5. DRENAJE
5.1 DETERMINACIÓN DE CUENCAS DE DRENAJE
5.1.1 Coeficiente de escorrentía
In May 2013, the Group has been notifi ed of a commercial dispute following the decision taken by the Group to cease a partnership for sales support activities in some local markets abroad. The Group believes it has solid grounds to legally object to the alleged breach of a commercial agreement. However, the consequences of this dispute and the outcome of the proceedings cannot be fully assessed at this stage. The arbitration is not expected to be completed before the end of 2016.
In the course of another commercial dispute, the Group has received in the third quarter 2013 a statement of claim alleging liability for refunding part of the purchase price of a large contract which the customer claims it was not obliged to pay. The Group believes that this claim which goes back many years ago should be dismissed in principle. Options to resolve the dispute are under review but eventually it may be decided in the course of the arbitration.
In July 2013, the Group became the subject of a commercial dispute following the expiry of a partnership study for winglet devices with a US supplier. The Group believes it has solid grounds to legally object to the alleged breach of a commercial non-disclosure agreement. However, the outcome and consequences of this dispute cannot be assessed at this stage.
33. Commitments and Contingencies
Sales fi nancing — With a view to facilitating aircraft sales for Airbus and Airbus Helicopters, the Group enters into sales fi nancing transactions with selected customers. These transactions may take the form of operating leases, fi nance leases or loans. Sometimes, group-external investors share in the fi nancing and if so, the transactions usually involve the creation of a Structured Entity (“SE”). Apart from investor interest protection, interposing an SE offers advantages such as fl exibility, bankruptcy remoteness, liability containment and facilitating sell downs of the aircraft fi nanced. An aircraft fi nancing SE is typically funded, on a non- recourse basis, by a senior lender and one or more providers of subordinated fi nancing. When Airbus Group acts as investor to such SEs it may take the role of the senior lender or the provider of subordinated fi nancing. Airbus Group consolidates an aircraft fi nancing SE if it is exposed to the SE’s variable returns and has the ability to direct the relevant remarketing activities. Otherwise, it recognises its share in the SE fi nancing as a loan from aircraft fi nancing under Other long-term fi nancial assets. At 31 December 2014 the carrying amount of its loans from aircraft fi nancing amounts to € 426 million. This amount also represents the Group’s maximum exposure to loss from its interest in unconsolidated aircraft fi nancing SEs.
Sales fi nancing transactions, including those that are structured through SEs, are generally collateralised by the underlying aircraft. Additionally, Airbus and Airbus Helicopters benefi t from protective covenants and from security packages tailored according to the perceived risk and the legal environment. The Group believes that
the estimated fair value of the aircraft securing such commitments will substantially offset any potential losses from the commitments. Any remaining difference between the amount of financing commitments given and the collateral value of the aircraft fi nanced is provided for as an impairment to the relating asset, if assignable, or as a provision for aircraft fi nancing risk. The basis for this write down is a risk-pricing-model, which is applied at every closing to closely monitor the remaining value of the aircraft.
Depending on which party assumes the risks and rewards of ownership of a fi nanced aircraft, the assets relating to sales
fi nancing are accounted for on the statement of financial position
either as (i) an operating lease (see Note 14 “Property, plant and equipment”) or (ii) a loan from aircraft fi nancing or (iii) a fi nance lease receivable (see Note 17 “Other investments and other long- term fi nancial assets”) or (iv) inventory. As of 31 December 2014, related accumulated impairment amounts to € 114 million (2013 adjusted: € 134 million) for operating lease, to € 179 million (2013 adjusted: € 159 million) for loans and fi nance lease receivables and € 42 million for inventories (2013 adjusted: € 10 million). As part of provisions for aircraft fi nancing risks € 47 million (2013 adjusted: € 43 million) are recorded (see Note 25 “Provisions” c).
Certain sales fi nancing transactions include the sale and lease back of the aircraft with a third party lessor under operating lease. Unless the Group has sold down the relating operating lease commitments to third parties, who assume liability for the payments, it is exposed to future lease payments.
2
Notes to the Consolidated Financial Statements (IFRS)2.5 Other Notes to the Consolidated Financial Statements
Total aircraft lease commitments of € 213 million as of 31 December 2014 (2013: € 271 million) arise from aircraft head-leases and are typically backed by corresponding sublease income from customers with an amount of € 159 million (2013: € 188 million). A large part of these lease commitments (€ 191 million and € 219 million as of 31 December 2014 and 2013) arises from transactions that were sold down to third parties, which assume liability for the payments.
The Group determines its gross exposure to such operating leases as the present value of the related payment streams. The difference between gross exposure and the estimated value of underlying aircraft used as collateral, the net exposure, is provided for in full with an amount of € 22 million as of 31 December 2014 (2013 adjusted: € 39 million), as part of the provision for aircraft fi nancing risks (see Note 25 “Provisions” c).
As of 31 December 2014 and 2013, the total consolidated – on and off balance sheet – Commercial Aviation Sales Financing Exposure
is as follows (Airbus and Airbus Helicopters):
31 December
(In € million) 2014 2013
Total gross exposure 1,184 1,277 Estimated fair value of collateral (aircraft) (780) (892)
Net exposure (fully provided for) 404 385
Future nominal operating lease payments that result from aircraft sales fi nancing transactions are recorded off balance sheet and
are scheduled to be paid as of 31 December 2014 as follows:
(In € million)
Not later than 2015 69 Later than 2015 and not later than 2019 142
Later than 2019 2
Total 213
Of which commitments where the transaction has been sold to third parties (191)
Total aircraft lease commitments where the Group bears the risk (not discounted) 22
Future nominal operating lease payments that result from aircraft sales fi nancing transactions are recorded off balance sheet and
are scheduled to be paid as of 31 December 2013 as follows:
(In € million)
Not later than 2014 84 Later than 2014 and not later than 2018 174
Later than 2018 13
Total 271
Of which commitments where the transaction has been sold to third parties (219)
Notes to the Consolidated Financial Statements (IFRS)
2.5 Other Notes to the Consolidated Financial Statements
Asset value guarantees — Certain sales contracts may include the obligation of an asset value guarantee whereby Airbus or Airbus Helicopters guarantee a portion of the value of an aircraft at a specifi c date after its delivery. Management considers the fi nancial risks associated with such guarantees to be manageable. Three factors contribute to this assessment: (i) the guarantee only covers a tranche of the estimated future value of the aircraft, and its level is considered prudent in comparison to the estimated future value of each aircraft; (ii) the asset value guarantee related exposure is diversifi ed over a large number of aircraft and customers; and (iii) the exercise dates of outstanding asset value guarantees are distributed through 2025. If the present value of the guarantee given exceeds 10% of the sales price of the aircraft, the sale of the underlying aircraft is accounted for as an operating lease (see Note 14 “Property, plant and equipment” and Note 30 “Deferred income”). In addition, the Group is contingently liable in case asset value guarantees with less than 10% are provided to customers as part of aircraft sales. Counter guarantees are negotiated with third parties and reduce the risk to which the Group is exposed. As of 31 December 2014 , the nominal value of asset value guarantees provided to airlines, that do not exceed the 10% criteria, amounts to € 861 million (2013: € 871 million), excluding € 146 million (2013: € 205 million) where the risk is considered to be remote. In many cases the risk is limited to a specifi c portion of the residual value of the aircraft. The present value of the risk inherent to the given asset value guarantees where a settlement is being considered as probable is fully provided for and included in the total amount of provisions for asset value risks of € 618 million (2013: € 589 million)
(see Note 25 “Provisions” c). This provision covers a potential expected shortfall between the estimated value of the aircraft of the date upon which the guarantee can be exercised and the value guaranteed on a transaction basis taking counter guarantees into account.
While backstop commitments to provide fi nancing related to
orders on Airbus’ backlog are also given, such commitments are not considered to be part of gross exposure until the fi nancing is in place, which occurs when the aircraft is delivered. This is due to the fact that (i) past experience suggests it is unlikely that all such proposed fi nancings actually will be implemented (although it is possible that customers not benefi ting from such commitments may nevertheless request fi nancing assistance ahead of aircraft delivery), (ii) until the aircraft is delivered, Airbus retain the asset and do not incur an unusual risk in relation thereto, and (iii) third parties may participate in the fi nancing. In order to mitigate Airbus credit risks, such commitments typically contain fi nancial conditions which guaranteed parties must satisfy in order to benefi t therefrom.
Other commitments — Other commitments comprise contractual guarantees and performance bonds to certain customers as well as commitments for future capital expenditures.
Future nominal operating lease payments(for the Group as a
lessee) for rental and lease agreements (not relating to aircraft sales fi nancing) amount to € 756 million as of 31 December 2014 (2013: € 731 million), and relate mainly to procurement operations
(e.g. facility leases, car rentals).
Details of provisions / accumulated impairments are as follows:
31 December
(In € million) 2014 2013
Accumulated impairment on operating leases (see Note 14 “Property, plant and equipment”)(1) 114 134
Accumulated impairment on loans from aircraft financing and finance leases
(see Note 17 “Other investments and other long-term financial assets”)(1) 179 159
Provisions for aircraft financing risk (on balance sheet) (see Note 25 “Provisions” c) 47 43 Impairment charge on second hand aircraft included in inventories (see Note 18 “Inventories”) 42 10 Provisions for aircraft financing risk (commitment off balance sheet) (see Note 25 “Provisions” c)(1) 22 39
Total provisions / accumulated impairments for sales financing exposure(1) 404 385
2
Notes to the Consolidated Financial Statements (IFRS)2.5 Other Notes to the Consolidated Financial Statements
Maturities as of 31 December 2014 are as follows:
(In € million)
Not later than 2015 150 Later than 2015 and not later than 2019 347
Later than 2019 259
Total 756
The respective maturities as of 31 December 2013 are as follows:
(In € million)
Not later than 2014 150 Later than 2014 and not later than 2018 377
Later than 2018 204
Total 731