Airbus reports full-year 2022 results

Airbus SE reported consolidated full-year 2022 financial results and provided guidance for 2023.

During the annual results press conference in Amsterdam, Airbus CEO Guillaume Faury reported, “The industry continued its recovery during 2022, with air traffic increasing and airlines turning to their long-term fleet planning. We delivered solid financials despite an adverse operating environment that prevented our supply chain from recovering at the pace we expected. The company had to adjust its operations accordingly, which led to lower commercial aircraft deliveries than originally planned.” Airbus’ 2022 guidance was for 720 commercial aircraft deliveries for the year. Faury added, “We are adapting our production to match supply.”

Orders
Gross commercial aircraft orders increased to 1,078 (compared to 771 aircraft in 2021), with net orders of 820 aircraft after cancellations (2021: 507 aircraft) corresponding to a net book-to-bill ratio significantly above 1. The order backlog amounted to 7,239 commercial aircraft at the end of 2022. Airbus Helicopters registered 362 net orders (2021: 414 units), with a book-to-bill above 1 in units and value. Helicopter orders were spread across programs and included 12 H160s. Airbus Defence and Space’s order intake by value was €13.7 billion (same as 2021), corresponding to a book-to-bill of around 1.2. Key orders included Demonstrator Phase 1B of the Future Combat Air System, the Eurodrone unmanned aerial system, and 20 latest-generation Eurofighters for the Spanish Air Force.

Consolidated order intake by value increased to €82.5 billion (versus €62.0 billion in 2021) with the consolidated order book valued at €449 billion at the end of 2022 (year-end 2021: €398 billion). The increase in the consolidated backlog value mainly reflects the book-to-bill above 1 and the strengthening of the U.S. dollar.

Deliveries
A total of 661 commercial aircraft were delivered (after a reduction of two aircraft previously recorded as sold in December 2021 for which a transfer was not possible due to international sanctions against Russia), compared to 611 in 202. The total for 2022 comprised 53 A220s, 516 A320 family, 32 A330s, and 60 A350s.

Revenues generated by Airbus’ commercial aircraft activities increased 15% year-on-year, mainly reflecting the higher deliveries and the strengthening of the U.S. dollar. Airbus Helicopters delivered 344 units (338 units in 2021), with revenues rising by 8%. Revenues at Airbus Defence and Space increased 11%, mainly driven by higher volume in military aircraft and Eurodrone. Ten A400M airlifters were delivered in 2022, compared to 8 in 2021. Consolidated revenues increased 13% to €58.8 billion from €52.1 billion in 2021.

Ramp-ups
On the A320 family program, the ramp-up trajectory has been adapted with suppliers. Airbus is now progressing toward a monthly production rate of 65 aircraft by the end of 2024 and 75 in 2026. Entry-into-service for the A321XLR is expected to take place in Q2 2024.

The A330 monthly production rate increased to around 3 at the end of 2022 as planned and Airbus now targets to reach 4 per month in 2024. The A350 monthly rate is now around 6 aircraft. To meet growing demand for widebody aircraft as international air travel recovers, and following a feasibility study with the supply chain, Airbus is now targeting a monthly production rate of 9 A350s at the end of 2025.

The company’s guidance for 2023 is 720 commercial aircraft deliveries [the same number as last year].

Airbus intends to reduce its industrial emissions up to 63% by 2030 and is committed to reducing by 46% the greenhouse gas emissions generated by its commercial aircraft in service by 2035.