AIRBUS - 2020 Financial Statement
2. Notes to the IFRS Consolidated Financial Statements / 2.5 Operational Assets and Liabilities
On-Balance Sheet Operating and Finance Leases The future minimum operating lease payments (undiscounted) due from customers to be included in revenue, and the future minimum lease payments (undiscounted) from investments in finance leases to be received in settlement of the outstanding receivable at 31 December 2020 are as follows:
Aircraft under operating lease
Finance lease receivables
(In € million)
Not later than one year
6
1
Later than one year and not later than five years
19
12
Later than five years
0
0
31 December 2020
25
13
Financing Liabilities Financing liabilities from sales financing transactions are mainly based on variable interest rates (see “– Note 37.3: Financing Liabilities”) and entered into on a non-recourse basis ( i.e. in a default event, the creditor would only have recourse to the aircraft collateral).
31 December
2020
2019
(In € million)
Loans
7
24
0
0
Liabilities to financial institutions
Total sales financing liabilities
7
24
Customer Financing Cash Flows Direct customer financing cash flows amount to €124 million in 2020 (2019: €58 million). Customer Financing Exposure The on-balance sheet assets relating to sales financing, the off-balance sheet commitments and the related financing exposure (not including asset value guarantees) as of 31 December 2020 and 2019 are as follows:
31 December 2020
31 December 2019
Airbus Helicopters
Airbus Helicopters
Airbus
Total
Airbus
Total
(In € million)
Operating leases (1)
30
13
43
154
0
154
365
31
396
471
39
510
Finance leases and loans
10
0
10
8
0
8
Inventories
10
0
10
4
0
4
Other investments
415
44
459
637
39
676
On-balance sheet customer financing
12
2
14
95
9
104
Off-balance sheet customer financing
Gross Customer Financing Exposure
427
46
473
732
48
780
Collateral values
(241)
(38)
(279)
(530)
(30)
(560)
186
8
194
202
18
220
Net exposure
(22)
0
(22)
(65)
(7)
(72)
Operating leases
(151)
(8)
(159)
(126)
(11)
(137)
Finance leases and loans
(6)
0
(6)
(6)
0
(6)
On-balance sheet commitments – inventories
(7)
0
(7)
(5)
0
(5)
Off-balance sheet commitments – provisions (2)
Asset impairments, fair value adjustments and provisions
(186)
(8)
(194)
(202)
(18)
(220)
(1) For 2020 and 2019, depreciation amounts to €8 million and €9 million respectively and related accumulated depreciation is €21 million and €44 million respectively. (2) See “– Note 25: Provisions, Contingent Assets and Contingent Liabilities”.
46
Airbus / Financial Statements 2020
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