Airbus has demonstrated positive progress in Q318 both on a year-on-year and sequential basis. Strong profitability reflected the progress on the A350 programme as the production schedule ramps up. Guidance has been adjusted, reducing the number of expected aircraft deliveries and FY18 FCF performance. Overall, with supportive end-markets, Airbus continues to address its current production challenges. We believe that the improving financial performance from the A320 and A350 ramp-ups underpins growth in group cash and earnings from 2019.