Airbus has posted consolidated financial results for the half-year ended June 30, 2024.
“The half-year financial performance mainly reflects significant charges in our space business. We are addressing the root causes of these issues,” said Guillaume Faury, Airbus Chief Executive Officer. “In commercial aircraft, we are focused on deliveries and preparing the next steps of the ramp-up, while addressing specific supply chain challenges and protecting the sourcing of key work packages.”
Gross commercial aircraft orders totalled 327 (H1 2023: 1,080 aircraft) with net orders of 310 aircraft after cancellations (H1 2023: 1,044 aircraft). The order backlog amounted to 8,585 commercial aircraft at the end of June 2024. Airbus Helicopters registered 233 net orders (H1 2023: 131 units), including 38 H225s for the German Federal Police in the second quarter. Airbus Defence and Space's order intake by value was €6.1 billion (H1 2023: €6.0 billion).
Consolidated revenues increased four percent year-on-year to €28.8 billion (H1 2023: €27.7 billion), mainly reflecting the number of commercial aircraft deliveries and a higher volume in the Air Power business of Airbus Defence and Space. A total of 323 commercial aircraft were delivered (H1 2023: 316 aircraft), comprising 28 A220s, 261 A320 family, 13 A330s and 21 A350s. Revenues generated by Airbus' commercial aircraft activities increased by four percent, mainly reflecting the higher number of deliveries. Airbus Helicopters' deliveries totalled 124 units (H1 2023: 145 units), with revenues broadly stable year-on-year, reflecting a solid performance, notably in services. Revenues at Airbus Defence and Space increased by seven percent, mainly driven by the Air Power business, partly offset by the recent update of Estimates at Completion assumptions in Space Systems. Four A400M military airlifters were delivered in H1 2024 (H1 2023: 3 aircraft).
Consolidated EBIT Adjusted was €1,391 million (H1 2023: €2,618 million). This decrease primarily reflects the charges recorded in the Space Systems business of €989 million. EBIT Adjusted related to Airbus' commercial aircraft activities decreased to €1,954 million (H1 2023: €2,256 million), with the increase in deliveries reduced by investments for preparing the future.
The financial result was € -108 million (H1 2023: € 102 million), mainly reflecting the negative impact from the revaluation of certain equity investments. Consolidated net income was € 825 million (H1 2023: € 1,526 million) with consolidated reported earnings per share of € 1.04 (H1 2023: € 1.94).
Consolidated free cash flow before customer financing was € -529 million (H1 2023: € 1,635 million), mainly driven by the change in working capital which includes the planned inventory build-up to support the ramp-up plan. Consolidated free cash flow was € -559 million (H1 2023: € 1,593 million). The gross cash position stood at € 21.9 billion at the end of June 2024 (year-end 2023: € 25.3 billion), with a consolidated net cash position of € 7.9 billion (year-end 2023: € 10.7 billion) after the payments of the 2023 dividend and special dividend.
