Flight path maintained
Airbus delivered another robust performance in 2016, with Q4 results exceeding market expectations. The addition of a further provision of €1.2bn (FY16 total €2.2bn) for the troubled A400M military transport aircraft remains a burden on cash in 2017 and 2018. However, even allowing for this, it would appear that both underlying earnings and group FCF are set to start improving from this year, and likely accelerate as the civil aircraft ramp-ups deliver expected learning curve benefits with improved pricing.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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