The European group Airbus registered an increase of 13% of its turnover, and generated a record net profit of 4.24 billion euros. It plans to deliver 720 commercial aircraft This year. The opportunity to present its future financial director, Thomas Toepfer.
The consolidated financial results for the 2022 financial year of the European aeronautics giant are enough to make us forget the problems of logistics, subcontractors and the ramp-up of the production of commercial aircraft. Consolidated revenues increased by 13% to reach €58.8 billion. In total, 661 commercial aircraft were delivered (611 the previous year), including 53 A220s, 516 of the A320 Family, 32 A330s and 60 A350s. Revenues generated by Airbus’ commercial aircraft activities increased by 15% year-on-year, mainly reflecting higher shipments and strengthening US dollar ». Airbus Helicopters delivered 344 units (2021: 338 units), with revenues up 8%, “mainly reflecting growth in services and a favorable mix in programs”. The income ofAirbus Defence and Space increased by 11%, mainly due to higher volumes of military aircraft and Eurodrone. A total of 10 A400M transport aircraft were delivered in 2022, compared to 8 in 2021.
Commercial aircraft gross orders increased last year to 1,078 aircraft (771 in 2021), with net orders of 820 aircraft following cancellations (2021: 507 aircraft) “corresponding to a net order-to-invoice ratio well above 1”. The order book (backlog) amounted to 7,239 commercial aircraft at the end of 2022.
L’Adjusted consolidated EBIT (“an alternative performance measure and key indicator capturing the underlying commercial margin by excluding significant charges or profits caused by program-related provision movements, restructurings or foreign exchange impacts as well as capital gains/losses sale and acquisition of businesses) has increased for commercial aircraft alone €4.6 billion (2021: 3.57 billion). An increase which “reflects the increase in deliveries and is supported by certain non-recurring items – mainly the positive impacts of pension obligations and progress made on compliance-related topics – partially offset by a less favorable rate of coverage compared to the 2021 financial year”.
©S. Ramadier/Airbus
About the program A320 Family, the ramp-up trajectory has been adapted with the suppliers. Airbus is now progressing towards a monthly production rate of 65 aircraft by the end of 2024 and 75 in 2026. The entry into service of theA321XLR should take place in the second quarter of 2024. Airbus also presented yesterday the new FAL 321neo In Toulouse, where 400 people are already working on the first two planes. The monthly production rate of theA330 increased to approximately 3 at the end of 2022 as planned and the Company now aims to achieve cadence 4 in 2024. The monthly cadence ofA350 is now regarding 6 devices. In order to meet the growing demand for wide-bodied aircraft as international air travel resumes, and following a feasibility study with the supply chain, the Company is now targeting a monthly production rate of 9 A350s by the end of 2025. .
The consolidated net income of the group amounted to 4.247 billion euros (4.213 in 2021), with a reported consolidated profit per share of €5.40 (2021: €5.36). The 2021 dividend of €1.50 per share, or €1.2 billion in total, was paid in Q2 2022, while pension contributions totaled €0.6 billion during the year. The position of Net cash consolidated is 9.4 billion euros, 1.7 billion more than at the end of 2021. The Board of Directors will propose at the April General Meeting the payment of a 2022 dividend of € 1.80 per share (2021: € 1.50 per share).
« The industry continued its recovery in 2022, with air traffic increasing and airlines turning to long-term fleet planning. We have obtained solid financial results despite an unfavorable operating environment that prevented our supply chain from recovering at the expected pace. The company had to adjust its operations accordingly, resulting in lower commercial aircraft deliveries than originally planned. We adapt our production to the offer Said Guillaume Faury, CEO of Airbus, in a press release.
Perspectives
As a basis for its forecast for 2023, Airbus “assumes that there are no further disruptions to the global economy, air traffic, supply chain, the Company’s internal operations and its ability to deliver products and services”. And the company’s forecast for 2023 does not take into account mergers and acquisitions. On this basis, the company aims to achieve by around 2023:
- 720 commercial aircraft deliveries;
- An adjusted EBIT of 6.0 billion euros;
- Free cash flow before mergers and acquisitions and customer financing of €3.0 billion.
« As we move forward into 2023, we are focused on our industrial businesses and longer-term business transformation. Strong financial performance in 2022 and our confidence in the future lead us to propose a higher dividend payment this year added the CEO.
Airbus reports Full-Year 2022 results
???? Revenues € 58.8b; EBIT Adjusted up 16% to € 5.6b
???? EBIT (reported) € 5.6b; EPS (reported) € 5.40
???? FCF before M&A and customer financing € 4.7b
???? Dividend proposal: € 1.80/sharehttps://t.co/RHcGCrqvcE#AirbusResults pic.twitter.com/1hon9NfAmI— Airbus Newsroom (@AirbusPRESS) February 16, 2023
Airbus also announced on Wednesday the appointment of Thomas Toepfer50, to succeed Dominik Asam, 53, as Chief Financial Officer (CFO). Currently CFO of Covestro AG, “a DAX40 company and one of the world’s leading suppliers of premium polymers”, will join Airbus on September 1, 2023.
As CFO, Thomas Toepfer will report to CEO Guillaume Faury and become a member of the Airbus Executive Committee. Dominik Asam will leave Airbus on March 3, with Xavier Tardy (Executive Vice President Finance of Airbus Defense and Space) ensuring continuity during the interim period in addition to his current role.
« We are very pleased that Thomas is joining Airbus as Chief Financial Officer at this important time for the company. Thomas is a highly regarded CFO of the DAX40 and I look forward to working with him on the Airbus Executive Committee as we continue to ramp up production and secure our long-term ambitions in a complex operating environment. “, declared Guillaume Faury. ” I sincerely thank Dominik for all he has brought to Airbus. Together with his team, he has helped the company through the most severe crisis in its history, ensuring that we are well positioned to manage the recovery and prepare for our sustainable future. I wish Dominik all the best for his new challenges at SAP “, added the CEO of Airbus
Dr. Thomas Toepfer has been Chief Financial Officer (CFO) of Covestro since April 2018 and has also served as Chief Labor Officer since January 2019. Prior to joining Covestro, he was Chief Financial Officer of KION Group, a leading material handling and equipment supplier. automation of warehouses. solutions. Since January 2022, Toepfer has also been a member of the shareholders’ committee and the supervisory board of CLAAS KGaA mbH, one of the world’s leading manufacturers of agricultural machinery. Born in Hamburg, Germany in 1972, Dr. Thomas Toepfer holds a doctorate in business administration from the Otto Beisheim Graduate School of Management (WHU) in Koblenz.
©Covestro via Airbus