Airbus Group core earnings down in first quarter 2016

Airbus Group revenues were stable at €12.2bn (Q1 2015: €12.1bn). 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 €501m (Q1 2015: €651m). Commercial Aircraft’s EBIT before one-off totalled €407m (Q1 2015: €569m), 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 €33m (Q1 2015: €52m), mainly reflecting lower volumes and an unfavourable mix. Defence and Space’s EBIT before one-off increased 21% to €109m (Q1 2015: €90m), supported by programme execution, portfolio focusing and efficiency measures.