Airbus - 2022 Universal Registration Document

2. Management’s Discussion and Analysis of Financial Condition and Results of Operations /

2.1 Operating and Financial Review

Diluted earnings were €5.39 per share in 2022, as compared to €5.36 per share in 2021. The denominator used to calculate diluted earnings per share was 787,753,485 (2021: 785,761,995). In 2022, LTIP 2022 plan has been excluded from the calculation because of its antidilutive effect. As there was a net loss in 2020, the effect of potentially dilutive ordinary shares is anti-dilutive.

2022

2021

2020

02

Profit (Loss) for the period attributable to equity owners of the parent (Net income), adjusted for diluted calculation

€4,247 million

€4,213 million

€ (1,133) million

787,753,485

785,761,995

783,178,191

Weighted average number of ordinary shares (diluted)

Diluted earnings per share

€ 5.39

€ 5.36

€ (1.45)

For further information, please refer to the “Notes to the IFRS Consolidated Financial Statements – Note 19: Earnings per Share”.

2.1.5 Changes in Total Equity (Including Non-Controlling Interests)

The following table sets forth a summary of the changes in total equity for the period 1 January 2022 through 31 December 2022.

(In € million) Balance at 1 January 2022

9,486

Profit for the period

4,136

Other comprehensive income

237

thereof foreign currency translation adjustments

123

Capital increase

127

Cash distribution to Airbus SE shareholders / Dividends paid to non controlling interests

(1,182)

Equity transactions (IAS 27)

86

Share-based payment (IFRS 2)

115

Change in treasury shares

(23)

Balance at 31 December 2022

12,982

The number of shares issued as of 31 December 2022 was 788,205,008. Please refer to the “Airbus SE IFRS Consolidated Financial Statements – IFRS Consolidated Statements of Changes in Equity for the years ended 31 December 2022 and 2021” and to the “Notes to the IFRS Consolidated Financial Statements – Note 35: Total Equity”.

2.1.5.1 Cash Flow Hedge Related Impact on AOCI As of 31 December 2022, the notional amount of the Company’s portfolio of outstanding cash flow hedges amounted to US$ 76.4 billion, hedged against the euro and the pound sterling. The year-end mark to market valuation of this portfolio resulted in a negative pre-tax accumulated other comprehensive income (“ AOCI ”) valuation change of € -3.1 billion as of 31 December 2022 compared to 31 December 2021, based on a closing rate of €/US$ 1.07 as compared to a negative pre-tax AOCI valuation change of € -5.1 billion as of 31 December 2021 compared to 31 December 2020, based on a closing rate of €/ US$ 1.13. For further information on the measurement of the fair values of financial instruments, please refer to the “Notes to the IFRS Consolidated Financial Statements – Note 38: Financial Instruments”.

Positive pre-tax mark to market values of cash flow hedges are included in other financial assets, while negative pre-tax mark to market values of cash flow hedges are included in other financial liabilities. Year-to-year changes in the mark to market value of effective cash flow hedges are recognised as adjustments to AOCI. These adjustments to AOCI are net of corresponding changes to deferred tax assets (for cash flow hedges with negative mark to market valuations) and deferred tax liabilities (for cash flow hedges with positive mark to market valuations).

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Airbus / Universal Registration Document 2022