2014
ANNUAL REVIEWFLYINGEFFICIENTLYCONTENTS

01

A JOURNEY
TO EFFICIENCY
04 - A350 XWB
Reimagining long-haul travel together
08 - H175
Testing the limits and beyond
12 - E lectric Propulsion Satellites
Giving customers the competitive edge

02

PILOTINGEFFICIENCY
18 - Key Figures 2014
20 - Letter from the Chairman of the Board
22 - Chief Executive Officer's Interview
26 - Board of Directors
28 - Group Executive Committee
30 - Management Structure
32 - Interview with the Chief Financial Officer
36 - Share Information
37 - Shareholder Information
38 - Interview with the Chief Strategy
and Marketing Officer
40 - Market Trends

03

BUSINESSEFFICIENCY
46 - Airbus
50 - Airbus Helicopters
54 - Airbus Defence and Space58 - Engaged People
59 - Supply Chain
60 - Innovation
62 - Photo Contest
63 - Addresses

FLYINGEFFICIENTLY
Airbus Group is an industrial flagship that unites
the capabilities of three market leaders: Airbus,
Airbus Helicopters and Airbus Defence and Space.
Combining European heritage with global
outreach, the diversity of our talented workforce
drives innovation, performance andinternationalisation.

We had a very strong
operational performance
Tom Enders, Airbus Group CEO
Annual Press Conference 2015

Visit our dedicated web page:www.reports.airbusgroup.com

01

01

PART

01

A JOURNEY TO

EFFICIENCYPEOPLE MAKE
THE DIFFERENCE
The men and women of Airbus Group are fully
focused on developing the world’s most efficient
products. At the same time, the company is
optimising its operational efficiency to help drive
its financial performance.
Over the following pages we highlight key
achievements from 2014 that are the result of close
teamwork. Airbus Group is developing high quality
solutions that are adapted to the real-world
requirements of customers today and tomorrow.

A350 XWB

04

REIMAGINING
LONG-HAUL TRAVELTOGETHERREPRESENTING THE SUCCESSFULCULMINATION OF A MAJOR TEAM EFFORTINVOLVING THOUSANDS OF EMPLOYEES,ON 22 DECEMBER 2014 AIRBUS DELIVEREDTHE FIRST A350 XWB TO LAUNCH CUSTOMERQATAR AIRWAYS.
This followed one of the aviation industry’s most thoroughand efficient certification flight test programmes everdeveloped for a jetliner, involving five test aircraft whichaccumulated more than 2,600 flight hours in less than
15 months, on schedule.
The new era in comfortable, efficient long-haul travel forpassengers subsequently began in January 2015 with
Qatar’s first A350 XWB commercial flight between Dohaand Frankfurt.

Scan
here
or visit:

A350 XWB

www.reports.airbusgroup.com
05

BUILT WITH OURCUSTOMERS IN MIND
THESE INSIGHTS HAVE DRIVEN
THE DEVELOPMENT OF THE
A350 XWB, WITH THE GOAL OF
PRODUCING AN AIRCRAFT THATSETS NEW STANDARDS IN TERMS
OF PASSENGER EXPERIENCE AND
COST-EFFECTIVENESS.

AIRLINES WANT MORE
EFFICIENCY. PASSENGERSWANT MORE COMFORT.
ECONOMIC ACTIVITY IN
DEVELOPING COUNTRIESIS ALSO CREATING NEW
MAJOR TRAFFIC FLOWS.

03
02

01
04

05

01

A350 XWBUNRIVALLEDCOMFORT

18-inchwidth seats in
comfort economy

02

03

04

05

ADVANCED
AIRFRAME

COCKPITCLARITY

ECO-EFFICIENTDESIGNPRODUCTION
RAMP-UP

70%

6

25%

10

advanced materials
combining
composites (53%),
titanium and modern
aluminium alloys

identical, fullyinterchangeable
LCDs give pilots
the latest in display
technology

less fuel burncompared toprevious generation
long-range aircraft

06

A350 XWBs areplanned to be
produced monthly
in 2018

07

08

TESTING
THE LIMITSAND BEYOND

OFFERING OUTSTANDINGPERFORMANCE, INCREASEDSAFETY AND UNMATCHED COSTEFFICIENCY, AIRBUS HELICOPTERS
DELIVERED THE FIRST NEW
GENERATION H175 (FORMERLY
EC175) HELICOPTER TO AVIATIONSERVICES COMPANY NHV INDECEMBER 2014.
The helicopter was destined to be used incore applications that Airbus Helicopters
specifically developed, namely the airliftingof crews to offshore oil and gas platforms
and search and rescue missions.
With a recommended cruise speed of
150 knots and maximum speed of 160 knots,
the H175 offers a competitive edge,
particularly to those customers operatingin hostile and demanding environments.

Scan
here
or visit:

H175

www.reports.airbusgroup.com
09

FLIGHT SAFETYWAS THE PRIORITY
IMPROVED FLIGHT ENVELOPEPROTECTION AND ENHANCEDSITUATIONAL AWARENESS.

THE H175'S DESIGN WASDEVELOPED TO ENSURE
THAT IT COMPLIES WITH
THE LATEST AIRWORTHINESSSTANDARDS, COVERINGBOTH THE HELICOPTER
AND ITS AVIONICS SUITE.
THIS PROVIDES INCREASEDSAFETY THROUGH REDUCEDPILOT WORKLOAD,

CUSTOMERS HAD AN ACTIVE
ROLE IN THE H175'S DESIGNTHROUGH A SERIES OF
CUSTOMER WORKSHOPS HELDWITH A BROAD SELECTION OF
OPERATORS.

03

01

05
04

02

01

H175

HIGHER WEIGHT

7,500 kg
Maximum
take-off weight

02

03

04

05

LARGE
CAPACITYHIGHERPERFORMANCELATESTTECHNOLOGIESVARIOUSCONFIGURATIONS

16 to 18160 kts

Its new avionics
suite andautomatic pilot
offer easy pilotingwith optimised
assistanceDesigned for oil
and gas, medical
services, searchand rescue,private transportand public
service roles

Most competitive
rotorcraft fortransporting up to
18 passengers(300 km/h)

Maximum speed
and ferry range
over 600 nautical
miles

10

11

12

GIVINGCUSTOMERSTHE COMPETITIVEEDGEENGINEERS AT AIRBUS DEFENCEAND SPACE ARE PIONEERINGTHE USE OF ALL-ELECTRIC
PROPULSION FOR LARGESATELLITES TO PROVIDEOPERATORS WITH EVER
MORE EFFICIENT SOLUTIONS.
In 2014, the Division achieved significant
success in this emerging market segment,with notable telecommunications contract
wins from key global satellite operators,
SES and Eutelsat.
By using electric propulsion for initial orbit
raising, the satellites' mass is reduced,
meaning they can be launched at lower cost
and there is more space available to add
additional capabilities.

ELECTRICPROPULSIONSATELLITES
13

Scan
here
or visit:www.reports.airbusgroup.com

LIGHTER& SMARTER
THE NEWEST E3000e VERSIONUSES MASS-SAVING ELECTRIC
PROPULSION FOR ALL IN-ORBITMANŒUVRES, MEANING LOWERLAUNCH COST AND/OR MORE
ROOM FOR THE PAYLOAD.

EUROSTAR, THE AIRBUS
DEFENCE AND SPACEFLAGSHIP PRODUCT FOR
TELECOMMUNICATIONSSATELLITES, HAS BEATEN ALL
IN-ORBIT RELIABILITY AND
LONGEVITY RECORDS.

03

04

02

01
05

01

ELECTRICPROPULSIONSATELLITES –EUROSTAR E3000e

MASS SAVING

40%

lower launchmass comparedto similar
chemical
propulsion
satellites

02

03

04

05

HIGH
POWER

MORE MISSIONCAPACITYULTRA-FLEXIBLEPAYLOADUNRIVALLEDRELIABILITY

20kW

150

10

500

of electrical powerfrom solar cells to
supply payload
and propulsion
systemhigh power
amplifiers formore television
channelslatest generation
digital signal
processors
providing flexibility

14years of flawless
operation in orbit
accumulated by
60 Eurostar
satellites

SES-12

15

02

PART

02

PILOTINGEFFICIENCY
18 - Key Figures 2014
20 - Letter from the Chairman of the Board
22 - Chief Executive Officer's Interview
26 - Board of Directors
28 - Group Executive Committee
30 - Management Structure
32 - Interview with the Chief Financial Officer
36 - Share Information
37 - Shareholder Information
38 - Interview with the Chief Strategy
and Marketing Officer
40 - Market Trends

A350 XWBANNUAL REVIEW 2014

KEY
FIGURES 2014

ORDER INTAKE(1)ORDER BOOK(1)02 PILOTING EFFICIENCY€ 166.4 bn
2013€ 216.4 bn€ 857.5 bn

- 23%

2013

REVENUES€ 57.6 bn€ 4.0 bn
+ 5%

2013

NET INCOME(2)€ 1.5 bn

€ 2.6 bn

+ 54%

NET CASH POSITION€ 2.3 bn
2013

+ 26%

EBIT*

€ 60.7 bn
2013€ 680.6 bn€ 9.1 bn
+ 59%

2013

€ 8.5 bn

* Unless otherwise indicated, EBIT* figures represented in this report are Earnings Before Interest and Taxes, pre goodwill impairment and exceptionals.
The 2013 figures throughout the document have been restated to reflect the application of IFRS 10 and 11.
18

+ 8%

ANNUAL REVIEW 20142014 RESULTSPROFITABILITY

Airbus Group reported strong 2014 results, reflecting
an improved operational performance with record
commercial aircraft deliveries, revenues and orderbacklog. Airbus received 1,456 net commercial
aircraft orders, with a net book-to-bill ratio above 2.

While Group revenues increased 5%,
the reported EBIT* increased 54%,
reflecting a solid underlying performance.
Net income and earnings per share also
increased strongly.

€ 2.992013€ 1.86€ 1.20+ 61%

2013

R&D EXPENSES€ 3.1 bn

€ 0.75+ 60%

EMPLOYEES€ 3.4 bn
2013

02 PILOTING EFFICIENCYDIVIDEND PER SHARE(3)EARNINGS PER SHARE(2)138,622+ 9%

2013

138,4040%(1) Contributions from commercial aircraft activities to Order Intake and Order Book based on list prices.
(2) Airbus Group continues to use the term Net Income. It is identical with Profit for the period attributable to equity owners of the parent as defined by IFRS rules.
(3) To be proposed to the Annual General Meeting 2015.
19

ANNUAL REVIEW 2014SUSTAINABLE
SUCCESSLETTER FROM DENIS RANQUECHAIRMAN OF THE BOARD

02 PILOTING EFFICIENCY

Dear Shareholders, Dear Stakeholders,
Our company continues to advance apace.
A group-wide rebranding under the Airbus
name; a restructuring at the newly formed
Defence and Space Division; a comprehensive
review of the Group’s defence and spacebusiness portfolio, followed by real measurestaken to refocus on the company’s corestrengths: these are just some highlights from aremarkable list of strategic advances in 2014.

into an established, popular and profitableproduct, focusing on the value proposition tocustomers and targeting the sweet spot of theirrequirements. The orders already booked since
the programme was launched prove the point.

In 2014, the Board of Directors monitored thetechnical and commercial progress of key
programmes, such as the A350 XWB, A400M,
A380 and Super Puma. During two off-site
Important milestones achieved in our business- Board meetings, at Airbus Helicopters in
es show that management has a good handle Marignane and at Airbus in Toulouse, the Boardon operations: the first delivery of the all-new took the opportunity to review their ongoing
A350 XWB before the end of the year, as transformation and to focus on their key
planned, the maiden flight of the A320neo, also strategic levers.
on time, and first deliveries of the all-new H175
and upgraded H145 and H135 helicopters all The Board also devoted its attention to thespring to mind, even if programme develop- Group’s financial results and forecasts, supply
ment remains a constant challenge of this chain challenges, efficiency initiatives, compliindustry like no other. That is why, despite ance in business processes, litigation risks andthe A400M’s persistent difficulties, the Group’s many other pressing matters.
financial results underscore an improved operational performance, thanks also to a strong We remain committed to shareholder value, asorder book supported by a very solid perfor- a mission of gratitude to our faithful investors,
mance in new order intakes.
but also because it constitutes the best soil
for sustainable leadership and success. The
The Airbus Group Board of Directors can be evolu­tion of the dividend is clear evidence ofjustly proud of these outcomes, positioning that. The current proposal of €1.20 per shareitself as a constructive sparring partner for the represents a 60% increase on the previous
management, and focusing on long-term value year, at the top end of the range established inof the Group, excellence in risk mitigation, and the Group’s payout policy, mirroring the imthus shareholders’ interest.
provement of the company’s earnings per
share, and expressing confidence in the opporMajor decisions taken this year, such as those to tunities that lie ahead.
divest non-core activities and to sell down theparticipation in Dassault Aviation, reflect this Another important and symbolic proposal put
concern of applying our efforts, resources and to the vote of our shareowners at this AGM iscapital where we, as a company, make a sub- the conversion from our present legal form into
stantial difference to our market and to our in- a European Company (Societas Europaea or
dustry. In a fast-changing environment, the deci- SE). The change will have no bearing on thesion to enter into a strategic joint venture with day-to-day running of the Company; it will not
Safran for launcher activities, and a new founda- materially affect the governance and will nottion for Ariane 6, show our determination to be, even involve a change in the company’s statut­
again, the defining actor of our sector, at the fore- ory registration in the Netherlands. Neverthefront of innovation. I am convinced that Airbus less it is a matter which is close to our hearts,
Group will be stronger as a result of such agility.
as it brandishes the European values that aresuch a factor in our success: cross-pollination
The Board supports the efficient approach to and transcending borders are at the core ofdevelopments that the A330neo exemplifies, Airbus Group’s DNA. The company’s workforce
bringing value to the Group by injecting new life is quite international and the prevailing mindset
20

We remaincommitted toshareholder value
Denis Ranque
Chairman of the Board

is one of openness to build on the diversity ofstrengths and characters. By becoming an SE,
Airbus Group signals its commitment to inter­national cooperation for the years to come,taking the European "togetherness" beyond theborders of this continent.
Your company's Board lives that spirit, whichtakes its source in its international composition
and in the depth and breadth of industrial experience its members bring to the table. In termsof gender diversity it is also embarking on apath of continuous progress, in 2015 and overthe next two years, as we replace departing
directors.

ANNUAL REVIEW 2014

An evaluation of the Board of Directors was completed early in 2015 with the support of Spencer
Stuart. Based on individual interviews with all
Board members, the study offered satisfactory
conclusions, and a few routes of improvement
detailed in the Board Report to the AGM.
In 2014, the Board realised that its present
replacement mechanism, implying the turnoverof large blocks every three years, created therisk of a significant loss of experience when it
happens. Instead, the Board has decided to
introduce a smoother replacement schedule ofminimum one, maximum two directors every
year. The steps to implement this change will
be visible at the AGM in 2016.

02 PILOTING EFFICIENCY

We already have the opportunity to take a firststep towards an optimised turnover. This follows the resignation of Josep Piqué i Camps,
whose new executive duties, regretfully, canno longer be combined with the demands ofbeing an Airbus Group Board member. His
proposed successor, Ms Amparo Moraleda,
has all the right qualities in terms of industrial
know-how and international experience to enrich the existing Board and make a vigorous
personal contribution. I look forward to welcoming her into the team.
Airbus Group has ambitious plans. As we lookto the time ahead, I believe shareholders cancontinue to count on the support of a strong
and dedicated Board.

Denis Ranque

COMMITTEES OF
THE BOARD OF DIRECTORSDIVIDEND PER SHARE

As of 1 April 2015€1.20*

AUDIT COMMITTEE
Hermann-Josef Lamberti (Chairman)
Anne Lauvergeon
Michel Pébereau
Josep Piqué i Camps* To be proposed to the Annual General Meeting 2015.

REMUNERATION ANDNOMINATION COMMITTEE
Sir John Parker (Chairman)
Jean-Claude Trichet
Lakshmi N. Mittal
Hans-Peter Keitel

For more detailed information, please refer to the Corporate
Governance section in the Registration Document 2014.
21

ANNUAL REVIEW 2014

ONE JOURNEYONE TEAM

02 PILOTING EFFICIENCYINTERVIEW WITH TOM ENDERSCHIEF EXECUTIVE OFFICERW

hen you look backon 2014, what comesto your mind?
Well, what comes to mymind first of all is that 2014
was not a business-asusual year for the Group. It was the first year thatthe entire Group operated under the Airbus
brand. The value of this one-brand strategy
is visible for everybody, particularly for ourhelicopter, space and defence businesses.
We are united under one strong brand and thisespecially supports our growing ambitions on
the international markets.
What also comes to my mind is the notable
operational progress we made in 2014 thanks
to the dedication of our employees.
All along we said that the first A350 delivery
would happen before year-end, and it did! We
wanted the A320neo first flight to take place
before the end of the third quarter 2014 – well,
we made that happen also.
Our colleagues at Defence and Space too had
an incredibly full plate with the launch of their
new organisation, conducting a portfolio review
and commencing the joint venture with Safranin our Space launcher business which will truly
revolutionise the European space business. Allof these measures are of key importance toimprove our competitiveness in the defence
and space sector and they were achieved righton target.
At Helicopters, our troops managed to stabilize
the “ship” despite a challenging commercial
environment and we took big leaps forward inrenewing our fleet.

22

So needless to say I am proud of our employees’ “can do” attitude! It is thanks to the strong
commitment of “Team Airbus” that 2014 will be
remembered as yet another record year for theGroup in many areas.
What were your operational andcommercial highlights?
Obviously, the certification and on-time deliveryof our first A350 to Qatar Airways was a key
one. Expectations by our customer and shareholders were high. This great achievement was
the result of many years of excellent team workby our employees and suppliers. And thecustomer feedback we are receiving so far isvery encouraging. As we ramp up the product­ion of the A350 now, we must keep up thisgreat team work!
The first A350 was just one of 629 aircraft
handed over to customers in 2014, which set a
new delivery record. Also included in that tallywere 30 A380s and 490 single-aisle aircraft.
On the A380, we are on track to reach breakeven this year after making good operational
progress last year. Then, the first A320neo took
to the skies, marking a major milestone towards
entry-into-service towards the end of this year.
This plane is the fastest selling airliner ever anda huge commercial success! And we also
launched the re-engining of our very successful
A330 during the Farnborough Air Show lastyear. As we can see in the solid order intake:
The market very much appreciates our products.
And these revamped aircraft types will improve
our market position even further.

ANNUAL REVIEW 2014

So does Airbus hog all the glory
for a successful 2014?
No, I wouldn`t want to say that. While it is ofcourse true that Airbus plays a very strongrole in our Group, the achievements of theother Divisions were quite remarkable, too.
Our Helicopters Division had much of the same
objectives like our commercial aircraft segment– and that was bringing new, competitive
products to the market. We introduced the
new generation H175 (formerly the EC175) tothe market, along with revamped H135s andH145s. At the same time, 2014 saw the full

return of the Super Puma fleet to active service
following its recent difficulties. These altogether
were important achievements which managed
to stabilize the Division during a time oftransformation.
Within our defence and space business there
were some significant operational achievements,
including six Ariane 5 launches. We also
shouldn’t forget the remarkable landing of the
Philae probe on a comet following a decade-longvoyage into space on board our Rosetta spacecraft. There was healthy order intake within thespace systems business, while demand wasstrong for light and medium military aircraft.
Yet, on A400M, I regret to say, we did not meet
our customers’ expectations. This shortcoming
also translated into a sizeable charge, which
we had to account for. But we have now taken
the necessary decisions to get the A400M
programme back on track. And we need to do
this not only for financial reasons, but because
we know how much our military customers
depend on the airlifting capabilities of this new
generation aircraft.

2014 will be rememberedas yet another record year
for the Group
02 PILOTING EFFICIENCYTom Enders
Chief Executive Officer

23

02 PILOTING EFFICIENCYANNUAL REVIEW 2014

On top of our list is
on-time, on-cost andon-quality programme
execution
Tom Enders
Chief Executive Officer

What does all this mean to your financial
performance then? Are you satisfied
with last year’s financial results?
All in all, in 2014 we’ve increased revenues,
profitability and cash flow, which exceeded
our guidance. And although we had to take asizeable A400M charge, we could offset mostof it through gains on divestments, which were
the first steps of implementing our strategic
portfolio review decisions. So, overall, we did
quite well last year and we take pride in thefact that our shareholders can benefit fromthese good results through a record dividend
payment. – So, yes, I’m satisfied with the results
but I’m not complacent. We still have strong
upside potential at Airbus when it comes toprofitability. And we will further improve theprofitability of our Group in the coming year.
What are your key priorities for 2015
and beyond?
On top of our list is on-time, on-cost and onquality programme execution, clearly ! With thevarious production ramp-ups taking placeacross the Group – just look at A350, A400M,
A320neo and H175 – there’s no alternative tooperational excellence. “Getting it right thefirst time” must serve as our guiding principle.
For that purpose, we are also deploying our
so-called Quest quality initiative Group-wide.
This will help to ensure Airbus Group operates
efficiently and delivers the highest quality
products and services.

24

But if we want to rigorously live up to thisprinciple of “getting it right the first time” inan economically and technologically everaccelerating environment, I am convinced wehave to continue improving our internal
processes. We have done a lot in this regard
over the last years. Yet, to tap the full innovative
potential of the Group, we must reinforce
integration and connectivity. We will develop
a digital strategy that allows for even faster
decision-making, shorter development cycles,
faster ramp-ups and more efficient production.
This isn’t something which will happen
overnight but our Top Management is unitedin pursuing and implementing this strategy –gradually, step by step, but as fast as possible.
Doing so, I am convinced, will not only be in theinterest of all of us at Airbus but also drive
shareholder returns over the long-term.
Finally, whatever business or strategy wepursue, we will do it in a compliant manner.
We will enforce our Ethics and Complianceguidelines across the Group, and ensure that all
employees receive the training they require inthis very important area. We strongly promotea culture of integrity and transparency in allparts of the business around the globe, andat all levels.

ANNUAL REVIEW 2014

GROUP PRIORITIES 2015
KEY POINTSRAMP UP PRODUCTION
Focus on ramping up new civil platforms A350 XWB, A320neo, H175, H145; Recover
A400M industrial set-up and outstanding
development milestones of militarycapabilities.

OPERATIONAL EXCELLENCE
Deploy Quest throughout the entire Group;
Further reduce times required to get a fix
for in-service issues; Simplify and shorten
development processes.

INNOVATIONFINANCE
Continue margin enhancement and increase
profitability; Focus on cash generation andbuild up reserves for future investments.

ETHICS AND COMPLIANCE
Reinforce anti-corruption programme,
update Group policies; Promote culture of“Speaking Up”, integrity and transparency.

CORPORATE CITIZENSHIPAND RESPONSIBILITY
Strengthen company's position as a trusted
partner with all stakeholders, in homecountries and globally.

TEAM AIRBUS
Drive Group-wide, Divisional and team level
actions to improve employee engagement
over the next two years, thereby increasing
performance and competitiveness.

GLOBAL OUTREACH
Ensure full deployment of the one-roof
concept throughout the Group by year-end;
Strive to further expand worldwide footprint
with local industrial presence.

25

02 PILOTING EFFICIENCYDevelop and implement a Digital Strategy
at Group level; Connect existing innovation
initiatives for synergies and improve traction
with operations and customers.

ANNUAL REVIEW 2014

SETTINGTHE COURSE
BOARD OF DIRECTORS

02 PILOTING EFFICIENCYAs of 1 April 2015

DENIS RANQUE (63)Chairman of the Boardof Directors of Airbus GroupTOM ENDERS (56)
Chief Executive Officer
of Airbus Group

From 1998 to 2009 Mr Ranque was Chairman
and CEO of Thales, the largest European
defence electronics’ company, where he had
previously held various management positions.
He started his career in the French Ministry
for Industry. Since 2010 he has held various
non-executive directorship positions in industrial
companies and related non-profit organisations.

Mr Enders chairs the Airbus Group Executive
Committee, he answers to the Board of
Directors, of which he is the only executive
member, for delivering Group performanceand executing its strategy.

ANNE LAUVERGEON (55)
Chairman and CEO of A.L.P, Chairmanof the Board of Sigfox, and Chairman of
the French Innovation 2030 Committee

SIR JOHN PARKER (72)
Chairman of Anglo American

Ms Lauvergeon was CEO of Areva from2001 to 2011. Under her tenure the company
became the world nuclear leader, and a major
renewables equipment provider. Before Lazard
Frères and Alcatel she worked (1990-1995) for
French President Mitterrand as Deputy Chiefof Staff and personal representative for G7/G8
summit preparations.

Prior to his current position, Sir John Parker
held several leadership positions in theengineering, shipbuilding and defence
industries, including the chairmanship of
National Grid until end 2011 and some 25
years’ experience as a CEO including Harland& Wolff and the Babcock International Group.

26

JEAN-CLAUDE TRICHET (72)
Honorary Governor of Banquede France and former Presidentof the European Central BankMr Trichet served as President of theEuropean Central Bank from 2003 to 2011.
Formerly, he was Governor of Banque deFrance, led the French Treasury and held
various leading positions within the French
Ministry of Economy and Finance.

HERMANN-JOSEF LAMBERTI (59)Former Member of the Management
Board of Deutsche BankMr Lamberti was COO of Deutsche Bank AG
from 1998 to 2012. He previously gainedwide experience within IBM, in the fields ofcontrolling, internal application development,
sales, personal software, marketing and brandmanagement.

ANNUAL REVIEW 2014

To find out more:
www.airbusgroup.com(Group & Vision > Governance)

Mr Pébereau was the Chairman of BNPParibas until the end of 2011. Previously, he
led BNP bank, presiding over the merger thatcreated BNP Paribas in 2000. He also led
Crédit Commercial de France, after holding
various high ranking positions within the
French Treasury.

HANS-PETER KEITEL (67)
Vice President of the Federationof German Industries (BDI)Mr Keitel served as President of the Federationof German Industries (BDI) from 2009 to 2012.
Prior to this he served for nearly 20 years at
Hochtief – first as Director for International
Business and subsequently from 1992 to2007 as CEO.

LAKSHMI N. MITTAL (64)Chairman and Chief Executive
Officer of ArcelorMittal

MANFRED BISCHOFF (72)
Chairman of the Supervisory
Board of Daimler

Mr Mittal is an entrepreneur who founded
Mittal Steel Company in 1976. The company
has successfully grown over the years, is today
known as ArcelorMittal, and has become
the world’s largest steelmaker. Mr Mittal isrecognised for his leadership in restructuring
the global steel industry.

Mr Bischoff previously served as CEO of
Daimler Benz Aerospace (DASA), as Chairman
of EADS and as a member of the Management
Board of Daimler. Educated as an economist
he has comprehensive expertise regarding
the automotive industry as well as aerospace.

RALPH D. CROSBY (67)Former Member of theManagement Boards of EADS
and of Northrop Grumman

JOSEP PIQUÉ i CAMPS (60)Vice-Chairman and CEO
of Obrascón Huarte Lain

Mr Crosby has had thirty years of executive
experience in the international aerospaceand defence industry, including generalmanagement of major defence andcommercial businesses for EADS
and Northrop Grumman Corporation.

27

Mr Piqué i Camps is Vice-Chairman and CEO
of Obrascón Huarte Lain (OHL). Having servedin various political functions, i.e. Senator andMinister of successive Spanish governments,
he has comprehensive political experience.

02 PILOTING EFFICIENCYMICHEL PÉBEREAU (73)
Honorary President of BNP Paribas
and Chairman of BNP Paribas
Foundation

LEADING TOGETHERGROUP EXECUTIVE COMMITTEEAs of 1 April 2015

JOHN LEAHY
Airbus Chief Operating
Officer – Customers

01

Mr Leahy’s responsibilities cover
all commercial activities of Airbus
including sales, marketing,contracts, business transaction
control, asset management, leasing
and business development.

JEAN BOTTI
Airbus Group Chief
Technical Officer

02

Mr Botti’s mission is to steer
Airbus Group's Research &Technology strategy. He oversees
IT, and initiatives in cyber security,
quality, programme management
and manufacturing tools for theCompany’s future.

THIERRY BARIL
Airbus Group & Airbus Chief
Human Resources Officer

01

03

Mr Baril is responsible for attracting
and developing a skilled and flexible
workforce within an inclusive,engaging workplace with a highperformance culture, planningcompetence needs and nurturingleaders to support growth,
innovation and change.

02

BERNHARD GERWERT 04
Airbus Defence and Space
Chief Executive Officer

03

MARWAN LAHOUD
Airbus Group Chief
Strategy & Marketing
Officer

Mr Gerwert is in chargeof restructuring and driving
sustainable businessperformance at Airbus
Defence and Space, while
preparing the Division’s
future.

Mr Lahoud is responsible
for the elaboration of
the Group’s strategy, its
international marketing anddevelopment as well as for
the Group’s Public Affairs.

28

04

05

05

06

ALLAN McARTOR
Chairman and CEO
of Airbus Group, Inc.
Mr McArtor oversees
the management andoperational responsibilities
of expanding the Airbus
Group market presence inthe USA, in coordination
with the three Airbus Group
operating Divisions.

06

TOM WILLIAMS
Airbus Chief Operating
Officer

13

Mr Williams is responsible for theoperations of Airbus, including
engineering, production and supply
chain management. He succeeded
Günter Butschek on 1 January 2015.

KLAUS RICHTER
Airbus Group & Airbus Chief
Procurement Officer

12

Mr Richter is in charge ofprocurement for the Group, andhe leads procurement at Airbus,
developing strong supplierpartnerships, ensuring timely
delivery of purchased goods
on-cost and with the proper quality.

FRANÇOIS AUQUEHead of Space Systems,
Airbus Defence and Space

07

08

TOM ENDERS
Airbus Group Chief
Executive Officer

09

07

Mr Enders chairs the Airbus
Group Executive Committee.
He answers to the Boardof Directors, of which he is
the only executive member,for delivering Group
performance and executing
its strategy.

10

11

HARALD WILHELM
Airbus Group & Airbus
Chief Financial Officer

1208

Mr Wilhelm’s mission is toensure the financial performanceof Airbus Group, its funding
and the customers’ financing,to manage investor relations, tomanage risks and opportunities,
to provide financial transparency
and create value for theCompany’s shareholders.

Mr Auque is responsible for theSpace Systems business line within
Airbus Defence and Space. Space
Systems is Europe’s leading providerof space transportation, orbital
infrastructures and satellite systems,
and plays a crucial role in France’s
deterrence capabilities. Furthermore,
Mr Auque is chairman of Airbus
Defence and Space, France.

13

FABRICE BRÉGIER
Airbus Chief
Executive Officer

09

As Airbus President
and CEO, Mr Brégier is
responsible for the overall
success of all Airbus
activities and for sustainably
positioning the businessas a global leader incommercial aviation.

29

11

GUILLAUME FAURY
Airbus Helicopters
Chief Executive Officer

10

Mr Faury’s mission is to implement
an ambitious transformation plan
to strengthen Airbus Helicopters’
industrial performance, to delivercommercial success and customer
satisfaction on programmes andrelated services, and to strengthen
the division’s product offering.

Mr Domingo Ureña-Raso resigned on 29 January 2015

ANNUAL REVIEW 2014

AIRBUS GROUPMANAGEMENTSTRUCTURE
AIRBUSAs of 1 April 2015
Fabrice Brégier (CEO)BOARD OF DIRECTORS

Thierry BarilJohn Leahy

Denis Ranque (Chairman)

Harald Wilhelm

02 PILOTING EFFICIENCYTom Enders (CEO)Tom Williams

Manfred Bischoff

AIRBUSHELICOPTERS

Ralph D. Crosby

Hans-Peter Keitel

Hermann-Josef Lamberti

Anne Lauvergeon

Guillaume Faury (CEO)CHIEF EXECUTIVEOFFICERTom Enders

AIRBUSDEFENCE AND SPACE

Lakshmi N. Mittal
Bernhard Gerwert (CEO)Sir John Parker

François Auque

Michel Pébereau

Josep Piqué i Camps

Jean-Claude Trichet

GROUP EXECUTIVE COMMITTEE MEMBERS

30

DIVISIONS

Klaus RichterANNUAL REVIEW 2014

CHIEF FINANCIAL
OFFICER

Harald Wilhelm

CHIEF STRATEGY &MARKETING OFFICERCORPORATESECRETARY

Marwan Lahoud

Pierre de Bausset

CHIEF HUMANRESOURCES OFFICER

Thierry Baril

CORPORATE
AUDIT

Grazia Vittadini

Jean Botti

CHIEF COMPLIANCE
OFFICER

Pedro Montoya

CHIEF PROCUREMENTOFFICER

Klaus Richter

LEGAL DEPARTMENTPeter Kleinschmidt

AIRBUS GROUP, INC.
CORPORATECOMMUNICATIONS

Allan McArtor (CEO)Rainer Ohler

31

02 PILOTING EFFICIENCYCHIEF TECHNICALOFFICERANNUAL REVIEW 2014

IMPROVING
RETURNSINTERVIEW WITH HARALD WILHELM
CHIEF FINANCIAL OFFICER

1,2

80
70

1,0

02 PILOTING EFFICIENCY

60

J

0,8

50

0,6

40

30
udging by the results webcast,
you seemed quite happy with20
the 2014 figures. What were10
the highlights from your pointof view?
0
Yes, we delivered a pretty good set
1000
of numbers, I would say. Our profitability continues to improve. While revenues were up 5%,800
our reported EBIT increased 54% to €4 billion.
Despite the A400M charge, our earnings wereup 61% at €2.99 per share. That’s the basis
600
for the proposed dividend, €1.20 per share,
which is again an increase of 60% on the400
previous year.

development phase of our A330neo and theA320neo will also start to ramp up with the firstdeliveries at the end of 2015.
Beyond 2015 we should see further improvement, though. And of course, don’t forget thatin the near-term our cash flow after M&A will besupported by the ongoing divestments.

What kind of impact should we be
expecting from those divestments?
Well, for 2014 you already saw some cash
impact. The figure includes close to €800
million from the sale of a part of our holdings in
Dassault Aviation in November 2014 and weOn top of that, our Free Cash Flow has 200de­ sold around 8% of Dassault shares. Beginningveloped positively, at €1.1 billion even before 2015, we sold 18.75% of Dassault shares.
Depending on market conditions, we want to
the 0.9 billion proceeds from divestments. I’m
0particularly pleased about that, I have to say. continue selling down our stake in the year
Our cash flow is a challenge with the ongoing ahead. For those other divestments planned as
investment in programmes. I’m talking mainly part of the portfolio optimisation in the defence
about the production ramp-ups in the A350, and space businesses, we will have to see theA320 and A400M programmes. So it’s great to timings of the various carve-outs and asset
see the efforts in working capital management sales. The process is not yet sufficiently
are paying off. The teams have been doing a advanced to give numbers right now.
great job there.
But clearly you have some confidence
about the cash situation going forward.
How do you see the trend going
It’s a big increase in dividend, at any rate.
forward? I mean, you beat the cash
guidance by some margin in 2014.
The proposed dividend is a significant increase
As I said, we’ve been keeping a close eye on on last year’s, certainly, but it’s fully in line with80
the cash profile throughout the year. And we the company policy. €1.20 represents a 40%
70
payout ratio which is the upper end of ourhad a good fourth quarter, thanks to strong
targeted payout range.
execution and deliveries, as well as healthy
60
customer advances. All this helped us to deliver50
We have a strong liquidity position. Our grossbetter than expected cash flow in 2014.
cash balance of €16.4 billion at the end of 201440
For 2015, we’re targeting breakeven cash flow provides us with flexibility and security to invest
30
in our business growth while also improving
before M&A activities. That means before
cash returns to shareholders. We begin theproceeds from divestments. You may say that20
seems a little conservative. I would tend to year with a solid net cash position of €9.1 billion.
10
Looking to 2015, if we secure the divestment
disagree given where we stand in our
proceeds and we see we are on track with
programmes cycle. A400M weighed heavily on0
our cash flow in 2014 and will continue to do so the A350 ramp-up and A320 transition, I thinkin 2015. We have a strong cash need1000to we will review our cash allocation policy tosupport the A350 ramp-up. We are in the maximise shareholder value.
800** The 2013 figures have been restated to reflect the application of IFRS 10 and 11.
600

400

0,4

0,0
3,5

2.99

2,5
2,5

1,5
1,5

3
2,5

1.86

22,0

2

1.46

1,5

11,0

1

0,5
0,5

0,5

00,0

0

2012

2013**

2014

Earnings per share reported

AIRBUS GROUP DIVIDEND
Gross dividend per share (in €)
1.4

1.4

1.20*

1.2

1,2

1.0

0.75

0.8
0,8
0.6
0,6
0.4
0,4

1.2
1.0

1,0

0.60

40%

0.8

40%

31%

0.6
0.4

0.2
0,2

0.2

0.0
0,0

0.0

2012

2013

2014

3,0
Pay-out ratio* To
2,5be proposed to the Annual General Meeting 2015.

1,5
1,0

200

3,5

33,0

2,0
32

EARNINGS PER SHAREPERFORMANCE (in €)0,2ANNUAL REVIEW 2014

02 PILOTING EFFICIENCY

I believe we have the ingredientsfor strong growth
Harald Wilhelm
Chief Financial Officer

1,2

80
70

1,0

60
0,8

50

0,6

40
30

0,4 BOOKCONSISTENT GROWTH IN ORDER

20
10

0,2

Order Book by Activity (in € bn)

Order Book by Region
0,0

0
1000
857.5

900
800
800

800

680.6

700
600
600

516.9

500

638.0

300
200

100

100

0

1,5

400

200
200

0

2,0

600

815.3

400
400

49.6

42.6

42.2

2012

2013*

2014

Commercial

19%

2,5

700

566.5

500

300

3,0

900

31%

23%

14%

1,0

13%
0,5

0

0,0

Asia-Pacific
EuropeNorth America

Defence* The 2013 figures have been restated to reflect the application of IFRS 10 and 11.

33

 frica / Central
Aand South America
Middle East

ANNUAL REVIEW 2014

Looking now at the performance forthe years ahead, in particular for
growth and profitability, what should
we be expecting and what are themain drivers?
In 2015, before M&A, Airbus Group expects anincrease in revenues and is targeting a slightincrease in EBIT before one-off. The Group isalso targeting its EPS and DPS to increase
further in 2015.
I believe we have the ingredients for strong EPS
growth by the end of the decade. The commercial market fundamentals are very positive andour strong backlog provides excellent visibility forthe growth ahead of us. The A320 production
increase to rate 50 in 2017 and the deliveries of
the A320neo, combined with the A350 ramp up
to rate 10 by the end of 2018, will be strong
drivers of growth in the years 2017 and beyond.

02 PILOTING EFFICIENCY

And here again, we expect the ongoing divestments to support EPS in 2015 and 2016.

CONSISTENT GROWTH IN GROUP REVENUES
Revenue Growth (in € bn)

Revenues by Division
1,2

80
70

70

70
58

61

1,0

60

60

50

50

50

40

40

40

56

44

47

60

30

20

20

20

10

10

10

0

0

11

0,6

50

30

12

0,8

30

2013*

0,2

11

0,0

2014

1000
800

3,0
Commercial

Defence

2,5* The 2013 figure has been restated to reflect the application of IFRS 10 and 11.

600
400

68%

0,4

0

2012

21%

34

2,0
1,5

10%
1%
AirbusAirbus Defence and Space
Airbus Helicopters
OthersANNUAL REVIEW 2014

GROUP REVENUES BY REGION

33%

16%

11%

32%

8%
TOTAL

€61 bnAsia-PacificNorth America

Middle East

What about the other businesses?
To start with the Helicopters business: we’veseen a slower commercial environment than
anticipated about a year ago, particularly inNorth America and in the oil and gas market.
But Airbus Helicopters is adapting. It successfully introduced one new helicopter model and two
major upgrades in 2014. Profitability is stable
despite a higher R&D and a less favourable mix.

A frica / Central and South America

Finally, a word about the dollar. Will you
be cracking open the champagne if the
euro-dollar rate hits 1.00?
A strong dollar is certainly positive for our Group.
But don’t forget that since we are in a longterm business, we have a large hedge-bookto provide us with visibility and stability. The
improved dollar trend will mainly come throughin 2018 and beyond. The rule of thumb of
1 cent leading to an EBIT impact of aroundI expect Airbus Helicopters will be in a good €100m still holds true, although the impact willcompetitive position once the market improves increase slightly in the outer years as thethanks to their transformation plan.
business grows and net exposure increases.
So it is indeed an additional potential upside for
For the Airbus Defence and Space businesses, our profitability and cash.
the restructuring is making good progress. The
site and headcount reductions are running according to plan and should support underlying
profitability. I mentioned before the ongoing divestments and the launcher joint venture, which
will impact the Division’s financials once theportfolio decisions have been implemented.
But I’m confident that Airbus Defence andSpace will emerge as a stronger, more focusedcompany.

For more detailed information, please referto the Financial Statements 2014.
35

02 PILOTING EFFICIENCY

EuropeANNUAL REVIEW 2014

SHARE
INFORMATION

Capital Structure

SHARE PRICE EVOLUTION
As of 31 December 2014

As of 31 December 2014
Base 100 as of 2 January 2012

11%

250
250

Airbus Group share price in €

2012

2013

2014

50

200
200

74%
11%
02 PILOTING EFFICIENCY

60

40

150
150

4%

30
100
100

Free Float*
SOGEPA (French State)
GZBV (German State)
SEPI (Spanish State)

20
50
50

J F M A M J J A S O N D

Airbus GroupCAC 40MSCI Aerospace (in €, adjusted daily US $/€ rate)*Include Treasury shares (<0.1%) without economic or voting rights.

After comfortably outperforming its main
benchmark index, the CAC40, in each of
the previous four years, and climbing
89% in 2013 alone, the Airbus Group
share saw a period of consolidation in2014, as investors took profits and turned
their attention to potential risks.

In November the share price again moved upwards, supported by global market momentum,
the drop in €/$ exchange rate, lower oil priceand positive news-flow on key programmes
and orders. On 27 November 2014 the shareclosed at €49.79.
Investors continued to display nervousness,
however. On the morning of 10 December 2014,
After reaching a near all-time high of €55.81 at Qatar Airways announced a decision to postthe end of 2013, the share price retreated 26% pone acceptance of its first A350 XWB. On theover the course of the year 2014.
same day, amidst speculation around the causeof this delay, investors and analysts who had
During the same period wider markets were gathered in London for the company’s Global Inrelatively subdued. The CAC 40 fell 0.5%, while vestor Forum were disappointed by the Com­the DAX and MDAX rose 2.5% and 2% respec- pany’s profitability outlook for 2016, A330 protively. The EuroStoxx50 climbed 1%.
duction rates, the capital allocation policy andlonger-term perspectives for the A380.
During the first half year, Airbus Group sharesbroadly tracked their civil aerospace peers. On 31 December 2014, the Airbus Group share
However, investors began to express doubts closed at €41.35. A rapid recovery ensued inabout the strength of the commercial cycle.
the following weeks, with the share finishing at
Although the launch of the A330neo, during the €50.14 on 26 January 2015.
July Farnborough Airshow, was widely seen as
a long-term positive for the company, investors
noted the dilutive impact on the Group’s 2015
earnings. On 8 August 2014 shares reached€42.22. After Airbus Group shares recovered
over August and September, fears of an economic slowdown hit European indices late in
September and October, which impacted thecom­pany’s share price.
36

ProfileNumber of shares as of
31 December 2014

784,780,585
ISIN Code

NL0000235190
Gross Dividend per share*€ 1.20High in 2014 on the Paris stock
market on 22 January€ 57.1
Low in 2014 on the Paris stock
market on 15 December€ 40.5* To be proposed to the Annual General Meeting 2015.

ANNUAL REVIEW 2014

SHAREHOLDERINFORMATION
www.airbusgroup.com

The Airbus Group Investor Relations andFinancial Communications team aims to keep
investors and other market participants fully
informed about the Group’s current strategy,
operations and financial results.
In 2014, more than 880 meetings were organised with some 475 institutional investors worldwide. The Group’s annual Global Investor
Forum, held in London in December 2014 andattended by more than 175 institutional investors and analysts, was broadcast live on thecompany website.

Relevant company information and documentation, including the Group Annual Report, quarterly financial releases, Annual General Meeting
documents and the shareholder newsletteraero-notes is fully available on the company
website in English, French, German and Spanish.

Financial Calendar
FULL YEAR 2014 RESULTS RELEASE

27 February 2015
FIRST QUARTER 2015 RESULTSRELEASE

30 April 2015
ANNUAL GENERAL MEETING

27 May 2015
Amsterdam, The Netherlands
PRIVATE SHAREHOLDERINFORMATION MEETING

30 June 2015
Paris, France
PRIVATE SHAREHOLDERINFORMATION MEETING

02 July 2015
Munich, Germany
HALF YEAR 2015 RESULTS RELEASE

31 July 2015

Investor Relations and Financial Communication contact details
Toll-free telephone numbers
France:0 800 01 2001
Germany: 00 800 00 02 2002
Spain:
00 800 00 02 2002

37

International number: + 33 800 01 2001
E-mail: ir@airbus.com
iPad Application: Airbus Group Investors

02 PILOTING EFFICIENCYIn addition, the team met individual shareholders in more than 20 information meetings anddedicated site visits in France, Germany, Spainand the UK.

ANNUAL REVIEW 2014

STRATEGY
IN ACTION

02 PILOTING EFFICIENCYINTERVIEW WITH MARWAN LAHOUDCHIEF STRATEGY AND MARKETING OFFICER

I

n 2013, Airbus Group revised its
strategy and announced a reorgan­­­­­­i­sation of its defence and spacebusinesses. What progress has been
made since?
A lot, I can tell you. You’ll recall the outcome of our strategic review, basically with two
main elements. First: we recognise commercial
aviation as our major growth engine. Second,
we adapt the defence and space businesses
to enhance competitiveness and focus on ourcore competences.
You’ve seen the order intake at Airbus. We had
a net book-to-bill ratio of more than two in 2014.
Our order book is at an industry record level ofnearly 6,400 aircraft. Based on 2014 deliveries,
that’s ten years of coverage. All this is confirmation that we’re right with respect to the commercial aircraft business. That’s where the growth is.
In the defence and space businesses, too, theprogress has been impressive. In many ways,
even more so. The new Division, Airbus
Defence and Space, became operational in2014 and has already made substantial progress in its restructuring effort, with headcountand site reductions fully on track.
On top of that, we conducted a thorough anddetailed assessment of the defence and spacebusiness portfolio. As a result, we’ve defined
our future core business within the segment:
space (including launchers and satellites), milit­ary aircraft, missiles and related systems andservices. These are the areas we plan to focus
on in the years ahead. Other business areas
are identified as divestment candidates.

we want to focus our attention in the years
ahead. We believe that some existing businesses, those earmarked for divestment, will
have better chances for growth and market
success in different ownership structures.
What’s the current status?
Have you already sold any assets?
Yes, indeed. Our entire stake in Patria has beensold, as has the Oostkamp site in Belgium. The
next step is the carve out of Secure Land Communications and Business Communications,as well as Defence Electronics and Border Sec­
urity. At the same time, we have taken decisive
action within the launcher business with our
new joint venture.
How does this joint venture fit into
the scheme?
Again, the guiding principle is to focus our resources in order to boost competitiveness. The
space launcher business is facing increased
international competition, from governments
worldwide, but also from new commercial
entrants. The new joint venture Airbus Safran
Launchers, which started operations in January
2015, brings together the expertise of Airbus
Group and Safran and, I believe, will be a major
worldwide player in the launcher domain, poised
to capture market growth and better serve instit­
utional as well as commercial customers.

By joining forces with Safran, we can integrate
the role of prime contractor and propulsion provider to enhance cost control and competitiveness. The joint venture also integrates sales
What exactly is the thinking behind this? and launch operations. I would like to emphas­
We need to rethink our structure in the defence ise that we see launchers as a core part of ourand space sector to address bottom line per- business going forward.
formance. Our guiding principle is that weorient our portfolio towards those businesses in Do you have any other merger andwhich we are able to maintain a leadership pos­ acquisition projects in the pipeline?
ition and succeed under any market cond­itions. At the moment, clearly, the priority is on reshapWe have a number of world-leading products ing the defence and space perimeter. Thatand capabilities in our portfolio. That’s where means more focus on executing successfully

38

The priority is on
reshaping thedefence and space
perimeter
Marwan Lahoud
Chief Strategy and Marketing Officer

ANNUAL REVIEW 2014

I don’t see any major, transformational acquis­
itions on the horizon at this time. But we remain
open of course to any opportunities that may
add value to the Group. And we have the flexibility to act, if necessary.
Looking at the geographical footprintof the Group, are there any new
developments you would highlight?
We’ve seen important advances in the commercial aircraft business, with the A320 Final
Assembly Line in Alabama making good progress. Production is scheduled to start this yearwith deliveries due to begin in 2016.
In China we signed an agreement to extend our
A320 final assembly joint venture for another10 years, from 2016 to 2025. We also signed aletter of intention there for an A330 Completionand Delivery Centre.
At the same time, we’ve been building on our
long-standing ties with the Chinese helicopter
industry. In 2014, Airbus Helicopters signed anagreement with Avicopter for the production of
1,000 new-generation helicopters. The agreement cements the industrial partnership between Airbus Helicopters and AVIC on a
jointly-developed helicopter platform, which isthe basis of two rotorcraft: the AC352 assembled and supported by Avicopter in China mainly for the Chinese market, and the H175 assembled and supported by Airbus Helicopters in
Marignane for the worldwide market.

Elsewhere we are streamlining our set-up by
consolidating our international presence, forexample in India, using a one roof policy underthe Airbus name.
What were the year’s major highlights
in terms of international sales?
As I mentioned before, it was an outstanding
year for commercial aircraft orders. As well as in
the Asia-Pacific region, we saw strong demandin North America and Europe. If I were to highlight a specific contract, I might choose Delta’s
order of 25 A350 XWB and 25 A330neos,
which was a particularly important breakthrough for us in the US market.
The civil helicopters market has been moresubdued, and the recent drop in oil price has
not helped the all-important oil and gas sector.
Nevertheless Airbus Helicopters continues tolead the civil market. From a strategic point ofview, I would highlight Indonesia’s order for
11 AS565 MBe Panther helicopters for naval anti-submarine missions.
Beyond that, we’re pleased with the continuing
success of our military transport aircraft.
Follow­ing a further contract in 2014 for two additional C295 aircraft for the Navy, Mexico will
have the largest Airbus Defence and Space
fleet in Latin America with 22 aircraft. Egypt alsoordered eight additional C295 in a deal which
will take its fleet to 20 and makes it the biggest
customer for the market-leading tactical airlifter.
We’ve got outstanding products in our portfolio,
and I believe the clear focus on our core business and the strong Airbus name will give us agreat platform for the years ahead.

39

02 PILOTING EFFICIENCY

the various disposals, asset sales and restruct­
urings. We also recently sold part of our stakein Dassault Aviation and we are ready totake further monetisation steps, depending onmarket conditions.

ANNUAL REVIEW 2014

MARKET
TRENDS

01 - A380

In 2014, the global economy continued
along its moderate growth path andair traffic increased. Despite mounting
geopolitical tension and terrorist threats,
defence spending remained subdued inWestern countries. Meanwhile, the spaceindustry is becoming increasingly competitive with new economy entrants showing strong interest in space applications.

01

02 PILOTING EFFICIENCYLOW OIL PRICE SET TO PERSIST IN 2015
The world economy continues to grow at amoderate, uneven pace. In its bi-annual report,
published in January 2015, the World Bank
predicted global growth of 3% in 2015 and3.3% in 2016.
According to the report, while activity in the
United States and United Kingdom is gathering momentum, recovery in the Euro Area andJapan has faltered as the legacies of thefinancial crisis linger. China, meanwhile, iscarefully managing a slowdown and its econ­
omic model transition, with 7.1% estimatedglobal trade; financial market volatility as intergrowth in 2015.
est rates start to rise from their historical lows inadvanced economies; strains in the public secThe recent drop in oil price represents a potentor finances of oil-producing countries, for ex­tial upside. The low oil price is expected to perample in the Middle East; and the risk of a prosist through 2015, reducing inflation worldwide,
delaying interest rate increases in the advanced longed period of stagnation or deflation in theeconomies – indeed, further liquidity measures Euro Area or Japan.

US$25.0 billion in 2015. Despite this improvement, airline profit margins are expected toremain thin, with 2015 net profit representing
only a 3.2% return on sales.

Global passenger traffic increased steadily in
2014, with domestic markets driving growth.
According to IATA in its February 2015 release,were announced in Europe in January 2015 –total Revenue Passenger Kilometres rose 5.9%
and opening up opportunities for oil-importing AIRLINE PROFITS RECOVER
Lower fuel prices and continued growth in air in 2014 compared with the previous year. Thiscountries, such as China and India.
The World Bank warns, however, that lower oil traffic are contributing to improved airline profit- 2014 performance was above the 10-year averprices will hurt growth in countries which ability. According to the International Air Trans- age growth rate of 5.6% and the 5.2% growth
port Association (IATA) in its December 2014 experienced in 2013. Passenger traffic is exexport oil, such as Russia and Venezuela.
report, the industry’s collective net profits for pected to grow by a further 7.0% in 2015.
Four major risks threaten the global outlook, 2014 were expected to reach US$19.9 billion
according to the report: persistently weak (2013: US$12.9 billion), and forecast to rise to Air freight traffic, which had stagnated since2011, gathered momentum in 2014. IATA’s fullyear air cargo data for 2014 showed 4.5% demand growth compared to 2013, measured in
02
Freight Tonne Kilometres. That is a significant
acceleration from the 1.4% recorded in 2013
over 2012. Cargo volumes are expected to
grow 4.5% in 2015.
IATA expects oil price weakness to continue in2015, with jet fuel forecast at an average
US$99.9 per barrel in 2015, representing 26%
of airline industry costs.
Supported by the growth trend, airlines ordered 2,888 passenger aircraft of 100 andmore seats in 2014, lifting aircraft manufacturers’ order books to record levels. In its Global
Market Forecast, Airbus predicts that air traffic
will grow at an average rate of 4.7% annually
over the next 20 years (2014-2033), generating
demand for more than 31,000 new passenger
02 - A350 XWB
40

ANNUAL REVIEW 2014

MARKET
TRENDSPASSENGER TRAFFICIS OUTPERFORMING GDP GROWTH

AIR TRAVEL HAS PROVED TO BE
RESILIENT TO EXTERNAL SHOCKSWorld real GDP and passenger traffic (year-over-year)(in RPK* trillions)
WTC Attack

February 2015
Passenger Traffic

10

10%

6

6

5

5

4

4

4

2

3

3

00

2

2

-2

1

1

0

0

+5.2%

8

8%

6

6%
4%
2%

- 2%

-4

- 4%

2008

2009

2010

2011

2012

2013

2014

2015

1969

Oil
CrisisGulf
CrisisAsian
CrisisSARS

Financial
Crisis+62%**

1974

1979

1984

1989

1994

1999

2004

2009

2014

World annual traffic* Revenue Passenger Kilometres.

** Since 2000

Source: ICAO, Airbus.

Source: IHS Economics, OAG, Airbus

REVENUES FROM COMMERCIAL ACTORSOF THE GLOBAL SPACE ECONOMY 2013
US$ 256.2 BILLIONGLOBAL DEFENCE EXPENDITURE 2014
US$ 1,597 BILLION

9%

38%

26%

15%

58%

4%

33%

9%

4%
3%
1%

North America
Asia PacificWestern Europe
Middle East and North Africa
Latin America
Russia and CIS
Eastern Europe
Sub-Saharan Africa

C onsumer services (comprising various
downstream activities relying on satellite signals)
Space manufacturing (incl. launch services)
Services from satellite operators
Source: IHS Aerospace,
Defence & Security.

Source: OECD.

41

02 PILOTING EFFICIENCYWorld real GDP
World passenger traffic ASK (Available Seat Kilometres)

Oil
CrisisANNUAL REVIEW 2014

MARKET
TRENDSand freight aircraft, valued at some US$ 4.6 trillion at current list prices. Over 12,000 of thesenew planes will replace existing aircraft. By
2033 the global fleet of passenger and freighter
aircraft is expected to more than double tonearly 37,500 aircraft.
According to Airbus’ forecast, traffic to, from orwithin the Asia-Pacific region will account for
the largest share of global traffic in 2033 at
more than 40%, ahead of Europe and North
America combined (37%). Asia-Pacific airlines
are expected to take the largest share of
new deliveries in the 2014-2033 period with
39%, followed by European (20%) and North
American airlines (18%).

01

02 PILOTING EFFICIENCYDEFENCE SPENDING SEESSLIGHT UPTURN
Global defence expenditure increased in 2014
for the first time since 2010, according toJane’s Defence Budgets 2014 annual report,reaching US$ 1,597.1 billion. According to thereport, the increase was mainly due to a smaller
drop in the US budget combined with strong
growth in the Middle East and North Africa region, as well as Russia together with CIS States.
While defence spending rose in absolute terms,
the trend towards lower military expenditure asa proportion of GDP continued, with total global
spending falling from 2.15% of GDP to 2.10%.
According to Frost, global border security
investment however will grow at over 7% withinvestment likely to increase in big data analytics, Internet of Things technologies and integrated security solutions.
Concerns over Russian actions in Eastern
Europe have led many countries in the region toreverse spending cuts, the report’s authors say.
Meanwhile, US operations against IS in Syria
and Iraq have halted the fall in operational
spending.
In the longer term, Jane’s Defence Budgets annual report forecasts that global defence
spending will return to steady growth after 2015
and beat its previous 2010 peak of US$ 1,661.7
billion before the end of the decade.
North America continues to dominate global
defence spending. The US alone accounts for
36.7% of all military expenditure. Nevertheless,this share continues to fall with Asia-Pacifichaving increased its share of total budgets from
21.6% in 2009 to 26.0% in 2014, driven by
China, India and the emerging markets ofSouth East Asia. Western Europe’s gradualdecline continued with its share falling to 14.9%.
There may also be an increased investment intechnologies that provide situational awareness, both for law enforcement but also theintelligence services. Citizen safety is back at
the top of the political agenda.

02

HELICOPTER POTENTIAL IN CHINA
The commercial helicopter market proved weaker
than expected in 2014, especially in the US andEurope, with a reduction in overall market demand compared to the previous year. Longerterm perspectives are more favourable, however.
According to Airbus Helicopters’ projections,the US and Canada together represent thelargest market for civil and parapublic helicopters with a forecast overall demand for 3,090
new deliveries over the period from 2014 to2023. Over the same period Asia-Pacific is expected to require 2,240, Latin America 2,110,
Eastern Europe (including CIS) 1,680 andWestern Europe 1,310 new civil helicopters.

42

China’s civil helicopter market is expected toshow huge growth potential as the government
relaxes low altitude flight restrictions.
The US and Canada combined make up
the largest military helicopter market, with aforecast 2,680 new deliveries in the 2014 to2023 period. Asia-Pacific is expected to take
2,470 military helicopters over the same
period, with Eastern Europe taking 1,840 and
Africa and the Middle East 980. Demand fornew military helicopters in Western Europe ispredicted to remain at a comparatively modest
level, with 680 deliveries projected over thesame timeframe.

ANNUAL REVIEW 201403

Historically, new developments in space havelargely been steered by the major national andinternational space agencies such as NASA in
the US and ESA (European Space Agency) inEurope. ESA, which coordinates investment inspace programmes amongst its 20 member
states, announced in January 2015 an avail­able annual budget of €4.43 billion. This repres­ents an increase of 8% on the 2014 figure.

02 PILOTING EFFICIENCYNEW SPACE ENTRANTS

04

technologies such as reusable launchers. It
has also announced plans to enter the satellite
market, creating a fleet of several thousand
satellites for a global Internet service.

In January 2015, WorldVu Satellites Limited,
operating as OneWeb Ltd, announced similarplans to build, launch and operate a low-earthorbit constellation of 648 satellites to help bringhigh-speed Internet and telephony to billions
of people around the world. Initial investors
At its Ministerial Conference in December 2014, include The Virgin Group and Qualcomm.
ESA approved funding to develop a new Ariane
6 launcher family, as well as an upgraded Vega The arrival of new entrants is reshaping the insmall-satellite launcher, representing a 10-year dustry, driving innovation and cost reduction in
the sector. For traditional aerospace compainvestment of around €8 billion.
nies, such developments could increasingly
While government funding continues to play a represent a competitive risk or indeed an
major role in the business, new entrants, part­ opportunity for successful partnership.
icularly from the high-technology sector are
increasingly considering the potential of aerospace applications. Satellites and drones, forexample, can be used to expand internet coverage to remote areas. The US high-technology
giants, in particular, have significant financial
resources to invest.

01 - Eurofighter Typhoon
02 - H130 (foreground) and AS350B2
03 - Eutelsat 172B
04 - Artist’s impression of Ariane 6

In the launcher field for example, SpaceX, a private company founded in 2002 by a former
Paypal entrepreneur, has emerged as a strong
contender winning market share from established players. SpaceX, which in January 2015
raised a billion dollars in a financing roundwith Google and Fidelity, is pioneering new

43

03

PART

03

BUSINESSEFFICIENCY
46 - Airbus
50 - Airbus Helicopters
54 - Airbus Defence and Space58 - Engaged People
59 - Supply Chain
60 - Innovation
62 - Photo Contest
63 - Addresses

H225

03 BUSINESS EFFICIENCYANNUAL REVIEW 201446

ANNUAL REVIEW 2014

ORDER BOOK

€803.6 bn

OPERATIONALIMPROVEMENT
DRIVES RESULTS

ORDER INTAKEREVENUES

EBIT*€150.1 bn€42.3 bn€2.7 bn

DELIVERIES DRIVE REVENUENEW RECORDS

Revenues rose to €42.3 billion(€39.5 billion 2013), driven by higherdeliveries. Reported EBIT* increasedto €2.7 billion (€1.6 billion in 2013).
The increase reflects operational
improvement despite higher R&D
expenses.

Airbus delivered more commercial
aircraft than ever before, including
the first A350 XWB, and net ordersof 1,456 were more than twice
deliveries of 629. The record orderbacklog of 6,386 aircraft provides
a solid platform for growth.

17%
78%

5%
Single aisle
A330 and A350 XWB
A380

www.airbus.com

ORDER BOOK BY REGION(1) (IN UNITS)

96%

17%

12%
Lessor20%

EXTERNAL REVENUES BY ACTIVITY(PLATFORMS/SERVICES SPLIT)

7%
1%

27%

5%

4%
(1) Does not include
orders from undisclosed
customers

R&D

6,386
€ 2.7 bn

Platforms
Services
AIRCRAFTEMPLOYEES
A320neo47

73,95803 BUSINESS EFFICIENCYDELIVERIESBY PROGRAMMEANNUAL REVIEW 2014

AIRBUSKEY PRIORITIES

for 2015• Ensure A350 XWB smooth entry into service
with first customers; ramp-up production in linewith target rate of 10 per month in 4 years.
• Ensure A320neo first delivery by the fourth
quarter of 2015.
• Validate design and advance industrial process
for A330neo.
• Secure a smooth industrial transition between
A330ceo and neo versions.

03 BUSINESS EFFICIENCY• Deliver extended range A330 242 tonne
to first customers.

The teams in Airbus not only
delivered on, but exceeded
their targets

2014 also saw the launch of the A330neo, incorporating thelatest generation engines, aerodynamic enhancements andoptimised cabins to offer a 14% improvement in fuel efficiency per seat. Within six months of its launch, the A330neo
had already received 120 firm orders. Deliveries of the
A330neo are due to start in Q4 2017.
ROBUST SINGLE-AISLE DEMAND

Fabrice Brégier
Airbus Chief Executive Officer

Demand for single-aisle aircraft remained buoyant. The
A320 family won a total of 1,545 gross orders (1,321 net),
representing 56% of total gross orders in the global singleaisle market. Of these orders, 1,041 gross (1,011 net) werefor A320neo, 504 gross (310 net) were for the current
engine option (ceo) version.

Airbus delivered 490 A320 family aircraft during the year. At
year end, the single-aisle backlog stood at 5,129 aircraft,
Airbus continued to see strong commercial momentum in comprising 1,508 A320ceo and 3,621 A320neo aircraft.
2014, while achieving a record number of deliveries and A320 production is being ramped up to a rate of 50 per
making good progress on its key development programmes. month from 2017 onwards.
In 2014 Airbus achieved its second best year ever in terms In March 2014, Airbus and its Chinese partners signed aof aircraft orders, with 1,796 gross orders booked (1,456 ten-year extension to their Joint Venture agreement that asnet) from 67 customers. Thanks to these new orders, the sembles A320 aircraft in China. This new agreement covers
backlog climbed to a new industry record of 6,386 aircraft the period from 2016 to 2025, expands deliveries to the(2013: 5,559), valued at €803.6 billion at list prices (2013: whole Asian region and includes final assembly of the
A320neo family from 2017 onwards.
€625.6 billion).
STRONG MOMENTUM

1,456
NET ORDERS

67

CUSTOMERS629
DELIVERIESIn terms of aircraft deliveries, Airbus surpassed its previous
record with 629 aircraft delivered in 2014. This achievement
meant that Airbus’ aircraft deliveries in 2014 were up for the
13th year in a row.

The A320neo programme remained on schedule following
the first flight in September 2014, with certification plannedin Q3 2015 and first deliveries in Q4 2015. Thanks to new,
optimised seating options, A320neo family aircraft are now
Revenues rose by 7% to €42.3 billion (€39.5 billion in 2013), expected to offer even better fuel efficiency than originallydriven by a slight increase in deliveries and a more favour­ targeted, at 20% lower fuel burn per seat compared to theable delivery mix with higher A380 deliveries. EBIT* before previous generation. With further improvements in engine
one-off increased to €2.5 billion (€2.2 billion in 2013). The performance, the fuel burn per seat is expected to be up to
increase reflects operational improvement despite higher 23% lower by 2020.
research and development expenses.
WIDEBODY STRATEGY ENDORSED
Industrially, the year’s outstanding achievement was the completion of A350 XWB testing and certification, culminating in ontime delivery of the first aircraft for Qatar Airways on 22 December 2014. Meanwhile, the A320neo programme advanced onschedule, following the aircraft’s first flight in September 2014.
48

In 2014, Airbus received a clear endorsement for its widebody strategy, with Delta Airlines’ decision to select the
A330neo for its transatlantic services and the A350 XWB
for its transpacific routes, placing a firm order for 25 ofeach aircraft.

ANNUAL REVIEW 2014

As well as improved fuel efficiency, the A330neo delivers a
range increase of up to 400 nautical miles compared to theexisting A330.
The all-new long-range A350 XWB brings together the latest
in aerodynamics, design and advanced technologies toprovide a 25% step-change in fuel efficiency compared tothe previous generation long-range aircraft.
The A350 XWB ramp-up continued to progress. Airbus isaiming to reach a rate of 10 A350 XWB deliveries per monthby the end of 2018. The A350-1000 version advanced, with
first parts already in production. Deliveries of that version are
due to start in 2017.
At year end, Airbus’ combined widebody backlog amounted
to 1,092 aircraft, consisting of 193 A330s, 120 A330neos
and 779 A350 XWBs. 108 A330 aircraft were deliveredin 2014, and 1 A350 XWB.
In order to facilitate the transition between the A330ceo andA330neo versions, Airbus plans to adjust production to arate of six aircraft per month in 2016.
03 BUSINESS EFFICIENCY

01

779

A350 XWBs IN BACKLOG

30

A380 DELIVERIES

A380 MAKES PROGRESS
02

The A380 continued to prove its worth in operations to airline customers. As of the end of 2014, 152 A380s were in
operation on 94 routes, serving 44 destinations worldwide.
From an industrial perspective, production continued tomake progress towards the target of break-even from 2015.
As planned, 30 aircraft were delivered in 2014, with new operators Asiana Airlines, Qatar Airways and Etihad Airways
taking delivery of their first A380 aircraft. A total of 20 A380s
were ordered in 2014 (13 net). The backlog at year end
stood at 165 aircraft.
CONTINUED SERVICES EXPANSION
Airbus continued to expand its services business. Several
initiatives were announced in the Asia Pacific region, thefastest-growing aviation market. Airbus and its Satair subsidiary opened Satair Airbus Singapore Centre, a joint parts
support and distribution facility for the region. Airbus ProSky, 01 - A380 Aircraft
the company’s air traffic management subsidiary, also 02 - First 242 tonne A330
opened a new office in Singapore to serve the region.
in assembly line49

03 BUSINESS EFFICIENCYANNUAL REVIEW 201450

ANNUAL REVIEW 2014

REVENUESAND EBIT * RISE
ORDER BOOK

€12.2 bn

ORDER INTAKEREVENUES

EBIT*€5.5 bn€6.5 bn€0.4 bn

NH90 LIFTS REVENUEPRODUCTS ENHANCED

Revenues increased to €6.5 billion(2013: €6.3 billion) with 471 deliveries(2013: 497), lifted by a significant
ramp-up in production of the NH90
military helicopter.
Reported EBIT* stood at €413 million(2013: €397 million).

Airbus Helicopters brought three
new products to market, an
unprecedented number, boosting thecompetitiveness of its helicopter range.
New product development cleared
the way for a 2015 maiden flight of
the next-generation H160 rotorcraft.

52%

Civil
Defencewww.airbushelicopters.com

DELIVERIES BY REGION (IN UNITS)

43%
1%
1%

20%

48%

EXTERNAL REVENUES BY ACTIVITY(PLATFORMS/SERVICES SPLIT)

56%
22%

13%

44%

471
R&D

Platforms
Services
DELIVERIES€ 0.3 bn

EMPLOYEES
H155

51

22,93903 BUSINESS EFFICIENCY

EXTERNAL REVENUES BY ACTIVITY(CIVIL/DEFENCE SPLIT)

ANNUAL REVIEW 2014

AIRBUSHELICOPTERS

Airbus Helicopters revenues increased by 3.6% to €6.5
billion for the year (2013: €6.3 billion) with 471 deliveries(2013: 497), driven by a significant ramp-up in NH90s.
Civil activities represented 52% of total revenues, withmilitary activities accounting for the remaining 48%. While
Products contributed 56% of revenues, the other 44% was
generated by Support & Services.
Reported EBIT* stood at €413 million (2013: €397 million).
Profitability was stable despite higher R&D and a lessfavourable product mix.

03 BUSINESS EFFICIENCYSoft demand in civil and parapublic markets in Europe andthe United States weighed on new helicopter orders. OrderIntake amounted to €5.5 billion (2013: €5.8 billion) including
402 net orders of Commercial Helicopters. The net order intake stood at 369 units including a backlog adjustment of
33 NH90s. At the end of 2014, Airbus Helicopters orderbook stood at 893 helicopters (2013: 995 helicopters).
The division continued to lead the worldwide civil andparapublic market, with a 44% share of 2014 sector deliveries. In the military sector, deliveries included the first NH90
and first two HAD-E Tiger attack helicopters to the Spanish
Ministry of Defence; the first three Block 2 Tiger HAD to
France; as well as the 300 th UH-72A Lakota helicopter to the
U.S. Army. For the first time, the division delivered more than
100 heavy helicopters within one year (53 NH90s and 48
Super Pumas).

2015 will mark thesecond step in ourcompany’s transformation

EXPANDING IN GROWTH MARKETS

Guillaume Faury
Airbus Helicopters Chief Executive Officer

PRODUCT RENEWAL
Airbus Helicopters achieved key milestones in the renewalof its product range, while also seeing the first results of its
transformation plan.

471

HELICOPTERS
DELIVERED369
NET ORDERS

893

HELICOPTERS
IN ORDER BOOK

As a further development of the company transformation
and rebranding, Airbus Helicopters initiated a renaming of its
product and services range, replacing the “EC” prefix withan “H”. One new and two upgraded helicopter models entered into service in 2014, boosting the competitiveness ofthe company’s product range. In the medium twin-engine
class, the first new-generation H175 helicopters (previously
EC175) were delivered; in the lightweight twin-engine class,the first upgraded H145 (previously EC145 T2) and H135
(previously EC135 P3/T3) also entered into service during
the year.
The heavy twin-engine H225 Super Puma (previously
EC225) returned to full operational service, with theEuropean Aviation Safety Agency certifying its redesigned
vertical gear shaft in July. A fleet retrofit is well on track, while
deliveries of new-production H225s underscored renewed
customer confidence in this helicopter.
52

Airbus Helicopters continues to develop sales and production in the promising Asian, Eastern European and Latin
American rotorcraft markets. China continues to be asource of exceptional long-term growth potential in the civil
helicopter market due to the government’s gradual relax­
ation of low-altitude airspace regulations. In 2014, three Chinese general aviation operators signed an agreement to acquire 123 civil helicopters over five years.
Also in Asia, Indonesia ordered 11 AS565 MBe Panther helicopters for anti-submarine warfare, adding to its fleet of Airbus military, parapublic and commercial rotorcraft. In Eastern Europe, the division launched a co-operation with
3 Polish universities and signed a memorandum of understanding with Romania’s government, paving the way for an
expanded presence in the region. In Latin America, transactions announced in Chile at the International Air & Space
Fair FIDAE 2014 underscored Airbus Helicopters’ strong
regional presence.

01

ANNUAL REVIEW 2014

KEY PRIORITIES

for 2015• Major military sales campaigns include
Poland for H225M-type multi-rolerotorcraft (formerly EC725), South Korea
for medium twin civil and militaryhelicopters in the H155 category(formerly EC155), Kuwait for the H225M,
and Qatar (NH90).

• A n extended helicopter warranty offer,effective 1 January 2015, is aligned withthe division-wide transformation planand demonstrates the efforts placed on
customer satisfaction.

Along with the new helicopter entries into service, the indevelopment H160 medium-weight helicopter (formerly X4)
passed its “power-on” milestone. It is scheduled to fly for the
first time in 2015, ahead of this new rotorcraft’s entry into
service, planned for 2017. The H160 offers customers
improved performance, reduced fuel consumption andlower sound levels.
In the heavyweight sector, the upgraded Super Puma H225
was launched during 2014 and is due to enter service in2016. Responding to operators’ requirements, it offers improved performance and range, advanced avionics andenhanced cabin design.
TRANSFORMING THE COMPANY
Airbus Helicopters’ transformation plan was on track at theend of its first year. The transformation plan aims to improvecustomer satisfaction, strengthening quality and safety,
reducing costs and enhancing competitiveness.

03 BUSINESS EFFICIENCY• Building on 2014’s advances in services
and support – underscored by theincreasing fleet availability amongcustomers and operators – the focus
continues on reliability, timely deliveriesof spares, and ensuring the maturity of
new rotorcraft at service entry.

CONTINUING INNOVATION
Airbus Helicopters made significant progress in renewing its
commercial product range, with the goal of boosting its
long-term competitive position.

Among other initiatives, Airbus Helicopters is deploying leanmanufacturing tools benefiting from synergies with andknowledge in other divisions, investing in new digital technology for customer services and increasing the availabilityof spare parts.

02

300

TH

UH-72A LAKOTAHELICOPTER DELIVERED44%

SHARE OF CIVIL AND
PARAPUBLIC MARKET

01 - NH90
02 - H175 helicopter53

03 BUSINESS EFFICIENCYANNUAL REVIEW 201454

ANNUAL REVIEW 2014

STRONG ORDER
MOMENTUM
IN SPACE, WITH
RESTRUCTURING
ON TRACKORDER BOOK

€ 43.1 bn

ORDER INTAKEREVENUES

EBIT*€12.2 bn€13.0 bn€0.4 bn
REVENUES BY BUSINESS LINES

DEFENCE AND SPACESTREAMLINED

Order intake rose 3.5% to€12.2 billion (2013: €11.8 billion),boosted by strong orders forsatellites and launchers in particular,
as well as for Light and Mediumtransport aircraft. Revenues werebroadly stable at €13.0 billion.

The Airbus Defence and Space
Division achieved its restructuring
targets, and won 29 aircraft and8 satellite orders. European satellite
launchers entered a new era following
agreement to create the Airbus
Safran Launchers joint venture.

18%
40%

11%

Military AircraftSpace Systems
C ommunications, Intelligence& Security
Electronics

www.airbusdefenceandspace.com
MILITARY AIRCRAFT ORDER BOOK BY REGION(1) (IN UNITS)

80%
15%

31%

REVENUES BY ACTIVITY(PLATFORMS/SERVICES SPLIT)

69%
4%

1%

31%
(1) Comprises Light &Medium Aircraft, MRTT,
A400M and Eurofighter.
Figures exclude
undisclosed customers
and P-3 conversions.

346
R&D

Platforms
Services

AIRCRAFT€ 0.4 bn

EMPLOYEES
Eurofighter

55

38,637

03 BUSINESS EFFICIENCYORDERINTAKE RISESANNUAL REVIEW 2014

AIRBUSDEFENCE AND SPACEESTABLISHING A GLOBAL LEADER

03 BUSINESS EFFICIENCYThe Airbus Defence and Space Division, created out of theformer Astrium, Cassidian and Airbus Military entities, became operational in 2014. Significant progress was made in
the restructuring programme, designed to boost competitiveness and profitability. As part of the reorganisation, theDivision announced plans to streamline its portfolio of
businesses and started to implement the plan.

2014 turned out to be positive
overall with a strong year for
space systems and good future
prospects for our core business
Bernhard Gerwert
Airbus Defence and Space Chief Executive Officer

01

Demand for the Division’s leading products remained robust.
Order intake rose 3.5% to €12.2 billion (2013: €11.8 billion),boosted by strong orders for satellites and launchers inparticular, as well as for Light and Medium transport
aircraft. Four telecommunications satellites and 28 Light andMedium transport aircraft were ordered during the year, as
well as the first of 12 A330 multi-role tanker transport aircraft(MRTT) for France. The order backlog remains stable at€43.1 billion at the end of 2014 (2013: €43.2 billion).
Revenues were broadly stable at 13.0 billion. Within the milit­ary aircraft business, notable deliveries included eight
A400M, five A330 MRTT and 19 Light and Medium aircraft.
Seven satellites were launched, and six Ariane 5 launches
took place during the year. EBIT* before one-off was roughly
stable, as expected at €920 million (2013: €911 million). EBIT*
stood at €409 million (2013: €659 million), following a chargeof €551 million due to delays on the A400M programme.
RESTRUCTURING PROGRESSES
In line with the Division’s announced restructuring target,
eight of the Division’s previous sites were closed, and headcount was reduced by around 1,900 positions.
Furthermore, the Division unveiled plans to refocus activities
around its core businesses: Space (including launchers andsatellites), Military Aircraft, Missiles and related Services
around these products. As part of its portfolio optimisation,
the Division plans to divest non-core activities such as thecommercial and parapublic communication businesses (including Professional Mobile Radio and commercial satellite
communications activities), as well as certain participations.
REINFORCING SPACE LEADERSHIPThe Ariane 5 launcher continued to demonstrate its unparalleled reliability in 2014, conducting its 63rd successful
launch in a row.
In order to adapt to an increasingly competitive market,
Airbus Group and Safran agreed to join forces through a
joint venture in the launcher segment. The new joint venture,
Airbus Safran Launchers, went live at the beginning ofJanuary 2015. As well as producing Ariane 5, the joint
venture will develop and produce the next generation Ariane
6 launcher, which received approval from the member
states of the European Space Agency (ESA) at theDecember 2014 Ministerial Conference.

28

LIGHT AND MEDIUM
AIRCRAFT ORDERED

ESA also awarded the Division a €390 million contract todevelop and construct the service module for Orion, thefuture American human space capsule.
ESA selected Airbus Defence and Space for the second
generation of Meteorological Operational (MetOp-SG) satellites. Covering the design and build of six spacecraft, theprogramme is worth a total of €1.3 billion. The first satellite isscheduled for launch in 2021.

6

ARIANE 5
LAUNCHES+3.5%

The Division had an exceptionally successful year for satellite orders. Contracts were signed for 4 telecommunications,
one scientific mission and nine earth observation satellites,of which six will be recognised in the order book later.

RISE IN ORDERINTAKE BY VALUE

56

ANNUAL REVIEW 2014

KEY PRIORITIES

for 2015

With the division now fully integrated, Airbus Defence
and Space will focus its attention on the following
key areas:• Secure profitable growth by winning further
business and strategic orders including Eurofighter
exports, the MALE2020 development, further
A330 MRTT export orders, satellite contracts, Ariane
6 contracts and export orders for naval and groundradars in new markets.

• Boost business excellence by delivering on
industrial and financial promises, recovering on
critical programmes (including A400M) and driving
innovation and new business approaches.

In the Light and Medium transport segment, Egypt orderedeight more C295 aircraft. Globally, Airbus Defence andSpace obtained an 85% market share in the Light andMedium transport segment in 2014.
A400M production advanced. Germany, Turkey and theUnited Kingdom took delivery of their first aircraft in 2014. By
the end of 2014, 10 A400M aircraft had been delivered tofour nations. Progress was made in the progressive enhancement of the aircraft’s military capabilities but withsome delays incurred. Significant management actions
have been launched to secure future deliveries and the programme continues to be closely monitored.
The Eurofighter Typhoon received a boost from launch customers with the signature of a €1 billion contract for development of a new, electronically scanned radar. Airbus Defence
and Space workshare on this contract amounts to roughly€300 million.
MISSILES: NEW ORDERS

In the missiles business, the Brimstone 2 anti-ship missile
was contracted to be evaluated for the Eurofighter Typhoon
and a new Franco-British missile programme was launched
The Division became number one worldwide for next- with the signature of a demonstration and manufacture congeneration electric satellites with two key contracts for large tract for the “Future Anti Surface Guided Weapon (Heavy)/
telecom satellites using electric propulsion for initial orbit Anti Navire Léger” missile in March 2014.
raising and all station keeping manoeuvres. Both satellites, Demonstrating successful programme execution, theSES 12 and Eutelsat 172B, are based on the world’s most French Direction Générale de l’Armement achieved the final
reliable Eurostar platform in its new E3000e version which qualification firing of its new MBDA naval cruise missile. The
allows significant mass saving and thereby lower launch cost. missile will equip France’s multi-mission frigates in 2015 andIn a further demonstration of the Division’s technological its Barracuda submarines around 2018.
leadership, the Rosetta spacecraft achieved an amazing
world first by touching down its Philae lander on a comettravelling at 135,000 kilometres per hour. Rosetta wasdeveloped and built for ESA under the industrial leadership
01 - 6 Ariane 5 launches conducted in 2014of Airbus Defence and Space.
02 - A330 MRTT refuelling A400M
0257

03 BUSINESS EFFICIENCY• Shape the new Airbus Defence and Space businessmodel by implementing the portfolio decisions in
2015, complete the industrial merger of Airbus
Safran Launchers and invest in its core business toensure competitiveness and leadership. This also
covers the objective to look for the right partners
and buyers for those areas identified for divestment
to ensure a sustainable future for the businesses
and a secure partner for our customers.

ADVANCES IN MILITARY AIRCRAFT
The Airbus A330 MRTT continued to gain success in the
air-to-air refuelling tanker market. The French Ministry of
Defence announced its decision to award a contract for
12 A330 MRTTs in a multi-year programme with the firstorder placed at the end of 2014. The first French delivery isforeseen in 2018.

ANNUAL REVIEW 2014

ENGAGEDPEOPLE

03 BUSINESS EFFICIENCYEMPLOYEE ENGAGEMENT
IS A TOP PRIORITY FOR AIRBUS GROUPA HIGHLY SKILLED WORKFORCE
Airbus Group's success is founded on its highly skilled andengaged workforce. Ensuring that the workforce continues
to have the right set of competences for the future is a key
priority for the Group.
At the end of 2014, the Group employed 138,622 people(2013: 138,404 restated), making it one of Europe’s largest
private sector employers. 5,211 people were recruited during
the year, while 4,478 left, in line with a low historical attrition rateof approximately 2%. The overall Group headcount evolution
also reflects consolidation effects and perimeter changes.
Airbus Group encourages its employees to move jobs within
the company, within and across functions, sites, divisions
and countries to help employees develop new skills andcompetences, while bringing new ideas and broader
perspectives to teams. Almost 10,000 employees changed
position in 2014 in line with the 10% target.

Airbus Group supports the development of its employees
and provided 2.9 million training hours in 2014. It haslaunched a leadership university for its 17,000 leaders at alllevels. This will strengthen the Group’s approach to leadership and harmonise the activities across its divisions andsubsidiaries, offering equivalent opportunities for all leaders
to drive their development anywhere in the Group.
BUILDING ENGAGEMENT
As part of the Group’s commitment to fostering an engaging
working environment, each employee across the Groupwas invited at the end of 2014 to share his or her views on
the workplace. The results of the anonymous survey will
be used to help the Airbus Group become an even moreengaging working environment.

Having a diverse and inclusive workforce is known to bringincreased performance to the business. As part of a drive toimprove gender diversity within the industry, the Group iscommitted to increasing the proportion of women recruited
PREPARING THE FUTURE
The Group is committed to maintaining a strong talent pipe- each year to 25%. In 2014 women made up 19% of newline, attracting skilled and motivated individuals from all recruits and 17% of the active workforce.
backgrounds. In 2014, it launched a University Partner Programme to help students develop the skills that the Group BUSINESS TRANSFORMATION
will need in future. Underlying the programme are agree- The Group’s Human Resources organisation has played anment charters with around 20 universities in more than important role in supporting the transformation of the Airbus
10 countries worldwide.
Defence and Space Division created from three former busiAmidst fierce competition for key skills, especially in the en- ness entities, and of the Airbus Group Headquarters.
gineering field, the Group ranked among Europe’s most at- Through constructive dialogue with workers’ representatives,tractive employers. The Group was viewed as a top employ- the restructuring of the business is being achieved according
er, according to the Trendence and Universum surveys of to plan.
European engineering graduates.

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ANNUAL REVIEW 2014

SUPPLYCHAIN
SUPPLIERS ARE KEY PARTNERS
FOR THE PRODUCTION RAMP-UP

01

03 BUSINESS EFFICIENCYCOLLABORATING WITH SUPPLIERS
In 2014 several major programmes reached critical phasesin the production ramp-up, bringing significant challenges
also for the supply chain.
Suppliers are a key contributor to the Group’s success, delivering vital systems, sub-systems and components for allof the Group’s major products. Overall, external sourcing
turnover represents more than two thirds of Airbus Grouprevenues.
Within a number of aircraft programmes, production rampups are under way. To manage the challenges and maintain tight control on the supply chain, joint improvement
programmes have been introduced with suppliers. Withinseries programmes in the Airbus Division for example, suchinitiatives, combined with continuous supplier develop­ment
activities, have led to a reduction in missing parts of morethan 60%.

GLOBAL SOURCING
While European suppliers accounted for 70% of Airbus
Group external turnover in 2014, 30% was sourced from therest of the world. Supporting the Group’s international
expansion and production ramp up, country sourcing
offices in China, India, the United States and Brazil havehelped to identify a high-quality and diversified base of
suppliers beyond the Group’s traditional home countries.

01 - The Beluga aircraft
are an integral part ofAirbus’ supply chain

GREATER INTEGRATION
To support integration of Group-wide sourcing activities, thegovernance and coordination across the Group has beenfurther strengthened by implementation of Functional
Targets between the Group Head of Procurement, who was
appointed to the Airbus Group Executive Committee, andthe Heads of divisional procurement.

SUPPLIER VOLUMES GROW
In line with the Group’s revenues, external sourcing turnoverincreased slightly to some €43.0 billion in 2014. In terms ofmaterial category – with each category relating to the entire
Airbus Group product range – propulsion systems accounted for the largest share at 30%, followed by systems andequipment with 16% and structure and airframes with 14%.
Over the past years, Airbus Group has continued to increase the volume of its dollar procurement as part of its
strategy of reducing exchange rate risk. In 2014, 53% of external sourcing turnover was booked in US dollars (2013:51%), 42% in euros and 4% in pounds sterling.

For more detailed information,please refer to the
Corporate Responsibility andSustainability Report 201459

ANNUAL REVIEW 2014

INNOVATIONRESEARCH IS A KEY DRIVER
OF THE GROUP‘S LONG TERM SUCCESSHIGH-SPEED CONCEPTS
The vision of high-speed, low emissions transport remains along-term goal for the company. The Group is working withinternational research organisations to evaluate potentiallyground-breaking hypersonic flight technology at speedsof up to Mach 6. The collaboration builds on the Group’s
ZEHST (Zero Emission High-Speed Transport) concept, avisionary high-speed commercial aircraft capable of flying
from Tokyo to Paris in less than three hours.

MAJOR ADVANCES IN FLEET RENEWAL

03 BUSINESS EFFICIENCY

Airbus Group continues to invest in advanced, breakthrough technologies for the future, while speeding up
integr­ation of value-adding upgrades into the existing product portfolio. Eco-efficiency is an important focus of theGroup’s innovation activities.
In 2014, Airbus Group achieved an impressive series ofinnovation milestones, illustrated by the first customer
deliveries of new-generation aircraft and helicopters featuring
improved performance, efficiency and enhanced safety.
Overall the Group’s self-financed research and development
expenses stood at €3.4 billion (2013: €3.1 billion). The Group
filed 1,028 patents, adding to its portfolio, which grew toover 37,000. The Group achieved a top ranking for aerospace and defence globally in the European Union’s R&D
Scorecard 2014.

ADVANCED MATERIALSAdvances in materials have an important role to play inmaking aviation more eco-efficient. In 2014, Airbus Group
Innovations unveiled a new process for creating lightweighthybrid-construction materials. The Stingtech process offersa lightweight sandwich material with superior damage
tolerance, improved fatigue behaviour and excellent
mechanical flexibility compared to existing honeycomb
structures. Thanks to this technology, a jetliner’s reinforcing
stringers and approximately 50% of its strengthening framesshould no longer be necessary, according to researchersat Airbus Group Innovations.

CYBERSECURITY
Airbus Group is investing in innovative solutions to combat
advanced persistent cyber attacks, which represent an increasing threat to organisations. Airbus Defence and Space’s
latest Cybersecurity solution, named Keelback, provides continuous network monitoring, threat intelligence, malware investigations and immediate alarms in case of network in­trusion.
Moreover Airbus DS brought to the market its new-generationof trusted products, which are certified at the highest levelin Europe and protect customers' networks (Stormshield
Network Security), workstations (Stormshield Endpoint
Security) and corporate data (Stormshield Data Security).

60

ANNUAL REVIEW 2014

For more detailed information,please refer to the
Corporate Responsibility andSustainability Report 2014

TECHNOLOGY PARTNERSHIPSThe Group is at the forefront of joint initiatives aimed at improving the aerospace industry’s environmental perform­
ance. In 2014, it was given a leading role in Clean Sky 2, theEuropean public-private partnership that aims to speed up
eco-efficient technology breakthroughs. While Airbus willlead research into technology for future passenger aircraft,
Airbus Helicopters will design a large-scale rotorcraft
demonstrator.

ELECTRIC PROPULSION

03 BUSINESS EFFICIENCYElectric and hybrid propulsion represents an importantfocus of the Group’s early stage research. In 2014, a major
milestone was achieved with the first flight of the E-Fan electric flight demonstrator. The E-Fan 2.0 is set to enter into service in 2017, primarily as a training aircraft for flight schools.
In the medium term, the technical and operational exper­
iences gained with E-Fan will serve as stepping stones for
improvements across the product range – for example forhybrid helicopters and larger electric aircraft in general.
More electrical power on board will help to increase efficiency and reduce noise and emissions.
In the space business, the company received an important
endorsement for its innovative work in the satellite field, withmajor orders for its new all-electric telecommunications
satellite. Based on the reliable Eurostar E3000 platform, thesatellite uses only electric propulsion for initial orbit raisingand all on-orbit manoeuvres which enables a significant
reduction in weight and launch cost.

INDUSTRIAL PROCESSES
Energy-saving initiatives are being introduced across
manufacturing sites, backed by certified environmental
management systems. In 2014, ISO50001 certification wasawarded to the Airbus Helicopters plant in Albacete andAirbus Defence and Space sites in Ulm, Toulouse and
Newport.
Complementing the focus on innovation, the Group has
started a major drive to improve processes and quality. In
2014, the Quest initiative was launched, aiming to raise
quality across all businesses and functions, throughsharing of best practices from across Airbus Group andother industries. The initiative is focusing on increasing
individual motivation in this area through incentive
schemes, introducing standardised quality tools andenhancing professional skills and career paths in thequality area.

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ANNUAL REVIEW 2014

PHOTO
CONTEST
THROUGH YOUR EYES AMATEURPHOTOGRAPHY CONTEST
Over a one month period ending in March 2015,
Airbus Group invited aviation enthusiasts to participate in its second “Through Your Eyes” PhotoContest and show their talents.
The winners are Quentin Roux, Jorge Guardia
Aguila and Frank Schmidl. Their photos are published on this page.

No 01 / Taken in July 2014 / Quentin Roux - A350 XWB

No 02 / Taken in July 2014 / Jorge Guardia Aguila - A400M

No 03 / Taken in September 2014 / Frank Schmidl - NH90 Helicopter
62

ANNUAL REVIEW 2014

ADDRESSESREGISTERED OFFICE

HEADQUARTERS

Airbus Group
Mendelweg 302333 CS Leiden
The Netherlands
Tel + 31 71 524 56 00

Airbus Group
Auriga Building
4, rue du Groupe d’Or
BP 90112 31703 Blagnac cedex
FranceTel + 33 5 81 31 75 00
Fax + 33 5 81 31 79 00

AIRBUS

OTHER CORPORATEOFFICES1, rond-point Maurice Bellonte
31707 Blagnac cedex
FranceTel + 33 5 61 93 33 33

AIRBUSHELICOPTERS
Aéroport International
Marseille Provence
13725 Marignane cedex
FranceTel + 33 4 42 85 85 85

AIRBUSDEFENCE AND SPACE
Willy-Messerschmitt-Staße 1.
85521 Ottobrunn
GermanyTel + 49 89 607 0

AIRBUS GROUPREPRESENTATIVE OFFICESFRANCE12, rue Pasteur
92150 Suresnes
FranceTel + 33 1 46 97 30 00

EUROPE
Brussels, Belgium
Tel + 32 2 504 78 11

LATIN AMERICA

Berlin, Germany
Tel + 49 30 259 269 11

Mexico City, Mexico
Tel + 52 55 47 77 51 00

GERMANY
81663 Munich - Germany
Tel + 49 89 607 0

Warsaw, Poland
Tel + 48 22 627 05 28
Moscow, Russia
Tel + 7 495 797 53 67

SPAIN
Avenida de Aragón 404
28022 Madrid - Spain
Tel + 34 915 85 70 000

London, United Kingdom
Tel + 44 207 845 84 00
Astana, Kazakhstan
Tel + 771 72 99 05 01

USA
Airbus Group, Inc.
2550 Wasser Terrace,
Suite 9000
Herndon, VA 20171 - USA
Tel + 1 703 466 5600

MIDDLE EAST / AFRICA
Dubai, UAE
Tel + 971 4 299 6761
Abu Dhabi, UAE
Tel + 971 2 657 89 00
Riyadh, Saudi Arabia
Tel + 966 1 88 07 420

63

São Paulo, Brazil
Tel + 55 11 3093 2800

ASIA
Beijing, China
Tel + 86 10 64 61 12 66
New Delhi, India
Tel + 91 11 4580 1100
Sydney, Australia
Tel + 612 979 49 900
Jakarta, Indonesia
Tel + 62 21 57 97 36 15
Kuala Lumpur, Malaysia
Tel + 60 3 2163 0233
Seoul, South Korea
Tel + 86 10 64 61 12 66

Doha, Qatar
Tel + 974 4 411 0752

Bangkok, Thailand
Tel + 662 610 4300

Muscat, Oman
Tel + 968 244 92 760

Singapore, Singapore
Tel + 65 66 03 08 29

ANNUAL REVIEW 2014

THE COMPLETE AIRBUS GROUP
2014 ANNUAL REPORT PACKAGECONSISTS OF:

Airbus Group would like to thank all those who contributed
to the making of this Annual Report.

www.reports.airbusgroup.com

64

CONTENTS

01

A JOURNEY
TO EFFICIENCY
04 - A350 XWB
Reimagining long-haul travel together
08 - H175
Testing the limits and beyond
12 - Electric Propulsion Satellites
Giving customers the competitive edge

02

PILOTINGEFFICIENCY
18 - Key Figures 2014
20 - Letter from the Chairman of the Board
22 - Chief Executive Officer's Interview
26 - Board of Directors
28 - Group Executive Committee
30 - Management Structure
32 - Interview with the Chief Financial Officer
36 - Share Information
37 - Shareholder Information
38 - Interview with the Chief Strategy
and Marketing Officer
40 - Market Trends

03

BUSINESSEFFICIENCY
46 - Airbus
50 - Airbus Helicopters
54 - Airbus Defence and Space58 - Engaged People
59 - Supply Chain
60 - Innovation
62 - Photo Contest
63 - Addresses

Designed and produced by
Written by The Clerkenwell Consultancy – Printed by Chirat.
Slip-Case

Photographs © Airbus/S. RamadierAnnual Review

Photographs

Cover
Back Cover
p. 1
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p. 9-11
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p. 13-15© Airbus/H. Goussé© Airbus/S. Ramadier© Airbus Group/A. Pohlmann© Airbus© Airbus/C. Brinkmann© Airbus© Airbus Group/CAPA/C. Guibbaud© Airbus Helicopters© Airbus Group/B. Huber© Airbus Defence and Space
GettyImages/Reyaz Limalia© Airbus© Airbus© Airbus Group/A. Pohlmann© Airbus Group/A. Pohlmann© Airbus Group/A. Pohlmann© Airbus Group/Teamfoto Marquardt© Airbus Group/CAPA/F. Juéry© Airbus© Quentin Roux
© GettyImages/clearandtransparent© Airbus Helicopters© Airbus Defence and Space© ESA

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p. 26-27-28-29
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All rights reserved.

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© Airbus Helicopters© Airbus© Airbus/H. Goussé© Airbus/H. Goussé© Airbus Helicopters© Airbus Helicopters© Eurofighter GmbH
© Airbus Defence and Space© Airbus Defence and Space/
Mango Producciones© Airbus Group/Teamfoto Marquardt© Airbus© Airbus Group Innovations© Airbus© Airbus Group/B. Huber© Airbus Defence and Space© Airbus Defence and Space© Airbus Group Innovations© Airbus Group/B. Huber© Airbus Group/Teamfoto Marquardt© Jorge Guardia Aguila© Frank Schmidl

2014
ANNUAL REVIEW

Airbus Group N.V.
Mendelweg 302333 CS Leiden
The Netherlands
Auriga Building
4, rue du Groupe d'Or - BP 90112
31703 Blagnac cedex - France

www.airbusgroup.com