Airbus Group reports strong nine-month results

Airbus Group revenues increased 6% to €43.0bn (9m 2014: €40.5bn), reflecting the strengthening U.S. dollar and a favourable mix at Airbus. Revenues at Commercial Aircraft rose eight percent with 446 aircraft delivered (9m 2014: 443 units), including 19 A380s and five A350 XWBs. Despite lower overall deliveries of 237 units (9m 2014: 295 units), Helicopters’ revenues rose 4% due mainly to higher government programme and services activity. Defence and Space’s revenues were broadly stable despite the de-consolidation of launcher revenues with the creation of the Airbus Safran Launchers Joint Venture’s first phase. 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 – rose 8% to €2,804m (9m 2014: €2,590m). Commercial Aircraft’s EBIT before one-off rose 25% to €2,226m (9m 2014: €1,780m), driven by operational improvement with a strong contribution from the A380 programme. It also reflected some favourable cost phasing, including research & development (R&D) and A350 support costs. Helicopters’ EBIT before one-off was €241m (9m 2014: €241m), with lower deliveries and unfavourable mix offset by services activity and progress on the transformation plan. Defence and Space’s EBIT before one-off increased to €431m (9m 2014: €370m), driven by good programme execution and its transformation plan. Reported EBIT rose 14% to €2,946m (9m 2014: €2,583m), with net one-offs totalling a positive €142m. Net income increased 36% to €1,900m (9m 2014: €1,399m) while earnings per share (EPS) rose 35% to €2.42 (9m 2014: € 1.79). The finance result was €-536m (9m 2014: €-612m) and included one-offs totalling €-156m mainly from the revaluation of financial instruments.