Airbus 2015 Annual Report Download - page 93

AIRBUS GROUP REGISTRATION DOCUMENT 2015 l 61 l
Management’sDiscussion andAnalysisofFinancial Condition andResultsofOperations
Registration Document 2015
2.
2.1 Operating and Financial Review
2.1.1.1 Exchange Rate Information
The financial information presented in this document is expressed ineuros,USdollars or pounds sterling. The following table sets
out, for the periods indicated, certain information concerning the exchange rate between the euro and the USdollar and pound
sterling, calculated using the official European Central Bank fixing rate:
Year ended
Average Year End
€-US$ €-£ €-US$ €-£
31December 2013 1.3281 0.8493 1.3791 0.8337
31December 2014 1.3285 0.8061 1.2141 0.7789
31December 2015 1.1095 0.7259 1.0887 0.7340
2.1.1.2 Reportable Business Segments
Since 1January 2014, the Group has organised its businesses
into the following three reportable segments:
 Airbus: development, manufacturing, marketing and sale
of commercial jet aircraft of more than 100seats; aircraft
conversion and related services; development, manufacturing,
marketing and sale of regional turboprop aircraft and aircraft
components;
 Airbus Helicopters: development, manufacturing, marketing
and sale of civil and military helicopters; provision of helicopter‑
related services; and
 Airbus Defence andSpace: Military combat aircraft and
training aircraft; provision of defence electronics and of
global security market solutions such as integrated systems
for global border security and secure communications
solutions and logistics; training, testing, engineering and other
related services; development, manufacturing, marketing
and sale of missiles systems; development, manufacturing,
marketing and sale of satellites, orbital infrastructures and
launchers; provision of space related services; development,
manufacturing, marketing and sale of military transport aircraft
and special mission aircraft and related services.
“Other/ HQ/ Consolidation” comprises the Group’s activities
managed in the US, the holding function of the Group’s
Headquarters, the AirbusGroup bank and other activities not
allocable to the reportable segments, combined together with
consolidation effects.
2.1.1.3 Significant Programme Developments,
Restructuring and Related Financial
Consequences in2013, 2014 and 2015
A380 programme. Based on an updated technical solution
concept to fix permanently the retrofit of the A380 wing rib issue,
an additional amount of € 85million was recognised in 2013. In
2014, Airbus provided for costs related to in service technical
issues identified and with solutions defined, which reflected the
latest facts and circumstances at the time.
In 2015, Airbus continued to improve gross margin per aircraft.
Despite lower A380 deliveries (27aircraft in 2015 compared to
30aircraft in 2014), the programme achieved breakeven for the
first time in 2015.
A350XWB programme. On 14June 2013, the first A350XWB
“MSN1” took to the skies on its first flight. In 2013, a net charge of
€ 434million reflected a re‑assessment of actual and estimated
unit cost. Improvement actions were launched to converge on
cost targets.
In 2014, A350XWB received Type Certification and entry‑into‑
service occurred at the end of 2014, with the first A350XWB
being delivered to Qatar Airways on 22December in line with
commitments. In 2014, Airbus applied prospectively construction
contract accounting for launch customer contracts in the civil
aircraft business where customers significantly influenced
the structural design and technology of the aircraft under the
contract. Considering certain airline customers’ involvement
in the development and production process of the A350XWB
programme, Airbus applied IAS11 construction contract
accounting to a fixed number of launch customer contracts
of the A350XWB programme. For all other contracts IAS18
is applied.
2.1.1 Over view
With consolidated revenues of € 64.5billion in 2015, the Group
is Europe’s premier aerospace and defence company and
one of the largest aerospace and defence companies in the
world. In terms of market share, the Group is among the top
two manufacturers of commercial aircraft, civil helicopters,
commercial space launch vehicles and missiles, and a leading
supplier of military aircraft, satellites and defence electronics.
In 2015, it generated 82% of its total revenues in the civil sector
(compared to 82% in 2014) and 18% in the defence sector
(compared to 18% in 2014). As of 31December 2015, the
Group’s active headcount was 136,574employees.
Financial Statements 2015
11 22 33 44 55
QRegistration Document 2015
Annual Report 2015 Financial Statements 2015
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