Airbus reports strong 2021 full-year results
Airbus SE has reported consolidated full-year financial results for 2021 and provided guidance for 2022.
In summary:
611 commercial aircraft delivered in 2021.
Financials reflect strong operational performance group-wide.
Revenues €52.1 billion; EBIT Adjusted €4.9 billion; EBIT (reported) €5.3 billion.
Free cash flow before M&A and customer financing €3.5 billion; Net cash €7.6 billion.
Record net income of €4.2 billion; EPS (reported) €5.36.
Dividend proposal: €1.50 per share.
Guillaume Faury, Airbus’s Chief Executive Officer, said: “2021 was a year of transition, where our attention shifted from navigating the pandemic towards recovery and growth. Thanks to the resilience and efforts of our teams, customers and suppliers, we delivered remarkable full-year results.
“The strong financials reflect the higher number of commercial aircraft deliveries, the good performance of our Helicopters and Defence and Space businesses, as well as our efforts on cost containment and competitiveness.
“Record net income and our efforts to strengthen the net cash position underpin our proposal to reintroduce dividend payments going forward. At the same time, we continue to invest in our strategic priorities and in the transformation of our company.”
Gross commercial aircraft orders totalled 771 (2020: 383 aircraft) with net orders of 507 aircraft after cancellations (2020: 268 aircraft). Included were the first A350 freighter orders, confirming customer demand for this new programme.
The order backlog was 7,082 commercial aircraft on 31 December 2021 (end 2020: 7,184 aircraft).
Airbus Helicopters booked 414 net orders (2020: 268 units), achieving a book-to-bill ratio well above 1 both in terms of units and in value. These included 52 H160s, of which 30 were the first batch of H160M military versions for France’s Joint Light Helicopter programme.
Airbus Defence and Space’s order intake by value increased to €13.7 billion (2020: €11.9 billion), representing a book-to-bill ratio of around 1.3. Included were key orders in the Military Aircraft business such as the in-service support of the German and Spanish Eurofighter fleets, as well as good export momentum for the C295, A330 MRTT and A400M airlifter.
Consolidated order intake by value increased to €62 billion (2020: €33.3 billion) with the consolidated order book valued at €398 billion on 31 December 2021 (year-end 2020: €373 billion). The increase in the backlog value mainly reflected the strengthening US dollar.
Consolidated revenues increased 4% to €52.1 billion (2020: €49.9 billion), mainly reflecting the higher number of commercial aircraft deliveries, partially offset by less favourable foreign exchange rates.
A total of 611 commercial aircraft were delivered (2020: 566 aircraft), comprising 50 A220s, 483 A320 Family, 18 A330s , 55 A350s and 5 A380s. Revenues generated by Airbus’s commercial aircraft activities increased 6%, largely reflecting the higher deliveries compared to 2020.
Airbus Helicopters delivered 338 units (2020: 300 units), including the first H160, with revenues rising 4% reflecting growth in services and the higher deliveries. Revenues at Airbus Defence and Space decreased by 2% mainly driven by Military Aircraft, partially offset by Space Systems. Eight A400M aircraft were delivered in 2021.
Outlook
As the basis for its 2022 guidance, the company assumes no further disruptions to the world economy, air traffic, the company’s internal operations, and its ability to deliver products and services.
The company’s 2022 guidance is before mergers and acquisitions (M&A).
On that basis, the company targets to achieve in 2022 around:
720 commercial aircraft deliveries.
EBIT adjusted of €5.5 billion.
Free cash flow before M&A and Customer Financing of €3.5 billion.