Airbus reported its consolidated full-year results for 2022 on 16 February 2023, reporting revenues of EUR 82.5 Bn: an increase of 13% on 2021’s figures. Consolidated adjusted earnings before interest and taxes (adjusted EBIT) for the year increased to EUR 5.627 Bn on 2021’s figure of EUR 4.865 Bn.
Revenues at Airbus Defence and Space increased by 11% to EUR 11.26 Bn compared to EUR 10.2 Bn for 2021. This was mainly driven by a higher volume in military aircraft deliveries – 10 A400M airlifters were delivered in 2022 compared to eight in 2021, for example – as well as the ramp-up in the European Medium Altitude Long Endurance Remotely Piloted Aircraft System (MALE RPAS, or Eurodrone) programme.
Adjusted EBIT at Airbus Defence and Space decreased to EUR 384 M, compared to EUR 696 M in 2021, mainly reflecting the impairment related to the loss of two Pleiades Neo satellites in December 2022, when the Arianespace Vega C rocket that was carrying them into orbit failed, and to delays on the Ariane 6 launcher, as well as the impact of rising inflation. This was partly offset by the higher volume in military aircraft deliveries, Eurodrone ramp-up and the positive impact related to retirement obligations booked in the first quarter of 2022.
On the A400M programme, development activities continue towards achieving the revised capability roadmap, Airbus reported. “Retrofit activities are progressing in close alignment with the customer. In 2022 an update of the contract ‘Estimate at Completion’ was performed and an additional charge of EUR 0.5 Bn recorded. This mainly reflects updated assumptions, including inflation and risks related to the remaining SOC3 [final operational standard] contractual development milestones to be achieved,” stated the company, adding, “Risks remain on the qualification of technical capabilities and associated costs, on aircraft operational reliability, on cost reductions and on securing export orders in time as per the revised baseline.”
Meanwhile, Airbus Helicopters delivered a combined 344 military and civil units in 2022, compared to 338 in 2021, with revenues rising by 8% to EUR 7 Bn compared to EUR 6.5 Bn in 2021. This mainly reflected growth in services and a favourable mix in programmes, Airbus reported.
Airbus Helicopters’ adjusted EBIT increased to EUR 639 M compared to EUR 535 M for 2021, reflecting higher services and programme execution.
Peter Felstead
