Update: Good H1 results; cancellations, Qatar, A330 and buy-backs are the key issues
These were good results: comfortably above H113, and ahead of our forecasts, despite some lumpiness in terms of deliveries and R&D. The stand-out is Airbus commercial aircraft, with a 24% profit increase showing just how highly levered the business is to relatively small increases in volumes and mix, with eight extra aircraft giving a theoretical drop-through of >€30m EBIT per aircraft; as important is probably the five extra A380s contained within this total, with the higher run-rate helping Airbus towards its target of A380 breakeven in 2015.Airbus is an European Aeronautic Defense and Space company whose core business is the manufacturing of commercial aircraft, civil and military helicopters, commercial space launch vehicles, missiles, military aircraft, satellites and defense systems and defense electronics and the rendering of services related to these activities. Co. organizes its businesses into the following five operating divisions: Airbus Commercial, Airbus Military, Eurocopter, Cassidian and Astrium. In addition, Co.'s Other Businesses division engages in the development, manufacturing, marketing and sale of regional turboprop aircraft and aircraft components.
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