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