Airbus 2015 Annual Report Download - page 14

LETTER FROM DENIS RANQUE, CHAIRMAN OF THE BOARD
hile financial markets over the past year have been volatile, our
Company continues to make sound progress on numerous
fronts, operational and strategic, but also from a governance
perspective.
On the operational side, management’s sharp focus on
programme execution is paying off. In 2015, commercial
aircraft deliveries reached a new record of 635 units, the
A380 reached its breakeven target and the A350 ramp-up
advanced in line with plans. Furthermore, the A320neo was
certified before the year-end. The H160 new generation
helicopter programme commenced flight tests and progress
was made on the industrial situation of the A400M, although
challenges remain.
At the same time, important contracts were signed
underpinning the Group’s business for many years to come.
With over a thousand new commercial aircraft orders, Airbus
over-achieved its booking target for the year; as did Airbus
Defence and Space, thanks in particular to satellite and MRTT
orders as well as to the Ariane 6 development contract.
The Board of Directors is playing an active role in supporting
management towards achieving Airbus Group goals and in
steering our Company’s strategic course in the best interest
of its shareholders.
Throughout 2015, the Board closely monitored the technical
and commercial progress of the Group’s major programmes.
It reviewed Enterprise Risk Management results, the internal
audit plan and reoriented the Group’s compliance programme
by implementing a reinforced anti-corruption policy.
In support of the Group’s strategic development, the Board
initiated the Group’s digital transformation and supported
management’s initiative to establish a corporate venture
fund as well as an innovation centre in Silicon Valley to help
the Company capitalise on transformational technologies
and business models. Together with the rest of the Board,
I strongly support this drive to make our Company more
agile and quicker to market. That too, I believe, will bring
shareholder value in years to come.
Thanks to the Group’s continued financial success, we are
able to propose a dividend increase for the sixth year in
succession at € 1.30 per share, an amount which, based
on earnings per share of € 3.43, is in line with our policy of a
payout ratio of between 30% and 40%.
The dividend, coupled with our ongoing €1 billion share
buyback launched in November 2015, is a reflection of the
Company’s improving performance and of our commitment
to delivering shareholder value.
Governance is another area where we continue to improve.
The 2016 Annual General Meeting is rather special with many
Board mandates up for renewal. In fact, only one mandate is
not up for election, that of Amparo Moraleda. Our aim here
is to transition towards a best practice governance model,
combining annual election of Board members with the ability
to retain and build on members’ experience. In the new
staggered model, one third of the Board will either be replaced
or reappointed every year; hence the different mandate lengths
proposed this meeting. After this exceptional staggering
exercise, future Board mandates will be for three years.
This year, we welcome three new Board members, Catherine
Guillouard, Claudia Nemat and Carlos Tavares, who bring
a fresh injection of highly relevant competences and skills.
Overall, the new Board composition also reflects a more
appropriate level of gender diversity, with 25% women now.
Preparing for the Future
Dear Shareholders, Dear Stakeholders,
W
AIRBUS GROUP ANNUAL REPORT 2015 l 12 l