Thursday, February 15, 2024
Airbus SE unveiled its comprehensive financial performance for the year 2023 and shared its outlook for 2024.
“In 2023 we recorded strong order intake across all our businesses and we delivered on our commitments. This was a significant achievement given the complexity of the operating environment,” said Guillaume Faury, Airbus Chief Executive Officer. “We will continue to invest in our global industrial system, while progressing on our transformation and decarbonisation journey. Our dividend proposals are a reflection of the strong 2023 financials, our growth prospects in 2024 and balance sheet strength.”
In 2023, Airbus received a total of 2,319 commercial aircraft orders (a sharp increase from 1,078 in 2022), with 2,094 net orders post-cancellations (up from 820 in 2022). The commercial aircraft backlog reached 8,598 units by year’s end. Airbus Helicopters secured 393 net orders (up from 362 in 2022), demonstrating a diverse demand across its programs and achieving a book-to-bill ratio over 1 in both units and value. Airbus Defence and Space saw a 15% rise in order value to €15.7 billion (up from €13.7 billion in 2022), with a book-to-bill ratio around 1.4. The fourth quarter included orders for 16 C295 aircraft for Spain.
Overall, Airbus’s order intake by value surged to €186.5 billion (from €82.5 billion in 2022), and the total order book was valued at €554 billion at the close of 2023 (up from €449 billion at the end of 2022). This increase is mainly due to a company-wide book-to-bill ratio significantly above 1, despite some impact from the US dollar’s fluctuation.
Revenues grew by 11% year-over-year to €65.4 billion (up from €58.8 billion in 2022), with 735 commercial aircraft delivered (up from 661 in 2022), including 68 A220s, 571 A320 Family aircraft, 32 A330s, and 64 A350s. Revenue from commercial aircraft activities rose by 15%, reflecting the increase in deliveries. Airbus Helicopters maintained stable delivery numbers at 346 units (slightly up from 344 in 2022), with a 4% revenue increase. Revenue from Airbus Defence and Space grew by 2%, driven by Military Air Systems and Connected Intelligence.
The company reported an EBIT Adjusted of €5,838 million (up from €5,627 million in 2022), indicating an improvement in business margins excluding certain costs and gains. This includes an increase in EBIT Adjusted for commercial aircraft activities to €4,818 million (up from €4,600 million), attributed to higher deliveries and favorable hedge rates.
Production ramp-ups continue with the A220 aiming for a monthly production rate of 14 aircraft by 2026 and the A320 Family targeting a rate of 75 aircraft per month by the same year. New assembly lines in Tianjin, Mobile, and Toulouse have been initiated or completed, with the A321XLR entering assembly and expected to be in service by Q3 2024. Widebody production rates are also set to increase.
Airbus Helicopters and Defence and Space segments showed varied performance, with EBIT Adjusted growing for helicopters but decreasing for defence and space, reflecting specific program adjustments and charges.
Research and development expenses were €3,257 million (up from €3,079 million in 2022), and the reported EBIT was €4,603 million (down from €5,325 million in 2022), including net adjustments.
The financial outcome improved to €166 million (from a loss of €250 million in 2022), leading to a net income of €3,789 million (down from €4,247 million). The company also reported a strong cash position and proposed a dividend of €1.80 per share plus a special dividend of €1.00 per share for 2023.
For 2024, Airbus anticipates no further disruptions and targets around 800 commercial aircraft deliveries, an EBIT Adjusted between €6.5 billion and €7.0 billion, and a free cash flow before customer financing of approximately €4.0 billion.
Sunday, April 28, 2024
Sunday, April 28, 2024
Sunday, April 28, 2024
