Friday, February 27, 2015

Airbus priority to the production in 2015 – Les Echos

Airbus priority to the production in 2015 – Les Echos

+ GRAPHICS – Airbus Group posted record results in 2014. The transfer of Dassault shares allowed to absorb much of the load 551 million euros spent on the A400M


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“Ramp up” . The English language has many useful facilities which may explain why it has become in the business world. In two words – a name and an adverb – Tom Enders, Airbus boss Group, summarized its commitments vis-à-vis its Board of Directors for 2015: the successful ramp-up, when almost all the indicators are green, including the side of the euro-dollar.

The aerospace group has published results in 2014 records in many ways, and above market expectations. Driven by increasing that does not contradict air traffic, Airbus continued to sell aircraft like hotcakes, and is guaranteed 10 years of production! The spatial division had an excellent year, with four telecom satellites including while Airbus Helicopters resists rather well despite a slower start to the commercial market than expected.

As a result, the order book is approaching 860 billion euros. Mano a mano with Boeing, which also published the results sharply higher, to snatch the top of the podium aircraft manufacturers is not ready to fade …

Dassault clears the A400M

The satisfecit Tom Enders also due to the very good improvement in profitability. At just over 4 billion, operating profit reported increased 54%. Better, highlighted Harald Wilhelm, CFO, it is equal to operating profit before exceptional items. Airbus can indeed be welcomed that the A350 does not weigh on the accounts. But the comparison is misleading because the burden of 551 million related to new setbacks A400M was fully offset by gains from the sale of the 8% stake in Dassault and other accounting items.

Another element welcomed by markets: the cash flow made a big leap to 1.1 billion euros (it was negative 800 million in 2013 and expected according to the balance Kepler Cheuvreux). If we add the money from the shares of the manufacturer of the Rafale in particular, it borders 1.9 billion.

However, Tom Enders was cautious for the future. Airbus will continue to sell aircraft but provides only a moderate increase in operating income. Assuming no new load comes darken the picture, the group faces major industrial challenges Tom Enders will have to spend most of their working time, as he promised his “board”.

Increase the production of the A320

If each A380 is now profitable, the beginning of mass production A350 requires attention at all times because accidents do happen. Former EADS must also quickly settle the assembly of the A400M problems, especially since Tom Enders put the bar high to double deliveries this year (16 copies) is “a good objective “, he said, to the surprise.

The manufacturer must also gradually reduce the rates of the A330, from 10 to 6 by the month for scalability on the neo version of the long-haul whose marketing started this summer. Above all, he must hold seamlessly ramp up production of the A320, its cash cow, to bring it to 50 per month in early 2017, against 42 now. “We are studying the possibility of going beyond” , dropped Tom Enders, the only way to respond to the wave of demand for medium-haul, which also benefits for the Boeing 737.


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