Airbus - Financial Statements 2022

2. Notes to the IFRS Consolidated Financial Statements Airbus Structure

10.1 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:

2022

2021

(In € million)

Carrying amount of the investments at 1 January

1,471

1,367

New joint ventures

0

49

Share of results from continuing operations

99

73

Share of other comprehensive income

173

116

Dividends received during the year

(99)

(70)

Capital increase (decrease)

36

76

Changes in consolidation

0

(28)

Others

6

(112)

Carrying amount of the investments at 31 December

1,686

1,471

The Company’s individually 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 affiliates, such as: APP, Arianespace, Eurocryospace, Europropulsion, Nuclétudes, Pyroalliance, Regulus and Sodern. ArianeGroup inherits a rich portfolio of products and services, enabling it to deliver innovative and competitive solutions to numerous customers around the world. In 2022, ArianeGroup has been strongly impacted by the Ukraine crisis. All Soyuz flights operated by Arianespace and Starsem have been canceled since 24 February 2022 (see “– Note 2: Ukraine Crisis”). In addition, ArianeGroup has announced the postponement of the inaugural flight of the Ariane 6 launcher to the end of 2023.

The Company holds a 37.5% stake in MBDA at 31 December 2022, 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. ATR GIE manufactures advanced turboprop aircraft. It is a 50% joint venture between Leonardo and the Company. Both Leonardo and the Company provide airframes which are assembled by ATR GIE in France. The members of ATR GIE are legally entitled exclusively to the benefits and are liable for the commitments of the joint venture. ATR GIE is obliged to transfer its cash to each member of the joint venture.

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