Airbus 2015 Annual Report Download - page 210

AIRBUS GROUP FINANCIAL STATEMENTS 2015 l 28 l
Notes to the IFRSConsolidatedFinancialStatements
2.4 Group Performance
2.4 Group Performance
10. Revenues, Cost of Sales and Gross Margin
Revenues
Revenues are mainly comprised of sales of goods and services, as well as revenues associated with construction contracts
accounted for under the PoC method, contracted research and development and customer financing.
(In € million) 2015 2014
Revenues from construction contracts 9,860 7,916
Other revenues(1) 54,590 52,797
Total(2) 64,450 60,713
Thereof service revenues including sale of spare parts 8,328 8,279
(1) Includes mainly revenues from sales of commercial aircraft recognised under IAS18.
(2) For more details, please see Note9 “Segment information”.
Revenues increased by 6.2% mainly at Airbus. The revenue
growth in Airbus results from a more favourable foreign exchange
impact and an overall increase in deliveries to 635 aircraft
(629 in the previous year). Airbus Helicopters contributed also
positively mainly due to a higher level of services activity. Airbus
Defence and Space revenues were broadly stable and include
revenues related to the A400M programme of € 1,648million
(2014: € 1,561million).
Revenues by geographical areas based on the location of the customer are as follows:
(In € million) 2015 2014
Europe 20,060 20,254
Asia - Pacific 18,755 19,379
North America 10,217 9,731
Middle East 8,612 6,520
Latin America 4,096 3,844
Other countries 2,710 985
Total 64,450 60,713
Cost of Sales and Gross Margin
Cost of sales increased by 7.4%. The increase was primarily
due to business growth at Airbus, an increase in the A350XWB
programme support costs, and negative foreign exchange
revaluation impacts from pre-delivery payments. This was partly
offset by a lower net charge related to A400M programme of
€ 290million (in 2014: € 551million).
Further included in cost of sales are amortisation expenses of
fair value adjustments of non-current assets in the amount of
€ 24million (2014: € 43million).
Inventories recognised as an expense during the period amount
to € 45,289million (in 2014: € 41,523million).
The gross margin decreased by € -86million to € 8,851million
compared to € 8,937million in 2014. Included is the net charge
on the A400M programme recorded in the second quarter of
2015 and a negative foreign exchange impact in Airbus. The
gross margin rate decreased from 14.7% to 13.7%.
The A350 XWB entry-into-service occurred at the end of
2014, with the first A350 being delivered to Qatar Airways on
22December 2014. In 2015, Airbus has delivered fourteen
additional aircraft. The industrial ramp-up preparation is
underway and associated risks will continue to be closely
monitored in line with the schedule, aircraft performance and
overall cost envelope, as per customer’s commitment. Despite
the progress made, significant challenges remain with the
ramp-up acceleration.
Financial Statements 2015
11 22 33 44 55
QRegistration Document 2015
Annual Report 2015 Financial Statements 2015