Amsterdam, May 3, 2023 Airbus (stock exchange: AIR) has reported consolidated financial results for the first quarter (Q1) ended March 31, 2023.
"The first quarter confirmed strong demand for our products, especially commercial aircraft. We delivered 127 commercial aircraft, which is reflected in our financial figures for the first quarter. The quarter also benefited from the good performance of helicopters," said Guilaume Faury, CEO of Airbus. We continue to face an unfavorable operating environment, including in particular ongoing tensions in our supply chain. Our 2023 guidance1 remains unchanged and commercial aircraft deliveries are expected to be delayed. We remain focused on commercial aircraft capacity ramp-up and long-term transformation.
Commercial aircraft orders totalled 156 aircraft (Q1 2022: 253 aircraft) and net orders after cancellation were 142 (Q1 2022: 83 aircraft). As of the end of March 2023, the backlog of orders reached 254 commercial aircraft. Airbus Helicopters registered 39 net orders (Q1 2022: 56), which are spread across projects. Airbus Defence and Space has orders of EUR 2.5 billion (Q1 2022: EUR 3.2 billion).
revenue
This decreased slightly to EUR 11.8 billion (Q1 2022: EUR 12 billion). A total of 127 commercial aircraft (Q1 2022: 142()) aircraft were delivered, including 10 A220s, 106 A320 families, 6 A330s and 5 A350s. Revenue from Airbus commercial aircraft activity decreased 5% year-over-year, primarily reflecting lower deliveries, partially offset by a stronger U.S. dollar. Air-capacity helicopter deliveries increased to 71 (Q1 2022: 39), primarily driven by the Light Helicopters segment. Revenue from this segment increased 26 percent, primarily reflecting solid delivery and project performance, a favorable mix of effects, and a good start to the year. Airbus Defense & Space revenue declined 6 percent, primarily due to lower sales of military aeronautical systems and space systems.
An A400M transport aircraft was delivered in the first quarter of 2023.
EBIT after adjustment
Another option Performance Metrics and Key Metrics is by excluding material expenses or profits arising from changes in reserves related to program, set or foreign exchange effects and capital gains or losses on the sale and acquisition of businesses
Reflects underlying business margins
Drop to €773 million (Q1 2022: €1,263 million)
EBIT related to Airbus commercial aircraft activities decreased to EUR 580 million on an adjusted basis (Q1 2022: EUR 1,065 million). This decrease reflects lower deliveries and the year 2022
The first quarter was lower than favorable hedge ratios and investments to prepare for the future. The first quarter of 2022 included the positive impact of retirement obligations, partially offset by the impact of international sanctions against Russia.
The opening of the A220 program is continuing, and by the middle of the decade, 14 aircraft will be produced per month. In the A320 family program, the company continues to increase monthly production to 65 aircraft by the end of 2024.
Recently announced
The decision is to add a second final assembly line in Tianjin, which will increase global industrial capacity to 10 A320 family final assembly lines, supporting Airbus' plan to produce 75 aircraft per month by 2026. Flight testing of the A321XLR is underway and is expected to enter service in the second quarter of 2024.
As mentioned earlier, the company aims to have a rate of 4 for the A330 in 2024 and a rate of 9 for the A350 by the end of 2025. On the A350F, the first components were recently produced by Airbus Atlantic in Nantes. With the first milestone reached, the industrial planning of this variant is being slightly adjusted, and the time when it is now put into service will be postponed until 2026.
Airbus Direct's EBIT increased to EUR 156 million on a adjusted basis (Q1 2022: EUR 90 million), reflecting solid performance, favorable portfolio effects and a good start to the service.
, Q1 2022 also includes net positive non-recurring elements.
Airbus Defence & Space adjusted EBIT fell to €36 million (Q1 2022: €106 million), reflecting lower sales of military aerospace and space systems. The first quarter of 2022 also included net positive non-recurring elements.
In the A400N plan, development activities continued and D bought the revised capability roadmap. Renovation activities are being carried out in close cooperation with the client. Identification of technical capabilities and associated costs, aircraft
Risks remain in terms of operational reliability, cost reduction and securing the total amount according to the revised baseline.
Self-financing R&D expenses totalled €683 million (Q1 2022: €586 million)
-€360 million related to pre-US dollar payment mismatch and balance sheet revaluation;
? €9 million related to aerostructure transformation;
-€14 million in other costs, including compliance.
The financial result was EUR 149 million (Q1 2022: EUR 166 million). It primarily reflects the positive impact of certain equity vehicle valuations, partially offset by the negative impact of revaluation of financial instruments and net interest results. Consolidated net income (2 was €466 million (Q1 2022: €1,219 million) and reported consolidated earnings per share of €0.59 (Q1 2022: €1.55
EUR)
Consolidated White by Cash Flow Well Purchase and Customer Financing -$8.8012 (Q1 2022: €2.1812), mainly reflecting the inventory accumulation necessary for the Company to execute the capacity increase. Consolidated white cash flow amounted to -€886 million (Q1 2022: €161 million). The total cash position at the end of March 2023 was €22.4 billion (end of 2022: €23.6 billion) and the consolidated statement was a net cash position of €8.4 billion (end of 2022: €9.4 billion).
prospect
The expectations published in February 2023 remain unchanged.
As the basis for its 2023 guidance, the Company assumes no additional disruption to the world economy, air traffic, supply chains, internal operations, and its ability to provide products and services.
The company's expectations for 2023 are before the merger.
On this basis, the company aims to achieve the following goals in 2023:
720 commercial aircraft delivered;
? EBIT of €6.0 billion;
? Free cash flow and customer financing before mergers and acquisitions amounted to €3.0 billion.