Airbus Group reports first quarter 2014 net income of €439m

Airbus Group reported first quarter 2014 results reflecting the company’s continued focus on programme execution and achieving its operational milestones. Group order intake was €21.1bn (Q1 2013: €49.5bn), with the order book value amounting to €683.2bn on March 31st, 2014 (year-end 2013: €680.6bn). Airbus received 103 net commercial aircraft orders (Q1 2013: 410 net orders), including 20 A380s for Amedeo. Order intake at Airbus Helicopters rose 50% and was broadly stable at Airbus Defence and Space, with good momentum seen in the Space Systems business. Revenues increased five percent to €12.6bn (Q1 2013: € 12.1bn), with all three Divisions contributing positively and Airbus Helicopters showing a double-digit increase as deliveries rose to 74 units (Q1 2013: 58 units). Airbus revenues increased as a more favourable delivery mix, including two additional A380s compared to a year earlier, offset the overall reduction in volume to 141 commercial aircraft deliveries (Q1 2013: 144 deliveries). Airbus Defence and Space revenues rose three percent, driven by good programme execution in Space Systems. Two Ariane 5 launches were conducted in the quarter. Reported EBIT increased 22% to €719m (Q1 2013: €589m) and included a €19m positive contribution from the dollar pre-delivery payment mismatch and balance sheet revaluation after a negative charge of €131m a year earlier. The finance result was €-107m (Q1 2013: €-273m) while net income increased to €439 m (Q1 2013: €227m). Net income and EPS also reflected favourable foreign exchange effects while EPS benefitted additionally from the reduction in the number of shares linked to the buyback programme. Group self-financed R&D expenses increased to €727m (Q1 2013: €617m), due mainly to the R&D profileat Airbus and increased activity at Airbus Helicopters for the EC175 and EC145 T2 models.