MATERIALES NECESARIOS
SUERTE CHICOS, SÉ QUE LO VAIS A HACER DE MARAVILLA
G. ACTIVIDADES PARA LA PREPARACIÓN DEL SERVICIO
Movements in provisions during the year were as follows:
(In € million) Balance at 1 January 2014(1) Exchange differences Increase from passage of time Additions Reclassification / Change in consolidated
group Used Released
Balance at 31 December 2014
Contract losses 1,780 2 0 823 (1,398) (249) (58) 900
Outstanding costs 2,479 47 0 838 146 (895) (246) 2,369
Aircraft financing risks 671 123 43 3 0 (125) (28) 687
Personnel charges 954 3 4 329 (3) (344) (113) 830
Obligation from services and
maintenance agreements 346 3 7 395 1 (124) (30) 598
Warranties 559 1 3 110 (6) (189) (40) 438
Restructuring measures /
pre-retirement part-time work 496 2 7 57 9 (129) (17) 425
Litigations and claims 154 8 0 19 (5) (12) (20) 144
Asset retirement 121 1 3 6 0 0 (1) 130
Other risks and charges 997 18 4 849 (144) (254) (129) 1,341
Total 8,557 208 71 3,429 (1,400) (2,321) (682) 7,862
(1) Previous year figures are adjusted due to the application of IFRS 10 and IFRS 11.
In 2014, provision for contract losses mainly includes A350 XWB (€ 627 million). The additions to the contract losses provision include the net charge of € 551 million for the A400 M. “Reclassifi cation / Change in consolidated group” mainly relates to offsetting of A400M and A350 XWB contract provisions to respective inventories.
The majority of the addition to provisions for outstanding costs relates to Airbus Defence and Space (€ 400 million) and corresponds among others to the Eurofi ghter programme and to diverse tasks to complete on construction contracts, as well as to Airbus Helicopters (€ 359 million), mainly for the NH90 programme. The provision for aircraft fi nancing risks fully covers, in line with the Group’s policy for sales fi nancing risk, the net exposure to aircraft fi nancing of € 69 million (€ 82 million at 31 December 2013 adjusted) and asset value risks of € 618 million (€ 589 million at 31 December 2013) related to Airbus and Airbus Helicopters (see Note 33 “Commitments and contingencies”).
Included in provision for obligation from service and maintenance agreements are costs for the A380 programme related to in service technical issues identifi ed and with solutions defi ned, which refl ects the latest facts and circumstances. Airbus is contractually liable for the repair or replacement of the defective parts but not for any other damages whether direct, indirect, incidental or consequential (including loss of revenue, profi t or use). However, in view of overall commercial relationships, contract adjustments may occur, and be considered on a case by case basis.
In general, as the contractual and technical parameters to be considered for provisions in the aerospace sector are rather complex, uncertainty exists with regard to the timing and amounts of expenses to be taken into account.
The majority of the Company’s other provisions are generally expected to result in cash outfl ows during the next 1 to 12 years.
26. Financing Liabilities
The Group has issued under its EMTN Programme (Euro Medium Term Note Programme) four currently outstanding euro denominated bonds. The fi rst currently outstanding bond was issued in September 2003 for a total of € 0.5 billion and matures in September 2018. It carries a coupon of 5.5% (effective interest rate 5.58%) and was swapped into variable rate of 3M-Euribor +1.72% in 2005. The second currently outstanding bond was issued in August 2009 for a total of € 1 billion. It matures in August 2016 and carries a coupon of 4.625% (effective interest rate 4.68%), which was swapped into variable rate of 3M-Euribor +1.57%. The third currently outstanding bond was issued in April 2014 for a
of 2.375% (effective interest rate 2.394%). The fourth and last currently outstanding bond was issued in October 2014 for a total of € 0.5 billion and matures in October 2029. It carries a coupon of 2.125% (effective interest rate 2.194%).
Furthermore, on 17 April 2013, the Group placed an inaugural US$ 1 billion issue on the US institutional market under 144A / Reg S format. The bond carries a fi xed coupon of 2.70% (effective interest rate 2.73%) and matures in April 2023.
The Group can issue commercial paper under the so called
Notes to the Consolidated Financial Statements (IFRS)
2.3 Notes to the Consolidated Statements of Financial Position
31 December
(In € million) 2014 2013
Bonds 3,917 2,340
thereof due in more than five years: 2,374 (31 December 2013: 780)
Liabilities to financial institutions(1) 1,751 1,070
thereof due in more than five years: 1,225 (31 December 2013: 754)
Loans(1) 424 232
thereof due in more than five years: 181 (31 December 2013: 30)
Liabilities from finance leases 186 159 thereof due in more than five years: 116 (31 December 2013: 97)
Others 0 3
thereof due in more than five years: 0 (31 December 2013: 3)
Long-term financing liabilities(1) 6,278 3,804
Bonds 1 0
Liabilities to financial institutions(1) 22 923
Loans 285 116
Liabilities from finance leases 12 13
Others(1) 753 774
Short-term financing liabilities (due within one year)(1) 1,073 1,826
Total(1) 7,351 5,630
(1) Previous year figures are adjusted due to the application of IFRS 10 and IFRS 11.
Included in “Others” are fi nancing liabilities to joint ventures.
The aggregate amounts of fi nancing liabilities maturing during the next fi ve years and thereafter are as of 31 December 2014 as follows:
(In € million) 2015 1,073 2016 1,240 2017 196 2018 723 2019 223 Thereafter 3,896 Total 7,351
to 12 months. The programme has been set up in 2003 with a maximum volume of € 2 billion, increased in 2013 to a maximum volume of € 3 billion.
In 2004, the EIB (European Investment Bank) granted a long- term loan to the Group in the amount of US$ 421 million and bearing a fixed interest rate of 5.11% (effective interest rate 5.11%). This loan was maturing and has been consequently fully repaid in August 2014. In January 2011, the Group entered into a US$ 300 million loan agreement maturing in January 2021 with the Development Bank of Japan with a variable interest rate of 3 month USD Libor +1.15%. Concurrently, the Group swapped the variable interest rate into a fi xed rate of 4.76%. In August 2011, the Group entered into a US$ 721 million loan agreement with EIB maturing in August 2021 with a variable interest rate of 3 month USD Libor +0.85%. Concurrently, the Group swapped the variable interest rate into fi xed rate of 3.2%. In February 2013, the Group entered into a US$ 406 million loan agreement with
EIB maturing in February 2020 with a variable interest rate of 3 month USD Libor +0.93%. In December 2014, the Group entered into a US$ 627 million loan agreement with the EIB maturing in December 2024 with a fi xed 2.52% interest rate.
Furthermore, Airbus received in 1999 a Reinvestment Note from Deutsche Bank AG in the amount of US$ 800 million, bearing a fi xed interest rate of 9.88% with an outstanding debt of € 147 million (2013: € 157 million).
Liabilities from fi nancial institutions at 31 December 2014 include no short-term liabilities from securities lending activities (2013: € 608 million).
Financing liabilities include liabilities connected with sales fi nancing transactions amounting to € 46 million (2013 adjusted: € 50 million), mainly at variable interest rates.
Non-recourse Airbus fi nancing liabilities (risk is supported by external parties) amount to € 46 million (2013 adjusted: € 50 million).
2
Notes to the Consolidated Financial Statements (IFRS)2.3 Notes to the Consolidated Statements of Financial Position
The aggregate amounts of fi nancing liabilities maturing during the next fi ve years and thereafter are as of 31 December 2013 as follows:
(In € million) 2014(1) 1,826 2015(1) 157 2016(1) 1,222 2017(1) 136 2018(1) 625 Thereafter 1,664 Total 5,630
(1) Previous year figures are adjusted due to the application of IFRS 10 and IFRS 11.
27. Other Financial Liabilities
31 December
(In € million) 2014 2013
Non-current other financial liabilities
European Governments refundable advances(1) 6,020 5,907
Liabilities for derivative financial instruments 3,271 671
Others 631 576
Total(1) 9,922 7,154
Current other financial liabilities
European Governments refundable advances 508 455 Liabilities for derivative financial instruments(1) 2,232 302
Liabilities to related companies 50 52
Others(1) 690 656
Total(1) 3,480 1,465
(1) Previous year figures are adjusted due to the application of IFRS 10 and IFRS 11.
Regarding the interest expenses on European Governments refundable advances see Note 11 “Total fi nance costs”. Due to their specifi c nature, namely their risk-sharing features and the fact that such advances are generally granted to the Group on the basis of signifi cant development projects, European Governments refundable advances are accounted for by the Group within “Non-current / current other fi nancial liabilities” on the statement
of fi nancial position including accrued interests and presented within “cash provided by operating activities” in the Consolidated Statements of Cash Flows.
Included in “Other fi nancial liabilities” are € 3,470 million (2013 adjusted: € 1,495 million) due within one year and € 4,402 million (2013: € 4,237 million) maturing after more than fi ve years.
Notes to the Consolidated Financial Statements (IFRS)
2.3 Notes to the Consolidated Statements of Financial Position
28. Other Liabilities
31 December
(In € million) 2014 2013(1)
Non-current other liabilities
Customer advance payments 12,231 10,203
Others 618 561
Total 12,849 10,764
Current other liabilities
Customer advance payments 22,174 23,723 Tax liabilities (excluding income tax) 675 573
Others 2,373 2,274
Total 25,222 26,570
(1) Previous year figures are adjusted due to the application of IFRS 10 and IFRS 11.
Included in “Other liabilities” are € 24,291 million (2013 adjusted: € 23,172 million) due within one year and € 4,531 million (2013 adjusted: € 4,295 million) maturing after more than fi ve years.
Advance payments received relating to construction contracts amount to € 7,840 million (2013 adjusted: € 9,746 million) mainly resulting from Airbus Defence and Space (€ 6,499 million) and Airbus Helicopters (€ 1,273 million).
29. Trade Liabilities
As of 31 December 2014, trade liabilities amounting to € 280 million (€ 184 million adjusted as of 31 December 2013) mature after more than one year.
30. Deferred Income
31 December
(In € million) 2014 2013(1)
Non-current deferred income 267 237 Current deferred income 1,089 984
Total 1,356 1,221
2
Notes to the Consolidated Financial Statements (IFRS)2.4 Notes to the Consolidated Statements of Cash Flows