Europe-based global major aerospace group Airbus last year delivered nearly 300 fewer commercial aircraft than the year before, it reported in its 2020 full-year results report, released on Thursday. During 2020 the group delivered a total of 566 commercial airliners, as against 863 in 2019. Last year’s deliveries were composed of 38 A220-family, 446 A320-family, 19 A330-family, 59 A350-family and four A380 airliners. Of the total deliveries last year, almost 40%, or 225 airliners, were delivered during the fourth quarter, and 89 of these were handed over in December. 

The group also secured net orders for 268 airliners last year, compared to 768 in 2019. The value of the consolidated order intake in 2020 was €33.3-billion, well down from the figure of €81.2-billion for the previous year. Airbus’ consolidated order book was worth €373-billion on December 31, as against €471-billion on the same date in 2019. The reduction in the value of the consolidated order book was due to a greater number of deliveries relative to the intake of orders, as well as a weakening of the US dollar, and an evaluation of how much of the backlog was recoverable.

“The 2020 results demonstrate the resilience of Airbus in the most challenging crisis to hit the aerospace industry,” affirmed group CEO Guillaume Faury. “I want to thank our teams for their great achievements in 2020 and acknowledge the strong support of our Helicopters and Defence and Space businesses. I would also like to thank our customers, suppliers, and partners for their loyalty to Airbus. Many uncertainties remain for our industry in 2021 as the pandemic continues to impact lives, economies and societies. We have issued guidance to provide some visibility in a volatile environment. Over the longer term, our ambition is to lead the development of a sustainable global aerospace industry.”

Airbus’ consolidated revenues last year were almost €50-billion, a drop of 29% compared to the almost €70.5-billion accrued in 2019. However, the net loss in 2020 of €1.13-billion was an improvement on 2019’s net loss of €1.36-billion. Free cash flow last year was minus €7.36-billion whereas in 2019 it had been plus €3.57-billion. On December 31 last year the group’s net cash position had been €4.3-billion, compared to €12.5-billion on December 31, 2019. Adjusted earnings before interest and taxes (Ebit) came to €1.7-billion, a collapse of 75% in relation to the €6.95-billion achieved in 2019.

Airbus Helicopters and Airbus Defence and Space performed noticeably better than the commercial aviation business. Last year Airbus Helicopters delivered 300 aircraft, compared to 332 in 2019, but its revenues rose by some 4% (from €6-billion in 2019 to €6.25-billion last year) because of a good mix of products and an increase in the services business. It booked net orders for 268 helicopters, which was a 14% decrease over the figure of 310 achieved in 2019.

Airbus Defence and Space saw its revenues last year fall, but only by 4% year-on-year. While revenues for 2019 came to €10.91-billion, those for 2020 were €10.45-billion. On the other hand, its order book jumped by 39% compared to 2019, to €11.9-billion, largely as a result of securing major military aircraft orders. These included a contract signed in November to supply Germany’s Luftwaffe (air force) with 38 new Eurofighter Typhoon fighters. (Airbus holds 46% of the Eurofighter company, with 33% held by the UK’s BAE Systems and 21% by Italy’s Leonardo group.)

Airbus’ guidance for this year was based on a number of assumptions, namely that there would be no more disruptions to the global economy, air traffic, the group’s internal operations and its capacity to deliver its products and services. The guidance also excluded any mergers and acquisitions (M&A) activities. On this basis, the group aimed this year to achieve a breakeven free cash flow (before M&A and customer financing), an adjusted Ebit of €2-billion, and to deliver the same number of commercial aircraft as it did in 2020.