Financial Statements 2023
2. Notes to the IFRS Consolidated Financial Statements 2.5 Operational Assets and Liabilities
Trade Liabilities
Trade (2022: €13,261 million) increased by €+1,062 million, mainly driven by higher volume in Airbus due to ramp ‑ up. As of 31 December 2023, trade liabilities amounting to €87 million (2022: €86 million) will mature after more than one year. Similar to previous years, the Company has supported its suppliers concerning supply chain financing arrangements. As of 31 December 2023, these arrangements have no impact in the liabilities of €14,323 million
Consolidated Financial Statements. The range of payment due dates is not impacted by the supplier finance arrangements. The Company evaluates such suppliers’ early payment arrangements with a financing third party against a number of indicators to assess whether the payable continues to hold the characteristics of a trade payable or should be classified as borrowings; these indicators include whether the payment terms exceed customary payment terms in the industry. As of 31 December 2023, the payables subject to supplier financing arrangements do not meet the criteria to be reclassified as borrowings.
23.
Inventories
31 December 2023
31 December 2022
Write ‑ down Net book value
Write ‑ down Net book value
Gross amount
(In € million)
Gross amount
Raw materials and manufacturing supplies
5,025
(739)
4,286
4,387
(643)
3,744
Work in progress
20,648
(1,091)
19,558
20,484
(1,229)
19,255
Finished goods and parts for resale
5,169
(1,273)
3,896
5,218
(1,060)
4,158
Advance payments to suppliers
6,061
(60)
6,001
5,114
(69)
5,045
Total
36,904
(3,163)
33,741
35,203
(3,001)
32,202
In 2023, write ‑ downs of inventories in the amount of €-782 million (2022: €-394 million) are recognised in cost of sales, whereas reversal of write ‑ downs amounts to €149 million (2022: €243 million). At 31 December 2023, €18,973 million of work in progress and €3,883 million of finished goods and parts for resale were carried at net realisable value. Inventories recognised as an expense during the period amount to €41,644 million (2022: €35,710 million).
Inventories of €33,741 million (2022: €32,202 million) increased by €+1,539 million. This is mostly driven by work in progress, raw materials and manufacturing supplies resulting in inventory build up to support the ramp ‑ up, partially offset by less finished goods reflecting higher deliveries. Advance payments made to suppliers increased by €+956 million to €6,001 million (2022: 5,045 million) largely due to payments made to suppliers to support Airbus’ ramp ‑ up and de ‑ risk the supply chain.
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24.
Provisions, Contingent Assets and Contingent Liabilities
Provisions — The determination of provisions, e.g. for onerous contracts, program ‑ related provisions, warranty costs, restructuring measures and legal proceedings is based on best estimates.
In general, in the aerospace sector, the contractual and technical parameters considered for provision calculations are complex. Hence uncertainty exists with regard to the timing and amounts of expenses to be taken into account.
31 December
2023
(In € million)
2022
Provisions for pensions
2,715
3,509
Other provisions
7,113
7,514
Total
9,828
11,023
thereof non ‑ current portion
5,667
6,896
thereof current portion
4,161
4,127
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Airbus
Financial Statements 2023
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