Airbus Group reports improved 9-month results

Airbus Group reported improved results for the first nine months of 2014, driven by an enhanced operational performance across the company. Demand for the Group's products remains strong overall with a net book-to-bill for commercial aircraft above 1 at the end of September, already fulfilling the full-year target. Group order intake in the first nine months of 2014 was €78.7bn (9m 2013: €137.0bn), with the order book worth €765.4bn on September 30th, 2014 (year-end 2013: €680.6bn). Airbus received 791 net commercial aircraft orders (9m 2013: 1,062 net orders). Net order intake at Airbus Helicopters was 208 units (9m 2013: 276 units), including 19 Super Pumas. Group revenues increased 4.0% to €40.5bn (9m 2013: €38.9bn). Commercial Aircraft revenues rose 5.5%, reflecting the delivery mix with 21 A380s delivered compared to 14 in the first nine months of 2013 and 443 aircraft delivered in total (9m 2013: 445 deliveries). Revenues at Helicopters rose 3.0% with 295 deliveries (9m 2013: 312 units), including the initial EC145 T2. 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 €2,590m (9m 2013: €2,320m). Commercial Aircraft EBIT before one-off reached €1,780m (9m 2013: €1,712m), driven by operational improvement, including progress on the A380 programme towards breakeven, and the favourable evolution of maturing U.S. dollar hedges despite higher research and development expenses and A350 XWB support costs. Helicopters' EBIT before one-off was €241m (9m 2013: €217m), reflecting the Super Puma recovery. Reported EBIT increased 21% to € 2,583 million (9m 2013: €2,131 million with one-offs limited to a € 7 million charge from the dollar pre-delivery payment mismatch and balance sheet revaluation. The finance result was €-612m (9m 2013: €-435m while net income rose to €1,399m (9m 2013: €1,203m). Net income and EPS included €-178m of negative foreign exchange revaluation before taxes, particularly in the third quarter. Group self-financed R&D expenses totalled €2,376m (9m 2013: €2,152m). Free cash flow before acquisitions improved significantly to €-2,090 m (9m 2013: €-4,749m), reflecting tight cash control while investing in production and development programmes.Third quarter free cash flow before acquisitions was positive at €180m (Q3 2013: €-686m). The net cash position on September 30th, 2014 was €5.3bn (year-end 2013: €8.5bn) after the 2013 dividend payment of €587m and € 349m pension plan contribution. The gross cash position on September 30th, 2014 was €12.4bn.