Airbus has reported consolidated financial results for the half-year ended June 30, 2022.
Gross commercial aircraft orders increased to 442 (H1 2021: 165 aircraft) with net orders of 259 aircraft after cancellations (H1 2021: 38 aircraft). The order backlog amounted to 7,046 commercial aircraft on June 30, 2022. Airbus Helicopters booked 163 net orders (H1 2021: 123 units), including 14 Super Puma Family and in Q1 it was awarded the contract for the Tiger MkIII attack helicopter upgrade programme. Airbus Defence and Space’s order intake by value increased to € 6.5 billion (H1 2021: € 3.5 billion), corresponding to a book-to-bill ratio of around 1.3. Second-quarter orders included the contract to deliver 20 latest-generation Eurofighter jets to the Spanish Air Force.
Consolidated revenues totalled €24.8 billion (H1 2021: €24.6 billion). A total of 297 commercial aircraft were delivered (H1 2021: 297 aircraft), comprising 25 A220s, 230 A320 family, 13 A330s and 29 A350s. Revenues generated by Airbus’ commercial aircraft activities were broadly stable. Airbus Helicopters delivered 115 units (H1 2021: 115 units), with revenues rising by six percent mainly reflecting growth in services and a favourable mix in programmes. Revenues at Airbus Defence and Space increased 11%, mainly driven by the Military Aircraft business and following the Eurodrone contract signature in February. Four A400M airlifters were delivered in H1 2022.
Consolidated EBIT Adjusted – an alternative performance measure and key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses – was broadly stable at €2,645 million (H1 2021: €2,703 million).
EBIT Adjusted related to Airbus’ commercial aircraft activities was broadly stable at €2,276 million (H1 2021: €2,291 million). It included the non-recurring positive impact from retirement obligations recorded in Q1, partly offset by the impact from international sanctions against Russia which was reduced as compared to Q1 2022 following good progress on the re-marketing of some aircraft. The net positive impact from these two non-recurring elements was largely offset by a less favourable currency hedging rate compared to H1 2021.
Airbus Helicopters’ EBIT Adjusted increased to €215 million (H1 2021: €183 million), partly driven by the growth in services and a favourable mix in programmes. It also reflects the non-recurring elements booked in Q1, including the positive impact related to retirement obligations.
Given the current supply chain challenges, the company is adapting the ramp-up trajectory and now targets a monthly rate of 65 in early 2024, around six months later than previously planned. The first flight of the A321XLR took place in June, representing an important milestone towards the aircraft’s entry-into-service that is expected to take place in early 2024. On wide-body aircraft, the company is exploring, together with its supply chain, the feasibility of further rate increases to meet growing market demand as international air travel recovers. (£1.00 = €1.19 at time of publication).
