Airbus 2015 Annual Report Download - page 227

AIRBUS GROUP FINANCIAL STATEMENTS 2015 l 45 l
Notes to the IFRSConsolidatedFinancialStatements
2.
2.5 Operational Assets andLiabilities
remoteness, liability containment and facilitating sell-downs of
the aircraft financed. An aircraft financing SE is typically funded
on a non-recourse basis by a senior lender and one or more
providers of subordinated financing. When the Group acts as
a lender to such SEs, it may take the role of the senior lender
or the provider of subordinated loan. The Group consolidates
an aircraft financing SE if it is exposed to the SE’s variable
returns and has the ability to direct the relevant remarketing
activities. Otherwise, it recognises only its loan to the SE under
other long-term financial assets. At 31December 2015 the
carrying amount of its loans from aircraft financing amounts to
€ 553million (2014: € 426million). This amount also represents
the Group’s maximum exposure to loss from its interest in
unconsolidated aircraft financing SEs.
On-Balance Sheet Operating and Finance Leases
The minimum future operating lease payments (undiscounted) due from customers to be included in revenues, and the future
minimum lease payments (undiscounted) from investments in finance leases to be received in settlement of the outstanding
receivable at 31December 2015 are as follows:
(In € million)
Aircraft under
operating lease Finance lease receivable(1)
Not later than 1 year 47 32
Later than 1 year and not later than 5years 87 127
Later than 5years 554
31December 2015 139 213
(1) Includes € 45million of unearned finance income.
Off-Balance Sheet Commitments
Operating head-lease commitments comprise operating lease payments due by Airbus as lessee under head-lease transactions.
As of 31December 2015 and as of 31December 2014, the scheduled payments owed under sales financing head-leases are
as follows:
(In € million) 2015 2014
Not later than 1 year 62 69
Later than 1 year and not later than 5years 98 142
Later than 5years 02
Total aircraft lease commitments(1) 160 213
Of which commitments where the transaction has been sold to third parties (149) (191)
Total aircraft lease commitments where the Group bears the risk (not discounted) 11 22
31December
(1) Backed by sublease income from customers with an amount of € 119million in 2015 (2014: € 159million).
Financing Liabilities
Financing liabilities from sales financing transactions are mainly based on variable interest rates (see Note34.3 “Financing
liabilities”) and entered into on a non-recourse basis (i.e. in a default event, the creditor would only have recourse to the aircraft
collateral).
(In € million)
31December
2015 2014
Loans 94 46
Liabilities to financial institutions 00
Total sales financing liabilities 94 46
Financial Statements 2015
11 22 33 44 55
QRegistration Document 2015
Annual Report 2015 Financial Statements 2015
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