Airbus 2015 Annual Report Download - page 203

AIRBUS GROUP FINANCIAL STATEMENTS 2015 l 21 l
Notes to the IFRSConsolidatedFinancialStatements
2.
2.2 Group Structure
On 7March 2014, Astrium ServicesGmbH, Ottobrunn (Germany)
disposed of 100% of the shares of ND Satcom GmbH,
Immenstaad (Germany) to Quantum Industries S.à.r.l.,
Luxembourg (Luxembourg) with economic effect as of 1March
2014 leading to a negative consideration of € 9million, which is
reported in Airbus Defence and Space Division.
On 10July 2014, Airbus Defence and Space sold its Test
& Services activities to a consortium consisting of ACE
Management S.A., Paris (France) and IRDI S.A., Toulouse
(France). The disposal was performed via an acquisition
company Test & Mesures Groupe SAS in which Airbus
Defence and Space will retain temporarily 33.5%. The total
consideration received amounted to € 35million (thereof
€ 28million consideration received in cash and € 7million for
the shares in Test & Mesures Groupe SAS). The amount of net
assets sold was € 31million. The Group recognised a € 7million
capital gain on the sale of the Test & Services activities reported
in other income, which is reported in Airbus Defence and Space
Division.
On 27November 2014, AirbusGroup in an off-market lock trade
sold to Dassault Aviation a total of 810,072 Dassault Aviation
shares at a price of € 980 per share representing a total amount
of € 794million pre-transaction costs. The gain recognised in
share of profit from investments accounted for under the equity
method amounted to € 343million and reported in “Others/
HQ/ Conso.” segment.
On 9December 2014, AirbusGroup signed a share purchase
agreement with the State of Finland to sell its entire 26.8%
share in Patria Oyj to the Finnish defence, security and aviation
services provider for a total consideration of € 133million. The
transaction was closed on 11December 2014 and the Group
recognised a € 47million capital gain within share of profit
from investments accounted for under the equity method. The
transaction has been reported in Airbus Defence and Space
Division.
6.3 Assets and Disposal Groups Classified
asHeld for Sale
As of 31December 2015, AirbusGroup accounted for non-
current assets/ disposal groups classified as held for sale
in the amount of € 1,779million (2014: € 750million). The
disposal groups in 2015 include liabilities directly associated
with non-current assets classified as held for sale amounting
to € 231million (2014: € 680million). The assets and disposal
groups classified as held for sale comprise the following
transactions:
On 25March 2015, AirbusGroup sold 1,612,407 Dassault
Aviation shares, corresponding to 17.5% of the Dassault
Aviation’s share capital, of which 460,688shares (5%) were sold
to Dassault Aviation for € 980 per share and 1,151,719shares
(12.5%) were sold to institutional investors at € 1,030 per share.
On 14April 2015, AirbusGroup sold an additional 115,172shares
(1.25%) to institutional investors at € 1,030 per share.
As of 31March 2015, the remaining equity investment in
Dassault Aviation with the carrying amount of € 1,320million has
been classified as an asset held for sale (reported in “Others/
HQ/ Conso.” segment) as AirbusGroup intends to pursue
market opportunities to sell the remainder of this investment.
Prior to the reclassification, the carrying amount included the
AirbusGroup interest in Dassault Aviation’s first quarter 2015
result and a negative catch-up on 2014 of € -119million.
In 2015, AirbusGroup has recognised € 748million (€ 697million
in share of profit from investments accounted for under the
equity method and € 51million in other income) representing
the net capital gain on partial disposal after transaction costs.
As of 31December 2015, AirbusGroup holds 23.60% of
Dassault Aviation’s share capital and 24.71% of associated
voting rights and the carrying amount of the assets held for
sale amounts to € 1,253million. As of 31December 2014, the
carrying amount of the investment in Dassault Aviation was
€ 2,429million recognised in investment accounted for under
the equity method.
On 17 June 2015, Airbus signed an agreement with
Singapore-based ST Aerospace Ltd. (STA) to offer
passenger-to-freighter (P2F) conversion solutions for its A320
and A321 aircraft. STA will acquire an additional 20% of the
shares of Elbe Flugzeugwerke (EFW), Dresden (Germany)
by way of a contribution in kind and a capital increase to EFW.
Consequently, 45% of the shares of EFW will be retained and
the Group will effectively lose its control over EFW (reported in
Airbus Division). The transaction has been closed on 4January
2016.
On 17December 2015, DS Holding SAS (France) and Astrium
International Holdings B.V. (as beneficiaries) and a buyer signed
a sale purchase agreement in respect to the companies which
form the business communications perimeter. The sale is
subject to closing conditions. The transaction has been reported
in Airbus Defence and Space Division.
Financial Statements 2015
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QRegistration Document 2015
Annual Report 2015 Financial Statements 2015
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