AIRBUS - 2020 Financial Statement

2. Notes to the IFRS Consolidated Financial Statements / 2.2 Airbus Structure

8.3 Cash Flows from Disposals including Assets and Disposal Groups Classified as Held for Sale The following table provides details on cash flows from disposals (resulting in assets and liabilities disposed) of subsidiaries, joint ventures and businesses:

2020

2019

(In € million)

Total selling price received by cash and cash equivalents

0

173

0

(36)

Cash and cash equivalents included in the disposed subsidiaries

Total

0

137

In 2019, the aggregate cash flows from disposals of subsidiaries and assets and disposals groups classified as held for sale resulted mainly from the sale of PFW Aerospace GmbH and Alestis Aerospace S.L.

9.

Investments Accounted for under the Equity Method

31 December

2020

2019

(In € million)

Investments in joint ventures

1,367

1,444

211

182

Investments in associates

Total

1,578

1,626

Investments accounted for under the equity method decreased by € -48 million to €1,578 million (2019: €1,626 million). They mainly include the equity investments in ArianeGroup, MBDA and ATR GIE.

9.1 Investments in Joint Ventures The joint ventures in which the Company holds an interest are structured in separate incorporated companies. Under joint arrangement agreements, unanimous consent is required from all parties to the agreement for all relevant activities. The Company and its partners have rights to the net assets of these entities through the terms of the contractual agreements. The Company’s interest in its joint ventures, accounted for under the equity method, is stated in aggregate in the following table:

2

2020

2019

(In € million)

Carrying amount of the investments at 1 January

1,444

1,484

Share of results from continuing operations

31

264

(57)

(82)

Share of other comprehensive income

(49)

(225)

Dividends received during the year

(2)

3

Others

Carrying amount of the investments at 31 December

1,367

1,444

The Company’s individual ly material joint ventures are ArianeGroup, Paris (France), MBDA S.A.S., Paris (France), and ATR GIE, Blagnac (France), as parent companies of their respective groups. These joint venture companies are not publicly listed. ArianeGroup is a 50% joint venture between the Company and Safran. ArianeGroup is the head company in a group comprising several subsidiaries and af filiates, all leading companies in their fields, such as: APP, Arianespace, Cilas, Eurockot, Eurocryospace, Europropulsion, Nuclétudes, Pyroalliance,

Regulus, Sodern and Starsem. ArianeGroup inherits a rich portfolio of products and services, enabling it to deliver innovative and competitive solutions to numerous customers around the world. The Company holds a 37.5% stake in MBDA at 31 December 2020, which is a joint venture between the Company, BAE Systems and Leonardo. MBDA offers missile systems capabilities that cover the whole range of solutions for air dominance, ground-based air defence and maritime superiority, as well as advanced technological solutions for battlefield engagement.

23

Airbus / Financial Statements 2020