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Airbus Helicopters 30 Airbus Defence and Space 32 Share Information AIRBUS ANNUAL REPORT 2018 Passion for progress Every day, we use our passion for progress to address today and tomorrow’s challenges. From developing new and more efficient products, to how we can harness the power of data to deliver insight-based solutions, through to pioneering disruptive innovations that will help shape the future of aerospace. Who we are Airbus is an international pioneer in the aerospace industry. We are a leader in designing, manufacturing and delivering aerospace products, services and solutions to customers on a global scale. We aim for a better-connected, safer and more prosperous world. Introduction to our reporting Overview 02 Highlights 04 Airbus at a glance 06 Chairman’s message 08 Board of Directors 10 Chief Executive Officer interview 12 Executive Committee and Top Management 14 Strategy in action 14 Production ramp-up 16 Harnessing the power of data 18 Continuous innovation 20 Our people 22 Responsibility and Sustainability 24 Chief Financial Officer interview 26 Operational review 26 Airbus 28 Airbus Helicopters 30 Airbus Defence and Space 32 Share information Information Document 07 Risk Factors 23 Information on the Company’s Activities 71 Management’s Discussion and Analysis of Financial Condition and Results of Operations 93 General Description of the Company and its Share Capital 115 Corporate Governance 159 Entity Responsible for the Information Document Financial Statements 05 Airbus SE – IFRS Consolidated Financial Statements 13 Notes to the IFRS Consolidated Financial Statements 91 Airbus SE – IFRS Company Financial Statements 97 Notes to the IFRS Company Financial Statements 119 Other Supplementary Information Including the Independent Auditor’s Report Where applicable, 2017 figures have been restated to reflect the adoption of the IFRS 15 accounting standard and new segment reporting as of 1 January 2018. The new segment reporting reflects the merger of Headquarters into Airbus. Where applicable, ‘Airbus’ refers to commercial aircraft and the integrated functions while ‘the Company’ refers to Airbus SE together with its subsidiaries. Order backlog and order intake are now measured under IFRS 15. The unit backlog reflects the contractual view. The backlog value now reflects the assessment of recoverability and net transaction price on airframe Finding what you need online and engine. The 2017 backlog has not been restated. Our Quick Read has a concise summary of our annual report, highlighting strategy, performance as well as key Due to rounding, numbers presented may not add up precisely to the totals highlights of the year. It also includes video content. provided and percentages may not precisely reflect the absolute figures. https://annualreport.airbus.com/ Airbus / Annual Report 2018 1 Overview / Highlights In 2018, our passion for progress helped us to achieve several key milestones It was a year of solid performance, with the Company’s guidance achieved or exceeded for all key performance indicators. Financial Non-Financial Revenues (€ billion) Direct & Indirect air emissions (tonnes CO2) 63.7 8% 965,633 (2017: 59.0*) (2017: 1,013,101) EBIT reported (€ billion) Total energy consumption (MWh) 5.0 89% 3,962,484 (2017: 2.7*) (2017: 4,098,475) Earnings per share (€) Number of training hours (over) 3.94 29% 1,300,000 (2017: 3.05*) (October 2017 to September 2018) Free cash flow before M&A and customer financing Ethics and Compliance (digital training sessions) (€ billion) 204,667 2.9 0% (2017: 84,273) (2017: 2.9) Health and Safety training hours (to 30,800 employees) Dividend per share (€)** 137,000 1.65 10% (October 2017 to September 2018) (2017: 1.50) Patents held worldwide (circa) Self-financed R&D investment (€ billion) 3.2 15% 37,000 (2017: 2.8) * Restated for IFRS 15 ** To be proposed to the 2019 AGM 2 Airbus / Annual Report 2018 A220 Family European Service Module In July, we integrated the A220 into the In November, we delivered the first European Airbus aircraft family. These single-aisle Service Module (ESM) for NASA’s Orion aircraft operate in the 100-150 seat market spacecraft. The ESM is a key element of segment that is expected to represent at Orion, the next-generation spacecraft that least 7,000 aircraft over the next 20 years. will ultimately transport astronauts beyond Between 1 July and 31 December, we low Earth orbit. We are the prime contractor received 135 net orders for the A220. for development and manufacturing of the first ESM. Operational Deliveries in 2018 800 Commercial aircraft (2017: 718) 356 Helicopters (2017: 409) H160 During the year, we progressed further with 17 the flight testing programme and industrial maturity of our latest H160 helicopter A400M aircraft (2017: 19) model and received the initial orders. The first serial version took to the skies. A400M programme Future Combat Air System In February 2018, we signed a Declaration In April 2018, we signed a landmark of Intent with the Launch Customer Nations agreement with Dassault Aviation to for our A400M. Subsequent to this, we jointly develop and produce Europe’s succeeded in re-baselining the programme Future Combat Air System (FCAS), which with the government customers subject is slated to complement and eventually to their domestic approval processes. replace current generation Eurofighter and Rafale aircraft. FCAS defines a system of systems that combines fighter jets, drones and other defence systems. Airbus / Annual Report 2018 3 Overview / Airbus at a glance We are a global leader in aeronautics, space, and related services Airbus SE Airbus Airbus Helicopters Airbus Defence and Space Offers the most comprehensive range of A global leader in the civil and military rotorcraft market. Europe’s number one defence and space enterprise. Revenues (€ million) passenger airliners. 63,707 8% 800 356 17 (2017: 59,022*) Number of commercial aircraft deliveries Number of helicopter deliveries Number of A400M deliveries (In 2018) (In 2018) (In 2018) External revenue split EBIT Adjusted (€ million) EBIT Adjusted (€ million) EBIT Adjusted (€ million) Airbus 74% Airbus Helicopters 4,808 380 935 9% (2017: 2,383*) (2017: 247*) (2017: 815*) Airbus Defence and Space For more information For more information For more information 17% See page 26 See page 28 See page 30 Airbus – Value Drivers Airbus Helicopters – Value Drivers Airbus Defence and Space – Value Drivers – World passenger air traffic is set to grow at 4.4% per – Civil & parapublic demand is 40% driven by – Global defence and space budget in 2018: *Restated for IFRS 15 year between 2018 & 2037, supporting strong aircraft replacements and 60% driven by growth** highest level since the end of the Cold War** demand** – Military demand mainly driven by budgetary and strategic – Activities: Military Aircraft, Space Systems, CIS – Around 37,400 new aircraft deliveries expected considerations and the need to replace ageing fleets* (Communications, Intelligence & Security) and Our global network between 2018 and 2037** – Leading civil and parapublic market share with around UAS (Unmanned Aerial Systems) – Market leading products: A220, A320neo, A330neo, 52% by units in 2018 – Comprehensive portfolio with leading position in A350 XWB – Increased military market share to 25% in 2018 thanks European home markets and strong export potential 133,671 Employees – Continuous innovation: In 2018, entry-into-service of to several major contracts – Clear growth strategy based on strengthening core A321LR, A330neo, A350-900 ULR and A350-1000 – Services visibility: large in-service fleet of around products and expanding services business with a – Backlog: new industry record supporting ramp-up plans 12,000 helicopters worldwide focus on digitalisation – A320 Family production rate increase to 60 aircraft – New product introduction: First serial H160 performed – Growth opportunities driven by increasing defence 180 Locations a month by mid-2019 and rate 63 targeted in 2021 first flight in 2018 ahead of certification spending and dynamic shift of the space market – Investigating future unmanned vertical take-off and – Favourable political context with new programme ...and a network of 12,000 direct suppliers landing systems and urban air mobility opportunities including FCAS and European MALE Order book in value by region Asia Pacific 30% Europe 28% North America 19% Middle East 8% Latin America 6% Other 9% The A321LR was certified and entered service in 2018 Airbus Helicopters has increased its military market share Airbus Defence and Space’s BepiColombo spacecraft was launched on its mission to Mercury * Restated for IFRS 15 * Restated for IFRS 15 460 billion * Restated for IFRS 15 ** Source: Airbus Global Market Forecast ** Source: Airbus Helicopters ** Source: Airbus Defence and Space Global Market Forecast 4 Airbus / Annual Report 2018 Airbus Airbus Helicopters Airbus Defence and Space Offers the most comprehensive range of A global leader in the civil and military rotorcraft market. Europe’s number one defence and space enterprise. passenger airliners. 800 356 17 Number of commercial aircraft deliveries Number of helicopter deliveries Number of A400M deliveries (In 2018) (In 2018) (In 2018) EBIT Adjusted (€ million) EBIT Adjusted (€ million) EBIT Adjusted (€ million) 4,808 380 935 (2017: 2,383*) (2017: 247*) (2017: 815*) For more information For more information For more information See page 26 See page 28 See page 30 Airbus – Value Drivers Airbus Helicopters – Value Drivers Airbus Defence and Space – Value Drivers – World passenger air traffic is set to
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