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CONTINUING SUCCESS
38
EADS ANNUAL REVIEW 2010
Airbus delivered a record number of aircraft for the eighth
year in a row and, as economic conditions improved,
order intake was unexpectedly high. Significant progress
was made on key programmes, in particular the A400M,
A380 and A350 XWB. While costs associated with the
A380 production ramp-up in particular, as well as the
weak dollar rate in the hedge book, continued to weigh on
profitability, the way has been cleared for better underlying
financial performance in the mid-term at 2010 exchange
rate conditions.
Revenues grew by 7% to €30 billion (€28.1 billion in 2009),
reflecting higher deliveries. EBIT* stood at €305 million
(€-1.4billion in 2009). By the year’s end, Airbus’ total
order book amounted to 3,552 commercial aircraft and
241military transport aircraft. The consolidated order book
was valued at €400.4 billion (year-end 2009: €339.7 billion).
Record deliveries
The Division set a new record of 510 (498 in 2009)
commercial aircraft deliveries to 94 customers.
Some 19 of these were new Airbus customers. Deliveries
of military aircraft also proceeded at a high level,
as 20 aircraft were delivered (16 in 2009) to armed forces
in Europe, the United States and Latin America.
New aircraft orders recovered after falling in 2009.
Airbus booked 644 gross commercial orders (574 net after
cancellations), compared to 310 in 2009. The value of new
orders surpassed US$ 84 billion gross (US$ 74 billion net)
at catalogue prices. This represents a 51% gross share
of the number of passenger aircraft exceeding 100 seats
sold worldwide (52% net).
Airbus Military won 21 medium and light transport aircraft
orders (15 in 2009), demonstrating its leadership of this
market sector.
Recovery in the aviation sector was much stronger
than originally expected, leading to record commercial
deliveries and a strong increase in orders. Profitability
should improve in the medium term at 2010 exchange
rate levels, supported by production rates rising to meet
the demand, firmer pricing and cost improvements
on the A380 programme.
1) Following integration of former Airbus Military into Airbus, Airbus is reporting
in two segments: Airbus Commercial and Airbus Military. The Airbus Commercial
perimeter includes EFW and the completed aerostructures reorganisation but excludes
the A400M. Airbus Military includes the former Military Transport Aircraft Division
as well as A400M Airbus operations. Eliminations are treated at the Division level.
* Unless otherwise indicated, EBIT* figures presented in this report are Earnings
Before Interest and Taxes, pre-goodwill impairment and exceptionals.
1)
(€m)
Revenues
Self-financed R&D
EBIT*
Order intake
Order book
2010 2009 Variation
29,978 28,067 +7%
2,321 2,306 +1%
305 -1,371 -
68,223 23,904 +18 5%
400,400 339,722 +18%
Airbus Division1)