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1、purposewithProgressingAirbus Annual Report 2022In 2022,we made progress on objectives that support our purpose to pioneer sustainable aerospace for a safe and united world.We focused on navigating a complex operating environment while at the same time moving forward with our priorities.This included
2、 the development of new products,improving our industrial set-up and securing contracts that help nations protect their values,citizens and sovereignty.It was a year of progressing with purpose.We pioneer sustainable aerospace for a safe and united worldWhere applicable,Airbus refers to commercial a
3、ircraft and the integrated functions while the Company refers to Airbus SE together with its subsidiaries.RoundingDue to rounding,numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.Contents 02 Airbus SE at a glance04 Chair
4、mans message06 CEO interview08 Purpose in action12 Strategy13 Sustainability15 Airbus16 Airbus Helicopters17 Airbus Defence and Space18 CFO interview 20 Share information01Airbus/Annual Report Overview 2022The year saw many significant events across the Company.These included contract signings and p
5、rogramme milestones as well as progress on decarbonisation.FinancialRevenues(million)58,763(2021:52,149)EBIT Adjusted(million)5,627(2021:4,865)EBIT Reported(million)5,325(2021:5,342)Reported earnings per share(1)()5.40(2021:5.36)Order intake(million)82,521(2021:62,007)Non-Financial(2)Energy consumpt
6、ion(GWh)2,594(From stationary sources and electricity)CO2e Scope 1&2 emissions(ktons)762(CO2 equivalent)Total employee training(millions of hours)1.79(1 Oct.2021 to 30 Sept.2022)Ethics&Compliance e-learning sessions290,178(1 Oct.2021 to 30 Sept.2022)Number of employees134,267(End 2021:126,495)(1)FY2
7、022 average number of shares 787,080,579 compared to 785,326,074 in FY2021.(2)For further information see the Non-Financial Information section of the Universal Registration Document 2022.2022Safeguarding future security in Europe Key defence contracts were signed with governments and between indust
8、ry partners that will help safeguard Europes long-term security and its strategic autonomy.These included Demonstrator Phase 1B of the Future Combat Air System programme(pictured),the Eurodrone global contract and Spains order for 20 latest-generation Eurofighter jets.A321XLR flight testing gets und
9、erway The A321XLR flew for the first time,with three prototype aircraft involved in the flight testing campaign by the end of the year.It will provide operators with longer range for single-aisle commercial aircraft and offer lower fuel consumption per seat compared to previous-generation aircraft.0
10、2Airbus/Annual Report Overview 2022Overview/Airbus SE at a glanceExternal revenue splitAirbus Airbus HelicoptersAirbus Defence and Space 11%69%58.8bn(2021:52.1bn)19%Order book in value by regionEuropeAsia PacificNorth AmericaMiddle EastLatin AmericaOther29%31%449bn(2021:398bn)22%5%6%8%Further progre
11、ss for the H160 helicopter The innovative twin-engined H160 helicopter entered into service,representing a key landmark for the programme.Showing its multi-role capability,an H160 started operating in Japan as an eye in the sky for television stations while the first ever ACH160 variant was delivere
12、d in Brazil.Meanwhile,the French Navy received its first H160 for search and rescue missions(pictured).Summit showcases international cooperationThe Airbus Summit 2022 brought together business leaders,partners and industry experts to evaluate progress on sustainability in the field of aviation.Pane
13、l events focusing on decarbonisation,disruptive technologies and hydrogen sat alongside discussions on the need for robust European defence and security and whats next in Space(pictured,featuring Airbus employee and ESA-selected astronaut Pablo lvarez Fernndez).Airshows highlight industrys recovery
14、and priorities Against a backdrop of rising passenger traffic,the aerospace industry reconnected at the Farnborough Airshow for the first time since the COVID pandemic.The UK event(pictured)was also an opportunity for Airbus to display products and showcase its ambition to decarbonise.The ILA Berlin
15、 Air Show took place for the first time since 2018,including a strong focus on defence.New outsize transport service launched Airbus launched a new transport service for outsized freight based on the BelugaST and aimed at customers worldwide.The BelugaST fleet is progressively being made available a
16、s the larger BelugaXLs increasingly serve Airbus own internal transport requirements.An Airbus Eurostar Neo satellite being delivered to the Kennedy Space Center in Florida(pictured)shows the aircrafts capability.03Airbus/Annual Report Overview 2022Overview/Airbus SE at a glanceRussias invasion of U
17、kraine has been a wake-up call for Europe.It has not only highlighted the essential role that defence plays in society but also how European nations need to work closely together and achieve even higher levels of strategic autonomy in this critical area.They have to remain strong and reliable partne
18、r countries within NATO and for other allies.Close cooperation is also required to ensure that Europe remains competitive in the rapidly evolving Space sector.Reflecting on the year for our industry,the lingering effects of the COVID pandemic,combined with the war in Ukraine,led to global disruption
19、 and underscored the need to ensure a robust supply chain,not overly dependent on any single source.Soaring energy prices and inflation impacted the global economy and forced central banks to raise interest rates sharply.This all led to stark increases in the cost of living for people around the wor
20、ld.Heightened geopolitical tensions outside of Europe also compounded the complex operating environment.Nevertheless,passenger traffic continued to recover globally,demonstrating thevital role air travel plays in connecting people and driving international trade.At Airbus,commercial aircraft deliver
21、ies increased year-on-year,although fewer aircraft were delivered than originally targeted amid the difficult operating environment.In a promising development,some important defence contracts were signed that will safeguard EU nations sovereignty over the coming decades,including the next phase of t
22、he Future Combat Air System.Meanwhile,the helicopters business had another successful year with higher deliveries.Overall,the Company reported increased revenues,free cash flow and EBIT Adjusted.Against this backdrop,the Board and its Committees met frequently during 2022.There were dedicated sessio
23、ns to discuss topics of note,including the defence strategy,safety and cybersecurity.The Board also closely monitored developments in various legal proceedings and together with the Audit Committee supported management as it adjusted the 2022 guidance during the year.The Remuneration,Nomination and
24、Governance Committee supported the search for a new Chief Financial Officer and newnon-executive directors.Recruiting people with key skills and retaining them particularly in emerging technologies andcybersecurity was a topic that we revisited several times.Airbus recognises the power of diversity,
25、which drives creativity,innovation and problem solving,and continues to strive to be a competitive employer.Attracting the best talent will be of great importance in the years to come.Sustainability was a key theme that continued to resonate for the Board,specifically at meetings of the Ethics,Compl
26、iance and Sustainability Committee.Important topics such as Ethics and Compliance,our decarbonisation agenda,Human Rights and Inclusion and Diversity were frequently addressed at the highest level.Airbus is dedicated to leading the journey towards sustainable aerospace and coalescing a supportive ec
27、osystem that embraces alternative fuels and enables disruptive technologies.We cant do this alone.The right frameworks and incentives at agovernment level will be needed to improve bothappetite and capacity for sustainable aviation fuel.However,the direction of travel isclear:at the ICAO 41st Assemb
28、ly,Member States achieved an historic alignment with aviation industry bodies such as IATA and ATAG,adopting the long-term aspirational goal to reach net-zero carbon emissions by 2050.Ren Obermann outlines the Companys operating environment and performance in2022.He also highlights the Boards activi
29、ties and resolutions at the 2023 AGM.Dear Shareholders,dear Stakeholders,2022 proved to be a year of considerable geopolitical and economic uncertainty.In my remarks last year,I referenced what was then anemerging crisis on Europes eastern borders.Regrettably,the conflict continues,demonstrating the
30、 fragility of global peace andunderscoring the need for a renewed focuson defence as a prerequisite for sustainability and prosperity.2022 Dividend(per share)1.80To be proposed to the 2023 AGMfocusedRen ObermannChairman of the BoardStayingin uncertain timesOverview/Chairmans message04Airbus/Annual R
31、eport Overview 2022Board Members were highly motivated to take acloser look at certain Airbus facilities.A Board meeting took place on the Broughton site in the UK while visits were organised at Defence and Space facilities in Getafe(Spain),Manching(Germany)and Labge(France).These visits provide val
32、uable insight into the hard work undertaken by employees to deliver on the Companys priorities.With the easing of health and travel protocols,members of the Board and management team were pleased to welcome shareholders in person at the 2022 Annual General Meeting inAmsterdam.This meeting approved I
33、rene Rummelhoffs appointment to the Board as a non-executive director,bringing expertise in the fields of energy transition and renewables.Lord Drayson resigned from the Board on the date ofthe 2022 AGM to focus on his political and business interests,and we thank him for his engagement during his f
34、ive years as a non-executive director.At this years AGM,the Board mandates of Ralph Crosby Jr.,Mark Dunkerley and Stephan Gemkow are due for renewal and we are proposing a three-year term for Antony Wood.Antony replaced Lord Drayson on the Board in December 2022 and brings with him extensive experie
35、nce of the aerospace industry and defence sector.Through our staggered director renewal process,we aim to ensure the Board has the right skills going forward.In 2022,Airbus resumed paying dividends aftera two-year hiatus that was necessary to maintain the Companys liquidity and financial strength du
36、ring the COVID crisis.At this years AGM,we will propose the payment of a higher gross dividend of 1.80 per share,reflecting ourcommitment towards sustainable dividendgrowth.Finally,on behalf of the Board I salute the strong engagement of Airbus employees globally,from members of the Executive Commit
37、tee setting the strategy right through to those joining at the very start of their careers.Together,we aim to ensure that Airbus remains resilient and continues to progress with purpose.Ren ObermannChairman of the Board2022 proved to be a year ofconsiderable geopolitical andeconomic uncertainty.Isal
38、ute the strong engagement of Airbus employees.”Audit Committee Remuneration,Nomination and Governance Committee Ethics,Compliance and Sustainability CommitteeBoard of DirectorsAs of 31 December 2022Ren ObermannChairman of the Board of Directors,Airbus SEAmparo MoraledaChair of Remuneration,Nominatio
39、n and Governance Committee Ralph D.Crosby,Jr.Guillaume FauryChief Executive Officer Airbus SEClaudia NematMark DunkerleyVictor ChuIrene RummelhoffStephan GemkowAntony WoodJean-Pierre ClamadieuChairman of Ethics,Compliance and Sustainability CommitteeCatherine GuillouardChair of Audit Committee Overv
40、iew/Chairmans message05Airbus/Annual Report Overview 2022energy prices.The pandemic also continued to cast a long shadow in some parts of the world.However,we came together as Team Airbus toaddress these challenges and make progress on our strategic priorities.This combined effort meant we achieved
41、our financial targets even though we had to reduce our commercial aircraft delivery targets.Q.What were the main operational and commercial developments?The number of commercial aircraft deliveries rose by eight percent year-on-year to 661,although as stated this was less than we had aimed for.Never
42、theless,it was a successful yearon the sales front,with the 1,078 gross and820 net orders reflecting the broad strength,competitiveness and efficiency of our product line.We set out our A320 Family production plans with an objective to reach a monthly rate of 75aircraft in 2026.To support this we ar
43、e modernising and upgrading our industrial set-upglobally,including upgrading our A320 Family final assembly facilities to all be capable of producing the in-demand A321 model.We established two new entities in the year for our reorganised and streamlined aerostructures operations.Probably the most
44、significant operational landmark was the maiden flight of our A321XLR,which will open up new routes forsingle-aisle aircraft operators.Helicopters saw a solid performance with higher deliveries,and a book-to-bill above 1 by units and value.It was particularly pleasing to see the H160 enter into serv
45、ice and mark further delivery milestones,while securing additional orders.Highlights on the military side included the launch of a major upgrade to the Tiger helicopterfor France and Spain.Defence and Space achieved a book-to-bill by value above 1,driven by some major defence projects that are criti
46、cal to Europes ambitions for strategic autonomy.This included a major advance in the Future Combat Air System programme,with the signing of the Demonstrator Phase 1B contract,and additionally there was the global Eurodrone agreement.Operational highlights in Space included a successful Moon-orbiting
47、 mission forthe Orion spacecraft,which relied on the Airbus-built European Service Module.Q.How was the financial performance?We delivered a solid underlying financial performance overall despite the adverse andcomplex operating environment.Airbus Commercial and the Helicopters activities each repor
48、ted higher EBIT Adjusted,while Defence and Spaces performance reflected various headwinds including the loss of two Pliades Neosatellites and the Ariane 6 delay.Overall,we ended the year with an EBIT Adjusted of 5.6 billion,representing a 16 percent increase year-on-year.Free cash flow before M&A an
49、d customer financing improved to 4.7 billion and was supported by the favourable foreign exchange environment.The Board has been able to recommend the payment of a 2022 dividend of 1.80 per share,up from 1.50 in 2021,and representing an improved payout ratio.Guillaume Faury outlines Airbus performan
50、ce in 2022,including the key operational and financial takeaways.He also discusses the priorities for the Company.Q.How would you assess Airbus year?Even though there were some notable successes,2022 proved to be more difficult than expected.We began the year full of optimism,in anticipation of fina
51、lly putting COVID-19 behind us.Demand for commercial aviation had rebounded in most parts of the world and airlines had high expectations of Airbus to provide them with the aircraft they needed.However,after two years dominated bya pandemic-driven demand crisis,we faced the opposite challenge:a cris
52、is of supply.There were various macroeconomic headwinds to navigate,and Russias invasion of Ukraine plus the related sanctions added to the adverse operating environment.The industry faced many constraints over the supply of labour,raw materials and electronic components against a backdrop of sharpl
53、y rising inflation and Guillaume FauryChief Executive OfficerStaying thecourseWe delivered a solid underlying financial performance.”06Airbus/Annual Report Overview 2022Overview/CEO interviewQ.What are the key priorities for this year and beyond?We already know that 2023 will be another year charact
54、erised by geopolitical and macroeconomic challenges.As a company we have to be prepared for that.The so-called VUCA world is a reality for all businesses now,but I am confident we can still thrive thanks to the pride,ingenuity and commitment of the teams here at Airbus,with our solid foundation of s
55、afety,quality,integrity,compliance and security.This year we need to remain focused on meeting our commitments for both our civil and military customers.We want to deliver on our commercial aircraft backlog over the coming years as there isstrong demand globally for more fuel-efficient aircraft.Ther
56、efore,one of our principal operational priorities is to ramp-up single-aisle aircraft production.To achieve this we will need to remainvigilant against pressures on our supply chainand work closely with our partners.Having the right skills and resources internally isvital if we are to meet these gro
57、wth ambitions,progress with our decarbonisation roadmap and transform the Company.This transformation will usher in the next generation of products and services,including technologies that will be critical for the huge defence projects we are working on.Aside from more traditional technical and manu
58、facturing profiles,we need expertise in areas such as new energies,cyber and digital.Our human resources function is leading the search for the best talent.As we highlighted at our second Airbus Summit,which took place in late 2022,we have continued to play a leading role in setting the sustainabili
59、ty agenda for the aerospace sector.We made progress on our decarbonisation strategy and through collaboration and partnerships are now seeing our ambitions give way to real progress.Sustainable aviation fuel(SAF)is a key decarbonisation solution,and we were pleased toannounce a partnership with Nest
60、e,one of theworlds leading SAF producers,to promote the take-up of SAF.We continued to mature newtechnologies that could power the next generation of commercial aircraft,and announced partnerships that support the development of a hydrogen ecosystem.The aviation industry was buoyed further in 2022 b
61、y the announcement that the International Civil Aviation Organization had adopted a long-term aspirational goal to reach net-zero carbon emissions by 2050.In 2022,we submitted near-term greenhouse gas emission reduction targets to the Science Based Targets initiative(SBTi)for validation.These target
62、s,which cover the entire scope of our emissions,have now been validated.They will help us to provide greater transparency and accountability,and ensure we are doing what we say we will do.Our aim is to stay the course and continue pioneering sustainable aerospace for a safe andunited world.We know w
63、hat we need to do,and will remain focused on delivering operational excellence and adapting to meet future challenges.(1)Dominik Asam left the Company inMarch 2023.See page 19 for details on his successor.Guillaume FauryChief Executive Officer Airbus SESabine KlaukeChief Technical OfficerAlberto Gut
64、irrezChief Operating OfficerDominik Asam(1)Chief Financial OfficerPhilippe MhunExecutive Vice President Programmes and ServicesJohn HarrisonGeneral CounselThierry BarilChief Human Resources OfficerChristian SchererChief Commercial Officer and Head of Airbus International Catherine JestinExecutive Vi
65、ce President Digital and Information ManagementMichael SchoellhornChief Executive Officer Airbus Defence and SpaceBruno EvenChief Executive Officer Airbus HelicoptersJulie KitcherExecutive Vice President Communications and Corporate AffairsExecutive CommitteeAs of 31 December 202207Airbus/Annual Rep
66、ort Overview 2022Overview/CEO interviewUniteGuided by the purposeAirbus pioneers sustainable aerospace for a safe and united world.The following pages illustrate how this purpose is embedded into everything the Company does.Valuing people and theircontribution to Airbus success.2022 was a year of mi
67、lestone anniversaries.Airbus has been connecting people with its commercial aircraft for many decades and celebrated the 50th anniversary of the first A300flight during the year.2022 also marked the30th anniversary of the creation of Eurocopter,the foundation for what is now AirbusHelicopters.To cel
68、ebrate this milestone,Airbus Helicopters hosted Airbus Pioneer Days in France,Germany and Spain,inviting employees and their close family and friends for a day of activities.Airbus also continued to break ground in 2022 with new projects,such as the maiden flight of the A321XLR in June.Airbus 130,00
69、0 colleagues care deeply about the communities where the Company operates and are united by a shared commitment to maximise their positive impact on people and the planet.Airbus is pleased to support its employees and the causes they care about through the launch ofa new community impact platform,+i
70、mpact.The Company also hosted events to raise funds for specific partner organisations.For example,Airbus hosted a charity run in October(pictured)2022 at its Blagnac and Saint-Martin sites in aid of Airbus Foundation partner Alliance pour lEducation United Way.This charity supports equal opportunit
71、ies and schooling for young people in priority areas in Toulouse,France.08Airbus/Annual Report Overview 2022Overview/Purpose in actionInnovateDeveloping the SAF ecosystem and bolstering in-house research.In 2022,Airbus continued to advance its decarbonisation agenda,particularly with the useof susta
72、inable aviation fuel(SAF).The year saw several key milestones in the usage of SAF,with the worlds first helicopter flight(an H225)solely powered by SAF in June,Octobers first commercial aircraft delivery flight in China using a SAF-blend,and the first 100%SAF flight using an in-service military airc
73、raft(an A330 MRTT)in November.Airbus signed a Memorandum of Understanding(MOU)with Neste,one of the worlds leading SAF producers,to promote the aviation sectors transition to SAF.The Company also used 30%SAF on theBelugaST transporting an Airbus-built telecommunications satellite to the Kennedy Spac
74、e Center in October.Airbus continued to invest in its in-house research capabilities,particularly those which explore disruptive technologies.The year concluded witha collaboration agreement signed between wholly-owned subsidiary Airbus UpNext and CERN,the European laboratory for particle physics,to
75、 mature superconducting technologies and their potential application in future aircraft.09Airbus/Annual Report Overview 2022Overview/Purpose in actionProtectHelping nations protect their citizens,values andinfrastructure.Airbus products,services and systems are in continuous use by armed forces and
76、public authorities to help nations protect their people,borders and critical assets.Defence is a prerequisite for a safer and more secure world.This was clearly shown in 2022 as major conflict continued on Europes eastern borders.Airbus-built military aircraft such as the Eurofighter,A330 MRTT,C295
77、and A400M fulfilcritical roles while Airbus satellites provide secure communications for armed forces and connectivity and intelligence solutions to governments.Airbus helicopters perform critical parapublic roles such as search and rescue,law enforcement and emergency medical services while militar
78、y models such as the H225M and NH90 serve armed forces worldwide.Airbus Defence and Space successfully tested aremovable firefighting kit on the A400M in Spain(pictured),showing the aircrafts wide-ranging capabilities.This innovation was a response to the increasing threat presented by wildfires,as
79、seen so dramatically in parts of Europe and elsewhere during 2022.The Airbus solution comprises a roll-on/roll-off kit that requires no modification toexisting aircraft and therefore enables a rapid response to unforeseen fires.These innovations complement Airbus helicopters that are already extensi
80、vely used in firefighting missions.10Airbus/Annual Report Overview 2022Overview/Purpose in actionExploreExpanding human knowledge of Earth andthe Universe.The purpose is clearly demonstrated in the Companys pioneering Space activities,from satellites that connect people and monitor climate change on
81、 Earth through to spacecraft and instruments that expand human knowledge of the Universe.In 2022,the uncrewed Orion spacecraft(pictured)successfully orbited the Moon before The James Webb Space Telescope whichincludes the Airbus-built Near Infrared Spectrograph or NIRSpec instrument started sending
82、images and data back to Earth in 2022.NIRSpec was designed,developed,and integrated on the telescope by a team of more than 70 people at Airbus sites in Ottobrunn and Friedrichshafen,Germany,as well as Toulouse,France with support from NASA and a numberof European subcontractors.returning safely as
83、part of NASAs Artemis I mission.Under the full Artemis programme,a lunar landing is planned and would represent humankinds first return to the Moon in over 50 years.Orion relies on Airbus technology for essential functions that the astronauts will need to stay alive through the European Service Modu
84、le(ESM)which sits just underneath the Crew Module.Under a European Space Agency contract,Airbus in Bremen,Germany,is responsible for building the ESM,which both propels and manoeuvres Orion and provides the spacecrafts crew with water and oxygen.11Airbus/Annual Report Overview 2022Overview/Purpose i
85、n actionGrow Airbus as an aerospace and defence leaderThe Companys ability to grow in the future will beearned through continuous innovation,both inand around its current portfolio,as well as when preparing the future generation of productsand related services.Increase capacity to invest forthe futu
86、reThe right combination of growth,profitability and resilience is vital to the Companys long-term competitiveness.Continuous improvement is essential to further support the Companys resilience and prepare for future investments.Leverage European roots topursue global reachOver 50 years,the Company h
87、as built on its strong European heritage to become truly international.Continued investment in its globalfootprint is a key strength when addressinginternational markets.Lead the transformation oftheaerospace industryMeaningful reductions in carbon emissions are within reach.Through a resilient busi
88、ness model,the Company will continue to lead the decarbonisation of the aerospace sector while meeting international ESG standards.The Airbus Strategy is based on four key near-term areasof focus that will enable the Company to deliver onits purpose.These areas of focus are drawn from the major tren
89、ds that influence our operating environment:geopolitics,sovereignty,resilience and sustainability.by our strategyDriven For further details of thestrategy see the Universal Registration Document.12Airbus/Annual Report Overview 2022Overview/StrategyAirbus purpose is to pioneer sustainable aerospace f
90、or a safe and united world.The Company is deeply aware of its responsibility to society and future generations,and contributes to the UN Sustainable Development Goals(“SDGs”)through its core business and how it operates.The Company approaches sustainability by respecting the planet,valuing people an
91、d enabling prosperity.These guiding principles areembedded inits operations and activities.The Company strives to respect the planet,improving its products as well as addressing itsenvironmental impact.2022 saw many milestones in the deployment of sustainable aviation fuel,as well as efforts to redu
92、ce emissions on Airbus sites and in the service life of Airbus products.In order to hold itself accountable to making continuous improvement in this area,in 2022 Airbus established robust,clearly-defined targets in line with climate science and submitted them to the Science Based Targets initiative(
93、SBTi)for validation,which were approved by the SBTi in January 2023.The Company is committed to valuing people,with a business built on a foundation of safety,sustainabilityfocusContinuing the Commitment to the UN SDGs Through its business activities and sustainability commitments,the Company contri
94、butes to at least eight of the United Nations Sustainable Development Goals.Quality educationEnsure inclusive and equitable quality education and promote lifelong learning opportunities for all.Gender equalityAchieve gender equality and empower all women and girls.Decent work and economic growthProm
95、ote sustained,inclusive and sustainable economic growth,full and productive employment and decent work for all.Industry,innovation,and infrastructureBuild resilient infrastructure,promote inclusive and sustainable industrialisation and foster innovation.Responsible consumption and productionEnsure s
96、ustainable consumption and production patterns.Climate actionTake urgent action to combat climate change and its impacts.Peace,justice and strong institutionsPromote peaceful and inclusive societies for sustainable development,provide access to justice for all and build effective,accountable and inc
97、lusive institutions at all levels.Partnerships for the goalsStrengthen the means of implementation and revitalise the global partnership for sustainable development.quality,integrity,compliance and security.Valuingpeople also means supporting humanitarian efforts and global resilience.Globalevents i
98、n 2022,notably the war in Ukraine,saw the relationship between sustainability and security,and the ways in which safety,defence and sustainability mutuallyreinforce each other,come to the fore.The Company enables prosperity,and recognises the way in which it can help to unite cultures,connect econom
99、ies and encourage global cooperation.Some of the many agreements signed during the course of 2022 included:partnerships with engine manufacturer CFM International to ground-and flight-test a hydrogen combustion engine and a flight-test demonstrator for advanced open fan architecture;a partnership to
100、 advance the ecosystem for alternative propulsion technologies with Renault;research on superconductivity that could be applied to future electric or hydrogen-powered aircraft;and a partnership with HyPort to create one of the first airport production and distribution stations for low-carbon hydroge
101、n.The Companys sustainability strategy remainsaligned with four priority sustainability commitments which correspond to the relevant UN SDGs(see table):to lead the journey towards clean aerospace;to build our business on the foundation of safety and quality;to respect human rights and foster inclusi
102、on;and to exemplify business integrity.The Universal Registration Document provides detailed disclosures on eachof these commitments.13Airbus/Annual Report Overview 2022Overview/SustainabilityStrengthening our corporate approach tocommunity impactIn 2022,Airbus SE strengthened its approach tocommuni
103、ty impact by launching a new Community Impact Policy,with an emphasis onsupporting communities in a sustainable,equitable and measurable way,and focusing onthree principle themes:supporting and developing vulnerable communities,youth and quality education,and safeguarding the future ofthe planet.The
104、 Company also launched a new dedicated digital platform,+impact,to empower employees to donate,fundraise and volunteer for causes they care about.To tie in with the launch of this platform,a donation-matching campaign supported impact-projects that had existing partnerships with Airbus:this initiati
105、ve reached over 60 organisations across 15 countries including the UK,France,Germany,Spain,Kenya,USA,and several countries in the LatinAmerica and Asia Pacific regions.Throughout the year,Airbus also developed several corporate giving partnerships,prioritising projects which respond to specific comm
106、unity needs and create lasting positive impact.Examples of projects that were undertaken in 2022 included constructing transitional houses in Latin America;securing access to early education opportunities for children from underserved communities in the Philippines and mentoring girls in STEM subjec
107、ts in Latin America;and biodiversity restoration projects such as rejuvenating two lakes in Bangalore and Manesar(India)and rebuilding a wildlife pond in Bristol(UK).Amplifying our impact via the Airbus FoundationThe Airbus Foundation facilitates philanthropic initiatives worldwide by providing acce
108、ss to Airbus unique portfolio of high-tech products,services and know-how.In 2022,the Airbus Foundation continued to workwith its partners to provide humanitarian response,carrying more than 175 tons of aid andchartering 302 flight hours in response to flooding and famine crises,among others,in coun
109、tries likethe Philippines,Madagascar and Somalia.The Foundation provided 27,419 km ofsatellite imagery coverage to its partners worldwide to facilitate assessment and responseplanning.The Airbus Foundation enriched its offering foryoung people by launching a new,free-to-accesswebsite featuring STEM
110、content in four languages:the Airbus Foundation Discovery Space.In 2022,the Foundations youth programmes reached 9,000 students across 17locations.The Airbus Foundation provided 2,453 km of satellite imagery to the Connected Conservation Foundation,to support the preservation of wildlife and natural
111、 ecosystems in South Africa and Kenya.It also provided imagery and technical data and project management services to the International Union for Conservation of Nature,supporting validation of their Restoration Barometer,which monitors the progress offorestrestoration projects.The following examples
112、 represent a selection of the sustainability activities which took place across the Company in 2022.Reducing energy consumption and emissions on our sitesThe Company is committed to taking environmental responsibility seriously and is actively replacing energy-intensive assets and optimising energy
113、consumption.A portfolio of measures is currently being phased in.This includes low-energy lighting;improved insulation;voltage management;optimised heating,cooling and ventilation systems;and renewable energy production either on site ornearby,such as photovoltaic panels for electricity and biogas o
114、r biomass for heating.In Broughton,UK,Paint Shops were placed onautomatic standby during weekends and shutdowns,leading to energy savings of 340 MWh.17,500 fixed phones were removed acrossEuropean sites,which in France represented electricity savings of 920 MWh.There are also other levers to be depl
115、oyed:switching to lower-emission vehicles where possible and better planning of internal flights and logistics.New Beluga jigs and tools have enabled each logistic flight to transport two A350 wings instead of one.Airbus also began touse SAF inits internal flight test activities,andin December 2022
116、launched its first test campaignto explore the use of renewable fuelfor its fleet of maritime vessels.Investing in innovation and research2022 saw Airbus make a number of investments in innovation and research,putting its weight behind renewable energy technologies.Airbus invested as Limited Partner
117、 in Hy24s Clean H2 Infra Fund,which aims to“scale up the global hydrogen economy and end-to-end value chain”by investing in hydrogen infrastructure projects worldwide.Airbus participation allows it to support the broader hydrogen ecosystem and promote more widespread use ofhydrogen on a cross-indust
118、ry basis.Airbus also continued to explore operational improvements,with the conclusion of the pan-European ALBATROSS project in November,which explored how to improve air traffic management processes using the latest technologies and datascience.The Company invested in Carbon Engineering Ltd.,a Cana
119、dian-based climate tech company that develops Direct Atmosphere Carbon Capture(DACC)licensed technology.The investment will support R&T efforts in developing advanced technology at Carbon Engineerings largest DACC Research&Development facility.Airbus also signed an agreement with 1PointFive for the
120、offtake purchase of 400,000 tons of carbon removal credits as a way of bringing carbon removals to the aviation industry a move that attracted interest from a number of major airlines.14Airbus/Annual Report Overview 2022Overview/SustainabilityA350FExternal revenues by activityPlatformsServices8%92%R
121、evenues(million)41,428(2021:36,164)ofwhich 24 were A350F freighters.Across all product ranges,the total order backlog stood at7,239 aircraft at the end of 2022.A total of 661(1)commercial aircraft were delivered(2021:611(2)aircraft)and by aircraft type comprised 53 A220 Family,516 A320 Family,32A330
122、 Family and 60 A350 Family.Revenues increased 15%to 41,428 million(2021:36,164 million),mainly reflecting the higher number of deliveries and the strengthening of the US dollar.EBIT Adjusted increased to 4,600 million(2021:3,570 million),reflecting the delivery increase and supported by some non-rec
123、urring elements partlyoffset by a less favourable currency hedgerate compared to 2021.The non-recurringelements included positive impacts fromretirement obligations and compliance-related topics,partly offset by the impact from international sanctions against Russia.AirbusKey events 2022 Deliveries
124、rise 8%to 661(1)aircraft Book-to-bill significantly above 1 A321XLR flight testing begins Sustainable aviation fuel flights continueCommercial aircraft orders and deliveriesrose year-on-year,with a solidincrease in revenues and earnings.2022 included a number of operational andsustainability milesto
125、nes.Gross orders increased to 1,078 commercial aircraft(2021:771 aircraft),with net orders risingto 820 aircraft(2021:507 aircraft)and corresponding to a book-to-bill ratio by units wellabove 1.Increasing momentum was seen forwidebodied aircraft,with 63 gross orders Operational developmentsTo suppor
126、t the A320 Family ramp-up,Airbus is upgrading its industrial set-up including making allA320 Family aircraft final assembly lines A321-capable.The A321XLR programme began its flight-test campaign,paving the way for the certification of the long-range capable aircraft.Bythe end of 2022,three prototyp
127、e A321XLRs were involved in flight-testing.A new transport service began operations in 2022,using Airbus A300-600ST BelugaST aircraft to deliver special payloads for customersworldwide.During 2022,Airbus continued to test the potential for higher proportions of sustainable aviation fuel in its comme
128、rcial aircraft.All Airbus aircraft can currently fly using a 50%blend of SAF.Airbus ambition is for all of its aircraft to becapable of flying on 100%SAF by 2030.Deliveries(units)661(1)(2021:611(2)Net order intake(units)820(2021:507)EBIT Adjusted(million)4,600(2021:3,570)(1)After a reduction of two
129、aircraft previously recorded as sold inDecember 2021 for which a transfer was not possible due to international sanctions against Russia.(2)Two A330s delivered on operating lease.15Airbus/Annual Report Overview 2022Overview/AirbusH160External revenues by activityPlatformsServices45%55%Deliveries(uni
130、ts)344(2021:338)Net order intake(units)362(2021:414)Revenues(million)7,048(2021:6,509)EBIT Adjusted(million)639(2021:535)The Division contributed positively to the Companys overall financial performance,with higher revenues and earnings.Deliveries increased and milestones wereachieved on programmes
131、and decarbonisation initiatives.Airbus Helicopters order intake was well spreadacross programmes,with the overall totalof 362 net orders(2021:414 units)including12 H160s.The book-to-bill ratio was above 1 both in units and value.Significant orders included a major upgrade of the Tiger helicopter for
132、 the French and Spanish armies and a follow-up support contract for the US Armys entire fleet ofUH-72A and UH-72B Lakota utility and training helicopters.Deliveries increased to 344 units(2021:338 units)with the Division retaining its strong market position.On the H160 programme,the first ACH160 was
133、 delivered to a Brazilian customer while the French Navy took delivery of the firstH160 for search and rescue operations.Meanwhile,the first ever H160 went into serviceglobally,with a Japanese customer.Revenues increased by 8%to 7,048 million(2021:6,509 million),mainly reflecting growth inservices a
134、nd a favourable mix in programmes.EBIT Adjusted increased to 639 million(2021:535 million),reflecting the higher services and programme execution.Non-recurring elements included the positive impact related to retirement obligations booked in Q1.The EBIT Adjusted margin increased to 9.1%from 8.2%in 2
135、021.Sustainability and innovation Further progress was made to reduce the carbonfootprint of current and future aircraft,with a focus on using sustainable aviation fuel,hybridisation and electrification.The DisruptiveLab demonstrator was unveiled at the Airbus Summit and uses a clean sheet design to
136、 test technologies destined to improve aircraft performance and reduce helicopters CO2 emissions.Several partnerships were announced to support the entry-into-service of the CityAirbus NextGen electric vertical take-off and landing prototype.During 2022,an H225 performed the first ever helicopter fl
137、ight solely powered by sustainable aviation fuel.Airbus Helicopters continued to innovate for military applications,with the VSR700 unmanned aerial system beginning trials for autonomous take-off and landing capabilities at sea.Key events 2022 Book-to-bill above 1 Deliveries increase to 344 units H1
138、60 goes into operation Progress on sustainability roadmap Airbus Helicopters16Airbus/Annual Report Overview 2022Overview/Airbus HelicoptersEurodroneExternal revenues by activityPlatformsServices33%67%The Division achieved some key defence contract wins while earnings reflected the difficult operatin
139、g environment.Progress was made on sustainability initiatives.Airbus Defence and Spaces net order intake was stable at 13,660 million(2021:13,656 million),corresponding to a book-to-bill ratio of around 1.2.Included were the Eurodrone global contract,Demonstrator Phase 1B of Europes Future Combat Ai
140、r System and 20 latest-generation Eurofighters for the Spanish Air Force.These agreements will support Europes security requirements and strategic autonomy.In Space Systems,contracts included the supply of two high-performance optical Earth observation satellites and related services for Poland.Reve
141、nues increased 11%to 11,259 million(2021:10,186 million),mainly driven by higher volume in Military Aircraft and Eurodrone.Underlying profitability,or EBIT Adjusted,decreased to 384 million(2021:696 million),mainly reflecting impairments related to the loss of two Pliades Neo satellites in December
142、and delays to the Ariane 6 launcher,as well as the impact of rising inflation.This was partly offset by higher volume in Military Aircraft,the ramp-up in Eurodrone and the positive impact related to retirement obligations booked in Q1.Operational and sustainability highlights A total of 10 A400M mil
143、itary airlifters were delivered during the year.The A330 MRTT became the worlds first tanker aircraft to be certified for automatic air-to-air refuelling boom operations.Telecommunications satellites were successfully placed into orbit while the Airbus-built European Service Module powered the Orion
144、 spacecraft as part of the Artemis I Moon-orbiting mission.The first test flights of A400M and C295 aircraft partly powered by sustainable aviation fuel(SAF)took place during the year.Separately,Airbus worked with the UKs Royal Air Force and industry partners to conduct a test flight of an in-servic
145、e A330 MRTT using 100%SAF in both of its engines.Military aircraft played an important role in helping nations to protect their citizens and strongly contributed to various humanitarian missions around the world in 2022.In Space Systems,a number of satellites are in development to support climate ch
146、ange monitoring.Airbus Defence and SpaceKey events 2022 Book-to-bill by value around 1.2 Signing of FCAS,Eurodrone contracts Airbus-built ESM powers Orion spacecraft Progress on sustainability initiativesOrder book(million)38,426(2021:36,131)Revenues(million)11,259(2021:10,186)Net order intake(milli
147、on)13,660(2021:13,656)EBIT Adjusted(million)384(2021:696)17Airbus/Annual Report Overview 2022Overview/Airbus Defence and SpaceQ:How was the underlying financial performance?The year was characterised by a complex operating environment.We met our financial targets and delivered solid results,but were
148、 confronted by multiple disruptions in the supply chain that meant we had to adapt our operations during the year.Commercial aircraft deliveries,which are a key driver of the financial performance,rose by 8%but that was only around half of the increase initially planned.Looking firstly at the top-li
149、ne,consolidated revenues rose by 13%year-on-year to 58.8 billion and mainly reflected the higher commercial aircraft deliveries,increased contributions from Airbus Helicopters and Airbus Defence and Space,along with the appreciation of the US dollar.EBIT Adjusted,which measures our underlying earnin
150、gs,increased by 16%to 5.6 billion reflecting the aircraft deliveries,competitiveness efforts and the overall net positive impact of non-recurring elements.These included positive effects related to retirement obligations and progress on compliance topics,and negative effects resulting from internati
151、onal sanctions against Russia and the loss of the two Pliades Neo satellites in December 2022.Across the business lines,EBIT Adjusted for the commercial aircraft activities increased by 29%to 4.6 billion,reflecting the deliveries and supported by some non-recurring elements,butpartially offset by a
152、less favourable currency hedging rate compared to 2021.Airbus Helicopters made a positive contribution to the Companys overall performance with a 19%increase in EBIT Adjusted to 639 million,reflecting higher services and good programme execution.The Divisions profit margin increased to 9.1%from 8.2%
153、in 2021.Airbus Defence and Spaces EBIT Adjusted however declined 45%to 384 million,mainly due to the loss of the Pliades Neo satellites,delays to the Ariane 6 launcher,as well as the impact of rising inflation.Q:What was the reported performance like?Consolidated EBIT reported was 5.3 billion,stable
154、 compared to 2021,with Adjustments totalling a net negative 0.3 billion.The largest positive adjustment was from the technical dollar pre-delivery payment mismatch and balance sheet revaluation while on the negative side it was related to a charge on the A400M programme.As far as the bottom line goe
155、s,net income amounted to 4.2 billion and was broadly in line with 2021,with reported earnings per share of 5.40 compared to 5.36 in 2021.The solid net income performance was a factor that enabled the Board to propose a higher dividend payout for the year.Q:Can you explain the cash performance in 202
156、2?If we start with the gross cash flow from operations of +5.5 billion,this mainly reflected the EBIT Adjusted outcome.Working capital included a positive phasing impact from the timing of receipts and payments and was supported by the strong US dollar.Capital expenditure during the year amounted to
157、 around 2.5 billion compared to 1.9 billion in 2021 aswe focused on our main operational priorities including the production ramp-up.Solidin a complex yearperformanceDominik AsamFormer Chief Financial OfficerThe year was characterised by a complex operating environment.”Dominik Asam,who left the Com
158、pany in March 2023,explains thekey drivers behind the 2022 financial performance,focusing on earnings and cash flow.18Airbus/Annual Report Overview 2022Overview/CFO interviewFree cash flow before M&A and customer financing totalled 4.7 billion,up 33%year-on-year,and was supported by the working capi
159、tal phasing impact and the dollar appreciation.The cash evolution during the year also reflected the payment of the 2021 dividend totalling 1.2 billion and pension contributions of 0.6 billion.Its worth noting that the net pension deficit was reduced during the course of 2022,mainly driven by rises
160、in interest rates.The Company ended the year with an improved net cash position of 9.4 billion compared to 7.7 billion at the end of 2021.The total liquidity position further strengthened to 31.6 billion.Revenues(million)58,763(2021:52,149)EBIT Adjusted(million)5,627(2021:4,865)EBIT Reported(million
161、)5,325(2021:5,342)Net income(million)4,247(2021:4,213)Reported earnings per share(1)()5.40(2021:5.36)Free cash flow before M&A and customer financing(million)4,680(2021:3,515)CFO successionAirbus SE announced in February 2023 thatThomas Toepfer(pictured)will succeed Dominik Asam as Chief Financial O
162、fficer and join theCompany on 1 September 2023.Toepfer has been CFO of Covestro AG aDAX 40 company and one of the worlds leading suppliers of premium polymers since April 2018.Dominik Asam left Airbusin March 2023 and Xavier Tardyis ensuring continuity during the interim period in addition to his ro
163、le as Executive Vice President Finance for AirbusDefence and Space.(1)FY2022 average number of shares 787,080,579 compared to 785,326,074 in FY2021.Q:How would you summarise your time at Airbus?There was obviously quite a steep learning curve to begin with when I joined Airbus from the world of semi
164、conductors back in 2019.However,these are both technology-and innovation-led industries and Im grateful for my colleagues in Finance and beyond for quickly bringing me up to speed.Looking back,the Company had to weather some major challenges to its balance sheet,including the pandemic and the compli
165、ance settlement payments,but it still closed 2022 with a strong liquidity position.Finally,Id like to wish my successor all the best and no doubt Ill have a sense of pride every time I step onto an Airbus aircraft in the future!19Airbus/Annual Report Overview 2022Overview/CFO interview Airbus SE DAX
166、 40 CAC 40 MSCI World Aerospace and Defence IndexDec20022130%120%110%100%90%80%70%60%50%40%30%Dec2020Dec2021Dec2022Free float(1)SOGEPA(French State)GZBV(German State)SEPI(Spanish State)(1)Includes shares held by the Company itself.11%4%11%74%Shareholding structure As of 31 December 2022An
167、nual General Meeting:19 April 2023E-mail: Website:Share price evolutionalthough defence stocks surged amid the announcement of defence budget increases,andas investors started to reconsider their stance towards the sector.In the second quarter,while global equity markets were volatile in line with t
168、he aforementioned macro environment,Airbus SEs announcement that it would increase the monthly production rate of the A320 Family to 75 supported the share price,as did the solid financials for the first quarter.Later,the Airbus SE share price was impacted by lower-than-expected deliveries,suppliers
169、 comments on production delays and concerns around the potential impact of energy shortages on Airbus production.In the third quarter,equity markets partially recovered before retreating from mid-August due to inflationary pressures,central banks monetary policy decisions and growing fears of recess
170、ion.Airbus SEs share price was also under pressure following the A320 Family production ramp-up In 2022,the Airbus SE share price was rather volatile and closed at 111.02,down 1.2%.After opening at 113.60 in January,the Airbus SE share price started the year in positive territory,supported by the fu
171、ll-year 2021 commercial aircraft orders and deliveries performance.Later in the first quarter,Airbus SEs share price in line with global equity markets suffered from overall supply chain tensions,inflationary pressures and the COVID-19 resurgence in China.This was aggravated from mid-February by Rus
172、sias invasion of Ukraine,adjustment announced in the Companys first-half results,despite a strong financial performance.In the fourth quarter,besides following the upward trend of global markets,supported by signs of cooling inflation and slower tightening ofinterest rate policy,Airbus SEs share pri
173、ce reacted positively to the Companys increased free cash flow guidance.This guidance raised investors expectations for higher shareholder returns.Towards the end of the year,though,Airbus SEs share price experienced turbulence after rumours about delivery delays in 2023,and following the withdrawal
174、 of delivery guidance for the 2022 financial year,alongside the ramp-up adjustment announcement.With a stable performance throughout 2022(-1%),Airbus SE shares outperformed the CAC40index(-9%)and the DAX 40 index(-12%),but underperformed the aerospace and defence sector(MSCI World Aerospace and Defe
175、nce Index+11%).informationShareOverview/Share information20Airbus/Annual Report Overview 2022Designed and produced by SImage creditsCover Airbus SAS 2022p.2 Airbus Defence and Space GmbH 2019p.2 AirbusSAS2022p.3 Airbus SAS 2022p.3 Airbus SAS 2022p.3 Airbus SAS 2022p.3 Airbus Helicopters2022Anthony P
176、ECCHIp.4 Airbus SAS 2022p.5Victor Chu,Jean-Pierre Clamadieu Airbus SAS 2019,Ren Obermann,Guillaume Faury,Ralph D.Crosby,Jr.,Mark Dunkerley,Stephan Gemkow,Catherine Guillouard,Amparo Moraleda,Irene Rummelhoff,Antony Wood Airbus SAS 2022,Claudia Nemat Airbus SASp.6 Airbus SAS 2022p.7 Airbus SASp.8 Air
177、bus SAS 2022p.9 Neste2022p.10 Airbus Defence and Space GmbH 2022p.11 NASAp.12 Airbus Defence and Space GmbH 2022p.13 Airbus SAS 2004p.13 Airbus SAS 2022p.14 Renata Ahumada 2022p.14 Airbus Defence and Space GmbH 2022p.14 Airbus SAS 2019p.14 Airbus SAS 2019p.15 Airbus SAS 2021p.16 AirbusHelicopters201
178、9 Eric RAZ-IMAGINRp.17 Airbus Defence and Space GmbH 2021p.18 Airbus SAS 2019p.19 Covestrop.20 Airbus SAS 2021All rights reserved.21Airbus/Annual Report Overview 2022Airbus Annual Report20222 AirbusSE is a European public company(SocietasEuropaea),with its seat inAmsterdam,theNetherlands,which is li
179、sted in France,Germany andSpain.As a result of the relabelling to a single Airbus brand,AirbusSE together withitssubsidiaries isreferred to as“theCompany”and no longer the Group.Thesegment formerly known as“Airbus Commercial Aircraft”is referred to as“Airbus”.See“Managements Discussion and Analysis
180、ofFinancial Condition and Results of Operations 2.1.1.2Reportable Business Segments”.In addition to historical information,this Universal Registration Document includes forward-looking statements.Theforward-looking statements are generally identified by theuse of forward-looking words,such as“antici
181、pate”,“believe”,“estimate”,“expect”,“intend”,“plan”,“project”,“predict”,“will”,“should”,“may”or other variations ofsuch terms,or by discussion of strategy.Thesestatements relate tothe Companys future prospects,developments and business strategies andare based on analyses or forecasts of future resul
182、ts and estimates of amounts not yet determinable.These forward-looking statements represent theview of the Company only as of the dates theyare made,and the Company disclaims anyobligation to update forward-looking statements,except as may be otherwise required by law.The forward-looking statements
183、in thisUniversal Registration Document involve known and unknown risks,uncertainties and other factors that could cause the Companys actual future results,performance and achievements to differ materially from those forecasted or suggested herein.These include changes ingeneral economic and business
184、 conditions,as well as thefactors described under“Risk Factors”below.This Universal Registration Document was prepared in accordance with Annex1 and2 ofCommission Delegated Regulation(EU)2019/980 and has been filed in English with the Autoriteit Financile Markten(the“AFM”)on 4April2023 in its capaci
185、ty as competent authority under Regulation(EU)2017/1129(the“Prospectus Regulation”)without prior approval pursuant to Article9 oftheProspectus Regulation.ThisUniversal Registration Document may be used for thepurposes ofan offer to the public of securities or admission of securities to trading on a
186、regulated market if approved by the AFM together with any amendments,if applicable,andasecurities note andsummary approved inaccordance with theProspectus Regulation.Airbus/Annual Report Universal Registration Document 20223 Risk Factors01Informationon the CompanysActivities02ManagementsDiscussion a
187、ndAnalysis of Financial Condition andResults of Operations03General Description of the Company and its Share Capital04Corporate Governance05General InformationAirbus/Annual Report Universal Registration Document 2022ContentsRisk Factors 71.Financial Market Risks 82.Business-Related Risks 123.Legal R
188、isks 204.Environment,Human Rights,Health&SafetyRisks 2301Information on theCompanysActivities 291.1 Presentation of the Company 301.1.1 Overview 301.1.2 Airbus(Commercial Aircraft)351.1.3 Helicopters 441.1.4 Defence andSpace 501.1.5 Investments 571.1.6 Insurance 581.1.7 Legal and Arbitration Proceed
189、ings 581.2 Non-Financial Information 611.2.1 The Companys Approach to Sustainability 611.2.2 Climate Change 681.2.3 Pollution 861.2.4 Materials and Circularity 881.2.5 Water 901.2.6 Biodiversity 921.2.7 Aviation and Product Safety 931.2.8 Cyber Security 951.2.9 Health and Safety 971.2.10 Human Right
190、s 1021.2.11 Inclusion and Diversity 1071.2.12 Social Dialogue 1091.2.13 People 1111.2.14 Business Integrity 1151.2.15 Responsible Supply Chain 1181.2.16 Community Impact 1261.2.17 ESG Data Board 1281.2.18 TCFD Correspondence Table 1371.2.19 EU Taxonomy 1381.2.20 GRI Index 1441.2.21 SASB Corresponden
191、ce Table 1481.3 Other Corporate Activities 1491.4 Recent Developments 157Universal Registration Document54Airbus/Annual Report Universal Registration Document 202202Managements Discussion andAnalysis of Financial Conditionand Results ofOperations 1592.1 Operating and Financial Review 1602.1.1 Overvi
192、ew 1612.1.2 Significant Accounting Considerations,PoliciesandEstimates 1642.1.3 Performance Measures 1652.1.4 Results of Operations 1692.1.5 Changes in Total Equity (Including Non-Controlling Interests)1732.1.6 Liquidity and Capital Resources 1742.2 Financial Statements 1782.3 Statutory Auditor Fees
193、 1782.4 Information Regarding the Statutory Auditors 17803General Description oftheCompany anditsShareCapital 1813.1 General Description of the Company 1823.1.1 Commercial and Corporate Names,SeatandRegisteredOffice 1823.1.2 Legal Form 1823.1.3 Governing Laws and Disclosures 1823.1.4 Date of Incorpo
194、ration and Duration of the Company 1833.1.5 Objects of the Company 1843.1.6 Commercial and Companies Registry 1843.1.7 Inspection of Corporate Documents 1843.1.8 Financial Year 1843.1.9 Allocation and Distribution of Income 1843.1.10 General Meetings 1853.1.11 Disclosure of Holdings 1863.1.12 Mandat
195、ory Disposal 1873.1.13 Mandatory Offers 1883.2 General Description of the Share Capital 1893.2.1 Issued Share Capital 1893.2.2 Authorised Share Capital 1893.2.3 Modification of Share Capital or Rights Attached totheShares 1893.2.4 Securities Granting Access to the Companys Share Capital 1903.2.5 Cha
196、nges in the Issued Share Capital 1903.3 Shareholdings and Voting Rights 1913.3.1 Shareholding Structure at the End of 2022 1913.3.2 Relationships with Principal Shareholders 1923.3.3 Form of Shares 1953.3.4 Changes in the Shareholding of the Company 1953.3.5 Persons Exercising Control over the Compa
197、ny 1953.3.6 Simplified Group Structure Chart 1953.3.7 Purchase by the Company of its Own Shares 1973.4 Dividends 1993.4.1 Dividends and Cash Distributions Paid 1993.4.2 Dividend Policy of the Company 1993.4.3 Unclaimed Dividends 1993.4.4 Taxation 19904Corporate Governance 2034.1 Management and Contr
198、ol 2044.1.1 Corporate Governance Arrangements 2044.1.2 Dutch Corporate Governance Code,“Comply orExplain”2284.1.3 Enterprise Risk Management System 2294.1.4 Internal Audit 2314.2 Interests of Directors and Principal ExecutiveOfficers 2324.2.1 Remuneration Policy 2324.2.2 Long-Term Incentives Granted
199、 totheChief Executive Officer 2474.2.3 Related Party Transactions 2474.3 Employee Success Sharing andIncentivePlans 2484.3.1 Employee Success Sharing and Incentive Agreements 2484.3.2 Employee Share Ownership Plans 2484.3.3 Long-Term Incentive Plans 24905General Information 2555.1 Entity Responsible
200、 for theUniversalRegistrationDocument 2565.2 Statement of the Entity Responsible for theUniversal Registration Document 2565.3 Information Policy 2565.4 Undertakings of the Company Regarding Information 2575.5 Significant Changes 2575.6 Statement on Approval 257Airbus/Annual Report Universal Registr
201、ation Document 202254Airbus/Annual Report Universal Registration Document 20226 Airbus/Annual Report Universal Registration Document 2022Risk Factors1.Financial Market Risks 82.Business-Related Risks 123.Legal Risks 204.Environment,Human Rights,Health&SafetyRisks 237 Airbus/Annual Report Universal R
202、egistration Document 2022Risk Factors /1 Financial Market RisksThe Company is subject to the risks and uncertainties described below that may materially affect its business,results of operations and financial condition.These are not the only risks the Company faces.Additional risks and uncertainties
203、 not presently known to the Company,or that it currently considers immaterial may also impair its business and operations.Although a certain degree of risk is inherent in the Companys business(as described in the risk factors mentioned in this section),the Company endeavours to minimise risk to the
204、extent reasonably possible.To achieve its strategy,the Company is prepared to take modest or low event risks to provide sufficient predictability on profitability and cash flow given the necessity to stay competitive,invest in research and development and manage the diversified business portfolio in
205、 a world of uncertain market and economic conditions.Due to the importance of programmes and operations for the Company,a particular focus is put on the operational dimension of risk identification and management.Within the area of legal and compliance risks,the Company seeks to ensure that its busi
206、ness practices conform to applicable laws,regulations and ethical business principles,while developing a culture of integrity.Regarding financial risks,our risk approach can be qualified as prudent and the Company aims to minimise the downside risk through an appropriate liquidity buffer,moderate fi
207、nancial leverage and the use of hedging derivatives and other insurance products.1.Financial Market RisksGlobal Economic ConditionsThe Companys business,results ofoperations and fnancial condition arematerially affected by global economic conditions.Market disruptions and significant economic downtu
208、rns may develop quickly due to,among other things,crises affecting credit or liquidity markets,regional or global recessions,sharp fluctuations in or sustained high commodity prices(including gas and oil),energy shortage or unavailability,currency exchange rates or interest rates,rapid increases in
209、or sustained high levels of inflation or deflation,sovereign debt and bank debt rating downgrades,restructurings or defaults,or adverse geopolitical events(including armed conflicts such as Russias invasion of Ukraine,rising tensions around the world,global pandemic diseases such as COVID-19 or the
210、impact of potentially conflicting policies from the United States(“US”),European Union,Russia and China with ramifications beyond their borders).Recent US administrations have introduced greater uncertainty with respect to US tax and trade policies,tariffs and government regulations affecting trade
211、between the US and other countries.Such measures,and the countermeasures they provoked,affected and may continue to affect countries where our customers and suppliers are located or where the Company has an operational presence or to which its financing activities are linked.See“Business-Related Ris
212、ks Ukraine Crisis”,“Business-Related Risks COVID-19 Risks”and“Business-Related Risks Availability of Government and other Sources of Financing”.The Companys global presence includes France,Germany,Spain and the UK as well as fully-owned subsidiaries in the US,China,Japan,India and in the Middle East
213、,and spare parts centres in Hamburg,Frankfurt,Washington,Beijing,Dubai and Singapore.At the end of 2022,the Company had engineering and training centres in Toulouse,Miami,Mexico,Wichita,Hamburg,Bangalore,Beijing and Singapore.There are also hubs and field service stations around the world.The Compan
214、y also relies on industrial co-operation and partnerships with major companies and a wide network of suppliers.This global presence entails the risk of being affected by weak market and economic conditions in particular in Europe,the US and Asia where it manufactures and to which it sells the majori
215、ty of its products.It is a priority to ensure that the Company can identify,attract,develop and retain a world-class competent,motivated and flexible workforce,which fits current business requirements and future business needs in each of the countries in which the Company has a presence.A change in
216、economic conditions in any of the geographies where the Company has significant numbers of employees or key employees may therefore impact its ability to compete effectively for employees in such countries.98Airbus/Annual Report Universal Registration Document 2022Risk Factors /1 Financial Market Ri
217、sksAt the end of 2022,approximately 18,000 suppliers from more than 90countries supply parts,components,systems and services to the Company.In 2022,the Companys overall external sourcing volume was estimated around 44billion.The Company requires its suppliers and subcontractors services in order to
218、deliver our products and generate revenue and profit.Therefore financial,economic and geopolitical instability in any part of the world that would affect our suppliers or subcontractors,including conditions resulting in sharply rising inflation,increasing energy prices,their inability to obtain cred
219、it or even in their insolvency,could impact the Companys ability to meet its customer obligations in a satisfactory and timely manner.In addition,financial,economic and geopolitical instability affecting suppliers or subcontractors could impact such parties ability to meet their obligations under ri
220、sk sharing partnership agreements entered into with the Company.The health and economic crisis resulting from the COVID-19 pandemic and the consequences of Russias invasion of Ukraine have increased the Companys exposure to supply chain risk.See“Business-Related Risks Dependence on Key Suppliers and
221、 Subcontractors”.The behaviour of our customers and by extension,the demand for and supply of the Companys products and services has been and may continue to be materially affected by global economic conditions.Historically,the Company has experienced that order intake for commercial aircraft has sh
222、own cyclical trends,due in part to changes in passenger demand for air travel and the air cargo share of freight activity,which are in turn driven by a range of economic variables including gross domestic product(“GDP”)growth and private consumption levels.A deterioration in economic factors driven
223、by geopolitical events such as Russias invasion of Ukraine or by new variants of the COVID-19 pandemic and the related drop in air travel in many parts of the world driving our commercial airline business,could lead to protracted weak demand for our commercial aircraft.The relative size of the Compa
224、nys commercial aircraft business relative to its defence,space and government activities has diluted the latters ability to serve as an effective tool to counter commercial cycles.Demand for military and parapublic products may be affected by governmental budget constraints caused by economic pressu
225、re.Therefore protracted weak global economic conditions could directly result in:financial distress of airlines and lessors,and potential bankruptcies around the world;requests by customers to postpone or cancel existing orders for aircraft(including helicopters)or decisions by customers to review t
226、heir order intake strategy due to,among other things,lack of adequate credit supply from the market to finance aircraft purchases or increases in operating costs or weak levels of passenger demand for air travel and cargo activity more generally,which could negatively impact the Companys results of
227、operations;variations in public spending for defence,homeland security and space activities,which may lead to termination or reduction of future funding or cancellations or delays impacting existing contracts which could negatively impact the Companys results of operations;and an increase in the amo
228、unt of sales financing that the Company is requested to provide to its customers to support mainly aircraft deliveries typically secured over the underlying aircraft and bearing exposure to the customer credit risk.See“Financial Market Risks Sales Financing Arrangements”.In addition,in the commercia
229、l aircraft industry it is the industry standard to include revision clauses in sales and supplier contracts due to the lengthy terms of such contracts.Such revision clauses can be based on one or multiple indices and therefore,can evolve due to changes in economic measures on which such indices are
230、based,thereby potentially negatively impacting the Companys results.The Company generally finances its manufacturing activities and product development programmes,and in particular the development of new commercial aircraft,through a combination of cash flows generated by operating activities,custom
231、er advances,European governments refundable advances and risk-sharing partnerships with subcontractors.In addition,the Companys military activities benefit from government-financed research and development contracts.If necessary,the Company may raise funds in the capital markets.Weak economic circum
232、stances,uncertainty or adverse trends leading to liquidity constraints or reduced availability of finance for the Companys customers,suppliers,European and other governments,and other risk sharing partners may affect the Companys ability to finance its product development programmes and raise funds
233、in the capital markets.The Companys financial results could also be negatively affected depending on gains or losses realised on the sale or exchange of financial instruments;impairment charges resulting from revaluations of debt and equity securities and other investments;interest rates;cash balanc
234、es;and changes in fair value of derivative instruments.Increased volatility in the financial markets and overall economic uncertainty would increase the risk of the actual amounts realised in the future on the Companys financial instruments differing significantly from the fair values currently assi
235、gned to them.Although the potential negative impact of global economic conditions has been thoroughly assessed,the consequences thereof could have unforeseen material effects on the Companys business,results of operations and financial condition,and in particular if these were to impact the Companys
236、 commercial aviation activities or otherwise impact its access to financing.Airbus/Annual Report Universal Registration Document 202298Airbus/Annual Report Universal Registration Document 2022Risk Factors /1 Financial Market RisksSales Financing ArrangementsForeign Currency ExposureIn support of sal
237、es,the Company may agree,case by case,to participate in the financing of selected customers.Over 2020 to 2022,the average number of aircraft delivered in respect of which financing support has been provided by Airbus amounted to approximately 1%of the number of deliveries over the same period.The ri
238、sks arising from the Companys sales financing activities may be classified into two categories:(i)credit risk,which relates to the customers ability to perform its obligations under a financing arrangement,and(ii)aircraft value risk,which primarily relates to unexpected decreases in the future value
239、 of aircraft.Defaults by its customers or significant decreases in the value of the financed aircraft in the resale market may materially adversely affect the Companys business,results of operations and financial condition.The Companys sales financing arrangements expose it to residual aircraft valu
240、e risk,because it generally retains security interests in aircraft for the purpose of securing customers performance of their financial obligations to the Company,and/or because it may guarantee a portion of the value of certain aircraft at certain anniversaries from the date of their delivery to cu
241、stomers.Under adverse market conditions,the market for used aircraft could become illiquid and the market value of used aircraft could significantly decrease below projected amounts.In the event of a financing customer default at a time when the market value for a used aircraft has unexpectedly decr
242、eased,the Company would be exposed to the difference between the outstanding loan amount and the market value of the aircraft,net of ancillary costs(such as maintenance and remarketing costs,etc.).Similarly,if an unexpected decrease in the market value of a given aircraft coincided with the exercise
243、 In 2022,more than 70%of the Companys revenues are denominated in US dollars,with approximately 60%of such currency exposure“naturally hedged”by US dollar-denominated costs.The remainder of costs are incurred primarily in euros and to a lesser extent,pounds sterling.Consequently,to the extent that t
244、he Company does not cover its net current and future exchange rate exposure from the time of a customer order to the time of delivery,its profits will be affected by market changes in the exchange rate of the US dollar against these currencies.There are complexities inherent in determining whether a
245、nd when foreign currency exposure of the Company will materialise,in particular given the possibility of unpredictable revenue variations arising from order cancellations,postponements or delivery delays.Regarding the foreign exchange risk,the Company may also have difficulty in fully implementing i
246、ts hedging strategy if its hedging counterparties are unwilling to increase derivatives risk limits with the Company,and is exposed to the risk of non-performance or default by these hedging counterparties.The exchange rates at which the Company is able to hedge its foreign currency exposure may als
247、o deteriorate,as the euro could appreciate against the US dollar for some time,as has been the case in the past and as higher capital requirements for banks result in higher credit charges for uncollateralised derivatives.Accordingly,the Companys foreign currency hedging strategy may not protect it
248、from significant changes in the exchange rate of the US dollar to the euro and the pound sterling,in particular over the long-term,which could have a negative effect on its financial condition and results of operations.Moreover,to further mitigate the impact of exchange rate fluctuations on its prof
249、its,the Company might enter into a euro conversion agreement with its customers to convert fully or partially the payment from US dollar into euro based on an agreed conversion rate.This agreement is implemented on an exceptional basis and at the specific request of the customer,and is accounted for
250、 in the IFRS Consolidated Financial Statements as a contract in euros.Since 2022 and going-forward,the Company has presented its matured hedge portfolio and euro conversion on a blended basis and therefore blended rates reflect both the EBIT impact of hedge rates of the US dollar hedge portfolio and
251、 euro conversion.As of 31December 2022,the blended portfolio which amounts to US$93.9billion with maturities up to 2029 and covers a major portion of the foreign exchange exposure expected over the period of the operative planning.The portion of the Companys US dollar-denominated revenues that is no
252、t covered in accordance with the Companys coverage strategy will be exposed to fluctuations in exchange rates,which may be significant.Furthermore,the Company is exposed to certain other price risks such as interest rate risks,changes in commodity prices and in the price of its own stocks.Adverse mo
253、vements of these prices may jeopardise the Companys profitability if not hedged.Currency exchange rate fluctuations in currencies other than the US dollar in which the Company incurs its principal manufacturing expenses(mainly the euro)may affect the ability of the Company to compete with competitor
254、s whose costs are incurred in other currencies.This is particularly true with respect to fluctuations relative to the US dollar,as many of the Companys products and those of its competitors(e.g.in the defence export market)are priced in US dollars.The Companys ability to compete with competitors may
255、 be eroded to the extent that any of the Companys principal currencies appreciates in value against the principal currencies of such competitors.The Companys consolidated revenues,costs,assets and liabilities denominated in currencies other than the euro are translated into the euro for the purposes
256、 of compiling its financial statements.Changes in the value of these currencies relative to the euro will,therefore,have an effect on the euro value of the Companys reported revenues,costs,EBIT(1),other financial results,assets,liabilities and equity.(1)Airbus continues to use the term EBIT.EBIT is
257、identical to profit before financial result and income taxes.1110Airbus/Annual Report Universal Registration Document 2022Risk Factors /1 Financial Market RisksCounterparty CreditLiquidityIn addition to the credit risk relating to sales financing as discussed above,the Company is exposed to credit r
258、isk to the extent of non-performance by its counterparties for financial instruments,such as hedging instruments(US$76.2billion nominal value at 31December 2022)and cash investments(22.06billion nominal value at 31December 2022).However,the Company has policies in place to avoid concentrations of cr
259、edit risk and to ensure that credit risk exposure is limited.Counterparties for transactions in cash,cash equivalents and securities as well as for derivative transactions are limited to highly-rated financial institutions,corporates or sovereigns.The Companys credit limit system assigns maximum exp
260、osure lines to such counterparties,based on a minimum credit rating threshold as published by Standard&Poors and Moodys.If neither is present,Fitch ratings are used.Besides the credit rating,the limit system also takes into account fundamental counterparty data,as well as sector and maturity allocat
261、ions and further qualitative and quantitative criteria such as credit risk indicators.The credit exposure of the Company is reviewed on a regular basis and the respective limits are regularly monitored and updated.The Company is exposed to liquidity risk in case of funding needs during a market disr
262、uption situation.If the liquidity risk would materialise,the Company could be at risk of not being able to pay its creditors and shareholders in due time or could have to delay the closing of some transactions.The liquidity risk can arise when money markets and debt capital markets are closed for ne
263、w issuances for a period of time.In order to mitigate this risk,the Company maintains:significant amounts of highly liquid cash on-balance sheet;undrawn committed credit facilities;diversified euro funding programmes(such as a 12billion euro medium-term note(“EMTN”)programme eligible to the Corporat
264、e Sector Purchase Programme of the European Central Bank(“ECB”),a 11billion Negotiable European Commercial Paper programme eligible to the Pandemic Emergency Purchase Programme of the ECB,and a 4billion euro Commercial Paper programme);and access to US dollar funding(through a US$3billion US Commerc
265、ial Paper programme,and a 144A US dollar bond market).On 5July 2022,the Company signed a new sustainability-linked Revolving Syndicated Credit Facility(the“2022 facility”)committed by 38 banks for 8billion with a maturity of five years and two extension options of one year(subject to banks approval)
266、.This facility incorporates an adjustment mechanism that links the applicable margin of the facility(which can go either up or down)to the achievement of annual targets for two selected sustainability key performance indicators related to environmental rating and health&safety.The 2022 facility canc
267、els and replaces the 6billion Revolving Syndicated Credit Facility signed in 2020.Going forward,the Company will continue to adopt a prudent approach when it comes to managing its liquidity with the objective of maintaining its robust credit rating.As of 31December 2022 the credit exposure had been
268、estimated as follows(in million)(1):Source of riskExposureUnexpected Loss ContributionBanks4,99134Corporates4,816104Sovereign issuers1,58315Money market funds12,21017Total23,600170(1)Not audited.The Company also seeks to maintain a certain level of diversification in its portfolio between individual
269、 counterparties as well as between financial institutions,corporates and sovereigns in order to avoid an increased concentration of credit risk on only a few counterparties.window date of an asset value guarantee with respect to that aircraft,the Company would be exposed to losing as much as the dif
270、ference between the market value of such aircraft and the guaranteed amount,though such amounts are usually capped.Through the Airbus Asset Management department or as a result of past financing transactions,the Company is the owner of used aircraft,exposing it directly to fluctuations in the market
271、 value of these used aircraft.In addition,the Company has backstop commitments to provide financing related to orders on the Companys and ATRs backlog.The Companys sales financing exposure could rise in line with future sales growth depending on the agreement reached with customers.The Company remai
272、ns exposed to the risk of defaults by its customers or significant decreases in the value of the financed aircraft in the resale market,which may have a negative effect on its future financial condition and results of operations.Airbus/Annual Report Universal Registration Document 20221110Airbus/Ann
273、ual Report Universal Registration Document 2022Risk Factors /2 Business-Related RisksPension CommitmentsThe Company participates in several pension plans for both executive and non-executive employees,some of which are underfunded.As of 31December 2022,the provision for retirement plans and similar
274、obligations amounted to 3.5billion(compared to 7.1billion as of 31December 2021).In addition as a consequence of the increased discount rates a non-current asset of 0.6billion has been accounted for to reflect the surplus in two pension funds in the UK.For information related to these plans,please r
275、efer to the“Notes to the IFRS Consolidated Financial Statements Note32:Post-Employment Benefits”.The Company has recorded a provision in its balance sheet for its share of the underfunding measured in accordance with IFRS based on current estimates.These estimates will be reviewed annually and as th
276、e case may be revised leading the Company to record lower or higher provisions.Necessary adjustments of such provisions include but are not limited to(i)the discount factor(dependent in part on interest rates)and the inflation rate applied to calculate the net present value of the pension liabilitie
277、s,(ii)the performance of the asset classes which are represented in the pension assets,and(iii)behavioural assumptions regarding beneficiaries,and(iv)additional cash injections contributed by the Company from time to time to the pension assets.The Company has taken measures to reduce potential losse
278、s on the pension assets and to better match the characteristics of the pension liabilities with those of the pension assets as a long-term objective.Nevertheless,any required additional provisions would have a negative effect on the Companys total equity(net of deferred tax),which could in turn have
279、 a negative effect on its future financial condition.2.Business-Related RisksCommercial Aircraft and Helicopter Market FactorsHistorically,the Company has experienced that order intake for commercial aircraft has shown cyclical trends,due in part to changes in passenger demand for air travel and the
280、 air cargo share of freight activity,which are in turn driven by a range of economic variables,such as GDP growth,private consumption levels or working age population size.Other factors,however,play an important role in determining the market for commercial aircraft,such as(i)the average age and tec
281、hnical obsolescence of the fleet relative to new aircraft;(ii)the number and characteristics of aircraft taken out of service and parked pending potential return into service;(iii)passenger and freight load factors;(iv)airline pricing policies and resultant yields;(v)airline financial health;(vi)the
282、 availability of third party financing for aircraft purchases;(vii)evolution of fuel price;(viii)regulatory environment;(ix)environmental constraints imposed upon aircraft operations,such as the Carbon Offsetting and Reduction Scheme for International Aviation(“CORSIA”),carbon standards and other en
283、vironmental taxes;and(x)market evolutionary factors such as the volume of business-related travel or the growth of low-cost passenger airline business models or the impact of e-commerce on air cargo volumes or consolidation of airlines.The health and economic crisis resulting from the COVID-19 pande
284、mic,armed conflicts such as Russias invasion of Ukraine,and rising tensions around the world can amplify the impact of these factors.The factors described above may have a material impact on the commercial aircraft industry and,therefore,on the Companys financial condition and results of operations.
285、In 2022,the commercial aircraft business segment of Airbus recorded total revenues of 41.4billion representing 69%of the Companys revenues.See“Information on the Companys Activities 1.1.1Overview”.During the COVID-19 pandemic,the Company observed that the downturn in its commercial aircraft business
286、 was partially mitigated by its defence,space and government activities.Such a cyclical pattern had already been observed in the past but historically diminished,due to the significant growth of the Companys commercial aircraft business relative to its other activities,until the global pandemic arri
287、ved.However,there can be no assurance that the Company will not lose the benefit of certain derivatives or cash investments in case of a systemic market disruption.In such circumstances,the value and liquidity of these financial instruments could decline and result in a significant impairment,which
288、may in turn have a negative effect on the Companys financial condition and results of operations.Moreover,the progressive implementation of new financial regulations and adjustments to existing regulations will have an impact on the business model of banks(for example,the split between investment ba
289、nking and commercial banking activities)and on the capital structure and cost of such banks activities in relation to over-the-counter derivatives,and therefore on the funding consequences of central clearing and collateralisation of over-the-counter derivatives for corporations like the Company.Thi
290、s may ultimately increase the cost and reduce the liquidity of the Companys long-term hedges,for example,as banks seek to either pass-on the additional costs to their corporate counterparties or withdraw from low-profit businesses altogether.1312Airbus/Annual Report Universal Registration Document 2
291、022Risk Factors /2 Business-Related RisksCOVID-19 RisksOver the last three years,new variants of the COVID-19 pandemic,the resulting health and economic crisis and actions taken in response to the spread of the pandemic,including government measures,lockdowns,travel limitations and restrictions,have
292、 resulted in significant disruption to the Companys business,operations and supply chain.The aerospace industry,the financial health of operators,airlines,lessors and suppliers,commercial aircraft market,demand for air travel and commercial air traffic have been severely impacted by the COVID-19 pan
293、demic and the resulting health and economic crisis.As a result,airlines reduced capacity,grounded portions of their fleets and sought to implement measures to reduce cash spending and secure liquidity.Some airlines also sought arrangements with creditors,restructuring or applying for bankruptcy or i
294、nsolvency protection,which may have further consequences for the Company and its order book as well as other consequences resulting from the related proceedings.The Company will continue to face additional risks and uncertainties resulting from future consequences of the health and economic crisis o
295、n operators,airlines,lessors,suppliers and other actors in the air transport industry.See also“Business-related risks Commercial Aircraft and Helicopter Market Factors”below.Notably in 2020 and 2021,a number of measures were taken by the Company to implement stringent health and safety procedures wh
296、ile taking account of stock levels and production lead-times.The COVID-19 crisis may lead to further disruptions to the Companys internal operations and to its ability to deliver products and services.See also“Business-related risks Dependence on Key Suppliers and Subcontractors”below.In addition to
297、 its impact on the financial viability of operators,airlines and lessors and the reduction of commercial air traffic,lockdowns,travel limitations and restrictions around the world have posed logistical challenges and may continue to cause disruptions to the Companys business,its operations and suppl
298、y chain.These measures have and may continue to adversely affect the Companys ability to deliver products and services as well as customers ability to take delivery of aircraft.The Company has been adversely affected by weak market and economic conditions in markets around the world.Protracted weake
299、r market and economic conditions and their knock-on effects have resulted in and could continue to result in(i)additional requests by customers to postpone delivery or cancel existing orders for aircraft(including helicopters)or other products including services,(ii)decisions by customers to review
300、their fleet strategy,(iii)weak levels of passenger demand for air travel and cargo activity more generally,(iv)a sustained reduction in the volume of air travel for business purposes,and(v)prolonged or additional travel limitations and restrictions,which could negatively impact the Companys results
301、of operations.In 2022,the Company delivered 661 commercial aircraft,an increase of 8%compared to 2021(compared to 611 commercial aircraft in 2021).This excludes two deliveries recorded in December2021(two A350-900 Aeroflot)for which a transfer was not possible due to international sanctions.In 2022,
302、the Company recorded 258 commercial aircraft cancellations(compared to 264 cancellations in 2021).The Company continues to monitor the evolution of the COVID-19 pandemic and will evaluate further impacts and additional measures going forward while taking into account the latest industry outlook.The
303、Companys business,results of operations and financial condition have been materially affected in prior years by the COVID-19 pandemic,and the Company may continue to face significant risks and uncertainties related to certain regions including China.There can be no assurance that the Companys busine
304、ss,results of operations and financial condition will not be materially affected by other pandemics in the future.Please refer to the“Notes to the IFRS Consolidated Financial Statements Note3:Macroeconomic Environment”.The commercial helicopter market in which the Company operates has shown cyclical
305、 trends and could also be influenced by factors listed above.The civil¶public market has shown signs of recovery in 2022,notably in the intermediate single engine and medium twin helicopter segment and the private&business aviation and aerial work market.The offshore oil&gas market shows signs o
306、f recovery with increased flight hours however the level of investment in the acquisition of new platforms has not significantly increased.Flight hours have now exceeded pre-pandemic levels and Airbus Helicopters has increased revenues thanks to the wide-ranging portfolio of service solutions.Ukrain
307、e CrisisRussias invasion of Ukraine on 24February 2022 and the resulting export control restrictions and international sanctions against Russia,Belarus and certain Russian entities and individuals have resulted in disruption to the Companys business,its operations,data management and supply chain.Fo
308、llowing the imposition of export control restrictions and sanctions by the EU,the UK,the US and other countries that are relevant to the Companys business,the Company announced in March2022 it has suspended the delivery of aircraft and support services to Russian customers,as well as the supply of s
309、pare parts,equipment and software to Russia.The Company is complying with all applicable regulations and sanctions to its facilities and operations in Russia(including the Airbus Russia affiliate,Airbus Engineering Centre(ECAR),representation office in Moscow and the Space Divisions two joint ventur
310、es in Russia,Energia Satellite Technologies and Synertech).See“Legal risks Export Control Laws and Regulations”below.Airbus/Annual Report Universal Registration Document 20221312Airbus/Annual Report Universal Registration Document 2022Risk Factors /2 Business-Related RisksThe Companys extensive info
311、rmation and communications systems,industrial environment,products and services are exposed to cyber security risks.Cyber security threats are rapidly changing and scenarios of attacks are becoming more sophisticated.The Company is exposed to a number of different cyber security risks,directly or th
312、rough its supply chain,arising from actions that may be intentional and hostile,accidental or negligent.Some of the objectives of an attacker are espionage,to influence,to create an obstacle to functioning or for lucrative purposes.The main cyber security risks for the Company are intrusion in syste
313、ms leading to data leakage,attacks impacting the resilience of industrial systems and compromising products and services.All of the above mentioned risks are heightened in the context of the increasingly common use of digital solutions by the Company(including greater use of cloud services,mobile de
314、vices,“internet of things”),increasingly capable adversaries and integration with the extended enterprise.Risks related to the Companys industrial control systems,manufacturing processes and products are growing with the increase of interconnectivity and digitalisation.Moreover,a main challenge is t
315、o maintain an appropriate level of security of complex and legacy industrial systems to face attacks from hackers,who are improving their techniques and skills rapidly.Finally,the Company is exposed to reputational damage and destabilisation from the growing volume of false and malicious information
316、 injected into media and social networks.The Company continues to make significant efforts to prevent such risks from materialising.Targeted investments will reduce but not eradicate likelihood and impact through strengthening the business cyber protection and resilience.The materialisation of one o
317、r several of such risks could lead to severe damage,including but not limited to significant financial loss,need for additional investment,contractual or reputational performance degradation,loss of intellectual property,loss of business data and information,operational business degradation or disru
318、ptions,and product or services malfunctions.Loss of personal data may result in administrative,civil or criminal liabilities including significant fines and penalties.Cyber Security RisksPhysical Security,Terrorism,Pandemics andOtherCatastrophicEventsTerrorist attacks,public health crises and the sp
319、read of disease(such as the global COVID-19 pandemic),armed conflict and rising military tensions have demonstrated that such events may negatively affect public perception of air travel,which may in turn reduce demand for travel and commercial aircraft.The outbreak of wars,riots or political unrest
320、 or uncertainties including those resulting in an acute increase of cost of living may also affect the willingness of the public to travel by air.Furthermore,major aircraft accidents may have a negative effect on the publics or regulators perception of the safety of a given class of aircraft,a given
321、 airline,form of design or air traffic management.Flight activity ramp-up requires particular focus on safety aspects such as removing aircraft from storage and pilot training.As a result of such factors,the aeronautic industry may be confronted again with additional sudden or prolonged reduced dema
322、nd for air transport and be compelled to take additional costly security and safety measures.The Company may,therefore,suffer from a decline in demand for all or certain types of its aircraft or other products,and the Companys customers may postpone delivery or cancel orders.In addition to affecting
323、 demand for its products,catastrophic events could disrupt the Companys internal operations,supply chain or its ability to deliver products and services.Disruptions may be related to threats to infrastructure,personnel security and physical security and may arise from terrorism,conflict and civil un
324、rests,malicious acts,natural disasters,fire,damaging weather,and other types of incidents such as drone air traffic The crisis has increased the Companys exposure to supply chain disruption risk.Part of the titanium used by the Company is sourced from Russia,both directly and indirectly through the
325、Companys suppliers.While geopolitical risks are integrated into the Companys titanium sourcing policies,the impact of Russias invasion of Ukraine on the Companys ability to source materials and components and any future expansion of sanctions is being reviewed.The Company is also indirectly exposed
326、through its partnership into the joint venture ArianeGroup.Arianespace paid and received payments for the Soyuz programme for which Roscosmos decided to suspend the rocket launches operated by Arianespace.Agreements have been reached on pre-payments received with two of these clients.Negotiations ar
327、e well advanced with the remaining customers.Due to the above mentioned export control restrictions and sanctions,the Company has been unable to deliver two aircraft previously recorded as sold at 31December 2021.As a result,the associated revenues and margin have been derecognised as of 31March 202
328、2.These aircraft have been remarketed in the second quarter 2022.As of 31December 2022,the resulting recorded EBIT charge amounts to approximately 0.1billion,mainly relating to Airbus.Although the full impact cannot reasonably be assessed at the time of this report,the Companys business,results of o
329、perations and financial condition may be materially affected by the direct and indirect impacts of Russias invasion of Ukraine and the resulting export control restrictions and international sanctions.See also“Business-related risks Dependence on Key Suppliers and Subcontractors”and“Business-related
330、 risks Industrial System Adaptation”below.1514Airbus/Annual Report Universal Registration Document 2022Risk Factors /2 Business-Related RisksDependence on Key Suppliers and SubcontractorsThe Company is dependent on numerous key suppliers and subcontractors to provide it with the raw materials,parts,
331、assemblies,systems,equipment and services that it needs to manufacture and deliver its products.The Company relies upon the good performance and financial health of its suppliers and subcontractors to meet the obligations defined under their contracts.A suppliers performance and health may be negati
332、vely impacted by a variety of topics including:the COVID-19 pandemic and its resulting economic impact;local quarantines;loss of skilled resources as a result of workforce reduction and difficulties to re-staff due to market employment tensions;need for working capital increase while state/bank loan
333、s obtained to weather the COVID-19 crisis have reached maturity in a context of inflation,high energy costs and interest rate increases;difficulty gaining access to the needed material and components,including semiconductors and electronic components in the needed quantity and time frame and at competitive conditions as well as transport and logistic means availability;energy supply shortages incl