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Airbus Group Q1 order intake down to €7.2bn from €21bn

Staff writer |
Airbus Group reported first quarter 2016 results and maintained its guidance for the full year.

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Group order intake in the quarter was €7.2 billion (Q1 2015: €21 billion), with the order book value totalling €957 billion as of 31 March 2016 (year-end 2015: €1,006 billion).

Airbus received 10 net commercial aircraft orders (Q1 2015: 101 net orders) with gross orders of 32 aircraft including 14 A330neos and two A380s for Emirates Airline. Fourteen of the 22 cancellations in the quarter were CEO (current engine option) to NEO (new engine option) conversions for the A320 and A330.

Airbus Helicopters received 51 net orders (Q1 2015: 86 units), including 38 Ecureuil light rotorcraft. Order intake by value rose five percent at Airbus Defence and Space, driven mainly by earth observation satellites and defence contracts.

Group revenues were stable at €12.2 billion (Q1 2015: €12.1 billion). Despite lower deliveries of 125 aircraft (Q1 2015: 134 aircraft), revenues were stable at Commercial Aircraft supported by the strengthening average U.S. dollar rate.

Helicopters’ revenues declined 10 percent, reflecting lower deliveries of 56 units (Q1 2015: 62 units) and an unfavourable mix.

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 – was €501 million (Q1 2015: €651 million).

Commercial Aircraft’s EBIT before one-off totalled €407 million (Q1 2015: €569 million), driven mainly by the back-loaded profile of deliveries and A330 rate adjustment but partly compensated by lower research and development (R&D) costs.

Helicopters’ EBIT before one-off declined to €33 million (Q1 2015: €52 million), mainly reflecting lower volumes and an unfavourable mix.

Defence and Space’s EBIT before one-off increased 21 percent to €109 million (Q1 2015: €90 million), supported by programme execution, portfolio focusing and efficiency measures.

Group self-financed R&D expenses declined to €547 million (Q1 2015: €701 million).

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