Airbus 2015 Annual Report Download - page 98

AIRBUS GROUP REGISTRATION DOCUMENT 2015 l 66 l
Management’sDiscussion andAnalysisofFinancial Condition andResultsofOperations
2.1 Operating and Financial Review
The table below illustrates the proportion of civil and defence backlog at the end of each of the past three years.
Year ended 31December 2015 Year ended 31December 2014 Year ended 31December 2013
Amount in €bn(1) In percentage Amount in €bn(1) In percentage Amount in €bn(1) In percentage
Backlog:
Civil Sector 9 67.5 96% 815.3 95% 638.0 94%
Defence Sector 38.4 4% 42.2 5% 42.6 6%
Total 1,005.9 100% 857.5 100% 680.6 100%
(1) Including “Other/ HQ/ Consolidation”.
2.1.3.3 Use of EBIT*
The Group uses EBIT pre‑goodwill impairment and exceptionals (EBIT*) as a key indicator of its economic performance. The term
“exceptionals” refers to such items as depreciation expenses of fair value adjustments relating to the former EADS merger and
the Airbus combination, as well as impairment charges thereon. It also comprises disposal impacts related to goodwill and fair
value adjustments from these transactions.
Set forth below is a table reconciling the Group’s profit before finance costs and income taxes (as reflected in the Group’s
consolidated income statement) with the Group’s EBIT*.
(in €m)
Year ended
31December 2015
Year ended
31December 2014 Year ended 31December 2013
Profit before finance costs and income taxes 4,062 3,991 2,570
Disposal and impairment of goodwill 0615
Exceptional depreciation 24 43 39
EBIT* 4,086 4,040 2,624
2.1.3.4 EBIT* Performance by Division
Set forth below is a breakdown of the Group’s consolidated EBIT* by Division for the past three years.
(in €m)
Year ended
31December 2015
Year ended
31December 2014 Year ended 31December 2013
Airbus 2,301 2,671 1,593
Airbus Helicopters 427 413 397
Airbus Defence andSpace 745 409 659
Total Divisional EBIT* 3,473 3,493 2,649
Other/ HQ/ Consolidation(1) 613 547 (25)
Total 4,086 4,040 2,624
(1) “Other/ HQ/ Consolidation” comprises results from headquarters, which mainly consist of the “share of profit from investments in associates” from the Group’s investment in
Dassault Aviation.
2015 compared to 2014. The Group’s consolidated EBIT*
increased by 1.1%, from € 4.0billion for 2014 to € 4.1billion
for 2015.
Airbus’ EBIT* decreased by 13.9%, from € 2.7billion for 2014
to € 2.3billion for 2015. A solid operational performance
including the A380 breakeven was weighed down by a negative
revaluation impact from foreign exchange linked to the dollar
pre‑delivery mismatch in the amount of € 551million, partially
compensated by a capital gain linked to the divestment of a
subsidiary (CIMPASAS) (€ 72million). (Please refer to “2.1.1.3
Significant Programme Developments, Restructuring and
Related Financial Consequences in 2013, 2014 and 2015”).
Airbus Helicopters’ EBIT* increased by 3.4%, from € 413million
for 2014 to € 427million for 2015 as lower deliveries were
compensated by higher services activities, a favourable mix
and progress on the Division’s transformation plan.
Airbus Defence andSpace’s EBIT* increased by 82.2% from
€ 409million for 2014 to € 745million for 2015 driven by strong
programme execution across the business lines and progress
with its transformation plan. In addition, a net charge of
€ 290million was recorded related to the A400M programme
Financial Statements 2015
11 22 33 44 55
QRegistration Document 2015
Annual Report 2015 Financial Statements 2015