AIRBUS - 2020 Universal Registration Document
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations /
2.1 Operating and Financial Review
which hedged US dollar-denominated revenues were accounted for was €/US$1.19, as compared to €/US$1.24 in 2019. During 2019, cash f low hedges covering approximately US$24.0 billion of the Company’s US dollar-denominated net exposure matured. In 2019, the compounded exchange rate at which hedged US dollar-denominated revenues were accounted for was €/US$1.24, as compared to €/US$1.24 in 2018.
the impact that hedging activities have on the Company’s EBIT, the latter is also affected by the impact of revaluation of certain assets and liabilities at the closing rate and the impact of natural hedging. During 2020, cash f low hedges covering approximately US$17.1 billion of the Company’s US dollar-denominated net exposure matured. In 2020, the compounded exchange rate at
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2.1.4 Results of Operations
The following table summarises the IFRS Company’s Consolidated Income Statements for the past three years:
2020
2019
2018
(In € million)
Revenue
49,912
70,478
63,707
Cost of sales
(44,250)
(59,973) 10,505 (6,125) (3,358)
(54,920)
Gross margin
5,662
8,787
Selling and administrative expenses Research and development expenses
(2,140) (2,858)
(2,435) (3,217)
Other income
132
370
1,656
Other expenses
(1,458)
(356)
(182)
Share of profit from investments accounted for under the equity method and other income from investments
152
303
439
Profit before finance costs and income taxes
(510)
1,339
5,048
Interest result
(271)
(111)
(232) (531)
Other financial result
(349)
(164)
Income taxes
(39)
(2,389)
(1,274)
(Loss) Profit for the period
(1,169)
(1,325)
3,011
Attributable to Equity owners of the parent (Net income)
(1,133)
(1,362)
3,054
Non-controlling interests
(36)
37
(43)
Earnings per share
€
€
€
Basic
(1.45) (1.45)
(1.75) (1.75)
3.94 3.92
Diluted
2.1.4.1 Revenues The following table presents a breakdown of the Company’s revenues by Business segment for the past three years:
2020
2019
2018
(In € million)
Airbus
34,250
54,775
47,970
Airbus Helicopters
6,251
6,007
5,934
Airbus Defence and Space
10,446 50,947
10,907 71,689
11,063
Subtotal segmental revenue
64,967
Eliminations
(1,035)
(1,211)
(1,260)
Total
49,912
70,478
63,707
Revenues decreased by 29.2%, from €70.5 billion for 2019 to €49.9 billion for 2020, re ecting mainly lower commercial aircraft deliveries at Airbus.
For 2019, revenues increased by 10.6%, from €63.7 billion for 2018 to €70.5 billion for 2019, re ecting mainly higher commercial aircraft deliveries and a favourable mix at Airbus.
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Airbus / Registration Document 2020
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