Airbus // Universal Registration Document 2023
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
2.1 Operating and Financial Review
2.1.3.4 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.
2
2023
2022
2021
(In €million)
EBIT
4,603
5,325
5,342
$ working capital mismatch and balance sheet revaluation
1,030
(308)
38
A380 programme
0
(28)
(274)
A400M charge
41
477
212
Compliance costs
50
75
65
Non-current assets disposal (1)
0
0
(122)
M&A impact
0
(4)
0
Restructuring (2)
104
62
(163)
Payments by suppliers
0
0
(234)
Others
10
28
1
EBIT Adjusted
5,838
5,627
4,865
(1) Included gain from divestment of one of its sites in France to a 50% joint venture in 2021. (2) Included Aerostructures transformation costs (€0.1 billion) in each of 2023 and 2022, release of restructuring provision (€0.2 billion) in 2021.
2.1.3.5 EBIT Adjusted by Business Segment
2023
2022
2021
(In €million)
Airbus
4,818
4,600
3,570
Airbus Helicopters
735 229
639 384
535 696
Airbus Defence and Space
Subtotal segmental EBIT Adjusted
5,782
5,623
4,801
Eliminations
56
4
64
Total
5,838
5,627
4,865
177 Airbus Annual Report
Universal Registration Document 2023
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