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Airbus posts consolidated full-year 2020 financial results

©Airbus

has reported consolidated full-year 2020 results.

Net commercial aircraft orders totalled 268 (2019: 768 aircraft) with the order backlog comprising 7,184 commercial aircraft as of December 31, 2020. booked 268 net orders (2019: 310 units), including 31 NH90s for the German Bundeswehr in Q4 and 11 H160s. 's order intake by value increased 39% year-on-year to €11.9 billion, a book-to-bill above one, mainly driven by major contract wins in Military Aircraft. This included a contract signed in November to deliver 38 new Eurofighters for the German Air Force.

Consolidated order intake by value decreased to €33.3 billion (2019: € 81.2 billion) with the consolidated order book valued at €373 billion on 31 December 2020 (year-end 2019: €471 billion). The decrease in the value of the commercial aircraft backlog reflects the higher number of deliveries compared to order intake, the weakening of the U.S. dollar and an assessment of the backlog's recover-ability. 

Consolidated revenues decreased to €49.9 billion (2019: €70.5 billion), driven by the difficult market environment impacting the commercial aircraft business with 34% fewer deliveries year on year. A total of 566 commercial aircraft were delivered (2019: 863 aircraft), comprising 38 A220s, 446 A320 Family, 19 A330s, 59 A350s and 4 A380s. During the fourth quarter of 2020, a total of 225 commercial aircraft were delivered, including 89 in December. In 2020, Airbus Helicopters delivered 300 units (2019: 332 units) with revenues increasing by around 4%, benefiting from a favourable product mix and growth in services. Revenues at Airbus Defence and Space decreased by around 4%, mainly reflecting lower volume as well as the impact of COVID-19 on business phasing, mainly in Space Systems. 

Consolidated EBIT Adjusted totalled €1,706 million (2019: €6,946 million). This mainly reflects the weaker commercial aircraft performance, which was supported by a strong contribution from Airbus Helicopters and Airbus Defence and Space.

Consolidated net loss was €-1,133 million (2019 net loss: €-1,362 million). It includes the financial result of €-620 million (2019: €-275 million). The financial result largely reflects interest results of €-271 million, Repayable Launch Investment re-measurement impact in the other financial result of €-157 million, as well as a net €-149 million related to Aviation financial instruments. It also includes the impairment of the OneWeb loan, recognised in Q1 2020.

Consolidated free cash flow before M&A and customer financing amounted to €-6,935 million (2019: €3,509 million), including the payment of the compliance-related penalties of  €-3.6 billion in Q1 2020. The Q4 2020 free cash flow before M&A and customer financing of € 4.9 billion reflects the solid level of aircraft deliveries in the quarter, the good performance from Helicopters and Defence and Space, as well as a strong focus on working capital management. 

As the basis for its 2021 guidance, the company assumes no further disruptions to the world economy, air traffic, the company's internal operations, and its ability to deliver products and services. The company's 2021 guidance is before M&A. On that basis, Airbus targets to at least achieve in 2021 the same number of commercial aircraft deliveries as in 2020, EBIT Adjusted of €2 billion and breakeven free cash flow before M&A and customer financing. (€1.00 = US$1.21 at time of publication.)

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