivery schedules, introduction 
of new products and services and market expectations, as well as statements 
regarding future performance and outlook. 
By their nature, forward-looking statements involve risk and uncertainty 
because they relate to future events and circumstances and there are many 
factors that could cause actual results and developments to differ 
materially from those expressed or implied by these forward-looking 
statements. 
 
These factors include but are not limited to: 
 
· Changes in general economic, political or market conditions, including 
the cyclical nature of some of Airbus' businesses; 
 
· Significant disruptions in air travel (including as a result of 
terrorist attacks); 
 
· Currency exchange rate fluctuations, in particular between the Euro and 
the U.S. dollar; 
 
· The successful execution of internal performance plans, including cost 
reduction and productivity efforts; 
 
· Product performance risks, as well as programme development and 
management risks; 
 
· Customer, supplier and subcontractor performance or contract 
negotiations, including financing issues; 
 
· Competition and consolidation in the aerospace and defence industry; 
 
· Significant collective bargaining labour disputes; 
 
· The outcome of political and legal processes, including the availability 
of government financing for certain programmes and the size of defence and 
space procurement budgets; 
 
· Research and development costs in connection with new products; 
 
· Legal, financial and governmental risks related to international 
transactions; 
 
· Legal and investigatory proceedings and other economic, political and 
technological risks and uncertainties. 
 
As a result, Airbus SE's actual results may differ materially from the 
plans, goals and expectations set forth in such forward-looking statements. 
For a discussion of factors that could cause future results to differ from 
such forward-looking statements, see the 2018 Airbus SE "Registration 
Document" dated 29 July 2019, including the Risk Factors section. 
Any forward-looking statement contained in this press release speaks as of 
the date of this press release. Airbus SE undertakes no obligation to 
publicly revise or update any forward-looking statements in light of new 
information, future events or otherwise. 
 
*Rounding* 
Due to rounding, numbers presented may not add up precisely to the totals 
provided and percentages may not precisely reflect the absolute figures. 
 
30-Oct-2019 CET/CEST The DGAP Distribution Services include Regulatory 
Announcements, Financial/Corporate News and Press Releases. 
Archive at www.dgap.de 
Language:    English 
Company:     Airbus SE 
             P.O. Box 32008 
             2303 DA Leiden 
             Netherlands 
Phone:       00 800 00 02 2002 
Fax:         +49 (0)89 607 - 26481 
Internet:    www.airbusgroup.com 
ISIN:        NL0000235190 
WKN:         938914 
Indices:     MDAX 
Listed:      Regulated Market in Frankfurt (Prime Standard); Regulated 
             Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, 
             Munich, Stuttgart, Tradegate Exchange 
EQS News ID: 900167 
 
End of Announcement DGAP News Service 
 
900167 30-Oct-2019 CET/CEST 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=47fe5f0e731c7c89a6dfb1726fcda07f&application_id=900167&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

October 30, 2019 01:30 ET (05:30 GMT)

© 2019 Dow Jones News
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