Airbus // Universal Registration Document 2021

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

2.1 Operating and Financial Review

contract wins in Military Aircraft, including a contract to deliver 38 new Eurofighters for the German Air Force.

Airbus Defence and Space’s backlog increased by €1.2 billion to €33.5 billion and the book-to-bill ratio in value amounted to 1.1 with new net orders of €11.9 billion, mainly driven by major

The following table illustrates the proportion of civil and defence backlog at the end of each of the past three years.

2

31 December

2021

2020

2019

(In € billion) (In percentage) (1)

(In €billion) (In percentage) (1)

(In €billion) (In percentage) (1)

Civil sector

355.3

89% 334.5 11% 38.6 100% 373.1

90% 433.4 10% 38.1 100% 471.5

92%

Defence sector

43.1

8%

Total

398.4

100%

(1) Including “Eliminations”.

2.1.3.3 EBIT Adjusted The Company uses an alternative performance measure EBIT Adjusted as a key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programmes, restructurings or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses. The following table reconciles the Company’s EBIT with its EBIT Adjusted.

2021

2020

2019

(In € million)

EBIT

5,342

(510)

1,339

PDP mismatch / BS revaluation

38

480 385

170 202

A380 programme

(274)

A400M charge

212

63

1,212 3,598

Penalties

0

0

Compliance costs

65

87

206

(122)

0 2 0

0

Non-current assets disposal (1)

0 0

(111) 221

M&A impact (2)

Defence export ban

(163) (234)

1,199

103

Restructuring provision (3) Payments by suppliers

0 0

0 6

Others

1

EBIT Adjusted

4,865

1,706

6,946

(1) Including gain from divestment of one of its sites in France to a 50% joint venture. (2) Including net capital gains from PFW Aerospace GmbH (€ -57 million) and Alestis Aerospace SL (€ -45 million) in 2019. (3) Including workforce adaptation release in 2021 (€ -0.2 billion), initially recognised in 2020 (€1.2 billion).

2.1.3.4 EBIT Adjusted by Business segment

2021

2020

2019

(In € million)

Airbus (1)

3,570

618 471 660

5,947

Airbus Helicopters

535 696

422 565

Airbus Defence and Space

Subtotal segmental EBIT Adjusted (1)

4,801

1,749

6,934

Eliminations (1)

64

(43)

12

Total

4,865

1,706

6,946

(1) 2019 figures are restated due to new segment presentation.

137

Airbus / Registration Document 2021