Company Says Operational Performance 'Solid'

Airbus Group reported "robust" first quarter 2015 results with improved cash flow and confirmed its full year guidance.

“We had a good start into 2015, with a solid operational performance and improved cash generation, further supported by asset sales,” said Airbus Group CEO Tom Enders. “We are on track to achieve our full year targets due to both the continued focus on program management and the implementation of our core strategy. We will review capital allocation towards the end of the year as we progress on the A350 ramp up, A320 transition and our divestments, while the order book provides a strong platform for future growth.”

Airbus received 101 net commercial aircraft orders in the quarter, down from 103 net orders in the same period in 2014, including 34 A330 Family aircraft. Airbus Helicopters received 86 net orders compared to 78 units in Q1 2014, including 49 H145s and 19 H175s, while in April the H225M Caracal was preselected by Poland for the test phase of its multi-role military helicopter tender.

Order intake by value at Airbus Defence and Space rose 16 percent, with good momentum seen for military aircraft including seven light and medium transport aircraft.

Group revenues totalled € 12.1 billion (approx. $23.6 billion) (Q1 2014: € 12.6 billion, approx $24.1 billion), mainly reflecting the phasing of deliveries at Commercial Aircraft which are expected to be back-loaded in 2015, especially for the A350 XWB and A380. A total of 134 commercial airplanes were delivered (Q1 2014: 141 units), including one A350 XWB and four A380s. Commercial Aircraft’s revenues totalled € 8.6 billion (approx. $9.6 billion) with favourable foreign exchange mitigating the lower delivery volume.

Helicopters’ revenues of € 1.3 billion (approx. $1.46 billion) reflect the ramp-up in government programs with total deliveries of 62 units (Q1 2014: 74 units). Defence and Space’s revenues of € 2.6 billion (approx. $2.91 billion) mainly reflect the deconsolidation of launcher revenues with the creation of the Airbus Safran Launchers Joint Venture (JV) while two A400Ms were delivered, including the first aircraft for export customer Malaysia.

The production ramp-up on the A350 XWB program is ongoing, with the second aircraft delivered to Qatar Airways as planned. The A320neo program remains on schedule, with the initial aircraft equipped with CFM engines rolled out earlier this month. The A380 program is on track to reach breakeven this year.

The new H160 was unveiled in the quarter as part of Helicopters’ product renewal strategy. Airbus Safran Launchers started operations during the first quarter and preparations are being made for the JV’s second phase.

FMI: www.airbus.com