Airbus Group EBIT improved to €4,066 million
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 €60.7 billion (FY 2013: €57.6 billion).
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. In the fourth quarter, the first A350 XWB was delivered to Qatar Airways as planned and IAS 11 accounting standards were implemented for limited launch customer contracts.
Revenues at Helicopters rose four percent, mainly driven by government programmes including the ramp-up in NH90 activity. Helicopter deliveries totalled 471 units (FY 2013: 497 units), including the successful entry-into-service (EIS) of the EC175 in the fourth quarter following the EIS of the EC145 T2 and EC135 T3 earlier in the year.
Defence and Space’s revenues were broadly stable, with eight A400M deliveries in total to four nations and six Ariane 5 launches during the year.
Group EBIT before one-off– 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 €4,066 million (FY 2013: €3,537 million).
Commercial Aircraft EBIT before one-off increased to €2,529 million (FY 2013: €2,214 million), reflecting a solid underlying performance. Helicopters’ EBIT before one-off rose slightly to €413 million (FY 2013: €397 million), 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 €920 million (FY 2013: €911 million). Group self-financed R&D expenses totalled €3,391 million (FY 2013: €3,118 million)
Group EBIT before one-off return on sales improved to 6.7 percent (FY 2013: 6.1 percent). Reported EBIT increased 54 percent to €4,040 million (FY 2013: €2,624 million) with a low level of net one-offs amounting to €-26 million in total. ■