Airbus swung to a record net income in 2021 on improved commercial jet deliveries and a sharp rise in its defence and helicopter businesses.
The world's biggest civil plane maker posted a profit of €4.2 billion ($4.66bn), compared with a loss of €1.1bn the year before.
The Toulouse, France-based company said on Thursday it plans to resume dividend payments for the first time in two years — after its hit from the Covid-19 pandemic — following the record results. It has proposed a dividend of €1.50 per share, with a payment date of April 21, 2022.
“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,” Guillaume Faury, Airbus's chief executive, said. “Record net income and our efforts to strengthen the net cash position underpin our proposal to reintroduce dividend payments going forward.”
Consolidated revenue increased 4 per cent to €52.1bn, from €49.9bn in 2020, mainly reflecting the higher number of commercial aircraft deliveries which was partially offset by less favourable foreign exchange rates, the company said.
Airbus delivered a total of 611 commercial aircraft in 2021, versus 566 in 2020. These comprised 50 A220s, 483 A320 family planes, 18 A330s, 55 A350s and five of the superjumbo A380s. Revenue generated by Airbus’ commercial aircraft sales increased 6 per cent, mainly due to higher deliveries from the previous year.
Airbus Helicopters delivered 338 units, compared with 300 in the previous year, including the first H160, with revenue rising 4 per cent, reflecting growth in services and the higher deliveries, the company said.
Revenue at Airbus Defence and Space decreased by 2 per cent. The company delivered eight A400M aircraft in 2021.
In terms of commercial aircraft production, Airbus reaffirmed plans to ramp-up its narrow-bodies production to 65 planes a month by the summer of 2023, from around 45 now.
“For A320 family production rates beyond 2023, the company is still in the assessment phase and working with suppliers to potentially enable an increase above rate 65,” it said.
Airbus's net cash increased more than 75 per cent to €7.6bn, below the pre-crisis level of €12.5bn.
Fourth-quarter earnings before interest and taxes fell 18 per cent year-on-year to €1.57bn. Revenue decreased 14 per cent to €17bn on 187 deliveries.
Looking ahead to 2022, Airbus said it “assumes no further disruptions to the world economy, air traffic, the company’s internal operations and its ability to deliver products and services".
Airbus is targeting delivery of 720 commercial aircraft this year, up from 611 in 2021, and adjusted operating profit of €5.5bn, it said.
