Europe-based global major aerospace and defence group Airbus released its full-year results for 2022 on Thursday. It reported total revenues of €58.763-billion for the year. This was a 13% increase over the figure for 2021. Earnings before interest and taxes (Ebit), adjusted, came to €5.627-billion, up 16% over 2021. Net income in 2022 was €4.247-billion, which was a 1% improvement over the previous year. Free cash flow came to €4.324-billion, a jump of 23% over 2021. The group’s total order book had a value, on December 31 last year, of €449.241-billion.

“The industry continued its recovery during 2022, with air traffic increasing and airlines turning to their long-term fleet planning,” reported Airbus CEO Guillaume Faury. “We delivered solid financials despite an adverse operating environment that prevented our supply chain recovering at the pace we expected. The company had to adjust its operations accordingly, which led to lower commercial aircraft deliveries than originally planned. We are adapting our production to match supply. As we move forward in 2023 we are focused on our industrial activities and the longer-term transformation of the company. The solid 2022 financial performance and our confidence in the future lead us to propose a higher dividend payment this year.”

Airbus Commercial (the division which manufacturers airliners) accrued revenues last year of €41.428-billion, a year-on-year increase of 15%. Ebit (adjusted) came to €4.6-billion, a 29% increase over 2021. Deliveries in 2022 totalled 661 aircraft (up from 611 the year before), subdivided into 53 A220-family, 516 A320-family, 32 A330-family and 60 A350-family aircraft. Net orders, after cancellations, came to 820 last year (as against 507 in 2021). At the end of last year, the total order backlog for Commercial Aircraft stood at 7 239.

The company has had to slow its desired commercial aircraft production ramp-up because of difficulties in its supply chain. Airbus is now aiming to produce 65 A320-family aircraft a month (‘rate 65’, in company terminology) by the end of next year, reaching rate 75 in 2026. The company is increasing its capacity to assemble the largest model in this family, the A321. The latest version of the A321, the extra-long-range A321XLR, is expected to enter commercial service in the second quarter of next year.

Regarding its widebody airliners, A330-family production ran at rate 3 at the end of last year, and the plan is for this to reach rate 4 next year. The A350 is currently being produced at rate 6, increasing to rate 9 at the end of 2025.

Airbus Helicopters reported revenues for last year of €7.048-billion, an 8% improvement over 2021. The division’s Ebit (adjusted) came to €0.639-billion, which was 19% better than in the previous year. It delivered 344 helicopters, up slightly from 338 delivered in 2021. It won orders for 362 aircraft, which was actually a 13% decrease in comparison with the 2021 figure (414). But, as of December 31 last year, its order backlog stood at 757 helicopters, which was a 2% increase over the equivalent figure a year before.

Airbus Defence and Space’s revenues came to €11.259-billion, an 11% increase over the 2021 figure. Ebit (adjusted) in 2022 was €0.384-billion, which was a 45% drop in comparison to the previous year. This was mainly the consequence of the loss of two Pleiades Neo satellites in December and delays in the Ariane 6 space launch rocket, although rising inflation also contributed. This business’s order intake last year had a value of €13.66-billion, which was only fractionally higher than the figure for 2021 (€13.656-billion).

For this year, and subject to the normal caveats regarding ‘forward looking statements’, the Group expects to deliver 720 commercial aircraft, accrue Ebit (adjusted) of €6-billion and a free cash flow (before mergers and acquisition activity and customer financing) of €3-billion.