March 2, 2015
Airbus Group reported EBIT up 54% to €4.0bn
Airbus Group reported strong 2014 results, reflecting an improved operational performance with record commercial aircraft deliveries, revenues and order backlog. Group order intake in 2014 was €166.4bn (FY 2013: €216.4bn, with the order book worth a record €857.5bn at year-end (year-end 2013: €680.6bn). Airbus received 1,456 net commercial aircraft orders (FY 2013: 1,503 net orders), with a net book-to-bill ratio above 2 and a backlog of 6,386 aircraft at year-end. Net order intake at Airbus Helicopters was 369 units (FY 2013: 422 units), including a backlog adjustment of 33 NH90s. Airbus Defence and Space’s order intake by value rose four percent, driven by continuing strong momentum in space systems and good order flow in light and medium (L&M) military aircraft. Group revenues increased five percent to a record €60.7bn (FY 2013: €57.6bn). Commercial Aircraft revenues rose seven percent, driven by the overall increase in deliveries to a record 629 aircraft (FY 2013: 626 deliveries) and a more favourable delivery mix including 30 A380s compared to 25 in 2013. Group EBIT before one-off(4) – an indicator capturing the underlying business margin by excluding material non-recurring charges or profits caused by movements in provisions related to programmes and restructurings or foreign exchange impacts – improved to €4,066m (FY 2013: €3,537m). Commercial Aircraft EBIT before one-off increased to €2,529m (FY 2013: €2,214m), reflecting a solid underlying performance. Helicopters’ EBIT before one-off rose slightly to €413m (FY 2013: €397m), despite higher research and development (R&D) expenses and a less favourable revenue mix. Defence and Space’s EBIT before one-off was stable at €920m (FY 2013: €911m). Reported EBIT increased 54% to €4,040m (FY 2013: €2,624m) with a low level of net one-offs amounting to €-26m in total. Net income rose to €2,343m (FY 2013: €1,473m), while earnings per share (EPS) increased to €2.99 (FY 2013: €1.86). Net income and EPS increased strongly despite the finance result of €-778m (FY 2013: €-610m), which included a negative foreign exchange valuation of €341m linked to the weakening of the euro in the fourth quarter.