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"f2154": {
"value": "The accompanying IFRS Consolidated Financial Statements present the financial position and the results of operations of Airbus SE (together with its subsidiaries referred to as \u201cthe Company\u201d), a European public limited-liability company (Societas Europaea
) with its seat (statutaire zetel) in Amsterdam, The Netherlands, its registered address at Mendelweg 30, 2333 CS Leiden, The Netherlands, and registered with the Dutch Commercial Register (Handelsregister) under number 24288945. The Company\u2019s reportable segments are Airbus, Airbus Helicopters and Airbus Defence and Space (see \u201c\u2013 Note 11: Segment Information\u201d). The Company is listed on the European stock exchanges in Paris, Frankfurt am Main, Madrid, Barcelona, Valencia and Bilbao. The IFRS Consolidated Financial Statements were authorised for issue by the Company\u2019s Board of Directors on 14 February 2024.
4. Material Accounting Policies
The Consolidated Financial Statements have been prepared on a historical cost basis, unless otherwise indicated. They are prepared and reported in euro (\u201c\u20ac\u201d) and all values are rounded to the nearest million appropriately. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
7. Scope of Consolidation
1. The Company
The IFRS Consolidated Financial Statements were authorised for issue by the Company\u2019s Board of Directors on 14 February 2024.
",
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)",
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"f2293": {
"value": "4. Material Accounting Policies
Basis of preparation \u2014 The Company\u2019s Consolidated Financial Statements are prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d), issued by the International Accounting Standards Board (\u201cIASB\u201d) as endorsed by the European Union (\u201cEU\u201d) and Part 9 of Book 2 of the Netherlands Civil Code. When reference is made to IFRS, this intends to be EU-IFRS.
The Consolidated Financial Statements have been prepared on a historical cost basis, unless otherwise indicated. They are prepared and reported in euro (\u201c\u20ac\u201d) and all values are rounded to the nearest million appropriately. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
The Company describes the accounting policies applied in each of the individual notes to the Financial Statements and avoids repeating the text of the standard, unless this is considered relevant to the understanding of the note\u2019s content. The Company\u2019s accounting policies and methods are unchanged compared to 31 December 2022. The implementation of other amended standards has no material impact on the Company\u2019s Consolidated Financial Statements as of 31 December 2023. The most material accounting policies are described below, and have been updated accordingly. 4. Material Accounting Policies
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac exchange rates. Furthermore, the Company is exposed, though to a much lesser extent, to foreign exchange risk arising from costs incurred in currencies other than the euro and to other market risks such as interest rate risk, commodity price and equity price risk. In order to manage and mitigate those risks, the Company enters into derivative contracts. The Company applies hedge accounting to its derivative contracts whenever the relevant IFRS criteria can be met. Hedge accounting ensures that derivative gains or losses are recognised in profit or loss (mainly in revenue) in the same period that the hedged items or transactions affect profit or loss. The major portion of the Company\u2019s derivative contracts is accounted for under the cash flow hedge model. The fair value hedge model is used only for certain interest rate derivatives. Derivative contracts which do not qualify for hedge accounting are accounted for at fair value through profit or loss; any related gains or losses being recognised in financial result. The Company\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
16. Total Financial Result Interest income derived from the Company\u2019s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In \u20ac million) 2023 2022 Interest income 728 180 Interest expense (753) (412) thereof Interests on European Governments\u2019 refundable advances (120) (133) Total interest result (25) (232) Change in fair value measurement of financial instruments 39 (346) Foreign exchange translations on monetary items 37 (99) Unwinding of discounted provisions (3) 8 Others 118 419 Total other financial result 191 (18) Total 166 (250)
21. Other Investments and Other Long-Term Financial Assets 31 December (In \u20ac million) 2023 2022 Other investments 2,798 2,641 Other long-term financial assets 1,921 1,549 Total non-current other investments and other long-term financial assets 4,719 4,190 Current portion of other long-term financial assets 795 665 Total 5,514 4,855 Other investments mainly comprise the Company\u2019s participations and include the remaining investment in Dassault Aviation (9.90%, 2022: 9.90%) amounting to \u20ac 1,483 million at 31 December 2023 (2022: \u20ac\u20091,309 million).
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Trade receivables arise when the Company provides goods or services directly to a customer with no intention of trading the receivable. Trade receivables include claims arising from revenue recognition that are not yet settled by the debtor. Trade receivables are initially recognised at their transaction prices and are subsequently measured at amortised cost less any allowances for impairment. Gains and losses are recognised in the Consolidated Income Statement when the receivables are derecognised and impaired. Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
Contract Assets, Contract Liabilities and Trade Receivables
As of 31 December 2023, trade receivables amounting to \u20ac 227 million (2022: \u20ac 301 million) will mature after more than one year. The respective movement in the allowance for expected credit losses in respect of trade receivables and contract assets during the period was as follows: (In \u20ac million) 2023 2022 Allowance balance at 1 January (380) (363) Utilisations / disposals and business combinations 86 56 Additions (65) (73) Allowance balance at 31 December (359) (380)
Trade Liabilities Trade liabilities of \u20ac 14,323 million (2022: \u20ac\u200913,261 million) increased by \u20ac +1,062 million, mainly driven by higher volume in Airbus due to ramp-up. As of 31 December 2023, trade liabilities amounting to \u20ac\u200987 million (2022: \u20ac\u200986 million) will mature after more than one year. Similar to previous years, the Company has supported its suppliers concerning supply chain financing arrangements. As of 31 December 2023, these arrangements have no impact in the Consolidated Financial Statements. The range of payment due dates is not impacted by the supplier finance arrangements. The Company evaluates such suppliers\u2019 early payment arrangements with a financing third party against a number of indicators to assess whether the payable continues to hold the characteristics of a trade payable or should be classified as borrowings; these indicators include whether the payment terms exceed customary payment terms in the industry. As of 31 December 2023, the payables subject to supplier financing arrangements do not meet the criteria to be reclassified as borrowings.
25. Other Financial Assets and Other Financial Liabilities Other Financial Assets 31 December (In \u20ac million) 2023 2022 Positive fair values of derivative financial instruments (1) 897 753 Others 25 28 Total non-current other financial assets 922 781 Receivables from related companies 1,252 1,104 Positive fair values of derivative financial instruments (1) 330 1,141 Others 269 297 Total current other financial assets 1,851 2,542 Total 2,773 3,323 (1) See \u201c\u2013 Note 37: Financial Instruments\u201d.
Other Financial Liabilities 31 December (In \u20ac million) 2023 2022 Liabilities for derivative financial instruments (1) 2,859 6,163 European Governments' refundable advances (2) 3,671 3,717 Others 185 237 Total non-current other financial liabilities 6,715 10,117 Liabilities for derivative financial instruments (1) 1,891 3,450 European Governments' refundable advances (2) 185 140 Liabilities to related companies 183 186 Others 310 297 Total current other financial liabilities 2,569 4,073 Total 9,284 14,190 (1) See \u201c\u2013 Note 37: Financial Instruments\u201d. (2) Refundable advances from European Governments are provided to the Company to finance research and development activities for certain projects on a risk-sharing basis, i.e. they are repaid to the European Governments subject to the success of the project. The total net fair value of derivative financial instruments increased by \u20ac +4,196 million to \u20ac\u2009-3,523 million (2022: \u20ac\u2009-7,719 million) as a result of the reduction of the volume of financial instruments and the weakening of the US dollar (see \u201c\u2013 Note 37.4: Notional Amounts of Derivative Financial Instruments).
In 2023, the European Governments\u2019 refundable advances remained stable at \u20ac 3,856 million (2022: \u20ac\u20093,857 million). The allocation of European Governments\u2019 refundable advances between non-current and current presented in the Consolidated Financial Statements ended 31 December 2023 is based on the applicable contractual repayment dates. 36. Net Cash The net cash is comprised of the following elements: 31 December (In \u20ac million) 2023 2022 Cash and cash equivalents 16,469 15,823 Current securities 1,301 1,762 Non-current securities 7,508 6,013 Gross cash position 25,278 23,598 Short-term financing liabilities (3,389) (2,142) Long-term financing liabilities (10,202) (10,631) Interest rate contracts (1) (961) (1,394) Total 10,726 9,431 (1) The Company has decided to refine the net cash definition to include interest rate contracts related to fair value hedges, which is also reflected in the 2022 balance. The net cash position on 31 December 2023 amounted to \u20ac 10,726 million (2022: \u20ac 9,431 million), with a gross cash position of \u20ac 25,278 million (2022: \u20ac 23,598 million). Derivative instruments recognised on the Company\u2019s Statement of Financial Position consist of (i) instruments that are entered into as hedges of the Company\u2019s operating activities or interest result, and (ii) embedded foreign currency derivatives that arise from separating the foreign currency component from certain operating contracts. Cash flows resulting from the settlement of these derivatives are therefore recorded as part of cash flow from operations. Similarly, financial assets and liabilities arising from customer financing activities and refundable advances from European Governments are considered part of operating activities and related cash flows are hence recognised as cash flows from operating activities. 36.1 Cash and Cash Equivalents
Only securities with a maturity of three months or less from the date of the acquisition, that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of changes in value, are recognised in cash equivalents. 36.2 Securities The majority of the Company\u2019s securities consists of debt securities and are classified at fair value through OCI (see \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d). The Company\u2019s securities portfolio amounts to \u20ac 8,809 million and \u20ac 7,775 million as of 31 December 2023 and 2022, respectively. The security portfolio contains a non-current portion of \u20ac 7,508 million (2022: \u20ac 6,013 million), and a current portion of \u20ac 1,301 million (2022: \u20ac 1,762 million). Included in the securities portfolio as of 31 December 2023 and 2022, respectively, are corporate and government bonds bearing either fixed rate coupons (\u20ac 9,156 million nominal value; 2022: \u20ac\u20098,368 million) or floating rate coupons (\u20ac\u20090 million nominal value; 2022: \u20ac 32 million).
When the Company enters into securities lending or other financing activities that involve the pledging of securities as collateral, the securities pledged continue to be recognised on the balance sheet. As of 31 December 2023 and 2022, they were no securities pledged as collateral for borrowings from banks. 36.3 Financing Liabilities
Financing liabilities include debt obligations towards financial institutions, issued corporate bonds, deposits made by customers of Airbus Bank, borrowings received from joint ventures and other parties as well as finance lease liabilities. Financing liabilities are recorded initially at the fair value of the proceeds received, net of transaction costs incurred. Subsequently, financing liabilities are measured at amortised cost, using the effective interest rate method with any difference between proceeds (net of transaction costs) and redemption amount being recognised in total finance income (cost) over the period of the financing liability. The terms and repayment schedules of these bonds and loans are as follows: Principal amount Carrying amount Issuance date Coupon or interest rate Effective interest rate Maturity date Additional features (In \u20ac million) 31 December (In million) 2023 2022 EMTN 15 years \u20ac 500 469 444 Oct 2014 2.12% 2.21% Oct 2029 Interest rate swapped into 3M Euribor +0.84% EMTN 10 years \u20ac 823 817 799 Apr 2014 2.38% 2.42% Apr 2024 Interest rate swapped into 3M Euribor +1.40% EMTN 10 years \u20ac 461 436 419 May 2016 0.88% 0.98% May 2026 Interest rate swapped into 3M Euribor +0.50% EMTN 15 years \u20ac 900 793 737 May 2016 1.38% 1.50% May 2031 Interest rate swapped into 3M Euribor +0.66% EMTN 5 years \u20ac 561 535 515 Mar 2020 1.63% 1,80% April 2025 Interest rate swapped into 3M Euribor +2.01% EMTN 8 years \u20ac 611 546 512 Mar 2020 2.00% 2.10% April 2028 Interest rate swapped into 3M Euribor +2.15% EMTN 12 years \u20ac 1,000 822 754 Mar 2020 2,38% 2.49% April 2032 Interest rate swapped into 3M Euribor +2.24% EMTN 20 years \u20ac 1,000 706 646 June 2020 2.38% 2,44% Jun. 2040 Interest rate swapped into 3M Euribor +1.93% EMTN 6 years \u20ac 894 832 792 June 2020 1,38% 1,47% Jun. 2026 Interest rate swapped into 3M Euribor +1.66% EMTN 10 years \u20ac 1,250 1,068 989 June 2020 1.63% 1,74% Jun. 2030 Interest rate swapped into 3M Euribor +1.61% US$ Bond 10 years US$ 750 641 653 Apr 2017 3.15% 3.20% Apr 2027 Interest rate swapped into 1D SOFR US$ Bond 30 years US$ 750 651 643 Apr 2017 3.95% 4.02% Apr 2047 Interest rate swapped into 1D SOFR +0.31% ACLP Private placement US$ 830 751 778 July 2020, Dec 2020 1.98% - 2.54% 2.77% - 3.09% July 2026 to July 2029 Bonds 9,067 8,681 European Investment Bank \u20ac 165 165 0 Dec 2023 3M Euribor +0.498% 3M Euribor +0.498% Dec. 2038 KfW Bank \u20ac 50 48 0 July 2023 3M Euribor +0.59% 3M Euribor +0.59% Jul. 2029 Others 111 410 Liabilities to financial institutions 324 410 Total 9,391 9,091 Thereof non-current financing liabilities 8,574 9,091 Thereof current financing liabilities 817 0 Reconciliation of liabilities arising from financing liabilities as of 31 December 2023 is as follows: Non-cash movements (In \u20ac million) Balance at 1 January 2023 Cash flows Changes in scope Foreign exchange movements Others Balance at 31 December 2023 Bonds and commercial papers 8,681 12 0 (75) 449 9,067 Liabilities to financial institutions 410 (59) 0 (2) (25) 324 Loans 158 29 0 0 127 314 Finance lease liabilities 1,734 (267) 0 (23) 173 1,617 Others 1,790 480 0 (2) 1 2,269 Total 12,773 195 0 (102) 725 13,591
Reconciliation of liabilities arising from financing liabilities as of 31 December 2022 is as follows: Non-cash movements (In \u20ac million) Balance at 1 January 2022 Cash flows Changes in scope Foreign exchange movements Others Balance at 31 December 2022 Bonds and commercial papers 11,061 (989) 0 126 (1,517) 8,681 Liabilities to financial institutions 493 (83) 0 0 0 410 Loans 171 (63) 49 1 0 158 Finance lease liabilities 1,736 (262) 0 32 228 1,734 Others 1,579 220 0 (9) 0 1,790 Total 15,040 (1,177) 49 150 (1,289) 12,773
37.1 Financial Risk Management
Market Risk Foreign exchange risk \u2014 Foreign exchange risk arises when future commercial transactions or firm commitments, recognised monetary assets and liabilities and net investments in foreign operations are denominated in a currency that is not the entity\u2019s functional currency. The Company manages a long-term hedge portfolio with maturities of several years covering its net exposure to US dollar sales, mainly from the commercial activities of Airbus. This hedge portfolio covers a large portion of the Company\u2019s firm commitments and highly probable forecasted transactions. For Airbus, the highly probable criteria of the underlying foreign currency exposure of cash flow hedges is assessed based on the IFRS15 backlog value analysis. This consists in reducing the contractual firm backlog by all deliveries which cannot be considered as highly probable due to the existence of either cancellation rights, risk of bankruptcy or other risk of order restructuring. The latter assessments is taking into account customers\u2019 situation and commercial aspects. The resulting backlog is further adjusted to the foreign exchange management hedging horizon. The highly probable underlying foreign currency exposure is then capped to the production plan when applicable. Most of the Company\u2019s revenue is denominated in US dollars, while a major portion of its costs is incurred in euro and to a lesser extent in other foreign currencies. Consequently, to the extent that the Company does not use financial instruments to hedge its exposure resulting from this currency mismatch, its profits will be affected by changes in the \u20ac/US$ exchange rate. As the Company intends to generate profits primarily from its operations rather than through speculation on exchange rate movements, it uses hedging strategies to manage and minimise the impact of exchange rate fluctuations on these profits. With respect to its commercial aircraft products, as of 30 June 2018, the Company adopted a new hedge strategy to hedge its net exposure (US dollar revenue less US dollar cost) resulting from commercial aircraft deliveries of specific aircraft types. The strategy more closely aligns hedge accounting with risk management activities. Under the new strategy the foreign exchange derivatives used as hedging instruments are designated as a hedge of a portion of the cash flows received for each of a number of deliveries of a specific aircraft type that are expected to occur in a given month and hence will allow the hedge result to move along with the hedged deliveries in the event of a shift in deliveries. If such a shift in hedged deliveries occurs, hedge ineffectiveness will arise to the extent the maturities of the hedging instrument and the expected timing of the hedged cash flows are no longer perfectly aligned. In order to minimise such ineffectiveness, the Company will close the timing gap by rolling over hedges to new maturities, using foreign exchange swap contracts. In addition, the Company will designate the risk of changes in the spot element as the hedged risk in order to eliminate the ineffectiveness resulting from changes in forward points between different maturities. The forward element will be accounted for as a cost of hedging similar to the time value of options. Until 30 June 2018, the Company typically hedged firmly committed sales in US dollar using a \u201cfirst flow approach\u201d. Under that approach, the foreign currency derivatives the Company entered into were designated as a hedge of the first US dollar inflows received from the customer at aircraft delivery in a given month. The strategy implied that only a portion of the expected monthly customer payments made
at aircraft delivery were hedged and that a reduction of monthly cash inflows as a result of postponements or order cancellations had no impact on the effectiveness of the hedge as long as the actual gross US dollar cash inflows received at aircraft delivery in a particular month exceeded the portion designated as being hedged in that month. According to the prospective application requirement of IFRS 9, the fair values of the legacy portfolio in place at inception of the new strategy continue to be assigned to the previous first flow hedge regime and remain in the hedge reserve in OCI, to be recognised in profit or loss only at maturity of the originally hedged cash flows (unless those cash flows are no longer expected to occur). As a result of prospective application, the hedging instruments designated under the new strategy had a non-zero fair value at hedge inception, which might create some small ineffectiveness. Another source of ineffectiveness is the counterparty credit risk inherent in the hedge portfolio. As such, credit risk is absent from the hedged cash flows. However, since netting arrangements are in place with all the hedge counterparties and the Company has a policy of trading with investment grade counterparties only, the credit risk arising from its hedging instruments, and associated changes in credit risk, have historically been negligible and are expected to remain so. The Company also hedges its expected foreign currency exposure arising from US dollar or pound sterling cash outflows in the commercial aircraft business on a first outflow basis, though to a much lesser extent than US dollar cash inflows. In military aircraft and non-aircraft businesses, the Company hedges inflows and outflows in foreign currencies from firmly committed or highly probable forecast sales and purchase contracts. Here, foreign currency derivatives are typically contracted in lower volumes; they may be accounted for using a first flow approach or are designated as hedges of specific agreed milestone payments. The amount of the expected flows to be hedged can cover up to 100% of the equivalent of the net US dollar exposure at inception. The coverage ratio considers the variability in the range of potential outcomes taking into account macroeconomic movements affecting spot rates and interest rates as well as the robustness of the commercial cycle. In situations where the payment dates for hedged firmly committed cash flows are not fixed and subject to potentially significant delays, the Company may use rollover strategies, usually involving foreign exchange swaps. For all foreign currency hedges of future cash flows which qualify for hedge accounting under IFRS 9, the Company uses the cash flow hedge model, which requires (i) recognising the effective portion of the fair value changes of the hedging derivatives in equity (within OCI) and (ii) recognising the effect of the hedge in profit or loss when the hedged cash flows affect profit or loss. In addition, the Company hedges currency risk arising from financial assets or liabilities denominated in currencies other than the euro, including foreign currency receivable and payable accounts, as well as foreign currency denominated funding transactions or securities. The Company applies hedge accounting if a mismatch in terms of profit or loss recognition of the hedging instrument and hedged item would otherwise occur. Frequently, however, the currency-induced gains or losses of the hedging instrument and the hedged item match in terms of profit or loss recognition (\u201cnatural hedge\u201d), so no hedge accounting is required. Sometimes such gains or losses may end up in different sections of the income statement (such as operating profit for the hedged item and financial result for the hedging instrument). If so, the Company may choose to present the gains or losses of both the hedging instrument and the hedged item in the same income statement line item if certain formal requirements are met. As hedging instruments, the Company primarily uses foreign currency forwards, foreign currency options and to a minor extent non- derivative financial instruments. A hedge ratio of 1:1 is applied by the Company. The Company also has foreign currency derivative instruments which are embedded in certain purchase contracts denominated in a currency other than the functional currency of any substantial party to the contract, principally in US dollar and pound sterling. If such embedded derivatives are required to be accounted for separately from the host purchase contract, related gains or losses are generally recognised in other financial result. However, if the embedded derivatives qualify for hedge accounting, the Company might choose to designate them as a hedging instrument in a hedge of foreign currency risk, in which case they are accounted for under the cash flow hedge model as described above. Interest rate risk \u2014 The Company uses an asset-liability management approach with the objective to limit its interest rate risk. It undertakes to match the risk profile of its interest-bearing assets with those of its interest-bearing liabilities. The remaining net interest rate exposure is managed through several types of interest rate derivatives, such as interest rate swaps and interest rate futures contracts, in order to minimise risks and financial impacts. The vast majority of related interest rate hedges qualify for hedge accounting, and most of them are accounted for under the fair value hedge model. As a result, both the fair value changes of these derivatives and the portion of the hedged items\u2019 fair value change that is attributable to the hedged interest rate risk are recognised in profit or loss, where they offset to the extent the hedge is effective. The Company has applied the relief introduced by the amendments made to IFRS 9 in September 2019 on hedge accounting, having the effect that the IBOR reform should not cause hedge accounting to terminate. The Company invests in financial instruments such as overnight deposits, certificates of deposits, commercial papers, other money market instruments and short-term as well as medium-term bonds. For its financial instruments portfolio, the Company has an Asset Liability Management Committee in place that meets regularly and aims to limit the interest rate risk on a fair value basis through a value-at-risk approach, from which results a hedge ratio that is however not actively steered. Commodity price risk \u2014 The Company is exposed to risk relating to fluctuations in the prices of commodities used in the supply chain. It manages these risks in the procurement process and to a certain extent uses derivative instruments in order to mitigate the risks associated with the purchase of raw materials. To the extent that the gains or losses of the derivative and those of the hedged item or transaction do not match in terms of profit or loss, the Company applies cash flow hedge accounting to the derivative instruments, with a hedge ratio of 1:1. Equity price risk \u2014 The Company is to a small extent invested in equity securities mainly for operational reasons. Its exposure to equity price risk is hence limited. Furthermore, it is exposed under its LTIP to the risk of the Company share price increases. The Company limits these risks through the use of equity derivatives that qualify for hedge accounting and have been designated as hedging instruments in cash flow hedges, with a hedge ratio of 1:1.
Sensitivities of market risks \u2014 The approach used to measure and control market risk exposure of the Company\u2019s financial instrument portfolio is, amongst other key indicators, the value-at-risk model (\u201cVaR\u201d). The VaR of a portfolio is the estimated potential loss that will not be exceeded over a specified period of time (holding period) from an adverse market movement with a specified confidence level. The VaR used by the Company is based upon a 95% confidence level and assumes a five-day holding period. The VaR model used is mainly based on the so-called \u201cMonte-Carlo-Simulation\u201d method. The model generates a wide range of potential future scenarios for market price movements by deriving the relevant statistical behaviour of markets for the portfolio of market data from the previous two years and observed interdependencies between different markets and prices.
The Company\u2019s VaR computation includes the Company\u2019s financial debt, short-term and long-term investments, foreign currency forwards, swaps and options, commodity contracts, finance lease receivables and liabilities, foreign currency trade liabilities and receivables and contract assets. Although VaR is an important tool for measuring market risk, the assumptions on which the model is based give rise to some limitations, including the following: - a five-day holding period assumes that it is possible to hedge or dispose of positions within that period. This is considered to be a realistic assumption in almost all cases but may not be the case in situations in which there is severe market illiquidity for a prolonged period. - a 95% confidence level does not reflect losses that may occur beyond this level. Even within the model used there is a 5% statistical probability that losses could exceed the calculated VaR. - the use of historical data as a basis for estimating the statistical behaviour of the relevant markets and finally determining the possible range of future outcomes out of this statistical behaviour may not always cover all possible scenarios, especially those of an exceptional nature. The Company uses VaR amongst other key figures in order to determine the riskiness of its financial instrument portfolio and in order to optimise the risk-return ratio of its financial asset portfolio. Further, its investment policy defines a VaR limit for the total portfolio of cash, cash equivalents and securities. The total VaR as well as the different risk-factor specific VaR figures of this portfolio are measured and serve amongst other measures as a basis for the decisions of the Company\u2019s Asset Liability Management Committee. A summary of the VaR position of the Company financial instruments portfolio at 31 December 2023 and 2022 is as follows: (In \u20ac million) Total VaR Equity price VaR Currency VaR Commodity price VaR Interest rate VaR 31 December 2023 Foreign exchange hedges for forecast transactions or firm commitments 801 0 911 0 165 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 230 70 210 0 74 Finance lease receivables and liabilities, foreign currency trade payables and receivables 81 0 39 0 79 Commodity contracts 6 1 6 0 Equity swaps 2 2 0 0 0 Diversification effect (479) (1) (409) 0 (152) All financial instruments 641 71 752 6 166 31 December 2022 Foreign exchange hedges for forecast transactions or firm commitments 1,450 0 1,535 0 238 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 268 67 225 0 80 Finance lease receivables and liabilities, foreign currency trade payables and receivables 130 0 83 0 112 Commodity contracts 2 0 0 2 0 Equity swaps 2 2 0 0 0 Diversification effect (584) (1) (472) 0 (139) All financial instruments 1,268 68 1,371 2 291 As of 31 December 2023, the total VaR amounts to \u20ac 641 million (2022: \u20ac 1,268 million). The decrease is mainly attributable to the currency and interest rate volatilities reduction in comparison to the exceptional levels in 2022. The Company uses its derivative instruments entirely for hedging purposes. As a result, the respective market risks of these hedging instruments are \u2013 depending on the hedges\u2019 actual effectiveness \u2013 offset by corresponding opposite market risks of the underlying forecast transactions, assets or liabilities. Under IFRS 7, the underlying forecast transactions do not qualify as financial instruments and are therefore not included in the tables shown above. Accordingly, the VaR of the foreign exchange hedging portfolio in the amount of \u20ac 911 million (2022: \u20ac\u20091,535 million) cannot be considered as a risk indicator for the Company in the economic sense. Liquidity Risk The Company\u2019s policy is to maintain sufficient cash and cash equivalents at any time to meet its present and future commitments as they fall due. It manages its liquidity by holding adequate volumes of liquid assets and maintains a committed revolving credit facility, in addition to the cash inflow generated by its operating business. The Company continues to keep the focus on low counterparty risk within its asset portfolio. In addition, it maintains a set of other funding sources, and accordingly may raise loans from commercial banks and Development Finance Institutions and issue bonds, notes and commercial papers or enter into security lending agreements. Adverse changes in the capital markets could increase its funding costs and limit its financial flexibility. In particular, Airbus signed on 5 July 2022 a \u20ac 8 billion Sustainability Linked Revolving Syndicated Credit Facility in order to refinance its \u20ac 6 billion existing facility signed in 2020. Management considers the Company has sufficient resources to continue operating for at least 12 months and that there are no material uncertainties about the Company\u2019s ability to continue as a going concern.
Further, the management of the vast majority of the Company\u2019s liquidity exposure is centralised by a daily cash concentration process. This process enables it to manage its liquidity surplus as well as its liquidity requirements according to the actual needs of its subsidiaries. In addition, management monitors the Company\u2019s liquidity reserve as well as the expected cash flows from its operations. The contractual maturities of the Company\u2019s financial liabilities, based on undiscounted cash flows and including interest payments, if applicable, are as follows: (In \u20ac million) Carrying amount Contractual cash flows < 1 year 1 year - 2 years 2 years - 3 years 3 years - 4 years 4 years - 5 years > 5 years 31 December 2023 Non-derivative financial liabilities (28,593) (30,889) (18,205) (1,234) (1,855) (1,183) (1,107) (7,303) Derivative financial liabilities (4,750) (5,876) (1,963) (1,173) (886) (860) (144) (850) Total (33,343) (36,765) (20,168) (2,407) (2,741) (2,043) (1,251) (8,153) 31 December 2022 Non-derivative financial liabilities (26,753) (29,230) (15,885) (1,791) (936) (1,760) (1,192) (7,666) Derivative financial liabilities (9,613) (10,861) (3,538) (2,647) (1,610) (1,118) (537) (1,411) Total (36,366) (40,091) (19,423) (4,438) (2,546) (2,878) (1,729) (9,077) Non-derivative financial liabilities included in the table above comprise financing liabilities as presented in \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d. Due to their specific nature, namely their risk-sharing features and uncertainty about the repayment dates, the European Governments\u2019 refundable advances, which amount to \u20ac -3,856 million at 31 December 2023 (\u20ac\u2009-3,857 million at 31 December 2022) are not included. Lease liabilities The maturity analysis of lease liabilities, based on contractual undiscounted cash flows is as follows: (In \u20ac million) 31 December 2023 2022 Not later than one year (222) (241) Later than one year and not later than five years (769) (747) Later than five years (982) (1,036) Total undiscounted lease liabilities (1,973) (2,024) Lease liabilities included in the statement of financial position (1,617) (1,734) Current (221) (242) Non-current (1,396) (1,492)
Credit Risk The Company is exposed to credit risk to the extent of non-performance by either its customers (e.g. airlines) or its counterparts with regard to financial instruments or issuers of financial instruments for gross cash investments. However, it has policies in place to avoid concentrations of credit risk and to ensure that credit risk is limited. As far as central treasury activities are concerned, credit risk resulting from financial instruments is managed by the Company. In order to ensure sufficient diversification, a credit limit system is used. The Company monitors the performance of the individual financial instruments and the impact of market developments on their performance and takes appropriate action on foreseeable adverse development based on pre-defined procedures and escalation levels. Sales of products and services are made to customers after having conducted appropriate internal credit risk assessment. In order to support sales, primarily at Airbus, Airbus Helicopters and ATR, the Company may agree to participate in customer financing, on a case- by-case basis either directly or through guarantees provided to third parties. In determining the amount and terms of the financing transaction, the Company takes into account the airline\u2019s credit rating and economic factors reflecting the relevant financial market conditions, together with appropriate assumptions as to the anticipated future value of the financed asset. The booked amount of financial assets represents the maximum credit exposure. The credit quality of financial assets can be assessed by reference to external credit rating (if available) or internal assessment of customers\u2019 creditworthiness e.g. airlines by way of internal risk pricing methods. For further information relating to gross credit risk and impairment see \u201c\u2013 Note 37.7: Impairment Losses\u201d.
37.2 Carrying Amounts and Fair Values of Financial Instruments
Financial assets at fair value through profit or loss \u2014 This category comprises all other financial assets (e.g. derivative instruments) that are to be measured at fair value (including equity investments for which the Company did not elect to present changes in fair value in OCI). The Company assigns its financial instruments into classes based on their balance sheet category.
The following table presents the carrying amounts and fair values of financial instruments by class and by IFRS 9 measurement category as of 31 December 2023: Fair value through profit or loss Fair value through OCI Financial assets and liabilities at amortised cost Financial instruments total (In \u20ac million) Amortised cost Fair value Book value Fair value Assets Other investments and other long-term financial assets Equity investments (1) 1,627 1,171 0 0 2,798 2,798 Customer financing 116 0 0 0 116 116 Other loans (2) 0 0 2,601 2,601 2,601 2,601 Trade receivables 0 0 4,725 4,725 4,725 4,725 Contract assets 0 0 1,849 1,849 1,849 1,849 Other financial assets Derivative instruments 1,227 0 0 0 1,227 1,227 Non-derivative instruments 0 0 1,546 1,546 1,546 1,546 Securities 0 8,809 0 0 8,809 8,809 Cash and cash equivalents 12,409 1,010 3,050 3,050 16,469 16,469 Total 15,379 10,990 13,771 13,771 40,140 40,140 Liabilities Financing liabilities Bonds and commercial papers 0 0 (9,067) (9,470) (9,067) (9,470) Liabilities to financial institutions and others 0 0 (2,907) (2,907) (2,907) (2,907) Finance lease liabilities (2) 0 0 (1,617) (1,617) (1,617) (1,617) Other financial liabilities Derivative instruments (4,750) 0 0 0 (4,750) (4,750) European Governments' refundable advances (3) 0 0 (3,856) (3,856) (3,856) (3,856) Others 0 (86) (592) (592) (678) (678) Trade liabilities 0 0 (14,323) (14,323) (14,323) (14,323) Total (4,750) (86) (32,362) (32,765) (37,198) (37,601) (1) Other than those accounted for under the equity method. (2) The carrying amounts are used as reasonable fair value approximations. (3) The European Governments\u2019 refundable advances of \u20ac\u2009-3,856 million are measured at amortised cost. Fair values cannot be reliably measured because their risk sharing nature and the uncertainty of the repayment dates give rise to a broad range of reasonable fair value estimates and make it impossible to reasonably assess the probabilities of the various estimates within the range. This may change and reliable fair value measures become available as the related programmes approach the end of production.
The following table presents the carrying amounts and fair values of financial instruments by class and by IFRS 9 measurement category as of 31 December 2022: Fair value through profit or loss Fair value through OCI Financial assets and liabilities at amortised cost Financial instruments total (In \u20ac million) Amortised cost Fair value Book value Fair value Assets Other investments and other long-term financial assets Equity investments (1) 1,474 1,166 0 0 2,640 2,640 Customer financing 86 0 0 0 86 86 Other loans (2) 0 0 2,129 2,129 2,129 2,129 Trade receivables 0 0 4,953 4,953 4,953 4,953 Contract assets 0 0 1,527 1,527 1,527 1,527 Other financial assets Derivative instruments 1,894 0 0 0 1,894 1,894 Non-derivative instruments 0 0 1,429 1,429 1,429 1,429 Securities 0 7,775 0 0 7,775 7,775 Cash and cash equivalents 11,135 1,001 3,687 3,687 15,823 15,823 Total 14,589 9,942 13,725 13,725 38,256 38,256 Liabilities Financing liabilities Bonds and commercial papers 0 0 (8,681) (9,071) (8,681) (9,071) Liabilities to financial institutions and others 0 0 (2,358) (2,358) (2,358) (2,358) Finance lease liabilities (2) 0 0 (1,734) (1,734) (1,734) (1,734) Other financial liabilities Derivative instruments (9,613) 0 0 0 (9,613) (9,613) European Governments' refundable advances (3) 0 0 (3,857) (3,857) (3,857) (3,857) Others 0 (83) (636) (636) (719) (719) Trade liabilities 0 0 (13,261) (13,261) (13,261) (13,261) Total (9,613) (83) (30,527) (30,917) (40,223) (40,613) (1) Other than those accounted for under the equity method. (2) The carrying amounts are used as reasonable fair value approximations. (3) The European Governments\u2019 refundable advances of \u20ac\u2009-3,857 million are measured at amortised cost. Fair values cannot be reliably measured because their risk sharing nature and the uncertainty of the repayment dates give rise to a broad range of reasonable fair value estimates and make it impossible to reasonably assess the probabilities of the various estimates within the range. This may change and reliable fair value measures become available as the related programmes approach the end of production.
Fair Value Hierarchy Fair value of financial instruments \u2014 The fair value of quoted investments is based on current market prices. If the market for financial assets is not active, or in the case of unlisted financial instruments, the Company determines fair values by using generally accepted valuation techniques on the basis of market information available at the end of the reporting period. Derivative instruments are generally managed on the basis of the Company\u2019s net exposure to the credit risk of each particular counterparty and fair value information is provided to the Company\u2019s key management personnel on that basis. For these derivative instruments, the fair value is measured based on the price that would be received to sell a net long position, or transfer a net short position, for a particular credit risk exposure as further described below. Depending on the extent the inputs used to measure fair values rely on observable market data, fair value measurements may be hierarchised according to the following levels of input: - Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities; - Level 2: inputs other than quoted prices that are observable for the asset or liability \u2013 fair values measured based on Level 2 input typically rely on observable market data such as interest rates, foreign exchange rates, credit spreads or volatilities; - Level 3: inputs for the asset or liability that are not based on observable market data \u2013 fair values measured based on Level 3 input rely to a significant extent on estimates derived from the Company\u2019s own data and may require the use of assumptions that are inherently judgemental and involve various limitations. The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input.
2023 2022 (In \u20ac million) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets measured at fair value Equity Investments 2,084 0 714 2,798 1,896 0 744 2,640 Derivative instruments 0 1,227 0 1,227 0 1,894 0 1,894 Securities 8,809 0 0 8,809 7,775 0 0 7,775 Customer financing 0 0 116 116 0 0 86 86 Cash equivalents 12,409 1,010 0 13,419 11,135 1,001 0 12,136 Total 23,302 2,237 830 26,369 20,806 2,895 830 24,531 Financial liabilities measured at fair value Derivative instruments 0 (4,750) 0 (4,750) 0 (9,529) (84) (9,613) Other financial liabilities 0 0 (86) (86) 0 0 (83) (83) Total 0 (4,750) (86) (4,836) 0 (9,529) (167) (9,696) The development of financial instruments of Level 3 is as follows: (In \u20ac million) Derivatives Participations Customer financing Total Written put options on NCI interests Commodity swap agreements Total Balance at 1 January 2022 0 703 118 821 (16) (78) (94) Business combination 0 0 0 0 0 0 0 Profit or loss 0 0 (32) (32) 0 (98) (98) Equity 0 41 0 41 (67) 0 (67) Settlements 0 0 0 0 0 92 92 Release 0 0 0 0 0 0 0 Balance at 31 December 2022 0 744 86 830 (83) (84) (167) Business combination 0 0 0 0 0 0 0 Profit or loss 0 0 30 30 0 84 84 Equity 0 (31) 0 (31) (3) 0 (3) Settlements 0 0 0 0 0 0 0 Others 0 0 0 0 0 0 0 Balance at 31 December 2023 0 714 116 830 (86) 0 (86) As at 31 December 2023, the fair value of the written put options on non-controlling interests (\u201cNCI puts\u201d) relating to ACLP amounts to \u20ac 86 million (2022: \u20ac 83 million) and includes an additional funding of ACLP by IQ in 2023. The fair value of these NCI puts is derived from a discounted cash flow analysis using the latest operating plan and a projection over the lifetime of the A220 programme. In addition, a post-tax WACC of 9.30% is used to discount the forecasted cash flows, taking into account the specificities of the programme (2022: 9.74%). Financial Assets Designated at Fair Value through Profit or Loss The following types of financial assets held at 31 December 2023 and 2022, respectively, are designated at fair value through profit or loss: (In \u20ac million) Nominal amount at initial recognition at 31 December 2023 Fair value at 31 December 2023 Nominal amount at initial recognition at 31 December 2022 Fair value at 31 December 2022 Designated at fair value through profit or loss at recognition: Money market funds 12,410 12,410 11,135 11,135 Foreign currency funds of fixed income funds 0 0 0 0 Total 12,410 12,410 11,135 11,135 The Company manages these assets and measures their performance on a fair value basis.
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 The fair values of listed equity instruments reflect quoted market prices. For non-listed equity investments for which quoted market prices are not available, the Company determines the fair values using valuation methods such as net asset values, discounted cash flow method or a comparable valuation technique. Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Contract assets, trade receivables and other receivables \u2014 The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the receivables\u2019 origination and their maturity. Securities \u2014 The fair values of securities reflect their quoted market price at the end of the reporting period. Cash and cash equivalents \u2014 include cash in hand, cash in banks, checks, fixed deposits as well as commercial papers and money market funds. The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the origination of the instrument and its maturity or due date. The fair value of commercial papers is determined based on Level 2 input by discounting future cash flows using appropriate interest rates. The fair values of money market funds are determined by reference to their quoted market price. Derivatives \u2014 The fair values of derivative instruments reflect quoted market prices, where available, but in most cases are determined using recognised valuation techniques such as option-pricing models (e.g. Black & Scholes model) and discounted cash flow models. The valuation is based on observable market data such as currency rates, currency forward rates, interest rates and yield curves, commodity forward prices as well as price and rate volatilities obtained from recognised vendors of market data. Furthermore, to the extent that these instruments are subject to master netting arrangements and similar agreements and managed on the basis of net credit exposure, their fair values reflect credit and debit value adjustments based on the net long or net short position that the Company has with each counterparty. Except for certain short-term commodity contracts and derivatives presented in the Level 3 section above, derivative fair values are measured based on Level 2 input.
37.4 Notional Amounts of Derivative Financial Instruments The contract or notional amounts of derivative financial instruments shown below do not necessarily represent amounts exchanged by the parties and, thus, are not necessarily a measure for the exposure of the Company through its use of derivatives. The notional amounts of foreign exchange derivative financial instruments are as follows, specified by year of expected maturity: Remaining period (In \u20ac million) 1 year 2 years 3 years 4 years 5 years > 5 years Total 31 December 2023 Net forward and swap contracts 17,470 13,559 11,002 8,122 4,885 (22) 55,016 31 December 2022 Net forward sales contracts 20,076 18,636 12,128 8,100 7,284 1,201 67,425 The following table sets out the notional amount of foreign exchange hedges in place as of 31 December 2023 relating to the commercial activities of Airbus, and the average euro converted rates applicable to corresponding EBIT. (In $ million) 2024 2025 2026 2027 2028+ Total Total hedges 21,548 16,594 13,303 9,701 5,949 67,097 Forward rates \u20ac/US$ 1,21 1,21 1,25 1,30 1,27 1,24 In 2023 new hedge contracts of US$ 12.2 billion (2022: US$ 7.5 billion) were added at an average rate of 1.11 US$/\u20ac\u2009(2022: 1.12 US$/\u20ac). As of 31 December 2023, the total hedge portfolio with maturities up to 2029 amounts to US$ 67.1 billion (2022: US$ 76.4 billion) and covers a significant portion of the foreign exchange exposure expected over the hedging horizon. The average US$/\u20ac hedge rate of the US$/\u20ac hedge portfolio until 2029 amounts to 1.24 US$/\u20ac\u2009(2022: 1.24 US$/\u20ac). (In \u00a3 million) 2024 2025 2026 2027 2028+ Total Total hedges 1,020 794 701 475 414 3,405 Forward rates \u20ac/\u00a3 0,88 0,90 0,91 0.92 0.93 0.90 Since 2021, \u20ac/\u00a3 hedges were implemented in order to cover the GBP exposure of the Company. The notional amounts of interest rate contracts are as follows: Remaining period (In \u20ac million) 1 year 2 years 3 years 4 years 5 years 6 years 7 years > 7 years Total 31 December 2023 Interest rate contracts 823 561 1,355 1,357 611 500 1,250 3,579 10,036 31 December 2022 Interest rate contracts 0 823 561 1,355 1,406 611 500 4,150 9,406 Please also refer to \u201c\u2013 Note 36.3: Financing Liabilities\u201d. The notional amounts of commodity contracts are as follows: Remaining period (In \u20ac million) 1 year 2 years 3 years 4 years > 4 years Total 31 December 2023 122 74 31 0 0 228 31 December 2022 13 4 0 0 0 17 The notional amounts of equity swaps are as follows: Remaining period (In \u20ac million) 1 year 2 years 3 years 4 years > 4 years Total 31 December 2023 41 34 0 0 0 75 31 December 2022 17 22 14 0 0 53
37.5 Derivative Financial Instruments and Hedge Accounting Disclosure The following table presents the reconciliation of AOCI, net of tax, resulting from cash flow hedge accounting as of 31 December 2023 and 31 December 2022: 31 December 2023 2022 (In \u20ac million) Hedge reserve Opening balance 5,688 3,448 Foreign exchange contracts (1,374) 5,575 Others (7) 34 Changes in fair values (1,381) 5,609 Foreign exchange contracts (2,072) (2,358) Others (4) (7) Amount reclassified to profit or loss (matured hedges) (2,076) (2,365) Foreign exchange contracts 165 (146) Others 0 (1) Amount classified to profit or loss (inefficiency) 165 (147) Tax impact 902 (857) Closing balance 3,298 5,688 The following table presents the amounts relating to items designated as hedging instruments and hedge ineffectiveness for cash- flow hedges as of 31 December 2023: Carrying values OCI (In \u20ac million) Asset Liability Changes in values of the hedging instrument Other changes in value of the hedge reserve Hedge inefficiency recorded in financial result Amounts reclassified from hedge reserve to profit or loss Foreign currency risk Net forward sales contracts 986 (3,529) (2,369) 995 165 (2,072) Foreign exchange options 0 0 0 0 0 0 Embedded Derivatives 0 (37) (12) 0 0 (4) Interest rate risk 0 0 0 0 0 0 Commodity swap risk 1 0 5 0 0 0 Equity swap risk 10 1 0 0 0 0 Total 997 (3,565) (2,376) 995 165 (2,076) The following table presents the amounts relating to items designated as hedging instruments and hedge ineffectiveness for cash- flow hedges as of 31 December 2022: Carrying values OCI (In \u20ac million) Asset Liability Changes in values of the hedging instrument Other changes in value of the hedge reserve Hedge inefficiency recorded in financial result Amounts reclassified from hedge reserve to profit or loss Foreign currency risk Net forward sales contracts 1,492 (7,643) 4,429 1,146 (146) (2,358) Foreign exchange options 0 0 0 0 0 0 Embedded Derivatives 0 (60) 36 0 0 (7) Interest rate risk 0 0 0 0 0 0 Commodity swap risk 6 0 (2) 0 (1) 0 Equity swap risk 1 (4) 0 0 0 0 Total 1,499 (7,707) 4,463 1,146 (147) (2,365)
37.6 Net Gains or Net Losses The Company\u2019s net gains or net losses recognised in profit or loss in 2023 and 2022, respectively, are as follows: (In \u20ac million) 2023 2022 Financial assets or financial liabilities at fair value through profit or loss Held for trading 182 497 Designated on initial recognition (110) 95 Financial assets at amortised cost (63) (232) Financial assets at fair value through OCI (previously available-for-sale) (66) 55 Financial liabilities measured at amortised cost 263 (75) Net losses of \u20ac\u2009-350 million (2022: \u20ac\u2009-1,169 million) are recognised directly in equity relating to financial assets at fair value. Interest income from financial assets or financial liabilities through profit or loss is included in net gains or losses.
37.7 Impairment Losses Loss allowances \u2014 For its portfolio of debt instruments including bonds, term deposits and commercial papers, the Company measures loss allowances at an amount that represents credit losses resulting from default events that are possible within the next 12 months, unless the credit risk on a financial instrument has increased significantly since initial recognition. In the event of such significant increase in credit risk the Company measures loss allowances for that financial instrument at an amount equal to its life-time expected losses, i.e. at an amount equal to the expected credit losses that result from all possible default events over the expected life of that financial instrument. The Company applies the low credit risk exemption allowing the Company to assume that there is no significant increase in credit risk since initial recognition of a financial instrument, if the instrument is determined to have low credit risk at the reporting date. Similarly, the Company has determined that its trade receivables and contract assets generally have low credit risk. The Company applies the simplified approach permitted by IFRS 9 of measuring expected credit losses of trade receivables and contract assets on a lifetime basis from initial recognition.
The following table breaks down the gross carrying amount of loans and receivables as of 31 December 2023 and 2022, separately showing those that are impaired, renegotiated or past due: (In \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 12 months Past due > 12 months Impairment Total 31 December 2023 Trade receivables 3,620 0 249 410 127 101 125 452 (359) 4,725 Contract assets 1,850 0 0 0 0 0 0 0 (1) 1,849 Others 2,934 1 147 337 134 32 50 700 (191) 4,144 Total 8,404 1 396 747 260 134 175 1,152 (551) 10,717
(In \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 12 months Past due > 12 months Impairment Total 31 December 2022 Trade receivables 3,727 0 376 373 147 132 99 479 (380) 4,953 Contract assets 1,528 0 0 0 0 0 0 0 (1) 1,527 Others 2,552 2 93 131 391 116 7 452 (188) 3,556 Total 7,807 2 469 504 538 248 106 931 (569) 10,036 The management believes that the unimpaired amounts that are past due are still collectible in full, based on historic payment behaviour and analysis of customer credit risk, including underlying customers\u2019 credit ratings if they are available. The following impairment losses on financial assets are recognised in profit or loss in 2023 and 2022, respectively: (In \u20ac million) 2023 2022 Trade receivables (19) (65) Contract assets 0 0 Total (19) (65)
4. Material Accounting Policies
Research and development expenses \u2014 The costs for internally generated research are expensed when incurred. The costs for internally generated development are capitalised when: - the product or process is technically feasible and clearly defined (i.e. the critical design review is finalised); - adequate resources are available to successfully complete the development; - the benefits from the assets are demonstrated (a market exists or the internal usefulness is demonstrated) and the costs attributable to the projects are reliably measured; - the Company intends to produce and market or use the developed product or process and can demonstrate its profitability. Income tax credits granted for research and development activities are deducted from corresponding expenses or from capitalised amounts when earned.
Capitalised development costs, are recognised either as intangible assets or, when the related development activities lead to the construction of specialised tooling for production (\u201cjigs and tools\u201d), or involve the design, construction and testing of prototypes and models, as property, plant and equipment. Capitalised development costs are generally amortised over the estimated number of units produced. If the number of units produced cannot be estimated reliably, they are amortised over the estimated useful life of the internally generated
intangible asset. Amortisation of capitalised development costs is recognised in cost of sales. In testing long-life assets such as jigs and tools and capitalised development costs for impairment, the Company makes estimates on the number and timing of aircraft units to be delivered in the future, the margin of these aircraft, and the discount rate associated with the aircraft programme.
Intangible assets comprise (i) goodwill (see \u201c\u2013 Note 7: Scope of Consolidation\u201d), (ii) capitalised development costs (see \u201c\u2013 Note 4: Material Accounting Policies\u201d) and (iii) other intangible assets, e.g. internally developed software and acquired intangible assets. Intangible assets with finite useful lives are generally amortised on a straight-line basis over their respective estimated useful lives (three to ten years) to their estimated residual values31 December 2023 and 2022 comprise the following: 31 December 2023 31 December 2022 (In \u20ac million) Gross amount Amortisation / Impairment Net book value Gross amount Amortisation / Impairment Net book value Goodwill 14,183 (1,042) 13,141 14,205 (1,040) 13,165 Capitalised development costs 3,165 (1,459) 1,706 2,801 (1,319) 1,482 Other intangible assets 5,305 (3,223) 2,082 5,350 (3,229) 2,121 Total 22,653 (5,724) 16,929 22,356 (5,588) 16,768 Net Book Value (In \u20ac million) Balance at 1 January 2023 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2023 Goodwill 13,165 (12) 0 (13) 0 0 0 13,141 Capitalised development costs 1,482 2 377 0 8 0 (164) 1,706 Other intangible assets 2,121 (52) 206 22 24 (8) (230) 2,082 Total 16,768 (62) 583 9 32 (8) (394) 16,929
(In \u20ac million) Balance at 1 January 2022 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2022 Goodwill 13,028 10 0 127 0 0 0 13,165 Capitalised development costs 1,286 (12) 319 0 (1) 0 (110) 1,482 Other intangible assets 2,053 89 160 159 5 (7) (338) 2,121 Total 16,367 87 479 286 4 (7) (448) 16,768
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) to which the asset belongs may be impaired. In addition, intangible assets with an indefinite useful life, intangible assets not yet available for use and goodwill are tested for impairment annually, irrespective of whether there is any indication for impairment. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purpose of impairment testing, any goodwill is allocated to the CGU or group of CGUs in a way that reflects the way goodwill is monitored for internal management purposes. The discounted cash flow method is used to determine the recoverable amount of a CGU or the group of CGUs to which goodwill is allocated. The discounted cash flow method is particularly sensitive to the selected discount rates and estimates of future cash flows by management. Discount rates are based on the weighted average cost of capital (\u201cWACC\u201d) for a CGU or the groups of CGUs. The discount rates are calculated based on a risk-free rate of interest and a market risk premium. In addition, the discount rates reflect the current market assessment of the risks specific to each group of CGUs by taking into account specific peer group information on beta factors, leverage and cost of debt. Consequently, slight changes to these elements can materially affect the resulting valuation and therefore the amount of a potential impairment charge. These estimates are influenced by several assumptions including the growth rate of CGUs used in the computation of the terminal value, the increase of deliveries in the coming years, the availability and composition of future defence and institutional budgets, and foreign exchange fluctuations or implications arising from the volatility of capital markets. Cash flow projections take into account past experience and represent management\u2019s best estimate of future developments which align with the Company\u2019s climate-related commitments.
General Assumptions Applied in the Planning Process The basis for determining the recoverable amount is the value in use of the CGUs. Cash flow projections used for the impairment testing are based on both the operative planning which represents the Company\u2019s WB2\u00b0C scenario through embarking an array of investments and expenses, and management's best estimate of the impact of climate-related commitments over the long-term horizon. It incorporates the strategic pathways (see \u201cNote \u2013 3. Climate impacts\u201d) in its assumptions as well as investments to decarbonise mobile and stationary industrial operations. The operative planning, is based on the following key assumptions which are relevant for all CGUs: - increase of expected future labour expenses of 4.5% for 2024 including an inflation rate of 4.5%; - future interest rates projected per geographical market, for the European Monetary Union, the UK and the US; - future exchange rate of 1.125 US$/\u20ac for 2024 to convert in euro the portion of future US dollar which is not hedged (see \u201c\u2013 Note 37: Financial Instruments\u201d).
General economic data derived from external macroeconomic and financial studies have been used to derive the general key assumptions. In addition to these general planning assumptions, the following additional CGU specific assumptions, which represent management\u2019s current best assessment as of the date of these Consolidated Financial Statements, have been applied. Airbus - The planning takes into account both the current market conditions and Airbus\u2019 production rate, and includes management\u2019s best estimates of the progressive increase in aircraft deliveries over the operative planning period; - The period beyond the operative plan horizon was considered through long-term projections and a terminal value with a perpetual growth rate of 2%, aligned with Airbus SBTi commitments and the baseline for the WB2\u00b0C scenario; - The carrying value and planned cash flows of the CGU Airbus are materially influenced due to the significant hedge portfolio; - Cash flows are discounted using a euro weighted pre-tax WACC of 13.5% (2022: 14.1%). Airbus Helicopters - The planning takes into account the evolution of programmes based upon the current backlog and an assessment of order intake for platforms and services; - Long-term commercial assumptions in respect of market share, deliveries and market value are based on the latest helicopter market forecast. The global helicopter market is demonstrating continued signs of recovering towards pre-COVID-19 levels, despite continued geopolitical instabilities and economic volatility. Over the next 10 years, according to market forecasts, around 6,900 Civil & Parapublic helicopters and 6,800 Military helicopters are expected to be delivered globally; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value with a perpetual growth rate of 1%; - Cash flows are discounted using a euro weighted pre-tax WACC of 12.4% (2022: 13.1%). Airbus Defence and Space - Overall the defence and space markets are expected to have growth during the period of the operative planning horizon; - Business growth is underpinned by growing defence and space opportunities. Underlying performance is improved by focusing on project delivery, cost control and efficiency; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value, with a perpetual growth rate of 1%; - Cash flows are discounted using a euro weighted pre-tax WACC of 11.2% (2022: 11.5%).
4. Material Accounting Policies
Research and development expenses \u2014 The costs for internally generated research are expensed when incurred. The costs for internally generated development are capitalised when: - the product or process is technically feasible and clearly defined (i.e. the critical design review is finalised); - adequate resources are available to successfully complete the development; - the benefits from the assets are demonstrated (a market exists or the internal usefulness is demonstrated) and the costs attributable to the projects are reliably measured; - the Company intends to produce and market or use the developed product or process and can demonstrate its profitability. Income tax credits granted for research and development activities are deducted from corresponding expenses or from capitalised amounts when earned.
4. Material Accounting Policies
Research and development expenses \u2014 The costs for internally generated research are expensed when incurred. The costs for internally generated development are capitalised when: - the product or process is technically feasible and clearly defined (i.e. the critical design review is finalised); - adequate resources are available to successfully complete the development; - the benefits from the assets are demonstrated (a market exists or the internal usefulness is demonstrated) and the costs attributable to the projects are reliably measured; - the Company intends to produce and market or use the developed product or process and can demonstrate its profitability. Income tax credits granted for research and development activities are deducted from corresponding expenses or from capitalised amounts when earned.
13. Research and Development Expenses Research and development expenses increased by \u20ac\u2009+178 million to \u20ac\u20093,257 million compared to \u20ac\u20093,079 million in 2022 mainly due to ramp-up in activities to prepare the technologies of the future. Research and development expenses mainly reflect the development of latest generation commercial aircraft programmes, including
the A321 XLR and A350 Freighter. 4. Material Accounting Policies
Capitalised development costs, are recognised either as intangible assets or, when the related development activities lead to the construction of specialised tooling for production (\u201cjigs and tools\u201d), or involve the design, construction and testing of prototypes and models, as property, plant and equipment. Capitalised development costs are generally amortised over the estimated number of units produced. If the number of units produced cannot be estimated reliably, they are amortised over the estimated useful life of the internally generated
intangible asset. Amortisation of capitalised development costs is recognised in cost of sales. In testing long-life assets such as jigs and tools and capitalised development costs for impairment, the Company makes estimates on the number and timing of aircraft units to be delivered in the future, the margin of these aircraft, and the discount rate associated with the aircraft programme.
20. Property, Plant and Equipment
4. Material Accounting Policies
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac exchange rates. Furthermore, the Company is exposed, though to a much lesser extent, to foreign exchange risk arising from costs incurred in currencies other than the euro and to other market risks such as interest rate risk, commodity price and equity price risk. In order to manage and mitigate those risks, the Company enters into derivative contracts. The Company applies hedge accounting to its derivative contracts whenever the relevant IFRS criteria can be met. Hedge accounting ensures that derivative gains or losses are recognised in profit or loss (mainly in revenue) in the same period that the hedged items or transactions affect profit or loss. The major portion of the Company\u2019s derivative contracts is accounted for under the cash flow hedge model. The fair value hedge model is used only for certain interest rate derivatives. Derivative contracts which do not qualify for hedge accounting are accounted for at fair value through profit or loss; any related gains or losses being recognised in financial result. The Company\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
4. Material Accounting Policies
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac exchange rates. Furthermore, the Company is exposed, though to a much lesser extent, to foreign exchange risk arising from costs incurred in currencies other than the euro and to other market risks such as interest rate risk, commodity price and equity price risk. In order to manage and mitigate those risks, the Company enters into derivative contracts. The Company applies hedge accounting to its derivative contracts whenever the relevant IFRS criteria can be met. Hedge accounting ensures that derivative gains or losses are recognised in profit or loss (mainly in revenue) in the same period that the hedged items or transactions affect profit or loss. The major portion of the Company\u2019s derivative contracts is accounted for under the cash flow hedge model. The fair value hedge model is used only for certain interest rate derivatives. Derivative contracts which do not qualify for hedge accounting are accounted for at fair value through profit or loss; any related gains or losses being recognised in financial result. The Company\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
37.5 Derivative Financial Instruments and Hedge Accounting Disclosure The following table presents the reconciliation of AOCI, net of tax, resulting from cash flow hedge accounting as of 31 December 2023 and 31 December 2022: 31 December 2023 2022 (In \u20ac million) Hedge reserve Opening balance 5,688 3,448 Foreign exchange contracts (1,374) 5,575 Others (7) 34 Changes in fair values (1,381) 5,609 Foreign exchange contracts (2,072) (2,358) Others (4) (7) Amount reclassified to profit or loss (matured hedges) (2,076) (2,365) Foreign exchange contracts 165 (146) Others 0 (1) Amount classified to profit or loss (inefficiency) 165 (147) Tax impact 902 (857) Closing balance 3,298 5,688 The following table presents the amounts relating to items designated as hedging instruments and hedge ineffectiveness for cash- flow hedges as of 31 December 2023: Carrying values OCI (In \u20ac million) Asset Liability Changes in values of the hedging instrument Other changes in value of the hedge reserve Hedge inefficiency recorded in financial result Amounts reclassified from hedge reserve to profit or loss Foreign currency risk Net forward sales contracts 986 (3,529) (2,369) 995 165 (2,072) Foreign exchange options 0 0 0 0 0 0 Embedded Derivatives 0 (37) (12) 0 0 (4) Interest rate risk 0 0 0 0 0 0 Commodity swap risk 1 0 5 0 0 0 Equity swap risk 10 1 0 0 0 0 Total 997 (3,565) (2,376) 995 165 (2,076) The following table presents the amounts relating to items designated as hedging instruments and hedge ineffectiveness for cash- flow hedges as of 31 December 2022: Carrying values OCI (In \u20ac million) Asset Liability Changes in values of the hedging instrument Other changes in value of the hedge reserve Hedge inefficiency recorded in financial result Amounts reclassified from hedge reserve to profit or loss Foreign currency risk Net forward sales contracts 1,492 (7,643) 4,429 1,146 (146) (2,358) Foreign exchange options 0 0 0 0 0 0 Embedded Derivatives 0 (60) 36 0 0 (7) Interest rate risk 0 0 0 0 0 0 Commodity swap risk 6 0 (2) 0 (1) 0 Equity swap risk 1 (4) 0 0 0 0 Total 1,499 (7,707) 4,463 1,146 (147) (2,365)
4. Material Accounting Policies
Transactions in foreign currency, i.e. transactions in currencies other than the functional currency of an entity of the Company, are translated into the functional currency at the foreign exchange rate prevailing at the transaction date. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are remeasured into the functional currency at the exchange rate in effect at that date. Except when deferred in equity as qualifying cash flow hedges (see \u201c\u2013 Note 37: Financial Instruments\u201d), these foreign exchange remeasurement gains and losses are recognised, in line with the underlying item: - in profit before financial result and income taxes if the substance of the transaction is commercial (including sales financing transactions); and - in financial result for financial transactions. Non-monetary assets and liabilities denominated in foreign currencies that are stated at historical cost are translated into functional currency at the foreign exchange rate in effect at the date of the transaction. Translation differences on non\u2011monetary financial assets and liabilities that are measured at fair value are reported as part of the fair value gain or loss. However, translation differences of non\u2011monetary financial assets measured at fair value and classified as fair value through other comprehensive income (\u201cOCI\u201d) are included in accumulated other comprehensive income (\u201cAOCI\u201d).
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"value": "4. Material Accounting Policies
Revenue recognition \u2014 Revenue is recognised when the Company transfers control of the promised goods or services to the customer. The Company measures revenue, for the consideration to which the Company is expected to be entitled in exchange for transferring promised goods or services. Variable considerations are included in the transaction price when it is highly probable that there will be no significant reversal of the revenue in the future. The Company identifies the various performance obligations of the contract and allocates the transaction price to these performance obligations. Advances and pre-delivery payments (contract liabilities) are received in the normal course of business and are not considered to be a significant financing component as they are intended to protect the Company from the customer failing to complete its contractual obligations. Revenue from the sale of commercial aircraft is recognised at a point in time (i.e. at delivery of the aircraft). The Company estimates the amount of price concession granted by the Company\u2019s engine suppliers to their customers as a reduction of both revenue and cost of sales. An aircraft can remain in storage under a bill-and-hold arrangement. In such cases, revenue is recognised when the requirements for the transfer of control under a bill-and-hold arrangement are fulfilled. Revenue from the sale of military aircraft, space systems and services \u2014 When control of produced goods or rendered services is transferred over time to the customer, revenue is recognised over time, i.e. under the percentage of completion method (\u201cPoC\u201d method). The Company transfers control over time when: - it produces a good with no alternative use and the Company has an irrevocable right to payment (including a reasonable margin) for the work completed to date, in the event of contract termination at the convenience of customers (e.g. Tiger contract); or - it creates a good which is controlled by the customer as the good is created or enhanced (e.g. Eurofighter contracts, some border security contracts, A400M development); or - the customer simultaneously receives and consumes the benefits provided by the Company (e.g. maintenance contracts). For the application of the over time method (PoC method), the measurement of progress towards complete satisfaction of a performance obligation is based on inputs (i.e. cost incurred). When none of the criteria stated above have been met, revenue is recognised at a point in time. For instance, revenue is recognised at the delivery of aircraft under IFRS 15 from the sale of military transport aircraft, from the A400M launch contract and most of NH90 serial helicopters\u2019 contracts.
12. Revenue and Gross Margin
Revenue by geographical areas based on the location of the customer is as follows: (In \u20ac million) 2023 2022 Europe 25,733 24,261 Asia-Pacific 18,733 15,380 North America 13,784 13,549 Middle East 3,933 2,598 Latin America 1,737 2,086 Other countries 1,526 889 Total 65,446 58,763
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Contract liabilities represent the Company\u2019s obligation to transfer goods or services to a customer for which the Company has received consideration, or for which an amount of consideration is due from the customer (e.g. advance payments received). Net contract assets and contract liabilities are determined for each contract separately. For serial contracts, contract liabilities are presented in current contract liabilities, if revenues are expected within the next twelve months or material expenses for the manufacturing process have already occurred. For long-term production contracts (e.g. governmental contracts such as A400M, Tiger, NH90), contract liabilities are classified as current when the relating inventories or receivables are expected to be recognised within the normal operating cycle of the long-term contract.
Contract Assets, Contract Liabilities and Trade Receivables
As of 31 December 2023, trade receivables amounting to \u20ac 227 million (2022: \u20ac 301 million) will mature after more than one year. The respective movement in the allowance for expected credit losses in respect of trade receivables and contract assets during the period was as follows: (In \u20ac million) 2023 2022 Allowance balance at 1 January (380) (363) Utilisations / disposals and business combinations 86 56 Additions (65) (73) Allowance balance at 31 December (359) (380)
4. Material Accounting Policies
Research and development expenses \u2014 The costs for internally generated research are expensed when incurred. The costs for internally generated development are capitalised when: - the product or process is technically feasible and clearly defined (i.e. the critical design review is finalised); - adequate resources are available to successfully complete the development; - the benefits from the assets are demonstrated (a market exists or the internal usefulness is demonstrated) and the costs attributable to the projects are reliably measured; - the Company intends to produce and market or use the developed product or process and can demonstrate its profitability. Income tax credits granted for research and development activities are deducted from corresponding expenses or from capitalised amounts when earned.
Capitalised development costs, are recognised either as intangible assets or, when the related development activities lead to the construction of specialised tooling for production (\u201cjigs and tools\u201d), or involve the design, construction and testing of prototypes and models, as property, plant and equipment. Capitalised development costs are generally amortised over the estimated number of units produced. If the number of units produced cannot be estimated reliably, they are amortised over the estimated useful life of the internally generated
intangible asset. Amortisation of capitalised development costs is recognised in cost of sales. In testing long-life assets such as jigs and tools and capitalised development costs for impairment, the Company makes estimates on the number and timing of aircraft units to be delivered in the future, the margin of these aircraft, and the discount rate associated with the aircraft programme.
Intangible assets comprise (i) goodwill (see \u201c\u2013 Note 7: Scope of Consolidation\u201d), (ii) capitalised development costs (see \u201c\u2013 Note 4: Material Accounting Policies\u201d) and (iii) other intangible assets, e.g. internally developed software and acquired intangible assets. Intangible assets with finite useful lives are generally amortised on a straight-line basis over their respective estimated useful lives (three to ten years) to their estimated residual values. 31 December 2023 and 2022 comprise the following: 31 December 2023 31 December 2022 (In \u20ac million) Gross amount Amortisation / Impairment Net book value Gross amount Amortisation / Impairment Net book value Goodwill 14,183 (1,042) 13,141 14,205 (1,040) 13,165 Capitalised development costs 3,165 (1,459) 1,706 2,801 (1,319) 1,482 Other intangible assets 5,305 (3,223) 2,082 5,350 (3,229) 2,121 Total 22,653 (5,724) 16,929 22,356 (5,588) 16,768 Net Book Value (In \u20ac million) Balance at 1 January 2023 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2023 Goodwill 13,165 (12) 0 (13) 0 0 0 13,141 Capitalised development costs 1,482 2 377 0 8 0 (164) 1,706 Other intangible assets 2,121 (52) 206 22 24 (8) (230) 2,082 Total 16,768 (62) 583 9 32 (8) (394) 16,929
(In \u20ac million) Balance at 1 January 2022 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2022 Goodwill 13,028 10 0 127 0 0 0 13,165 Capitalised development costs 1,286 (12) 319 0 (1) 0 (110) 1,482 Other intangible assets 2,053 89 160 159 5 (7) (338) 2,121 Total 16,367 87 479 286 4 (7) (448) 16,768
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) to which the asset belongs may be impaired. In addition, intangible assets with an indefinite useful life, intangible assets not yet available for use and goodwill are tested for impairment annually, irrespective of whether there is any indication for impairment. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purpose of impairment testing, any goodwill is allocated to the CGU or group of CGUs in a way that reflects the way goodwill is monitored for internal management purposes. The discounted cash flow method is used to determine the recoverable amount of a CGU or the group of CGUs to which goodwill is allocated. The discounted cash flow method is particularly sensitive to the selected discount rates and estimates of future cash flows by management. Discount rates are based on the weighted average cost of capital (\u201cWACC\u201d) for a CGU or the groups of CGUs. The discount rates are calculated based on a risk-free rate of interest and a market risk premium. In addition, the discount rates reflect the current market assessment of the risks specific to each group of CGUs by taking into account specific peer group information on beta factors, leverage and cost of debt. Consequently, slight changes to these elements can materially affect the resulting valuation and therefore the amount of a potential impairment charge. These estimates are influenced by several assumptions including the growth rate of CGUs used in the computation of the terminal value, the increase of deliveries in the coming years, the availability and composition of future defence and institutional budgets, and foreign exchange fluctuations or implications arising from the volatility of capital markets. Cash flow projections take into account past experience and represent management\u2019s best estimate of future developments which align with the Company\u2019s climate-related commitments.
General Assumptions Applied in the Planning Process The basis for determining the recoverable amount is the value in use of the CGUs. Cash flow projections used for the impairment testing are based on both the operative planning which represents the Company\u2019s WB2\u00b0C scenario through embarking an array of investments and expenses, and management's best estimate of the impact of climate-related commitments over the long-term horizon. It incorporates the strategic pathways (see \u201cNote \u2013 3. Climate impacts\u201d) in its assumptions as well as investments to decarbonise mobile and stationary industrial operations. The operative planning, is based on the following key assumptions which are relevant for all CGUs: - increase of expected future labour expenses of 4.5% for 2024 including an inflation rate of 4.5%; - future interest rates projected per geographical market, for the European Monetary Union, the UK and the US; - future exchange rate of 1.125 US$/\u20ac for 2024 to convert in euro the portion of future US dollar which is not hedged (see \u201c\u2013 Note 37: Financial Instruments\u201d).
General economic data derived from external macroeconomic and financial studies have been used to derive the general key assumptions. In addition to these general planning assumptions, the following additional CGU specific assumptions, which represent management\u2019s current best assessment as of the date of these Consolidated Financial Statements, have been applied. Airbus - The planning takes into account both the current market conditions and Airbus\u2019 production rate, and includes management\u2019s best estimates of the progressive increase in aircraft deliveries over the operative planning period; - The period beyond the operative plan horizon was considered through long-term projections and a terminal value with a perpetual growth rate of 2%, aligned with Airbus SBTi commitments and the baseline for the WB2\u00b0C scenario; - The carrying value and planned cash flows of the CGU Airbus are materially influenced due to the significant hedge portfolio; - Cash flows are discounted using a euro weighted pre-tax WACC of 13.5% (2022: 14.1%). Airbus Helicopters - The planning takes into account the evolution of programmes based upon the current backlog and an assessment of order intake for platforms and services; - Long-term commercial assumptions in respect of market share, deliveries and market value are based on the latest helicopter market forecast. The global helicopter market is demonstrating continued signs of recovering towards pre-COVID-19 levels, despite continued geopolitical instabilities and economic volatility. Over the next 10 years, according to market forecasts, around 6,900 Civil & Parapublic helicopters and 6,800 Military helicopters are expected to be delivered globally; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value with a perpetual growth rate of 1%; - Cash flows are discounted using a euro weighted pre-tax WACC of 12.4% (2022: 13.1%). Airbus Defence and Space - Overall the defence and space markets are expected to have growth during the period of the operative planning horizon; - Business growth is underpinned by growing defence and space opportunities. Underlying performance is improved by focusing on project delivery, cost control and efficiency; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value, with a perpetual growth rate of 1%; - Cash flows are discounted using a euro weighted pre-tax WACC of 11.2% (2022: 11.5%).
4. Material Accounting Policies
Provisions for onerous contracts \u2014 The Company records provisions for onerous contracts when it becomes probable that the total contract costs will exceed total contract revenue. Before a provision for onerous contracts is recorded, the related assets under construction are measured at their net realisable value and written-off if necessary. Onerous contracts are identified by monitoring the progress of the contract together with the underlying programme status. An estimate of the related contract costs is made, which requires significant and complex assumptions, judgements and estimates related to achieving certain performance standards (see \u201c\u2013 Note 5: Key Estimates and Judgements\u201d, \u201c\u2013 Note 12: Revenue and Gross Margin\u201d and \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d).
24. Provisions, Contingent Assets and Contingent Liabilities
Movements in other provisions during the year were as follows: (In \u20ac million) Balance at 1 January 2023 Exchange differences Increase from passage of time Additions Reclassification/ Change in consolidated group Used Released Balance at 31 December 2023 Onerous contracts 1,808 (27) 0 527 (55) (558) (57) 1,638 Outstanding costs 1,374 (1) (1) 562 0 (396) (106) 1,432 Aircraft financing risks (1) 5 0 0 0 0 0 (3) 2 Obligation from services and maintenance agreements 384 0 12 65 0 (72) (88) 301 Warranties 397 (3) 2 148 0 (71) (78) 395 Personnel-related provisions (2) 743 (3) 5 453 4 (363) (65) 774 Litigation and claims (3) 331 0 0 84 (5) (124) (183) 103 Asset retirement 147 0 5 5 0 0 (23) 134 Others risks and charges 2,325 1 (1) 889 (11) (380) (489) 2,334 Total 7,514 (31) 22 2,733 (69) (1,964) (1,092) 7,113 (1) See \u201c\u2013 Note 27: Sales Financing Transactions\u201d. (2) See \u201c\u2013 Note 30: Personnel-Related Provisions\u201d. (3) See \u201c\u2013 Note 38: Litigation and Claims\u201d. Provisions for onerous contracts in 2023 mainly include the utilisation and net presentation of the A400M programme losses against inventories and the reduction in the A220 programme. Personnel-related provisions include restructuring provisions and other personnel charges. For more details, see \u201c\u2013 Note 30: Personnel- Related Provisions\u201d. Provisions for litigation and claims decreased mainly due to the release of compliance-related provisions for an amount of \u20ac 0.1 billion.
30. Personnel-Related Provisions (In \u20ac million) Balance at 1 January 2023 Exchange differences Increase from passage of time Additions Reclassification / Change in consolidated group Used Released Balance at 31 December 2023 Restructuring measures / pre-retirement part-time work 91 (2) 1 36 4 (37) (17) 76 Other personnel charges 652 (1) 4 417 0 (326) (48) 698 Total 743 (3) 5 453 4 (363) (65) 774 Other personnel charges of \u20ac 695 million (2022: \u20ac 652 million) are mainly related to short-term employee benefits. 31. Post-Employment Benefits
Plans description When Company employees retire, they receive indemnities as stipulated in retirement agreements, in accordance with regulations and practices of the countries in which it operates. Provision for deferred compensation represents obligations that arise if employees elect to convert part of their remuneration or bonus into an equivalent commitment for deferred compensation which is treated as a defined benefit post-employment plan.
France \u2014 The French pension system is operated on a \u201cpay as you go\u201d basis. Besides the basic pension from the French social security system, each employee is entitled to receive a complementary pension from defined contribution schemes AGIRC-ARRCO (Association pour le r\u00e9gime de retraite compl\u00e9mentaire des salari\u00e9s and Association g\u00e9n\u00e9rale des institutions de retraite des cadres). Moreover, French law stipulates that employees are paid retirement indemnities in the form of lump sums on the basis of the length of service, which are considered as defined benefit obligations. In 2023 the Company implemented a new funding vehicle in the form of an insurance contract to partially fund the retirement indemnities obligations. Germany \u2014 The Company has a pension plan (P3) for executive and non-executive employees in place. Under this plan, the employer provides contributions for the services rendered by the employees, which are dependent on their salaries in the respective service period. These contributions are converted into components which become part of the accrued pension liability at the end of the year. Total benefits are calculated as a career average over the entire period of service. Certain employees that are not covered by this plan receive retirement indemnities based on salary earned in the last year or on an average of the last three years of employment. For some executive employees, benefits are dependent on the final salary of the respective individual at the date of retirement and the time period served as an executive. In 2018, Airbus introduced the new Airbus Pensions Plan (\u201cAPP\u201d) with security-linked benefits in Germany, which all new entrants after 1 January 2018 will join. Accordingly, the existing pension plan has been closed for new entrants. As of 1 January 2019, deferred compensation, which is financed by the employees, is offered exclusively in APP for all employees. In 2020 the Company transferred about half of the active population of the P3 plan into APP. With effect as of 1 January 2020 these employees will accrue future benefits under APP but not in P3 anymore. Benefits related to past service are not affected by this transfer. Parts of the pension obligation in Germany are funded by assets invested in specific funding vehicles. Besides a relief fund (\u201cUnterst\u00fctzungskasse\u201d), the Company has implemented a Contractual Trust Arrangement. The Contractual Trust Arrangement structure is that of a bilateral trust arrangement. Assets that are transferred to the relief fund and the Contractual Trust Arrangement qualify as plan assets under IAS 19. In the trust arrangements between the trust and the participating companies a minimum funding requirement is stipulated for the portion of the obligation for deferred compensation, which is not protected by the pension guarantee association or Pensions-Sicherungs Verein in case of an insolvency of the subsidiaries concerned. Some portions of the obligation must be covered with securities in the same amount, while other portions must be covered by 115%. United Kingdom \u2014 The Company UK Pension Scheme (\u201cthe Scheme\u201d) was implemented by Airbus Defence and Space Ltd., Stevenage (UK) as the principal employer. This plan comprises all eligible employees of Airbus Defence and Space Ltd. as well as all personnel, who were recruited by one of the Company subsidiaries located in the UK and participating in the scheme. The major part of the obligation is funded by scheme assets due to contributions of the participating companies. The Scheme is a registered pension scheme under the Finance Act 2004. The trustee\u2019s only formal funding objective is the statutory funding objective under the Pensions Act part 3 2004, which is to have sufficient and appropriate assets to cover the Scheme\u2019s obligations. Since 1 November 2013, this plan is generally closed for joiners, who participate in a separate defined contribution plan. Moreover, the Company participates in the UK in several funded trustee-administered pension plans for both executive and non-executive employees with BAE Systems being the principal employer. The Company\u2019s most significant investments in terms of employees participating in these BAE Systems UK pension plans is Airbus Operations Ltd. Participating Airbus Operations Ltd. employees have continued to remain members in the BAE Systems UK pension plans due to the UK pension agreement between the Company and BAE Systems and a change in the UK pensions legislation enacted in April 2006. For the most significant of these BAE Systems Pension Schemes, the Main Scheme, BAE Systems, the Company and the scheme Trustees agreed on a sectionalisation, which was implemented on 1 April 2016. Although BAE Systems remains the only principal employer of the Scheme, the Company has obtained powers in relation to its section which are the same as if it were the principal employer. Based on the funding situation of the respective pension schemes, the pension plan trustees determine the contribution rates to be paid by the participating employers to adequately fund the schemes. The latest funding valuation for the Main Scheme has been conducted in 2023 and the Main Scheme is currently in a surplus situation. In the event that an employer who participates in the BAE Systems pension schemes fails or cannot be compelled to fulfil its obligations as a participating employer, the remaining participating employers are obliged to collectively take on its obligations. The Company considers the likelihood of this event as remote. However, for the Main Scheme the Company considers that its obligation is in principle limited to that related to its section. In addition, the Company has two guarantees to cover its obligation towards the Scheme and the BAE Systems pension schemes. To mitigate its exposure, the first guarantee covers an amount up to GBP 1.25 billion for an unlimited period of time while the second one covers an uncapped amount terminating in 2046, respectively for the Scheme and the BAE Systems Pension Schemes. Canada \u2014 Airbus Canada Limited Partnership sponsors defined benefit plans for its salaried, hourly and executive employees. In 2020, Airbus acquired Stelia Aeronautics Saint-Laurent Inc. which sponsors a defined benefit plan for its salaried and hourly employees. Actuarial risks for the Company The Defined Benefit Obligation (\u201cDBO\u201d) exposes the Company to actuarial risks, including mainly the following ones: Market price risk \u2014 The return on plan assets is assumed to be the discount rate derived from AA-rated corporate bonds. If the actual return rate of plan assets is lower than the applied discount rate, the net liability increases accordingly. Moreover, the market values of the plan assets are subject to volatility, which also impacts the net liability.
Interest rate risk \u2014 The level of the DBO is significantly impacted by the applied discount rate. The low interest rates in recent years, particular in the euro-denominated market environment, lead to a relatively high net pension liability. If there is again a decline in returns of corporate bonds, the DBO will increase in future periods, which might only be offset partially by the positive development of market values of those corporate bonds included in plan assets. Generally, the pension obligation is sensitive to movements in the interest rate leading to volatile results in the valuation. Inflation risk \u2014 The pension liabilities can be sensitive to movements in the inflation rate, whereby a higher inflation rate could lead to an increasing liability. Since some pension plans are directly related to salaries, increases in compensations could result in increasing pension obligations. For the deferred compensation plan P3, which is financed by the employees a fixed interest rate has been agreed. Longevity risk \u2014 The pension liabilities are sensitive to the life expectancy of its members. Rising life expectancies lead to an increase in the valuation of the DBO. Main average assumptions The weighted average assumptions used in calculating the actuarial values of the most significant retirement plans as of 31 December 2023 are as follows: Pension plans in Germany France UK Participation in BAE Systems Pension Scheme in the UK Canada (Rate in %) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Discount rate 3.4 3.6 3.4 3.7 4.5 4.8 4.5 5.0 4.6 5.3 Rate of compensation increase 3.4 3.4 3.0 3.0 3.2 3.3 3.2 3.4 3.0 3.0 Rate of pension increase 2.4 2.4 2.1 2.1 2.9 3.0 3.0 3.1 2.0 2.0 Inflation rate 2.4 2.4 2.1 2.1 3.0 3.2 3.1 3.3 2.0 2.0 Discount rate \u2014 For Germany and France, the Company derives the discount rate used to determine the DBO from yields on high quality corporate bonds with an AA rating. The determination of the discount rate is based on the iBoxx \u20ac Corporates AA bond data and uses the granularity of single bond data in order to receive more market information from the given bond index. The discount rate for the estimated duration of the respective pension plan is then extrapolated along the yield curve. In the UK, it is determined with reference to the full yield curve of AA-rated sterling-denominated corporate bonds of varying maturities. In Canada the discount rate is determined based on the yield of corporate bonds with AA rating. The salary increase rates are based on long-term expectations of the respective employers, derived from the assumed inflation rate and adjusted by promotional or productivity scales. Rate of pension increase \u2014 Rates for pension payment increases are derived from the respective inflation rate for the plan. Inflation rates \u2014 Inflation rate for German and French plans corresponds to the expected long-term increase in cost of living. In the UK, the inflation assumptions are derived by reference to the difference between the yields on index-linked and fixed-interest long-term government bonds. Mortality tables \u2014 For the calculation of the German pension obligation, the \u201c2018 G\u201d mortality tables (generation tables) as developed by Professor Dr. Klaus Heubeck are applied, while the disability rates of the Heubeck Tables have been reduced to 30%, to align with actual observation. For the UK schemes, the Self-Administered Pensions S2 mortality tables based on year of birth (as published by the Institute of Actuaries) is used in conjunction with the results of an investigation into the actual mortality experience of scheme members. In France, Institute for French Statistics (\u201cINSEE\u201d) tables are applied.
Funded status for retirement and deferred compensation plans The development of the funded status for retirement and deferred compensation plans is set out below: DBO Plan assets (In \u20ac million) Pension plans of the Company Participation in BAE Systems Pension Scheme in the UK Total Pension plans of the Company Participation in BAE Systems Pension Scheme in the UK Total Total Funded status Balance at 1 January 2022 17,699 4,598 22,297 (11,353) (3,872) (15,225) 7,072 Service cost (including past service cost) (25) 72 47 0 0 0 47 Interest cost and income 217 85 302 (141) (72) (213) 89 Remeasurements: actuarial (gains) and losses arising from changes in demographic assumptions 141 (3) 138 0 0 0 138 changes in financial assumptions (5,246) (2,056) (7,302) 0 0 0 (7,302) changes in experience adjustments 613 370 983 0 0 0 983 plan assets 0 0 0 1,911 740 2,651 2,651 Changes in consolidation, transfers and others (34) 0 (34) 9 0 9 (25) Benefits paid (442) (121) (563) 159 121 280 (283) Contributions by employer and other plan participants 80 1 81 (348) (254) (602) (521) Foreign currency translation adjustments (67) (178) (245) 80 183 263 18 Balance at 31 December 2022 12,936 2,768 15,704 (9,683) (3,154) (12,837) 2,867 Service cost (including past service cost) 282 38 320 0 0 0 320 Interest cost and income 454 138 592 (342) (156) (498) 94 Remeasurements: actuarial (gains) and losses arising from changes in demographic assumptions (7) 15 8 0 0 0 8 changes in financial assumptions 365 172 537 0 0 0 537 changes in experience adjustments (209) 101 (108) 0 0 0 (108) plan assets 0 0 0 (515) 107 (408) (408) Changes in consolidation, transfers and others (67) 0 (67) (12) 0 (12) (79) Benefits paid (437) (113) (550) 156 113 269 (281) Contributions by employer and other plan participants 80 1 81 (567) (107) (674) (593) Foreign currency translation adjustments 16 57 73 (23) (65) (88) (15) Balance at 31 December 2023 13,413 3,177 16,590 (10,986) (3,262) (14,248) 2,342 The figures shown in the table include the surplus in two pension funds in the UK, resulting from a defined benefit obligation and assets of \u20ac 4,360 million and \u20ac 4,733 million that have been accounted as a non-current asset. In the figures shown in the table, amounts of \u20ac 1,873 million and \u20ac 1,712 million are included for the defined benefit obligation and plan assets for deferred compensation plans in Germany (2022: \u20ac 1,715 million and \u20ac 1,508 million). The past service cost included in the service cost amounts to \u20ac -6 million and \u20ac -400 million as of 31 December 2023 and 2022, respectively. The employer contributions amount to \u20ac 668 million and \u20ac 6 million for other plan participants as of 31 December 2023 (2022: \u20ac 595 million and \u20ac 6 million respectively). Additionally, the Company considers liabilities for lump sum payments (one-off payment or lump sum instalments) under the German P3 pension arrangement in the total amount of \u20ac 194 million and \u20ac 183 million as of 31 December 2023 and 2022, respectively.
The funding of the plans is as follows: 31 December 2023 2022 (In \u20ac million) DBO Plan assets DBO Plan assets Unfunded pension plans 368 0 873 0 Funded pension plans (partial) 16,222 (14,248) 14,831 (12,837) Total 16,590 (14,248) 15,704 (12,837) As of 31 December 2023, provisions for pensions decreased by \u20ac -794 million. It mainly reflects the actuarial gains related to the strong performance of assets of \u20ac 533 million and the contributions to plan assets of \u20ac 505 million. It is partly offset by the actuarial losses on pension obligations from financial assumptions of \u20ac 334 million, driven by the decrease in the discount rates. The French pension reform signed into law in April 2023 and accounted for as a plan amendment did not have any material impact on the Company\u2019s Consolidated Financial Statements. In 2023, employer contributions for retirement and deferred compensation plans amount to \u20ac 668 million. This consists of: - payments made to the pension and deferred compensation plans of the Company in Germany, UK and Canada of \u20ac 247 million (2022: \u20ac\u2009342 million), mainly relating to a Contractual Trust Arrangement in Germany of \u20ac 171 million (2022: \u20ac\u2009171 million), the relief fund in Germany of \u20ac 0 million (2022: \u20ac 99 million) and the Company UK scheme of \u20ac 57 million (2022: \u20ac 57 million); - payments made of \u20ac 314 million (2022: \u20ac 0 million) to partially fund the retirement indemnities provisions in France; - payments made to the participation in BAE Systems Pension Scheme in the UK of \u20ac 107 million (2022: \u20ac\u2009254 million). Contributions of approximately \u20ac 500 million are expected to be made in 2024. The weighted average duration of the DBO for retirement plans and deferred compensation is 15 years at 31 December 2023 (31 December 2022: 15 years). Pension obligations by countries and type of beneficiaries The split of the DBO for retirement plans and deferred compensation between active, deferred and pensioner members for the most significant plans is as follows: Active Deferred Pensioner Germany 45% 10% 45% France 99% 0% 1% UK 50% 20% 30% Participation in BAE System Pension Scheme (Main Scheme) 37% 14% 49% Canada 82% 2% 16% Pension obligations and plan assets by countries and type of plans The split of the pension obligations and plan assets for retirement plans and deferred compensation for the most significant plans is as follows: Present value of DBO Plan assets Retirement plans Deferred Compensation plans Retirement plans Deferred Compensation plans Germany 82% 18% 80% 20% France 100% 0% 100% 0% UK 100% 0% 100% 0% Participation in BAE System Pension Scheme (Main Scheme) 100% 0% 100% 0% Canada 100% 0% 100% 0%
Pension obligations sensitivity to main assumptions The following table shows how the present value of the DBO of retirement plans and deferred compensation would have been influenced by changes in the actuarial assumptions as set out for 31 December 2023: Change in actuarial assumptions Impact on DBO Change at 31 December 2023 2022 Present value of the DBO 16,590 15,704 Discount rate Increase by 0.5%-point (1,109) (1,051) Decrease by 0.5%-point 1,242 1,178 Rate of compensation increase Increase by 0.25%-point 88 84 Decrease by 0.25%-point (83) (80) Rate of pension increase Increase by 0.25%-point 246 259 Decrease by 0.25%-point (238) (250) Life expectancy Increase by one year 394 366 Sensitivities are calculated based on the same method (present value of the DBO calculated with the projected unit credit method) as applied when calculating the post-employment benefit obligations. The sensitivity analyses are based on a change of one assumption while holding all other assumptions constant. This is unlikely to occur in practice and changes of more than one assumption may be correlated leading to different impacts on the DBO than disclosed above. If the assumptions change at a different level, the effect on the DBO is not necessarily in a linear relation.
Pension plans of the Company (In \u20ac million) Germany France UK Canada Participation in BAE Systems Pension Scheme in the UK Total DBO 10,360 1,353 1,183 517 3,177 16,590 Plan assets 8,768 333 1,471 414 3,262 14,248 Balance at 31 December 2023 1,592 1,020 (288) 103 (85) 2,342 DBO 10,157 1,243 1,100 436 2,768 15,704 Plan assets 7,957 19 1,356 351 3,154 12,837 Balance at 31 December 2022 2,200 1,224 (256) 85 (386) 2,867
4. Material Accounting Policies
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac exchange rates. Furthermore, the Company is exposed, though to a much lesser extent, to foreign exchange risk arising from costs incurred in currencies other than the euro and to other market risks such as interest rate risk, commodity price and equity price risk. In order to manage and mitigate those risks, the Company enters into derivative contracts. The Company applies hedge accounting to its derivative contracts whenever the relevant IFRS criteria can be met. Hedge accounting ensures that derivative gains or losses are recognised in profit or loss (mainly in revenue) in the same period that the hedged items or transactions affect profit or loss. The major portion of the Company\u2019s derivative contracts is accounted for under the cash flow hedge model. The fair value hedge model is used only for certain interest rate derivatives. Derivative contracts which do not qualify for hedge accounting are accounted for at fair value through profit or loss; any related gains or losses being recognised in financial result. The Company\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
4. Material Accounting Policies
Leases \u2013 The Company assesses whether a contract is, or contains, a lease, at inception of the contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases and leases of low value assets. The Company recognises right-of-use assets at the commencement date of the lease, when the underlying asset is available for use. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The Company presents right-of-use assets within \u201cProperty, plant and equipment\u201d and lease liabilities within \u201cFinancing liabilities\u201d and classifies the principal portion of lease payments within financing activities and the interest portion within operating activities. When the Company is the lessor, assets under operating leases are also included in \u201cProperty, plant and equipment\u201d. Lease income from operating leases is recognized on a straight-line basis over the term of the lease (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d \u201c\u2013 Note 36.3: Financing Liabilities\u201d).
20. Property, Plant and Equipment
The Company as lessee The Company leases mainly real estate assets, cars and equipment (such as land, warehouses, storage facilities and offices). Short-term leases and leases of low-value assets refer mainly to IT equipment (e.g. printers, laptops and mobile phones) and other equipment.
The discount rate used to determine the right-of-use asset and the lease liability for each country and leased asset is calculated based on the incremental borrowing rate at inception of the lease. The Company calculated the rate applicable to each lease contract on the basis of the lease duration.
Real estate leases The Company leases land and buildings mainly for its operational business warehouses including logistic facilities, offices, production halls and laboratories. The major leases are located in France, Germany, the US, Canada and China. As lease contracts are negotiated on an individual basis, lease terms contain a wide range of different terms and conditions. Leases are typically made for a fixed period of 3-25 years and may include extension, termination and other options, which provide operational flexibility to the Company. Vehicle leases The Company leases cars for management and other functions. Vehicle leases typically run for an average period of three years and do not provide renewal options. Other leases The Company also leases IT equipment, machinery and other equipment that combined are insignificant to the total leased asset portfolio.
27. Sales Financing Transactions
On-balance sheet transactions where the Company is lessor are classified as operating leases, finance leases and loans, inventories and to a minor extent, equity investments: (i) operating leases \u2013 Aircraft leased out under operating leases are included in property, plant and equipment at cost less accumulated depreciation (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d). Rental income from operating leases is recorded as revenue on a straight-line basis over the term of the lease; (ii) finance leases and loans \u2013 When, pursuant to a financing transaction, substantially all the risks and rewards of ownership of the financed aircraft reside with a third party, the transaction is characterised as either a finance lease or a loan. In such instances, revenues from the sale of the aircraft are recorded upon delivery, while financial interest is recorded over time as financial income. The outstanding balance of principal is recorded on the Statement of Financial Position (on-balance sheet) in long-term financial assets, net of any accumulated impairments; (iii) inventories \u2013 Second-hand aircraft acquired as part of a commercial buyback transaction, returned to Airbus after a payment default or at the end of a lease agreement are classified as inventories held for resale if there is no subsequent lease agreement in force (see \u201c\u2013 Note 23: Inventories\u201d).
4. Material Accounting Policies
Leases \u2013 The Company assesses whether a contract is, or contains, a lease, at inception of the contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases and leases of low value assets. The Company recognises right-of-use assets at the commencement date of the lease, when the underlying asset is available for use. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The Company presents right-of-use assets within \u201cProperty, plant and equipment\u201d and lease liabilities within \u201cFinancing liabilities\u201d and classifies the principal portion of lease payments within financing activities and the interest portion within operating activities. When the Company is the lessor, assets under operating leases are also included in \u201cProperty, plant and equipment\u201d. Lease income from operating leases is recognized on a straight-line basis over the term of the lease (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d \u201c\u2013 Note 36.3: Financing Liabilities\u201d).
20. Property, Plant and Equipment
Property, plant and equipment as of 31 December 2023 and 2022 comprises the following: 31 December 2023 31 December 2022 (In \u20ac million) Gross amount Depreciation / Impairment Net book value Gross amount Depreciation / Impairment Net book value Land, leasehold improvements and buildings, including buildings on land owned by others 10,948 (5,783) 5,165 10,536 (5,539) 4,997 Technical equipment and machinery 22,416 (15,587) 6,829 21,982 (15,286) 6,696 Other equipment, factory and office equipment (1) 3,955 (3,108) 847 3,932 (3,107) 825 Construction in progress 2,720 0 2,720 2,241 0 2,241 Right-of-use assets (2) 2,616 (975) 1,641 2,578 (832) 1,746 Total 42,654 (25,453) 17,201 41,269 (24,764) 16,505 (1) Includes the net book value of aircraft under operating lease (see \u201c\u2013 Note 27: Sales Financing Transactions\u201d). (2) The net book value of Land and Buildings under Right-of-use assets amounts to \u20ac 1,493 million. Net Book Value (In \u20ac million) Balance at 1 January 2023 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Depreciation / Impairment Balance at 31 December 2023 Land, leasehold improvements and buildings, including buildings on land owned by others 4,997 5 109 3 379 (23) (306) 5,165 Technical equipment and machinery 6,696 (19) 442 9 841 (19) (1,119) 6,829 Other equipment, factory and office equipment 825 (6) 131 5 96 (15) (190) 847 Construction in progress 2,241 (1) 1,766 0 (1,264) (22) 0 2,720 Right-of-use assets 1,746 (24) 181 12 (26) (30) (218) 1,641 Total 16,505 (45) 2,629 29 26 (109) (1,833) 17,201 (In \u20ac million) Balance at 1 January 2022 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Depreciation / Impairment Balance at 31 December 2022 Land, leasehold improvements and buildings, including buildings on land owned by others 5,020 (20) 21 4 227 (21) (234) 4,997 Technical equipment and machinery 7,088 10 310 2 942 (44) (1,612) 6,696 Other equipment, factory and office equipment 840 10 299 6 62 (215) (177) 825 Construction in progress 1,890 (5) 1,479 0 (1,123) 0 0 2,241 Right-of-use assets 1,698 33 308 0 (29) (40) (224) 1,746 Total 16,536 28 2,417 12 79 (320) (2,247) 16,505
The Company as lessee The Company leases mainly real estate assets, cars and equipment (such as land, warehouses, storage facilities and offices). Short-term leases and leases of low-value assets refer mainly to IT equipment (e.g. printers, laptops and mobile phones) and other equipment.
The discount rate used to determine the right-of-use asset and the lease liability for each country and leased asset is calculated based on the incremental borrowing rate at inception of the lease. The Company calculated the rate applicable to each lease contract on the basis of the lease duration.
Real estate leases The Company leases land and buildings mainly for its operational business warehouses including logistic facilities, offices, production halls and laboratories. The major leases are located in France, Germany, the US, Canada and China. As lease contracts are negotiated on an individual basis, lease terms contain a wide range of different terms and conditions. Leases are typically made for a fixed period of 3-25 years and may include extension, termination and other options, which provide operational flexibility to the Company. Vehicle leases The Company leases cars for management and other functions. Vehicle leases typically run for an average period of three years and do not provide renewal options. Other leases The Company also leases IT equipment, machinery and other equipment that combined are insignificant to the total leased asset portfolio.
27. Sales Financing Transactions
On-balance sheet transactions where the Company is lessor are classified as operating leases, finance leases and loans, inventories and to a minor extent, equity investments: (i) operating leases \u2013 Aircraft leased out under operating leases are included in property, plant and equipment at cost less accumulated depreciation (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d). Rental income from operating leases is recorded as revenue on a straight-line basis over the term of the lease; (ii) finance leases and loans \u2013 When, pursuant to a financing transaction, substantially all the risks and rewards of ownership of the financed aircraft reside with a third party, the transaction is characterised as either a finance lease or a loan. In such instances, revenues from the sale of the aircraft are recorded upon delivery, while financial interest is recorded over time as financial income. The outstanding balance of principal is recorded on the Statement of Financial Position (on-balance sheet) in long-term financial assets, net of any accumulated impairments; (iii) inventories \u2013 Second-hand aircraft acquired as part of a commercial buyback transaction, returned to Airbus after a payment default or at the end of a lease agreement are classified as inventories held for resale if there is no subsequent lease agreement in force (see \u201c\u2013 Note 23: Inventories\u201d).
On-Balance Sheet Operating and Finance Leases The future minimum operating lease payments (undiscounted) due from customers to be included in revenue, and the future minimum lease payments (undiscounted) from investments in finance leases to be received in settlement of the outstanding receivable at 31 December 2023 and 31 December 2022 are as follows: (In \u20ac million) Aircraft under operating lease Finance lease receivables Not later than one year 6 5 Later than one year and not later than five years 6 35 Later than five years 81 18 31 December 2023 93 58 (In \u20ac million) Aircraft under operating lease Finance lease receivables Not later than one year 10 6 Later than one year and not later than five years 48 35 Later than five years 72 21 31 December 2022 130 62 Customer Financing Cash Flows Direct customer financing cash flows amount to \u20ac\u2009-436 million in 2023 (2022: \u20ac\u2009-146 million). Customer Financing Exposure The on-balance sheet assets relating to sales financing, the off-balance sheet commitments and the related financing exposure (not including asset value guarantees) as of 31 December 2023 and 2022 are as follows: 31 December 2023 31 December 2022 (In \u20ac million) Airbus Airbus Helicopters Total Airbus Airbus Helicopters Total Operating leases (1) 93 0 93 102 0 102 Finance leases and loans 122 17 139 101 31 132 Inventories 49 0 49 37 0 37 Other investments 42 0 42 66 0 66 On-balance sheet customer financing 306 17 323 306 31 337 Off-balance sheet customer financing 6 2 8 6 2 8 Gross Customer Financing Exposure 312 19 331 312 33 345 Collateral values (252) (19) (271) (262) (33) (295) Net exposure 60 0 60 50 0 50 Operating leases 0 0 0 0 0 0 Finance leases and loans (54) 0 (54) (40) 0 (40) On-balance sheet commitments - inventories (5) 0 (5) (5) 0 (5) Off-balance sheet commitments - provisions (2) (1) 0 (1) (5) 0 (5) Asset impairments, fair value adjustments and provisions (60) 0 (60) (50) 0 (50) (1) For 2023 and 2022, depreciation amounts to \u20ac\u20095 million and \u20ac\u200911 million respectively and related accumulated depreciation is \u20ac 17 million and \u20ac\u200914 million respectively. (2) See \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d.
37.1 Financial Risk Management
Lease liabilities The maturity analysis of lease liabilities, based on contractual undiscounted cash flows is as follows: (In \u20ac million) 31 December 2023 2022 Not later than one year (222) (241) Later than one year and not later than five years (769) (747) Later than five years (982) (1,036) Total undiscounted lease liabilities (1,973) (2,024) Lease liabilities included in the statement of financial position (1,617) (1,734) Current (221) (242) Non-current (1,396) (1,492)
",
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"value": "4. Material Accounting Policies
Research and development expenses \u2014 The costs for internally generated research are expensed when incurred. The costs for internally generated development are capitalised when: - the product or process is technically feasible and clearly defined (i.e. the critical design review is finalised); - adequate resources are available to successfully complete the development; - the benefits from the assets are demonstrated (a market exists or the internal usefulness is demonstrated) and the costs attributable to the projects are reliably measured; - the Company intends to produce and market or use the developed product or process and can demonstrate its profitability. Income tax credits granted for research and development activities are deducted from corresponding expenses or from capitalised amounts when earned.
Capitalised development costs, are recognised either as intangible assets or, when the related development activities lead to the construction of specialised tooling for production (\u201cjigs and tools\u201d), or involve the design, construction and testing of prototypes and models, as property, plant and equipment. Capitalised development costs are generally amortised over the estimated number of units produced. If the number of units produced cannot be estimated reliably, they are amortised over the estimated useful life of the internally generated
intangible asset. Amortisation of capitalised development costs is recognised in cost of sales. In testing long-life assets such as jigs and tools and capitalised development costs for impairment, the Company makes estimates on the number and timing of aircraft units to be delivered in the future, the margin of these aircraft, and the discount rate associated with the aircraft programme.
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) to which the asset belongs may be impaired. In addition, intangible assets with an indefinite useful life, intangible assets not yet available for use and goodwill are tested for impairment annually, irrespective of whether there is any indication for impairment. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purpose of impairment testing, any goodwill is allocated to the CGU or group of CGUs in a way that reflects the way goodwill is monitored for internal management purposes. The discounted cash flow method is used to determine the recoverable amount of a CGU or the group of CGUs to which goodwill is allocated. The discounted cash flow method is particularly sensitive to the selected discount rates and estimates of future cash flows by management. Discount rates are based on the weighted average cost of capital (\u201cWACC\u201d) for a CGU or the groups of CGUs. The discount rates are calculated based on a risk-free rate of interest and a market risk premium. In addition, the discount rates reflect the current market assessment of the risks specific to each group of CGUs by taking into account specific peer group information on beta factors, leverage and cost of debt. Consequently, slight changes to these elements can materially affect the resulting valuation and therefore the amount of a potential impairment charge. These estimates are influenced by several assumptions including the growth rate of CGUs used in the computation of the terminal value, the increase of deliveries in the coming years, the availability and composition of future defence and institutional budgets, and foreign exchange fluctuations or implications arising from the volatility of capital markets. Cash flow projections take into account past experience and represent management\u2019s best estimate of future developments which align with the Company\u2019s climate-related commitments.
4. Material Accounting Policies
Provisions for onerous contracts \u2014 The Company records provisions for onerous contracts when it becomes probable that the total contract costs will exceed total contract revenue. Before a provision for onerous contracts is recorded, the related assets under construction are measured at their net realisable value and written-off if necessary. Onerous contracts are identified by monitoring the progress of the contract together with the underlying programme status. An estimate of the related contract costs is made, which requires significant and complex assumptions, judgements and estimates related to achieving certain performance standards (see \u201c\u2013 Note 5: Key Estimates and Judgements\u201d, \u201c\u2013 Note 12: Revenue and Gross Margin\u201d and \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d).
24. Provisions, Contingent Assets and Contingent Liabilities
31. Post-Employment Benefits
Plans description When Company employees retire, they receive indemnities as stipulated in retirement agreements, in accordance with regulations and practices of the countries in which it operates. Provision for deferred compensation represents obligations that arise if employees elect to convert part of their remuneration or bonus into an equivalent commitment for deferred compensation which is treated as a defined benefit post-employment plan.
4. Material Accounting Policies
Inventories are measured at the lower of acquisition cost (generally the average cost) or manufacturing cost and net realisable value. Manufacturing costs comprise all costs that are directly attributable to the manufacturing process, such as direct material and labour, and production related overheads (based on normal operating capacity and normal consumption of material, labour and other production costs), including depreciation charges. Net realisable value is the estimated selling price in the ordinary course of the business less the estimated costs to complete the sale. For aircraft that may need to be remarketed, the impairment of working progress and finished aircraft is assessed based on an estimation of the future selling price and associated remarketing costs.
4. Material Accounting Policies
Provisions for onerous contracts \u2014 The Company records provisions for onerous contracts when it becomes probable that the total contract costs will exceed total contract revenue. Before a provision for onerous contracts is recorded, the related assets under construction are measured at their net realisable value and written-off if necessary. Onerous contracts are identified by monitoring the progress of the contract together with the underlying programme status. An estimate of the related contract costs is made, which requires significant and complex assumptions, judgements and estimates related to achieving certain performance standards (see \u201c\u2013 Note 5: Key Estimates and Judgements\u201d, \u201c\u2013 Note 12: Revenue and Gross Margin\u201d and \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d).
24. Provisions, Contingent Assets and Contingent Liabilities
Movements in other provisions during the year were as follows: (In \u20ac million) Balance at 1 January 2023 Exchange differences Increase from passage of time Additions Reclassification/ Change in consolidated group Used Released Balance at 31 December 2023 Onerous contracts 1,808 (27) 0 527 (55) (558) (57) 1,638 Outstanding costs 1,374 (1) (1) 562 0 (396) (106) 1,432 Aircraft financing risks (1) 5 0 0 0 0 0 (3) 2 Obligation from services and maintenance agreements 384 0 12 65 0 (72) (88) 301 Warranties 397 (3) 2 148 0 (71) (78) 395 Personnel-related provisions (2) 743 (3) 5 453 4 (363) (65) 774 Litigation and claims (3) 331 0 0 84 (5) (124) (183) 103 Asset retirement 147 0 5 5 0 0 (23) 134 Others risks and charges 2,325 1 (1) 889 (11) (380) (489) 2,334 Total 7,514 (31) 22 2,733 (69) (1,964) (1,092) 7,113 (1) See \u201c\u2013 Note 27: Sales Financing Transactions\u201d. (2) See \u201c\u2013 Note 30: Personnel-Related Provisions\u201d. (3) See \u201c\u2013 Note 38: Litigation and Claims\u201d. Provisions for onerous contracts in 2023 mainly include the utilisation and net presentation of the A400M programme losses against inventories and the reduction in the A220 programme. Personnel-related provisions include restructuring provisions and other personnel charges. For more details, see \u201c\u2013 Note 30: Personnel- Related Provisions\u201d. Provisions for litigation and claims decreased mainly due to the release of compliance-related provisions for an amount of \u20ac 0.1 billion.
Contingent assets and contingent liabilities \u2014 The Company is exposed to technical and commercial contingent obligations due to the nature of its businesses. To mitigate this exposure, the Company has subscribed a Global Aviation Insurance Programme (\u201cGAP\u201d). Information required under IAS 37 \u201cProvisions, Contingent Assets and Contingent Liabilities\u201d is not disclosed if the Company concludes that disclosure can be expected to prejudice seriously its position in a dispute with other parties. For other contingent liabilities, see \u201c\u2013 Note 38: Litigation and Claims\u201d and \u201c\u2013 Note 12: Revenue and Gross Margin\u201d (mainly A400M programme).
38. Litigation and Claims Litigation and claims \u2014 Various legal actions, governmental investigations, proceedings and other claims are pending or may be instituted or asserted in the future against the Company. Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with certainty. Provisions have been accounted for in accordance with IFRS criteria. It is reasonably possible that the final resolution of some of these matters may require the Company to make expenditures, in excess of established provisions over an extended period of time and in a range of amounts that cannot be reasonably estimated. The term \u201creasonably possible\u201d is used herein to mean that the chance of a future transaction or event occurring is more than remote but less than likely. The Company is involved from time to time in various governmental, legal and arbitration proceedings in the ordinary course of its business, the most significant of which are described below. Other than as described below, there are no material governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened) which may have or have had in the recent past significant effects on Airbus SE\u2019s or the Company\u2019s Financial Position or profitability. If the Company concludes that the disclosures relative to contingent liabilities can be expected to prejudice seriously its position in a dispute with other parties, the Company limits its disclosures to the nature of the dispute. Investigation by the UK SFO, France\u2019s PNF, US Departments of State and Justice and Related Commercial Litigation During 2023, the various proceedings in relation to the final agreements (\u201cthe agreements\u201d) reached with the French Parquet National Financier (\u201cPNF\u201d), the UK Serious Fraud Office (\u201cSFO\u201d), and the US Department of Justice (\u201cDoJ\u201d) (resolving the authorities\u2019 investigations into allegations of bribery and corruption), and the US Department of State (\u201cDoS\u201d) and the DoJ (resolving their investigations into inaccurate and misleading filings made with the DoS pursuant to the US International Traffic in Arms Regulations (\u201cITAR\u201d)), were concluded. The agreements were approved and made public on 31 January 2020. Under their terms, the Company agreed to pay penalties of \u20ac\u20093,597,766,766 plus interest and costs to the French, UK and US authorities. This was recognised in the Company\u2019s 2019 accounts, and all penalties have been paid. The settlements with each authority were as follows: PNF \u20ac\u20092,083,137,455, the SFO \u20ac\u2009983,974,311, the DoJ \u20ac\u2009526,150,496 and the DoS \u20ac\u20099,009,008 of which \u20ac\u20094,504,504 could be used for approved remedial compliance measures. Under the terms of the Convention judiciaire d\u2019int\u00e9r\u00eat public (\u201cCJIP\u201d) with the PNF, the Company had an obligation to submit its compliance programme to targeted audits carried out by the Agence Fran\u00e7aise Anticorruption (\u201cAFA\u201d) over a period of three years. Under the terms of the Deferred Prosecution Agreement (\u201cDPA\u201d) with the SFO, no independent compliance monitor was imposed on the Company in light of the continuing monitorship conducted by the AFA. Under the terms of the DPA with the DoJ, no independent compliance monitor was imposed on Airbus under the agreement with the DoJ, but the Company periodically reported on its continuing compliance enhancement progress during the three year term of the DPA and carried out further reviews as required by the DoJ. The agreements resulted in the suspension of prosecution for a duration of three years. This deferral period ended on 31 January 2023. On 13 February 2023, the SFO gave notice to the Company discontinuing the prosecution. On 17 March 2023, the PNF gave notice of the same with receipt of the Constat de l'extinction de l'action publique. On 28 July 2023 the DoJ filed a motion to dismiss which was
granted by the court on 10 August 2023. With receipt of the aforementioned notices, the CJIP with the PNF, the DPA with the SFO and the DPA with the DoJ were formally concluded. Under the terms of the Consent Agreement with the DoS, the DoS agreed to settle all civil violations of the ITAR outlined in the Company\u2019s voluntary disclosures identified in the Consent Agreement, and the Company agreed to retain an independent export control compliance officer to monitor the effectiveness of the Company\u2019s export control systems and its compliance with the ITAR. As a result of the Company's decision to redirect export control compliance resources to ensure compliance with export control restrictions and international sanctions announced against Russia, Belarus and certain Russian entities and individuals following Russia's invasion of Ukraine on 24 February 2022, the Company asked the DoS to extend the Consent Agreement an additional nine months from its original expiration date, and the DoS granted this extension. On 26 October 2023, the Company received notice from the DoS of the closure of the Consent Agreement based on the fulfilment of its terms. In addition to any pending investigation in other jurisdictions, the factual disclosures made in the course of reaching the agreements may result in the commencement of additional investigations in other jurisdictions. Such investigations could also result in (i) civil claims or claims by shareholders against the Company, (ii) adverse consequences on the Company\u2019s ability to obtain or continue financing for current or future projects, (iii) limitations on the eligibility of group companies for certain public sector contracts, and/or (iv) damage to the Company\u2019s business or reputation via negative publicity adversely affecting the Company\u2019s prospects in the commercial marketplace. Airbus will continue to cooperate with the authorities in the future and to enhance its strong Ethics & Compliance programme and culture within the Company. In the wake of the agreements and settlements described above, several consultants and other third parties initiated commercial litigation and arbitration against the Company seeking relief. The agreements reached with authorities may lead to additional commercial litigation and arbitration against the Company and tax liability in the future, which could have a material impact on the Financial Statements, business and operations of the Company. Securities Litigation In August 2021 the Company received notification of two separate claims and in March 2022 of a third claim, each filed in the Netherlands purportedly on behalf of Airbus investors. These claims (the \u201cDutch claims\u201d) assert that the Company violated its reporting obligations, allegedly leading to an impact on the Company\u2019s share price, by failing to adequately inform investors and providing false or misleading information about its use of intermediaries and alleged corrupt practices, its related financial exposure, internal investigations and subsequent measures taken by the Company, and the related criminal investigations leading to the Company\u2019s agreements approved on 31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS. The first Dutch claim was filed with the Amsterdam District Court in August 2021 by a special purpose vehicle incorporated under the laws of Guernsey, an assignee purportedly representing numerous private shareholders and institutional investors, seeking a declaratory judgment with damages to be assessed in follow on proceedings. The second Dutch claim was filed in December 2021 following a demand letter sent by a foundation incorporated under the laws of the Netherlands, a purported representative of unnamed institutional and retail investors worldwide, starting a class action against the Company before the Dutch courts. This second Dutch claim targets the Company, certain of the Company's current and former directors and officers, and the Company's current and former auditors. The third Dutch claim was a class action filed in April 2022 against the Company by a foundation incorporated under the laws of the Netherlands. In accordance with Dutch procedural law, the two Dutch class action claims are treated jointly as one case. The Dutch claims followed the filing in 2020 of a putative class action lawsuit in US federal court in the state of New Jersey, against Airbus SE and members of its current and former management. The US complaint asserted violations of US securities laws, alleging false and misleading statements or omissions concerning, among other things, the Company\u2019s agreements approved on 31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS as well as the Company\u2019s historic practices regarding the use of third party business partners and anti-corruption compliance. The matter was fully and finally settled on 30 September 2022 in exchange for a payment in the amount of $5 million USD without any acknowledgement of liability. On 30 August 2023, the first Dutch claim was dismissed on the merits, with the plaintiff appealing this dismissal on 29 November 2023. On 20 September 2023, the second and third Dutch claims were dismissed on procedural grounds, which plaintiffs appealed on 19 December 2023. The calendar for appeal proceedings on both matters extends at least to 2025 and could take longer. The Company cannot exclude the possibility that additional claims are filed related to this subject matter attempting different theories of recovery in the same or different jurisdictions. The Company believes it has solid grounds to defend itself against the allegations. The consequences of such litigation and the outcome of the proceedings cannot be fully assessed at this stage, but any judgment or decision unfavourable to the Company could have a material adverse impact on the Financial Statements, business and operations of the Company. Air France Flight 447 Trial On 1 June 2009, an A330 operated by Air France as flight AF447 from Rio de Janeiro to Paris disappeared over the Atlantic Ocean with 228 persons onboard. The wreckage was located in April 2011 after several search campaigns organised by the Bureau d'Enqu\u00eates et d'Analyses (BEA), which published its final investigation report in July 2012. In the wake of the accident, the prosecutor in Paris opened an investigation for involuntary manslaughter and Airbus SAS was charged in March 2011. In September 2019, the investigating magistrates closed the investigation and dismissed all criminal charges after a thorough analysis of the technical and legal elements of the case. However, the Paris Court of Appeal overturned the magistrates' decision and ordered a trial for involuntary manslaughter. The
Company\u2019s appeal to the French Supreme Court was dismissed. Following a trial in the fourth quarter of 2022, the Paris Criminal Court announced on 17 April 2023 that all criminal charges against the Company were dismissed but sustained certain civil liability claims. On 26 April 2023, the Paris General Prosecutor filed an appeal of the dismissal of criminal charges against Airbus and Air France. As a consequence, there will be a full retrial of the matter, which the Company expects will be scheduled to take place in 2024 or 2025. Grand Canyon Helicopter Accident On 10 February 2018, a fatal accident occurred in the Grand Canyon at a site called Quartermaster in Arizona involving an EC130 B4 helicopter operated by Papillon Helicopters impacting the canyon floor and catching fire, leading to five fatalities and two severely injured persons. Following the accident, product liability claims were filed in Nevada state court in the US, including claims by the estate and parents of a deceased passenger and by the injured pilot of the helicopter. On 6 May 2023 the claim of the pilot was settled, with no admission of liability on behalf of the Company. In January 2024, the last remaining claim with a passenger family was settled, with no admission of liability on behalf of the Company, in the amount of $100 million USD, shared between Airbus Helicopters and Papillon Helicopters. Other Investigations In 2019, the Company self-reported to German authorities potentially improper advance receipt and communication of confidential customer information by employees of Airbus Defence and Space GmbH. The information concerned relates to future German government procurement projects. The self-disclosure by the Company followed an internal review with the support of an external law firm. Both the German Ministry of Defence and the Munich public prosecutor opened an investigation into the matter. The investigation could have an impact on Airbus Defence and Space GmbH\u2019s and Airbus Secure Land Communications GmbH\u2019s ability to participate in future public procurement projects in Germany. In 2021 the Munich prosecution issued a penalty notice against Airbus Defence and Space GmbH for \u20ac 10 million for negligent violation of supervisory duties in connection with this matter. The Company continues to fully cooperate with relevant authorities.
4. Material Accounting Policies
Research and development expenses \u2014 The costs for internally generated research are expensed when incurred. The costs for internally generated development are capitalised when: - the product or process is technically feasible and clearly defined (i.e. the critical design review is finalised); - adequate resources are available to successfully complete the development; - the benefits from the assets are demonstrated (a market exists or the internal usefulness is demonstrated) and the costs attributable to the projects are reliably measured; - the Company intends to produce and market or use the developed product or process and can demonstrate its profitability. Income tax credits granted for research and development activities are deducted from corresponding expenses or from capitalised amounts when earned.
Capitalised development costs, are recognised either as intangible assets or, when the related development activities lead to the construction of specialised tooling for production (\u201cjigs and tools\u201d), or involve the design, construction and testing of prototypes and models, as property, plant and equipment. Capitalised development costs are generally amortised over the estimated number of units produced. If the number of units produced cannot be estimated reliably, they are amortised over the estimated useful life of the internally generated
intangible asset. Amortisation of capitalised development costs is recognised in cost of sales. In testing long-life assets such as jigs and tools and capitalised development costs for impairment, the Company makes estimates on the number and timing of aircraft units to be delivered in the future, the margin of these aircraft, and the discount rate associated with the aircraft programme.
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) to which the asset belongs may be impaired. In addition, intangible assets with an indefinite useful life, intangible assets not yet available for use and goodwill are tested for impairment annually, irrespective of whether there is any indication for impairment. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purpose of impairment testing, any goodwill is allocated to the CGU or group of CGUs in a way that reflects the way goodwill is monitored for internal management purposes. The discounted cash flow method is used to determine the recoverable amount of a CGU or the group of CGUs to which goodwill is allocated. The discounted cash flow method is particularly sensitive to the selected discount rates and estimates of future cash flows by management. Discount rates are based on the weighted average cost of capital (\u201cWACC\u201d) for a CGU or the groups of CGUs. The discount rates are calculated based on a risk-free rate of interest and a market risk premium. In addition, the discount rates reflect the current market assessment of the risks specific to each group of CGUs by taking into account specific peer group information on beta factors, leverage and cost of debt. Consequently, slight changes to these elements can materially affect the resulting valuation and therefore the amount of a potential impairment charge. These estimates are influenced by several assumptions including the growth rate of CGUs used in the computation of the terminal value, the increase of deliveries in the coming years, the availability and composition of future defence and institutional budgets, and foreign exchange fluctuations or implications arising from the volatility of capital markets. Cash flow projections take into account past experience and represent management\u2019s best estimate of future developments which align with the Company\u2019s climate-related commitments.
4. Material Accounting Policies
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac exchange rates. Furthermore, the Company is exposed, though to a much lesser extent, to foreign exchange risk arising from costs incurred in currencies other than the euro and to other market risks such as interest rate risk, commodity price and equity price risk. In order to manage and mitigate those risks, the Company enters into derivative contracts. The Company applies hedge accounting to its derivative contracts whenever the relevant IFRS criteria can be met. Hedge accounting ensures that derivative gains or losses are recognised in profit or loss (mainly in revenue) in the same period that the hedged items or transactions affect profit or loss. The major portion of the Company\u2019s derivative contracts is accounted for under the cash flow hedge model. The fair value hedge model is used only for certain interest rate derivatives. Derivative contracts which do not qualify for hedge accounting are accounted for at fair value through profit or loss; any related gains or losses being recognised in financial result. The Company\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Trade receivables arise when the Company provides goods or services directly to a customer with no intention of trading the receivable. Trade receivables include claims arising from revenue recognition that are not yet settled by the debtor. Trade receivables are initially recognised at their transaction prices and are subsequently measured at amortised cost less any allowances for impairment. Gains and losses are recognised in the Consolidated Income Statement when the receivables are derecognised and impaired. Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
36.1 Cash and Cash Equivalents
Only securities with a maturity of three months or less from the date of the acquisition, that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of changes in value, are recognised in cash equivalents. 36.3 Financing Liabilities
Financing liabilities include debt obligations towards financial institutions, issued corporate bonds, deposits made by customers of Airbus Bank, borrowings received from joint ventures and other parties as well as finance lease liabilities. Financing liabilities are recorded initially at the fair value of the proceeds received, net of transaction costs incurred. Subsequently, financing liabilities are measured at amortised cost, using the effective interest rate method with any difference between proceeds (net of transaction costs) and redemption amount being recognised in total finance income (cost) over the period of the financing liability. 37.2 Carrying Amounts and Fair Values of Financial Instruments
Financial assets at fair value through profit or loss \u2014 This category comprises all other financial assets (e.g. derivative instruments) that are to be measured at fair value (including equity investments for which the Company did not elect to present changes in fair value in OCI). The Company assigns its financial instruments into classes based on their balance sheet category.
Fair Value Hierarchy Fair value of financial instruments \u2014 The fair value of quoted investments is based on current market prices. If the market for financial assets is not active, or in the case of unlisted financial instruments, the Company determines fair values by using generally accepted valuation techniques on the basis of market information available at the end of the reporting period. Derivative instruments are generally managed on the basis of the Company\u2019s net exposure to the credit risk of each particular counterparty and fair value information is provided to the Company\u2019s key management personnel on that basis. For these derivative instruments, the fair value is measured based on the price that would be received to sell a net long position, or transfer a net short position, for a particular credit risk exposure as further described below. Depending on the extent the inputs used to measure fair values rely on observable market data, fair value measurements may be hierarchised according to the following levels of input: - Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities; - Level 2: inputs other than quoted prices that are observable for the asset or liability \u2013 fair values measured based on Level 2 input typically rely on observable market data such as interest rates, foreign exchange rates, credit spreads or volatilities; - Level 3: inputs for the asset or liability that are not based on observable market data \u2013 fair values measured based on Level 3 input rely to a significant extent on estimates derived from the Company\u2019s own data and may require the use of assumptions that are inherently judgemental and involve various limitations. The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input.
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 The fair values of listed equity instruments reflect quoted market prices. For non-listed equity investments for which quoted market prices are not available, the Company determines the fair values using valuation methods such as net asset values, discounted cash flow method or a comparable valuation technique. Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Contract assets, trade receivables and other receivables \u2014 The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the receivables\u2019 origination and their maturity. Securities \u2014 The fair values of securities reflect their quoted market price at the end of the reporting period. Cash and cash equivalents \u2014 include cash in hand, cash in banks, checks, fixed deposits as well as commercial papers and money market funds. The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the origination of the instrument and its maturity or due date. The fair value of commercial papers is determined based on Level 2 input by discounting future cash flows using appropriate interest rates. The fair values of money market funds are determined by reference to their quoted market price. Derivatives \u2014 The fair values of derivative instruments reflect quoted market prices, where available, but in most cases are determined using recognised valuation techniques such as option-pricing models (e.g. Black & Scholes model) and discounted cash flow models. The valuation is based on observable market data such as currency rates, currency forward rates, interest rates and yield curves, commodity forward prices as well as price and rate volatilities obtained from recognised vendors of market data. Furthermore, to the extent that these instruments are subject to master netting arrangements and similar agreements and managed on the basis of net credit exposure, their fair values reflect credit and debit value adjustments based on the net long or net short position that the Company has with each counterparty. Except for certain short-term commodity contracts and derivatives presented in the Level 3 section above, derivative fair values are measured based on Level 2 input.
37.7 Impairment Losses Loss allowances \u2014 For its portfolio of debt instruments including bonds, term deposits and commercial papers, the Company measures loss allowances at an amount that represents credit losses resulting from default events that are possible within the next 12 months, unless the credit risk on a financial instrument has increased significantly since initial recognition. In the event of such significant increase in credit risk the Company measures loss allowances for that financial instrument at an amount equal to its life-time expected losses, i.e. at an amount equal to the expected credit losses that result from all possible default events over the expected life of that financial instrument. The Company applies the low credit risk exemption allowing the Company to assume that there is no significant increase in credit risk since initial recognition of a financial instrument, if the instrument is determined to have low credit risk at the reporting date. Similarly, the Company has determined that its trade receivables and contract assets generally have low credit risk. The Company applies the simplified approach permitted by IFRS 9 of measuring expected credit losses of trade receivables and contract assets on a lifetime basis from initial recognition.
4. Material Accounting Policies
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac exchange rates. Furthermore, the Company is exposed, though to a much lesser extent, to foreign exchange risk arising from costs incurred in currencies other than the euro and to other market risks such as interest rate risk, commodity price and equity price risk. In order to manage and mitigate those risks, the Company enters into derivative contracts. The Company applies hedge accounting to its derivative contracts whenever the relevant IFRS criteria can be met. Hedge accounting ensures that derivative gains or losses are recognised in profit or loss (mainly in revenue) in the same period that the hedged items or transactions affect profit or loss. The major portion of the Company\u2019s derivative contracts is accounted for under the cash flow hedge model. The fair value hedge model is used only for certain interest rate derivatives. Derivative contracts which do not qualify for hedge accounting are accounted for at fair value through profit or loss; any related gains or losses being recognised in financial result. The Company\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
25. Other Financial Assets and Other Financial Liabilities Other Financial Assets 31 December (In \u20ac million) 2023 2022 Positive fair values of derivative financial instruments (1) 897 753 Others 25 28 Total non-current other financial assets 922 781 Receivables from related companies 1,252 1,104 Positive fair values of derivative financial instruments (1) 330 1,141 Others 269 297 Total current other financial assets 1,851 2,542 Total 2,773 3,323 (1) See \u201c\u2013 Note 37: Financial Instruments\u201d.
Other Financial Liabilities 31 December (In \u20ac million) 2023 2022 Liabilities for derivative financial instruments (1) 2,859 6,163 European Governments' refundable advances (2) 3,671 3,717 Others 185 237 Total non-current other financial liabilities 6,715 10,117 Liabilities for derivative financial instruments (1) 1,891 3,450 European Governments' refundable advances (2) 185 140 Liabilities to related companies 183 186 Others 310 297 Total current other financial liabilities 2,569 4,073 Total 9,284 14,190 (1) See \u201c\u2013 Note 37: Financial Instruments\u201d. (2) Refundable advances from European Governments are provided to the Company to finance research and development activities for certain projects on a risk-sharing basis, i.e. they are repaid to the European Governments subject to the success of the project. The total net fair value of derivative financial instruments increased by \u20ac +4,196 million to \u20ac\u2009-3,523 million (2022: \u20ac\u2009-7,719 million) as a result of the reduction of the volume of financial instruments and the weakening of the US dollar (see \u201c\u2013 Note 37.4: Notional Amounts of Derivative Financial Instruments).
37.1 Financial Risk Management
Market Risk Foreign exchange risk \u2014 Foreign exchange risk arises when future commercial transactions or firm commitments, recognised monetary assets and liabilities and net investments in foreign operations are denominated in a currency that is not the entity\u2019s functional currency. The Company manages a long-term hedge portfolio with maturities of several years covering its net exposure to US dollar sales, mainly from the commercial activities of Airbus. This hedge portfolio covers a large portion of the Company\u2019s firm commitments and highly probable forecasted transactions. For Airbus, the highly probable criteria of the underlying foreign currency exposure of cash flow hedges is assessed based on the IFRS15 backlog value analysis. This consists in reducing the contractual firm backlog by all deliveries which cannot be considered as highly probable due to the existence of either cancellation rights, risk of bankruptcy or other risk of order restructuring. The latter assessments is taking into account customers\u2019 situation and commercial aspects. The resulting backlog is further adjusted to the foreign exchange management hedging horizon. The highly probable underlying foreign currency exposure is then capped to the production plan when applicable. Most of the Company\u2019s revenue is denominated in US dollars, while a major portion of its costs is incurred in euro and to a lesser extent in other foreign currencies. Consequently, to the extent that the Company does not use financial instruments to hedge its exposure resulting from this currency mismatch, its profits will be affected by changes in the \u20ac/US$ exchange rate. As the Company intends to generate profits primarily from its operations rather than through speculation on exchange rate movements, it uses hedging strategies to manage and minimise the impact of exchange rate fluctuations on these profits. With respect to its commercial aircraft products, as of 30 June 2018, the Company adopted a new hedge strategy to hedge its net exposure (US dollar revenue less US dollar cost) resulting from commercial aircraft deliveries of specific aircraft types. The strategy more closely aligns hedge accounting with risk management activities. Under the new strategy the foreign exchange derivatives used as hedging instruments are designated as a hedge of a portion of the cash flows received for each of a number of deliveries of a specific aircraft type that are expected to occur in a given month and hence will allow the hedge result to move along with the hedged deliveries in the event of a shift in deliveries. If such a shift in hedged deliveries occurs, hedge ineffectiveness will arise to the extent the maturities of the hedging instrument and the expected timing of the hedged cash flows are no longer perfectly aligned. In order to minimise such ineffectiveness, the Company will close the timing gap by rolling over hedges to new maturities, using foreign exchange swap contracts. In addition, the Company will designate the risk of changes in the spot element as the hedged risk in order to eliminate the ineffectiveness resulting from changes in forward points between different maturities. The forward element will be accounted for as a cost of hedging similar to the time value of options. Until 30 June 2018, the Company typically hedged firmly committed sales in US dollar using a \u201cfirst flow approach\u201d. Under that approach, the foreign currency derivatives the Company entered into were designated as a hedge of the first US dollar inflows received from the customer at aircraft delivery in a given month. The strategy implied that only a portion of the expected monthly customer payments made
at aircraft delivery were hedged and that a reduction of monthly cash inflows as a result of postponements or order cancellations had no impact on the effectiveness of the hedge as long as the actual gross US dollar cash inflows received at aircraft delivery in a particular month exceeded the portion designated as being hedged in that month. According to the prospective application requirement of IFRS 9, the fair values of the legacy portfolio in place at inception of the new strategy continue to be assigned to the previous first flow hedge regime and remain in the hedge reserve in OCI, to be recognised in profit or loss only at maturity of the originally hedged cash flows (unless those cash flows are no longer expected to occur). As a result of prospective application, the hedging instruments designated under the new strategy had a non-zero fair value at hedge inception, which might create some small ineffectiveness. Another source of ineffectiveness is the counterparty credit risk inherent in the hedge portfolio. As such, credit risk is absent from the hedged cash flows. However, since netting arrangements are in place with all the hedge counterparties and the Company has a policy of trading with investment grade counterparties only, the credit risk arising from its hedging instruments, and associated changes in credit risk, have historically been negligible and are expected to remain so. The Company also hedges its expected foreign currency exposure arising from US dollar or pound sterling cash outflows in the commercial aircraft business on a first outflow basis, though to a much lesser extent than US dollar cash inflows. In military aircraft and non-aircraft businesses, the Company hedges inflows and outflows in foreign currencies from firmly committed or highly probable forecast sales and purchase contracts. Here, foreign currency derivatives are typically contracted in lower volumes; they may be accounted for using a first flow approach or are designated as hedges of specific agreed milestone payments. The amount of the expected flows to be hedged can cover up to 100% of the equivalent of the net US dollar exposure at inception. The coverage ratio considers the variability in the range of potential outcomes taking into account macroeconomic movements affecting spot rates and interest rates as well as the robustness of the commercial cycle. In situations where the payment dates for hedged firmly committed cash flows are not fixed and subject to potentially significant delays, the Company may use rollover strategies, usually involving foreign exchange swaps. For all foreign currency hedges of future cash flows which qualify for hedge accounting under IFRS 9, the Company uses the cash flow hedge model, which requires (i) recognising the effective portion of the fair value changes of the hedging derivatives in equity (within OCI) and (ii) recognising the effect of the hedge in profit or loss when the hedged cash flows affect profit or loss. In addition, the Company hedges currency risk arising from financial assets or liabilities denominated in currencies other than the euro, including foreign currency receivable and payable accounts, as well as foreign currency denominated funding transactions or securities. The Company applies hedge accounting if a mismatch in terms of profit or loss recognition of the hedging instrument and hedged item would otherwise occur. Frequently, however, the currency-induced gains or losses of the hedging instrument and the hedged item match in terms of profit or loss recognition (\u201cnatural hedge\u201d), so no hedge accounting is required. Sometimes such gains or losses may end up in different sections of the income statement (such as operating profit for the hedged item and financial result for the hedging instrument). If so, the Company may choose to present the gains or losses of both the hedging instrument and the hedged item in the same income statement line item if certain formal requirements are met. As hedging instruments, the Company primarily uses foreign currency forwards, foreign currency options and to a minor extent non- derivative financial instruments. A hedge ratio of 1:1 is applied by the Company. The Company also has foreign currency derivative instruments which are embedded in certain purchase contracts denominated in a currency other than the functional currency of any substantial party to the contract, principally in US dollar and pound sterling. If such embedded derivatives are required to be accounted for separately from the host purchase contract, related gains or losses are generally recognised in other financial result. However, if the embedded derivatives qualify for hedge accounting, the Company might choose to designate them as a hedging instrument in a hedge of foreign currency risk, in which case they are accounted for under the cash flow hedge model as described above. Interest rate risk \u2014 The Company uses an asset-liability management approach with the objective to limit its interest rate risk. It undertakes to match the risk profile of its interest-bearing assets with those of its interest-bearing liabilities. The remaining net interest rate exposure is managed through several types of interest rate derivatives, such as interest rate swaps and interest rate futures contracts, in order to minimise risks and financial impacts. The vast majority of related interest rate hedges qualify for hedge accounting, and most of them are accounted for under the fair value hedge model. As a result, both the fair value changes of these derivatives and the portion of the hedged items\u2019 fair value change that is attributable to the hedged interest rate risk are recognised in profit or loss, where they offset to the extent the hedge is effective. The Company has applied the relief introduced by the amendments made to IFRS 9 in September 2019 on hedge accounting, having the effect that the IBOR reform should not cause hedge accounting to terminate. The Company invests in financial instruments such as overnight deposits, certificates of deposits, commercial papers, other money market instruments and short-term as well as medium-term bonds. For its financial instruments portfolio, the Company has an Asset Liability Management Committee in place that meets regularly and aims to limit the interest rate risk on a fair value basis through a value-at-risk approach, from which results a hedge ratio that is however not actively steered. Commodity price risk \u2014 The Company is exposed to risk relating to fluctuations in the prices of commodities used in the supply chain. It manages these risks in the procurement process and to a certain extent uses derivative instruments in order to mitigate the risks associated with the purchase of raw materials. To the extent that the gains or losses of the derivative and those of the hedged item or transaction do not match in terms of profit or loss, the Company applies cash flow hedge accounting to the derivative instruments, with a hedge ratio of 1:1. Equity price risk \u2014 The Company is to a small extent invested in equity securities mainly for operational reasons. Its exposure to equity price risk is hence limited. Furthermore, it is exposed under its LTIP to the risk of the Company share price increases. The Company limits these risks through the use of equity derivatives that qualify for hedge accounting and have been designated as hedging instruments in cash flow hedges, with a hedge ratio of 1:1.
Sensitivities of market risks \u2014 The approach used to measure and control market risk exposure of the Company\u2019s financial instrument portfolio is, amongst other key indicators, the value-at-risk model (\u201cVaR\u201d). The VaR of a portfolio is the estimated potential loss that will not be exceeded over a specified period of time (holding period) from an adverse market movement with a specified confidence level. The VaR used by the Company is based upon a 95% confidence level and assumes a five-day holding period. The VaR model used is mainly based on the so-called \u201cMonte-Carlo-Simulation\u201d method. The model generates a wide range of potential future scenarios for market price movements by deriving the relevant statistical behaviour of markets for the portfolio of market data from the previous two years and observed interdependencies between different markets and prices.
37.4 Notional Amounts of Derivative Financial Instruments The contract or notional amounts of derivative financial instruments shown below do not necessarily represent amounts exchanged by the parties and, thus, are not necessarily a measure for the exposure of the Company through its use of derivatives. The notional amounts of foreign exchange derivative financial instruments are as follows, specified by year of expected maturity: Remaining period (In \u20ac million) 1 year 2 years 3 years 4 years 5 years > 5 years Total 31 December 2023 Net forward and swap contracts 17,470 13,559 11,002 8,122 4,885 (22) 55,016 31 December 2022 Net forward sales contracts 20,076 18,636 12,128 8,100 7,284 1,201 67,425 The following table sets out the notional amount of foreign exchange hedges in place as of 31 December 2023 relating to the commercial activities of Airbus, and the average euro converted rates applicable to corresponding EBIT. (In $ million) 2024 2025 2026 2027 2028+ Total Total hedges 21,548 16,594 13,303 9,701 5,949 67,097 Forward rates \u20ac/US$ 1,21 1,21 1,25 1,30 1,27 1,24 In 2023 new hedge contracts of US$ 12.2 billion (2022: US$ 7.5 billion) were added at an average rate of 1.11 US$/\u20ac\u2009(2022: 1.12 US$/\u20ac). As of 31 December 2023, the total hedge portfolio with maturities up to 2029 amounts to US$ 67.1 billion (2022: US$ 76.4 billion) and covers a significant portion of the foreign exchange exposure expected over the hedging horizon. The average US$/\u20ac hedge rate of the US$/\u20ac hedge portfolio until 2029 amounts to 1.24 US$/\u20ac\u2009(2022: 1.24 US$/\u20ac). (In \u00a3 million) 2024 2025 2026 2027 2028+ Total Total hedges 1,020 794 701 475 414 3,405 Forward rates \u20ac/\u00a3 0,88 0,90 0,91 0.92 0.93 0.90 Since 2021, \u20ac/\u00a3 hedges were implemented in order to cover the GBP exposure of the Company. The notional amounts of interest rate contracts are as follows: Remaining period (In \u20ac million) 1 year 2 years 3 years 4 years 5 years 6 years 7 years > 7 years Total 31 December 2023 Interest rate contracts 823 561 1,355 1,357 611 500 1,250 3,579 10,036 31 December 2022 Interest rate contracts 0 823 561 1,355 1,406 611 500 4,150 9,406 Please also refer to \u201c\u2013 Note 36.3: Financing Liabilities\u201d. The notional amounts of commodity contracts are as follows: Remaining period (In \u20ac million) 1 year 2 years 3 years 4 years > 4 years Total 31 December 2023 122 74 31 0 0 228 31 December 2022 13 4 0 0 0 17 The notional amounts of equity swaps are as follows: Remaining period (In \u20ac million) 1 year 2 years 3 years 4 years > 4 years Total 31 December 2023 41 34 0 0 0 75 31 December 2022 17 22 14 0 0 53
37.5 Derivative Financial Instruments and Hedge Accounting Disclosure The following table presents the reconciliation of AOCI, net of tax, resulting from cash flow hedge accounting as of 31 December 2023 and 31 December 2022: 31 December 2023 2022 (In \u20ac million) Hedge reserve Opening balance 5,688 3,448 Foreign exchange contracts (1,374) 5,575 Others (7) 34 Changes in fair values (1,381) 5,609 Foreign exchange contracts (2,072) (2,358) Others (4) (7) Amount reclassified to profit or loss (matured hedges) (2,076) (2,365) Foreign exchange contracts 165 (146) Others 0 (1) Amount classified to profit or loss (inefficiency) 165 (147) Tax impact 902 (857) Closing balance 3,298 5,688 The following table presents the amounts relating to items designated as hedging instruments and hedge ineffectiveness for cash- flow hedges as of 31 December 2023: Carrying values OCI (In \u20ac million) Asset Liability Changes in values of the hedging instrument Other changes in value of the hedge reserve Hedge inefficiency recorded in financial result Amounts reclassified from hedge reserve to profit or loss Foreign currency risk Net forward sales contracts 986 (3,529) (2,369) 995 165 (2,072) Foreign exchange options 0 0 0 0 0 0 Embedded Derivatives 0 (37) (12) 0 0 (4) Interest rate risk 0 0 0 0 0 0 Commodity swap risk 1 0 5 0 0 0 Equity swap risk 10 1 0 0 0 0 Total 997 (3,565) (2,376) 995 165 (2,076) The following table presents the amounts relating to items designated as hedging instruments and hedge ineffectiveness for cash- flow hedges as of 31 December 2022: Carrying values OCI (In \u20ac million) Asset Liability Changes in values of the hedging instrument Other changes in value of the hedge reserve Hedge inefficiency recorded in financial result Amounts reclassified from hedge reserve to profit or loss Foreign currency risk Net forward sales contracts 1,492 (7,643) 4,429 1,146 (146) (2,358) Foreign exchange options 0 0 0 0 0 0 Embedded Derivatives 0 (60) 36 0 0 (7) Interest rate risk 0 0 0 0 0 0 Commodity swap risk 6 0 (2) 0 (1) 0 Equity swap risk 1 (4) 0 0 0 0 Total 1,499 (7,707) 4,463 1,146 (147) (2,365)
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"value": "4. Material Accounting Policies
Revenue recognition \u2014 Revenue is recognised when the Company transfers control of the promised goods or services to the customer. The Company measures revenue, for the consideration to which the Company is expected to be entitled in exchange for transferring promised goods or services. Variable considerations are included in the transaction price when it is highly probable that there will be no significant reversal of the revenue in the future. The Company identifies the various performance obligations of the contract and allocates the transaction price to these performance obligations. Advances and pre-delivery payments (contract liabilities) are received in the normal course of business and are not considered to be a significant financing component as they are intended to protect the Company from the customer failing to complete its contractual obligations. Revenue from the sale of commercial aircraft is recognised at a point in time (i.e. at delivery of the aircraft). The Company estimates the amount of price concession granted by the Company\u2019s engine suppliers to their customers as a reduction of both revenue and cost of sales. An aircraft can remain in storage under a bill-and-hold arrangement. In such cases, revenue is recognised when the requirements for the transfer of control under a bill-and-hold arrangement are fulfilled. Revenue from the sale of military aircraft, space systems and services \u2014 When control of produced goods or rendered services is transferred over time to the customer, revenue is recognised over time, i.e. under the percentage of completion method (\u201cPoC\u201d method). The Company transfers control over time when: - it produces a good with no alternative use and the Company has an irrevocable right to payment (including a reasonable margin) for the work completed to date, in the event of contract termination at the convenience of customers (e.g. Tiger contract); or - it creates a good which is controlled by the customer as the good is created or enhanced (e.g. Eurofighter contracts, some border security contracts, A400M development); or - the customer simultaneously receives and consumes the benefits provided by the Company (e.g. maintenance contracts). For the application of the over time method (PoC method), the measurement of progress towards complete satisfaction of a performance obligation is based on inputs (i.e. cost incurred). When none of the criteria stated above have been met, revenue is recognised at a point in time. For instance, revenue is recognised at the delivery of aircraft under IFRS 15 from the sale of military transport aircraft, from the A400M launch contract and most of NH90 serial helicopters\u2019 contracts.
12. Revenue and Gross Margin
Revenue by geographical areas based on the location of the customer is as follows: (In \u20ac million) 2023 2022 Europe 25,733 24,261 Asia-Pacific 18,733 15,380 North America 13,784 13,549 Middle East 3,933 2,598 Latin America 1,737 2,086 Other countries 1,526 889 Total 65,446 58,763
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Contract liabilities represent the Company\u2019s obligation to transfer goods or services to a customer for which the Company has received consideration, or for which an amount of consideration is due from the customer (e.g. advance payments received). Net contract assets and contract liabilities are determined for each contract separately. For serial contracts, contract liabilities are presented in current contract liabilities, if revenues are expected within the next twelve months or material expenses for the manufacturing process have already occurred. For long-term production contracts (e.g. governmental contracts such as A400M, Tiger, NH90), contract liabilities are classified as current when the relating inventories or receivables are expected to be recognised within the normal operating cycle of the long-term contract.
Contract Assets, Contract Liabilities and Trade Receivables
As of 31 December 2023, trade receivables amounting to \u20ac 227 million (2022: \u20ac 301 million) will mature after more than one year. The respective movement in the allowance for expected credit losses in respect of trade receivables and contract assets during the period was as follows: (In \u20ac million) 2023 2022 Allowance balance at 1 January (380) (363) Utilisations / disposals and business combinations 86 56 Additions (65) (73) Allowance balance at 31 December (359) (380)
4. Material Accounting Policies
Revenue recognition \u2014 Revenue is recognised when the Company transfers control of the promised goods or services to the customer. The Company measures revenue, for the consideration to which the Company is expected to be entitled in exchange for transferring promised goods or services. Variable considerations are included in the transaction price when it is highly probable that there will be no significant reversal of the revenue in the future. The Company identifies the various performance obligations of the contract and allocates the transaction price to these performance obligations. Advances and pre-delivery payments (contract liabilities) are received in the normal course of business and are not considered to be a significant financing component as they are intended to protect the Company from the customer failing to complete its contractual obligations. Revenue from the sale of commercial aircraft is recognised at a point in time (i.e. at delivery of the aircraft). The Company estimates the amount of price concession granted by the Company\u2019s engine suppliers to their customers as a reduction of both revenue and cost of sales. An aircraft can remain in storage under a bill-and-hold arrangement. In such cases, revenue is recognised when the requirements for the transfer of control under a bill-and-hold arrangement are fulfilled. Revenue from the sale of military aircraft, space systems and services \u2014 When control of produced goods or rendered services is transferred over time to the customer, revenue is recognised over time, i.e. under the percentage of completion method (\u201cPoC\u201d method). The Company transfers control over time when: - it produces a good with no alternative use and the Company has an irrevocable right to payment (including a reasonable margin) for the work completed to date, in the event of contract termination at the convenience of customers (e.g. Tiger contract); or - it creates a good which is controlled by the customer as the good is created or enhanced (e.g. Eurofighter contracts, some border security contracts, A400M development); or - the customer simultaneously receives and consumes the benefits provided by the Company (e.g. maintenance contracts). For the application of the over time method (PoC method), the measurement of progress towards complete satisfaction of a performance obligation is based on inputs (i.e. cost incurred). When none of the criteria stated above have been met, revenue is recognised at a point in time. For instance, revenue is recognised at the delivery of aircraft under IFRS 15 from the sale of military transport aircraft, from the A400M launch contract and most of NH90 serial helicopters\u2019 contracts.
Provisions for onerous contracts \u2014 The Company records provisions for onerous contracts when it becomes probable that the total contract costs will exceed total contract revenue. Before a provision for onerous contracts is recorded, the related assets under construction are measured at their net realisable value and written-off if necessary. Onerous contracts are identified by monitoring the progress of the contract together with the underlying programme status. An estimate of the related contract costs is made, which requires significant and complex assumptions, judgements and estimates related to achieving certain performance standards (see \u201c\u2013 Note 5: Key Estimates and Judgements\u201d, \u201c\u2013 Note 12: Revenue and Gross Margin\u201d and \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d).
Research and development expenses \u2014 The costs for internally generated research are expensed when incurred. The costs for internally generated development are capitalised when: - the product or process is technically feasible and clearly defined (i.e. the critical design review is finalised); - adequate resources are available to successfully complete the development; - the benefits from the assets are demonstrated (a market exists or the internal usefulness is demonstrated) and the costs attributable to the projects are reliably measured; - the Company intends to produce and market or use the developed product or process and can demonstrate its profitability. Income tax credits granted for research and development activities are deducted from corresponding expenses or from capitalised amounts when earned.
Capitalised development costs, are recognised either as intangible assets or, when the related development activities lead to the construction of specialised tooling for production (\u201cjigs and tools\u201d), or involve the design, construction and testing of prototypes and models, as property, plant and equipment. Capitalised development costs are generally amortised over the estimated number of units produced. If the number of units produced cannot be estimated reliably, they are amortised over the estimated useful life of the internally generated
intangible asset. Amortisation of capitalised development costs is recognised in cost of sales. In testing long-life assets such as jigs and tools and capitalised development costs for impairment, the Company makes estimates on the number and timing of aircraft units to be delivered in the future, the margin of these aircraft, and the discount rate associated with the aircraft programme.
Inventories are measured at the lower of acquisition cost (generally the average cost) or manufacturing cost and net realisable value. Manufacturing costs comprise all costs that are directly attributable to the manufacturing process, such as direct material and labour, and production related overheads (based on normal operating capacity and normal consumption of material, labour and other production costs), including depreciation charges. Net realisable value is the estimated selling price in the ordinary course of the business less the estimated costs to complete the sale. For aircraft that may need to be remarketed, the impairment of working progress and finished aircraft is assessed based on an estimation of the future selling price and associated remarketing costs.
Transactions in foreign currency, i.e. transactions in currencies other than the functional currency of an entity of the Company, are translated into the functional currency at the foreign exchange rate prevailing at the transaction date. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are remeasured into the functional currency at the exchange rate in effect at that date. Except when deferred in equity as qualifying cash flow hedges (see \u201c\u2013 Note 37: Financial Instruments\u201d), these foreign exchange remeasurement gains and losses are recognised, in line with the underlying item: - in profit before financial result and income taxes if the substance of the transaction is commercial (including sales financing transactions); and - in financial result for financial transactions. Non-monetary assets and liabilities denominated in foreign currencies that are stated at historical cost are translated into functional currency at the foreign exchange rate in effect at the date of the transaction. Translation differences on non\u2011monetary financial assets and liabilities that are measured at fair value are reported as part of the fair value gain or loss. However, translation differences of non\u2011monetary financial assets measured at fair value and classified as fair value through other comprehensive income (\u201cOCI\u201d) are included in accumulated other comprehensive income (\u201cAOCI\u201d).
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac exchange rates. Furthermore, the Company is exposed, though to a much lesser extent, to foreign exchange risk arising from costs incurred in currencies other than the euro and to other market risks such as interest rate risk, commodity price and equity price risk. In order to manage and mitigate those risks, the Company enters into derivative contracts. The Company applies hedge accounting to its derivative contracts whenever the relevant IFRS criteria can be met. Hedge accounting ensures that derivative gains or losses are recognised in profit or loss (mainly in revenue) in the same period that the hedged items or transactions affect profit or loss. The major portion of the Company\u2019s derivative contracts is accounted for under the cash flow hedge model. The fair value hedge model is used only for certain interest rate derivatives. Derivative contracts which do not qualify for hedge accounting are accounted for at fair value through profit or loss; any related gains or losses being recognised in financial result. The Company\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
Leases \u2013 The Company assesses whether a contract is, or contains, a lease, at inception of the contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases and leases of low value assets. The Company recognises right-of-use assets at the commencement date of the lease, when the underlying asset is available for use. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The Company presents right-of-use assets within \u201cProperty, plant and equipment\u201d and lease liabilities within \u201cFinancing liabilities\u201d and classifies the principal portion of lease payments within financing activities and the interest portion within operating activities. When the Company is the lessor, assets under operating leases are also included in \u201cProperty, plant and equipment\u201d. Lease income from operating leases is recognized on a straight-line basis over the term of the lease (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d \u201c\u2013 Note 36.3: Financing Liabilities\u201d).
7. Scope of Consolidation
Subsidiaries are entities controlled by the Company including so-called structured entities, which are created to accomplish a narrow and well-defined objective. They are fully consolidated from the date control commences to the date control ceases. The assessment of control of a structured entity is performed in three steps. In a first step, the Company identifies the relevant activities of the structured entities (which may include managing lease receivables, managing the sale or re-lease at the end of the lease and managing the sale or re-lease on default) and in a second step, the Company assesses which activity is expected to have the most
significant impact on the structured entities\u2019 return. Finally, the Company determines which party or parties control this activity. The Company\u2019s interests in equity-accounted investees comprise investments in associates and joint ventures. Such investments are accounted for under the equity method and are initially recognised at cost.
8. Acquisitions and Disposals
Business combinations are accounted for using the acquisition method, as at the acquisition date, which is the date on which control is transferred to the Company. The determination of the fair value of the acquired assets and the assumed liabilities which are the basis for the measurement of goodwill requires key estimates. Land, buildings and equipment are usually independently appraised while marketable securities are valued at market prices. If intangible assets are identified, depending on the type of intangible asset and the complexity of determining its fair value, the Company either consults with an independent external valuation expert or develops the fair value internally, using appropriate valuation techniques which are generally based on a forecast of the total expected future net cash flows. These evaluations are linked closely to the assumptions made by management regarding the future performance of the assets concerned and the discount rate applied.
Loss of control, loss of joint control, loss of significant influence \u2014 Upon loss of control of a subsidiary, the assets and liabilities and any components of the Company\u2019s equity related to the subsidiary are derecognised. Any gain or loss arising from the loss of control is recognised within other income or other expenses in the Consolidated Income Statement. If the Company retains any interest in the previous subsidiary, such interest is measured at fair value at the date the control is lost. Assets and liabilities of a material subsidiary for which a loss of control is highly probable are classified as assets and liabilities held for sale when the Company has received sufficient evidence that the loss of control will occur in the 12 months after the classification. These assets and liabilities are presented after elimination of intercompany transactions. When the loss of significant influence or the loss of joint control of an investment accounted for under the equity method is highly probable and is expected to occur in the coming 12 months, this associate or joint venture is classified as an asset held for sale.
Sale of investment in an associate or joint venture \u2014 Any gain or loss arising from the disposal of investment accounted for under the
equity method is recognised within share of profit from investments. Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) to which the asset belongs may be impaired. In addition, intangible assets with an indefinite useful life, intangible assets not yet available for use and goodwill are tested for impairment annually, irrespective of whether there is any indication for impairment. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purpose of impairment testing, any goodwill is allocated to the CGU or group of CGUs in a way that reflects the way goodwill is monitored for internal management purposes. The discounted cash flow method is used to determine the recoverable amount of a CGU or the group of CGUs to which goodwill is allocated. The discounted cash flow method is particularly sensitive to the selected discount rates and estimates of future cash flows by management. Discount rates are based on the weighted average cost of capital (\u201cWACC\u201d) for a CGU or the groups of CGUs. The discount rates are calculated based on a risk-free rate of interest and a market risk premium. In addition, the discount rates reflect the current market assessment of the risks specific to each group of CGUs by taking into account specific peer group information on beta factors, leverage and cost of debt. Consequently, slight changes to these elements can materially affect the resulting valuation and therefore the amount of a potential impairment charge. These estimates are influenced by several assumptions including the growth rate of CGUs used in the computation of the terminal value, the increase of deliveries in the coming years, the availability and composition of future defence and institutional budgets, and foreign exchange fluctuations or implications arising from the volatility of capital markets. Cash flow projections take into account past experience and represent management\u2019s best estimate of future developments which align with the Company\u2019s climate-related commitments.
20. Property, Plant and Equipment
The Company as lessee The Company leases mainly real estate assets, cars and equipment (such as land, warehouses, storage facilities and offices). Short-term leases and leases of low-value assets refer mainly to IT equipment (e.g. printers, laptops and mobile phones) and other equipment.
The discount rate used to determine the right-of-use asset and the lease liability for each country and leased asset is calculated based on the incremental borrowing rate at inception of the lease. The Company calculated the rate applicable to each lease contract on the basis of the lease duration.
Real estate leases The Company leases land and buildings mainly for its operational business warehouses including logistic facilities, offices, production halls and laboratories. The major leases are located in France, Germany, the US, Canada and China. As lease contracts are negotiated on an individual basis, lease terms contain a wide range of different terms and conditions. Leases are typically made for a fixed period of 3-25 years and may include extension, termination and other options, which provide operational flexibility to the Company. Vehicle leases The Company leases cars for management and other functions. Vehicle leases typically run for an average period of three years and do not provide renewal options. Other leases The Company also leases IT equipment, machinery and other equipment that combined are insignificant to the total leased asset portfolio.
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Contract liabilities represent the Company\u2019s obligation to transfer goods or services to a customer for which the Company has received consideration, or for which an amount of consideration is due from the customer (e.g. advance payments received). Net contract assets and contract liabilities are determined for each contract separately. For serial contracts, contract liabilities are presented in current contract liabilities, if revenues are expected within the next twelve months or material expenses for the manufacturing process have already occurred. For long-term production contracts (e.g. governmental contracts such as A400M, Tiger, NH90), contract liabilities are classified as current when the relating inventories or receivables are expected to be recognised within the normal operating cycle of the long-term contract.
Trade receivables arise when the Company provides goods or services directly to a customer with no intention of trading the receivable. Trade receivables include claims arising from revenue recognition that are not yet settled by the debtor. Trade receivables are initially recognised at their transaction prices and are subsequently measured at amortised cost less any allowances for impairment. Gains and losses are recognised in the Consolidated Income Statement when the receivables are derecognised and impaired. Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
24. Provisions, Contingent Assets and Contingent Liabilities
27. Sales Financing Transactions
On-balance sheet transactions where the Company is lessor are classified as operating leases, finance leases and loans, inventories and to a minor extent, equity investments: (i) operating leases \u2013 Aircraft leased out under operating leases are included in property, plant and equipment at cost less accumulated depreciation (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d). Rental income from operating leases is recorded as revenue on a straight-line basis over the term of the lease; (ii) finance leases and loans \u2013 When, pursuant to a financing transaction, substantially all the risks and rewards of ownership of the financed aircraft reside with a third party, the transaction is characterised as either a finance lease or a loan. In such instances, revenues from the sale of the aircraft are recorded upon delivery, while financial interest is recorded over time as financial income. The outstanding balance of principal is recorded on the Statement of Financial Position (on-balance sheet) in long-term financial assets, net of any accumulated impairments; (iii) inventories \u2013 Second-hand aircraft acquired as part of a commercial buyback transaction, returned to Airbus after a payment default or at the end of a lease agreement are classified as inventories held for resale if there is no subsequent lease agreement in force (see \u201c\u2013 Note 23: Inventories\u201d).
Impairment losses and provisions \u2014 For the purpose of measuring an impairment loss, each transaction is tested individually. Impairment losses relating to aircraft under operating lease and second-hand aircraft for resale (included in inventory) are recognised for any excess of the aircraft\u2019s carrying amount over the higher of the aircraft\u2019s value in use and its fair value less cost to sell. Finance leases and loans are measured at fair value, based on the present value of estimated future cash flows (including cash flows expected to be derived from a sale of the aircraft). Under its provisioning policy for sales financing risk, Airbus and Airbus Helicopters record provisions as liabilities for estimated risk relating to off-balance sheet commitments.
31. Post-Employment Benefits
Plans description When Company employees retire, they receive indemnities as stipulated in retirement agreements, in accordance with regulations and practices of the countries in which it operates. Provision for deferred compensation represents obligations that arise if employees elect to convert part of their remuneration or bonus into an equivalent commitment for deferred compensation which is treated as a defined benefit post-employment plan.
32. Share-based Payment
Share-based compensation \u2014 From 2016 to 2020, the Company operated a Performance Units and Performance Shares Plan. Performance Units qualify as a cash-settled share-based payment plan under IFRS 2 and Performance Shares qualify as an equity- settled share-based payment plan under IFRS 2. Since 2021, the Company operates only a Performance Shares Plan. Plans granting Restricted Units, Performance Units and/or Performance Shares are also mentioned as \u201cLTIP\u201d in the following notes. Since 2018, the Company operates also exceptional grants of Performance and Restricted Units as well as Performance and Restricted Shares under an Equity Pool. Such exceptional grants are validated by specific resolutions from the Board of Directors and qualify as cash-settled or equity-settled share-based payment plans under IFRS 2. Accounting principles and methodology are the ones applied for LTIP as described below. For cash-settled plans, provisions for associated services received are measured at fair value by multiplying the number of units expected to vest with the fair value of one LTIP unit at the end of each reporting period, taking into account the extent to which the employees have rendered service to date. Changes of the fair value are recognised as personnel expenses of the period, leading to a re-measurement of the provision. The fair value of Performance Units is re-measured at each closing date as far as they are not paid. For equity-settled plans, compensation expense is measured at the grant date at the fair value by multiplying the number of shares expected to vest by the fair value of one LTIP share taking into account the extent to which the employees have rendered service to date. The compensation expense is accounting for over the vesting period of each LTIP equity-settled plans. The fair value of each LTIP share (equity or cash-settled plans) is determined using a forward pricing model and is based on publicly available risk-free rate, volatility and dividend rate. Besides the equity-settled plans described above, the Employee Share Ownership Plan (\u201cESOP\u201d) is an additional equity-settled share- based payment plan. Under this plan, the Company offers its employees Airbus SE shares at fair value matched with a number of free shares based on a determining ratio. The fair value of shares provided is reflected as personnel expenses in the Company\u2019s Consolidated Income Statement with a corresponding increase in equity.
36.3 Financing Liabilities
Financing liabilities include debt obligations towards financial institutions, issued corporate bonds, deposits made by customers of Airbus Bank, borrowings received from joint ventures and other parties as well as finance lease liabilities. Financing liabilities are recorded initially at the fair value of the proceeds received, net of transaction costs incurred. Subsequently, financing liabilities are measured at amortised cost, using the effective interest rate method with any difference between proceeds (net of transaction costs) and redemption amount being recognised in total finance income (cost) over the period of the financing liability. 37.2 Carrying Amounts and Fair Values of Financial Instruments
Financial assets at fair value through profit or loss \u2014 This category comprises all other financial assets (e.g. derivative instruments) that are to be measured at fair value (including equity investments for which the Company did not elect to present changes in fair value in OCI). The Company assigns its financial instruments into classes based on their balance sheet category.
Fair Value Hierarchy Fair value of financial instruments \u2014 The fair value of quoted investments is based on current market prices. If the market for financial assets is not active, or in the case of unlisted financial instruments, the Company determines fair values by using generally accepted valuation techniques on the basis of market information available at the end of the reporting period. Derivative instruments are generally managed on the basis of the Company\u2019s net exposure to the credit risk of each particular counterparty and fair value information is provided to the Company\u2019s key management personnel on that basis. For these derivative instruments, the fair value is measured based on the price that would be received to sell a net long position, or transfer a net short position, for a particular credit risk exposure as further described below. Depending on the extent the inputs used to measure fair values rely on observable market data, fair value measurements may be hierarchised according to the following levels of input: - Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities; - Level 2: inputs other than quoted prices that are observable for the asset or liability \u2013 fair values measured based on Level 2 input typically rely on observable market data such as interest rates, foreign exchange rates, credit spreads or volatilities; - Level 3: inputs for the asset or liability that are not based on observable market data \u2013 fair values measured based on Level 3 input rely to a significant extent on estimates derived from the Company\u2019s own data and may require the use of assumptions that are inherently judgemental and involve various limitations. The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input.
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 The fair values of listed equity instruments reflect quoted market prices. For non-listed equity investments for which quoted market prices are not available, the Company determines the fair values using valuation methods such as net asset values, discounted cash flow method or a comparable valuation technique. Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Contract assets, trade receivables and other receivables \u2014 The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the receivables\u2019 origination and their maturity. Securities \u2014 The fair values of securities reflect their quoted market price at the end of the reporting period. Cash and cash equivalents \u2014 include cash in hand, cash in banks, checks, fixed deposits as well as commercial papers and money market funds. The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the origination of the instrument and its maturity or due date. The fair value of commercial papers is determined based on Level 2 input by discounting future cash flows using appropriate interest rates. The fair values of money market funds are determined by reference to their quoted market price. Derivatives \u2014 The fair values of derivative instruments reflect quoted market prices, where available, but in most cases are determined using recognised valuation techniques such as option-pricing models (e.g. Black & Scholes model) and discounted cash flow models. The valuation is based on observable market data such as currency rates, currency forward rates, interest rates and yield curves, commodity forward prices as well as price and rate volatilities obtained from recognised vendors of market data. Furthermore, to the extent that these instruments are subject to master netting arrangements and similar agreements and managed on the basis of net credit exposure, their fair values reflect credit and debit value adjustments based on the net long or net short position that the Company has with each counterparty. Except for certain short-term commodity contracts and derivatives presented in the Level 3 section above, derivative fair values are measured based on Level 2 input.
37.7 Impairment Losses Loss allowances \u2014 For its portfolio of debt instruments including bonds, term deposits and commercial papers, the Company measures loss allowances at an amount that represents credit losses resulting from default events that are possible within the next 12 months, unless the credit risk on a financial instrument has increased significantly since initial recognition. In the event of such significant increase in credit risk the Company measures loss allowances for that financial instrument at an amount equal to its life-time expected losses, i.e. at an amount equal to the expected credit losses that result from all possible default events over the expected life of that financial instrument. The Company applies the low credit risk exemption allowing the Company to assume that there is no significant increase in credit risk since initial recognition of a financial instrument, if the instrument is determined to have low credit risk at the reporting date. Similarly, the Company has determined that its trade receivables and contract assets generally have low credit risk. The Company applies the simplified approach permitted by IFRS 9 of measuring expected credit losses of trade receivables and contract assets on a lifetime basis from initial recognition.
4. Material Accounting Policies
Inventories are measured at the lower of acquisition cost (generally the average cost) or manufacturing cost and net realisable value. Manufacturing costs comprise all costs that are directly attributable to the manufacturing process, such as direct material and labour, and production related overheads (based on normal operating capacity and normal consumption of material, labour and other production costs), including depreciation charges. Net realisable value is the estimated selling price in the ordinary course of the business less the estimated costs to complete the sale. For aircraft that may need to be remarketed, the impairment of working progress and finished aircraft is assessed based on an estimation of the future selling price and associated remarketing costs.
23. Inventories 31 December 2023 31 December 2022 (In \u20ac million) Gross amount Write-down Net book value Gross amount Write-down Net book value Raw materials and manufacturing supplies 5,025 (739) 4,286 4,387 (643) 3,744 Work in progress 20,648 (1,091) 19,558 20,484 (1,229) 19,255 Finished goods and parts for resale 5,169 (1,273) 3,896 5,218 (1,060) 4,158 Advance payments to suppliers 6,061 (60) 6,001 5,114 (69) 5,045 Total 36,904 (3,163) 33,741 35,203 (3,001) 32,202 Inventories of \u20ac\u200933,741 million (2022: \u20ac\u200932,202 million) increased by \u20ac\u2009+1,539 million. This is mostly driven by work in progress, raw materials and manufacturing supplies resulting in inventory build up to support the ramp-up, partially offset by less finished goods reflecting higher deliveries. Advance payments made to suppliers increased by \u20ac +956 million to \u20ac 6,001 million (2022: 5,045 million) largely due to payments made to suppliers to support Airbus\u2019 ramp-up and de-risk the supply chain. In 2023, write-downs of inventories in the amount of \u20ac -782 million (2022: \u20ac\u2009-394 million) are recognised in cost of sales, whereas reversal of write-downs amounts to \u20ac 149 million (2022: \u20ac\u2009243 million). At 31 December 2023, \u20ac\u200918,973 million of work in progress and \u20ac\u20093,883 million of finished goods and parts for resale were carried at net realisable value. Inventories recognised as an expense during the period amount to \u20ac\u200941,644 million (2022: \u20ac\u200935,710 million).
",
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"value": "4. Material Accounting Policies
Capitalised development costs, are recognised either as intangible assets or, when the related development activities lead to the construction of specialised tooling for production (\u201cjigs and tools\u201d), or involve the design, construction and testing of prototypes and models, as property, plant and equipment. Capitalised development costs are generally amortised over the estimated number of units produced. If the number of units produced cannot be estimated reliably, they are amortised over the estimated useful life of the internally generated
intangible asset. Amortisation of capitalised development costs is recognised in cost of sales. In testing long-life assets such as jigs and tools and capitalised development costs for impairment, the Company makes estimates on the number and timing of aircraft units to be delivered in the future, the margin of these aircraft, and the discount rate associated with the aircraft programme.
20. Property, Plant and Equipment
Property, plant and equipment as of 31 December 2023 and 2022 comprises the following: 31 December 2023 31 December 2022 (In \u20ac million) Gross amount Depreciation / Impairment Net book value Gross amount Depreciation / Impairment Net book value Land, leasehold improvements and buildings, including buildings on land owned by others 10,948 (5,783) 5,165 10,536 (5,539) 4,997 Technical equipment and machinery 22,416 (15,587) 6,829 21,982 (15,286) 6,696 Other equipment, factory and office equipment (1) 3,955 (3,108) 847 3,932 (3,107) 825 Construction in progress 2,720 0 2,720 2,241 0 2,241 Right-of-use assets (2) 2,616 (975) 1,641 2,578 (832) 1,746 Total 42,654 (25,453) 17,201 41,269 (24,764) 16,505 (1) Includes the net book value of aircraft under operating lease (see \u201c\u2013 Note 27: Sales Financing Transactions\u201d). (2) The net book value of Land and Buildings under Right-of-use assets amounts to \u20ac 1,493 million. Net Book Value (In \u20ac million) Balance at 1 January 2023 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Depreciation / Impairment Balance at 31 December 2023 Land, leasehold improvements and buildings, including buildings on land owned by others 4,997 5 109 3 379 (23) (306) 5,165 Technical equipment and machinery 6,696 (19) 442 9 841 (19) (1,119) 6,829 Other equipment, factory and office equipment 825 (6) 131 5 96 (15) (190) 847 Construction in progress 2,241 (1) 1,766 0 (1,264) (22) 0 2,720 Right-of-use assets 1,746 (24) 181 12 (26) (30) (218) 1,641 Total 16,505 (45) 2,629 29 26 (109) (1,833) 17,201 (In \u20ac million) Balance at 1 January 2022 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Depreciation / Impairment Balance at 31 December 2022 Land, leasehold improvements and buildings, including buildings on land owned by others 5,020 (20) 21 4 227 (21) (234) 4,997 Technical equipment and machinery 7,088 10 310 2 942 (44) (1,612) 6,696 Other equipment, factory and office equipment 840 10 299 6 62 (215) (177) 825 Construction in progress 1,890 (5) 1,479 0 (1,123) 0 0 2,241 Right-of-use assets 1,698 33 308 0 (29) (40) (224) 1,746 Total 16,536 28 2,417 12 79 (320) (2,247) 16,505
Property, plant and equipment increased by \u20ac +696 million to \u20ac\u200917,201 million (2022: \u20ac\u200916,505 million). Property, plant and equipment include right-of-use assets for an amount of \u20ac 1,641 million as of 31 December 2023 (2022: \u20ac\u20091,746 million). Property, Plant and Equipment by Geographical Areas 31 December (In \u20ac million) 2023 2022 France 7,919 7,423 Germany 4,286 4,124 UK 1,478 1,433 Spain 1,285 1,267 United States 868 791 Canada 438 421 Other countries 927 1,046 Total 17,201 16,505
Off-Balance Sheet Commitments Commitments related to property, plant and equipment comprise contractual commitments for future capital expenditures and contractual commitments for purchases of \u201cLand, leasehold improvements and buildings including buildings on land owned by others\u201d (\u20ac\u20091,345 million as of 31 December 2023, 2022: \u20ac\u20091,144 million).
4. Material Accounting Policies
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac exchange rates. Furthermore, the Company is exposed, though to a much lesser extent, to foreign exchange risk arising from costs incurred in currencies other than the euro and to other market risks such as interest rate risk, commodity price and equity price risk. In order to manage and mitigate those risks, the Company enters into derivative contracts. The Company applies hedge accounting to its derivative contracts whenever the relevant IFRS criteria can be met. Hedge accounting ensures that derivative gains or losses are recognised in profit or loss (mainly in revenue) in the same period that the hedged items or transactions affect profit or loss. The major portion of the Company\u2019s derivative contracts is accounted for under the cash flow hedge model. The fair value hedge model is used only for certain interest rate derivatives. Derivative contracts which do not qualify for hedge accounting are accounted for at fair value through profit or loss; any related gains or losses being recognised in financial result. The Company\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
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"f2349": {
"value": "4. Material Accounting Policies
Capitalised development costs, are recognised either as intangible assets or, when the related development activities lead to the construction of specialised tooling for production (\u201cjigs and tools\u201d), or involve the design, construction and testing of prototypes and models, as property, plant and equipment. Capitalised development costs are generally amortised over the estimated number of units produced. If the number of units produced cannot be estimated reliably, they are amortised over the estimated useful life of the internally generated
intangible asset. Amortisation of capitalised development costs is recognised in cost of sales. In testing long-life assets such as jigs and tools and capitalised development costs for impairment, the Company makes estimates on the number and timing of aircraft units to be delivered in the future, the margin of these aircraft, and the discount rate associated with the aircraft programme.
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"f2351": {
"value": "4. Material Accounting Policies
Revenue recognition \u2014 Revenue is recognised when the Company transfers control of the promised goods or services to the customer. The Company measures revenue, for the consideration to which the Company is expected to be entitled in exchange for transferring promised goods or services. Variable considerations are included in the transaction price when it is highly probable that there will be no significant reversal of the revenue in the future. The Company identifies the various performance obligations of the contract and allocates the transaction price to these performance obligations. Advances and pre-delivery payments (contract liabilities) are received in the normal course of business and are not considered to be a significant financing component as they are intended to protect the Company from the customer failing to complete its contractual obligations. Revenue from the sale of commercial aircraft is recognised at a point in time (i.e. at delivery of the aircraft). The Company estimates the amount of price concession granted by the Company\u2019s engine suppliers to their customers as a reduction of both revenue and cost of sales. An aircraft can remain in storage under a bill-and-hold arrangement. In such cases, revenue is recognised when the requirements for the transfer of control under a bill-and-hold arrangement are fulfilled. Revenue from the sale of military aircraft, space systems and services \u2014 When control of produced goods or rendered services is transferred over time to the customer, revenue is recognised over time, i.e. under the percentage of completion method (\u201cPoC\u201d method). The Company transfers control over time when: - it produces a good with no alternative use and the Company has an irrevocable right to payment (including a reasonable margin) for the work completed to date, in the event of contract termination at the convenience of customers (e.g. Tiger contract); or - it creates a good which is controlled by the customer as the good is created or enhanced (e.g. Eurofighter contracts, some border security contracts, A400M development); or - the customer simultaneously receives and consumes the benefits provided by the Company (e.g. maintenance contracts). For the application of the over time method (PoC method), the measurement of progress towards complete satisfaction of a performance obligation is based on inputs (i.e. cost incurred). When none of the criteria stated above have been met, revenue is recognised at a point in time. For instance, revenue is recognised at the delivery of aircraft under IFRS 15 from the sale of military transport aircraft, from the A400M launch contract and most of NH90 serial helicopters\u2019 contracts.
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Contract liabilities represent the Company\u2019s obligation to transfer goods or services to a customer for which the Company has received consideration, or for which an amount of consideration is due from the customer (e.g. advance payments received). Net contract assets and contract liabilities are determined for each contract separately. For serial contracts, contract liabilities are presented in current contract liabilities, if revenues are expected within the next twelve months or material expenses for the manufacturing process have already occurred. For long-term production contracts (e.g. governmental contracts such as A400M, Tiger, NH90), contract liabilities are classified as current when the relating inventories or receivables are expected to be recognised within the normal operating cycle of the long-term contract.
Basis of preparation \u2014 The Company\u2019s Consolidated Financial Statements are prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d), issued by the International Accounting Standards Board (\u201cIASB\u201d) as endorsed by the European Union (\u201cEU\u201d) and Part 9 of Book 2 of the Netherlands Civil Code. When reference is made to IFRS, this intends to be EU-IFRS.
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"f2583": {
"value": "5. Key Estimates and Judgements The preparation of the Company\u2019s Consolidated Financial Statements requires the use of estimates and assumptions. In preparing these Financial Statements, management exercises its best judgement based upon its experience and the circumstances prevailing at that time. The estimates and assumptions are based on available information and conditions at the end of the financial period presented and are reviewed on an ongoing basis. Key estimates and judgements that have a significant in\ufb02uence on the amounts recognised in the Company\u2019s Consolidated Financial Statements are mentioned below: Revenue recognition for performance obligations transferred over time \u2014 The PoC method is used to recognise revenue for performance obligations transferred over time. This method places considerable importance on accurate estimates at completion as well as on the extent of progress towards completion. For the determination of the progress of the performance obligations, significant estimates include total contract costs, remaining costs to completion, total contract revenue, contract risks and other judgements.
The Company and its customer may agree to modify the scope or price of long-term contracts. Once the revised rights and obligations are agreed and enforceable, the Company estimates the change in the transaction price. The management of the segments continually review all estimates involved in such performance obligations and adjusts them as necessary (see \u201c\u2013 Note 22: Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities\u201d). Provisions \u2014 The evaluation of provisions, such as onerous contracts, program-related provisions and restructuring measures are based on best estimates. Onerous contracts are identified by monitoring the progress of the contract and the underlying programme performance. The associated estimates of the relevant contract costs require significant judgement related to performance achievements. Depending on the size and nature of the Company\u2019s contracts and related programmes, the extent of assumptions, judgements and estimates in these monitoring processes differs. In particular, the introduction of commercial or military aircraft programmes (e.g. A400M) or major derivative aircraft programmes involves an increased level of estimates and judgements associated with the expected development, production and certification schedules and expected cost components (see \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d). In view of overall commercial relationships, contract adjustments may occur, and must be considered on a case-by-case basis. Estimates and judgements are subject to change based on new information as contracts and related programmes progress. Furthermore, the complex design and manufacturing processes of the Company\u2019s industry require challenging integration and coordination along the supply chain including an ongoing assessment of suppliers\u2019 assertions which may additionally impact the outcome of these monitoring processes. A restructuring provision is recognised when the Company has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision is at the best estimate of the anticipated costs and includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the Company. Financial instruments fair value measurement using Level 3 inputs \u2013 The Company uses its judgement to select a valuation methodology and make assumptions in order to determine the fair value of financial instruments that are not traded in an active market and for which no inputs other than quoted prices are observable. Valuation techniques (including Discounted Cash Flow model) rely on market conditions available at the reporting period together with estimates derived from the Company's own data. Changes in assumptions may result in a significant change in the reported fair value measurement of these financial instruments (See \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d). Non-current assets \u2014 Non-current other assets include payments to be made to Airbus by suppliers after aircraft delivery and are recorded as a reduction of cost of goods sold at the time of aircraft delivery. This valuation involves the use of judgement and is based on the best available estimate of the future aircraft operations, the pattern of future maintenance activity and escalation of costs of long-term contractual arrangement with suppliers. The impact of climate change is also considered when making these estimates. These future payments are discounted to reflect specific contractual terms and repayment profile. In making such estimates, Airbus relies on both management experience and industry regulations, however, these estimates can be subject to revision (see \u2013 \"Note 26: Other Assets and Other Liabilities\"). Hedge accounting \u2014 The hedge portfolio covers a large portion of the Company\u2019s highly probable forecasted transactions derived from its commercial activities. The Company makes estimates and judgement in assessing the highly probable criteria of the forecasted transactions, in order to anticipate future events, as risk of future cancellations of orders (see \u201c\u2013 Note 37: Financial Instruments\u201d). Employee benefits \u2014 The Company accounts for pension and other post-retirement benefits in accordance with actuarial valuations. These valuations rely on statistical and other factors in order to anticipate future events. The actuarial assumptions may differ materially from actual developments mainly due to changing market and economic conditions and therefore result in a significant change in post-retirement employee benefit obligations and the related future expenses (see \u201c\u2013 Note 31: Post-Employment Benefits\u201d). Legal contingencies \u2014 The Company is party to litigations related to a number of matters as described in \u201c\u2013 Note 38: Litigation and Claims\u201d. The outcome of these matters may have a material effect on the financial position, results of operations or cash flows of the Company. Management regularly analyses current information concerning these matters and provides provisions for probable cash outflows, including the estimate of legal expenses to resolve the matters. Internal and external lawyers are used for these assessments. In making the decision regarding the need for provisions, management considers the degree of probability of an unfavourable outcome and the ability to make a sufficiently reliable estimate of the amount of loss. The filing of a suit or formal assertion of a claim against the Airbus companies or the disclosure of any such suit or assertion, does not automatically indicate that a provision may be appropriate. Income taxes \u2014 The Company operates and earns income in numerous countries and is subject to changing tax laws in multiple jurisdictions within these countries. Significant judgements are necessary in determining the worldwide income tax liabilities. Although management believes that it has made reasonable estimates about the final outcome of tax uncertainties, no assurance can be given that the final tax outcome of these matters will be consistent with what is reflected in the historical income tax provisions. At each end of the reporting period, the Company assesses whether the realisation of future tax benefits is probable to recognise deferred tax assets. This assessment requires the exercise of judgement on the part of management with respect to, among other things, benefits that could be realised from available tax strategies and future taxable income, as well as other positive and negative factors. The recorded amount of total deferred tax assets could be reduced, through valuation allowances recognition, if estimates of projected future taxable income and benefits from available tax strategies are lowered, or if changes in current tax regulations are enacted that impose restrictions on the timing or extent of the Company\u2019s ability to utilise future tax benefits. The basis for the recoverability test of deferred tax assets is the same as the Company\u2019s latest operative planning also taking into account certain qualitative aspects regarding the nature of the temporary differences. Qualitative factors include but are not limited to an entity\u2019s history of planning accuracy, performance records, business model, backlog, existence of long-term contracts as well as the nature of temporary differences (see \u201c\u2013 Note 17: Income Taxes\u201d).
Other subjects that involve assumptions and estimates are further described in the respective notes (see \u201c\u2013 Note 8: Acquisitions and Disposals\u201d, \u201c\u2013 Note 19: Intangible Assets\u201d and \u201c\u2013 Note 22: Contract Assets, Contract Liabilities and Trade Receivables, and Trade Liabilities\u201d).
General Assumptions Applied in the Planning Process The basis for determining the recoverable amount is the value in use of the CGUs. Cash flow projections used for the impairment testing are based on both the operative planning which represents the Company\u2019s WB2\u00b0C scenario through embarking an array of investments and expenses, and management's best estimate of the impact of climate-related commitments over the long-term horizon. It incorporates the strategic pathways (see \u201cNote \u2013 3. Climate impacts\u201d) in its assumptions as well as investments to decarbonise mobile and stationary industrial operations. The operative planning, is based on the following key assumptions which are relevant for all CGUs: - increase of expected future labour expenses of 4.5% for 2024 including an inflation rate of 4.5%; - future interest rates projected per geographical market, for the European Monetary Union, the UK and the US; - future exchange rate of 1.125 US$/\u20ac for 2024 to convert in euro the portion of future US dollar which is not hedged (see \u201c\u2013 Note 37: Financial Instruments\u201d).
General economic data derived from external macroeconomic and financial studies have been used to derive the general key assumptions. In addition to these general planning assumptions, the following additional CGU specific assumptions, which represent management\u2019s current best assessment as of the date of these Consolidated Financial Statements, have been applied. Airbus - The planning takes into account both the current market conditions and Airbus\u2019 production rate, and includes management\u2019s best estimates of the progressive increase in aircraft deliveries over the operative planning period; - The period beyond the operative plan horizon was considered through long-term projections and a terminal value with a perpetual growth rate of 2%, aligned with Airbus SBTi commitments and the baseline for the WB2\u00b0C scenario; - The carrying value and planned cash flows of the CGU Airbus are materially influenced due to the significant hedge portfolio; - Cash flows are discounted using a euro weighted pre-tax WACC of 13.5% (2022: 14.1%). Airbus Helicopters - The planning takes into account the evolution of programmes based upon the current backlog and an assessment of order intake for platforms and services; - Long-term commercial assumptions in respect of market share, deliveries and market value are based on the latest helicopter market forecast. The global helicopter market is demonstrating continued signs of recovering towards pre-COVID-19 levels, despite continued geopolitical instabilities and economic volatility. Over the next 10 years, according to market forecasts, around 6,900 Civil & Parapublic helicopters and 6,800 Military helicopters are expected to be delivered globally; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value with a perpetual growth rate of 1%; - Cash flows are discounted using a euro weighted pre-tax WACC of 12.4% (2022: 13.1%). Airbus Defence and Space - Overall the defence and space markets are expected to have growth during the period of the operative planning horizon; - Business growth is underpinned by growing defence and space opportunities. Underlying performance is improved by focusing on project delivery, cost control and efficiency; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value, with a perpetual growth rate of 1%; - Cash flows are discounted using a euro weighted pre-tax WACC of 11.2% (2022: 11.5%).
31. Post-Employment Benefits
Main average assumptions The weighted average assumptions used in calculating the actuarial values of the most significant retirement plans as of 31 December 2023 are as follows: Pension plans in Germany France UK Participation in BAE Systems Pension Scheme in the UK Canada (Rate in %) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Discount rate 3.4 3.6 3.4 3.7 4.5 4.8 4.5 5.0 4.6 5.3 Rate of compensation increase 3.4 3.4 3.0 3.0 3.2 3.3 3.2 3.4 3.0 3.0 Rate of pension increase 2.4 2.4 2.1 2.1 2.9 3.0 3.0 3.1 2.0 2.0 Inflation rate 2.4 2.4 2.1 2.1 3.0 3.2 3.1 3.3 2.0 2.0 Discount rate \u2014 For Germany and France, the Company derives the discount rate used to determine the DBO from yields on high quality corporate bonds with an AA rating. The determination of the discount rate is based on the iBoxx \u20ac Corporates AA bond data and uses the granularity of single bond data in order to receive more market information from the given bond index. The discount rate for the estimated duration of the respective pension plan is then extrapolated along the yield curve. In the UK, it is determined with reference to the full yield curve of AA-rated sterling-denominated corporate bonds of varying maturities. In Canada the discount rate is determined based on the yield of corporate bonds with AA rating. The salary increase rates are based on long-term expectations of the respective employers, derived from the assumed inflation rate and adjusted by promotional or productivity scales. Rate of pension increase \u2014 Rates for pension payment increases are derived from the respective inflation rate for the plan. Inflation rates \u2014 Inflation rate for German and French plans corresponds to the expected long-term increase in cost of living. In the UK, the inflation assumptions are derived by reference to the difference between the yields on index-linked and fixed-interest long-term government bonds. Mortality tables \u2014 For the calculation of the German pension obligation, the \u201c2018 G\u201d mortality tables (generation tables) as developed by Professor Dr. Klaus Heubeck are applied, while the disability rates of the Heubeck Tables have been reduced to 30%, to align with actual observation. For the UK schemes, the Self-Administered Pensions S2 mortality tables based on year of birth (as published by the Institute of Actuaries) is used in conjunction with the results of an investigation into the actual mortality experience of scheme members. In France, Institute for French Statistics (\u201cINSEE\u201d) tables are applied.
Pension obligations sensitivity to main assumptions The following table shows how the present value of the DBO of retirement plans and deferred compensation would have been influenced by changes in the actuarial assumptions as set out for 31 December 2023: Change in actuarial assumptions Impact on DBO Change at 31 December 2023 2022 Present value of the DBO 16,590 15,704 Discount rate Increase by 0.5%-point (1,109) (1,051) Decrease by 0.5%-point 1,242 1,178 Rate of compensation increase Increase by 0.25%-point 88 84 Decrease by 0.25%-point (83) (80) Rate of pension increase Increase by 0.25%-point 246 259 Decrease by 0.25%-point (238) (250) Life expectancy Increase by one year 394 366 Sensitivities are calculated based on the same method (present value of the DBO calculated with the projected unit credit method) as applied when calculating the post-employment benefit obligations. The sensitivity analyses are based on a change of one assumption while holding all other assumptions constant. This is unlikely to occur in practice and changes of more than one assumption may be correlated leading to different impacts on the DBO than disclosed above. If the assumptions change at a different level, the effect on the DBO is not necessarily in a linear relation.
37.1 Financial Risk Management
Sensitivities of market risks \u2014 The approach used to measure and control market risk exposure of the Company\u2019s financial instrument portfolio is, amongst other key indicators, the value-at-risk model (\u201cVaR\u201d). The VaR of a portfolio is the estimated potential loss that will not be exceeded over a specified period of time (holding period) from an adverse market movement with a specified confidence level. The VaR used by the Company is based upon a 95% confidence level and assumes a five-day holding period. The VaR model used is mainly based on the so-called \u201cMonte-Carlo-Simulation\u201d method. The model generates a wide range of potential future scenarios for market price movements by deriving the relevant statistical behaviour of markets for the portfolio of market data from the previous two years and observed interdependencies between different markets and prices.
The Company\u2019s VaR computation includes the Company\u2019s financial debt, short-term and long-term investments, foreign currency forwards, swaps and options, commodity contracts, finance lease receivables and liabilities, foreign currency trade liabilities and receivables and contract assets. Although VaR is an important tool for measuring market risk, the assumptions on which the model is based give rise to some limitations, including the following: - a five-day holding period assumes that it is possible to hedge or dispose of positions within that period. This is considered to be a realistic assumption in almost all cases but may not be the case in situations in which there is severe market illiquidity for a prolonged period. - a 95% confidence level does not reflect losses that may occur beyond this level. Even within the model used there is a 5% statistical probability that losses could exceed the calculated VaR. - the use of historical data as a basis for estimating the statistical behaviour of the relevant markets and finally determining the possible range of future outcomes out of this statistical behaviour may not always cover all possible scenarios, especially those of an exceptional nature. The Company uses VaR amongst other key figures in order to determine the riskiness of its financial instrument portfolio and in order to optimise the risk-return ratio of its financial asset portfolio. Further, its investment policy defines a VaR limit for the total portfolio of cash, cash equivalents and securities. The total VaR as well as the different risk-factor specific VaR figures of this portfolio are measured and serve amongst other measures as a basis for the decisions of the Company\u2019s Asset Liability Management Committee. A summary of the VaR position of the Company financial instruments portfolio at 31 December 2023 and 2022 is as follows: (In \u20ac million) Total VaR Equity price VaR Currency VaR Commodity price VaR Interest rate VaR 31 December 2023 Foreign exchange hedges for forecast transactions or firm commitments 801 0 911 0 165 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 230 70 210 0 74 Finance lease receivables and liabilities, foreign currency trade payables and receivables 81 0 39 0 79 Commodity contracts 6 1 6 0 Equity swaps 2 2 0 0 0 Diversification effect (479) (1) (409) 0 (152) All financial instruments 641 71 752 6 166 31 December 2022 Foreign exchange hedges for forecast transactions or firm commitments 1,450 0 1,535 0 238 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 268 67 225 0 80 Finance lease receivables and liabilities, foreign currency trade payables and receivables 130 0 83 0 112 Commodity contracts 2 0 0 2 0 Equity swaps 2 2 0 0 0 Diversification effect (584) (1) (472) 0 (139) All financial instruments 1,268 68 1,371 2 291 As of 31 December 2023, the total VaR amounts to \u20ac 641 million (2022: \u20ac 1,268 million). The decrease is mainly attributable to the currency and interest rate volatilities reduction in comparison to the exceptional levels in 2022. The Company uses its derivative instruments entirely for hedging purposes. As a result, the respective market risks of these hedging instruments are \u2013 depending on the hedges\u2019 actual effectiveness \u2013 offset by corresponding opposite market risks of the underlying forecast transactions, assets or liabilities. Under IFRS 7, the underlying forecast transactions do not qualify as financial instruments and are therefore not included in the tables shown above. Accordingly, the VaR of the foreign exchange hedging portfolio in the amount of \u20ac 911 million (2022: \u20ac\u20091,535 million) cannot be considered as a risk indicator for the Company in the economic sense. 37.2 Carrying Amounts and Fair Values of Financial Instruments
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 The fair values of listed equity instruments reflect quoted market prices. For non-listed equity investments for which quoted market prices are not available, the Company determines the fair values using valuation methods such as net asset values, discounted cash flow method or a comparable valuation technique. Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Contract assets, trade receivables and other receivables \u2014 The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the receivables\u2019 origination and their maturity. Securities \u2014 The fair values of securities reflect their quoted market price at the end of the reporting period. Cash and cash equivalents \u2014 include cash in hand, cash in banks, checks, fixed deposits as well as commercial papers and money market funds. The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the origination of the instrument and its maturity or due date. The fair value of commercial papers is determined based on Level 2 input by discounting future cash flows using appropriate interest rates. The fair values of money market funds are determined by reference to their quoted market price. Derivatives \u2014 The fair values of derivative instruments reflect quoted market prices, where available, but in most cases are determined using recognised valuation techniques such as option-pricing models (e.g. Black & Scholes model) and discounted cash flow models. The valuation is based on observable market data such as currency rates, currency forward rates, interest rates and yield curves, commodity forward prices as well as price and rate volatilities obtained from recognised vendors of market data. Furthermore, to the extent that these instruments are subject to master netting arrangements and similar agreements and managed on the basis of net credit exposure, their fair values reflect credit and debit value adjustments based on the net long or net short position that the Company has with each counterparty. Except for certain short-term commodity contracts and derivatives presented in the Level 3 section above, derivative fair values are measured based on Level 2 input.
38. Litigation and Claims Litigation and claims \u2014 Various legal actions, governmental investigations, proceedings and other claims are pending or may be instituted or asserted in the future against the Company. Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with certainty. Provisions have been accounted for in accordance with IFRS criteria. It is reasonably possible that the final resolution of some of these matters may require the Company to make expenditures, in excess of established provisions over an extended period of time and in a range of amounts that cannot be reasonably estimated. The term \u201creasonably possible\u201d is used herein to mean that the chance of a future transaction or event occurring is more than remote but less than likely. The Company is involved from time to time in various governmental, legal and arbitration proceedings in the ordinary course of its business, the most significant of which are described below. Other than as described below, there are no material governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened) which may have or have had in the recent past significant effects on Airbus SE\u2019s or the Company\u2019s Financial Position or profitability. If the Company concludes that the disclosures relative to contingent liabilities can be expected to prejudice seriously its position in a dispute with other parties, the Company limits its disclosures to the nature of the dispute. Investigation by the UK SFO, France\u2019s PNF, US Departments of State and Justice and Related Commercial Litigation During 2023, the various proceedings in relation to the final agreements (\u201cthe agreements\u201d) reached with the French Parquet National Financier (\u201cPNF\u201d), the UK Serious Fraud Office (\u201cSFO\u201d), and the US Department of Justice (\u201cDoJ\u201d) (resolving the authorities\u2019 investigations into allegations of bribery and corruption), and the US Department of State (\u201cDoS\u201d) and the DoJ (resolving their investigations into inaccurate and misleading filings made with the DoS pursuant to the US International Traffic in Arms Regulations (\u201cITAR\u201d)), were concluded. The agreements were approved and made public on 31 January 2020. Under their terms, the Company agreed to pay penalties of \u20ac\u20093,597,766,766 plus interest and costs to the French, UK and US authorities. This was recognised in the Company\u2019s 2019 accounts, and all penalties have been paid. The settlements with each authority were as follows: PNF \u20ac\u20092,083,137,455, the SFO \u20ac\u2009983,974,311, the DoJ \u20ac\u2009526,150,496 and the DoS \u20ac\u20099,009,008 of which \u20ac\u20094,504,504 could be used for approved remedial compliance measures. Under the terms of the Convention judiciaire d\u2019int\u00e9r\u00eat public (\u201cCJIP\u201d) with the PNF, the Company had an obligation to submit its compliance programme to targeted audits carried out by the Agence Fran\u00e7aise Anticorruption (\u201cAFA\u201d) over a period of three years. Under the terms of the Deferred Prosecution Agreement (\u201cDPA\u201d) with the SFO, no independent compliance monitor was imposed on the Company in light of the continuing monitorship conducted by the AFA. Under the terms of the DPA with the DoJ, no independent compliance monitor was imposed on Airbus under the agreement with the DoJ, but the Company periodically reported on its continuing compliance enhancement progress during the three year term of the DPA and carried out further reviews as required by the DoJ. The agreements resulted in the suspension of prosecution for a duration of three years. This deferral period ended on 31 January 2023. On 13 February 2023, the SFO gave notice to the Company discontinuing the prosecution. On 17 March 2023, the PNF gave notice of the same with receipt of the Constat de l'extinction de l'action publique. On 28 July 2023 the DoJ filed a motion to dismiss which was
granted by the court on 10 August 2023. With receipt of the aforementioned notices, the CJIP with the PNF, the DPA with the SFO and the DPA with the DoJ were formally concluded. Under the terms of the Consent Agreement with the DoS, the DoS agreed to settle all civil violations of the ITAR outlined in the Company\u2019s voluntary disclosures identified in the Consent Agreement, and the Company agreed to retain an independent export control compliance officer to monitor the effectiveness of the Company\u2019s export control systems and its compliance with the ITAR. As a result of the Company's decision to redirect export control compliance resources to ensure compliance with export control restrictions and international sanctions announced against Russia, Belarus and certain Russian entities and individuals following Russia's invasion of Ukraine on 24 February 2022, the Company asked the DoS to extend the Consent Agreement an additional nine months from its original expiration date, and the DoS granted this extension. On 26 October 2023, the Company received notice from the DoS of the closure of the Consent Agreement based on the fulfilment of its terms. In addition to any pending investigation in other jurisdictions, the factual disclosures made in the course of reaching the agreements may result in the commencement of additional investigations in other jurisdictions. Such investigations could also result in (i) civil claims or claims by shareholders against the Company, (ii) adverse consequences on the Company\u2019s ability to obtain or continue financing for current or future projects, (iii) limitations on the eligibility of group companies for certain public sector contracts, and/or (iv) damage to the Company\u2019s business or reputation via negative publicity adversely affecting the Company\u2019s prospects in the commercial marketplace. Airbus will continue to cooperate with the authorities in the future and to enhance its strong Ethics & Compliance programme and culture within the Company. In the wake of the agreements and settlements described above, several consultants and other third parties initiated commercial litigation and arbitration against the Company seeking relief. The agreements reached with authorities may lead to additional commercial litigation and arbitration against the Company and tax liability in the future, which could have a material impact on the Financial Statements, business and operations of the Company. Securities Litigation In August 2021 the Company received notification of two separate claims and in March 2022 of a third claim, each filed in the Netherlands purportedly on behalf of Airbus investors. These claims (the \u201cDutch claims\u201d) assert that the Company violated its reporting obligations, allegedly leading to an impact on the Company\u2019s share price, by failing to adequately inform investors and providing false or misleading information about its use of intermediaries and alleged corrupt practices, its related financial exposure, internal investigations and subsequent measures taken by the Company, and the related criminal investigations leading to the Company\u2019s agreements approved on 31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS. The first Dutch claim was filed with the Amsterdam District Court in August 2021 by a special purpose vehicle incorporated under the laws of Guernsey, an assignee purportedly representing numerous private shareholders and institutional investors, seeking a declaratory judgment with damages to be assessed in follow on proceedings. The second Dutch claim was filed in December 2021 following a demand letter sent by a foundation incorporated under the laws of the Netherlands, a purported representative of unnamed institutional and retail investors worldwide, starting a class action against the Company before the Dutch courts. This second Dutch claim targets the Company, certain of the Company's current and former directors and officers, and the Company's current and former auditors. The third Dutch claim was a class action filed in April 2022 against the Company by a foundation incorporated under the laws of the Netherlands. In accordance with Dutch procedural law, the two Dutch class action claims are treated jointly as one case. The Dutch claims followed the filing in 2020 of a putative class action lawsuit in US federal court in the state of New Jersey, against Airbus SE and members of its current and former management. The US complaint asserted violations of US securities laws, alleging false and misleading statements or omissions concerning, among other things, the Company\u2019s agreements approved on 31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS as well as the Company\u2019s historic practices regarding the use of third party business partners and anti-corruption compliance. The matter was fully and finally settled on 30 September 2022 in exchange for a payment in the amount of $5 million USD without any acknowledgement of liability. On 30 August 2023, the first Dutch claim was dismissed on the merits, with the plaintiff appealing this dismissal on 29 November 2023. On 20 September 2023, the second and third Dutch claims were dismissed on procedural grounds, which plaintiffs appealed on 19 December 2023. The calendar for appeal proceedings on both matters extends at least to 2025 and could take longer. The Company cannot exclude the possibility that additional claims are filed related to this subject matter attempting different theories of recovery in the same or different jurisdictions. The Company believes it has solid grounds to defend itself against the allegations. The consequences of such litigation and the outcome of the proceedings cannot be fully assessed at this stage, but any judgment or decision unfavourable to the Company could have a material adverse impact on the Financial Statements, business and operations of the Company. Air France Flight 447 Trial On 1 June 2009, an A330 operated by Air France as flight AF447 from Rio de Janeiro to Paris disappeared over the Atlantic Ocean with 228 persons onboard. The wreckage was located in April 2011 after several search campaigns organised by the Bureau d'Enqu\u00eates et d'Analyses (BEA), which published its final investigation report in July 2012. In the wake of the accident, the prosecutor in Paris opened an investigation for involuntary manslaughter and Airbus SAS was charged in March 2011. In September 2019, the investigating magistrates closed the investigation and dismissed all criminal charges after a thorough analysis of the technical and legal elements of the case. However, the Paris Court of Appeal overturned the magistrates' decision and ordered a trial for involuntary manslaughter. The
Company\u2019s appeal to the French Supreme Court was dismissed. Following a trial in the fourth quarter of 2022, the Paris Criminal Court announced on 17 April 2023 that all criminal charges against the Company were dismissed but sustained certain civil liability claims. On 26 April 2023, the Paris General Prosecutor filed an appeal of the dismissal of criminal charges against Airbus and Air France. As a consequence, there will be a full retrial of the matter, which the Company expects will be scheduled to take place in 2024 or 2025. Grand Canyon Helicopter Accident On 10 February 2018, a fatal accident occurred in the Grand Canyon at a site called Quartermaster in Arizona involving an EC130 B4 helicopter operated by Papillon Helicopters impacting the canyon floor and catching fire, leading to five fatalities and two severely injured persons. Following the accident, product liability claims were filed in Nevada state court in the US, including claims by the estate and parents of a deceased passenger and by the injured pilot of the helicopter. On 6 May 2023 the claim of the pilot was settled, with no admission of liability on behalf of the Company. In January 2024, the last remaining claim with a passenger family was settled, with no admission of liability on behalf of the Company, in the amount of $100 million USD, shared between Airbus Helicopters and Papillon Helicopters. Other Investigations In 2019, the Company self-reported to German authorities potentially improper advance receipt and communication of confidential customer information by employees of Airbus Defence and Space GmbH. The information concerned relates to future German government procurement projects. The self-disclosure by the Company followed an internal review with the support of an external law firm. Both the German Ministry of Defence and the Munich public prosecutor opened an investigation into the matter. The investigation could have an impact on Airbus Defence and Space GmbH\u2019s and Airbus Secure Land Communications GmbH\u2019s ability to participate in future public procurement projects in Germany. In 2021 the Munich prosecution issued a penalty notice against Airbus Defence and Space GmbH for \u20ac 10 million for negligent violation of supervisory duties in connection with this matter. The Company continues to fully cooperate with relevant authorities.
5. Key Estimates and Judgements The preparation of the Company\u2019s Consolidated Financial Statements requires the use of estimates and assumptions. In preparing these Financial Statements, management exercises its best judgement based upon its experience and the circumstances prevailing at that time. The estimates and assumptions are based on available information and conditions at the end of the financial period presented and are reviewed on an ongoing basis. Key estimates and judgements that have a significant in\ufb02uence on the amounts recognised in the Company\u2019s Consolidated Financial Statements are mentioned below: Revenue recognition for performance obligations transferred over time \u2014 The PoC method is used to recognise revenue for performance obligations transferred over time. This method places considerable importance on accurate estimates at completion as well as on the extent of progress towards completion. For the determination of the progress of the performance obligations, significant estimates include total contract costs, remaining costs to completion, total contract revenue, contract risks and other judgements.
The Company and its customer may agree to modify the scope or price of long-term contracts. Once the revised rights and obligations are agreed and enforceable, the Company estimates the change in the transaction price. The management of the segments continually review all estimates involved in such performance obligations and adjusts them as necessary (see \u201c\u2013 Note 22: Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities\u201d). Provisions \u2014 The evaluation of provisions, such as onerous contracts, program-related provisions and restructuring measures are based on best estimates. Onerous contracts are identified by monitoring the progress of the contract and the underlying programme performance. The associated estimates of the relevant contract costs require significant judgement related to performance achievements. Depending on the size and nature of the Company\u2019s contracts and related programmes, the extent of assumptions, judgements and estimates in these monitoring processes differs. In particular, the introduction of commercial or military aircraft programmes (e.g. A400M) or major derivative aircraft programmes involves an increased level of estimates and judgements associated with the expected development, production and certification schedules and expected cost components (see \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d). In view of overall commercial relationships, contract adjustments may occur, and must be considered on a case-by-case basis. Estimates and judgements are subject to change based on new information as contracts and related programmes progress. Furthermore, the complex design and manufacturing processes of the Company\u2019s industry require challenging integration and coordination along the supply chain including an ongoing assessment of suppliers\u2019 assertions which may additionally impact the outcome of these monitoring processes. A restructuring provision is recognised when the Company has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision is at the best estimate of the anticipated costs and includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the Company. Financial instruments fair value measurement using Level 3 inputs \u2013 The Company uses its judgement to select a valuation methodology and make assumptions in order to determine the fair value of financial instruments that are not traded in an active market and for which no inputs other than quoted prices are observable. Valuation techniques (including Discounted Cash Flow model) rely on market conditions available at the reporting period together with estimates derived from the Company's own data. Changes in assumptions may result in a significant change in the reported fair value measurement of these financial instruments (See \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d). Non-current assets \u2014 Non-current other assets include payments to be made to Airbus by suppliers after aircraft delivery and are recorded as a reduction of cost of goods sold at the time of aircraft delivery. This valuation involves the use of judgement and is based on the best available estimate of the future aircraft operations, the pattern of future maintenance activity and escalation of costs of long-term contractual arrangement with suppliers. The impact of climate change is also considered when making these estimates. These future payments are discounted to reflect specific contractual terms and repayment profile. In making such estimates, Airbus relies on both management experience and industry regulations, however, these estimates can be subject to revision (see \u2013 \"Note 26: Other Assets and Other Liabilities\"). Hedge accounting \u2014 The hedge portfolio covers a large portion of the Company\u2019s highly probable forecasted transactions derived from its commercial activities. The Company makes estimates and judgement in assessing the highly probable criteria of the forecasted transactions, in order to anticipate future events, as risk of future cancellations of orders (see \u201c\u2013 Note 37: Financial Instruments\u201d). Employee benefits \u2014 The Company accounts for pension and other post-retirement benefits in accordance with actuarial valuations. These valuations rely on statistical and other factors in order to anticipate future events. The actuarial assumptions may differ materially from actual developments mainly due to changing market and economic conditions and therefore result in a significant change in post-retirement employee benefit obligations and the related future expenses (see \u201c\u2013 Note 31: Post-Employment Benefits\u201d). Legal contingencies \u2014 The Company is party to litigations related to a number of matters as described in \u201c\u2013 Note 38: Litigation and Claims\u201d. The outcome of these matters may have a material effect on the financial position, results of operations or cash flows of the Company. Management regularly analyses current information concerning these matters and provides provisions for probable cash outflows, including the estimate of legal expenses to resolve the matters. Internal and external lawyers are used for these assessments. In making the decision regarding the need for provisions, management considers the degree of probability of an unfavourable outcome and the ability to make a sufficiently reliable estimate of the amount of loss. The filing of a suit or formal assertion of a claim against the Airbus companies or the disclosure of any such suit or assertion, does not automatically indicate that a provision may be appropriate. Income taxes \u2014 The Company operates and earns income in numerous countries and is subject to changing tax laws in multiple jurisdictions within these countries. Significant judgements are necessary in determining the worldwide income tax liabilities. Although management believes that it has made reasonable estimates about the final outcome of tax uncertainties, no assurance can be given that the final tax outcome of these matters will be consistent with what is reflected in the historical income tax provisions. At each end of the reporting period, the Company assesses whether the realisation of future tax benefits is probable to recognise deferred tax assets. This assessment requires the exercise of judgement on the part of management with respect to, among other things, benefits that could be realised from available tax strategies and future taxable income, as well as other positive and negative factors. The recorded amount of total deferred tax assets could be reduced, through valuation allowances recognition, if estimates of projected future taxable income and benefits from available tax strategies are lowered, or if changes in current tax regulations are enacted that impose restrictions on the timing or extent of the Company\u2019s ability to utilise future tax benefits. The basis for the recoverability test of deferred tax assets is the same as the Company\u2019s latest operative planning also taking into account certain qualitative aspects regarding the nature of the temporary differences. Qualitative factors include but are not limited to an entity\u2019s history of planning accuracy, performance records, business model, backlog, existence of long-term contracts as well as the nature of temporary differences (see \u201c\u2013 Note 17: Income Taxes\u201d).
Other subjects that involve assumptions and estimates are further described in the respective notes (see \u201c\u2013 Note 8: Acquisitions and Disposals\u201d, \u201c\u2013 Note 19: Intangible Assets\u201d and \u201c\u2013 Note 22: Contract Assets, Contract Liabilities and Trade Receivables, and Trade Liabilities\u201d).
General Assumptions Applied in the Planning Process The basis for determining the recoverable amount is the value in use of the CGUs. Cash flow projections used for the impairment testing are based on both the operative planning which represents the Company\u2019s WB2\u00b0C scenario through embarking an array of investments and expenses, and management's best estimate of the impact of climate-related commitments over the long-term horizon. It incorporates the strategic pathways (see \u201cNote \u2013 3. Climate impacts\u201d) in its assumptions as well as investments to decarbonise mobile and stationary industrial operations. The operative planning, is based on the following key assumptions which are relevant for all CGUs: - increase of expected future labour expenses of 4.5% for 2024 including an inflation rate of 4.5%; - future interest rates projected per geographical market, for the European Monetary Union, the UK and the US; - future exchange rate of 1.125 US$/\u20ac for 2024 to convert in euro the portion of future US dollar which is not hedged (see \u201c\u2013 Note 37: Financial Instruments\u201d).
General economic data derived from external macroeconomic and financial studies have been used to derive the general key assumptions. In addition to these general planning assumptions, the following additional CGU specific assumptions, which represent management\u2019s current best assessment as of the date of these Consolidated Financial Statements, have been applied. Airbus - The planning takes into account both the current market conditions and Airbus\u2019 production rate, and includes management\u2019s best estimates of the progressive increase in aircraft deliveries over the operative planning period; - The period beyond the operative plan horizon was considered through long-term projections and a terminal value with a perpetual growth rate of 2%, aligned with Airbus SBTi commitments and the baseline for the WB2\u00b0C scenario; - The carrying value and planned cash flows of the CGU Airbus are materially influenced due to the significant hedge portfolio; - Cash flows are discounted using a euro weighted pre-tax WACC of 13.5% (2022: 14.1%). Airbus Helicopters - The planning takes into account the evolution of programmes based upon the current backlog and an assessment of order intake for platforms and services; - Long-term commercial assumptions in respect of market share, deliveries and market value are based on the latest helicopter market forecast. The global helicopter market is demonstrating continued signs of recovering towards pre-COVID-19 levels, despite continued geopolitical instabilities and economic volatility. Over the next 10 years, according to market forecasts, around 6,900 Civil & Parapublic helicopters and 6,800 Military helicopters are expected to be delivered globally; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value with a perpetual growth rate of 1%; - Cash flows are discounted using a euro weighted pre-tax WACC of 12.4% (2022: 13.1%). Airbus Defence and Space - Overall the defence and space markets are expected to have growth during the period of the operative planning horizon; - Business growth is underpinned by growing defence and space opportunities. Underlying performance is improved by focusing on project delivery, cost control and efficiency; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value, with a perpetual growth rate of 1%; - Cash flows are discounted using a euro weighted pre-tax WACC of 11.2% (2022: 11.5%).
31. Post-Employment Benefits
Main average assumptions The weighted average assumptions used in calculating the actuarial values of the most significant retirement plans as of 31 December 2023 are as follows: Pension plans in Germany France UK Participation in BAE Systems Pension Scheme in the UK Canada (Rate in %) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Discount rate 3.4 3.6 3.4 3.7 4.5 4.8 4.5 5.0 4.6 5.3 Rate of compensation increase 3.4 3.4 3.0 3.0 3.2 3.3 3.2 3.4 3.0 3.0 Rate of pension increase 2.4 2.4 2.1 2.1 2.9 3.0 3.0 3.1 2.0 2.0 Inflation rate 2.4 2.4 2.1 2.1 3.0 3.2 3.1 3.3 2.0 2.0 Discount rate \u2014 For Germany and France, the Company derives the discount rate used to determine the DBO from yields on high quality corporate bonds with an AA rating. The determination of the discount rate is based on the iBoxx \u20ac Corporates AA bond data and uses the granularity of single bond data in order to receive more market information from the given bond index. The discount rate for the estimated duration of the respective pension plan is then extrapolated along the yield curve. In the UK, it is determined with reference to the full yield curve of AA-rated sterling-denominated corporate bonds of varying maturities. In Canada the discount rate is determined based on the yield of corporate bonds with AA rating. The salary increase rates are based on long-term expectations of the respective employers, derived from the assumed inflation rate and adjusted by promotional or productivity scales. Rate of pension increase \u2014 Rates for pension payment increases are derived from the respective inflation rate for the plan. Inflation rates \u2014 Inflation rate for German and French plans corresponds to the expected long-term increase in cost of living. In the UK, the inflation assumptions are derived by reference to the difference between the yields on index-linked and fixed-interest long-term government bonds. Mortality tables \u2014 For the calculation of the German pension obligation, the \u201c2018 G\u201d mortality tables (generation tables) as developed by Professor Dr. Klaus Heubeck are applied, while the disability rates of the Heubeck Tables have been reduced to 30%, to align with actual observation. For the UK schemes, the Self-Administered Pensions S2 mortality tables based on year of birth (as published by the Institute of Actuaries) is used in conjunction with the results of an investigation into the actual mortality experience of scheme members. In France, Institute for French Statistics (\u201cINSEE\u201d) tables are applied.
Pension obligations sensitivity to main assumptions The following table shows how the present value of the DBO of retirement plans and deferred compensation would have been influenced by changes in the actuarial assumptions as set out for 31 December 2023: Change in actuarial assumptions Impact on DBO Change at 31 December 2023 2022 Present value of the DBO 16,590 15,704 Discount rate Increase by 0.5%-point (1,109) (1,051) Decrease by 0.5%-point 1,242 1,178 Rate of compensation increase Increase by 0.25%-point 88 84 Decrease by 0.25%-point (83) (80) Rate of pension increase Increase by 0.25%-point 246 259 Decrease by 0.25%-point (238) (250) Life expectancy Increase by one year 394 366 Sensitivities are calculated based on the same method (present value of the DBO calculated with the projected unit credit method) as applied when calculating the post-employment benefit obligations. The sensitivity analyses are based on a change of one assumption while holding all other assumptions constant. This is unlikely to occur in practice and changes of more than one assumption may be correlated leading to different impacts on the DBO than disclosed above. If the assumptions change at a different level, the effect on the DBO is not necessarily in a linear relation.
37.1 Financial Risk Management
Sensitivities of market risks \u2014 The approach used to measure and control market risk exposure of the Company\u2019s financial instrument portfolio is, amongst other key indicators, the value-at-risk model (\u201cVaR\u201d). The VaR of a portfolio is the estimated potential loss that will not be exceeded over a specified period of time (holding period) from an adverse market movement with a specified confidence level. The VaR used by the Company is based upon a 95% confidence level and assumes a five-day holding period. The VaR model used is mainly based on the so-called \u201cMonte-Carlo-Simulation\u201d method. The model generates a wide range of potential future scenarios for market price movements by deriving the relevant statistical behaviour of markets for the portfolio of market data from the previous two years and observed interdependencies between different markets and prices.
The Company\u2019s VaR computation includes the Company\u2019s financial debt, short-term and long-term investments, foreign currency forwards, swaps and options, commodity contracts, finance lease receivables and liabilities, foreign currency trade liabilities and receivables and contract assets. Although VaR is an important tool for measuring market risk, the assumptions on which the model is based give rise to some limitations, including the following: - a five-day holding period assumes that it is possible to hedge or dispose of positions within that period. This is considered to be a realistic assumption in almost all cases but may not be the case in situations in which there is severe market illiquidity for a prolonged period. - a 95% confidence level does not reflect losses that may occur beyond this level. Even within the model used there is a 5% statistical probability that losses could exceed the calculated VaR. - the use of historical data as a basis for estimating the statistical behaviour of the relevant markets and finally determining the possible range of future outcomes out of this statistical behaviour may not always cover all possible scenarios, especially those of an exceptional nature. The Company uses VaR amongst other key figures in order to determine the riskiness of its financial instrument portfolio and in order to optimise the risk-return ratio of its financial asset portfolio. Further, its investment policy defines a VaR limit for the total portfolio of cash, cash equivalents and securities. The total VaR as well as the different risk-factor specific VaR figures of this portfolio are measured and serve amongst other measures as a basis for the decisions of the Company\u2019s Asset Liability Management Committee. A summary of the VaR position of the Company financial instruments portfolio at 31 December 2023 and 2022 is as follows: (In \u20ac million) Total VaR Equity price VaR Currency VaR Commodity price VaR Interest rate VaR 31 December 2023 Foreign exchange hedges for forecast transactions or firm commitments 801 0 911 0 165 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 230 70 210 0 74 Finance lease receivables and liabilities, foreign currency trade payables and receivables 81 0 39 0 79 Commodity contracts 6 1 6 0 Equity swaps 2 2 0 0 0 Diversification effect (479) (1) (409) 0 (152) All financial instruments 641 71 752 6 166 31 December 2022 Foreign exchange hedges for forecast transactions or firm commitments 1,450 0 1,535 0 238 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 268 67 225 0 80 Finance lease receivables and liabilities, foreign currency trade payables and receivables 130 0 83 0 112 Commodity contracts 2 0 0 2 0 Equity swaps 2 2 0 0 0 Diversification effect (584) (1) (472) 0 (139) All financial instruments 1,268 68 1,371 2 291 As of 31 December 2023, the total VaR amounts to \u20ac 641 million (2022: \u20ac 1,268 million). The decrease is mainly attributable to the currency and interest rate volatilities reduction in comparison to the exceptional levels in 2022. The Company uses its derivative instruments entirely for hedging purposes. As a result, the respective market risks of these hedging instruments are \u2013 depending on the hedges\u2019 actual effectiveness \u2013 offset by corresponding opposite market risks of the underlying forecast transactions, assets or liabilities. Under IFRS 7, the underlying forecast transactions do not qualify as financial instruments and are therefore not included in the tables shown above. Accordingly, the VaR of the foreign exchange hedging portfolio in the amount of \u20ac 911 million (2022: \u20ac\u20091,535 million) cannot be considered as a risk indicator for the Company in the economic sense. 37.2 Carrying Amounts and Fair Values of Financial Instruments
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 The fair values of listed equity instruments reflect quoted market prices. For non-listed equity investments for which quoted market prices are not available, the Company determines the fair values using valuation methods such as net asset values, discounted cash flow method or a comparable valuation technique. Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Contract assets, trade receivables and other receivables \u2014 The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the receivables\u2019 origination and their maturity. Securities \u2014 The fair values of securities reflect their quoted market price at the end of the reporting period. Cash and cash equivalents \u2014 include cash in hand, cash in banks, checks, fixed deposits as well as commercial papers and money market funds. The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the origination of the instrument and its maturity or due date. The fair value of commercial papers is determined based on Level 2 input by discounting future cash flows using appropriate interest rates. The fair values of money market funds are determined by reference to their quoted market price. Derivatives \u2014 The fair values of derivative instruments reflect quoted market prices, where available, but in most cases are determined using recognised valuation techniques such as option-pricing models (e.g. Black & Scholes model) and discounted cash flow models. The valuation is based on observable market data such as currency rates, currency forward rates, interest rates and yield curves, commodity forward prices as well as price and rate volatilities obtained from recognised vendors of market data. Furthermore, to the extent that these instruments are subject to master netting arrangements and similar agreements and managed on the basis of net credit exposure, their fair values reflect credit and debit value adjustments based on the net long or net short position that the Company has with each counterparty. Except for certain short-term commodity contracts and derivatives presented in the Level 3 section above, derivative fair values are measured based on Level 2 input.
38. Litigation and Claims Litigation and claims \u2014 Various legal actions, governmental investigations, proceedings and other claims are pending or may be instituted or asserted in the future against the Company. Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with certainty. Provisions have been accounted for in accordance with IFRS criteria. It is reasonably possible that the final resolution of some of these matters may require the Company to make expenditures, in excess of established provisions over an extended period of time and in a range of amounts that cannot be reasonably estimated. The term \u201creasonably possible\u201d is used herein to mean that the chance of a future transaction or event occurring is more than remote but less than likely. The Company is involved from time to time in various governmental, legal and arbitration proceedings in the ordinary course of its business, the most significant of which are described below. Other than as described below, there are no material governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened) which may have or have had in the recent past significant effects on Airbus SE\u2019s or the Company\u2019s Financial Position or profitability. If the Company concludes that the disclosures relative to contingent liabilities can be expected to prejudice seriously its position in a dispute with other parties, the Company limits its disclosures to the nature of the dispute. Investigation by the UK SFO, France\u2019s PNF, US Departments of State and Justice and Related Commercial Litigation During 2023, the various proceedings in relation to the final agreements (\u201cthe agreements\u201d) reached with the French Parquet National Financier (\u201cPNF\u201d), the UK Serious Fraud Office (\u201cSFO\u201d), and the US Department of Justice (\u201cDoJ\u201d) (resolving the authorities\u2019 investigations into allegations of bribery and corruption), and the US Department of State (\u201cDoS\u201d) and the DoJ (resolving their investigations into inaccurate and misleading filings made with the DoS pursuant to the US International Traffic in Arms Regulations (\u201cITAR\u201d)), were concluded. The agreements were approved and made public on 31 January 2020. Under their terms, the Company agreed to pay penalties of \u20ac\u20093,597,766,766 plus interest and costs to the French, UK and US authorities. This was recognised in the Company\u2019s 2019 accounts, and all penalties have been paid. The settlements with each authority were as follows: PNF \u20ac\u20092,083,137,455, the SFO \u20ac\u2009983,974,311, the DoJ \u20ac\u2009526,150,496 and the DoS \u20ac\u20099,009,008 of which \u20ac\u20094,504,504 could be used for approved remedial compliance measures. Under the terms of the Convention judiciaire d\u2019int\u00e9r\u00eat public (\u201cCJIP\u201d) with the PNF, the Company had an obligation to submit its compliance programme to targeted audits carried out by the Agence Fran\u00e7aise Anticorruption (\u201cAFA\u201d) over a period of three years. Under the terms of the Deferred Prosecution Agreement (\u201cDPA\u201d) with the SFO, no independent compliance monitor was imposed on the Company in light of the continuing monitorship conducted by the AFA. Under the terms of the DPA with the DoJ, no independent compliance monitor was imposed on Airbus under the agreement with the DoJ, but the Company periodically reported on its continuing compliance enhancement progress during the three year term of the DPA and carried out further reviews as required by the DoJ. The agreements resulted in the suspension of prosecution for a duration of three years. This deferral period ended on 31 January 2023. On 13 February 2023, the SFO gave notice to the Company discontinuing the prosecution. On 17 March 2023, the PNF gave notice of the same with receipt of the Constat de l'extinction de l'action publique. On 28 July 2023 the DoJ filed a motion to dismiss which was
granted by the court on 10 August 2023. With receipt of the aforementioned notices, the CJIP with the PNF, the DPA with the SFO and the DPA with the DoJ were formally concluded. Under the terms of the Consent Agreement with the DoS, the DoS agreed to settle all civil violations of the ITAR outlined in the Company\u2019s voluntary disclosures identified in the Consent Agreement, and the Company agreed to retain an independent export control compliance officer to monitor the effectiveness of the Company\u2019s export control systems and its compliance with the ITAR. As a result of the Company's decision to redirect export control compliance resources to ensure compliance with export control restrictions and international sanctions announced against Russia, Belarus and certain Russian entities and individuals following Russia's invasion of Ukraine on 24 February 2022, the Company asked the DoS to extend the Consent Agreement an additional nine months from its original expiration date, and the DoS granted this extension. On 26 October 2023, the Company received notice from the DoS of the closure of the Consent Agreement based on the fulfilment of its terms. In addition to any pending investigation in other jurisdictions, the factual disclosures made in the course of reaching the agreements may result in the commencement of additional investigations in other jurisdictions. Such investigations could also result in (i) civil claims or claims by shareholders against the Company, (ii) adverse consequences on the Company\u2019s ability to obtain or continue financing for current or future projects, (iii) limitations on the eligibility of group companies for certain public sector contracts, and/or (iv) damage to the Company\u2019s business or reputation via negative publicity adversely affecting the Company\u2019s prospects in the commercial marketplace. Airbus will continue to cooperate with the authorities in the future and to enhance its strong Ethics & Compliance programme and culture within the Company. In the wake of the agreements and settlements described above, several consultants and other third parties initiated commercial litigation and arbitration against the Company seeking relief. The agreements reached with authorities may lead to additional commercial litigation and arbitration against the Company and tax liability in the future, which could have a material impact on the Financial Statements, business and operations of the Company. Securities Litigation In August 2021 the Company received notification of two separate claims and in March 2022 of a third claim, each filed in the Netherlands purportedly on behalf of Airbus investors. These claims (the \u201cDutch claims\u201d) assert that the Company violated its reporting obligations, allegedly leading to an impact on the Company\u2019s share price, by failing to adequately inform investors and providing false or misleading information about its use of intermediaries and alleged corrupt practices, its related financial exposure, internal investigations and subsequent measures taken by the Company, and the related criminal investigations leading to the Company\u2019s agreements approved on 31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS. The first Dutch claim was filed with the Amsterdam District Court in August 2021 by a special purpose vehicle incorporated under the laws of Guernsey, an assignee purportedly representing numerous private shareholders and institutional investors, seeking a declaratory judgment with damages to be assessed in follow on proceedings. The second Dutch claim was filed in December 2021 following a demand letter sent by a foundation incorporated under the laws of the Netherlands, a purported representative of unnamed institutional and retail investors worldwide, starting a class action against the Company before the Dutch courts. This second Dutch claim targets the Company, certain of the Company's current and former directors and officers, and the Company's current and former auditors. The third Dutch claim was a class action filed in April 2022 against the Company by a foundation incorporated under the laws of the Netherlands. In accordance with Dutch procedural law, the two Dutch class action claims are treated jointly as one case. The Dutch claims followed the filing in 2020 of a putative class action lawsuit in US federal court in the state of New Jersey, against Airbus SE and members of its current and former management. The US complaint asserted violations of US securities laws, alleging false and misleading statements or omissions concerning, among other things, the Company\u2019s agreements approved on 31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS as well as the Company\u2019s historic practices regarding the use of third party business partners and anti-corruption compliance. The matter was fully and finally settled on 30 September 2022 in exchange for a payment in the amount of $5 million USD without any acknowledgement of liability. On 30 August 2023, the first Dutch claim was dismissed on the merits, with the plaintiff appealing this dismissal on 29 November 2023. On 20 September 2023, the second and third Dutch claims were dismissed on procedural grounds, which plaintiffs appealed on 19 December 2023. The calendar for appeal proceedings on both matters extends at least to 2025 and could take longer. The Company cannot exclude the possibility that additional claims are filed related to this subject matter attempting different theories of recovery in the same or different jurisdictions. The Company believes it has solid grounds to defend itself against the allegations. The consequences of such litigation and the outcome of the proceedings cannot be fully assessed at this stage, but any judgment or decision unfavourable to the Company could have a material adverse impact on the Financial Statements, business and operations of the Company. Air France Flight 447 Trial On 1 June 2009, an A330 operated by Air France as flight AF447 from Rio de Janeiro to Paris disappeared over the Atlantic Ocean with 228 persons onboard. The wreckage was located in April 2011 after several search campaigns organised by the Bureau d'Enqu\u00eates et d'Analyses (BEA), which published its final investigation report in July 2012. In the wake of the accident, the prosecutor in Paris opened an investigation for involuntary manslaughter and Airbus SAS was charged in March 2011. In September 2019, the investigating magistrates closed the investigation and dismissed all criminal charges after a thorough analysis of the technical and legal elements of the case. However, the Paris Court of Appeal overturned the magistrates' decision and ordered a trial for involuntary manslaughter. The
Company\u2019s appeal to the French Supreme Court was dismissed. Following a trial in the fourth quarter of 2022, the Paris Criminal Court announced on 17 April 2023 that all criminal charges against the Company were dismissed but sustained certain civil liability claims. On 26 April 2023, the Paris General Prosecutor filed an appeal of the dismissal of criminal charges against Airbus and Air France. As a consequence, there will be a full retrial of the matter, which the Company expects will be scheduled to take place in 2024 or 2025. Grand Canyon Helicopter Accident On 10 February 2018, a fatal accident occurred in the Grand Canyon at a site called Quartermaster in Arizona involving an EC130 B4 helicopter operated by Papillon Helicopters impacting the canyon floor and catching fire, leading to five fatalities and two severely injured persons. Following the accident, product liability claims were filed in Nevada state court in the US, including claims by the estate and parents of a deceased passenger and by the injured pilot of the helicopter. On 6 May 2023 the claim of the pilot was settled, with no admission of liability on behalf of the Company. In January 2024, the last remaining claim with a passenger family was settled, with no admission of liability on behalf of the Company, in the amount of $100 million USD, shared between Airbus Helicopters and Papillon Helicopters. Other Investigations In 2019, the Company self-reported to German authorities potentially improper advance receipt and communication of confidential customer information by employees of Airbus Defence and Space GmbH. The information concerned relates to future German government procurement projects. The self-disclosure by the Company followed an internal review with the support of an external law firm. Both the German Ministry of Defence and the Munich public prosecutor opened an investigation into the matter. The investigation could have an impact on Airbus Defence and Space GmbH\u2019s and Airbus Secure Land Communications GmbH\u2019s ability to participate in future public procurement projects in Germany. In 2021 the Munich prosecution issued a penalty notice against Airbus Defence and Space GmbH for \u20ac 10 million for negligent violation of supervisory duties in connection with this matter. The Company continues to fully cooperate with relevant authorities.
5. Key Estimates and Judgements The preparation of the Company\u2019s Consolidated Financial Statements requires the use of estimates and assumptions. In preparing these Financial Statements, management exercises its best judgement based upon its experience and the circumstances prevailing at that time. The estimates and assumptions are based on available information and conditions at the end of the financial period presented and are reviewed on an ongoing basis. Key estimates and judgements that have a significant in\ufb02uence on the amounts recognised in the Company\u2019s Consolidated Financial Statements are mentioned below: Revenue recognition for performance obligations transferred over time \u2014 The PoC method is used to recognise revenue for performance obligations transferred over time. This method places considerable importance on accurate estimates at completion as well as on the extent of progress towards completion. For the determination of the progress of the performance obligations, significant estimates include total contract costs, remaining costs to completion, total contract revenue, contract risks and other judgements.
The Company and its customer may agree to modify the scope or price of long-term contracts. Once the revised rights and obligations are agreed and enforceable, the Company estimates the change in the transaction price. The management of the segments continually review all estimates involved in such performance obligations and adjusts them as necessary (see \u201c\u2013 Note 22: Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities\u201d). Provisions \u2014 The evaluation of provisions, such as onerous contracts, program-related provisions and restructuring measures are based on best estimates. Onerous contracts are identified by monitoring the progress of the contract and the underlying programme performance. The associated estimates of the relevant contract costs require significant judgement related to performance achievements. Depending on the size and nature of the Company\u2019s contracts and related programmes, the extent of assumptions, judgements and estimates in these monitoring processes differs. In particular, the introduction of commercial or military aircraft programmes (e.g. A400M) or major derivative aircraft programmes involves an increased level of estimates and judgements associated with the expected development, production and certification schedules and expected cost components (see \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d). In view of overall commercial relationships, contract adjustments may occur, and must be considered on a case-by-case basis. Estimates and judgements are subject to change based on new information as contracts and related programmes progress. Furthermore, the complex design and manufacturing processes of the Company\u2019s industry require challenging integration and coordination along the supply chain including an ongoing assessment of suppliers\u2019 assertions which may additionally impact the outcome of these monitoring processes. A restructuring provision is recognised when the Company has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision is at the best estimate of the anticipated costs and includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the Company. Financial instruments fair value measurement using Level 3 inputs \u2013 The Company uses its judgement to select a valuation methodology and make assumptions in order to determine the fair value of financial instruments that are not traded in an active market and for which no inputs other than quoted prices are observable. Valuation techniques (including Discounted Cash Flow model) rely on market conditions available at the reporting period together with estimates derived from the Company's own data. Changes in assumptions may result in a significant change in the reported fair value measurement of these financial instruments (See \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d). Non-current assets \u2014 Non-current other assets include payments to be made to Airbus by suppliers after aircraft delivery and are recorded as a reduction of cost of goods sold at the time of aircraft delivery. This valuation involves the use of judgement and is based on the best available estimate of the future aircraft operations, the pattern of future maintenance activity and escalation of costs of long-term contractual arrangement with suppliers. The impact of climate change is also considered when making these estimates. These future payments are discounted to reflect specific contractual terms and repayment profile. In making such estimates, Airbus relies on both management experience and industry regulations, however, these estimates can be subject to revision (see \u2013 \"Note 26: Other Assets and Other Liabilities\"). Hedge accounting \u2014 The hedge portfolio covers a large portion of the Company\u2019s highly probable forecasted transactions derived from its commercial activities. The Company makes estimates and judgement in assessing the highly probable criteria of the forecasted transactions, in order to anticipate future events, as risk of future cancellations of orders (see \u201c\u2013 Note 37: Financial Instruments\u201d). Employee benefits \u2014 The Company accounts for pension and other post-retirement benefits in accordance with actuarial valuations. These valuations rely on statistical and other factors in order to anticipate future events. The actuarial assumptions may differ materially from actual developments mainly due to changing market and economic conditions and therefore result in a significant change in post-retirement employee benefit obligations and the related future expenses (see \u201c\u2013 Note 31: Post-Employment Benefits\u201d). Legal contingencies \u2014 The Company is party to litigations related to a number of matters as described in \u201c\u2013 Note 38: Litigation and Claims\u201d. The outcome of these matters may have a material effect on the financial position, results of operations or cash flows of the Company. Management regularly analyses current information concerning these matters and provides provisions for probable cash outflows, including the estimate of legal expenses to resolve the matters. Internal and external lawyers are used for these assessments. In making the decision regarding the need for provisions, management considers the degree of probability of an unfavourable outcome and the ability to make a sufficiently reliable estimate of the amount of loss. The filing of a suit or formal assertion of a claim against the Airbus companies or the disclosure of any such suit or assertion, does not automatically indicate that a provision may be appropriate. Income taxes \u2014 The Company operates and earns income in numerous countries and is subject to changing tax laws in multiple jurisdictions within these countries. Significant judgements are necessary in determining the worldwide income tax liabilities. Although management believes that it has made reasonable estimates about the final outcome of tax uncertainties, no assurance can be given that the final tax outcome of these matters will be consistent with what is reflected in the historical income tax provisions. At each end of the reporting period, the Company assesses whether the realisation of future tax benefits is probable to recognise deferred tax assets. This assessment requires the exercise of judgement on the part of management with respect to, among other things, benefits that could be realised from available tax strategies and future taxable income, as well as other positive and negative factors. The recorded amount of total deferred tax assets could be reduced, through valuation allowances recognition, if estimates of projected future taxable income and benefits from available tax strategies are lowered, or if changes in current tax regulations are enacted that impose restrictions on the timing or extent of the Company\u2019s ability to utilise future tax benefits. The basis for the recoverability test of deferred tax assets is the same as the Company\u2019s latest operative planning also taking into account certain qualitative aspects regarding the nature of the temporary differences. Qualitative factors include but are not limited to an entity\u2019s history of planning accuracy, performance records, business model, backlog, existence of long-term contracts as well as the nature of temporary differences (see \u201c\u2013 Note 17: Income Taxes\u201d).
Other subjects that involve assumptions and estimates are further described in the respective notes (see \u201c\u2013 Note 8: Acquisitions and Disposals\u201d, \u201c\u2013 Note 19: Intangible Assets\u201d and \u201c\u2013 Note 22: Contract Assets, Contract Liabilities and Trade Receivables, and Trade Liabilities\u201d).
General Assumptions Applied in the Planning Process The basis for determining the recoverable amount is the value in use of the CGUs. Cash flow projections used for the impairment testing are based on both the operative planning which represents the Company\u2019s WB2\u00b0C scenario through embarking an array of investments and expenses, and management's best estimate of the impact of climate-related commitments over the long-term horizon. It incorporates the strategic pathways (see \u201cNote \u2013 3. Climate impacts\u201d) in its assumptions as well as investments to decarbonise mobile and stationary industrial operations. The operative planning, is based on the following key assumptions which are relevant for all CGUs: - increase of expected future labour expenses of 4.5% for 2024 including an inflation rate of 4.5%; - future interest rates projected per geographical market, for the European Monetary Union, the UK and the US; - future exchange rate of 1.125 US$/\u20ac for 2024 to convert in euro the portion of future US dollar which is not hedged (see \u201c\u2013 Note 37: Financial Instruments\u201d).
General economic data derived from external macroeconomic and financial studies have been used to derive the general key assumptions. In addition to these general planning assumptions, the following additional CGU specific assumptions, which represent management\u2019s current best assessment as of the date of these Consolidated Financial Statements, have been applied. Airbus - The planning takes into account both the current market conditions and Airbus\u2019 production rate, and includes management\u2019s best estimates of the progressive increase in aircraft deliveries over the operative planning period; - The period beyond the operative plan horizon was considered through long-term projections and a terminal value with a perpetual growth rate of 2%, aligned with Airbus SBTi commitments and the baseline for the WB2\u00b0C scenario; - The carrying value and planned cash flows of the CGU Airbus are materially influenced due to the significant hedge portfolio; - Cash flows are discounted using a euro weighted pre-tax WACC of 13.5% (2022: 14.1%). Airbus Helicopters - The planning takes into account the evolution of programmes based upon the current backlog and an assessment of order intake for platforms and services; - Long-term commercial assumptions in respect of market share, deliveries and market value are based on the latest helicopter market forecast. The global helicopter market is demonstrating continued signs of recovering towards pre-COVID-19 levels, despite continued geopolitical instabilities and economic volatility. Over the next 10 years, according to market forecasts, around 6,900 Civil & Parapublic helicopters and 6,800 Military helicopters are expected to be delivered globally; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value with a perpetual growth rate of 1%; - Cash flows are discounted using a euro weighted pre-tax WACC of 12.4% (2022: 13.1%). Airbus Defence and Space - Overall the defence and space markets are expected to have growth during the period of the operative planning horizon; - Business growth is underpinned by growing defence and space opportunities. Underlying performance is improved by focusing on project delivery, cost control and efficiency; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value, with a perpetual growth rate of 1%; - Cash flows are discounted using a euro weighted pre-tax WACC of 11.2% (2022: 11.5%).
31. Post-Employment Benefits
Main average assumptions The weighted average assumptions used in calculating the actuarial values of the most significant retirement plans as of 31 December 2023 are as follows: Pension plans in Germany France UK Participation in BAE Systems Pension Scheme in the UK Canada (Rate in %) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Discount rate 3.4 3.6 3.4 3.7 4.5 4.8 4.5 5.0 4.6 5.3 Rate of compensation increase 3.4 3.4 3.0 3.0 3.2 3.3 3.2 3.4 3.0 3.0 Rate of pension increase 2.4 2.4 2.1 2.1 2.9 3.0 3.0 3.1 2.0 2.0 Inflation rate 2.4 2.4 2.1 2.1 3.0 3.2 3.1 3.3 2.0 2.0 Discount rate \u2014 For Germany and France, the Company derives the discount rate used to determine the DBO from yields on high quality corporate bonds with an AA rating. The determination of the discount rate is based on the iBoxx \u20ac Corporates AA bond data and uses the granularity of single bond data in order to receive more market information from the given bond index. The discount rate for the estimated duration of the respective pension plan is then extrapolated along the yield curve. In the UK, it is determined with reference to the full yield curve of AA-rated sterling-denominated corporate bonds of varying maturities. In Canada the discount rate is determined based on the yield of corporate bonds with AA rating. The salary increase rates are based on long-term expectations of the respective employers, derived from the assumed inflation rate and adjusted by promotional or productivity scales. Rate of pension increase \u2014 Rates for pension payment increases are derived from the respective inflation rate for the plan. Inflation rates \u2014 Inflation rate for German and French plans corresponds to the expected long-term increase in cost of living. In the UK, the inflation assumptions are derived by reference to the difference between the yields on index-linked and fixed-interest long-term government bonds. Mortality tables \u2014 For the calculation of the German pension obligation, the \u201c2018 G\u201d mortality tables (generation tables) as developed by Professor Dr. Klaus Heubeck are applied, while the disability rates of the Heubeck Tables have been reduced to 30%, to align with actual observation. For the UK schemes, the Self-Administered Pensions S2 mortality tables based on year of birth (as published by the Institute of Actuaries) is used in conjunction with the results of an investigation into the actual mortality experience of scheme members. In France, Institute for French Statistics (\u201cINSEE\u201d) tables are applied.
Pension obligations sensitivity to main assumptions The following table shows how the present value of the DBO of retirement plans and deferred compensation would have been influenced by changes in the actuarial assumptions as set out for 31 December 2023: Change in actuarial assumptions Impact on DBO Change at 31 December 2023 2022 Present value of the DBO 16,590 15,704 Discount rate Increase by 0.5%-point (1,109) (1,051) Decrease by 0.5%-point 1,242 1,178 Rate of compensation increase Increase by 0.25%-point 88 84 Decrease by 0.25%-point (83) (80) Rate of pension increase Increase by 0.25%-point 246 259 Decrease by 0.25%-point (238) (250) Life expectancy Increase by one year 394 366 Sensitivities are calculated based on the same method (present value of the DBO calculated with the projected unit credit method) as applied when calculating the post-employment benefit obligations. The sensitivity analyses are based on a change of one assumption while holding all other assumptions constant. This is unlikely to occur in practice and changes of more than one assumption may be correlated leading to different impacts on the DBO than disclosed above. If the assumptions change at a different level, the effect on the DBO is not necessarily in a linear relation.
37.1 Financial Risk Management
Sensitivities of market risks \u2014 The approach used to measure and control market risk exposure of the Company\u2019s financial instrument portfolio is, amongst other key indicators, the value-at-risk model (\u201cVaR\u201d). The VaR of a portfolio is the estimated potential loss that will not be exceeded over a specified period of time (holding period) from an adverse market movement with a specified confidence level. The VaR used by the Company is based upon a 95% confidence level and assumes a five-day holding period. The VaR model used is mainly based on the so-called \u201cMonte-Carlo-Simulation\u201d method. The model generates a wide range of potential future scenarios for market price movements by deriving the relevant statistical behaviour of markets for the portfolio of market data from the previous two years and observed interdependencies between different markets and prices.
The Company\u2019s VaR computation includes the Company\u2019s financial debt, short-term and long-term investments, foreign currency forwards, swaps and options, commodity contracts, finance lease receivables and liabilities, foreign currency trade liabilities and receivables and contract assets. Although VaR is an important tool for measuring market risk, the assumptions on which the model is based give rise to some limitations, including the following: - a five-day holding period assumes that it is possible to hedge or dispose of positions within that period. This is considered to be a realistic assumption in almost all cases but may not be the case in situations in which there is severe market illiquidity for a prolonged period. - a 95% confidence level does not reflect losses that may occur beyond this level. Even within the model used there is a 5% statistical probability that losses could exceed the calculated VaR. - the use of historical data as a basis for estimating the statistical behaviour of the relevant markets and finally determining the possible range of future outcomes out of this statistical behaviour may not always cover all possible scenarios, especially those of an exceptional nature. The Company uses VaR amongst other key figures in order to determine the riskiness of its financial instrument portfolio and in order to optimise the risk-return ratio of its financial asset portfolio. Further, its investment policy defines a VaR limit for the total portfolio of cash, cash equivalents and securities. The total VaR as well as the different risk-factor specific VaR figures of this portfolio are measured and serve amongst other measures as a basis for the decisions of the Company\u2019s Asset Liability Management Committee. A summary of the VaR position of the Company financial instruments portfolio at 31 December 2023 and 2022 is as follows: (In \u20ac million) Total VaR Equity price VaR Currency VaR Commodity price VaR Interest rate VaR 31 December 2023 Foreign exchange hedges for forecast transactions or firm commitments 801 0 911 0 165 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 230 70 210 0 74 Finance lease receivables and liabilities, foreign currency trade payables and receivables 81 0 39 0 79 Commodity contracts 6 1 6 0 Equity swaps 2 2 0 0 0 Diversification effect (479) (1) (409) 0 (152) All financial instruments 641 71 752 6 166 31 December 2022 Foreign exchange hedges for forecast transactions or firm commitments 1,450 0 1,535 0 238 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 268 67 225 0 80 Finance lease receivables and liabilities, foreign currency trade payables and receivables 130 0 83 0 112 Commodity contracts 2 0 0 2 0 Equity swaps 2 2 0 0 0 Diversification effect (584) (1) (472) 0 (139) All financial instruments 1,268 68 1,371 2 291 As of 31 December 2023, the total VaR amounts to \u20ac 641 million (2022: \u20ac 1,268 million). The decrease is mainly attributable to the currency and interest rate volatilities reduction in comparison to the exceptional levels in 2022. The Company uses its derivative instruments entirely for hedging purposes. As a result, the respective market risks of these hedging instruments are \u2013 depending on the hedges\u2019 actual effectiveness \u2013 offset by corresponding opposite market risks of the underlying forecast transactions, assets or liabilities. Under IFRS 7, the underlying forecast transactions do not qualify as financial instruments and are therefore not included in the tables shown above. Accordingly, the VaR of the foreign exchange hedging portfolio in the amount of \u20ac 911 million (2022: \u20ac\u20091,535 million) cannot be considered as a risk indicator for the Company in the economic sense. 37.2 Carrying Amounts and Fair Values of Financial Instruments
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 The fair values of listed equity instruments reflect quoted market prices. For non-listed equity investments for which quoted market prices are not available, the Company determines the fair values using valuation methods such as net asset values, discounted cash flow method or a comparable valuation technique. Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Contract assets, trade receivables and other receivables \u2014 The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the receivables\u2019 origination and their maturity. Securities \u2014 The fair values of securities reflect their quoted market price at the end of the reporting period. Cash and cash equivalents \u2014 include cash in hand, cash in banks, checks, fixed deposits as well as commercial papers and money market funds. The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the origination of the instrument and its maturity or due date. The fair value of commercial papers is determined based on Level 2 input by discounting future cash flows using appropriate interest rates. The fair values of money market funds are determined by reference to their quoted market price. Derivatives \u2014 The fair values of derivative instruments reflect quoted market prices, where available, but in most cases are determined using recognised valuation techniques such as option-pricing models (e.g. Black & Scholes model) and discounted cash flow models. The valuation is based on observable market data such as currency rates, currency forward rates, interest rates and yield curves, commodity forward prices as well as price and rate volatilities obtained from recognised vendors of market data. Furthermore, to the extent that these instruments are subject to master netting arrangements and similar agreements and managed on the basis of net credit exposure, their fair values reflect credit and debit value adjustments based on the net long or net short position that the Company has with each counterparty. Except for certain short-term commodity contracts and derivatives presented in the Level 3 section above, derivative fair values are measured based on Level 2 input.
38. Litigation and Claims Litigation and claims \u2014 Various legal actions, governmental investigations, proceedings and other claims are pending or may be instituted or asserted in the future against the Company. Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with certainty. Provisions have been accounted for in accordance with IFRS criteria. It is reasonably possible that the final resolution of some of these matters may require the Company to make expenditures, in excess of established provisions over an extended period of time and in a range of amounts that cannot be reasonably estimated. The term \u201creasonably possible\u201d is used herein to mean that the chance of a future transaction or event occurring is more than remote but less than likely. The Company is involved from time to time in various governmental, legal and arbitration proceedings in the ordinary course of its business, the most significant of which are described below. Other than as described below, there are no material governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened) which may have or have had in the recent past significant effects on Airbus SE\u2019s or the Company\u2019s Financial Position or profitability. If the Company concludes that the disclosures relative to contingent liabilities can be expected to prejudice seriously its position in a dispute with other parties, the Company limits its disclosures to the nature of the dispute. Investigation by the UK SFO, France\u2019s PNF, US Departments of State and Justice and Related Commercial Litigation During 2023, the various proceedings in relation to the final agreements (\u201cthe agreements\u201d) reached with the French Parquet National Financier (\u201cPNF\u201d), the UK Serious Fraud Office (\u201cSFO\u201d), and the US Department of Justice (\u201cDoJ\u201d) (resolving the authorities\u2019 investigations into allegations of bribery and corruption), and the US Department of State (\u201cDoS\u201d) and the DoJ (resolving their investigations into inaccurate and misleading filings made with the DoS pursuant to the US International Traffic in Arms Regulations (\u201cITAR\u201d)), were concluded. The agreements were approved and made public on 31 January 2020. Under their terms, the Company agreed to pay penalties of \u20ac\u20093,597,766,766 plus interest and costs to the French, UK and US authorities. This was recognised in the Company\u2019s 2019 accounts, and all penalties have been paid. The settlements with each authority were as follows: PNF \u20ac\u20092,083,137,455, the SFO \u20ac\u2009983,974,311, the DoJ \u20ac\u2009526,150,496 and the DoS \u20ac\u20099,009,008 of which \u20ac\u20094,504,504 could be used for approved remedial compliance measures. Under the terms of the Convention judiciaire d\u2019int\u00e9r\u00eat public (\u201cCJIP\u201d) with the PNF, the Company had an obligation to submit its compliance programme to targeted audits carried out by the Agence Fran\u00e7aise Anticorruption (\u201cAFA\u201d) over a period of three years. Under the terms of the Deferred Prosecution Agreement (\u201cDPA\u201d) with the SFO, no independent compliance monitor was imposed on the Company in light of the continuing monitorship conducted by the AFA. Under the terms of the DPA with the DoJ, no independent compliance monitor was imposed on Airbus under the agreement with the DoJ, but the Company periodically reported on its continuing compliance enhancement progress during the three year term of the DPA and carried out further reviews as required by the DoJ. The agreements resulted in the suspension of prosecution for a duration of three years. This deferral period ended on 31 January 2023. On 13 February 2023, the SFO gave notice to the Company discontinuing the prosecution. On 17 March 2023, the PNF gave notice of the same with receipt of the Constat de l'extinction de l'action publique. On 28 July 2023 the DoJ filed a motion to dismiss which was
granted by the court on 10 August 2023. With receipt of the aforementioned notices, the CJIP with the PNF, the DPA with the SFO and the DPA with the DoJ were formally concluded. Under the terms of the Consent Agreement with the DoS, the DoS agreed to settle all civil violations of the ITAR outlined in the Company\u2019s voluntary disclosures identified in the Consent Agreement, and the Company agreed to retain an independent export control compliance officer to monitor the effectiveness of the Company\u2019s export control systems and its compliance with the ITAR. As a result of the Company's decision to redirect export control compliance resources to ensure compliance with export control restrictions and international sanctions announced against Russia, Belarus and certain Russian entities and individuals following Russia's invasion of Ukraine on 24 February 2022, the Company asked the DoS to extend the Consent Agreement an additional nine months from its original expiration date, and the DoS granted this extension. On 26 October 2023, the Company received notice from the DoS of the closure of the Consent Agreement based on the fulfilment of its terms. In addition to any pending investigation in other jurisdictions, the factual disclosures made in the course of reaching the agreements may result in the commencement of additional investigations in other jurisdictions. Such investigations could also result in (i) civil claims or claims by shareholders against the Company, (ii) adverse consequences on the Company\u2019s ability to obtain or continue financing for current or future projects, (iii) limitations on the eligibility of group companies for certain public sector contracts, and/or (iv) damage to the Company\u2019s business or reputation via negative publicity adversely affecting the Company\u2019s prospects in the commercial marketplace. Airbus will continue to cooperate with the authorities in the future and to enhance its strong Ethics & Compliance programme and culture within the Company. In the wake of the agreements and settlements described above, several consultants and other third parties initiated commercial litigation and arbitration against the Company seeking relief. The agreements reached with authorities may lead to additional commercial litigation and arbitration against the Company and tax liability in the future, which could have a material impact on the Financial Statements, business and operations of the Company. Securities Litigation In August 2021 the Company received notification of two separate claims and in March 2022 of a third claim, each filed in the Netherlands purportedly on behalf of Airbus investors. These claims (the \u201cDutch claims\u201d) assert that the Company violated its reporting obligations, allegedly leading to an impact on the Company\u2019s share price, by failing to adequately inform investors and providing false or misleading information about its use of intermediaries and alleged corrupt practices, its related financial exposure, internal investigations and subsequent measures taken by the Company, and the related criminal investigations leading to the Company\u2019s agreements approved on 31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS. The first Dutch claim was filed with the Amsterdam District Court in August 2021 by a special purpose vehicle incorporated under the laws of Guernsey, an assignee purportedly representing numerous private shareholders and institutional investors, seeking a declaratory judgment with damages to be assessed in follow on proceedings. The second Dutch claim was filed in December 2021 following a demand letter sent by a foundation incorporated under the laws of the Netherlands, a purported representative of unnamed institutional and retail investors worldwide, starting a class action against the Company before the Dutch courts. This second Dutch claim targets the Company, certain of the Company's current and former directors and officers, and the Company's current and former auditors. The third Dutch claim was a class action filed in April 2022 against the Company by a foundation incorporated under the laws of the Netherlands. In accordance with Dutch procedural law, the two Dutch class action claims are treated jointly as one case. The Dutch claims followed the filing in 2020 of a putative class action lawsuit in US federal court in the state of New Jersey, against Airbus SE and members of its current and former management. The US complaint asserted violations of US securities laws, alleging false and misleading statements or omissions concerning, among other things, the Company\u2019s agreements approved on 31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS as well as the Company\u2019s historic practices regarding the use of third party business partners and anti-corruption compliance. The matter was fully and finally settled on 30 September 2022 in exchange for a payment in the amount of $5 million USD without any acknowledgement of liability. On 30 August 2023, the first Dutch claim was dismissed on the merits, with the plaintiff appealing this dismissal on 29 November 2023. On 20 September 2023, the second and third Dutch claims were dismissed on procedural grounds, which plaintiffs appealed on 19 December 2023. The calendar for appeal proceedings on both matters extends at least to 2025 and could take longer. The Company cannot exclude the possibility that additional claims are filed related to this subject matter attempting different theories of recovery in the same or different jurisdictions. The Company believes it has solid grounds to defend itself against the allegations. The consequences of such litigation and the outcome of the proceedings cannot be fully assessed at this stage, but any judgment or decision unfavourable to the Company could have a material adverse impact on the Financial Statements, business and operations of the Company. Air France Flight 447 Trial On 1 June 2009, an A330 operated by Air France as flight AF447 from Rio de Janeiro to Paris disappeared over the Atlantic Ocean with 228 persons onboard. The wreckage was located in April 2011 after several search campaigns organised by the Bureau d'Enqu\u00eates et d'Analyses (BEA), which published its final investigation report in July 2012. In the wake of the accident, the prosecutor in Paris opened an investigation for involuntary manslaughter and Airbus SAS was charged in March 2011. In September 2019, the investigating magistrates closed the investigation and dismissed all criminal charges after a thorough analysis of the technical and legal elements of the case. However, the Paris Court of Appeal overturned the magistrates' decision and ordered a trial for involuntary manslaughter. The
Company\u2019s appeal to the French Supreme Court was dismissed. Following a trial in the fourth quarter of 2022, the Paris Criminal Court announced on 17 April 2023 that all criminal charges against the Company were dismissed but sustained certain civil liability claims. On 26 April 2023, the Paris General Prosecutor filed an appeal of the dismissal of criminal charges against Airbus and Air France. As a consequence, there will be a full retrial of the matter, which the Company expects will be scheduled to take place in 2024 or 2025. Grand Canyon Helicopter Accident On 10 February 2018, a fatal accident occurred in the Grand Canyon at a site called Quartermaster in Arizona involving an EC130 B4 helicopter operated by Papillon Helicopters impacting the canyon floor and catching fire, leading to five fatalities and two severely injured persons. Following the accident, product liability claims were filed in Nevada state court in the US, including claims by the estate and parents of a deceased passenger and by the injured pilot of the helicopter. On 6 May 2023 the claim of the pilot was settled, with no admission of liability on behalf of the Company. In January 2024, the last remaining claim with a passenger family was settled, with no admission of liability on behalf of the Company, in the amount of $100 million USD, shared between Airbus Helicopters and Papillon Helicopters. Other Investigations In 2019, the Company self-reported to German authorities potentially improper advance receipt and communication of confidential customer information by employees of Airbus Defence and Space GmbH. The information concerned relates to future German government procurement projects. The self-disclosure by the Company followed an internal review with the support of an external law firm. Both the German Ministry of Defence and the Munich public prosecutor opened an investigation into the matter. The investigation could have an impact on Airbus Defence and Space GmbH\u2019s and Airbus Secure Land Communications GmbH\u2019s ability to participate in future public procurement projects in Germany. In 2021 the Munich prosecution issued a penalty notice against Airbus Defence and Space GmbH for \u20ac 10 million for negligent violation of supervisory duties in connection with this matter. The Company continues to fully cooperate with relevant authorities.
6. Change in Accounting Policies and Disclosures The accounting policies applied by the Company in preparation of its 2023 year-end Consolidated Financial Statements are the same as applied for the previous year. Other than that, amendments, improvements to and interpretations of standards effective from 1 January 2023 have no material impact on the Consolidated Financial Statements. New, Revised or Amended IFRSs Applied from 1 January 2023 Amendments to IAS 12 Income Taxes \u2014 International Tax Reform \u2014 Pillar Two Model Rules The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. As a consequence, no deferred tax assets or liabilities are recognised in the Consolidated Financial Statements as of 31 December 2023. New, Revised or Amended IFRSs Issued but not yet Applied A number of new or revised standards, amendments and improvements to standards as well as interpretations are not yet effective for the year ended 31 December 2023 and have not been applied in preparing these Consolidated Financial Statements and early adoption is not planned: Standards and related amendments IASB effective date for annual reporting periods beginning on or after Endorsement status Amendments to IFRS 16: Lease Liability in a Sale and Leaseback 1 January 2024 Endorsed Amendments to IAS 1: Classification of Liabilities as Current or Non-current 1 January 2024 Endorsed Amendments to IAS 1: Non-current Liabilities with Covenants 1 January 2024 Endorsed Amendments to IAS 7: Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (1) 1 January 2024 Not yet endorsed Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability 1 January 2025 Not yet endorsed (1) As of 31 December 2023, for additional information related to Supplier Finance Arrangements, see \u201c\u2013 Note 22. Contract Assets and Contract Liabilities,
Trade Receivables and Trade Liabilities\u201d
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f2705": {
"value": "6. Change in Accounting Policies and Disclosures The accounting policies applied by the Company in preparation of its 2023 year-end Consolidated Financial Statements are the same as applied for the previous year. Other than that, amendments, improvements to and interpretations of standards effective from 1 January 2023 have no material impact on the Consolidated Financial Statements. New, Revised or Amended IFRSs Applied from 1 January 2023 Amendments to IAS 12 Income Taxes \u2014 International Tax Reform \u2014 Pillar Two Model Rules The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. As a consequence, no deferred tax assets or liabilities are recognised in the Consolidated Financial Statements as of 31 December 2023. New, Revised or Amended IFRSs Issued but not yet Applied A number of new or revised standards, amendments and improvements to standards as well as interpretations are not yet effective for the year ended 31 December 2023 and have not been applied in preparing these Consolidated Financial Statements and early adoption is not planned: Standards and related amendments IASB effective date for annual reporting periods beginning on or after Endorsement status Amendments to IFRS 16: Lease Liability in a Sale and Leaseback 1 January 2024 Endorsed Amendments to IAS 1: Classification of Liabilities as Current or Non-current 1 January 2024 Endorsed Amendments to IAS 1: Non-current Liabilities with Covenants 1 January 2024 Endorsed Amendments to IAS 7: Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (1) 1 January 2024 Not yet endorsed Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability 1 January 2025 Not yet endorsed (1) As of 31 December 2023, for additional information related to Supplier Finance Arrangements, see \u201c\u2013 Note 22. Contract Assets and Contract Liabilities,
Trade Receivables and Trade Liabilities\u201d",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f2762": {
"value": "7. Scope of Consolidation
Subsidiaries are entities controlled by the Company including so-called structured entities, which are created to accomplish a narrow and well-defined objective. They are fully consolidated from the date control commences to the date control ceases. The assessment of control of a structured entity is performed in three steps. In a first step, the Company identifies the relevant activities of the structured entities (which may include managing lease receivables, managing the sale or re-lease at the end of the lease and managing the sale or re-lease on default) and in a second step, the Company assesses which activity is expected to have the most
significant impact on the structured entities\u2019 return. Finally, the Company determines which party or parties control this activity. The Company\u2019s interests in equity-accounted investees comprise investments in associates and joint ventures. Such investments are accounted for under the equity method and are initially recognised at cost.
The Financial Statements of the Company\u2019s investments in associates and joint ventures are generally prepared for the same reporting period as for the parent company. Adjustments are made where necessary to bring the accounting policies and accounting periods in line with those of the Company.
PERIMETER OF CONSOLIDATION 31 December (Number of companies) 2023 2022 Fully consolidated entities 175 179 Investments accounted for under the equity method in joint ventures 63 53 in associates 21 29 Total 259 261
Appendix \u201cSimplified Airbus Structure
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" />
</svg>\")
For further information, please refer to the Company's website.7. Scope of Consolidation
Subsidiaries are entities controlled by the Company including so-called structured entities, which are created to accomplish a narrow and well-defined objective. They are fully consolidated from the date control commences to the date control ceases. The assessment of control of a structured entity is performed in three steps. In a first step, the Company identifies the relevant activities of the structured entities (which may include managing lease receivables, managing the sale or re-lease at the end of the lease and managing the sale or re-lease on default) and in a second step, the Company assesses which activity is expected to have the most
significant impact on the structured entities\u2019 return. Finally, the Company determines which party or parties control this activity. 8. Acquisitions and Disposals
Loss of control, loss of joint control, loss of significant influence \u2014 Upon loss of control of a subsidiary, the assets and liabilities and any components of the Company\u2019s equity related to the subsidiary are derecognised. Any gain or loss arising from the loss of control is recognised within other income or other expenses in the Consolidated Income Statement. If the Company retains any interest in the previous subsidiary, such interest is measured at fair value at the date the control is lost. Assets and liabilities of a material subsidiary for which a loss of control is highly probable are classified as assets and liabilities held for sale when the Company has received sufficient evidence that the loss of control will occur in the 12 months after the classification. These assets and liabilities are presented after elimination of intercompany transactions. When the loss of significant influence or the loss of joint control of an investment accounted for under the equity method is highly probable and is expected to occur in the coming 12 months, this associate or joint venture is classified as an asset held for sale.
7. Scope of Consolidation
The Company\u2019s interests in equity-accounted investees comprise investments in associates and joint ventures. Such investments are accounted for under the equity method and are initially recognised at cost.
The Financial Statements of the Company\u2019s investments in associates and joint ventures are generally prepared for the same reporting period as for the parent company. Adjustments are made where necessary to bring the accounting policies and accounting periods in line with those of the Company.
8. Acquisitions and Disposals
Sale of investment in an associate or joint venture \u2014 Any gain or loss arising from the disposal of investment accounted for under the
equity method is recognised within share of profit from investments. 9. Investments Accounted for under the Equity Method 31 December (In \u20ac million) 2023 2022 Investments in joint ventures 1,830 1,686 Investments in associates 398 381 Total 2,228 2,067 Investments accounted for under the equity method increased by \u20ac\u2009+161 million to \u20ac\u20092,228 million (2022: \u20ac\u20092,067 million). They mainly include the equity investments in ArianeGroup, MBDA and ATR GIE.
9.2 Investments in Associates The Company\u2019s interests in associates, accounted for under the equity method, are stated in aggregate in the following table: (In \u20ac million) 2023 2022 Carrying amount of the investment at 1 January 381 201 Share of results from continuing operations 56 35 Share of other comprehensive income (4) 138 Dividends received during the year (15) (1) Capital increase (decrease) (23) 0 Changes in consolidation 0 6 Others 3 2 Carrying amount of the investment at 31 December 398 381
15. Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments (In \u20ac million) 2023 2022 Share of profit from investments in joint ventures 211 99 Share of profit from investments in associates 56 35 Share of profit from investments accounted for under the equity method 267 134 Other income from investments 36 58 Share of profit from investments under the equity method and other income from investments increased by \u20ac\u2009+111 million to \u20ac\u2009303 million compared to \u20ac\u2009192 million in 2022, mainly linked to higher share of result from the Company\u2019s main joint ventures (ArianeGroup, MBDA and ATR GIE, see \u201cNote 9.1 \u2013 Investments in Joint Ventures\u201d).
7. Scope of Consolidation
The Company\u2019s interests in equity-accounted investees comprise investments in associates and joint ventures. Such investments are accounted for under the equity method and are initially recognised at cost.
The Financial Statements of the Company\u2019s investments in associates and joint ventures are generally prepared for the same reporting period as for the parent company. Adjustments are made where necessary to bring the accounting policies and accounting periods in line with those of the Company.
8. Acquisitions and Disposals
Sale of investment in an associate or joint venture \u2014 Any gain or loss arising from the disposal of investment accounted for under the
equity method is recognised within share of profit from investments. 7. Scope of Consolidation
The Company\u2019s interests in equity-accounted investees comprise investments in associates and joint ventures. Such investments are accounted for under the equity method and are initially recognised at cost.
The Financial Statements of the Company\u2019s investments in associates and joint ventures are generally prepared for the same reporting period as for the parent company. Adjustments are made where necessary to bring the accounting policies and accounting periods in line with those of the Company.
8. Acquisitions and Disposals
Sale of investment in an associate or joint venture \u2014 Any gain or loss arising from the disposal of investment accounted for under the
equity method is recognised within share of profit from investments. 9. Investments Accounted for under the Equity Method 31 December (In \u20ac million) 2023 2022 Investments in joint ventures 1,830 1,686 Investments in associates 398 381 Total 2,228 2,067 Investments accounted for under the equity method increased by \u20ac\u2009+161 million to \u20ac\u20092,228 million (2022: \u20ac\u20092,067 million). They mainly include the equity investments in ArianeGroup, MBDA and ATR GIE.
9.1 Investments in Joint Ventures The joint ventures in which the Company holds an interest are structured in separate incorporated companies. Under joint arrangement agreements, unanimous consent is required from all parties to the agreement for all relevant activities. The Company and its partners have rights to the net assets of these entities through the terms of the contractual agreements. The Company\u2019s interest in its joint ventures, accounted for under the equity method, is stated in aggregate in the following table: (In \u20ac million) 2023 2022 Carrying amount of the investments at 1 January 1,686 1,471 New joint ventures 109 0 Share of results from continuing operations 211 99 Share of other comprehensive income (15) 173 Dividends received during the year (136) (99) Capital increase (decrease) (17) 36 Changes in consolidation 0 0 Others (8) 6 Carrying amount of the investments at 31 December 1,830 1,686 The Company\u2019s individually material joint ventures are ArianeGroup, Paris (France), MBDA S.A.S., Paris (France), and ATR GIE, Blagnac (France), as parent companies of their respective groups. These joint venture companies are not publicly listed. ArianeGroup is a 50% joint venture between the Company and Safran. ArianeGroup is the head company in a group comprising several subsidiaries and affiliates, such as: APP, Arianespace, Eurocryospace, Europropulsion, Nucl\u00e9tudes, Pyroalliance, Regulus and Sodern. ArianeGroup inherits a rich portfolio of products and services, enabling it to deliver innovative and competitive solutions to numerous customers around the world. In 2022, ArianeGroup has been strongly impacted by the Ukraine crisis. All Soyuz flights operated by Arianespace and Starsem have been canceled since 24 February 2022 (see \u201c\u2013 Note 2: Geopolitical and Macroeconomic Environment\u201d). In 2023, ArianeGroup has announced the postponement of the inaugural flight of the Ariane 6 launcher. It is planned for the period between mid-June to end of July 2024. The Company holds a 37.5% stake in MBDA at 31 December 2023, which is a joint venture between the Company, BAE Systems and Leonardo. MBDA offers missile systems capabilities that cover the whole range of solutions for air dominance, ground-based air defence and maritime superiority, as well as advanced technological solutions for battlefield engagement. ATR GIE manufactures advanced turboprop aircraft. It is a 50% joint venture between Leonardo and the Company. Both Leonardo and the Company provide airframes which are assembled by ATR GIE in France. The members of ATR GIE are legally entitled exclusively to the benefits and are liable for the commitments of the joint venture. ATR GIE is obliged to transfer its cash to each member of the joint venture. The following table summarises financial information for ArianeGroup, MBDA and ATR GIE based on their Consolidated Financial Statements prepared in accordance with IFRS: ArianeGroup MBDA ATR GIE (In \u20ac million) 2023 2022 2023 2022 2023 2022 Revenue 2,298 2,357 4,451 4,210 1,033 852 Depreciation and amortisation (122) (153) (192) (199) (41) 3 Interest income 39 2 168 39 0 0 Interest expense (16) (23) (13) (25) 0 0 Income tax 4 (19) (146) (123) (9) (2) Profit (loss) from continuing operations (32) 19 498 386 24 (11) Other comprehensive income 7 70 (49) 316 0 0 Total comprehensive income (100%) (26) 89 449 702 24 (11) Non-current assets 6,110 6,086 3,022 2,748 244 239 Current assets 7,362 6,841 10,111 8,160 719 785 thereof cash and cash equivalents 1,219 1,409 4,740 2,987 9 4 Non-current liabilities 1,116 909 166 206 95 75 thereof non-current financial liabilities (excluding trade and other payables and provisions) 334 358 17 11 0 0 Current liabilities 8,155 7,790 11,330 9,171 686 748 thereof current financial liabilities (excluding trade and other payables and provisions) 85 59 749 22 0 0 Total equity (100%) 4,201 4,228 1,637 1,531 182 201 Equity attributable to the equity owners of the parent 4,217 4,230 1,637 1,531 182 201 Non-controlling interests -16 (2) 0 0 0 0 ArianeGroup MBDA ATR GIE (In \u20ac million) 2023 2022 2023 2022 2023 2022 The Company\u2019s interest in equity on investee 2,108 2,115 614 575 91 100 Goodwill 244 244 282 282 0 0 PPA adjustments, net of tax (1,718) (1,709) 0 0 0 0 Contingent liability release adjustment (36) (36) 0 0 0 0 Fair value adjustments and modifications for differences in accounting policies (87) (93) (8) (10) 0 0 Elimination of downstream inventory 2 2 0 0 0 (4) Other 0 0 0 0 0 (3) Carrying amount of the investment at 31 December 513 523 888 847 91 93 The development of these investments is as follows: ArianeGroup MBDA ATR GIE (In \u20ac million) 2023 2022 2023 2022 2023 2022 Carrying amount of the investment at 1 January 523 532 847 676 93 59 Share of results from continuing operations (13) (47) 186 146 12 (5) Share of other comprehensive income 3 38 (20) 117 (2) 8 Dividends received during the year 0 0 (125) (92) 0 0 Capital increase (decrease) 0 0 0 0 (16) 36 Changes in consolidation 0 0 0 0 0 0 Others 0 0 0 0 4 (5) Carrying amount of the investment at 31 December 513 523 888 847 91 93 The Company\u2019s share of contingent liabilities and other commitments as of 31 December 2023 relating to MBDA is \u20ac\u2009438 million (2022: \u20ac\u2009500 million).
15. Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments (In \u20ac million) 2023 2022 Share of profit from investments in joint ventures 211 99 Share of profit from investments in associates 56 35 Share of profit from investments accounted for under the equity method 267 134 Other income from investments 36 58 Share of profit from investments under the equity method and other income from investments increased by \u20ac\u2009+111 million to \u20ac\u2009303 million compared to \u20ac\u2009192 million in 2022, mainly linked to higher share of result from the Company\u2019s main joint ventures (ArianeGroup, MBDA and ATR GIE, see \u201cNote 9.1 \u2013 Investments in Joint Ventures\u201d).
7. Scope of Consolidation
The Company\u2019s interests in equity-accounted investees comprise investments in associates and joint ventures. Such investments are accounted for under the equity method and are initially recognised at cost.
The Financial Statements of the Company\u2019s investments in associates and joint ventures are generally prepared for the same reporting period as for the parent company. Adjustments are made where necessary to bring the accounting policies and accounting periods in line with those of the Company.
8. Acquisitions and Disposals
Sale of investment in an associate or joint venture \u2014 Any gain or loss arising from the disposal of investment accounted for under the
equity method is recognised within share of profit from investments. 7. Scope of Consolidation
Subsidiaries are entities controlled by the Company including so-called structured entities, which are created to accomplish a narrow and well-defined objective. They are fully consolidated from the date control commences to the date control ceases. The assessment of control of a structured entity is performed in three steps. In a first step, the Company identifies the relevant activities of the structured entities (which may include managing lease receivables, managing the sale or re-lease at the end of the lease and managing the sale or re-lease on default) and in a second step, the Company assesses which activity is expected to have the most
significant impact on the structured entities\u2019 return. Finally, the Company determines which party or parties control this activity. The Company\u2019s interests in equity-accounted investees comprise investments in associates and joint ventures. Such investments are accounted for under the equity method and are initially recognised at cost.
The Financial Statements of the Company\u2019s investments in associates and joint ventures are generally prepared for the same reporting period as for the parent company. Adjustments are made where necessary to bring the accounting policies and accounting periods in line with those of the Company.
PERIMETER OF CONSOLIDATION 31 December (Number of companies) 2023 2022 Fully consolidated entities 175 179 Investments accounted for under the equity method in joint ventures 63 53 in associates 21 29 Total 259 261
8. Acquisitions and Disposals
Loss of control, loss of joint control, loss of significant influence \u2014 Upon loss of control of a subsidiary, the assets and liabilities and any components of the Company\u2019s equity related to the subsidiary are derecognised. Any gain or loss arising from the loss of control is recognised within other income or other expenses in the Consolidated Income Statement. If the Company retains any interest in the previous subsidiary, such interest is measured at fair value at the date the control is lost. Assets and liabilities of a material subsidiary for which a loss of control is highly probable are classified as assets and liabilities held for sale when the Company has received sufficient evidence that the loss of control will occur in the 12 months after the classification. These assets and liabilities are presented after elimination of intercompany transactions. When the loss of significant influence or the loss of joint control of an investment accounted for under the equity method is highly probable and is expected to occur in the coming 12 months, this associate or joint venture is classified as an asset held for sale.
Sale of investment in an associate or joint venture \u2014 Any gain or loss arising from the disposal of investment accounted for under the
equity method is recognised within share of profit from investments. 9. Investments Accounted for under the Equity Method 31 December (In \u20ac million) 2023 2022 Investments in joint ventures 1,830 1,686 Investments in associates 398 381 Total 2,228 2,067 Investments accounted for under the equity method increased by \u20ac\u2009+161 million to \u20ac\u20092,228 million (2022: \u20ac\u20092,067 million). They mainly include the equity investments in ArianeGroup, MBDA and ATR GIE.
9.1 Investments in Joint Ventures The joint ventures in which the Company holds an interest are structured in separate incorporated companies. Under joint arrangement agreements, unanimous consent is required from all parties to the agreement for all relevant activities. The Company and its partners have rights to the net assets of these entities through the terms of the contractual agreements. The Company\u2019s interest in its joint ventures, accounted for under the equity method, is stated in aggregate in the following table: (In \u20ac million) 2023 2022 Carrying amount of the investments at 1 January 1,686 1,471 New joint ventures 109 0 Share of results from continuing operations 211 99 Share of other comprehensive income (15) 173 Dividends received during the year (136) (99) Capital increase (decrease) (17) 36 Changes in consolidation 0 0 Others (8) 6 Carrying amount of the investments at 31 December 1,830 1,686 The Company\u2019s individually material joint ventures are ArianeGroup, Paris (France), MBDA S.A.S., Paris (France), and ATR GIE, Blagnac (France), as parent companies of their respective groups. These joint venture companies are not publicly listed. ArianeGroup is a 50% joint venture between the Company and Safran. ArianeGroup is the head company in a group comprising several subsidiaries and affiliates, such as: APP, Arianespace, Eurocryospace, Europropulsion, Nucl\u00e9tudes, Pyroalliance, Regulus and Sodern. ArianeGroup inherits a rich portfolio of products and services, enabling it to deliver innovative and competitive solutions to numerous customers around the world. In 2022, ArianeGroup has been strongly impacted by the Ukraine crisis. All Soyuz flights operated by Arianespace and Starsem have been canceled since 24 February 2022 (see \u201c\u2013 Note 2: Geopolitical and Macroeconomic Environment\u201d). In 2023, ArianeGroup has announced the postponement of the inaugural flight of the Ariane 6 launcher. It is planned for the period between mid-June to end of July 2024. The Company holds a 37.5% stake in MBDA at 31 December 2023, which is a joint venture between the Company, BAE Systems and Leonardo. MBDA offers missile systems capabilities that cover the whole range of solutions for air dominance, ground-based air defence and maritime superiority, as well as advanced technological solutions for battlefield engagement. ATR GIE manufactures advanced turboprop aircraft. It is a 50% joint venture between Leonardo and the Company. Both Leonardo and the Company provide airframes which are assembled by ATR GIE in France. The members of ATR GIE are legally entitled exclusively to the benefits and are liable for the commitments of the joint venture. ATR GIE is obliged to transfer its cash to each member of the joint venture. The following table summarises financial information for ArianeGroup, MBDA and ATR GIE based on their Consolidated Financial Statements prepared in accordance with IFRS: ArianeGroup MBDA ATR GIE (In \u20ac million) 2023 2022 2023 2022 2023 2022 Revenue 2,298 2,357 4,451 4,210 1,033 852 Depreciation and amortisation (122) (153) (192) (199) (41) 3 Interest income 39 2 168 39 0 0 Interest expense (16) (23) (13) (25) 0 0 Income tax 4 (19) (146) (123) (9) (2) Profit (loss) from continuing operations (32) 19 498 386 24 (11) Other comprehensive income 7 70 (49) 316 0 0 Total comprehensive income (100%) (26) 89 449 702 24 (11) Non-current assets 6,110 6,086 3,022 2,748 244 239 Current assets 7,362 6,841 10,111 8,160 719 785 thereof cash and cash equivalents 1,219 1,409 4,740 2,987 9 4 Non-current liabilities 1,116 909 166 206 95 75 thereof non-current financial liabilities (excluding trade and other payables and provisions) 334 358 17 11 0 0 Current liabilities 8,155 7,790 11,330 9,171 686 748 thereof current financial liabilities (excluding trade and other payables and provisions) 85 59 749 22 0 0 Total equity (100%) 4,201 4,228 1,637 1,531 182 201 Equity attributable to the equity owners of the parent 4,217 4,230 1,637 1,531 182 201 Non-controlling interests -16 (2) 0 0 0 0 ArianeGroup MBDA ATR GIE (In \u20ac million) 2023 2022 2023 2022 2023 2022 The Company\u2019s interest in equity on investee 2,108 2,115 614 575 91 100 Goodwill 244 244 282 282 0 0 PPA adjustments, net of tax (1,718) (1,709) 0 0 0 0 Contingent liability release adjustment (36) (36) 0 0 0 0 Fair value adjustments and modifications for differences in accounting policies (87) (93) (8) (10) 0 0 Elimination of downstream inventory 2 2 0 0 0 (4) Other 0 0 0 0 0 (3) Carrying amount of the investment at 31 December 513 523 888 847 91 93 The development of these investments is as follows: ArianeGroup MBDA ATR GIE (In \u20ac million) 2023 2022 2023 2022 2023 2022 Carrying amount of the investment at 1 January 523 532 847 676 93 59 Share of results from continuing operations (13) (47) 186 146 12 (5) Share of other comprehensive income 3 38 (20) 117 (2) 8 Dividends received during the year 0 0 (125) (92) 0 0 Capital increase (decrease) 0 0 0 0 (16) 36 Changes in consolidation 0 0 0 0 0 0 Others 0 0 0 0 4 (5) Carrying amount of the investment at 31 December 513 523 888 847 91 93 The Company\u2019s share of contingent liabilities and other commitments as of 31 December 2023 relating to MBDA is \u20ac\u2009438 million (2022: \u20ac\u2009500 million).
9.2 Investments in Associates The Company\u2019s interests in associates, accounted for under the equity method, are stated in aggregate in the following table: (In \u20ac million) 2023 2022 Carrying amount of the investment at 1 January 381 201 Share of results from continuing operations 56 35 Share of other comprehensive income (4) 138 Dividends received during the year (15) (1) Capital increase (decrease) (23) 0 Changes in consolidation 0 6 Others 3 2 Carrying amount of the investment at 31 December 398 381
15. Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments (In \u20ac million) 2023 2022 Share of profit from investments in joint ventures 211 99 Share of profit from investments in associates 56 35 Share of profit from investments accounted for under the equity method 267 134 Other income from investments 36 58 Share of profit from investments under the equity method and other income from investments increased by \u20ac\u2009+111 million to \u20ac\u2009303 million compared to \u20ac\u2009192 million in 2022, mainly linked to higher share of result from the Company\u2019s main joint ventures (ArianeGroup, MBDA and ATR GIE, see \u201cNote 9.1 \u2013 Investments in Joint Ventures\u201d).
21. Other Investments and Other Long-Term Financial Assets 31 December (In \u20ac million) 2023 2022 Other investments 2,798 2,641 Other long-term financial assets 1,921 1,549 Total non-current other investments and other long-term financial assets 4,719 4,190 Current portion of other long-term financial assets 795 665 Total 5,514 4,855 Other investments mainly comprise the Company\u2019s participations and include the remaining investment in Dassault Aviation (9.90%, 2022: 9.90%) amounting to \u20ac 1,483 million at 31 December 2023 (2022: \u20ac\u20091,309 million).
34.2 Non-Controlling Interests The non-controlling interests (\u201cNCI\u201d) from non-wholly owned subsidiaries increased to \u20ac 35 million as of 31 December 2023 (2022: \u20ac\u200932 million). These NCI do not have a material interest in the Company\u2019s activities and cash flows.
2.9
Appendix \u201cSimplified Airbus StructureFor further information, please refer to the Company's website.",
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"f2780": {
"value": "7. Scope of Consolidation
The Company\u2019s interests in equity-accounted investees comprise investments in associates and joint ventures. Such investments are accounted for under the equity method and are initially recognised at cost.
The Financial Statements of the Company\u2019s investments in associates and joint ventures are generally prepared for the same reporting period as for the parent company. Adjustments are made where necessary to bring the accounting policies and accounting periods in line with those of the Company.
8. Acquisitions and Disposals
Sale of investment in an associate or joint venture \u2014 Any gain or loss arising from the disposal of investment accounted for under the
equity method is recognised within share of profit from investments9. Investments Accounted for under the Equity Method 31 December (In \u20ac million) 2023 2022 Investments in joint ventures 1,830 1,686 Investments in associates 398 381 Total 2,228 2,067 Investments accounted for under the equity method increased by \u20ac\u2009+161 million to \u20ac\u20092,228 million (2022: \u20ac\u20092,067 million). They mainly include the equity investments in ArianeGroup, MBDA and ATR GIE.
9.1 Investments in Joint Ventures The joint ventures in which the Company holds an interest are structured in separate incorporated companies. Under joint arrangement agreements, unanimous consent is required from all parties to the agreement for all relevant activities. The Company and its partners have rights to the net assets of these entities through the terms of the contractual agreements. The Company\u2019s interest in its joint ventures, accounted for under the equity method, is stated in aggregate in the following table: (In \u20ac million) 2023 2022 Carrying amount of the investments at 1 January 1,686 1,471 New joint ventures 109 0 Share of results from continuing operations 211 99 Share of other comprehensive income (15) 173 Dividends received during the year (136) (99) Capital increase (decrease) (17) 36 Changes in consolidation 0 0 Others (8) 6 Carrying amount of the investments at 31 December 1,830 1,686 The Company\u2019s individually material joint ventures are ArianeGroup, Paris (France), MBDA S.A.S., Paris (France), and ATR GIE, Blagnac (France), as parent companies of their respective groups. These joint venture companies are not publicly listed. ArianeGroup is a 50% joint venture between the Company and Safran. ArianeGroup is the head company in a group comprising several subsidiaries and affiliates, such as: APP, Arianespace, Eurocryospace, Europropulsion, Nucl\u00e9tudes, Pyroalliance, Regulus and Sodern. ArianeGroup inherits a rich portfolio of products and services, enabling it to deliver innovative and competitive solutions to numerous customers around the world. In 2022, ArianeGroup has been strongly impacted by the Ukraine crisis. All Soyuz flights operated by Arianespace and Starsem have been canceled since 24 February 2022 (see \u201c\u2013 Note 2: Geopolitical and Macroeconomic Environment\u201d). In 2023, ArianeGroup has announced the postponement of the inaugural flight of the Ariane 6 launcher. It is planned for the period between mid-June to end of July 2024. The Company holds a 37.5% stake in MBDA at 31 December 2023, which is a joint venture between the Company, BAE Systems and Leonardo. MBDA offers missile systems capabilities that cover the whole range of solutions for air dominance, ground-based air defence and maritime superiority, as well as advanced technological solutions for battlefield engagement. ATR GIE manufactures advanced turboprop aircraft. It is a 50% joint venture between Leonardo and the Company. Both Leonardo and the Company provide airframes which are assembled by ATR GIE in France. The members of ATR GIE are legally entitled exclusively to the benefits and are liable for the commitments of the joint venture. ATR GIE is obliged to transfer its cash to each member of the joint venture. The following table summarises financial information for ArianeGroup, MBDA and ATR GIE based on their Consolidated Financial Statements prepared in accordance with IFRS: ArianeGroup MBDA ATR GIE (In \u20ac million) 2023 2022 2023 2022 2023 2022 Revenue 2,298 2,357 4,451 4,210 1,033 852 Depreciation and amortisation (122) (153) (192) (199) (41) 3 Interest income 39 2 168 39 0 0 Interest expense (16) (23) (13) (25) 0 0 Income tax 4 (19) (146) (123) (9) (2) Profit (loss) from continuing operations (32) 19 498 386 24 (11) Other comprehensive income 7 70 (49) 316 0 0 Total comprehensive income (100%) (26) 89 449 702 24 (11) Non-current assets 6,110 6,086 3,022 2,748 244 239 Current assets 7,362 6,841 10,111 8,160 719 785 thereof cash and cash equivalents 1,219 1,409 4,740 2,987 9 4 Non-current liabilities 1,116 909 166 206 95 75 thereof non-current financial liabilities (excluding trade and other payables and provisions) 334 358 17 11 0 0 Current liabilities 8,155 7,790 11,330 9,171 686 748 thereof current financial liabilities (excluding trade and other payables and provisions) 85 59 749 22 0 0 Total equity (100%) 4,201 4,228 1,637 1,531 182 201 Equity attributable to the equity owners of the parent 4,217 4,230 1,637 1,531 182 201 Non-controlling interests -16 (2) 0 0 0 0 ArianeGroup MBDA ATR GIE (In \u20ac million) 2023 2022 2023 2022 2023 2022 The Company\u2019s interest in equity on investee 2,108 2,115 614 575 91 100 Goodwill 244 244 282 282 0 0 PPA adjustments, net of tax (1,718) (1,709) 0 0 0 0 Contingent liability release adjustment (36) (36) 0 0 0 0 Fair value adjustments and modifications for differences in accounting policies (87) (93) (8) (10) 0 0 Elimination of downstream inventory 2 2 0 0 0 (4) Other 0 0 0 0 0 (3) Carrying amount of the investment at 31 December 513 523 888 847 91 93 The development of these investments is as follows: ArianeGroup MBDA ATR GIE (In \u20ac million) 2023 2022 2023 2022 2023 2022 Carrying amount of the investment at 1 January 523 532 847 676 93 59 Share of results from continuing operations (13) (47) 186 146 12 (5) Share of other comprehensive income 3 38 (20) 117 (2) 8 Dividends received during the year 0 0 (125) (92) 0 0 Capital increase (decrease) 0 0 0 0 (16) 36 Changes in consolidation 0 0 0 0 0 0 Others 0 0 0 0 4 (5) Carrying amount of the investment at 31 December 513 523 888 847 91 93 The Company\u2019s share of contingent liabilities and other commitments as of 31 December 2023 relating to MBDA is \u20ac\u2009438 million (2022: \u20ac\u2009500 million).
9.2 Investments in Associates The Company\u2019s interests in associates, accounted for under the equity method, are stated in aggregate in the following table: (In \u20ac million) 2023 2022 Carrying amount of the investment at 1 January 381 201 Share of results from continuing operations 56 35 Share of other comprehensive income (4) 138 Dividends received during the year (15) (1) Capital increase (decrease) (23) 0 Changes in consolidation 0 6 Others 3 2 Carrying amount of the investment at 31 December 398 381
15. Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments (In \u20ac million) 2023 2022 Share of profit from investments in joint ventures 211 99 Share of profit from investments in associates 56 35 Share of profit from investments accounted for under the equity method 267 134 Other income from investments 36 58 Share of profit from investments under the equity method and other income from investments increased by \u20ac\u2009+111 million to \u20ac\u2009303 million compared to \u20ac\u2009192 million in 2022, mainly linked to higher share of result from the Company\u2019s main joint ventures (ArianeGroup, MBDA and ATR GIE, see \u201cNote 9.1 \u2013 Investments in Joint Ventures\u201d).
7. Scope of Consolidation
The Company\u2019s interests in equity-accounted investees comprise investments in associates and joint ventures. Such investments are accounted for under the equity method and are initially recognised at cost.
The Financial Statements of the Company\u2019s investments in associates and joint ventures are generally prepared for the same reporting period as for the parent company. Adjustments are made where necessary to bring the accounting policies and accounting periods in line with those of the Company.
8. Acquisitions and Disposals
Sale of investment in an associate or joint venture \u2014 Any gain or loss arising from the disposal of investment accounted for under the
equity method is recognised within share of profit from investments. 7. Scope of Consolidation
Subsidiaries are entities controlled by the Company including so-called structured entities, which are created to accomplish a narrow and well-defined objective. They are fully consolidated from the date control commences to the date control ceases. The assessment of control of a structured entity is performed in three steps. In a first step, the Company identifies the relevant activities of the structured entities (which may include managing lease receivables, managing the sale or re-lease at the end of the lease and managing the sale or re-lease on default) and in a second step, the Company assesses which activity is expected to have the most
significant impact on the structured entities\u2019 return. Finally, the Company determines which party or parties control this activity8. Acquisitions and Disposals
Loss of control, loss of joint control, loss of significant influence \u2014 Upon loss of control of a subsidiary, the assets and liabilities and any components of the Company\u2019s equity related to the subsidiary are derecognised. Any gain or loss arising from the loss of control is recognised within other income or other expenses in the Consolidated Income Statement. If the Company retains any interest in the previous subsidiary, such interest is measured at fair value at the date the control is lost. Assets and liabilities of a material subsidiary for which a loss of control is highly probable are classified as assets and liabilities held for sale when the Company has received sufficient evidence that the loss of control will occur in the 12 months after the classification. These assets and liabilities are presented after elimination of intercompany transactions. When the loss of significant influence or the loss of joint control of an investment accounted for under the equity method is highly probable and is expected to occur in the coming 12 months, this associate or joint venture is classified as an asset held for sale.
34.2 Non-Controlling Interests The non-controlling interests (\u201cNCI\u201d) from non-wholly owned subsidiaries increased to \u20ac 35 million as of 31 December 2023 (2022: \u20ac\u200932 million). These NCI do not have a material interest in the Company\u2019s activities and cash flows.
Appendix \u201cSimplified Airbus Structure
For further information, please refer to the Company's website. ",
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"f2870": {
"value": "8. Acquisitions and Disposals
Business combinations are accounted for using the acquisition method, as at the acquisition date, which is the date on which control is transferred to the Company. The determination of the fair value of the acquired assets and the assumed liabilities which are the basis for the measurement of goodwill requires key estimates. Land, buildings and equipment are usually independently appraised while marketable securities are valued at market prices. If intangible assets are identified, depending on the type of intangible asset and the complexity of determining its fair value, the Company either consults with an independent external valuation expert or develops the fair value internally, using appropriate valuation techniques which are generally based on a forecast of the total expected future net cash flows. These evaluations are linked closely to the assumptions made by management regarding the future performance of the assets concerned and the discount rate applied.
8.1 Acquisitions On 20 June 2022, a Share Purchase Agreement was signed by the Company, Safran and Tikehau Capital for the acquisition of Aubert & Duval from Eramet. On 28 April 2023, the acquisition was finalised following the satisfaction of all conditions precedent including required regulatory approvals. Aubert & Duval is a strategic supplier providing high-performance steel, superalloy, aluminium or titanium parts to high-precision customers in aerospace and other industries. Aubert & Duval investment is owned equally by Airbus, Safran and Tikehau Capital and is accounted for under the equity method. On 20 July 2022, Satair USA, Inc. signed a Membership Interest Purchase Agreement under which it acquired 100% of the shares of VAS Aero Services, LLC. VAS Aero Services provides aviation logistics and aftermarket services including end-of-life support. A preliminary goodwill of \u20ac 67 million was recognised as of 31 December 2022. The one-year window period for the completion of the purchase price allocation ended in June 2023 which confirmed the preliminary goodwill assessment. On 31 December 2022, Airbus Helicopters Deutschland GmbH acquired 100% of the shares of ZF Luftfahrttechnik GmbH. ZF Luftfahrttechnik was subsequently renamed Airbus Helicopters Technik GmbH. The company is a manufacturer of dynamic components for light and medium helicopters and a maintenance, repair, and overhaul service partner for helicopter fleet. The purchase price allocation ended on 31 December 2023 with a final goodwill of \u20ac 45 million. As of 31 December 2023, the total consideration paid for acquisitions of subsidiaries, joint ventures, businesses and non-controlling interests (net of cash) amounts to \u20ac -65 million (2022: -188 million).
",
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"entity": "scheme:MINO79WLOO247M1IL051",
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}
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"f2872": {
"value": "8. Acquisitions and Disposals
Business combinations are accounted for using the acquisition method, as at the acquisition date, which is the date on which control is transferred to the Company. The determination of the fair value of the acquired assets and the assumed liabilities which are the basis for the measurement of goodwill requires key estimates. Land, buildings and equipment are usually independently appraised while marketable securities are valued at market prices. If intangible assets are identified, depending on the type of intangible asset and the complexity of determining its fair value, the Company either consults with an independent external valuation expert or develops the fair value internally, using appropriate valuation techniques which are generally based on a forecast of the total expected future net cash flows. These evaluations are linked closely to the assumptions made by management regarding the future performance of the assets concerned and the discount rate applied.
8. Acquisitions and Disposals
Business combinations are accounted for using the acquisition method, as at the acquisition date, which is the date on which control is transferred to the Company. The determination of the fair value of the acquired assets and the assumed liabilities which are the basis for the measurement of goodwill requires key estimates. Land, buildings and equipment are usually independently appraised while marketable securities are valued at market prices. If intangible assets are identified, depending on the type of intangible asset and the complexity of determining its fair value, the Company either consults with an independent external valuation expert or develops the fair value internally, using appropriate valuation techniques which are generally based on a forecast of the total expected future net cash flows. These evaluations are linked closely to the assumptions made by management regarding the future performance of the assets concerned and the discount rate applied.
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) to which the asset belongs may be impaired. In addition, intangible assets with an indefinite useful life, intangible assets not yet available for use and goodwill are tested for impairment annually, irrespective of whether there is any indication for impairment. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purpose of impairment testing, any goodwill is allocated to the CGU or group of CGUs in a way that reflects the way goodwill is monitored for internal management purposes. The discounted cash flow method is used to determine the recoverable amount of a CGU or the group of CGUs to which goodwill is allocated. The discounted cash flow method is particularly sensitive to the selected discount rates and estimates of future cash flows by management. Discount rates are based on the weighted average cost of capital (\u201cWACC\u201d) for a CGU or the groups of CGUs. The discount rates are calculated based on a risk-free rate of interest and a market risk premium. In addition, the discount rates reflect the current market assessment of the risks specific to each group of CGUs by taking into account specific peer group information on beta factors, leverage and cost of debt. Consequently, slight changes to these elements can materially affect the resulting valuation and therefore the amount of a potential impairment charge. These estimates are influenced by several assumptions including the growth rate of CGUs used in the computation of the terminal value, the increase of deliveries in the coming years, the availability and composition of future defence and institutional budgets, and foreign exchange fluctuations or implications arising from the volatility of capital markets. Cash flow projections take into account past experience and represent management\u2019s best estimate of future developments which align with the Company\u2019s climate-related commitments.
8.2 Assets and Disposal Groups Classified as Held for Sale As of 31 December 2023, the Company intends to divest one of its subsidiaries. The assets and liabilities relating to this disposal have been reclassified to assets classified as held for sale for a net amount of \u20ac -22 million. The transaction is expected to be closed in 2024.
8.2 Assets and Disposal Groups Classified as Held for Sale As of 31 December 2023, the Company intends to divest one of its subsidiaries. The assets and liabilities relating to this disposal have been reclassified to assets classified as held for sale for a net amount of \u20ac -22 million. The transaction is expected to be closed in 2024.
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"f3416": {
"value": "10. Related Party Transactions (In \u20ac million) Sales of goods and services and other income Purchases of goods and services and other expenses Receivables at 31 December Liabilities at 31 December Loans granted / Other receivables due at 31 December Loans received / Other liabilities due at 31 December 2023 Total transactions with associates 354 174 4 35 81 0 Total transactions with joint ventures 2,868 319 1,249 1,563 0 2,143 2022 Total transactions with associates 20 177 2 (0) 96 32 Total transactions with joint ventures 3,073 206 1,273 1,199 2 1,692 Transactions with unconsolidated subsidiaries are immaterial to the Company\u2019s Consolidated Financial Statements. As of 31 December 2023, the Company granted guarantees of \u20ac 104 million to NHI Industries in France (2022: \u20ac\u2009225 million), there are no more guarantees granted to Air Tanker Group in the UK (2022: \u20ac\u2009129 million). For information regarding the funding of the Company\u2019s pension plans, which are considered as related parties, see \u201c\u2013 Note 31: Post-Employment Benefits\u201d. The information relative to compensation and benefits granted to Members of the Executive Committee and Board of Directors are disclosed in \u201c\u2013 Note 33: Remuneration\u201d.
33. Remuneration 33.1 Remuneration \u2013 Executive Committee The Company\u2019s key management personnel consists of Members of the Executive Committee and Non-Executive Board Members. The Chief Executive Officer (\u201cCEO\u201d), who chairs the Executive Committee, is the sole Executive Board Member. The annual remuneration and related compensation costs of the key management personnel as expensed in the respective year can be summarised as follows: (In \u20ac million) 2023 2022 Executive Committee, including Executive Board Member Salaries and other short-term benefits (including bonuses) 18.3 19.4 Post-employment benefit costs 2.4 4.0 Share-based remuneration (\"LTIP award\", including associated hedge result) 9.5 4.1 Termination benefits 0 0 Other benefits 0.3 0.3 Social charges (1) 5.7 6.0 Non-Executive Board Members Short-term benefits (including social charges) 3.1 2.3 Total expense recognised 39.3 36.1 (1) Costs of benefits provided through applicable mandatory collective and social security plans are accounted for among social charges. Salaries and Other Short-Term Benefits (Including Bonuses) The amount of bonuses is based on estimated performance achievement as at the balance sheet date and difference between previous year estimation and actual pay-out in the current year. Outstanding short-term benefits (bonuses) at year-end 2023 for Executive Committee Members based on estimated performance achievement at year-end was \u20ac\u20099.5 million (2022: \u20ac\u200910.2 million). In order to support the Company\u2019s target of reducing its Scope 1 and 2 carbon emissions by 63% by 2030, the Board of Directors decided to translate this ambition into a concrete objective and include the CO2 reduction target in the collective variable remuneration of the CEO and all executives. Post-Employment and Other Long-Term Benefits The post-employment and other long-term benefits defined obligation for the Executive Committee, including the CEO, amounted to \u20ac 15.0 million at 31 December 2023 (2022: \u20ac\u200916.7 million). The disclosed post-employment and other long-term benefits reflect the total outstanding balance for all Executive Committee Members in charge at the end of the respective balance sheet date.
Share-Based Remuneration (\u201cLTIP Award\u201d) The share-based payment expenses result from not yet forfeited units and shares granted to the Executive Committee Members under the Company\u2019s LTIP which are re-measured at fair value according to the methodology described in \u201c\u2013 Note 32: Share-based Payment\u201d. For LTIP 2023, the Members of the Executive Committee were granted 65,939 Performance Shares (2022: 70,562). The respective fair value of these Shares at grant date was \u20ac 10.3 million (2022: \u20ac\u20098.8 million). As of 31 December 2023, provisions of \u20ac 8.6 million (2022: \u20ac\u20095.4 million) relating to LTIP have been recognised. The total number of outstanding Performance Units and Performance Shares granted to the current Members of the Executive Committee amounted to 70,992 and 273,325 respectively at 31 December 2023 (2022: 81,183 Performance Units and 206,211 Performance Shares). In 2023, the expenses related to share based remuneration have significantly increased versus 2022 due to (i) the significant Airbus share price increase (from \u20ac 111.02 end of 2022 to \u20ac 139.78 end of 2023) which impacted the performance units plans and (ii) the higher performance achievement of unvested LTIP plan considered in the 2023 expense than the one for unvested LTIP plan considered in the 2022 expense which had been negatively impacted by the Covid. Termination Benefits The following benefits apply to Executive Committee Members, except the CEO. In the case of contract termination, the Executive Committee Members are entitled to an indemnity equal to 1.5 times the Total Target Remuneration (defined as Base Salary and target Annual Variable Remuneration) with respect to applicable local legal requirements, if any. This will not apply if the Executive Committee mandate is terminated for cause, in case of dismissal, if the Executive Committee Member resigns or has reached retirement age. The Executive Committee Members\u2019 contract includes a non-compete clause which applies for a minimum of one year and can be extended at the Company\u2019s initiative for a further year. The Board of Directors has the discretion to waive or invoke the extension of the non-compete clause when legally or contractually possible. The compensation for each year that the non-compete clause applies is equal to 50% of the last Total Annual Remuneration (defined as Base Salary and Annual Variable Remuneration most recently paid) with respect to applicable local legal requirements, if any. Past LTIP awards may be maintained in full or prorated, in such cases as in case of retirement or if a mandate is not renewed by the Company without cause, pro rata being based on the presence in the Company during performance periods. The vesting of past LTIP awards follows the plans\u2019 rules and regulations and is not accelerated in any case. LTIP awards are forfeited for Executives who leave the Company on their own initiative, but this is subject to review by the Board of Directors. The termination benefits include assumptions about all effective, known or planned terminations to date. Other Benefits Other benefits include expenses for Executive Committee Members\u2019 medical, death and disability coverage, company car and other usual facilities as applicable. 33.2 Remuneration \u2013 CEO The annual remuneration and related compensation costs of the CEO as expensed in the respective year can be summarised as follows: (In \u20ac) 2023 2022 Base salary 1,485,000 1,485,000 Annual variable pay 1,945,350 2,008,800 Post-employment benefit costs (1,049,054) 1,385,222 Share-based remuneration (\"LTIP award\") (1) 1,997,522 1,082,668 Termination benefits 0 0 Other benefits 34,969 32,734 Social charges (2) 1,312,061 1,357,922 (1) Expense related to share-based payment plans as recognised in the annual period (service period) including the result from the hedge of cash-settled share-based payment (see \u201c\u2013 Note 32: Share-Based Payment\u201d). (2) Social charges depend on the applicable regulation to the CEO. In France, social charges comprise benefits accrued through mandatory collective and state plans such as pension, death and disability or medical coverage. Annual Variable Pay The annual variable pay is based on estimated performance achievement as at the balance sheet date and difference between the previous year\u2019s estimation and actual pay-out in the current year.
Post-Employment Benefit Costs Post-employment benefit costs relate to the aggregated amount of current service and interest costs for defined benefit plan and company cost for contributions base plans. Following the Board decision approved in the AGM 2020, the CEO pension rights are accrued through a defined contributions plan from 1 January 2020, which coexists with the former defined benefit pension plan. The accrued pension rights under the former defined benefit plan have been frozen at the end of 2019 and remain unvested until the retirement date of the CEO. The pension rights arising from the Company's defined contribution plan are deducted from the frozen defined pension rights. As of 31 December 2023, the defined benefit obligation related to the frozen defined benefit commitment amounts to \u20ac 3,875,518 (2022: \u20ac\u20096,895,263). This obligation has been accrued in the 2023 Consolidated Financial Statements and will be updated annually up to the retirement date of the CEO considering additional service cost and future changes on economic assumptions or other factors like salary increase. The decrease in the defined benefit obligation is mainly due to the change in retirement age following the pension reform in France in 2023. This change has been considered as a plan amendment and leads to the recognition of a profit in EBIT. For the fiscal year 2023, the cost related to the CEO\u2019s pension rights accrued under Company\u2019s plans during the year represented a net profit of \u20ac 1,049,054 composed by an expense of \u20ac 1,404,951 and the effect of the French pension reform leading to a release of provision of \u20ac 2,454,006 (2022: expense of \u20ac 1,385,222). The annual cost of pension rights accrued under applicable mandatory collective and state pension plans are accounted for among social charges. Share-based Remuneration The table below gives an overview of the interests of the CEO, under the various LTIPs of the Company: Granted Date LTIP 2018 (1) LTIP 2019 LTIP 2020 LTIP 2021 LTIP 2022 LTIP 2023 Performance Units and Shares 8,416 11,060 19,840 12,121 14,115 11,619 Revaluation 50% 50% 150% 100% 100% 100% Performance Units and Shares revalued 4,208 5,531 29,760 12,121 14,115 11,619 Vested in 2023 in cash 1,052 1,383 - - - - in shares - 2,765 - - - - Outstanding 2023 in cash - 1,383 14,880 - - - in shares - - 14,880 12,121 14,115 11,619 Vesting schedule Cash-settled units For vesting dates, see \u201c\u2013 Note 32.1: LTIP\" Equity-settled units May 2022 May 2023 May 2024 May 2025 May 2026 May 2027 (1) 2018 awards were granted before the appointment of the CEO and could vest during the CEO\u2019s mandate. Vesting of all Performance Units and Performance Shares granted to the CEO is subject to performance conditions. As of 31 December 2023, provisions of \u20ac 2,074,739 (2022: \u20ac\u20091,301,397) relating to Performance Units have been recognised. The pay- out from vested cash-settled LTIP in 2023 was \u20ac 304,862 (2022: \u20ac 226,388) excluding social charges. Termination Benefits The termination benefit applicable to the CEO is described in the Company\u2019s Remuneration policy. Other Benefits As stipulated in the Company\u2019s Remuneration Policy, the benefits offered to the CEO are similar to the benefits granted to other executives of the Company and comprise, among other matters, medical, death and disability coverage (both through the French social security system and mandatory collective Company\u2019s plans), a company car and usual facilities. Costs of benefits provided through applicable mandatory collective and social security plans are accounted for among social charges. The monetary value of other benefits provided to the CEO in 2023 amounted to \u20ac 34,969 (2022: \u20ac 32,734). The Company has not provided any loans to, advances to and guarantees on behalf of the CEO.
33.3 Remuneration \u2013 Board of Directors The remuneration of the Non-Executive Members of the Board of Directors was as follows: 2023 2022 (In \u20ac) Fixum (1) Attendance Fees (2) Total Fixum (1) Attendance Fees (2) Total Non-Executive Board Members Ren\u00e9 Obermann 515,000 (3) 105,000 620,000 (3) 225,000 135,000 360,000 Victor Chu 150,000 62,000 212,000 100,000 66,000 166,000 Jean-Pierre Clamadieu 220,000 76,000 296,000 140,000 96,500 236,500 Ralph D. Crosby, Jr. 150,000 70,000 220,000 100,000 100,000 200,000 Mark Dunkerley 190,000 94,000 284,000 124,420 112,000 236,420 Stephan Gemkow 160,000 76,000 236,000 110,000 98,000 208,000 Catherine Guillouard 220,000 63,000 283,000 140,000 98,000 238,000 Amparo Moraleda 220,000 69,500 289,500 140,000 103,000 243,000 Claudia Nemat 150,000 56,500 206,500 100,000 76,500 176,500 Irene Rummelhoff 150,000 55,000 205,000 72,100 75,000 147,100 Antony Wood (4) 141,050 70,000 211,050 3,913 10,000 13,913 Former Non-Executive Board Members Lord Drayson (5) - - - 33,811 15,000 48,811 Carlos Tavares (6) - - - 22,541 5,000 27,541 Total 2,266,050 797,000 3,063,050 1,311,785 990,000 2,301,785 (1) Fixum includes a base fee for Board membership and the relevant Committee membership as the case may be (Audit Committee, Remuneration, Nomination and Governance Committee (\"RNGC\"), Ethics, Compliance and Sustainability Committee (\"ECSC\"). The fixum for the year 2023 was paid 50% in January 2023 and 50% in July 2023. The fixum for the year 2022 was paid 50% in January 2022 and 50% in July 2022 except in relation to the ad hoc Committee for which the full amount was paid in January 2023. (2) 2023 attendance fees include the Board of Directors attendance fees and the fees in relation to the relevant Committee (Audit Committee, RNGC and ECSC) meetings. The Board of Directors attendance fees related to the first semester 2023 were paid in July 2023, those related to the second semester 2023 were paid in January 2024. The Committees\u2019 attendance fees related to the full year 2023 were paid in January 2024. (3) Amount before donation by the chairman of the portion exceeding his fixed remuneration received in 2022. (4) Member of the Audit Committee since 19 April 2023. (5) Member of the Board of Directors, the RNGC and the ECSC until 12 April 2022. (6) Member of the Board of Directors until 12 April 2022.
Appendix \u201cSimplified Airbus Structure
For further information, please refer to the Company's website. 2.3 Segment Information The Company operates in three reportable segments which reflect the internal organisational and management structure according to the nature of the products and services provided. - Airbus \u2014 Development, manufacturing, marketing and sale of commercial jet passenger aircraft of more than 100 seats, freighter aircraft and regional turboprop aircraft and aircraft components; aircraft conversion and related services. It also includes the holding function of the Company and its bank activities. - Airbus Helicopters \u2014 Development, manufacturing, marketing and sale of civil and military helicopters; provision of helicopter related services. - Airbus Defence and Space \u2014 Military Air Systems design, development, delivery and support of manned and unmanned military air systems and their associated services. Space Systems design, development, delivery, and support of a broad range of civil and defence space systems for telecommunications, earth observations, navigation, science and orbital systems. Connected Intelligence provision of services around data processing from platforms, secure communication and cyber security. In addition, the main joint ventures design, develop, deliver, and support missile systems and space launcher systems.
The following tables present information with respect to the Company\u2019s business segments. As a rule, inter-segment transfers are carried out on an arm\u2019s length basis. Inter-segment sales predominantly take place between Airbus and Airbus Defence and Space and between Airbus Helicopters and Airbus. Consolidation effects are reported in the column \u201cEliminations\u201d. The Company uses EBIT as a key indicator of its economic performance. 11. Segment Information The following tables present information with respect to the Company\u2019s business segments. As a rule, inter-segment transfers are carried out on an arm\u2019s length basis. Inter-segment sales predominantly take place between Airbus and Airbus Defence and Space and between Airbus Helicopters and Airbus. Consolidation effects are reported in the column \u201cEliminations\u201d. The Company uses EBIT as a key indicator of its economic performance. Business segment information for the year ended 31 December 2023 is as follows: (In \u20ac million) Airbus Airbus Helicopters Airbus Defence and Space Eliminations Consolidated Airbus Total revenue 47,763 7,337 11,495 0 66,595 Inter-segment revenue (787) (300) (62) 0 (1,149) Revenue 46,976 7,037 11,433 0 65,446 thereof sales of goods at a point in time 42,756 3,226 3,530 0 49,512 sales of goods over time 0 536 4,048 0 4,584 services, including sales of spare parts 4,220 3,275 3,855 0 11,350 Profit before financial result and income taxes (EBIT) 3,610 717 220 56 4,603 thereof depreciation and amortisation (1,597) (192) (453) 0 (2,242) research and development expenses (2,698) (335) (275) 51 (3,257) share of profit from investments accounted for under the equity method 17 4 245 1 267 additions to other provisions (1) (1,076) (479) (1,181) 3 (2,733) Interest result (25) Other financial result 191 Income taxes (1,156) Profit for the period 3,613 (1) See \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d. Business segment information for the year ended 31 December 2022 is as follows: (In \u20ac million) Airbus Airbus Helicopters Airbus Defence and Space Eliminations Consolidated Airbus Total revenue 41,428 7,048 11,259 0 59,735 Inter-segment revenue (622) (291) (59) 0 (972) Revenue 40,806 6,757 11,200 0 58,763 thereof sales of goods at a point in time 37,681 3,429 3,369 0 44,479 sales of goods over time 18 310 4,115 0 4,443 services, including sales of spare parts 3,107 3,018 3,716 0 9,841 Profit before financial result and income taxes (EBIT) 4,800 639 (118) 4 5,325 thereof depreciation and amortisation (1,571) (189) (961) 5 (2,716) research and development expenses (2,607) (275) (266) 69 (3,079) share of profit from investments accounted for under the equity method (4) 6 132 0 134 additions to other provisions (1,035) (342) (788) (19) (2,184) Interest result (232) Other financial result (18) Income taxes (939) Profit for the period 4,136
Segment capital expenditures 31 December (In \u20ac million) 2023 2022 Airbus 2,053 1,730 Airbus Helicopters 221 183 Airbus Defence and Space 777 551 Eliminations 0 0 Total capital expenditures (1) 3,051 2,464 (1) Excluding expenditure for leased assets. Segment assets 31 December (In \u20ac million) 2023 2022 Airbus 70,116 68,367 Airbus Helicopters 12,531 9,262 Airbus Defence and Space 20,952 17,835 Eliminations (14,053) (8,505) Total segment assets 89,546 86,959 Unallocated Deferred and current tax assets 3,994 5,387 Securities 8,809 7,775 Cash and cash equivalents 16,469 15,823 Assets classified as held for sale 53 0 Total assets 118,871 115,944 Revenue by geographical areas is disclosed in \u201c\u2013 Note 12: Revenue and Gross Margin\u201d. Property, plant and equipment by geographical areas is disclosed in \u201c\u2013 Note 20: Property, Plant and Equipment\u201d. Segment order backlog 31 December 2023 2022 (In \u20ac million) (in %) (In \u20ac million) (in %) Airbus 490,812 89 390,456 86 Airbus Helicopters 21,525 4 20,774 5 Airbus Defence and Space 42,195 8 38,426 9 Eliminations (639) 0 (415) 0 Total 553,893 100 449,241 100 As of 31 December 2023, the total backlog represents the aggregate amount of the transaction price allocated to the unsatisfied and partially unsatisfied performance obligations to the Company\u2019s customers. Backlog commitments are relative to the Company\u2019s enforceable contracts with its customers where it is probable that the consideration will be collected. As a result, contractual rebates, engines concessions, and variable considerations are taken into consideration for measurement. Contracts stipulated in a currency different than the presentation currency are translated to euro using the spot rate as of 31 December 2023 and 2022 respectively. Adjustments to the value of the backlog could result from changes in the transaction price. Order backlog valued at \u20ac 554 billion at the end of 2023 (2022: \u20ac 449 billion) with an order intake amounting to \u20ac 186.5 billion (2022: \u20ac 82.5 billion) and revenues to \u20ac 65.4 billion (2022: \u20ac 58.8 billion). The increase mainly reflects a book to bill of 2.8 partly offset by the weakening of the US dollar. In Airbus, total gross commercial aircraft orders amount to 2,319 units (2022: 1078 units) with net orders of 2,094 aircraft after cancellations (2022: 820 aircraft) and total deliveries amount to 735 units (2022: 661 units) as of 31 December 2023. In 2024, approximately 9% of the Airbus backlog in units is expected to be converted into revenues.
12. Revenue and Gross Margin
Revenue by geographical areas based on the location of the customer is as follows: (In \u20ac million) 2023 2022 Europe 25,733 24,261 Asia-Pacific 18,733 15,380 North America 13,784 13,549 Middle East 3,933 2,598 Latin America 1,737 2,086 Other countries 1,526 889 Total 65,446 58,763
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"value": "12. Revenue and Gross Margin
The gross margin decreased by \u20ac\u2009-527 million to \u20ac\u200910,044 million compared to \u20ac\u200910,571 million in 2022. It is mainly driven by negative foreign exchange impacts (largely related to \u20ac -1.4 billion US dollar Working Capital mismatch impact year-on-year which mainly reflects the phasing impact arising from the difference between transaction date and delivery date), higher costs due to hiring linked to the production ramp-up and updated estimates at completion (EAC) of certain space programmes of -0.6 billion, partly offset by higher deliveries, strong services across the Company\u2019s segments and the release of compliance-related provisions. In 2022, it included a non- recurring positive impact related to the re-measurement of past service cost in the retirement obligations of \u20ac 0.4 billion. The gross margin rate decreased from 18.0% to 15.3%. In 2023, the Company has delivered eight A400M aircraft. The Company has continued with development activities towards achieving the revised capability roadmap. Retrofit activities are progressing in close alignment with the customer. In 2022, an update of the contract estimate at completion was performed and an additional charge of \u20ac 477 million recorded, mainly reflecting updated assumptions, including inflation and risks related to the remaining SOC3 contractual development milestones to be achieved. In 2023, an additional update of the contract estimate at completion has been performed and a net charge of \u20ac 41 million recorded. Risks remain on the qualification of technical capabilities and associated costs, on aircraft operational reliability, on cost reductions and on securing overall volume as per the revised baseline. In addition, the updated EACs of certain space programmes led to a charge of \u20ac -0.6 billion as of 31 December 2023. This includes an updated assessment of assumptions and estimates related to the remaining revenue and costs to completion and the progress of the contracts together with the underlying programmes status (see \u201c\u2013 Note 5: Key Estimates and Judgements\u201d). In a notice of termination dated 9 June 2022, the Norwegian Defence Material Agency notified NHIndustries SAS (\"NHI\") of the Norwegian Ministry of Defence's decision to terminate its contract for the supply of 14 NH90 helicopters. In a press release dated 10 June 2022, NHI noted it \"is extremely disappointed by the decision taken by the Norwegian Ministry of Defence and refutes the allegations being made against the NH90 as well as against [NHI].\" NHI considers the termination to be legally groundless and reserves its right to take any necessary legal action to challenge it. The parties are working towards resolving this matter, with a mediation process having been initiated during the second quarter of 2023.
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"value": "13. Research and Development Expenses Research and development expenses increased by \u20ac\u2009+178 million to \u20ac\u20093,257 million compared to \u20ac\u20093,079 million in 2022 mainly due to ramp-up in activities to prepare the technologies of the future. Research and development expenses mainly reflect the development of latest generation commercial aircraft programmes, including
the A321 XLR and A350 Freighter. Intangible assets comprise (i) goodwill (see \u201c\u2013 Note 7: Scope of Consolidation\u201d), (ii) capitalised development costs (see \u201c\u2013 Note 4: Material Accounting Policies\u201d) and (iii) other intangible assets, e.g. internally developed software and acquired intangible assets. Intangible assets with finite useful lives are generally amortised on a straight-line basis over their respective estimated useful lives (three to ten years) to their estimated residual values. Net Book Value (In \u20ac million) Balance at 1 January 2023 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2023 Goodwill 13,165 (12) 0 (13) 0 0 0 13,141 Capitalised development costs 1,482 2 377 0 8 0 (164) 1,706 Other intangible assets 2,121 (52) 206 22 24 (8) (230) 2,082 Total 16,768 (62) 583 9 32 (8) (394) 16,929
(In \u20ac million) Balance at 1 January 2022 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2022 Goodwill 13,028 10 0 127 0 0 0 13,165 Capitalised development costs 1,286 (12) 319 0 (1) 0 (110) 1,482 Other intangible assets 2,053 89 160 159 5 (7) (338) 2,121 Total 16,367 87 479 286 4 (7) (448) 16,768
20. Property, Plant and Equipment
Net Book Value (In \u20ac million) Balance at 1 January 2023 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Depreciation / Impairment Balance at 31 December 2023 Land, leasehold improvements and buildings, including buildings on land owned by others 4,997 5 109 3 379 (23) (306) 5,165 Technical equipment and machinery 6,696 (19) 442 9 841 (19) (1,119) 6,829 Other equipment, factory and office equipment 825 (6) 131 5 96 (15) (190) 847 Construction in progress 2,241 (1) 1,766 0 (1,264) (22) 0 2,720 Right-of-use assets 1,746 (24) 181 12 (26) (30) (218) 1,641 Total 16,505 (45) 2,629 29 26 (109) (1,833) 17,201 (In \u20ac million) Balance at 1 January 2022 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Depreciation / Impairment Balance at 31 December 2022 Land, leasehold improvements and buildings, including buildings on land owned by others 5,020 (20) 21 4 227 (21) (234) 4,997 Technical equipment and machinery 7,088 10 310 2 942 (44) (1,612) 6,696 Other equipment, factory and office equipment 840 10 299 6 62 (215) (177) 825 Construction in progress 1,890 (5) 1,479 0 (1,123) 0 0 2,241 Right-of-use assets 1,698 33 308 0 (29) (40) (224) 1,746 Total 16,536 28 2,417 12 79 (320) (2,247) 16,505
29. Personnel Expenses (In \u20ac million) 2023 2022 Wages, salaries and social contributions 14,965 13,509 Net periodic pension cost (1) 414 136 Total 15,379 13,645 (1) See \u201c\u2013 Note 31: Post-Employment Benefits\u201d.
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}
},
"f3961": {
"value": "13. Research and Development Expenses Research and development expenses increased by \u20ac\u2009+178 million to \u20ac\u20093,257 million compared to \u20ac\u20093,079 million in 2022 mainly due to ramp-up in activities to prepare the technologies of the future. Research and development expenses mainly reflect the development of latest generation commercial aircraft programmes, including
the A321 XLR and A350 Freighter14. Other Income and Other Expenses
Other expenses decreased by \u20ac -381 million to \u20ac\u2009-209 million compared to \u20ac\u2009-590 million in 2022, mainly due to the impact of \u20ac -437 million linked to the launch failure of the two satellites Pl\u00e9iades Neo 5 and 6 in December 2022 (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d).
Intangible assets comprise (i) goodwill (see \u201c\u2013 Note 7: Scope of Consolidation\u201d), (ii) capitalised development costs (see \u201c\u2013 Note 4: Material Accounting Policies\u201d) and (iii) other intangible assets, e.g. internally developed software and acquired intangible assets. Intangible assets with finite useful lives are generally amortised on a straight-line basis over their respective estimated useful lives (three to ten years) to their estimated residual values. Net Book Value (In \u20ac million) Balance at 1 January 2023 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2023 Goodwill 13,165 (12) 0 (13) 0 0 0 13,141 Capitalised development costs 1,482 2 377 0 8 0 (164) 1,706 Other intangible assets 2,121 (52) 206 22 24 (8) (230) 2,082 Total 16,768 (62) 583 9 32 (8) (394) 16,929
(In \u20ac million) Balance at 1 January 2022 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2022 Goodwill 13,028 10 0 127 0 0 0 13,165 Capitalised development costs 1,286 (12) 319 0 (1) 0 (110) 1,482 Other intangible assets 2,053 89 160 159 5 (7) (338) 2,121 Total 16,367 87 479 286 4 (7) (448) 16,768
20. Property, Plant and Equipment
Net Book Value (In \u20ac million) Balance at 1 January 2023 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Depreciation / Impairment Balance at 31 December 2023 Land, leasehold improvements and buildings, including buildings on land owned by others 4,997 5 109 3 379 (23) (306) 5,165 Technical equipment and machinery 6,696 (19) 442 9 841 (19) (1,119) 6,829 Other equipment, factory and office equipment 825 (6) 131 5 96 (15) (190) 847 Construction in progress 2,241 (1) 1,766 0 (1,264) (22) 0 2,720 Right-of-use assets 1,746 (24) 181 12 (26) (30) (218) 1,641 Total 16,505 (45) 2,629 29 26 (109) (1,833) 17,201 (In \u20ac million) Balance at 1 January 2022 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Depreciation / Impairment Balance at 31 December 2022 Land, leasehold improvements and buildings, including buildings on land owned by others 5,020 (20) 21 4 227 (21) (234) 4,997 Technical equipment and machinery 7,088 10 310 2 942 (44) (1,612) 6,696 Other equipment, factory and office equipment 840 10 299 6 62 (215) (177) 825 Construction in progress 1,890 (5) 1,479 0 (1,123) 0 0 2,241 Right-of-use assets 1,698 33 308 0 (29) (40) (224) 1,746 Total 16,536 28 2,417 12 79 (320) (2,247) 16,505
29. Personnel Expenses (In \u20ac million) 2023 2022 Wages, salaries and social contributions 14,965 13,509 Net periodic pension cost (1) 414 136 Total 15,379 13,645 (1) See \u201c\u2013 Note 31: Post-Employment Benefits\u201d.
14. Other Income and Other Expenses
Other expenses decreased by \u20ac -381 million to \u20ac\u2009-209 million compared to \u20ac\u2009-590 million in 2022, mainly due to the impact of \u20ac -437 million linked to the launch failure of the two satellites Pl\u00e9iades Neo 5 and 6 in December 2022 (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d).
14. Other Income and Other Expenses
14. Other Income and Other Expenses
Other expenses decreased by \u20ac -381 million to \u20ac\u2009-209 million compared to \u20ac\u2009-590 million in 2022, mainly due to the impact of \u20ac -437 million linked to the launch failure of the two satellites Pl\u00e9iades Neo 5 and 6 in December 2022 (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d).
",
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"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f4009": {
"value": "15. Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments (In \u20ac million) 2023 2022 Share of profit from investments in joint ventures 211 99 Share of profit from investments in associates 56 35 Share of profit from investments accounted for under the equity method 267 134 Other income from investments 36 58 Share of profit from investments under the equity method and other income from investments increased by \u20ac\u2009+111 million to \u20ac\u2009303 million compared to \u20ac\u2009192 million in 2022, mainly linked to higher share of result from the Company\u2019s main joint ventures (ArianeGroup, MBDA and ATR GIE, see \u201cNote 9.1 \u2013 Investments in Joint Ventures\u201d).
21. Other Investments and Other Long-Term Financial Assets 31 December (In \u20ac million) 2023 2022 Other investments 2,798 2,641 Other long-term financial assets 1,921 1,549 Total non-current other investments and other long-term financial assets 4,719 4,190 Current portion of other long-term financial assets 795 665 Total 5,514 4,855 Other investments mainly comprise the Company\u2019s participations and include the remaining investment in Dassault Aviation (9.90%, 2022: 9.90%) amounting to \u20ac 1,483 million at 31 December 2023 (2022: \u20ac\u20091,309 million).
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f4040": {
"value": "16. Total Financial Result Interest income derived from the Company\u2019s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In \u20ac million) 2023 2022 Interest income 728 180 Interest expense (753) (412) thereof Interests on European Governments\u2019 refundable advances (120) (133) Total interest result (25) (232) Change in fair value measurement of financial instruments 39 (346) Foreign exchange translations on monetary items 37 (99) Unwinding of discounted provisions (3) 8 Others 118 419 Total other financial result 191 (18) Total 166 (250)
16. Total Financial Result Interest income derived from the Company\u2019s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In \u20ac million) 2023 2022 Interest income 728 180 Interest expense (753) (412) thereof Interests on European Governments\u2019 refundable advances (120) (133) Total interest result (25) (232) Change in fair value measurement of financial instruments 39 (346) Foreign exchange translations on monetary items 37 (99) Unwinding of discounted provisions (3) 8 Others 118 419 Total other financial result 191 (18) Total 166 (250)
16. Total Financial Result Interest income derived from the Company\u2019s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In \u20ac million) 2023 2022 Interest income 728 180 Interest expense (753) (412) thereof Interests on European Governments\u2019 refundable advances (120) (133) Total interest result (25) (232) Change in fair value measurement of financial instruments 39 (346) Foreign exchange translations on monetary items 37 (99) Unwinding of discounted provisions (3) 8 Others 118 419 Total other financial result 191 (18) Total 166 (250)
16. Total Financial Result Interest income derived from the Company\u2019s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In \u20ac million) 2023 2022 Interest income 728 180 Interest expense (753) (412) thereof Interests on European Governments\u2019 refundable advances (120) (133) Total interest result (25) (232) Change in fair value measurement of financial instruments 39 (346) Foreign exchange translations on monetary items 37 (99) Unwinding of discounted provisions (3) 8 Others 118 419 Total other financial result 191 (18) Total 166 (250)
16. Total Financial Result Interest income derived from the Company\u2019s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In \u20ac million) 2023 2022 Interest income 728 180 Interest expense (753) (412) thereof Interests on European Governments\u2019 refundable advances (120) (133) Total interest result (25) (232) Change in fair value measurement of financial instruments 39 (346) Foreign exchange translations on monetary items 37 (99) Unwinding of discounted provisions (3) 8 Others 118 419 Total other financial result 191 (18) Total 166 (250)
16. Total Financial Result Interest income derived from the Company\u2019s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In \u20ac million) 2023 2022 Interest income 728 180 Interest expense (753) (412) thereof Interests on European Governments\u2019 refundable advances (120) (133) Total interest result (25) (232) Change in fair value measurement of financial instruments 39 (346) Foreign exchange translations on monetary items 37 (99) Unwinding of discounted provisions (3) 8 Others 118 419 Total other financial result 191 (18) Total 166 (250)
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f4097": {
"value": "17. Income Taxes The expense for income taxes is comprised of the following: (In \u20ac million) 2023 2022 Current tax expense (892) (536) Deferred tax expense (264) (403) Total (1,156) (939)
Main income tax rates and main changes impacting the Company: (Rate in %) 2022 2023 2024 > 2025 Netherlands 25.80 25.80 25.80 25.80 France 25.83 25.83 25.83 25.83 Germany 30.00 30.00 30.00 30.00 Spain 25.00 25.00 25.00 25.00 UK (1) 19.00 25.00 25.00 25.00 (1) A tax law has been enacted in 2022 increasing the rate for income taxes to 25.00% from April 2023 and beyond. On 19 December 2023, the government of the Netherlands, where the parent company is incorporated, enacted the Pillar Two income taxes legislation effective from 1 January 2024. Based on its assessment, the Company does not expect a material exposure to Pillar Two. The following table shows a reconciliation from the theoretical income tax (expense) using the Dutch corporate tax rate to the reported income tax (expense): (In \u20ac million) 2023 2022 Profit before income taxes 4,769 5,075 Corporate income tax rate 25.8% 25.8% Expected (expense) for income taxes (1,230) (1,309) Effects from tax rate differentials / Change of tax rate (45) 39 Capital gains and losses on disposals / mergers 20 0 Income from investment and associates 57 29 Tax credit 48 41 Change in valuation allowances (1) (67) 53 Tax contingencies 76 156 Other non-deductible expenses and tax-free income (15) 52 Reported tax (expense) (1,156) (939) (1) Reassessments of the recoverability of deferred tax assets based on future taxable profits. The income tax expense amounts to \u20ac\u2009-1,156 million (2022: \u20ac\u2009-939 million) and corresponds to an effective income tax rate of 24.2%. This includes impacts from the tax-free revaluation of certain equity investments under IFRS 9, tax risk updates and deferred tax assets impairments. As a result of a corporate reorganisation in Germany, a prior year deferred tax asset impairment was partially reversed for \u20ac 237 million, out of which \u20ac 160 million recorded in the income statement and \u20ac 77 million in other comprehensive income. As the Company controls the timing of the reversal of temporary differences associated with its subsidiaries (usually referred to as \u201coutside basis differences\u201d) arising from yet undistributed profits and changes in foreign exchange rates, it does not recognise a deferred tax liability. For temporary differences arising from investments in associates the Company recognises deferred tax liabilities. The rate used reflects the assumptions that these differences will be recovered from dividend distribution unless a management resolution for the divestment of the investment exists at the closing date. For joint ventures, the Company assesses its ability to control the distribution of dividends based on existing shareholder agreements and recognises deferred tax liabilities accordingly. As of 31 December 2023, the aggregate amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements, for which deferred tax liabilities have not been recognised, amounts to \u20ac\u2009230 million. Deferred taxes on net operating losses (\u201cNOLs\u201d), trade tax loss carry forwards and tax credit carry forwards are: (In \u20ac million) France Germany Spain UK Other countries 31 December 2023 31 December 2022 NOL 48 2,732 95 1,465 4,193 8,533 8,161 Trade tax loss carry forwards 0 3,108 0 0 0 3,108 3,719 Tax credit carry forwards 0 0 215 0 1 216 225 Tax effect 12 884 238 366 1,048 2,548 2,506 Valuation allowances (8) (421) (100) (104) (984) (1,617) (1,670) Deferred tax assets on NOLs and tax credit carry forwards 4 463 138 262 64 931 836 NOLs, capital losses and trade tax loss carry forwards are indefinitely usable under certain restrictions in France, Germany, the UK and Spain. They are usable for 20 years in Canada. In Spain, R&D tax credit carry forwards will expire after 18 years. Roll forward of deferred tax: (In \u20ac million) 2023 2022 Net deferred tax assets at 1 January 4,519 4,207 Deferred tax expense in income statement (264) (403) Deferred tax recognised directly in AOCI (915) 935 Deferred tax on remeasurement of the net defined benefit pension plans (240) (320) Others (13) 100 Net deferred tax assets at 31 December 3,087 4,519 Details of deferred tax recognised cumulatively in equity are as follows: (In \u20ac million) 2023 2022 Financial assets at fair value through OCI (35) (24) Cash flow hedges 1,276 2,180 Deferred tax on remeasurement of the net defined benefit pension plans 1,566 1,806 Total 2,807 3,962
Deferred income taxes as of 31 December 2023 are related to the following assets and liabilities: 1 January 2023 Other movements Movement through income statement 31 December 2023 (In \u20ac million) Deferred tax assets (liabilities) OCI / IAS 19 Others (1) R&D tax credits Deferred tax benefit (expense) Deferred tax assets (liabilities) Intangible assets (287) 0 3 0 (153) (437) Property, plant and equipment (1,046) 0 (2) 0 944 (104) Investments and other long-term financial assets 1,423 1 0 0 273 1,697 Inventories 2,642 0 0 0 543 3,185 Receivables and other assets (1,414) (70) (145) 0 (36) (1,665) Prepaid expenses 10 0 0 0 (11) (1) Provisions for retirement plans 302 (298) (2) 0 (366) (364) Other provisions (53) 0 (7) 0 176 116 Liabilities 2,500 (925) 84 0 (1,492) 167 Deferred income (33) 0 (1) 0 (150) (184) NOLs and tax credit carry forwards 2,506 0 (24) (9) 75 2,548 Deferred tax assets (liabilities) before offsetting 6,550 (1,292) (94) (9) (197) 4,958 Valuation allowances on deferred tax assets (2,031) 137 58 32 (67) (1,871) Net deferred tax assets (liabilities) 4,519 (1,155) (36) 23 (264) 3,087 (1) \u201cOthers\u201d mainly comprises changes in the consolidation scope and foreign exchange rate effects. Deferred income taxes as of 31 December 2022 are related to the following assets and liabilities: 1 January 2022 Other movements Movement through income statement 31 December 2022 (In \u20ac million) Deferred tax assets (liabilities) OCI / IAS 19 Others (1) R&D tax credits Deferred tax benefit (expense) Deferred tax assets (liabilities) Intangible assets (302) 0 (26) 0 41 (287) Property, plant and equipment (764) 0 (1) 0 (281) (1,046) Investments and other long-term financial assets 1,113 0 6 0 304 1,423 Inventories 2,165 0 (1) 0 478 2,642 Receivables and other assets (683) 1,986 4 0 (2,721) (1,414) Prepaid expenses 8 0 (1) 0 3 10 Provisions for retirement plans 1,083 (770) 43 0 (54) 302 Other provisions 617 0 24 0 (694) (53) Liabilities 1,107 (900) (4) 0 2,297 2,500 Deferred income (247) 0 2 0 212 (33) NOLs and tax credit carry forwards 2,519 0 23 5 (41) 2,506 Deferred tax assets (liabilities) before offsetting 6,616 316 69 5 (456) 6,550 Valuation allowances on deferred tax assets (2,409) 299 (20) 46 53 (2,031) Net deferred tax assets (liabilities) 4,207 615 49 51 (403) 4,519 (1) \u201cOthers\u201d mainly comprises changes in the consolidation scope and foreign exchange rate effects.
",
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"f4099": {
"value": "17. Income Taxes The expense for income taxes is comprised of the following: (In \u20ac million) 2023 2022 Current tax expense (892) (536) Deferred tax expense (264) (403) Total (1,156) (939)
As the Company controls the timing of the reversal of temporary differences associated with its subsidiaries (usually referred to as \u201coutside basis differences\u201d) arising from yet undistributed profits and changes in foreign exchange rates, it does not recognise a deferred tax liability. For temporary differences arising from investments in associates the Company recognises deferred tax liabilities. The rate used reflects the assumptions that these differences will be recovered from dividend distribution unless a management resolution for the divestment of the investment exists at the closing date. For joint ventures, the Company assesses its ability to control the distribution of dividends based on existing shareholder agreements and recognises deferred tax liabilities accordingly. As of 31 December 2023, the aggregate amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements, for which deferred tax liabilities have not been recognised, amounts to \u20ac\u2009230 million. Deferred taxes on net operating losses (\u201cNOLs\u201d), trade tax loss carry forwards and tax credit carry forwards are: (In \u20ac million) France Germany Spain UK Other countries 31 December 2023 31 December 2022 NOL 48 2,732 95 1,465 4,193 8,533 8,161 Trade tax loss carry forwards 0 3,108 0 0 0 3,108 3,719 Tax credit carry forwards 0 0 215 0 1 216 225 Tax effect 12 884 238 366 1,048 2,548 2,506 Valuation allowances (8) (421) (100) (104) (984) (1,617) (1,670) Deferred tax assets on NOLs and tax credit carry forwards 4 463 138 262 64 931 836 NOLs, capital losses and trade tax loss carry forwards are indefinitely usable under certain restrictions in France, Germany, the UK and Spain. They are usable for 20 years in Canada. In Spain, R&D tax credit carry forwards will expire after 18 years. Roll forward of deferred tax: (In \u20ac million) 2023 2022 Net deferred tax assets at 1 January 4,519 4,207 Deferred tax expense in income statement (264) (403) Deferred tax recognised directly in AOCI (915) 935 Deferred tax on remeasurement of the net defined benefit pension plans (240) (320) Others (13) 100 Net deferred tax assets at 31 December 3,087 4,519 Details of deferred tax recognised cumulatively in equity are as follows: (In \u20ac million) 2023 2022 Financial assets at fair value through OCI (35) (24) Cash flow hedges 1,276 2,180 Deferred tax on remeasurement of the net defined benefit pension plans 1,566 1,806 Total 2,807 3,962
Deferred income taxes as of 31 December 2023 are related to the following assets and liabilities: 1 January 2023 Other movements Movement through income statement 31 December 2023 (In \u20ac million) Deferred tax assets (liabilities) OCI / IAS 19 Others (1) R&D tax credits Deferred tax benefit (expense) Deferred tax assets (liabilities) Intangible assets (287) 0 3 0 (153) (437) Property, plant and equipment (1,046) 0 (2) 0 944 (104) Investments and other long-term financial assets 1,423 1 0 0 273 1,697 Inventories 2,642 0 0 0 543 3,185 Receivables and other assets (1,414) (70) (145) 0 (36) (1,665) Prepaid expenses 10 0 0 0 (11) (1) Provisions for retirement plans 302 (298) (2) 0 (366) (364) Other provisions (53) 0 (7) 0 176 116 Liabilities 2,500 (925) 84 0 (1,492) 167 Deferred income (33) 0 (1) 0 (150) (184) NOLs and tax credit carry forwards 2,506 0 (24) (9) 75 2,548 Deferred tax assets (liabilities) before offsetting 6,550 (1,292) (94) (9) (197) 4,958 Valuation allowances on deferred tax assets (2,031) 137 58 32 (67) (1,871) Net deferred tax assets (liabilities) 4,519 (1,155) (36) 23 (264) 3,087 (1) \u201cOthers\u201d mainly comprises changes in the consolidation scope and foreign exchange rate effects. Deferred income taxes as of 31 December 2022 are related to the following assets and liabilities: 1 January 2022 Other movements Movement through income statement 31 December 2022 (In \u20ac million) Deferred tax assets (liabilities) OCI / IAS 19 Others (1) R&D tax credits Deferred tax benefit (expense) Deferred tax assets (liabilities) Intangible assets (302) 0 (26) 0 41 (287) Property, plant and equipment (764) 0 (1) 0 (281) (1,046) Investments and other long-term financial assets 1,113 0 6 0 304 1,423 Inventories 2,165 0 (1) 0 478 2,642 Receivables and other assets (683) 1,986 4 0 (2,721) (1,414) Prepaid expenses 8 0 (1) 0 3 10 Provisions for retirement plans 1,083 (770) 43 0 (54) 302 Other provisions 617 0 24 0 (694) (53) Liabilities 1,107 (900) (4) 0 2,297 2,500 Deferred income (247) 0 2 0 212 (33) NOLs and tax credit carry forwards 2,519 0 23 5 (41) 2,506 Deferred tax assets (liabilities) before offsetting 6,616 316 69 5 (456) 6,550 Valuation allowances on deferred tax assets (2,409) 299 (20) 46 53 (2,031) Net deferred tax assets (liabilities) 4,207 615 49 51 (403) 4,519 (1) \u201cOthers\u201d mainly comprises changes in the consolidation scope and foreign exchange rate effects.
18. Earnings per Share 2023 2022 Profit for the period attributable to equity owners of the parent (Net income) \u20ac 3,789 million \u20ac 4,247 million Weighted average number of ordinary shares 788,720,779 787,080,579 Basic earnings per share \u20ac 4.80 \u20ac 5.40 Diluted earnings per share \u2013 The Company\u2019s dilutive potential ordinary shares are equity-settled Performance Shares relating to Long- Term Incentive Plans (\u201cLTIP\u201d). In 2023, a total of 1,039,820 equity-settled Performance Shares was considered in the calculation of diluted earnings per share. LTIP 2023 plan has been excluded from the calculation because of its antidilutive effect. 2023 2022 Profit for the period attributable to equity owners of the parent (Net income), adjusted for diluted calculation \u20ac 3,789 million \u20ac 4,247 million Weighted average number of ordinary shares (diluted) 789,760,599 787,753,485 Diluted earnings per share \u20ac 4.80 \u20ac 5.39
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"f4659": {
"value": "Intangible assets comprise (i) goodwill (see \u201c\u2013 Note 7: Scope of Consolidation\u201d), (ii) capitalised development costs (see \u201c\u2013 Note 4: Material Accounting Policies\u201d) and (iii) other intangible assets, e.g. internally developed software and acquired intangible assets. Intangible assets with finite useful lives are generally amortised on a straight-line basis over their respective estimated useful lives (three to ten years) to their estimated residual values. 31 December 2023 and 2022 comprise the following: 31 December 2023 31 December 2022 (In \u20ac million) Gross amount Amortisation / Impairment Net book value Gross amount Amortisation / Impairment Net book value Goodwill 14,183 (1,042) 13,141 14,205 (1,040) 13,165 Capitalised development costs 3,165 (1,459) 1,706 2,801 (1,319) 1,482 Other intangible assets 5,305 (3,223) 2,082 5,350 (3,229) 2,121 Total 22,653 (5,724) 16,929 22,356 (5,588) 16,768 Net Book Value (In \u20ac million) Balance at 1 January 2023 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2023 Goodwill 13,165 (12) 0 (13) 0 0 0 13,141 Capitalised development costs 1,482 2 377 0 8 0 (164) 1,706 Other intangible assets 2,121 (52) 206 22 24 (8) (230) 2,082 Total 16,768 (62) 583 9 32 (8) (394) 16,929
(In \u20ac million) Balance at 1 January 2022 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2022 Goodwill 13,028 10 0 127 0 0 0 13,165 Capitalised development costs 1,286 (12) 319 0 (1) 0 (110) 1,482 Other intangible assets 2,053 89 160 159 5 (7) (338) 2,121 Total 16,367 87 479 286 4 (7) (448) 16,768
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) to which the asset belongs may be impaired. In addition, intangible assets with an indefinite useful life, intangible assets not yet available for use and goodwill are tested for impairment annually, irrespective of whether there is any indication for impairment. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purpose of impairment testing, any goodwill is allocated to the CGU or group of CGUs in a way that reflects the way goodwill is monitored for internal management purposes. The discounted cash flow method is used to determine the recoverable amount of a CGU or the group of CGUs to which goodwill is allocated. The discounted cash flow method is particularly sensitive to the selected discount rates and estimates of future cash flows by management. Discount rates are based on the weighted average cost of capital (\u201cWACC\u201d) for a CGU or the groups of CGUs. The discount rates are calculated based on a risk-free rate of interest and a market risk premium. In addition, the discount rates reflect the current market assessment of the risks specific to each group of CGUs by taking into account specific peer group information on beta factors, leverage and cost of debt. Consequently, slight changes to these elements can materially affect the resulting valuation and therefore the amount of a potential impairment charge. These estimates are influenced by several assumptions including the growth rate of CGUs used in the computation of the terminal value, the increase of deliveries in the coming years, the availability and composition of future defence and institutional budgets, and foreign exchange fluctuations or implications arising from the volatility of capital markets. Cash flow projections take into account past experience and represent management\u2019s best estimate of future developments which align with the Company\u2019s climate-related commitments.
General Assumptions Applied in the Planning Process The basis for determining the recoverable amount is the value in use of the CGUs. Cash flow projections used for the impairment testing are based on both the operative planning which represents the Company\u2019s WB2\u00b0C scenario through embarking an array of investments and expenses, and management's best estimate of the impact of climate-related commitments over the long-term horizon. It incorporates the strategic pathways (see \u201cNote \u2013 3. Climate impacts\u201d) in its assumptions as well as investments to decarbonise mobile and stationary industrial operations. The operative planning, is based on the following key assumptions which are relevant for all CGUs: - increase of expected future labour expenses of 4.5% for 2024 including an inflation rate of 4.5%; - future interest rates projected per geographical market, for the European Monetary Union, the UK and the US; - future exchange rate of 1.125 US$/\u20ac for 2024 to convert in euro the portion of future US dollar which is not hedged (see \u201c\u2013 Note 37: Financial Instruments\u201d).
General economic data derived from external macroeconomic and financial studies have been used to derive the general key assumptions. In addition to these general planning assumptions, the following additional CGU specific assumptions, which represent management\u2019s current best assessment as of the date of these Consolidated Financial Statements, have been applied. Airbus - The planning takes into account both the current market conditions and Airbus\u2019 production rate, and includes management\u2019s best estimates of the progressive increase in aircraft deliveries over the operative planning period; - The period beyond the operative plan horizon was considered through long-term projections and a terminal value with a perpetual growth rate of 2%, aligned with Airbus SBTi commitments and the baseline for the WB2\u00b0C scenario; - The carrying value and planned cash flows of the CGU Airbus are materially influenced due to the significant hedge portfolio; - Cash flows are discounted using a euro weighted pre-tax WACC of 13.5% (2022: 14.1%). Airbus Helicopters - The planning takes into account the evolution of programmes based upon the current backlog and an assessment of order intake for platforms and services; - Long-term commercial assumptions in respect of market share, deliveries and market value are based on the latest helicopter market forecast. The global helicopter market is demonstrating continued signs of recovering towards pre-COVID-19 levels, despite continued geopolitical instabilities and economic volatility. Over the next 10 years, according to market forecasts, around 6,900 Civil & Parapublic helicopters and 6,800 Military helicopters are expected to be delivered globally; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value with a perpetual growth rate of 1%; - Cash flows are discounted using a euro weighted pre-tax WACC of 12.4% (2022: 13.1%). Airbus Defence and Space - Overall the defence and space markets are expected to have growth during the period of the operative planning horizon; - Business growth is underpinned by growing defence and space opportunities. Underlying performance is improved by focusing on project delivery, cost control and efficiency; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value, with a perpetual growth rate of 1%; - Cash flows are discounted using a euro weighted pre-tax WACC of 11.2% (2022: 11.5%).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
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},
"f4661": {
"value": "Intangible assets comprise (i) goodwill (see \u201c\u2013 Note 7: Scope of Consolidation\u201d), (ii) capitalised development costs (see \u201c\u2013 Note 4: Material Accounting Policies\u201d) and (iii) other intangible assets, e.g. internally developed software and acquired intangible assets. Intangible assets with finite useful lives are generally amortised on a straight-line basis over their respective estimated useful lives (three to ten years) to their estimated residual values. 31 December 2023 and 2022 comprise the following: 31 December 2023 31 December 2022 (In \u20ac million) Gross amount Amortisation / Impairment Net book value Gross amount Amortisation / Impairment Net book value Goodwill 14,183 (1,042) 13,141 14,205 (1,040) 13,165 Capitalised development costs 3,165 (1,459) 1,706 2,801 (1,319) 1,482 Other intangible assets 5,305 (3,223) 2,082 5,350 (3,229) 2,121 Total 22,653 (5,724) 16,929 22,356 (5,588) 16,768 Net Book Value (In \u20ac million) Balance at 1 January 2023 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2023 Goodwill 13,165 (12) 0 (13) 0 0 0 13,141 Capitalised development costs 1,482 2 377 0 8 0 (164) 1,706 Other intangible assets 2,121 (52) 206 22 24 (8) (230) 2,082 Total 16,768 (62) 583 9 32 (8) (394) 16,929
(In \u20ac million) Balance at 1 January 2022 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2022 Goodwill 13,028 10 0 127 0 0 0 13,165 Capitalised development costs 1,286 (12) 319 0 (1) 0 (110) 1,482 Other intangible assets 2,053 89 160 159 5 (7) (338) 2,121 Total 16,367 87 479 286 4 (7) (448) 16,768
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) to which the asset belongs may be impaired. In addition, intangible assets with an indefinite useful life, intangible assets not yet available for use and goodwill are tested for impairment annually, irrespective of whether there is any indication for impairment. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purpose of impairment testing, any goodwill is allocated to the CGU or group of CGUs in a way that reflects the way goodwill is monitored for internal management purposes. The discounted cash flow method is used to determine the recoverable amount of a CGU or the group of CGUs to which goodwill is allocated. The discounted cash flow method is particularly sensitive to the selected discount rates and estimates of future cash flows by management. Discount rates are based on the weighted average cost of capital (\u201cWACC\u201d) for a CGU or the groups of CGUs. The discount rates are calculated based on a risk-free rate of interest and a market risk premium. In addition, the discount rates reflect the current market assessment of the risks specific to each group of CGUs by taking into account specific peer group information on beta factors, leverage and cost of debt. Consequently, slight changes to these elements can materially affect the resulting valuation and therefore the amount of a potential impairment charge. These estimates are influenced by several assumptions including the growth rate of CGUs used in the computation of the terminal value, the increase of deliveries in the coming years, the availability and composition of future defence and institutional budgets, and foreign exchange fluctuations or implications arising from the volatility of capital markets. Cash flow projections take into account past experience and represent management\u2019s best estimate of future developments which align with the Company\u2019s climate-related commitments.
General Assumptions Applied in the Planning Process The basis for determining the recoverable amount is the value in use of the CGUs. Cash flow projections used for the impairment testing are based on both the operative planning which represents the Company\u2019s WB2\u00b0C scenario through embarking an array of investments and expenses, and management's best estimate of the impact of climate-related commitments over the long-term horizon. It incorporates the strategic pathways (see \u201cNote \u2013 3. Climate impacts\u201d) in its assumptions as well as investments to decarbonise mobile and stationary industrial operations. The operative planning, is based on the following key assumptions which are relevant for all CGUs: - increase of expected future labour expenses of 4.5% for 2024 including an inflation rate of 4.5%; - future interest rates projected per geographical market, for the European Monetary Union, the UK and the US; - future exchange rate of 1.125 US$/\u20ac for 2024 to convert in euro the portion of future US dollar which is not hedged (see \u201c\u2013 Note 37: Financial Instruments\u201d).
General economic data derived from external macroeconomic and financial studies have been used to derive the general key assumptions. In addition to these general planning assumptions, the following additional CGU specific assumptions, which represent management\u2019s current best assessment as of the date of these Consolidated Financial Statements, have been applied. Airbus - The planning takes into account both the current market conditions and Airbus\u2019 production rate, and includes management\u2019s best estimates of the progressive increase in aircraft deliveries over the operative planning period; - The period beyond the operative plan horizon was considered through long-term projections and a terminal value with a perpetual growth rate of 2%, aligned with Airbus SBTi commitments and the baseline for the WB2\u00b0C scenario; - The carrying value and planned cash flows of the CGU Airbus are materially influenced due to the significant hedge portfolio; - Cash flows are discounted using a euro weighted pre-tax WACC of 13.5% (2022: 14.1%). Airbus Helicopters - The planning takes into account the evolution of programmes based upon the current backlog and an assessment of order intake for platforms and services; - Long-term commercial assumptions in respect of market share, deliveries and market value are based on the latest helicopter market forecast. The global helicopter market is demonstrating continued signs of recovering towards pre-COVID-19 levels, despite continued geopolitical instabilities and economic volatility. Over the next 10 years, according to market forecasts, around 6,900 Civil & Parapublic helicopters and 6,800 Military helicopters are expected to be delivered globally; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value with a perpetual growth rate of 1%; - Cash flows are discounted using a euro weighted pre-tax WACC of 12.4% (2022: 13.1%). Airbus Defence and Space - Overall the defence and space markets are expected to have growth during the period of the operative planning horizon; - Business growth is underpinned by growing defence and space opportunities. Underlying performance is improved by focusing on project delivery, cost control and efficiency; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value, with a perpetual growth rate of 1%; - Cash flows are discounted using a euro weighted pre-tax WACC of 11.2% (2022: 11.5%).
20. Property, Plant and Equipment
Property, plant and equipment as of 31 December 2023 and 2022 comprises the following: 31 December 2023 31 December 2022 (In \u20ac million) Gross amount Depreciation / Impairment Net book value Gross amount Depreciation / Impairment Net book value Land, leasehold improvements and buildings, including buildings on land owned by others 10,948 (5,783) 5,165 10,536 (5,539) 4,997 Technical equipment and machinery 22,416 (15,587) 6,829 21,982 (15,286) 6,696 Other equipment, factory and office equipment (1) 3,955 (3,108) 847 3,932 (3,107) 825 Construction in progress 2,720 0 2,720 2,241 0 2,241 Right-of-use assets (2) 2,616 (975) 1,641 2,578 (832) 1,746 Total 42,654 (25,453) 17,201 41,269 (24,764) 16,505 (1) Includes the net book value of aircraft under operating lease (see \u201c\u2013 Note 27: Sales Financing Transactions\u201d). (2) The net book value of Land and Buildings under Right-of-use assets amounts to \u20ac 1,493 million. Net Book Value (In \u20ac million) Balance at 1 January 2023 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Depreciation / Impairment Balance at 31 December 2023 Land, leasehold improvements and buildings, including buildings on land owned by others 4,997 5 109 3 379 (23) (306) 5,165 Technical equipment and machinery 6,696 (19) 442 9 841 (19) (1,119) 6,829 Other equipment, factory and office equipment 825 (6) 131 5 96 (15) (190) 847 Construction in progress 2,241 (1) 1,766 0 (1,264) (22) 0 2,720 Right-of-use assets 1,746 (24) 181 12 (26) (30) (218) 1,641 Total 16,505 (45) 2,629 29 26 (109) (1,833) 17,201 (In \u20ac million) Balance at 1 January 2022 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Depreciation / Impairment Balance at 31 December 2022 Land, leasehold improvements and buildings, including buildings on land owned by others 5,020 (20) 21 4 227 (21) (234) 4,997 Technical equipment and machinery 7,088 10 310 2 942 (44) (1,612) 6,696 Other equipment, factory and office equipment 840 10 299 6 62 (215) (177) 825 Construction in progress 1,890 (5) 1,479 0 (1,123) 0 0 2,241 Right-of-use assets 1,698 33 308 0 (29) (40) (224) 1,746 Total 16,536 28 2,417 12 79 (320) (2,247) 16,505
Property, plant and equipment increased by \u20ac +696 million to \u20ac\u200917,201 million (2022: \u20ac\u200916,505 million). Property, plant and equipment include right-of-use assets for an amount of \u20ac 1,641 million as of 31 December 2023 (2022: \u20ac\u20091,746 million). 27. Sales Financing Transactions
Impairment losses and provisions \u2014 For the purpose of measuring an impairment loss, each transaction is tested individually. Impairment losses relating to aircraft under operating lease and second-hand aircraft for resale (included in inventory) are recognised for any excess of the aircraft\u2019s carrying amount over the higher of the aircraft\u2019s value in use and its fair value less cost to sell. Finance leases and loans are measured at fair value, based on the present value of estimated future cash flows (including cash flows expected to be derived from a sale of the aircraft). Under its provisioning policy for sales financing risk, Airbus and Airbus Helicopters record provisions as liabilities for estimated risk relating to off-balance sheet commitments.
",
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"f4667": {
"value": "Intangible assets comprise (i) goodwill (see \u201c\u2013 Note 7: Scope of Consolidation\u201d), (ii) capitalised development costs (see \u201c\u2013 Note 4: Material Accounting Policies\u201d) and (iii) other intangible assets, e.g. internally developed software and acquired intangible assets. Intangible assets with finite useful lives are generally amortised on a straight-line basis over their respective estimated useful lives (three to ten years) to their estimated residual values. Net Book Value (In \u20ac million) Balance at 1 January 2023 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2023 Goodwill 13,165 (12) 0 (13) 0 0 0 13,141 Capitalised development costs 1,482 2 377 0 8 0 (164) 1,706 Other intangible assets 2,121 (52) 206 22 24 (8) (230) 2,082 Total 16,768 (62) 583 9 32 (8) (394) 16,929
(In \u20ac million) Balance at 1 January 2022 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2022 Goodwill 13,028 10 0 127 0 0 0 13,165 Capitalised development costs 1,286 (12) 319 0 (1) 0 (110) 1,482 Other intangible assets 2,053 89 160 159 5 (7) (338) 2,121 Total 16,367 87 479 286 4 (7) (448) 16,768
20. Property, Plant and Equipment
Net Book Value (In \u20ac million) Balance at 1 January 2023 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Depreciation / Impairment Balance at 31 December 2023 Land, leasehold improvements and buildings, including buildings on land owned by others 4,997 5 109 3 379 (23) (306) 5,165 Technical equipment and machinery 6,696 (19) 442 9 841 (19) (1,119) 6,829 Other equipment, factory and office equipment 825 (6) 131 5 96 (15) (190) 847 Construction in progress 2,241 (1) 1,766 0 (1,264) (22) 0 2,720 Right-of-use assets 1,746 (24) 181 12 (26) (30) (218) 1,641 Total 16,505 (45) 2,629 29 26 (109) (1,833) 17,201 (In \u20ac million) Balance at 1 January 2022 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Depreciation / Impairment Balance at 31 December 2022 Land, leasehold improvements and buildings, including buildings on land owned by others 5,020 (20) 21 4 227 (21) (234) 4,997 Technical equipment and machinery 7,088 10 310 2 942 (44) (1,612) 6,696 Other equipment, factory and office equipment 840 10 299 6 62 (215) (177) 825 Construction in progress 1,890 (5) 1,479 0 (1,123) 0 0 2,241 Right-of-use assets 1,698 33 308 0 (29) (40) (224) 1,746 Total 16,536 28 2,417 12 79 (320) (2,247) 16,505
",
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"f4685": {
"value": "Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) to which the asset belongs may be impaired. In addition, intangible assets with an indefinite useful life, intangible assets not yet available for use and goodwill are tested for impairment annually, irrespective of whether there is any indication for impairment. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purpose of impairment testing, any goodwill is allocated to the CGU or group of CGUs in a way that reflects the way goodwill is monitored for internal management purposes. The discounted cash flow method is used to determine the recoverable amount of a CGU or the group of CGUs to which goodwill is allocated. The discounted cash flow method is particularly sensitive to the selected discount rates and estimates of future cash flows by management. Discount rates are based on the weighted average cost of capital (\u201cWACC\u201d) for a CGU or the groups of CGUs. The discount rates are calculated based on a risk-free rate of interest and a market risk premium. In addition, the discount rates reflect the current market assessment of the risks specific to each group of CGUs by taking into account specific peer group information on beta factors, leverage and cost of debt. Consequently, slight changes to these elements can materially affect the resulting valuation and therefore the amount of a potential impairment charge. These estimates are influenced by several assumptions including the growth rate of CGUs used in the computation of the terminal value, the increase of deliveries in the coming years, the availability and composition of future defence and institutional budgets, and foreign exchange fluctuations or implications arising from the volatility of capital markets. Cash flow projections take into account past experience and represent management\u2019s best estimate of future developments which align with the Company\u2019s climate-related commitments.
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
27. Sales Financing Transactions
Impairment losses and provisions \u2014 For the purpose of measuring an impairment loss, each transaction is tested individually. Impairment losses relating to aircraft under operating lease and second-hand aircraft for resale (included in inventory) are recognised for any excess of the aircraft\u2019s carrying amount over the higher of the aircraft\u2019s value in use and its fair value less cost to sell. Finance leases and loans are measured at fair value, based on the present value of estimated future cash flows (including cash flows expected to be derived from a sale of the aircraft). Under its provisioning policy for sales financing risk, Airbus and Airbus Helicopters record provisions as liabilities for estimated risk relating to off-balance sheet commitments.
37.7 Impairment Losses Loss allowances \u2014 For its portfolio of debt instruments including bonds, term deposits and commercial papers, the Company measures loss allowances at an amount that represents credit losses resulting from default events that are possible within the next 12 months, unless the credit risk on a financial instrument has increased significantly since initial recognition. In the event of such significant increase in credit risk the Company measures loss allowances for that financial instrument at an amount equal to its life-time expected losses, i.e. at an amount equal to the expected credit losses that result from all possible default events over the expected life of that financial instrument. The Company applies the low credit risk exemption allowing the Company to assume that there is no significant increase in credit risk since initial recognition of a financial instrument, if the instrument is determined to have low credit risk at the reporting date. Similarly, the Company has determined that its trade receivables and contract assets generally have low credit risk. The Company applies the simplified approach permitted by IFRS 9 of measuring expected credit losses of trade receivables and contract assets on a lifetime basis from initial recognition.
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) to which the asset belongs may be impaired. In addition, intangible assets with an indefinite useful life, intangible assets not yet available for use and goodwill are tested for impairment annually, irrespective of whether there is any indication for impairment. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purpose of impairment testing, any goodwill is allocated to the CGU or group of CGUs in a way that reflects the way goodwill is monitored for internal management purposes. The discounted cash flow method is used to determine the recoverable amount of a CGU or the group of CGUs to which goodwill is allocated. The discounted cash flow method is particularly sensitive to the selected discount rates and estimates of future cash flows by management. Discount rates are based on the weighted average cost of capital (\u201cWACC\u201d) for a CGU or the groups of CGUs. The discount rates are calculated based on a risk-free rate of interest and a market risk premium. In addition, the discount rates reflect the current market assessment of the risks specific to each group of CGUs by taking into account specific peer group information on beta factors, leverage and cost of debt. Consequently, slight changes to these elements can materially affect the resulting valuation and therefore the amount of a potential impairment charge. These estimates are influenced by several assumptions including the growth rate of CGUs used in the computation of the terminal value, the increase of deliveries in the coming years, the availability and composition of future defence and institutional budgets, and foreign exchange fluctuations or implications arising from the volatility of capital markets. Cash flow projections take into account past experience and represent management\u2019s best estimate of future developments which align with the Company\u2019s climate-related commitments.
27. Sales Financing Transactions
Impairment losses and provisions \u2014 For the purpose of measuring an impairment loss, each transaction is tested individually. Impairment losses relating to aircraft under operating lease and second-hand aircraft for resale (included in inventory) are recognised for any excess of the aircraft\u2019s carrying amount over the higher of the aircraft\u2019s value in use and its fair value less cost to sell. Finance leases and loans are measured at fair value, based on the present value of estimated future cash flows (including cash flows expected to be derived from a sale of the aircraft). Under its provisioning policy for sales financing risk, Airbus and Airbus Helicopters record provisions as liabilities for estimated risk relating to off-balance sheet commitments.
19. Intangible Assets
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) to which the asset belongs may be impaired. In addition, intangible assets with an indefinite useful life, intangible assets not yet available for use and goodwill are tested for impairment annually, irrespective of whether there is any indication for impairment. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purpose of impairment testing, any goodwill is allocated to the CGU or group of CGUs in a way that reflects the way goodwill is monitored for internal management purposes. The discounted cash flow method is used to determine the recoverable amount of a CGU or the group of CGUs to which goodwill is allocated. The discounted cash flow method is particularly sensitive to the selected discount rates and estimates of future cash flows by management. Discount rates are based on the weighted average cost of capital (\u201cWACC\u201d) for a CGU or the groups of CGUs. The discount rates are calculated based on a risk-free rate of interest and a market risk premium. In addition, the discount rates reflect the current market assessment of the risks specific to each group of CGUs by taking into account specific peer group information on beta factors, leverage and cost of debt. Consequently, slight changes to these elements can materially affect the resulting valuation and therefore the amount of a potential impairment charge. These estimates are influenced by several assumptions including the growth rate of CGUs used in the computation of the terminal value, the increase of deliveries in the coming years, the availability and composition of future defence and institutional budgets, and foreign exchange fluctuations or implications arising from the volatility of capital markets. Cash flow projections take into account past experience and represent management\u2019s best estimate of future developments which align with the Company\u2019s climate-related commitments.
",
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"f5064": {
"value": "20. Property, Plant and Equipment
20. Property, Plant and Equipment
The Company as lessee The Company leases mainly real estate assets, cars and equipment (such as land, warehouses, storage facilities and offices). Short-term leases and leases of low-value assets refer mainly to IT equipment (e.g. printers, laptops and mobile phones) and other equipment.
The discount rate used to determine the right-of-use asset and the lease liability for each country and leased asset is calculated based on the incremental borrowing rate at inception of the lease. The Company calculated the rate applicable to each lease contract on the basis of the lease duration.
Real estate leases The Company leases land and buildings mainly for its operational business warehouses including logistic facilities, offices, production halls and laboratories. The major leases are located in France, Germany, the US, Canada and China. As lease contracts are negotiated on an individual basis, lease terms contain a wide range of different terms and conditions. Leases are typically made for a fixed period of 3-25 years and may include extension, termination and other options, which provide operational flexibility to the Company. Vehicle leases The Company leases cars for management and other functions. Vehicle leases typically run for an average period of three years and do not provide renewal options. Other leases The Company also leases IT equipment, machinery and other equipment that combined are insignificant to the total leased asset portfolio.
20. Property, Plant and Equipment
Off-Balance Sheet Commitments Commitments related to property, plant and equipment comprise contractual commitments for future capital expenditures and contractual commitments for purchases of \u201cLand, leasehold improvements and buildings including buildings on land owned by others\u201d (\u20ac\u20091,345 million as of 31 December 2023, 2022: \u20ac\u20091,144 million).
24. Provisions, Contingent Assets and Contingent Liabilities
Contingent assets and contingent liabilities \u2014 The Company is exposed to technical and commercial contingent obligations due to the nature of its businesses. To mitigate this exposure, the Company has subscribed a Global Aviation Insurance Programme (\u201cGAP\u201d). Information required under IAS 37 \u201cProvisions, Contingent Assets and Contingent Liabilities\u201d is not disclosed if the Company concludes that disclosure can be expected to prejudice seriously its position in a dispute with other parties. For other contingent liabilities, see \u201c\u2013 Note 38: Litigation and Claims\u201d and \u201c\u2013 Note 12: Revenue and Gross Margin\u201d (mainly A400M programme).
Other commitments include contractual guarantees and performance bonds to certain customers as well as commitments for future capital expenditures and amounts which may be payable to commercial intermediaries if future sales materialise.
27. Sales Financing Transactions
Off-balance sheet commitments \u2014 Financing commitments are provided to the customer either as backstop commitments before delivery, asset value guarantees at delivery or counter guarantees: (i) backstop commitments are guarantees by Airbus, made when a customer-order is placed, to provide financing to the customer in the event that the customer fails to secure sufficient funding when payment becomes due under the order. Such commitments are not considered to be part of Gross Customer Financing Exposure as (i) the financing is not in place, (ii) commitments may be transferred in full or part to third parties prior to delivery, (iii) past experience suggests it is unlikely that all such proposed financings actually will be implemented and, (iv) Airbus retains the asset until the aircraft is delivered and does not incur an unusual risk in relation thereto. In order to mitigate customer credit risks for Airbus, such commitments typically contain financial conditions, such as condition precedents, which guaranteed parties must satisfy in order to benefit therefrom; (ii) asset value guarantees are guarantees whereby Airbus guarantees a portion of the value of an aircraft at a specific date after its delivery. Airbus considers the financial risks associated with such guarantees to be acceptable, because (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, and (ii) the exercise dates of outstanding asset value guarantees are distributed through 2031. As of 31 December 2023, the nominal value of asset value guarantees considered as variable considerations under IFRS 15 provided to beneficiaries amounts to \u20ac\u2009151 million (2022: \u20ac\u2009247 million), excluding \u20ac\u20099 million (2022: \u20ac\u20099 million) where the risk is considered to be remote. The present value of the risk inherent in asset value guarantees where a settlement is being considered probable is fully provided for and included in the total of contract liabilities for an amount of \u20ac 127 million (2022: \u20ac\u2009236 million) (see \u201c\u2013 Note 22: Contract Assets, Contract Liabilities and Trade Receivables, and Trade Liabilities\u201d).
38. Litigation and Claims Litigation and claims \u2014 Various legal actions, governmental investigations, proceedings and other claims are pending or may be instituted or asserted in the future against the Company. Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with certainty. Provisions have been accounted for in accordance with IFRS criteria. It is reasonably possible that the final resolution of some of these matters may require the Company to make expenditures, in excess of established provisions over an extended period of time and in a range of amounts that cannot be reasonably estimated. The term \u201creasonably possible\u201d is used herein to mean that the chance of a future transaction or event occurring is more than remote but less than likely. The Company is involved from time to time in various governmental, legal and arbitration proceedings in the ordinary course of its business, the most significant of which are described below. Other than as described below, there are no material governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened) which may have or have had in the recent past significant effects on Airbus SE\u2019s or the Company\u2019s Financial Position or profitability. If the Company concludes that the disclosures relative to contingent liabilities can be expected to prejudice seriously its position in a dispute with other parties, the Company limits its disclosures to the nature of the dispute. Investigation by the UK SFO, France\u2019s PNF, US Departments of State and Justice and Related Commercial Litigation During 2023, the various proceedings in relation to the final agreements (\u201cthe agreements\u201d) reached with the French Parquet National Financier (\u201cPNF\u201d), the UK Serious Fraud Office (\u201cSFO\u201d), and the US Department of Justice (\u201cDoJ\u201d) (resolving the authorities\u2019 investigations into allegations of bribery and corruption), and the US Department of State (\u201cDoS\u201d) and the DoJ (resolving their investigations into inaccurate and misleading filings made with the DoS pursuant to the US International Traffic in Arms Regulations (\u201cITAR\u201d)), were concluded. The agreements were approved and made public on 31 January 2020. Under their terms, the Company agreed to pay penalties of \u20ac\u20093,597,766,766 plus interest and costs to the French, UK and US authorities. This was recognised in the Company\u2019s 2019 accounts, and all penalties have been paid. The settlements with each authority were as follows: PNF \u20ac\u20092,083,137,455, the SFO \u20ac\u2009983,974,311, the DoJ \u20ac\u2009526,150,496 and the DoS \u20ac\u20099,009,008 of which \u20ac\u20094,504,504 could be used for approved remedial compliance measures. Under the terms of the Convention judiciaire d\u2019int\u00e9r\u00eat public (\u201cCJIP\u201d) with the PNF, the Company had an obligation to submit its compliance programme to targeted audits carried out by the Agence Fran\u00e7aise Anticorruption (\u201cAFA\u201d) over a period of three years. Under the terms of the Deferred Prosecution Agreement (\u201cDPA\u201d) with the SFO, no independent compliance monitor was imposed on the Company in light of the continuing monitorship conducted by the AFA. Under the terms of the DPA with the DoJ, no independent compliance monitor was imposed on Airbus under the agreement with the DoJ, but the Company periodically reported on its continuing compliance enhancement progress during the three year term of the DPA and carried out further reviews as required by the DoJ. The agreements resulted in the suspension of prosecution for a duration of three years. This deferral period ended on 31 January 2023. On 13 February 2023, the SFO gave notice to the Company discontinuing the prosecution. On 17 March 2023, the PNF gave notice of the same with receipt of the Constat de l'extinction de l'action publique. On 28 July 2023 the DoJ filed a motion to dismiss which was
granted by the court on 10 August 2023. With receipt of the aforementioned notices, the CJIP with the PNF, the DPA with the SFO and the DPA with the DoJ were formally concluded. Under the terms of the Consent Agreement with the DoS, the DoS agreed to settle all civil violations of the ITAR outlined in the Company\u2019s voluntary disclosures identified in the Consent Agreement, and the Company agreed to retain an independent export control compliance officer to monitor the effectiveness of the Company\u2019s export control systems and its compliance with the ITAR. As a result of the Company's decision to redirect export control compliance resources to ensure compliance with export control restrictions and international sanctions announced against Russia, Belarus and certain Russian entities and individuals following Russia's invasion of Ukraine on 24 February 2022, the Company asked the DoS to extend the Consent Agreement an additional nine months from its original expiration date, and the DoS granted this extension. On 26 October 2023, the Company received notice from the DoS of the closure of the Consent Agreement based on the fulfilment of its terms. In addition to any pending investigation in other jurisdictions, the factual disclosures made in the course of reaching the agreements may result in the commencement of additional investigations in other jurisdictions. Such investigations could also result in (i) civil claims or claims by shareholders against the Company, (ii) adverse consequences on the Company\u2019s ability to obtain or continue financing for current or future projects, (iii) limitations on the eligibility of group companies for certain public sector contracts, and/or (iv) damage to the Company\u2019s business or reputation via negative publicity adversely affecting the Company\u2019s prospects in the commercial marketplace. Airbus will continue to cooperate with the authorities in the future and to enhance its strong Ethics & Compliance programme and culture within the Company. In the wake of the agreements and settlements described above, several consultants and other third parties initiated commercial litigation and arbitration against the Company seeking relief. The agreements reached with authorities may lead to additional commercial litigation and arbitration against the Company and tax liability in the future, which could have a material impact on the Financial Statements, business and operations of the Company. Securities Litigation In August 2021 the Company received notification of two separate claims and in March 2022 of a third claim, each filed in the Netherlands purportedly on behalf of Airbus investors. These claims (the \u201cDutch claims\u201d) assert that the Company violated its reporting obligations, allegedly leading to an impact on the Company\u2019s share price, by failing to adequately inform investors and providing false or misleading information about its use of intermediaries and alleged corrupt practices, its related financial exposure, internal investigations and subsequent measures taken by the Company, and the related criminal investigations leading to the Company\u2019s agreements approved on 31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS. The first Dutch claim was filed with the Amsterdam District Court in August 2021 by a special purpose vehicle incorporated under the laws of Guernsey, an assignee purportedly representing numerous private shareholders and institutional investors, seeking a declaratory judgment with damages to be assessed in follow on proceedings. The second Dutch claim was filed in December 2021 following a demand letter sent by a foundation incorporated under the laws of the Netherlands, a purported representative of unnamed institutional and retail investors worldwide, starting a class action against the Company before the Dutch courts. This second Dutch claim targets the Company, certain of the Company's current and former directors and officers, and the Company's current and former auditors. The third Dutch claim was a class action filed in April 2022 against the Company by a foundation incorporated under the laws of the Netherlands. In accordance with Dutch procedural law, the two Dutch class action claims are treated jointly as one case. The Dutch claims followed the filing in 2020 of a putative class action lawsuit in US federal court in the state of New Jersey, against Airbus SE and members of its current and former management. The US complaint asserted violations of US securities laws, alleging false and misleading statements or omissions concerning, among other things, the Company\u2019s agreements approved on 31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS as well as the Company\u2019s historic practices regarding the use of third party business partners and anti-corruption compliance. The matter was fully and finally settled on 30 September 2022 in exchange for a payment in the amount of $5 million USD without any acknowledgement of liability. On 30 August 2023, the first Dutch claim was dismissed on the merits, with the plaintiff appealing this dismissal on 29 November 2023. On 20 September 2023, the second and third Dutch claims were dismissed on procedural grounds, which plaintiffs appealed on 19 December 2023. The calendar for appeal proceedings on both matters extends at least to 2025 and could take longer. The Company cannot exclude the possibility that additional claims are filed related to this subject matter attempting different theories of recovery in the same or different jurisdictions. The Company believes it has solid grounds to defend itself against the allegations. The consequences of such litigation and the outcome of the proceedings cannot be fully assessed at this stage, but any judgment or decision unfavourable to the Company could have a material adverse impact on the Financial Statements, business and operations of the Company. Air France Flight 447 Trial On 1 June 2009, an A330 operated by Air France as flight AF447 from Rio de Janeiro to Paris disappeared over the Atlantic Ocean with 228 persons onboard. The wreckage was located in April 2011 after several search campaigns organised by the Bureau d'Enqu\u00eates et d'Analyses (BEA), which published its final investigation report in July 2012. In the wake of the accident, the prosecutor in Paris opened an investigation for involuntary manslaughter and Airbus SAS was charged in March 2011. In September 2019, the investigating magistrates closed the investigation and dismissed all criminal charges after a thorough analysis of the technical and legal elements of the case. However, the Paris Court of Appeal overturned the magistrates' decision and ordered a trial for involuntary manslaughter. The
Company\u2019s appeal to the French Supreme Court was dismissed. Following a trial in the fourth quarter of 2022, the Paris Criminal Court announced on 17 April 2023 that all criminal charges against the Company were dismissed but sustained certain civil liability claims. On 26 April 2023, the Paris General Prosecutor filed an appeal of the dismissal of criminal charges against Airbus and Air France. As a consequence, there will be a full retrial of the matter, which the Company expects will be scheduled to take place in 2024 or 2025. Grand Canyon Helicopter Accident On 10 February 2018, a fatal accident occurred in the Grand Canyon at a site called Quartermaster in Arizona involving an EC130 B4 helicopter operated by Papillon Helicopters impacting the canyon floor and catching fire, leading to five fatalities and two severely injured persons. Following the accident, product liability claims were filed in Nevada state court in the US, including claims by the estate and parents of a deceased passenger and by the injured pilot of the helicopter. On 6 May 2023 the claim of the pilot was settled, with no admission of liability on behalf of the Company. In January 2024, the last remaining claim with a passenger family was settled, with no admission of liability on behalf of the Company, in the amount of $100 million USD, shared between Airbus Helicopters and Papillon Helicopters. Other Investigations In 2019, the Company self-reported to German authorities potentially improper advance receipt and communication of confidential customer information by employees of Airbus Defence and Space GmbH. The information concerned relates to future German government procurement projects. The self-disclosure by the Company followed an internal review with the support of an external law firm. Both the German Ministry of Defence and the Munich public prosecutor opened an investigation into the matter. The investigation could have an impact on Airbus Defence and Space GmbH\u2019s and Airbus Secure Land Communications GmbH\u2019s ability to participate in future public procurement projects in Germany. In 2021 the Munich prosecution issued a penalty notice against Airbus Defence and Space GmbH for \u20ac 10 million for negligent violation of supervisory duties in connection with this matter. The Company continues to fully cooperate with relevant authorities.
20. Property, Plant and Equipment
Off-Balance Sheet Commitments Commitments related to property, plant and equipment comprise contractual commitments for future capital expenditures and contractual commitments for purchases of \u201cLand, leasehold improvements and buildings including buildings on land owned by others\u201d (\u20ac\u20091,345 million as of 31 December 2023, 2022: \u20ac\u20091,144 million).
24. Provisions, Contingent Assets and Contingent Liabilities
Other commitments include contractual guarantees and performance bonds to certain customers as well as commitments for future capital expenditures and amounts which may be payable to commercial intermediaries if future sales materialise.
27. Sales Financing Transactions
Off-balance sheet commitments \u2014 Financing commitments are provided to the customer either as backstop commitments before delivery, asset value guarantees at delivery or counter guarantees: (i) backstop commitments are guarantees by Airbus, made when a customer-order is placed, to provide financing to the customer in the event that the customer fails to secure sufficient funding when payment becomes due under the order. Such commitments are not considered to be part of Gross Customer Financing Exposure as (i) the financing is not in place, (ii) commitments may be transferred in full or part to third parties prior to delivery, (iii) past experience suggests it is unlikely that all such proposed financings actually will be implemented and, (iv) Airbus retains the asset until the aircraft is delivered and does not incur an unusual risk in relation thereto. In order to mitigate customer credit risks for Airbus, such commitments typically contain financial conditions, such as condition precedents, which guaranteed parties must satisfy in order to benefit therefrom; (ii) asset value guarantees are guarantees whereby Airbus guarantees a portion of the value of an aircraft at a specific date after its delivery. Airbus considers the financial risks associated with such guarantees to be acceptable, because (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, and (ii) the exercise dates of outstanding asset value guarantees are distributed through 2031. As of 31 December 2023, the nominal value of asset value guarantees considered as variable considerations under IFRS 15 provided to beneficiaries amounts to \u20ac\u2009151 million (2022: \u20ac\u2009247 million), excluding \u20ac\u20099 million (2022: \u20ac\u20099 million) where the risk is considered to be remote. The present value of the risk inherent in asset value guarantees where a settlement is being considered probable is fully provided for and included in the total of contract liabilities for an amount of \u20ac 127 million (2022: \u20ac\u2009236 million) (see \u201c\u2013 Note 22: Contract Assets, Contract Liabilities and Trade Receivables, and Trade Liabilities\u201d).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5542": {
"value": "22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
Contract Assets, Contract Liabilities and Trade Receivables
The respective movement in the allowance for expected credit losses in respect of trade receivables and contract assets during the period was as follows: (In \u20ac million) 2023 2022 Allowance balance at 1 January (380) (363) Utilisations / disposals and business combinations 86 56 Additions (65) (73) Allowance balance at 31 December (359) (380)
37.1 Financial Risk Management
Market Risk Foreign exchange risk \u2014 Foreign exchange risk arises when future commercial transactions or firm commitments, recognised monetary assets and liabilities and net investments in foreign operations are denominated in a currency that is not the entity\u2019s functional currency. The Company manages a long-term hedge portfolio with maturities of several years covering its net exposure to US dollar sales, mainly from the commercial activities of Airbus. This hedge portfolio covers a large portion of the Company\u2019s firm commitments and highly probable forecasted transactions. For Airbus, the highly probable criteria of the underlying foreign currency exposure of cash flow hedges is assessed based on the IFRS15 backlog value analysis. This consists in reducing the contractual firm backlog by all deliveries which cannot be considered as highly probable due to the existence of either cancellation rights, risk of bankruptcy or other risk of order restructuring. The latter assessments is taking into account customers\u2019 situation and commercial aspects. The resulting backlog is further adjusted to the foreign exchange management hedging horizon. The highly probable underlying foreign currency exposure is then capped to the production plan when applicable. Most of the Company\u2019s revenue is denominated in US dollars, while a major portion of its costs is incurred in euro and to a lesser extent in other foreign currencies. Consequently, to the extent that the Company does not use financial instruments to hedge its exposure resulting from this currency mismatch, its profits will be affected by changes in the \u20ac/US$ exchange rate. As the Company intends to generate profits primarily from its operations rather than through speculation on exchange rate movements, it uses hedging strategies to manage and minimise the impact of exchange rate fluctuations on these profits. With respect to its commercial aircraft products, as of 30 June 2018, the Company adopted a new hedge strategy to hedge its net exposure (US dollar revenue less US dollar cost) resulting from commercial aircraft deliveries of specific aircraft types. The strategy more closely aligns hedge accounting with risk management activities. Under the new strategy the foreign exchange derivatives used as hedging instruments are designated as a hedge of a portion of the cash flows received for each of a number of deliveries of a specific aircraft type that are expected to occur in a given month and hence will allow the hedge result to move along with the hedged deliveries in the event of a shift in deliveries. If such a shift in hedged deliveries occurs, hedge ineffectiveness will arise to the extent the maturities of the hedging instrument and the expected timing of the hedged cash flows are no longer perfectly aligned. In order to minimise such ineffectiveness, the Company will close the timing gap by rolling over hedges to new maturities, using foreign exchange swap contracts. In addition, the Company will designate the risk of changes in the spot element as the hedged risk in order to eliminate the ineffectiveness resulting from changes in forward points between different maturities. The forward element will be accounted for as a cost of hedging similar to the time value of options. Until 30 June 2018, the Company typically hedged firmly committed sales in US dollar using a \u201cfirst flow approach\u201d. Under that approach, the foreign currency derivatives the Company entered into were designated as a hedge of the first US dollar inflows received from the customer at aircraft delivery in a given month. The strategy implied that only a portion of the expected monthly customer payments made
at aircraft delivery were hedged and that a reduction of monthly cash inflows as a result of postponements or order cancellations had no impact on the effectiveness of the hedge as long as the actual gross US dollar cash inflows received at aircraft delivery in a particular month exceeded the portion designated as being hedged in that month. According to the prospective application requirement of IFRS 9, the fair values of the legacy portfolio in place at inception of the new strategy continue to be assigned to the previous first flow hedge regime and remain in the hedge reserve in OCI, to be recognised in profit or loss only at maturity of the originally hedged cash flows (unless those cash flows are no longer expected to occur). As a result of prospective application, the hedging instruments designated under the new strategy had a non-zero fair value at hedge inception, which might create some small ineffectiveness. Another source of ineffectiveness is the counterparty credit risk inherent in the hedge portfolio. As such, credit risk is absent from the hedged cash flows. However, since netting arrangements are in place with all the hedge counterparties and the Company has a policy of trading with investment grade counterparties only, the credit risk arising from its hedging instruments, and associated changes in credit risk, have historically been negligible and are expected to remain so. The Company also hedges its expected foreign currency exposure arising from US dollar or pound sterling cash outflows in the commercial aircraft business on a first outflow basis, though to a much lesser extent than US dollar cash inflows. In military aircraft and non-aircraft businesses, the Company hedges inflows and outflows in foreign currencies from firmly committed or highly probable forecast sales and purchase contracts. Here, foreign currency derivatives are typically contracted in lower volumes; they may be accounted for using a first flow approach or are designated as hedges of specific agreed milestone payments. The amount of the expected flows to be hedged can cover up to 100% of the equivalent of the net US dollar exposure at inception. The coverage ratio considers the variability in the range of potential outcomes taking into account macroeconomic movements affecting spot rates and interest rates as well as the robustness of the commercial cycle. In situations where the payment dates for hedged firmly committed cash flows are not fixed and subject to potentially significant delays, the Company may use rollover strategies, usually involving foreign exchange swaps. For all foreign currency hedges of future cash flows which qualify for hedge accounting under IFRS 9, the Company uses the cash flow hedge model, which requires (i) recognising the effective portion of the fair value changes of the hedging derivatives in equity (within OCI) and (ii) recognising the effect of the hedge in profit or loss when the hedged cash flows affect profit or loss. In addition, the Company hedges currency risk arising from financial assets or liabilities denominated in currencies other than the euro, including foreign currency receivable and payable accounts, as well as foreign currency denominated funding transactions or securities. The Company applies hedge accounting if a mismatch in terms of profit or loss recognition of the hedging instrument and hedged item would otherwise occur. Frequently, however, the currency-induced gains or losses of the hedging instrument and the hedged item match in terms of profit or loss recognition (\u201cnatural hedge\u201d), so no hedge accounting is required. Sometimes such gains or losses may end up in different sections of the income statement (such as operating profit for the hedged item and financial result for the hedging instrument). If so, the Company may choose to present the gains or losses of both the hedging instrument and the hedged item in the same income statement line item if certain formal requirements are met. As hedging instruments, the Company primarily uses foreign currency forwards, foreign currency options and to a minor extent non- derivative financial instruments. A hedge ratio of 1:1 is applied by the Company. The Company also has foreign currency derivative instruments which are embedded in certain purchase contracts denominated in a currency other than the functional currency of any substantial party to the contract, principally in US dollar and pound sterling. If such embedded derivatives are required to be accounted for separately from the host purchase contract, related gains or losses are generally recognised in other financial result. However, if the embedded derivatives qualify for hedge accounting, the Company might choose to designate them as a hedging instrument in a hedge of foreign currency risk, in which case they are accounted for under the cash flow hedge model as described above. Interest rate risk \u2014 The Company uses an asset-liability management approach with the objective to limit its interest rate risk. It undertakes to match the risk profile of its interest-bearing assets with those of its interest-bearing liabilities. The remaining net interest rate exposure is managed through several types of interest rate derivatives, such as interest rate swaps and interest rate futures contracts, in order to minimise risks and financial impacts. The vast majority of related interest rate hedges qualify for hedge accounting, and most of them are accounted for under the fair value hedge model. As a result, both the fair value changes of these derivatives and the portion of the hedged items\u2019 fair value change that is attributable to the hedged interest rate risk are recognised in profit or loss, where they offset to the extent the hedge is effective. The Company has applied the relief introduced by the amendments made to IFRS 9 in September 2019 on hedge accounting, having the effect that the IBOR reform should not cause hedge accounting to terminate. The Company invests in financial instruments such as overnight deposits, certificates of deposits, commercial papers, other money market instruments and short-term as well as medium-term bonds. For its financial instruments portfolio, the Company has an Asset Liability Management Committee in place that meets regularly and aims to limit the interest rate risk on a fair value basis through a value-at-risk approach, from which results a hedge ratio that is however not actively steered. Commodity price risk \u2014 The Company is exposed to risk relating to fluctuations in the prices of commodities used in the supply chain. It manages these risks in the procurement process and to a certain extent uses derivative instruments in order to mitigate the risks associated with the purchase of raw materials. To the extent that the gains or losses of the derivative and those of the hedged item or transaction do not match in terms of profit or loss, the Company applies cash flow hedge accounting to the derivative instruments, with a hedge ratio of 1:1. Equity price risk \u2014 The Company is to a small extent invested in equity securities mainly for operational reasons. Its exposure to equity price risk is hence limited. Furthermore, it is exposed under its LTIP to the risk of the Company share price increases. The Company limits these risks through the use of equity derivatives that qualify for hedge accounting and have been designated as hedging instruments in cash flow hedges, with a hedge ratio of 1:1.
Sensitivities of market risks \u2014 The approach used to measure and control market risk exposure of the Company\u2019s financial instrument portfolio is, amongst other key indicators, the value-at-risk model (\u201cVaR\u201d). The VaR of a portfolio is the estimated potential loss that will not be exceeded over a specified period of time (holding period) from an adverse market movement with a specified confidence level. The VaR used by the Company is based upon a 95% confidence level and assumes a five-day holding period. The VaR model used is mainly based on the so-called \u201cMonte-Carlo-Simulation\u201d method. The model generates a wide range of potential future scenarios for market price movements by deriving the relevant statistical behaviour of markets for the portfolio of market data from the previous two years and observed interdependencies between different markets and prices.
The Company\u2019s VaR computation includes the Company\u2019s financial debt, short-term and long-term investments, foreign currency forwards, swaps and options, commodity contracts, finance lease receivables and liabilities, foreign currency trade liabilities and receivables and contract assets. Although VaR is an important tool for measuring market risk, the assumptions on which the model is based give rise to some limitations, including the following: - a five-day holding period assumes that it is possible to hedge or dispose of positions within that period. This is considered to be a realistic assumption in almost all cases but may not be the case in situations in which there is severe market illiquidity for a prolonged period. - a 95% confidence level does not reflect losses that may occur beyond this level. Even within the model used there is a 5% statistical probability that losses could exceed the calculated VaR. - the use of historical data as a basis for estimating the statistical behaviour of the relevant markets and finally determining the possible range of future outcomes out of this statistical behaviour may not always cover all possible scenarios, especially those of an exceptional nature. The Company uses VaR amongst other key figures in order to determine the riskiness of its financial instrument portfolio and in order to optimise the risk-return ratio of its financial asset portfolio. Further, its investment policy defines a VaR limit for the total portfolio of cash, cash equivalents and securities. The total VaR as well as the different risk-factor specific VaR figures of this portfolio are measured and serve amongst other measures as a basis for the decisions of the Company\u2019s Asset Liability Management Committee. A summary of the VaR position of the Company financial instruments portfolio at 31 December 2023 and 2022 is as follows: (In \u20ac million) Total VaR Equity price VaR Currency VaR Commodity price VaR Interest rate VaR 31 December 2023 Foreign exchange hedges for forecast transactions or firm commitments 801 0 911 0 165 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 230 70 210 0 74 Finance lease receivables and liabilities, foreign currency trade payables and receivables 81 0 39 0 79 Commodity contracts 6 1 6 0 Equity swaps 2 2 0 0 0 Diversification effect (479) (1) (409) 0 (152) All financial instruments 641 71 752 6 166 31 December 2022 Foreign exchange hedges for forecast transactions or firm commitments 1,450 0 1,535 0 238 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 268 67 225 0 80 Finance lease receivables and liabilities, foreign currency trade payables and receivables 130 0 83 0 112 Commodity contracts 2 0 0 2 0 Equity swaps 2 2 0 0 0 Diversification effect (584) (1) (472) 0 (139) All financial instruments 1,268 68 1,371 2 291 As of 31 December 2023, the total VaR amounts to \u20ac 641 million (2022: \u20ac 1,268 million). The decrease is mainly attributable to the currency and interest rate volatilities reduction in comparison to the exceptional levels in 2022. The Company uses its derivative instruments entirely for hedging purposes. As a result, the respective market risks of these hedging instruments are \u2013 depending on the hedges\u2019 actual effectiveness \u2013 offset by corresponding opposite market risks of the underlying forecast transactions, assets or liabilities. Under IFRS 7, the underlying forecast transactions do not qualify as financial instruments and are therefore not included in the tables shown above. Accordingly, the VaR of the foreign exchange hedging portfolio in the amount of \u20ac 911 million (2022: \u20ac\u20091,535 million) cannot be considered as a risk indicator for the Company in the economic sense. Liquidity Risk The Company\u2019s policy is to maintain sufficient cash and cash equivalents at any time to meet its present and future commitments as they fall due. It manages its liquidity by holding adequate volumes of liquid assets and maintains a committed revolving credit facility, in addition to the cash inflow generated by its operating business. The Company continues to keep the focus on low counterparty risk within its asset portfolio. In addition, it maintains a set of other funding sources, and accordingly may raise loans from commercial banks and Development Finance Institutions and issue bonds, notes and commercial papers or enter into security lending agreements. Adverse changes in the capital markets could increase its funding costs and limit its financial flexibility. In particular, Airbus signed on 5 July 2022 a \u20ac 8 billion Sustainability Linked Revolving Syndicated Credit Facility in order to refinance its \u20ac 6 billion existing facility signed in 2020. Management considers the Company has sufficient resources to continue operating for at least 12 months and that there are no material uncertainties about the Company\u2019s ability to continue as a going concern.
Further, the management of the vast majority of the Company\u2019s liquidity exposure is centralised by a daily cash concentration process. This process enables it to manage its liquidity surplus as well as its liquidity requirements according to the actual needs of its subsidiaries. In addition, management monitors the Company\u2019s liquidity reserve as well as the expected cash flows from its operations. The contractual maturities of the Company\u2019s financial liabilities, based on undiscounted cash flows and including interest payments, if applicable, are as follows: (In \u20ac million) Carrying amount Contractual cash flows < 1 year 1 year - 2 years 2 years - 3 years 3 years - 4 years 4 years - 5 years > 5 years 31 December 2023 Non-derivative financial liabilities (28,593) (30,889) (18,205) (1,234) (1,855) (1,183) (1,107) (7,303) Derivative financial liabilities (4,750) (5,876) (1,963) (1,173) (886) (860) (144) (850) Total (33,343) (36,765) (20,168) (2,407) (2,741) (2,043) (1,251) (8,153) 31 December 2022 Non-derivative financial liabilities (26,753) (29,230) (15,885) (1,791) (936) (1,760) (1,192) (7,666) Derivative financial liabilities (9,613) (10,861) (3,538) (2,647) (1,610) (1,118) (537) (1,411) Total (36,366) (40,091) (19,423) (4,438) (2,546) (2,878) (1,729) (9,077) Non-derivative financial liabilities included in the table above comprise financing liabilities as presented in \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d. Due to their specific nature, namely their risk-sharing features and uncertainty about the repayment dates, the European Governments\u2019 refundable advances, which amount to \u20ac -3,856 million at 31 December 2023 (\u20ac\u2009-3,857 million at 31 December 2022) are not included. Lease liabilities The maturity analysis of lease liabilities, based on contractual undiscounted cash flows is as follows: (In \u20ac million) 31 December 2023 2022 Not later than one year (222) (241) Later than one year and not later than five years (769) (747) Later than five years (982) (1,036) Total undiscounted lease liabilities (1,973) (2,024) Lease liabilities included in the statement of financial position (1,617) (1,734) Current (221) (242) Non-current (1,396) (1,492)
Credit Risk The Company is exposed to credit risk to the extent of non-performance by either its customers (e.g. airlines) or its counterparts with regard to financial instruments or issuers of financial instruments for gross cash investments. However, it has policies in place to avoid concentrations of credit risk and to ensure that credit risk is limited. As far as central treasury activities are concerned, credit risk resulting from financial instruments is managed by the Company. In order to ensure sufficient diversification, a credit limit system is used. The Company monitors the performance of the individual financial instruments and the impact of market developments on their performance and takes appropriate action on foreseeable adverse development based on pre-defined procedures and escalation levels. Sales of products and services are made to customers after having conducted appropriate internal credit risk assessment. In order to support sales, primarily at Airbus, Airbus Helicopters and ATR, the Company may agree to participate in customer financing, on a case- by-case basis either directly or through guarantees provided to third parties. In determining the amount and terms of the financing transaction, the Company takes into account the airline\u2019s credit rating and economic factors reflecting the relevant financial market conditions, together with appropriate assumptions as to the anticipated future value of the financed asset. The booked amount of financial assets represents the maximum credit exposure. The credit quality of financial assets can be assessed by reference to external credit rating (if available) or internal assessment of customers\u2019 creditworthiness e.g. airlines by way of internal risk pricing methods. For further information relating to gross credit risk and impairment see \u201c\u2013 Note 37.7: Impairment Losses\u201d.
37.7 Impairment Losses Loss allowances \u2014 For its portfolio of debt instruments including bonds, term deposits and commercial papers, the Company measures loss allowances at an amount that represents credit losses resulting from default events that are possible within the next 12 months, unless the credit risk on a financial instrument has increased significantly since initial recognition. In the event of such significant increase in credit risk the Company measures loss allowances for that financial instrument at an amount equal to its life-time expected losses, i.e. at an amount equal to the expected credit losses that result from all possible default events over the expected life of that financial instrument. The Company applies the low credit risk exemption allowing the Company to assume that there is no significant increase in credit risk since initial recognition of a financial instrument, if the instrument is determined to have low credit risk at the reporting date. Similarly, the Company has determined that its trade receivables and contract assets generally have low credit risk. The Company applies the simplified approach permitted by IFRS 9 of measuring expected credit losses of trade receivables and contract assets on a lifetime basis from initial recognition.
The following table breaks down the gross carrying amount of loans and receivables as of 31 December 2023 and 2022, separately showing those that are impaired, renegotiated or past due: (In \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 12 months Past due > 12 months Impairment Total 31 December 2023 Trade receivables 3,620 0 249 410 127 101 125 452 (359) 4,725 Contract assets 1,850 0 0 0 0 0 0 0 (1) 1,849 Others 2,934 1 147 337 134 32 50 700 (191) 4,144 Total 8,404 1 396 747 260 134 175 1,152 (551) 10,717
(In \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 12 months Past due > 12 months Impairment Total 31 December 2022 Trade receivables 3,727 0 376 373 147 132 99 479 (380) 4,953 Contract assets 1,528 0 0 0 0 0 0 0 (1) 1,527 Others 2,552 2 93 131 391 116 7 452 (188) 3,556 Total 7,807 2 469 504 538 248 106 931 (569) 10,036 The management believes that the unimpaired amounts that are past due are still collectible in full, based on historic payment behaviour and analysis of customer credit risk, including underlying customers\u2019 credit ratings if they are available. The following impairment losses on financial assets are recognised in profit or loss in 2023 and 2022, respectively: (In \u20ac million) 2023 2022 Trade receivables (19) (65) Contract assets 0 0 Total (19) (65)
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Trade receivables arise when the Company provides goods or services directly to a customer with no intention of trading the receivable. Trade receivables include claims arising from revenue recognition that are not yet settled by the debtor. Trade receivables are initially recognised at their transaction prices and are subsequently measured at amortised cost less any allowances for impairment. Gains and losses are recognised in the Consolidated Income Statement when the receivables are derecognised and impaired. Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
36.1 Cash and Cash Equivalents
Only securities with a maturity of three months or less from the date of the acquisition, that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of changes in value, are recognised in cash equivalents37.2 Carrying Amounts and Fair Values of Financial Instruments
Financial assets at fair value through profit or loss \u2014 This category comprises all other financial assets (e.g. derivative instruments) that are to be measured at fair value (including equity investments for which the Company did not elect to present changes in fair value in OCI). The Company assigns its financial instruments into classes based on their balance sheet category.
37.7 Impairment Losses Loss allowances \u2014 For its portfolio of debt instruments including bonds, term deposits and commercial papers, the Company measures loss allowances at an amount that represents credit losses resulting from default events that are possible within the next 12 months, unless the credit risk on a financial instrument has increased significantly since initial recognition. In the event of such significant increase in credit risk the Company measures loss allowances for that financial instrument at an amount equal to its life-time expected losses, i.e. at an amount equal to the expected credit losses that result from all possible default events over the expected life of that financial instrument. The Company applies the low credit risk exemption allowing the Company to assume that there is no significant increase in credit risk since initial recognition of a financial instrument, if the instrument is determined to have low credit risk at the reporting date. Similarly, the Company has determined that its trade receivables and contract assets generally have low credit risk. The Company applies the simplified approach permitted by IFRS 9 of measuring expected credit losses of trade receivables and contract assets on a lifetime basis from initial recognition.
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
37.7 Impairment Losses Loss allowances \u2014 For its portfolio of debt instruments including bonds, term deposits and commercial papers, the Company measures loss allowances at an amount that represents credit losses resulting from default events that are possible within the next 12 months, unless the credit risk on a financial instrument has increased significantly since initial recognition. In the event of such significant increase in credit risk the Company measures loss allowances for that financial instrument at an amount equal to its life-time expected losses, i.e. at an amount equal to the expected credit losses that result from all possible default events over the expected life of that financial instrument. The Company applies the low credit risk exemption allowing the Company to assume that there is no significant increase in credit risk since initial recognition of a financial instrument, if the instrument is determined to have low credit risk at the reporting date. Similarly, the Company has determined that its trade receivables and contract assets generally have low credit risk. The Company applies the simplified approach permitted by IFRS 9 of measuring expected credit losses of trade receivables and contract assets on a lifetime basis from initial recognition.
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Trade receivables arise when the Company provides goods or services directly to a customer with no intention of trading the receivable. Trade receivables include claims arising from revenue recognition that are not yet settled by the debtor. Trade receivables are initially recognised at their transaction prices and are subsequently measured at amortised cost less any allowances for impairment. Gains and losses are recognised in the Consolidated Income Statement when the receivables are derecognised and impaired. Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
37.7 Impairment Losses Loss allowances \u2014 For its portfolio of debt instruments including bonds, term deposits and commercial papers, the Company measures loss allowances at an amount that represents credit losses resulting from default events that are possible within the next 12 months, unless the credit risk on a financial instrument has increased significantly since initial recognition. In the event of such significant increase in credit risk the Company measures loss allowances for that financial instrument at an amount equal to its life-time expected losses, i.e. at an amount equal to the expected credit losses that result from all possible default events over the expected life of that financial instrument. The Company applies the low credit risk exemption allowing the Company to assume that there is no significant increase in credit risk since initial recognition of a financial instrument, if the instrument is determined to have low credit risk at the reporting date. Similarly, the Company has determined that its trade receivables and contract assets generally have low credit risk. The Company applies the simplified approach permitted by IFRS 9 of measuring expected credit losses of trade receivables and contract assets on a lifetime basis from initial recognition.
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
Contract Assets, Contract Liabilities and Trade Receivables
The respective movement in the allowance for expected credit losses in respect of trade receivables and contract assets during the period was as follows: (In \u20ac million) 2023 2022 Allowance balance at 1 January (380) (363) Utilisations / disposals and business combinations 86 56 Additions (65) (73) Allowance balance at 31 December (359) (380)
37.7 Impairment Losses Loss allowances \u2014 For its portfolio of debt instruments including bonds, term deposits and commercial papers, the Company measures loss allowances at an amount that represents credit losses resulting from default events that are possible within the next 12 months, unless the credit risk on a financial instrument has increased significantly since initial recognition. In the event of such significant increase in credit risk the Company measures loss allowances for that financial instrument at an amount equal to its life-time expected losses, i.e. at an amount equal to the expected credit losses that result from all possible default events over the expected life of that financial instrument. The Company applies the low credit risk exemption allowing the Company to assume that there is no significant increase in credit risk since initial recognition of a financial instrument, if the instrument is determined to have low credit risk at the reporting date. Similarly, the Company has determined that its trade receivables and contract assets generally have low credit risk. The Company applies the simplified approach permitted by IFRS 9 of measuring expected credit losses of trade receivables and contract assets on a lifetime basis from initial recognition.
The following table breaks down the gross carrying amount of loans and receivables as of 31 December 2023 and 2022, separately showing those that are impaired, renegotiated or past due: (In \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 12 months Past due > 12 months Impairment Total 31 December 2023 Trade receivables 3,620 0 249 410 127 101 125 452 (359) 4,725 Contract assets 1,850 0 0 0 0 0 0 0 (1) 1,849 Others 2,934 1 147 337 134 32 50 700 (191) 4,144 Total 8,404 1 396 747 260 134 175 1,152 (551) 10,717
(In \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 12 months Past due > 12 months Impairment Total 31 December 2022 Trade receivables 3,727 0 376 373 147 132 99 479 (380) 4,953 Contract assets 1,528 0 0 0 0 0 0 0 (1) 1,527 Others 2,552 2 93 131 391 116 7 452 (188) 3,556 Total 7,807 2 469 504 538 248 106 931 (569) 10,036 The management believes that the unimpaired amounts that are past due are still collectible in full, based on historic payment behaviour and analysis of customer credit risk, including underlying customers\u2019 credit ratings if they are available. The following impairment losses on financial assets are recognised in profit or loss in 2023 and 2022, respectively: (In \u20ac million) 2023 2022 Trade receivables (19) (65) Contract assets 0 0 Total (19) (65)
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
Contract Assets, Contract Liabilities and Trade Receivables
The respective movement in the allowance for expected credit losses in respect of trade receivables and contract assets during the period was as follows: (In \u20ac million) 2023 2022 Allowance balance at 1 January (380) (363) Utilisations / disposals and business combinations 86 56 Additions (65) (73) Allowance balance at 31 December (359) (380)
37.1 Financial Risk Management
Credit Risk The Company is exposed to credit risk to the extent of non-performance by either its customers (e.g. airlines) or its counterparts with regard to financial instruments or issuers of financial instruments for gross cash investments. However, it has policies in place to avoid concentrations of credit risk and to ensure that credit risk is limited. As far as central treasury activities are concerned, credit risk resulting from financial instruments is managed by the Company. In order to ensure sufficient diversification, a credit limit system is used. The Company monitors the performance of the individual financial instruments and the impact of market developments on their performance and takes appropriate action on foreseeable adverse development based on pre-defined procedures and escalation levels. Sales of products and services are made to customers after having conducted appropriate internal credit risk assessment. In order to support sales, primarily at Airbus, Airbus Helicopters and ATR, the Company may agree to participate in customer financing, on a case- by-case basis either directly or through guarantees provided to third parties. In determining the amount and terms of the financing transaction, the Company takes into account the airline\u2019s credit rating and economic factors reflecting the relevant financial market conditions, together with appropriate assumptions as to the anticipated future value of the financed asset. The booked amount of financial assets represents the maximum credit exposure. The credit quality of financial assets can be assessed by reference to external credit rating (if available) or internal assessment of customers\u2019 creditworthiness e.g. airlines by way of internal risk pricing methods. For further information relating to gross credit risk and impairment see \u201c\u2013 Note 37.7: Impairment Losses\u201d.
37.7 Impairment Losses Loss allowances \u2014 For its portfolio of debt instruments including bonds, term deposits and commercial papers, the Company measures loss allowances at an amount that represents credit losses resulting from default events that are possible within the next 12 months, unless the credit risk on a financial instrument has increased significantly since initial recognition. In the event of such significant increase in credit risk the Company measures loss allowances for that financial instrument at an amount equal to its life-time expected losses, i.e. at an amount equal to the expected credit losses that result from all possible default events over the expected life of that financial instrument. The Company applies the low credit risk exemption allowing the Company to assume that there is no significant increase in credit risk since initial recognition of a financial instrument, if the instrument is determined to have low credit risk at the reporting date. Similarly, the Company has determined that its trade receivables and contract assets generally have low credit risk. The Company applies the simplified approach permitted by IFRS 9 of measuring expected credit losses of trade receivables and contract assets on a lifetime basis from initial recognition.
The following table breaks down the gross carrying amount of loans and receivables as of 31 December 2023 and 2022, separately showing those that are impaired, renegotiated or past due: (In \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 12 months Past due > 12 months Impairment Total 31 December 2023 Trade receivables 3,620 0 249 410 127 101 125 452 (359) 4,725 Contract assets 1,850 0 0 0 0 0 0 0 (1) 1,849 Others 2,934 1 147 337 134 32 50 700 (191) 4,144 Total 8,404 1 396 747 260 134 175 1,152 (551) 10,717
(In \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 12 months Past due > 12 months Impairment Total 31 December 2022 Trade receivables 3,727 0 376 373 147 132 99 479 (380) 4,953 Contract assets 1,528 0 0 0 0 0 0 0 (1) 1,527 Others 2,552 2 93 131 391 116 7 452 (188) 3,556 Total 7,807 2 469 504 538 248 106 931 (569) 10,036 The management believes that the unimpaired amounts that are past due are still collectible in full, based on historic payment behaviour and analysis of customer credit risk, including underlying customers\u2019 credit ratings if they are available. The following impairment losses on financial assets are recognised in profit or loss in 2023 and 2022, respectively: (In \u20ac million) 2023 2022 Trade receivables (19) (65) Contract assets 0 0 Total (19) (65)
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Contract liabilities represent the Company\u2019s obligation to transfer goods or services to a customer for which the Company has received consideration, or for which an amount of consideration is due from the customer (e.g. advance payments received). Net contract assets and contract liabilities are determined for each contract separately. For serial contracts, contract liabilities are presented in current contract liabilities, if revenues are expected within the next twelve months or material expenses for the manufacturing process have already occurred. For long-term production contracts (e.g. governmental contracts such as A400M, Tiger, NH90), contract liabilities are classified as current when the relating inventories or receivables are expected to be recognised within the normal operating cycle of the long-term contract.
Contract Assets, Contract Liabilities and Trade Receivables
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Trade Liabilities Trade liabilities of \u20ac 14,323 million (2022: \u20ac\u200913,261 million) increased by \u20ac +1,062 million, mainly driven by higher volume in Airbus due to ramp-up. As of 31 December 2023, trade liabilities amounting to \u20ac\u200987 million (2022: \u20ac\u200986 million) will mature after more than one year. Similar to previous years, the Company has supported its suppliers concerning supply chain financing arrangements. As of 31 December 2023, these arrangements have no impact in the Consolidated Financial Statements. The range of payment due dates is not impacted by the supplier finance arrangements. The Company evaluates such suppliers\u2019 early payment arrangements with a financing third party against a number of indicators to assess whether the payable continues to hold the characteristics of a trade payable or should be classified as borrowings; these indicators include whether the payment terms exceed customary payment terms in the industry. As of 31 December 2023, the payables subject to supplier financing arrangements do not meet the criteria to be reclassified as borrowings.
",
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"f5558": {
"value": "22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Trade receivables arise when the Company provides goods or services directly to a customer with no intention of trading the receivable. Trade receivables include claims arising from revenue recognition that are not yet settled by the debtor. Trade receivables are initially recognised at their transaction prices and are subsequently measured at amortised cost less any allowances for impairment. Gains and losses are recognised in the Consolidated Income Statement when the receivables are derecognised and impaired. Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
Contract Assets, Contract Liabilities and Trade Receivables
The respective movement in the allowance for expected credit losses in respect of trade receivables and contract assets during the period was as follows: (In \u20ac million) 2023 2022 Allowance balance at 1 January (380) (363) Utilisations / disposals and business combinations 86 56 Additions (65) (73) Allowance balance at 31 December (359) (380)
37.7 Impairment Losses Loss allowances \u2014 For its portfolio of debt instruments including bonds, term deposits and commercial papers, the Company measures loss allowances at an amount that represents credit losses resulting from default events that are possible within the next 12 months, unless the credit risk on a financial instrument has increased significantly since initial recognition. In the event of such significant increase in credit risk the Company measures loss allowances for that financial instrument at an amount equal to its life-time expected losses, i.e. at an amount equal to the expected credit losses that result from all possible default events over the expected life of that financial instrument. The Company applies the low credit risk exemption allowing the Company to assume that there is no significant increase in credit risk since initial recognition of a financial instrument, if the instrument is determined to have low credit risk at the reporting date. Similarly, the Company has determined that its trade receivables and contract assets generally have low credit risk. The Company applies the simplified approach permitted by IFRS 9 of measuring expected credit losses of trade receivables and contract assets on a lifetime basis from initial recognition.
The following table breaks down the gross carrying amount of loans and receivables as of 31 December 2023 and 2022, separately showing those that are impaired, renegotiated or past due: (In \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 12 months Past due > 12 months Impairment Total 31 December 2023 Trade receivables 3,620 0 249 410 127 101 125 452 (359) 4,725 Contract assets 1,850 0 0 0 0 0 0 0 (1) 1,849 Others 2,934 1 147 337 134 32 50 700 (191) 4,144 Total 8,404 1 396 747 260 134 175 1,152 (551) 10,717
(In \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 12 months Past due > 12 months Impairment Total 31 December 2022 Trade receivables 3,727 0 376 373 147 132 99 479 (380) 4,953 Contract assets 1,528 0 0 0 0 0 0 0 (1) 1,527 Others 2,552 2 93 131 391 116 7 452 (188) 3,556 Total 7,807 2 469 504 538 248 106 931 (569) 10,036 The management believes that the unimpaired amounts that are past due are still collectible in full, based on historic payment behaviour and analysis of customer credit risk, including underlying customers\u2019 credit ratings if they are available. The following impairment losses on financial assets are recognised in profit or loss in 2023 and 2022, respectively: (In \u20ac million) 2023 2022 Trade receivables (19) (65) Contract assets 0 0 Total (19) (65)
",
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},
"f5807": {
"value": "24. Provisions, Contingent Assets and Contingent Liabilities
Contingent assets and contingent liabilities \u2014 The Company is exposed to technical and commercial contingent obligations due to the nature of its businesses. To mitigate this exposure, the Company has subscribed a Global Aviation Insurance Programme (\u201cGAP\u201d). Information required under IAS 37 \u201cProvisions, Contingent Assets and Contingent Liabilities\u201d is not disclosed if the Company concludes that disclosure can be expected to prejudice seriously its position in a dispute with other parties. For other contingent liabilities, see \u201c\u2013 Note 38: Litigation and Claims\u201d and \u201c\u2013 Note 12: Revenue and Gross Margin\u201d (mainly A400M programme).
38. Litigation and Claims Litigation and claims \u2014 Various legal actions, governmental investigations, proceedings and other claims are pending or may be instituted or asserted in the future against the Company. Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with certainty. Provisions have been accounted for in accordance with IFRS criteria. It is reasonably possible that the final resolution of some of these matters may require the Company to make expenditures, in excess of established provisions over an extended period of time and in a range of amounts that cannot be reasonably estimated. The term \u201creasonably possible\u201d is used herein to mean that the chance of a future transaction or event occurring is more than remote but less than likely. The Company is involved from time to time in various governmental, legal and arbitration proceedings in the ordinary course of its business, the most significant of which are described below. Other than as described below, there are no material governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened) which may have or have had in the recent past significant effects on Airbus SE\u2019s or the Company\u2019s Financial Position or profitability. If the Company concludes that the disclosures relative to contingent liabilities can be expected to prejudice seriously its position in a dispute with other parties, the Company limits its disclosures to the nature of the dispute. Investigation by the UK SFO, France\u2019s PNF, US Departments of State and Justice and Related Commercial Litigation During 2023, the various proceedings in relation to the final agreements (\u201cthe agreements\u201d) reached with the French Parquet National Financier (\u201cPNF\u201d), the UK Serious Fraud Office (\u201cSFO\u201d), and the US Department of Justice (\u201cDoJ\u201d) (resolving the authorities\u2019 investigations into allegations of bribery and corruption), and the US Department of State (\u201cDoS\u201d) and the DoJ (resolving their investigations into inaccurate and misleading filings made with the DoS pursuant to the US International Traffic in Arms Regulations (\u201cITAR\u201d)), were concluded. The agreements were approved and made public on 31 January 2020. Under their terms, the Company agreed to pay penalties of \u20ac\u20093,597,766,766 plus interest and costs to the French, UK and US authorities. This was recognised in the Company\u2019s 2019 accounts, and all penalties have been paid. The settlements with each authority were as follows: PNF \u20ac\u20092,083,137,455, the SFO \u20ac\u2009983,974,311, the DoJ \u20ac\u2009526,150,496 and the DoS \u20ac\u20099,009,008 of which \u20ac\u20094,504,504 could be used for approved remedial compliance measures. Under the terms of the Convention judiciaire d\u2019int\u00e9r\u00eat public (\u201cCJIP\u201d) with the PNF, the Company had an obligation to submit its compliance programme to targeted audits carried out by the Agence Fran\u00e7aise Anticorruption (\u201cAFA\u201d) over a period of three years. Under the terms of the Deferred Prosecution Agreement (\u201cDPA\u201d) with the SFO, no independent compliance monitor was imposed on the Company in light of the continuing monitorship conducted by the AFA. Under the terms of the DPA with the DoJ, no independent compliance monitor was imposed on Airbus under the agreement with the DoJ, but the Company periodically reported on its continuing compliance enhancement progress during the three year term of the DPA and carried out further reviews as required by the DoJ. The agreements resulted in the suspension of prosecution for a duration of three years. This deferral period ended on 31 January 2023. On 13 February 2023, the SFO gave notice to the Company discontinuing the prosecution. On 17 March 2023, the PNF gave notice of the same with receipt of the Constat de l'extinction de l'action publique. On 28 July 2023 the DoJ filed a motion to dismiss which was
granted by the court on 10 August 2023. With receipt of the aforementioned notices, the CJIP with the PNF, the DPA with the SFO and the DPA with the DoJ were formally concluded. Under the terms of the Consent Agreement with the DoS, the DoS agreed to settle all civil violations of the ITAR outlined in the Company\u2019s voluntary disclosures identified in the Consent Agreement, and the Company agreed to retain an independent export control compliance officer to monitor the effectiveness of the Company\u2019s export control systems and its compliance with the ITAR. As a result of the Company's decision to redirect export control compliance resources to ensure compliance with export control restrictions and international sanctions announced against Russia, Belarus and certain Russian entities and individuals following Russia's invasion of Ukraine on 24 February 2022, the Company asked the DoS to extend the Consent Agreement an additional nine months from its original expiration date, and the DoS granted this extension. On 26 October 2023, the Company received notice from the DoS of the closure of the Consent Agreement based on the fulfilment of its terms. In addition to any pending investigation in other jurisdictions, the factual disclosures made in the course of reaching the agreements may result in the commencement of additional investigations in other jurisdictions. Such investigations could also result in (i) civil claims or claims by shareholders against the Company, (ii) adverse consequences on the Company\u2019s ability to obtain or continue financing for current or future projects, (iii) limitations on the eligibility of group companies for certain public sector contracts, and/or (iv) damage to the Company\u2019s business or reputation via negative publicity adversely affecting the Company\u2019s prospects in the commercial marketplace. Airbus will continue to cooperate with the authorities in the future and to enhance its strong Ethics & Compliance programme and culture within the Company. In the wake of the agreements and settlements described above, several consultants and other third parties initiated commercial litigation and arbitration against the Company seeking relief. The agreements reached with authorities may lead to additional commercial litigation and arbitration against the Company and tax liability in the future, which could have a material impact on the Financial Statements, business and operations of the Company. Securities Litigation In August 2021 the Company received notification of two separate claims and in March 2022 of a third claim, each filed in the Netherlands purportedly on behalf of Airbus investors. These claims (the \u201cDutch claims\u201d) assert that the Company violated its reporting obligations, allegedly leading to an impact on the Company\u2019s share price, by failing to adequately inform investors and providing false or misleading information about its use of intermediaries and alleged corrupt practices, its related financial exposure, internal investigations and subsequent measures taken by the Company, and the related criminal investigations leading to the Company\u2019s agreements approved on 31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS. The first Dutch claim was filed with the Amsterdam District Court in August 2021 by a special purpose vehicle incorporated under the laws of Guernsey, an assignee purportedly representing numerous private shareholders and institutional investors, seeking a declaratory judgment with damages to be assessed in follow on proceedings. The second Dutch claim was filed in December 2021 following a demand letter sent by a foundation incorporated under the laws of the Netherlands, a purported representative of unnamed institutional and retail investors worldwide, starting a class action against the Company before the Dutch courts. This second Dutch claim targets the Company, certain of the Company's current and former directors and officers, and the Company's current and former auditors. The third Dutch claim was a class action filed in April 2022 against the Company by a foundation incorporated under the laws of the Netherlands. In accordance with Dutch procedural law, the two Dutch class action claims are treated jointly as one case. The Dutch claims followed the filing in 2020 of a putative class action lawsuit in US federal court in the state of New Jersey, against Airbus SE and members of its current and former management. The US complaint asserted violations of US securities laws, alleging false and misleading statements or omissions concerning, among other things, the Company\u2019s agreements approved on 31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS as well as the Company\u2019s historic practices regarding the use of third party business partners and anti-corruption compliance. The matter was fully and finally settled on 30 September 2022 in exchange for a payment in the amount of $5 million USD without any acknowledgement of liability. On 30 August 2023, the first Dutch claim was dismissed on the merits, with the plaintiff appealing this dismissal on 29 November 2023. On 20 September 2023, the second and third Dutch claims were dismissed on procedural grounds, which plaintiffs appealed on 19 December 2023. The calendar for appeal proceedings on both matters extends at least to 2025 and could take longer. The Company cannot exclude the possibility that additional claims are filed related to this subject matter attempting different theories of recovery in the same or different jurisdictions. The Company believes it has solid grounds to defend itself against the allegations. The consequences of such litigation and the outcome of the proceedings cannot be fully assessed at this stage, but any judgment or decision unfavourable to the Company could have a material adverse impact on the Financial Statements, business and operations of the Company. Air France Flight 447 Trial On 1 June 2009, an A330 operated by Air France as flight AF447 from Rio de Janeiro to Paris disappeared over the Atlantic Ocean with 228 persons onboard. The wreckage was located in April 2011 after several search campaigns organised by the Bureau d'Enqu\u00eates et d'Analyses (BEA), which published its final investigation report in July 2012. In the wake of the accident, the prosecutor in Paris opened an investigation for involuntary manslaughter and Airbus SAS was charged in March 2011. In September 2019, the investigating magistrates closed the investigation and dismissed all criminal charges after a thorough analysis of the technical and legal elements of the case. However, the Paris Court of Appeal overturned the magistrates' decision and ordered a trial for involuntary manslaughter. The
Company\u2019s appeal to the French Supreme Court was dismissed. Following a trial in the fourth quarter of 2022, the Paris Criminal Court announced on 17 April 2023 that all criminal charges against the Company were dismissed but sustained certain civil liability claims. On 26 April 2023, the Paris General Prosecutor filed an appeal of the dismissal of criminal charges against Airbus and Air France. As a consequence, there will be a full retrial of the matter, which the Company expects will be scheduled to take place in 2024 or 2025. Grand Canyon Helicopter Accident On 10 February 2018, a fatal accident occurred in the Grand Canyon at a site called Quartermaster in Arizona involving an EC130 B4 helicopter operated by Papillon Helicopters impacting the canyon floor and catching fire, leading to five fatalities and two severely injured persons. Following the accident, product liability claims were filed in Nevada state court in the US, including claims by the estate and parents of a deceased passenger and by the injured pilot of the helicopter. On 6 May 2023 the claim of the pilot was settled, with no admission of liability on behalf of the Company. In January 2024, the last remaining claim with a passenger family was settled, with no admission of liability on behalf of the Company, in the amount of $100 million USD, shared between Airbus Helicopters and Papillon Helicopters. Other Investigations In 2019, the Company self-reported to German authorities potentially improper advance receipt and communication of confidential customer information by employees of Airbus Defence and Space GmbH. The information concerned relates to future German government procurement projects. The self-disclosure by the Company followed an internal review with the support of an external law firm. Both the German Ministry of Defence and the Munich public prosecutor opened an investigation into the matter. The investigation could have an impact on Airbus Defence and Space GmbH\u2019s and Airbus Secure Land Communications GmbH\u2019s ability to participate in future public procurement projects in Germany. In 2021 the Munich prosecution issued a penalty notice against Airbus Defence and Space GmbH for \u20ac 10 million for negligent violation of supervisory duties in connection with this matter. The Company continues to fully cooperate with relevant authorities.
",
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"f6133": {
"value": "26. Other Assets and Other Liabilities
26. Other Assets and Other Liabilities
26. Other Assets and Other Liabilities
26. Other Assets and Other Liabilities
26. Other Assets and Other Liabilities
Other Liabilities 31 December (In \u20ac million) 2023 2022 Others (1) 450 498 Total non-current other liabilities 450 498 Tax liabilities (excluding income tax) 740 1,082 Others (1) 2,767 2,721 Total current other liabilities 3,507 3,803 Total 3,957 4,301 (1) \u201cOthers\u201d mainly comprises tax (excluding income tax) and personnel liabilities (e.g. Salaries, Social insurance contribution, Liabilities from personnel
restructuring)",
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"f6143": {
"value": "26. Other Assets and Other Liabilities
Other Liabilities 31 December (In \u20ac million) 2023 2022 Others (1) 450 498 Total non-current other liabilities 450 498 Tax liabilities (excluding income tax) 740 1,082 Others (1) 2,767 2,721 Total current other liabilities 3,507 3,803 Total 3,957 4,301 (1) \u201cOthers\u201d mainly comprises tax (excluding income tax) and personnel liabilities (e.g. Salaries, Social insurance contribution, Liabilities from personnel
restructuring)
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"f6145": {
"value": "26. Other Assets and Other Liabilities
Other Liabilities 31 December (In \u20ac million) 2023 2022 Others (1) 450 498 Total non-current other liabilities 450 498 Tax liabilities (excluding income tax) 740 1,082 Others (1) 2,767 2,721 Total current other liabilities 3,507 3,803 Total 3,957 4,301 (1) \u201cOthers\u201d mainly comprises tax (excluding income tax) and personnel liabilities (e.g. Salaries, Social insurance contribution, Liabilities from personnel
26. Other Assets and Other Liabilities
Other Liabilities 31 December (In \u20ac million) 2023 2022 Others (1) 450 498 Total non-current other liabilities 450 498 Tax liabilities (excluding income tax) 740 1,082 Others (1) 2,767 2,721 Total current other liabilities 3,507 3,803 Total 3,957 4,301 (1) \u201cOthers\u201d mainly comprises tax (excluding income tax) and personnel liabilities (e.g. Salaries, Social insurance contribution, Liabilities from personnel
27. Sales Financing Transactions
On-balance sheet transactions where the Company is lessor are classified as operating leases, finance leases and loans, inventories and to a minor extent, equity investments: (i) operating leases \u2013 Aircraft leased out under operating leases are included in property, plant and equipment at cost less accumulated depreciation (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d). Rental income from operating leases is recorded as revenue on a straight-line basis over the term of the lease; (ii) finance leases and loans \u2013 When, pursuant to a financing transaction, substantially all the risks and rewards of ownership of the financed aircraft reside with a third party, the transaction is characterised as either a finance lease or a loan. In such instances, revenues from the sale of the aircraft are recorded upon delivery, while financial interest is recorded over time as financial income. The outstanding balance of principal is recorded on the Statement of Financial Position (on-balance sheet) in long-term financial assets, net of any accumulated impairments; (iii) inventories \u2013 Second-hand aircraft acquired as part of a commercial buyback transaction, returned to Airbus after a payment default or at the end of a lease agreement are classified as inventories held for resale if there is no subsequent lease agreement in force (see \u201c\u2013 Note 23: Inventories\u201d).
Off-balance sheet commitments \u2014 Financing commitments are provided to the customer either as backstop commitments before delivery, asset value guarantees at delivery or counter guarantees: (i) backstop commitments are guarantees by Airbus, made when a customer-order is placed, to provide financing to the customer in the event that the customer fails to secure sufficient funding when payment becomes due under the order. Such commitments are not considered to be part of Gross Customer Financing Exposure as (i) the financing is not in place, (ii) commitments may be transferred in full or part to third parties prior to delivery, (iii) past experience suggests it is unlikely that all such proposed financings actually will be implemented and, (iv) Airbus retains the asset until the aircraft is delivered and does not incur an unusual risk in relation thereto. In order to mitigate customer credit risks for Airbus, such commitments typically contain financial conditions, such as condition precedents, which guaranteed parties must satisfy in order to benefit therefrom; (ii) asset value guarantees are guarantees whereby Airbus guarantees a portion of the value of an aircraft at a specific date after its delivery. Airbus considers the financial risks associated with such guarantees to be acceptable, because (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, and (ii) the exercise dates of outstanding asset value guarantees are distributed through 2031. As of 31 December 2023, the nominal value of asset value guarantees considered as variable considerations under IFRS 15 provided to beneficiaries amounts to \u20ac\u2009151 million (2022: \u20ac\u2009247 million), excluding \u20ac\u20099 million (2022: \u20ac\u20099 million) where the risk is considered to be remote. The present value of the risk inherent in asset value guarantees where a settlement is being considered probable is fully provided for and included in the total of contract liabilities for an amount of \u20ac 127 million (2022: \u20ac\u2009236 million) (see \u201c\u2013 Note 22: Contract Assets, Contract Liabilities and Trade Receivables, and Trade Liabilities\u201d).
Impairment losses and provisions \u2014 For the purpose of measuring an impairment loss, each transaction is tested individually. Impairment losses relating to aircraft under operating lease and second-hand aircraft for resale (included in inventory) are recognised for any excess of the aircraft\u2019s carrying amount over the higher of the aircraft\u2019s value in use and its fair value less cost to sell. Finance leases and loans are measured at fair value, based on the present value of estimated future cash flows (including cash flows expected to be derived from a sale of the aircraft). Under its provisioning policy for sales financing risk, Airbus and Airbus Helicopters record provisions as liabilities for estimated risk relating to off-balance sheet commitments.
on a non-recourse basis by a senior lender and one or more providers of subordinated financing. When the Company acts as a lender to such structured entities, it may take the role of the senior lender or the provider of subordinated loan. The Company consolidates an aircraft financing structured entity if it is exposed to the structured entity\u2019s variable returns and has the ability to direct the relevant remarketing activities. Otherwise, it recognises only its loan to the structured entity under other long-term financial assets. At 31 December 2023 the carrying amount of its loans from aircraft financing amounts to \u20ac\u200985 million (2022: \u20ac\u200949 million). This amount also represents the Company\u2019s maximum exposure to loss from its interest in unconsolidated aircraft financing structured entities. On-Balance Sheet Operating and Finance Leases The future minimum operating lease payments (undiscounted) due from customers to be included in revenue, and the future minimum lease payments (undiscounted) from investments in finance leases to be received in settlement of the outstanding receivable at 31 December 2023 and 31 December 2022 are as follows: (In \u20ac million) Aircraft under operating lease Finance lease receivables Not later than one year 6 5 Later than one year and not later than five years 6 35 Later than five years 81 18 31 December 2023 93 58 (In \u20ac million) Aircraft under operating lease Finance lease receivables Not later than one year 10 6 Later than one year and not later than five years 48 35 Later than five years 72 21 31 December 2022 130 62 Customer Financing Cash Flows Direct customer financing cash flows amount to \u20ac\u2009-436 million in 2023 (2022: \u20ac\u2009-146 million). Customer Financing Exposure The on-balance sheet assets relating to sales financing, the off-balance sheet commitments and the related financing exposure (not including asset value guarantees) as of 31 December 2023 and 2022 are as follows: 31 December 2023 31 December 2022 (In \u20ac million) Airbus Airbus Helicopters Total Airbus Airbus Helicopters Total Operating leases (1) 93 0 93 102 0 102 Finance leases and loans 122 17 139 101 31 132 Inventories 49 0 49 37 0 37 Other investments 42 0 42 66 0 66 On-balance sheet customer financing 306 17 323 306 31 337 Off-balance sheet customer financing 6 2 8 6 2 8 Gross Customer Financing Exposure 312 19 331 312 33 345 Collateral values (252) (19) (271) (262) (33) (295) Net exposure 60 0 60 50 0 50 Operating leases 0 0 0 0 0 0 Finance leases and loans (54) 0 (54) (40) 0 (40) On-balance sheet commitments - inventories (5) 0 (5) (5) 0 (5) Off-balance sheet commitments - provisions (2) (1) 0 (1) (5) 0 (5) Asset impairments, fair value adjustments and provisions (60) 0 (60) (50) 0 (50) (1) For 2023 and 2022, depreciation amounts to \u20ac\u20095 million and \u20ac\u200911 million respectively and related accumulated depreciation is \u20ac 17 million and \u20ac\u200914 million respectively. (2) See \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d.
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"value": "27. Sales Financing Transactions
On-Balance Sheet Operating and Finance Leases The future minimum operating lease payments (undiscounted) due from customers to be included in revenue, and the future minimum lease payments (undiscounted) from investments in finance leases to be received in settlement of the outstanding receivable at 31 December 2023 and 31 December 2022 are as follows: (In \u20ac million) Aircraft under operating lease Finance lease receivables Not later than one year 6 5 Later than one year and not later than five years 6 35 Later than five years 81 18 31 December 2023 93 58 (In \u20ac million) Aircraft under operating lease Finance lease receivables Not later than one year 10 6 Later than one year and not later than five years 48 35 Later than five years 72 21 31 December 2022 130 62 Customer Financing Cash Flows Direct customer financing cash flows amount to \u20ac\u2009-436 million in 2023 (2022: \u20ac\u2009-146 million). Customer Financing Exposure The on-balance sheet assets relating to sales financing, the off-balance sheet commitments and the related financing exposure (not including asset value guarantees) as of 31 December 2023 and 2022 are as follows: 31 December 2023 31 December 2022 (In \u20ac million) Airbus Airbus Helicopters Total Airbus Airbus Helicopters Total Operating leases (1) 93 0 93 102 0 102 Finance leases and loans 122 17 139 101 31 132 Inventories 49 0 49 37 0 37 Other investments 42 0 42 66 0 66 On-balance sheet customer financing 306 17 323 306 31 337 Off-balance sheet customer financing 6 2 8 6 2 8 Gross Customer Financing Exposure 312 19 331 312 33 345 Collateral values (252) (19) (271) (262) (33) (295) Net exposure 60 0 60 50 0 50 Operating leases 0 0 0 0 0 0 Finance leases and loans (54) 0 (54) (40) 0 (40) On-balance sheet commitments - inventories (5) 0 (5) (5) 0 (5) Off-balance sheet commitments - provisions (2) (1) 0 (1) (5) 0 (5) Asset impairments, fair value adjustments and provisions (60) 0 (60) (50) 0 (50) (1) For 2023 and 2022, depreciation amounts to \u20ac\u20095 million and \u20ac\u200911 million respectively and related accumulated depreciation is \u20ac 17 million and \u20ac\u200914 million respectively. (2) See \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d.
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"f6607": {
"value": "28. Number of Employees Airbus Airbus Helicopters Airbus Defence and Space Consolidated Airbus 31 December 2023 90,032 22,336 35,525 147,893 31 December 2022 79,134 20,803 34,330 134,267 As of 31 December 2023, the total number of employees amounts to 147,893 (2022: 134,267). The increase mainly reflects ramp-up activities and perimeter changes.
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"f6631": {
"value": "29. Personnel Expenses (In \u20ac million) 2023 2022 Wages, salaries and social contributions 14,965 13,509 Net periodic pension cost (1) 414 136 Total 15,379 13,645 (1) See \u201c\u2013 Note 31: Post-Employment Benefits\u201d.
30. Personnel-Related Provisions (In \u20ac million) Balance at 1 January 2023 Exchange differences Increase from passage of time Additions Reclassification / Change in consolidated group Used Released Balance at 31 December 2023 Restructuring measures / pre-retirement part-time work 91 (2) 1 36 4 (37) (17) 76 Other personnel charges 652 (1) 4 417 0 (326) (48) 698 Total 743 (3) 5 453 4 (363) (65) 774 Other personnel charges of \u20ac 695 million (2022: \u20ac 652 million) are mainly related to short-term employee benefits. 31. Post-Employment Benefits
Plans description When Company employees retire, they receive indemnities as stipulated in retirement agreements, in accordance with regulations and practices of the countries in which it operates. Provision for deferred compensation represents obligations that arise if employees elect to convert part of their remuneration or bonus into an equivalent commitment for deferred compensation which is treated as a defined benefit post-employment plan.
France \u2014 The French pension system is operated on a \u201cpay as you go\u201d basis. Besides the basic pension from the French social security system, each employee is entitled to receive a complementary pension from defined contribution schemes AGIRC-ARRCO (Association pour le r\u00e9gime de retraite compl\u00e9mentaire des salari\u00e9s and Association g\u00e9n\u00e9rale des institutions de retraite des cadres). Moreover, French law stipulates that employees are paid retirement indemnities in the form of lump sums on the basis of the length of service, which are considered as defined benefit obligations. In 2023 the Company implemented a new funding vehicle in the form of an insurance contract to partially fund the retirement indemnities obligations. Germany \u2014 The Company has a pension plan (P3) for executive and non-executive employees in place. Under this plan, the employer provides contributions for the services rendered by the employees, which are dependent on their salaries in the respective service period. These contributions are converted into components which become part of the accrued pension liability at the end of the year. Total benefits are calculated as a career average over the entire period of service. Certain employees that are not covered by this plan receive retirement indemnities based on salary earned in the last year or on an average of the last three years of employment. For some executive employees, benefits are dependent on the final salary of the respective individual at the date of retirement and the time period served as an executive. In 2018, Airbus introduced the new Airbus Pensions Plan (\u201cAPP\u201d) with security-linked benefits in Germany, which all new entrants after 1 January 2018 will join. Accordingly, the existing pension plan has been closed for new entrants. As of 1 January 2019, deferred compensation, which is financed by the employees, is offered exclusively in APP for all employees. In 2020 the Company transferred about half of the active population of the P3 plan into APP. With effect as of 1 January 2020 these employees will accrue future benefits under APP but not in P3 anymore. Benefits related to past service are not affected by this transfer. Parts of the pension obligation in Germany are funded by assets invested in specific funding vehicles. Besides a relief fund (\u201cUnterst\u00fctzungskasse\u201d), the Company has implemented a Contractual Trust Arrangement. The Contractual Trust Arrangement structure is that of a bilateral trust arrangement. Assets that are transferred to the relief fund and the Contractual Trust Arrangement qualify as plan assets under IAS 19. In the trust arrangements between the trust and the participating companies a minimum funding requirement is stipulated for the portion of the obligation for deferred compensation, which is not protected by the pension guarantee association or Pensions-Sicherungs Verein in case of an insolvency of the subsidiaries concerned. Some portions of the obligation must be covered with securities in the same amount, while other portions must be covered by 115%. United Kingdom \u2014 The Company UK Pension Scheme (\u201cthe Scheme\u201d) was implemented by Airbus Defence and Space Ltd., Stevenage (UK) as the principal employer. This plan comprises all eligible employees of Airbus Defence and Space Ltd. as well as all personnel, who were recruited by one of the Company subsidiaries located in the UK and participating in the scheme. The major part of the obligation is funded by scheme assets due to contributions of the participating companies. The Scheme is a registered pension scheme under the Finance Act 2004. The trustee\u2019s only formal funding objective is the statutory funding objective under the Pensions Act part 3 2004, which is to have sufficient and appropriate assets to cover the Scheme\u2019s obligations. Since 1 November 2013, this plan is generally closed for joiners, who participate in a separate defined contribution plan. Moreover, the Company participates in the UK in several funded trustee-administered pension plans for both executive and non-executive employees with BAE Systems being the principal employer. The Company\u2019s most significant investments in terms of employees participating in these BAE Systems UK pension plans is Airbus Operations Ltd. Participating Airbus Operations Ltd. employees have continued to remain members in the BAE Systems UK pension plans due to the UK pension agreement between the Company and BAE Systems and a change in the UK pensions legislation enacted in April 2006. For the most significant of these BAE Systems Pension Schemes, the Main Scheme, BAE Systems, the Company and the scheme Trustees agreed on a sectionalisation, which was implemented on 1 April 2016. Although BAE Systems remains the only principal employer of the Scheme, the Company has obtained powers in relation to its section which are the same as if it were the principal employer. Based on the funding situation of the respective pension schemes, the pension plan trustees determine the contribution rates to be paid by the participating employers to adequately fund the schemes. The latest funding valuation for the Main Scheme has been conducted in 2023 and the Main Scheme is currently in a surplus situation. In the event that an employer who participates in the BAE Systems pension schemes fails or cannot be compelled to fulfil its obligations as a participating employer, the remaining participating employers are obliged to collectively take on its obligations. The Company considers the likelihood of this event as remote. However, for the Main Scheme the Company considers that its obligation is in principle limited to that related to its section. In addition, the Company has two guarantees to cover its obligation towards the Scheme and the BAE Systems pension schemes. To mitigate its exposure, the first guarantee covers an amount up to GBP 1.25 billion for an unlimited period of time while the second one covers an uncapped amount terminating in 2046, respectively for the Scheme and the BAE Systems Pension Schemes. Canada \u2014 Airbus Canada Limited Partnership sponsors defined benefit plans for its salaried, hourly and executive employees. In 2020, Airbus acquired Stelia Aeronautics Saint-Laurent Inc. which sponsors a defined benefit plan for its salaried and hourly employees. Actuarial risks for the Company The Defined Benefit Obligation (\u201cDBO\u201d) exposes the Company to actuarial risks, including mainly the following ones: Market price risk \u2014 The return on plan assets is assumed to be the discount rate derived from AA-rated corporate bonds. If the actual return rate of plan assets is lower than the applied discount rate, the net liability increases accordingly. Moreover, the market values of the plan assets are subject to volatility, which also impacts the net liability.
Interest rate risk \u2014 The level of the DBO is significantly impacted by the applied discount rate. The low interest rates in recent years, particular in the euro-denominated market environment, lead to a relatively high net pension liability. If there is again a decline in returns of corporate bonds, the DBO will increase in future periods, which might only be offset partially by the positive development of market values of those corporate bonds included in plan assets. Generally, the pension obligation is sensitive to movements in the interest rate leading to volatile results in the valuation. Inflation risk \u2014 The pension liabilities can be sensitive to movements in the inflation rate, whereby a higher inflation rate could lead to an increasing liability. Since some pension plans are directly related to salaries, increases in compensations could result in increasing pension obligations. For the deferred compensation plan P3, which is financed by the employees a fixed interest rate has been agreed. Longevity risk \u2014 The pension liabilities are sensitive to the life expectancy of its members. Rising life expectancies lead to an increase in the valuation of the DBO. Main average assumptions The weighted average assumptions used in calculating the actuarial values of the most significant retirement plans as of 31 December 2023 are as follows: Pension plans in Germany France UK Participation in BAE Systems Pension Scheme in the UK Canada (Rate in %) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Discount rate 3.4 3.6 3.4 3.7 4.5 4.8 4.5 5.0 4.6 5.3 Rate of compensation increase 3.4 3.4 3.0 3.0 3.2 3.3 3.2 3.4 3.0 3.0 Rate of pension increase 2.4 2.4 2.1 2.1 2.9 3.0 3.0 3.1 2.0 2.0 Inflation rate 2.4 2.4 2.1 2.1 3.0 3.2 3.1 3.3 2.0 2.0 Discount rate \u2014 For Germany and France, the Company derives the discount rate used to determine the DBO from yields on high quality corporate bonds with an AA rating. The determination of the discount rate is based on the iBoxx \u20ac Corporates AA bond data and uses the granularity of single bond data in order to receive more market information from the given bond index. The discount rate for the estimated duration of the respective pension plan is then extrapolated along the yield curve. In the UK, it is determined with reference to the full yield curve of AA-rated sterling-denominated corporate bonds of varying maturities. In Canada the discount rate is determined based on the yield of corporate bonds with AA rating. The salary increase rates are based on long-term expectations of the respective employers, derived from the assumed inflation rate and adjusted by promotional or productivity scales. Rate of pension increase \u2014 Rates for pension payment increases are derived from the respective inflation rate for the plan. Inflation rates \u2014 Inflation rate for German and French plans corresponds to the expected long-term increase in cost of living. In the UK, the inflation assumptions are derived by reference to the difference between the yields on index-linked and fixed-interest long-term government bonds. Mortality tables \u2014 For the calculation of the German pension obligation, the \u201c2018 G\u201d mortality tables (generation tables) as developed by Professor Dr. Klaus Heubeck are applied, while the disability rates of the Heubeck Tables have been reduced to 30%, to align with actual observation. For the UK schemes, the Self-Administered Pensions S2 mortality tables based on year of birth (as published by the Institute of Actuaries) is used in conjunction with the results of an investigation into the actual mortality experience of scheme members. In France, Institute for French Statistics (\u201cINSEE\u201d) tables are applied.
Funded status for retirement and deferred compensation plans The development of the funded status for retirement and deferred compensation plans is set out below: DBO Plan assets (In \u20ac million) Pension plans of the Company Participation in BAE Systems Pension Scheme in the UK Total Pension plans of the Company Participation in BAE Systems Pension Scheme in the UK Total Total Funded status Balance at 1 January 2022 17,699 4,598 22,297 (11,353) (3,872) (15,225) 7,072 Service cost (including past service cost) (25) 72 47 0 0 0 47 Interest cost and income 217 85 302 (141) (72) (213) 89 Remeasurements: actuarial (gains) and losses arising from changes in demographic assumptions 141 (3) 138 0 0 0 138 changes in financial assumptions (5,246) (2,056) (7,302) 0 0 0 (7,302) changes in experience adjustments 613 370 983 0 0 0 983 plan assets 0 0 0 1,911 740 2,651 2,651 Changes in consolidation, transfers and others (34) 0 (34) 9 0 9 (25) Benefits paid (442) (121) (563) 159 121 280 (283) Contributions by employer and other plan participants 80 1 81 (348) (254) (602) (521) Foreign currency translation adjustments (67) (178) (245) 80 183 263 18 Balance at 31 December 2022 12,936 2,768 15,704 (9,683) (3,154) (12,837) 2,867 Service cost (including past service cost) 282 38 320 0 0 0 320 Interest cost and income 454 138 592 (342) (156) (498) 94 Remeasurements: actuarial (gains) and losses arising from changes in demographic assumptions (7) 15 8 0 0 0 8 changes in financial assumptions 365 172 537 0 0 0 537 changes in experience adjustments (209) 101 (108) 0 0 0 (108) plan assets 0 0 0 (515) 107 (408) (408) Changes in consolidation, transfers and others (67) 0 (67) (12) 0 (12) (79) Benefits paid (437) (113) (550) 156 113 269 (281) Contributions by employer and other plan participants 80 1 81 (567) (107) (674) (593) Foreign currency translation adjustments 16 57 73 (23) (65) (88) (15) Balance at 31 December 2023 13,413 3,177 16,590 (10,986) (3,262) (14,248) 2,342 The figures shown in the table include the surplus in two pension funds in the UK, resulting from a defined benefit obligation and assets of \u20ac 4,360 million and \u20ac 4,733 million that have been accounted as a non-current asset. In the figures shown in the table, amounts of \u20ac 1,873 million and \u20ac 1,712 million are included for the defined benefit obligation and plan assets for deferred compensation plans in Germany (2022: \u20ac 1,715 million and \u20ac 1,508 million). The past service cost included in the service cost amounts to \u20ac -6 million and \u20ac -400 million as of 31 December 2023 and 2022, respectively. The employer contributions amount to \u20ac 668 million and \u20ac 6 million for other plan participants as of 31 December 2023 (2022: \u20ac 595 million and \u20ac 6 million respectively). Additionally, the Company considers liabilities for lump sum payments (one-off payment or lump sum instalments) under the German P3 pension arrangement in the total amount of \u20ac 194 million and \u20ac 183 million as of 31 December 2023 and 2022, respectively.
The funding of the plans is as follows: 31 December 2023 2022 (In \u20ac million) DBO Plan assets DBO Plan assets Unfunded pension plans 368 0 873 0 Funded pension plans (partial) 16,222 (14,248) 14,831 (12,837) Total 16,590 (14,248) 15,704 (12,837) As of 31 December 2023, provisions for pensions decreased by \u20ac -794 million. It mainly reflects the actuarial gains related to the strong performance of assets of \u20ac 533 million and the contributions to plan assets of \u20ac 505 million. It is partly offset by the actuarial losses on pension obligations from financial assumptions of \u20ac 334 million, driven by the decrease in the discount rates. The French pension reform signed into law in April 2023 and accounted for as a plan amendment did not have any material impact on the Company\u2019s Consolidated Financial Statements. In 2023, employer contributions for retirement and deferred compensation plans amount to \u20ac 668 million. This consists of: - payments made to the pension and deferred compensation plans of the Company in Germany, UK and Canada of \u20ac 247 million (2022: \u20ac\u2009342 million), mainly relating to a Contractual Trust Arrangement in Germany of \u20ac 171 million (2022: \u20ac\u2009171 million), the relief fund in Germany of \u20ac 0 million (2022: \u20ac 99 million) and the Company UK scheme of \u20ac 57 million (2022: \u20ac 57 million); - payments made of \u20ac 314 million (2022: \u20ac 0 million) to partially fund the retirement indemnities provisions in France; - payments made to the participation in BAE Systems Pension Scheme in the UK of \u20ac 107 million (2022: \u20ac\u2009254 million). Contributions of approximately \u20ac 500 million are expected to be made in 2024. The weighted average duration of the DBO for retirement plans and deferred compensation is 15 years at 31 December 2023 (31 December 2022: 15 years). Pension obligations by countries and type of beneficiaries The split of the DBO for retirement plans and deferred compensation between active, deferred and pensioner members for the most significant plans is as follows: Active Deferred Pensioner Germany 45% 10% 45% France 99% 0% 1% UK 50% 20% 30% Participation in BAE System Pension Scheme (Main Scheme) 37% 14% 49% Canada 82% 2% 16% Pension obligations and plan assets by countries and type of plans The split of the pension obligations and plan assets for retirement plans and deferred compensation for the most significant plans is as follows: Present value of DBO Plan assets Retirement plans Deferred Compensation plans Retirement plans Deferred Compensation plans Germany 82% 18% 80% 20% France 100% 0% 100% 0% UK 100% 0% 100% 0% Participation in BAE System Pension Scheme (Main Scheme) 100% 0% 100% 0% Canada 100% 0% 100% 0%
Pension obligations sensitivity to main assumptions The following table shows how the present value of the DBO of retirement plans and deferred compensation would have been influenced by changes in the actuarial assumptions as set out for 31 December 2023: Change in actuarial assumptions Impact on DBO Change at 31 December 2023 2022 Present value of the DBO 16,590 15,704 Discount rate Increase by 0.5%-point (1,109) (1,051) Decrease by 0.5%-point 1,242 1,178 Rate of compensation increase Increase by 0.25%-point 88 84 Decrease by 0.25%-point (83) (80) Rate of pension increase Increase by 0.25%-point 246 259 Decrease by 0.25%-point (238) (250) Life expectancy Increase by one year 394 366 Sensitivities are calculated based on the same method (present value of the DBO calculated with the projected unit credit method) as applied when calculating the post-employment benefit obligations. The sensitivity analyses are based on a change of one assumption while holding all other assumptions constant. This is unlikely to occur in practice and changes of more than one assumption may be correlated leading to different impacts on the DBO than disclosed above. If the assumptions change at a different level, the effect on the DBO is not necessarily in a linear relation.
Pension plans of the Company (In \u20ac million) Germany France UK Canada Participation in BAE Systems Pension Scheme in the UK Total DBO 10,360 1,353 1,183 517 3,177 16,590 Plan assets 8,768 333 1,471 414 3,262 14,248 Balance at 31 December 2023 1,592 1,020 (288) 103 (85) 2,342 DBO 10,157 1,243 1,100 436 2,768 15,704 Plan assets 7,957 19 1,356 351 3,154 12,837 Balance at 31 December 2022 2,200 1,224 (256) 85 (386) 2,867
Contributions to defined contribution plans Employer\u2019s contribution to state and private pension plans, mainly in Germany and France, are to be considered as defined contribution plans. Contributions in 2023 amounted to \u20ac\u2009723 million (2022: \u20ac\u2009894 million).
31. Post-Employment Benefits
Plans description When Company employees retire, they receive indemnities as stipulated in retirement agreements, in accordance with regulations and practices of the countries in which it operates. Provision for deferred compensation represents obligations that arise if employees elect to convert part of their remuneration or bonus into an equivalent commitment for deferred compensation which is treated as a defined benefit post-employment plan.
France \u2014 The French pension system is operated on a \u201cpay as you go\u201d basis. Besides the basic pension from the French social security system, each employee is entitled to receive a complementary pension from defined contribution schemes AGIRC-ARRCO (Association pour le r\u00e9gime de retraite compl\u00e9mentaire des salari\u00e9s and Association g\u00e9n\u00e9rale des institutions de retraite des cadres). Moreover, French law stipulates that employees are paid retirement indemnities in the form of lump sums on the basis of the length of service, which are considered as defined benefit obligations. In 2023 the Company implemented a new funding vehicle in the form of an insurance contract to partially fund the retirement indemnities obligations. Germany \u2014 The Company has a pension plan (P3) for executive and non-executive employees in place. Under this plan, the employer provides contributions for the services rendered by the employees, which are dependent on their salaries in the respective service period. These contributions are converted into components which become part of the accrued pension liability at the end of the year. Total benefits are calculated as a career average over the entire period of service. Certain employees that are not covered by this plan receive retirement indemnities based on salary earned in the last year or on an average of the last three years of employment. For some executive employees, benefits are dependent on the final salary of the respective individual at the date of retirement and the time period served as an executive. In 2018, Airbus introduced the new Airbus Pensions Plan (\u201cAPP\u201d) with security-linked benefits in Germany, which all new entrants after 1 January 2018 will join. Accordingly, the existing pension plan has been closed for new entrants. As of 1 January 2019, deferred compensation, which is financed by the employees, is offered exclusively in APP for all employees. In 2020 the Company transferred about half of the active population of the P3 plan into APP. With effect as of 1 January 2020 these employees will accrue future benefits under APP but not in P3 anymore. Benefits related to past service are not affected by this transfer. Parts of the pension obligation in Germany are funded by assets invested in specific funding vehicles. Besides a relief fund (\u201cUnterst\u00fctzungskasse\u201d), the Company has implemented a Contractual Trust Arrangement. The Contractual Trust Arrangement structure is that of a bilateral trust arrangement. Assets that are transferred to the relief fund and the Contractual Trust Arrangement qualify as plan assets under IAS 19. In the trust arrangements between the trust and the participating companies a minimum funding requirement is stipulated for the portion of the obligation for deferred compensation, which is not protected by the pension guarantee association or Pensions-Sicherungs Verein in case of an insolvency of the subsidiaries concerned. Some portions of the obligation must be covered with securities in the same amount, while other portions must be covered by 115%. United Kingdom \u2014 The Company UK Pension Scheme (\u201cthe Scheme\u201d) was implemented by Airbus Defence and Space Ltd., Stevenage (UK) as the principal employer. This plan comprises all eligible employees of Airbus Defence and Space Ltd. as well as all personnel, who were recruited by one of the Company subsidiaries located in the UK and participating in the scheme. The major part of the obligation is funded by scheme assets due to contributions of the participating companies. The Scheme is a registered pension scheme under the Finance Act 2004. The trustee\u2019s only formal funding objective is the statutory funding objective under the Pensions Act part 3 2004, which is to have sufficient and appropriate assets to cover the Scheme\u2019s obligations. Since 1 November 2013, this plan is generally closed for joiners, who participate in a separate defined contribution plan. Moreover, the Company participates in the UK in several funded trustee-administered pension plans for both executive and non-executive employees with BAE Systems being the principal employer. The Company\u2019s most significant investments in terms of employees participating in these BAE Systems UK pension plans is Airbus Operations Ltd. Participating Airbus Operations Ltd. employees have continued to remain members in the BAE Systems UK pension plans due to the UK pension agreement between the Company and BAE Systems and a change in the UK pensions legislation enacted in April 2006. For the most significant of these BAE Systems Pension Schemes, the Main Scheme, BAE Systems, the Company and the scheme Trustees agreed on a sectionalisation, which was implemented on 1 April 2016. Although BAE Systems remains the only principal employer of the Scheme, the Company has obtained powers in relation to its section which are the same as if it were the principal employer. Based on the funding situation of the respective pension schemes, the pension plan trustees determine the contribution rates to be paid by the participating employers to adequately fund the schemes. The latest funding valuation for the Main Scheme has been conducted in 2023 and the Main Scheme is currently in a surplus situation. In the event that an employer who participates in the BAE Systems pension schemes fails or cannot be compelled to fulfil its obligations as a participating employer, the remaining participating employers are obliged to collectively take on its obligations. The Company considers the likelihood of this event as remote. However, for the Main Scheme the Company considers that its obligation is in principle limited to that related to its section. In addition, the Company has two guarantees to cover its obligation towards the Scheme and the BAE Systems pension schemes. To mitigate its exposure, the first guarantee covers an amount up to GBP 1.25 billion for an unlimited period of time while the second one covers an uncapped amount terminating in 2046, respectively for the Scheme and the BAE Systems Pension Schemes. Canada \u2014 Airbus Canada Limited Partnership sponsors defined benefit plans for its salaried, hourly and executive employees. In 2020, Airbus acquired Stelia Aeronautics Saint-Laurent Inc. which sponsors a defined benefit plan for its salaried and hourly employees. Actuarial risks for the Company The Defined Benefit Obligation (\u201cDBO\u201d) exposes the Company to actuarial risks, including mainly the following ones: Market price risk \u2014 The return on plan assets is assumed to be the discount rate derived from AA-rated corporate bonds. If the actual return rate of plan assets is lower than the applied discount rate, the net liability increases accordingly. Moreover, the market values of the plan assets are subject to volatility, which also impacts the net liability.
Interest rate risk \u2014 The level of the DBO is significantly impacted by the applied discount rate. The low interest rates in recent years, particular in the euro-denominated market environment, lead to a relatively high net pension liability. If there is again a decline in returns of corporate bonds, the DBO will increase in future periods, which might only be offset partially by the positive development of market values of those corporate bonds included in plan assets. Generally, the pension obligation is sensitive to movements in the interest rate leading to volatile results in the valuation. Inflation risk \u2014 The pension liabilities can be sensitive to movements in the inflation rate, whereby a higher inflation rate could lead to an increasing liability. Since some pension plans are directly related to salaries, increases in compensations could result in increasing pension obligations. For the deferred compensation plan P3, which is financed by the employees a fixed interest rate has been agreed. Longevity risk \u2014 The pension liabilities are sensitive to the life expectancy of its members. Rising life expectancies lead to an increase in the valuation of the DBO. Main average assumptions The weighted average assumptions used in calculating the actuarial values of the most significant retirement plans as of 31 December 2023 are as follows: Pension plans in Germany France UK Participation in BAE Systems Pension Scheme in the UK Canada (Rate in %) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Discount rate 3.4 3.6 3.4 3.7 4.5 4.8 4.5 5.0 4.6 5.3 Rate of compensation increase 3.4 3.4 3.0 3.0 3.2 3.3 3.2 3.4 3.0 3.0 Rate of pension increase 2.4 2.4 2.1 2.1 2.9 3.0 3.0 3.1 2.0 2.0 Inflation rate 2.4 2.4 2.1 2.1 3.0 3.2 3.1 3.3 2.0 2.0 Discount rate \u2014 For Germany and France, the Company derives the discount rate used to determine the DBO from yields on high quality corporate bonds with an AA rating. The determination of the discount rate is based on the iBoxx \u20ac Corporates AA bond data and uses the granularity of single bond data in order to receive more market information from the given bond index. The discount rate for the estimated duration of the respective pension plan is then extrapolated along the yield curve. In the UK, it is determined with reference to the full yield curve of AA-rated sterling-denominated corporate bonds of varying maturities. In Canada the discount rate is determined based on the yield of corporate bonds with AA rating. The salary increase rates are based on long-term expectations of the respective employers, derived from the assumed inflation rate and adjusted by promotional or productivity scales. Rate of pension increase \u2014 Rates for pension payment increases are derived from the respective inflation rate for the plan. Inflation rates \u2014 Inflation rate for German and French plans corresponds to the expected long-term increase in cost of living. In the UK, the inflation assumptions are derived by reference to the difference between the yields on index-linked and fixed-interest long-term government bonds. Mortality tables \u2014 For the calculation of the German pension obligation, the \u201c2018 G\u201d mortality tables (generation tables) as developed by Professor Dr. Klaus Heubeck are applied, while the disability rates of the Heubeck Tables have been reduced to 30%, to align with actual observation. For the UK schemes, the Self-Administered Pensions S2 mortality tables based on year of birth (as published by the Institute of Actuaries) is used in conjunction with the results of an investigation into the actual mortality experience of scheme members. In France, Institute for French Statistics (\u201cINSEE\u201d) tables are applied.
Funded status for retirement and deferred compensation plans The development of the funded status for retirement and deferred compensation plans is set out below: DBO Plan assets (In \u20ac million) Pension plans of the Company Participation in BAE Systems Pension Scheme in the UK Total Pension plans of the Company Participation in BAE Systems Pension Scheme in the UK Total Total Funded status Balance at 1 January 2022 17,699 4,598 22,297 (11,353) (3,872) (15,225) 7,072 Service cost (including past service cost) (25) 72 47 0 0 0 47 Interest cost and income 217 85 302 (141) (72) (213) 89 Remeasurements: actuarial (gains) and losses arising from changes in demographic assumptions 141 (3) 138 0 0 0 138 changes in financial assumptions (5,246) (2,056) (7,302) 0 0 0 (7,302) changes in experience adjustments 613 370 983 0 0 0 983 plan assets 0 0 0 1,911 740 2,651 2,651 Changes in consolidation, transfers and others (34) 0 (34) 9 0 9 (25) Benefits paid (442) (121) (563) 159 121 280 (283) Contributions by employer and other plan participants 80 1 81 (348) (254) (602) (521) Foreign currency translation adjustments (67) (178) (245) 80 183 263 18 Balance at 31 December 2022 12,936 2,768 15,704 (9,683) (3,154) (12,837) 2,867 Service cost (including past service cost) 282 38 320 0 0 0 320 Interest cost and income 454 138 592 (342) (156) (498) 94 Remeasurements: actuarial (gains) and losses arising from changes in demographic assumptions (7) 15 8 0 0 0 8 changes in financial assumptions 365 172 537 0 0 0 537 changes in experience adjustments (209) 101 (108) 0 0 0 (108) plan assets 0 0 0 (515) 107 (408) (408) Changes in consolidation, transfers and others (67) 0 (67) (12) 0 (12) (79) Benefits paid (437) (113) (550) 156 113 269 (281) Contributions by employer and other plan participants 80 1 81 (567) (107) (674) (593) Foreign currency translation adjustments 16 57 73 (23) (65) (88) (15) Balance at 31 December 2023 13,413 3,177 16,590 (10,986) (3,262) (14,248) 2,342 The figures shown in the table include the surplus in two pension funds in the UK, resulting from a defined benefit obligation and assets of \u20ac 4,360 million and \u20ac 4,733 million that have been accounted as a non-current asset. In the figures shown in the table, amounts of \u20ac 1,873 million and \u20ac 1,712 million are included for the defined benefit obligation and plan assets for deferred compensation plans in Germany (2022: \u20ac 1,715 million and \u20ac 1,508 million). The past service cost included in the service cost amounts to \u20ac -6 million and \u20ac -400 million as of 31 December 2023 and 2022, respectively. The employer contributions amount to \u20ac 668 million and \u20ac 6 million for other plan participants as of 31 December 2023 (2022: \u20ac 595 million and \u20ac 6 million respectively). Additionally, the Company considers liabilities for lump sum payments (one-off payment or lump sum instalments) under the German P3 pension arrangement in the total amount of \u20ac 194 million and \u20ac 183 million as of 31 December 2023 and 2022, respectively.
The funding of the plans is as follows: 31 December 2023 2022 (In \u20ac million) DBO Plan assets DBO Plan assets Unfunded pension plans 368 0 873 0 Funded pension plans (partial) 16,222 (14,248) 14,831 (12,837) Total 16,590 (14,248) 15,704 (12,837) As of 31 December 2023, provisions for pensions decreased by \u20ac -794 million. It mainly reflects the actuarial gains related to the strong performance of assets of \u20ac 533 million and the contributions to plan assets of \u20ac 505 million. It is partly offset by the actuarial losses on pension obligations from financial assumptions of \u20ac 334 million, driven by the decrease in the discount rates. The French pension reform signed into law in April 2023 and accounted for as a plan amendment did not have any material impact on the Company\u2019s Consolidated Financial Statements. In 2023, employer contributions for retirement and deferred compensation plans amount to \u20ac 668 million. This consists of: - payments made to the pension and deferred compensation plans of the Company in Germany, UK and Canada of \u20ac 247 million (2022: \u20ac\u2009342 million), mainly relating to a Contractual Trust Arrangement in Germany of \u20ac 171 million (2022: \u20ac\u2009171 million), the relief fund in Germany of \u20ac 0 million (2022: \u20ac 99 million) and the Company UK scheme of \u20ac 57 million (2022: \u20ac 57 million); - payments made of \u20ac 314 million (2022: \u20ac 0 million) to partially fund the retirement indemnities provisions in France; - payments made to the participation in BAE Systems Pension Scheme in the UK of \u20ac 107 million (2022: \u20ac\u2009254 million). Contributions of approximately \u20ac 500 million are expected to be made in 2024. The weighted average duration of the DBO for retirement plans and deferred compensation is 15 years at 31 December 2023 (31 December 2022: 15 years). Pension obligations by countries and type of beneficiaries The split of the DBO for retirement plans and deferred compensation between active, deferred and pensioner members for the most significant plans is as follows: Active Deferred Pensioner Germany 45% 10% 45% France 99% 0% 1% UK 50% 20% 30% Participation in BAE System Pension Scheme (Main Scheme) 37% 14% 49% Canada 82% 2% 16% Pension obligations and plan assets by countries and type of plans The split of the pension obligations and plan assets for retirement plans and deferred compensation for the most significant plans is as follows: Present value of DBO Plan assets Retirement plans Deferred Compensation plans Retirement plans Deferred Compensation plans Germany 82% 18% 80% 20% France 100% 0% 100% 0% UK 100% 0% 100% 0% Participation in BAE System Pension Scheme (Main Scheme) 100% 0% 100% 0% Canada 100% 0% 100% 0%
Pension obligations sensitivity to main assumptions The following table shows how the present value of the DBO of retirement plans and deferred compensation would have been influenced by changes in the actuarial assumptions as set out for 31 December 2023: Change in actuarial assumptions Impact on DBO Change at 31 December 2023 2022 Present value of the DBO 16,590 15,704 Discount rate Increase by 0.5%-point (1,109) (1,051) Decrease by 0.5%-point 1,242 1,178 Rate of compensation increase Increase by 0.25%-point 88 84 Decrease by 0.25%-point (83) (80) Rate of pension increase Increase by 0.25%-point 246 259 Decrease by 0.25%-point (238) (250) Life expectancy Increase by one year 394 366 Sensitivities are calculated based on the same method (present value of the DBO calculated with the projected unit credit method) as applied when calculating the post-employment benefit obligations. The sensitivity analyses are based on a change of one assumption while holding all other assumptions constant. This is unlikely to occur in practice and changes of more than one assumption may be correlated leading to different impacts on the DBO than disclosed above. If the assumptions change at a different level, the effect on the DBO is not necessarily in a linear relation.
Pension plans of the Company (In \u20ac million) Germany France UK Canada Participation in BAE Systems Pension Scheme in the UK Total DBO 10,360 1,353 1,183 517 3,177 16,590 Plan assets 8,768 333 1,471 414 3,262 14,248 Balance at 31 December 2023 1,592 1,020 (288) 103 (85) 2,342 DBO 10,157 1,243 1,100 436 2,768 15,704 Plan assets 7,957 19 1,356 351 3,154 12,837 Balance at 31 December 2022 2,200 1,224 (256) 85 (386) 2,867
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6730": {
"value": "31. Post-Employment Benefits
Plans description When Company employees retire, they receive indemnities as stipulated in retirement agreements, in accordance with regulations and practices of the countries in which it operates. Provision for deferred compensation represents obligations that arise if employees elect to convert part of their remuneration or bonus into an equivalent commitment for deferred compensation which is treated as a defined benefit post-employment plan.
32. Share-based Payment
Since 2018, the Company operates also exceptional grants of Performance and Restricted Units as well as Performance and Restricted Shares under an Equity Pool. Such exceptional grants are validated by specific resolutions from the Board of Directors and qualify as cash-settled or equity-settled share-based payment plans under IFRS 2. Accounting principles and methodology are the ones applied for LTIP as described below. For cash-settled plans, provisions for associated services received are measured at fair value by multiplying the number of units expected to vest with the fair value of one LTIP unit at the end of each reporting period, taking into account the extent to which the employees have rendered service to date. Changes of the fair value are recognised as personnel expenses of the period, leading to a re-measurement of the provision. The fair value of Performance Units is re-measured at each closing date as far as they are not paid. For equity-settled plans, compensation expense is measured at the grant date at the fair value by multiplying the number of shares expected to vest by the fair value of one LTIP share taking into account the extent to which the employees have rendered service to date. The compensation expense is accounting for over the vesting period of each LTIP equity-settled plans. The fair value of each LTIP share (equity or cash-settled plans) is determined using a forward pricing model and is based on publicly available risk-free rate, volatility and dividend rate. Besides the equity-settled plans described above, the Employee Share Ownership Plan (\u201cESOP\u201d) is an additional equity-settled share- based payment plan. Under this plan, the Company offers its employees Airbus SE shares at fair value matched with a number of free shares based on a determining ratio. The fair value of shares provided is reflected as personnel expenses in the Company\u2019s Consolidated Income Statement with a corresponding increase in equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6732": {
"value": "31. Post-Employment Benefits
Contributions to defined contribution plans Employer\u2019s contribution to state and private pension plans, mainly in Germany and France, are to be considered as defined contribution plans. Contributions in 2023 amounted to \u20ac\u2009723 million (2022: \u20ac\u2009894 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6734": {
"value": "31. Post-Employment Benefits
Pension obligations sensitivity to main assumptions The following table shows how the present value of the DBO of retirement plans and deferred compensation would have been influenced by changes in the actuarial assumptions as set out for 31 December 2023: Change in actuarial assumptions Impact on DBO Change at 31 December 2023 2022 Present value of the DBO 16,590 15,704 Discount rate Increase by 0.5%-point (1,109) (1,051) Decrease by 0.5%-point 1,242 1,178 Rate of compensation increase Increase by 0.25%-point 88 84 Decrease by 0.25%-point (83) (80) Rate of pension increase Increase by 0.25%-point 246 259 Decrease by 0.25%-point (238) (250) Life expectancy Increase by one year 394 366 Sensitivities are calculated based on the same method (present value of the DBO calculated with the projected unit credit method) as applied when calculating the post-employment benefit obligations. The sensitivity analyses are based on a change of one assumption while holding all other assumptions constant. This is unlikely to occur in practice and changes of more than one assumption may be correlated leading to different impacts on the DBO than disclosed above. If the assumptions change at a different level, the effect on the DBO is not necessarily in a linear relation.
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"f7614": {
"value": "32. Share-based Payment
Share-based compensation \u2014 From 2016 to 2020, the Company operated a Performance Units and Performance Shares Plan. Performance Units qualify as a cash-settled share-based payment plan under IFRS 2 and Performance Shares qualify as an equity- settled share-based payment plan under IFRS 2. Since 2021, the Company operates only a Performance Shares Plan. Plans granting Restricted Units, Performance Units and/or Performance Shares are also mentioned as \u201cLTIP\u201d in the following notes. Since 2018, the Company operates also exceptional grants of Performance and Restricted Units as well as Performance and Restricted Shares under an Equity Pool. Such exceptional grants are validated by specific resolutions from the Board of Directors and qualify as cash-settled or equity-settled share-based payment plans under IFRS 2. Accounting principles and methodology are the ones applied for LTIP as described below. For cash-settled plans, provisions for associated services received are measured at fair value by multiplying the number of units expected to vest with the fair value of one LTIP unit at the end of each reporting period, taking into account the extent to which the employees have rendered service to date. Changes of the fair value are recognised as personnel expenses of the period, leading to a re-measurement of the provision. The fair value of Performance Units is re-measured at each closing date as far as they are not paid. For equity-settled plans, compensation expense is measured at the grant date at the fair value by multiplying the number of shares expected to vest by the fair value of one LTIP share taking into account the extent to which the employees have rendered service to date. The compensation expense is accounting for over the vesting period of each LTIP equity-settled plans. The fair value of each LTIP share (equity or cash-settled plans) is determined using a forward pricing model and is based on publicly available risk-free rate, volatility and dividend rate. Besides the equity-settled plans described above, the Employee Share Ownership Plan (\u201cESOP\u201d) is an additional equity-settled share- based payment plan. Under this plan, the Company offers its employees Airbus SE shares at fair value matched with a number of free shares based on a determining ratio. The fair value of shares provided is reflected as personnel expenses in the Company\u2019s Consolidated Income Statement with a corresponding increase in equity.
The fair value of units and shares granted in the frame of the LTIP 2023 plan is as follows: Expected vesting date Fair value of Performance Shares (In \u20ac per unit / share granted) May 2027 - Performance Shares 141.80 The principal characteristics of the LTIPs as at 31 December 2023 are summarised below: LTIP 2018 (7) LTIP 2019 (8) LTIP 2020 (9) LTIP 2021 LTIP 2022 LTIP 2023 Grant date (1) 30 October 2018 29 October 2019 28 October 2020 15 December 2021 14 December 2022 14 December 2023 Performance Units and Performance Shares Plan Units/Shares Units Shares Units Shares Units Shares Shares Shares Shares Number of units/shares granted (2) 278,376 281,181 247,508 247,508 420,004 420,004 520,870 649,373 558,055 Fair value at grant date (3) 84.09 / 83.28 85.01 112.83 / 108.44 112.92 51.04 / 46.98 55.49 89.83 110.85 141.80 Fair Value of performance units as of 31 December 2023 (3) - n.a. 125.20 / 137.30 n.a. 128.00 / 116.48 n.a. n.a. n.a. n.a. Number of units/shares granted through Equity Pool (4) 6,664 6,664 4,343 4,252 2,473 2,473 19,693 19,747 - Number of units/shares outstanding (5) - - 55,050 - 575,805 575,805 512,255 658,409 558,055 Total number of eligible beneficiaries 1,626 1,576 1,603 1,785 1,579 1,581 Vesting conditions The Performance Units and Performance Shares will vest if the participant is still employed by a company of the Group at the respective vesting dates and upon achievement of mid-term business performance. Vesting schedule is made up of two payments over two years for units, one date of delivery for shares. Limited Share price per unit at vesting dates to (6) \u20ac 213.88 n.a. \u20ac 244.12 n.a. \u20ac 136.08 n.a. n.a. n.a. n.a. Expected Vesting dates 50% each in June 2022 and June 2023 100% in May 2022 50% each in June 2023 and in June 2024 100% in May 2023 50% each in June 2024 and in June 2025 100% expected in May 2024 100% in May 2025 100% in May 2026 100% in May 2027 Number of accelerated vested units/ shares (10) - - - - 404 404 247 - - Number of vested units/shares 130,089 132,120 55,982 109,802 - - - - - (1) Date, when the vesting conditions were determined. (2) Based on 100% target performance achievement. A minimum of 50% of Performance Units will vest; 100% in case of on-target performance achievement; up to a maximum of 150% in case of overachievement of performance criteria. In case of absolute negative results (cumulative EBIT of the Company) during the performance period, the Board of Directors can decide to review the vesting of the Performance Units including the 50% portion which is not subject to performance conditions (additional vesting condition). (3) Values are provided for units corresponding per vesting date. (4) Mirroring the respective plan rules and regulations, but granted at a different date based on specific Board of Directors\u2019 resolutions. (5) Including shares granted through the Equity Pool, if applicable and applicable performance achievement as per footnote 7,8,9 below. (6) Corresponds to 200% of the respective reference share price. Overall, the pay-out for Performance Units is limited to a total amount of 250% of the units originally granted, each valued with the respective reference share price of \u20ac\u200973.81 (for LTIP 2017), \u20ac 106.94 (for LTIP 2018), \u20ac 122.06 (for LTIP 2019), \u20ac 68.04 (for LTIP 2020). (7) Based on performance achievement of 50% for Performance Units under LTIP 2018. (8) Based on performance achievement of 50% for Performance Units under LTIP 2019. (9) Based on performance achievement of 150% for Performance Units under LTIP 2020. (10) Accelerated vesting following the death of a beneficiary.
Additionally, the Board of Directors approved in 2023 the exceptional grant of 988 Restricted Units and 23,414 Restricted Shares (2022: 1,836 Units and 47,035 Shares) under the Equity Pool with an average fair value of \u20ac 115.28. In 2023, 1,138 Units and 14,117 Shares have vested (2022: 4,826 Units and 2,165 Shares). The number of units granted under the Equity Pool and outstanding as of 31 December 2023 is 1,419 Units and 63,368 Shares (2022: 1,836 Units and 56,857 Shares). 32.2 ESOP In 2023, the Board of Directors approved a new ESOP scheme, like in 2022. Eligible employees were able to purchase a fixed number of previously unissued shares at fair market value (5, 10, 15, 30, 60 or 100 shares in 2023 and 2022). The Company matched each fixed number of shares with a number of the Company free shares based on a determined ratio (5, 9, 12, 20, 35 and 55 free shares, respectively in 2023 and 2022). During a custody period of at least one year, employees are restricted from selling the shares, but have the right to receive all dividends paid. Employees who directly purchased the Airbus SE shares have, in addition, the ability to vote at the Annual Shareholder Meetings. The subscription price was equal to the closing price at the Paris stock exchange on 15 February 2023 (2022: 16 March 2022) and amounted to \u20ac\u2009119.06 (2022: \u20ac\u2009106.82). Investing through a mutual fund led to a price which corresponds to the average price at the Paris stock exchange during the 20 trading days immediately preceding 15 February 2023 (2022: 16 February 2022), resulting in a price of \u20ac\u2009116.68 (2022: \u20ac\u2009114.01). In 2023, the Company issued and sold 1,314,184 ordinary shares (2022: 1,296,252) with a nominal value of \u20ac 1.00 each. In 2023, the Company issued and distributed 876,419 matching ordinary shares (2022: 824,793) with a nominal value of \u20ac\u20091.00 each. Compensation expense (excluding social security contributions) of \u20ac\u2009118 million (2022: \u20ac\u200982 million) was recognised in connection with ESOP in 2023.
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"f7618": {
"value": "32. Share-based Payment
Share-based compensation \u2014 From 2016 to 2020, the Company operated a Performance Units and Performance Shares Plan. Performance Units qualify as a cash-settled share-based payment plan under IFRS 2 and Performance Shares qualify as an equity- settled share-based payment plan under IFRS 2. Since 2021, the Company operates only a Performance Shares Plan. Plans granting Restricted Units, Performance Units and/or Performance Shares are also mentioned as \u201cLTIP\u201d in the following notes. Since 2018, the Company operates also exceptional grants of Performance and Restricted Units as well as Performance and Restricted Shares under an Equity Pool. Such exceptional grants are validated by specific resolutions from the Board of Directors and qualify as cash-settled or equity-settled share-based payment plans under IFRS 2. Accounting principles and methodology are the ones applied for LTIP as described below. For cash-settled plans, provisions for associated services received are measured at fair value by multiplying the number of units expected to vest with the fair value of one LTIP unit at the end of each reporting period, taking into account the extent to which the employees have rendered service to date. Changes of the fair value are recognised as personnel expenses of the period, leading to a re-measurement of the provision. The fair value of Performance Units is re-measured at each closing date as far as they are not paid. For equity-settled plans, compensation expense is measured at the grant date at the fair value by multiplying the number of shares expected to vest by the fair value of one LTIP share taking into account the extent to which the employees have rendered service to date. The compensation expense is accounting for over the vesting period of each LTIP equity-settled plans. The fair value of each LTIP share (equity or cash-settled plans) is determined using a forward pricing model and is based on publicly available risk-free rate, volatility and dividend rate. Besides the equity-settled plans described above, the Employee Share Ownership Plan (\u201cESOP\u201d) is an additional equity-settled share- based payment plan. Under this plan, the Company offers its employees Airbus SE shares at fair value matched with a number of free shares based on a determining ratio. The fair value of shares provided is reflected as personnel expenses in the Company\u2019s Consolidated Income Statement with a corresponding increase in equity.
33. Remuneration 33.1 Remuneration \u2013 Executive Committee The Company\u2019s key management personnel consists of Members of the Executive Committee and Non-Executive Board Members. The Chief Executive Officer (\u201cCEO\u201d), who chairs the Executive Committee, is the sole Executive Board Member. The annual remuneration and related compensation costs of the key management personnel as expensed in the respective year can be summarised as follows: (In \u20ac million) 2023 2022 Executive Committee, including Executive Board Member Salaries and other short-term benefits (including bonuses) 18.3 19.4 Post-employment benefit costs 2.4 4.0 Share-based remuneration (\"LTIP award\", including associated hedge result) 9.5 4.1 Termination benefits 0 0 Other benefits 0.3 0.3 Social charges (1) 5.7 6.0 Non-Executive Board Members Short-term benefits (including social charges) 3.1 2.3 Total expense recognised 39.3 36.1 (1) Costs of benefits provided through applicable mandatory collective and social security plans are accounted for among social charges. Salaries and Other Short-Term Benefits (Including Bonuses) The amount of bonuses is based on estimated performance achievement as at the balance sheet date and difference between previous year estimation and actual pay-out in the current year. Outstanding short-term benefits (bonuses) at year-end 2023 for Executive Committee Members based on estimated performance achievement at year-end was \u20ac\u20099.5 million (2022: \u20ac\u200910.2 million). In order to support the Company\u2019s target of reducing its Scope 1 and 2 carbon emissions by 63% by 2030, the Board of Directors decided to translate this ambition into a concrete objective and include the CO2 reduction target in the collective variable remuneration of the CEO and all executives. Post-Employment and Other Long-Term Benefits The post-employment and other long-term benefits defined obligation for the Executive Committee, including the CEO, amounted to \u20ac 15.0 million at 31 December 2023 (2022: \u20ac\u200916.7 million). The disclosed post-employment and other long-term benefits reflect the total outstanding balance for all Executive Committee Members in charge at the end of the respective balance sheet date.
Share-Based Remuneration (\u201cLTIP Award\u201d) The share-based payment expenses result from not yet forfeited units and shares granted to the Executive Committee Members under the Company\u2019s LTIP which are re-measured at fair value according to the methodology described in \u201c\u2013 Note 32: Share-based Payment\u201d. For LTIP 2023, the Members of the Executive Committee were granted 65,939 Performance Shares (2022: 70,562). The respective fair value of these Shares at grant date was \u20ac 10.3 million (2022: \u20ac\u20098.8 million). As of 31 December 2023, provisions of \u20ac 8.6 million (2022: \u20ac\u20095.4 million) relating to LTIP have been recognised. The total number of outstanding Performance Units and Performance Shares granted to the current Members of the Executive Committee amounted to 70,992 and 273,325 respectively at 31 December 2023 (2022: 81,183 Performance Units and 206,211 Performance Shares). In 2023, the expenses related to share based remuneration have significantly increased versus 2022 due to (i) the significant Airbus share price increase (from \u20ac 111.02 end of 2022 to \u20ac 139.78 end of 2023) which impacted the performance units plans and (ii) the higher performance achievement of unvested LTIP plan considered in the 2023 expense than the one for unvested LTIP plan considered in the 2022 expense which had been negatively impacted by the Covid. Termination Benefits The following benefits apply to Executive Committee Members, except the CEO. In the case of contract termination, the Executive Committee Members are entitled to an indemnity equal to 1.5 times the Total Target Remuneration (defined as Base Salary and target Annual Variable Remuneration) with respect to applicable local legal requirements, if any. This will not apply if the Executive Committee mandate is terminated for cause, in case of dismissal, if the Executive Committee Member resigns or has reached retirement age. The Executive Committee Members\u2019 contract includes a non-compete clause which applies for a minimum of one year and can be extended at the Company\u2019s initiative for a further year. The Board of Directors has the discretion to waive or invoke the extension of the non-compete clause when legally or contractually possible. The compensation for each year that the non-compete clause applies is equal to 50% of the last Total Annual Remuneration (defined as Base Salary and Annual Variable Remuneration most recently paid) with respect to applicable local legal requirements, if any. Past LTIP awards may be maintained in full or prorated, in such cases as in case of retirement or if a mandate is not renewed by the Company without cause, pro rata being based on the presence in the Company during performance periods. The vesting of past LTIP awards follows the plans\u2019 rules and regulations and is not accelerated in any case. LTIP awards are forfeited for Executives who leave the Company on their own initiative, but this is subject to review by the Board of Directors. The termination benefits include assumptions about all effective, known or planned terminations to date. Other Benefits Other benefits include expenses for Executive Committee Members\u2019 medical, death and disability coverage, company car and other usual facilities as applicable. 33.2 Remuneration \u2013 CEO The annual remuneration and related compensation costs of the CEO as expensed in the respective year can be summarised as follows: (In \u20ac) 2023 2022 Base salary 1,485,000 1,485,000 Annual variable pay 1,945,350 2,008,800 Post-employment benefit costs (1,049,054) 1,385,222 Share-based remuneration (\"LTIP award\") (1) 1,997,522 1,082,668 Termination benefits 0 0 Other benefits 34,969 32,734 Social charges (2) 1,312,061 1,357,922 (1) Expense related to share-based payment plans as recognised in the annual period (service period) including the result from the hedge of cash-settled share-based payment (see \u201c\u2013 Note 32: Share-Based Payment\u201d). (2) Social charges depend on the applicable regulation to the CEO. In France, social charges comprise benefits accrued through mandatory collective and state plans such as pension, death and disability or medical coverage. Annual Variable Pay The annual variable pay is based on estimated performance achievement as at the balance sheet date and difference between the previous year\u2019s estimation and actual pay-out in the current year.
Post-Employment Benefit Costs Post-employment benefit costs relate to the aggregated amount of current service and interest costs for defined benefit plan and company cost for contributions base plans. Following the Board decision approved in the AGM 2020, the CEO pension rights are accrued through a defined contributions plan from 1 January 2020, which coexists with the former defined benefit pension plan. The accrued pension rights under the former defined benefit plan have been frozen at the end of 2019 and remain unvested until the retirement date of the CEO. The pension rights arising from the Company's defined contribution plan are deducted from the frozen defined pension rights. As of 31 December 2023, the defined benefit obligation related to the frozen defined benefit commitment amounts to \u20ac 3,875,518 (2022: \u20ac\u20096,895,263). This obligation has been accrued in the 2023 Consolidated Financial Statements and will be updated annually up to the retirement date of the CEO considering additional service cost and future changes on economic assumptions or other factors like salary increase. The decrease in the defined benefit obligation is mainly due to the change in retirement age following the pension reform in France in 2023. This change has been considered as a plan amendment and leads to the recognition of a profit in EBIT. For the fiscal year 2023, the cost related to the CEO\u2019s pension rights accrued under Company\u2019s plans during the year represented a net profit of \u20ac 1,049,054 composed by an expense of \u20ac 1,404,951 and the effect of the French pension reform leading to a release of provision of \u20ac 2,454,006 (2022: expense of \u20ac 1,385,222). The annual cost of pension rights accrued under applicable mandatory collective and state pension plans are accounted for among social charges. Share-based Remuneration The table below gives an overview of the interests of the CEO, under the various LTIPs of the Company: Granted Date LTIP 2018 (1) LTIP 2019 LTIP 2020 LTIP 2021 LTIP 2022 LTIP 2023 Performance Units and Shares 8,416 11,060 19,840 12,121 14,115 11,619 Revaluation 50% 50% 150% 100% 100% 100% Performance Units and Shares revalued 4,208 5,531 29,760 12,121 14,115 11,619 Vested in 2023 in cash 1,052 1,383 - - - - in shares - 2,765 - - - - Outstanding 2023 in cash - 1,383 14,880 - - - in shares - - 14,880 12,121 14,115 11,619 Vesting schedule Cash-settled units For vesting dates, see \u201c\u2013 Note 32.1: LTIP\" Equity-settled units May 2022 May 2023 May 2024 May 2025 May 2026 May 2027 (1) 2018 awards were granted before the appointment of the CEO and could vest during the CEO\u2019s mandate. Vesting of all Performance Units and Performance Shares granted to the CEO is subject to performance conditions. As of 31 December 2023, provisions of \u20ac 2,074,739 (2022: \u20ac\u20091,301,397) relating to Performance Units have been recognised. The pay- out from vested cash-settled LTIP in 2023 was \u20ac 304,862 (2022: \u20ac 226,388) excluding social charges. Termination Benefits The termination benefit applicable to the CEO is described in the Company\u2019s Remuneration policy. Other Benefits As stipulated in the Company\u2019s Remuneration Policy, the benefits offered to the CEO are similar to the benefits granted to other executives of the Company and comprise, among other matters, medical, death and disability coverage (both through the French social security system and mandatory collective Company\u2019s plans), a company car and usual facilities. Costs of benefits provided through applicable mandatory collective and social security plans are accounted for among social charges. The monetary value of other benefits provided to the CEO in 2023 amounted to \u20ac 34,969 (2022: \u20ac 32,734). The Company has not provided any loans to, advances to and guarantees on behalf of the CEO.
33.3 Remuneration \u2013 Board of Directors The remuneration of the Non-Executive Members of the Board of Directors was as follows: 2023 2022 (In \u20ac) Fixum (1) Attendance Fees (2) Total Fixum (1) Attendance Fees (2) Total Non-Executive Board Members Ren\u00e9 Obermann 515,000 (3) 105,000 620,000 (3) 225,000 135,000 360,000 Victor Chu 150,000 62,000 212,000 100,000 66,000 166,000 Jean-Pierre Clamadieu 220,000 76,000 296,000 140,000 96,500 236,500 Ralph D. Crosby, Jr. 150,000 70,000 220,000 100,000 100,000 200,000 Mark Dunkerley 190,000 94,000 284,000 124,420 112,000 236,420 Stephan Gemkow 160,000 76,000 236,000 110,000 98,000 208,000 Catherine Guillouard 220,000 63,000 283,000 140,000 98,000 238,000 Amparo Moraleda 220,000 69,500 289,500 140,000 103,000 243,000 Claudia Nemat 150,000 56,500 206,500 100,000 76,500 176,500 Irene Rummelhoff 150,000 55,000 205,000 72,100 75,000 147,100 Antony Wood (4) 141,050 70,000 211,050 3,913 10,000 13,913 Former Non-Executive Board Members Lord Drayson (5) - - - 33,811 15,000 48,811 Carlos Tavares (6) - - - 22,541 5,000 27,541 Total 2,266,050 797,000 3,063,050 1,311,785 990,000 2,301,785 (1) Fixum includes a base fee for Board membership and the relevant Committee membership as the case may be (Audit Committee, Remuneration, Nomination and Governance Committee (\"RNGC\"), Ethics, Compliance and Sustainability Committee (\"ECSC\"). The fixum for the year 2023 was paid 50% in January 2023 and 50% in July 2023. The fixum for the year 2022 was paid 50% in January 2022 and 50% in July 2022 except in relation to the ad hoc Committee for which the full amount was paid in January 2023. (2) 2023 attendance fees include the Board of Directors attendance fees and the fees in relation to the relevant Committee (Audit Committee, RNGC and ECSC) meetings. The Board of Directors attendance fees related to the first semester 2023 were paid in July 2023, those related to the second semester 2023 were paid in January 2024. The Committees\u2019 attendance fees related to the full year 2023 were paid in January 2024. (3) Amount before donation by the chairman of the portion exceeding his fixed remuneration received in 2022. (4) Member of the Audit Committee since 19 April 2023. (5) Member of the Board of Directors, the RNGC and the ECSC until 12 April 2022. (6) Member of the Board of Directors until 12 April 2022.
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"f8402": {
"value": "34. Total Equity 34.1 Equity Attributable to Equity Owners of the Parent
The Company\u2019s shares are exclusively ordinary shares with a par value of \u20ac\u20091.00. The following table shows the development of the number of shares issued and fully paid: (In number of shares) 2023 2022 Issued at 1 January 788,205,008 786,083,690 Issued for ESOP 2,254,426 2,121,318 Issued at 31 December 790,459,434 788,205,008 Treasury shares (3,037,467) (647,500) Outstanding at 31 December 787,421,967 787,557,508 Holders of ordinary shares are entitled to dividends and to one vote per share at general meetings of the Company. Equity attributable to equity owners of the parent (including purchased treasury shares) amounts to \u20ac\u200917,695 million (2022: \u20ac\u200912,950 million) representing an increase of \u20ac\u2009+4,745 million. This is mainly due to the net income for the period of \u20ac\u2009+3,789 million and the mark to market revaluation of the hedge portfolio of \u20ac\u20092,390 million partly offset a dividend payment of \u20ac -1,421 million (1.80 \u20ac per share).
Capital stock comprises the nominal amount of shares outstanding. The addition to capital stock represents the contribution for exercised options by employees of \u20ac 2,254,426 (2022: \u20ac\u20092,121,318) in compliance with the implemented ESOPs. Retained earnings include mainly the profit for the period and the changes in other comprehensive income from remeasurements of the defined benefit pension plans net of tax which amounts to \u20ac\u2009-284 million in 2023 (2022: \u20ac +3,432 million). On 19 April 2023, the Annual General Meeting (\u201cAGM\u201d) decided to distribute a gross amount of \u20ac 1.80 per share, which was paid on 27 April 2023. For the fiscal year 2023, the Board of Directors will propose the payment of a dividend of \u20ac 1.80 per share and a special dividend of \u20ac 1.00 per share to the 2024 Annual General Meeting taking place on 10 April 2024. The proposed payment date is 18 April 2024.
Treasury shares represent the amount paid or payable for own shares held in treasury. During 2023, the number of treasury stock held by the Company increased to 3,037,467 compared to 647,500 as of 31 December 2022, mainly due to the share buybacks partly offset by vested shares in 2023 under LTIP 2019 (see \u201c\u2013 Note 32: Share-based Payment\u201d). No shares were sold back to the market nor cancelled (2022: 0 shares). On 19 April 2023, the AGM of the Company authorised the Board of Directors, for a period expiring at the AGM to be held in 2024, to issue shares and to grant rights to subscribe for shares in the Company\u2019s share capital for the purpose of: - ESOPs and share-related LTIPs, provided that such powers shall be limited to an aggregate of 0.18% of the Company\u2019s authorised share capital (see \u201c\u2013 Note 32: Share\u2011based Payment\u201d); - funding the Company and its subsidiaries, provided that such powers shall be limited to an aggregate of 0.3% of the Company\u2019s authorised share capital (see \u201c\u2013 Note 36.3: Financing Liabilities\u201d). For each operation, such powers shall not extend to issuing shares or granting rights to subscribe for shares if there is no preferential subscription right and for an aggregate issue price in excess of \u20ac\u2009500 million per share issuance. On 19 April 2023, the AGM authorised the Board of Directors for an 18-month period to repurchase up to 10% of the Company\u2019s issued share capital at a price per share not less than the nominal value and not more than the higher of the price of the last independent trade and the highest current independent bid on the trading venues of the regulated market of the country in which the purchase is carried out. Furthermore, the AGM authorised the Board of Directors to determine on a case-by-case basis the share repurchase programmes to be implemented by the Company, if any.
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"f8406": {
"value": "34.1 Equity Attributable to Equity Owners of the Parent
The Company\u2019s shares are exclusively ordinary shares with a par value of \u20ac\u20091.00. The following table shows the development of the number of shares issued and fully paid: (In number of shares) 2023 2022 Issued at 1 January 788,205,008 786,083,690 Issued for ESOP 2,254,426 2,121,318 Issued at 31 December 790,459,434 788,205,008 Treasury shares (3,037,467) (647,500) Outstanding at 31 December 787,421,967 787,557,508 Holders of ordinary shares are entitled to dividends and to one vote per share at general meetings of the Company. Equity attributable to equity owners of the parent (including purchased treasury shares) amounts to \u20ac\u200917,695 million (2022: \u20ac\u200912,950 million) representing an increase of \u20ac\u2009+4,745 million. This is mainly due to the net income for the period of \u20ac\u2009+3,789 million and the mark to market revaluation of the hedge portfolio of \u20ac\u20092,390 million partly offset a dividend payment of \u20ac -1,421 million (1.80 \u20ac per share).
Capital stock comprises the nominal amount of shares outstanding. The addition to capital stock represents the contribution for exercised options by employees of \u20ac 2,254,426 (2022: \u20ac\u20092,121,318) in compliance with the implemented ESOPs. Treasury shares represent the amount paid or payable for own shares held in treasury. During 2023, the number of treasury stock held by the Company increased to 3,037,467 compared to 647,500 as of 31 December 2022, mainly due to the share buybacks partly offset by vested shares in 2023 under LTIP 2019 (see \u201c\u2013 Note 32: Share-based Payment\u201d). No shares were sold back to the market nor cancelled (2022: 0 shares). On 19 April 2023, the AGM of the Company authorised the Board of Directors, for a period expiring at the AGM to be held in 2024, to issue shares and to grant rights to subscribe for shares in the Company\u2019s share capital for the purpose of: - ESOPs and share-related LTIPs, provided that such powers shall be limited to an aggregate of 0.18% of the Company\u2019s authorised share capital (see \u201c\u2013 Note 32: Share\u2011based Payment\u201d); - funding the Company and its subsidiaries, provided that such powers shall be limited to an aggregate of 0.3% of the Company\u2019s authorised share capital (see \u201c\u2013 Note 36.3: Financing Liabilities\u201d). For each operation, such powers shall not extend to issuing shares or granting rights to subscribe for shares if there is no preferential subscription right and for an aggregate issue price in excess of \u20ac\u2009500 million per share issuance. On 19 April 2023, the AGM authorised the Board of Directors for an 18-month period to repurchase up to 10% of the Company\u2019s issued share capital at a price per share not less than the nominal value and not more than the higher of the price of the last independent trade and the highest current independent bid on the trading venues of the regulated market of the country in which the purchase is carried out. Furthermore, the AGM authorised the Board of Directors to determine on a case-by-case basis the share repurchase programmes to be implemented by the Company, if any.
",
"dimensions": {
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"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f8408": {
"value": "34.1 Equity Attributable to Equity Owners of the Parent
The Company\u2019s shares are exclusively ordinary shares with a par value of \u20ac\u20091.00. The following table shows the development of the number of shares issued and fully paid: (In number of shares) 2023 2022 Issued at 1 January 788,205,008 786,083,690 Issued for ESOP 2,254,426 2,121,318 Issued at 31 December 790,459,434 788,205,008 Treasury shares (3,037,467) (647,500) Outstanding at 31 December 787,421,967 787,557,508 Treasury shares represent the amount paid or payable for own shares held in treasury. During 2023, the number of treasury stock held by the Company increased to 3,037,467 compared to 647,500 as of 31 December 2022, mainly due to the share buybacks partly offset by vested shares in 2023 under LTIP 2019 (see \u201c\u2013 Note 32: Share-based Payment\u201d). No shares were sold back to the market nor cancelled (2022: 0 shares). On 19 April 2023, the AGM of the Company authorised the Board of Directors, for a period expiring at the AGM to be held in 2024, to issue shares and to grant rights to subscribe for shares in the Company\u2019s share capital for the purpose of: - ESOPs and share-related LTIPs, provided that such powers shall be limited to an aggregate of 0.18% of the Company\u2019s authorised share capital (see \u201c\u2013 Note 32: Share\u2011based Payment\u201d); - funding the Company and its subsidiaries, provided that such powers shall be limited to an aggregate of 0.3% of the Company\u2019s authorised share capital (see \u201c\u2013 Note 36.3: Financing Liabilities\u201d). For each operation, such powers shall not extend to issuing shares or granting rights to subscribe for shares if there is no preferential subscription right and for an aggregate issue price in excess of \u20ac\u2009500 million per share issuance. On 19 April 2023, the AGM authorised the Board of Directors for an 18-month period to repurchase up to 10% of the Company\u2019s issued share capital at a price per share not less than the nominal value and not more than the higher of the price of the last independent trade and the highest current independent bid on the trading venues of the regulated market of the country in which the purchase is carried out. Furthermore, the AGM authorised the Board of Directors to determine on a case-by-case basis the share repurchase programmes to be implemented by the Company, if any.
34.1 Equity Attributable to Equity Owners of the Parent
Holders of ordinary shares are entitled to dividends and to one vote per share at general meetings of the Company. Equity attributable to equity owners of the parent (including purchased treasury shares) amounts to \u20ac\u200917,695 million (2022: \u20ac\u200912,950 million) representing an increase of \u20ac\u2009+4,745 million. This is mainly due to the net income for the period of \u20ac\u2009+3,789 million and the mark to market revaluation of the hedge portfolio of \u20ac\u20092,390 million partly offset a dividend payment of \u20ac -1,421 million (1.80 \u20ac per share).
On 19 April 2023, the Annual General Meeting (\u201cAGM\u201d) decided to distribute a gross amount of \u20ac 1.80 per share, which was paid on 27 April 2023. For the fiscal year 2023, the Board of Directors will propose the payment of a dividend of \u20ac 1.80 per share and a special dividend of \u20ac 1.00 per share to the 2024 Annual General Meeting taking place on 10 April 2024. The proposed payment date is 18 April 2024.
",
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"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f8464": {
"value": "1.8",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f8498": {
"value": "34.2 Non-Controlling Interests The non-controlling interests (\u201cNCI\u201d) from non-wholly owned subsidiaries increased to \u20ac 35 million as of 31 December 2023 (2022: \u20ac\u200932 million). These NCI do not have a material interest in the Company\u2019s activities and cash flows.
",
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"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f8506": {
"value": "35. Capital Management The Company seeks to maintain a strong financial profile to safeguard its going concern, financial flexibility as well as shareholders\u2019, credit rating agencies\u2019, credit investors\u2019 and other stakeholders\u2019 confidence in the Company. Consequently, operating liquidity is of great importance. As part of its capital management, it is one of the Company\u2019s objectives to maintain a strong credit rating by institutional rating agencies. This enables the Company to contain its cost of capital which positively impacts its stakeholder value (entity value). Next to other non- financial parameters, the credit rating is based on financial indicators such as cash flow, profitability, leverage ratios and liquidity ratios. The Company monitors these ratios to keep them in a range compatible with a strong rating. Rating agency Long-term rating Outlook Short-term rating Standard and Poor's A Stable A-1 Moody's Investors Services A2 Stable P1 Fitch Rating (unsolicited) A- Stable F1 The stand-alone rating reflects the Company\u2019s strong backlog providing revenue visibility, dominant market position in the single-aisle market, operating performance and overall its strong positioning to benefit from the recovery in air travel demand. It also reflects Airbus\u2019 exceptional liquidity, solid balance sheet as well as its prudent financial policy. Finally, it reflects the management\u2019s focus on programme execution, profitability and cash generation improvement. In accordance with the Company\u2019s conservative financial policy, a strong rating is key to maintain a wide array of funding sources at competitive conditions, to have broad access to long-term hedging and to strengthen the Company\u2019s position as a financially sound counterparty for its customers and suppliers. Every year, the Company constructs a five-year plan used to assess its financial flexibility at current ratings and a value creation ambition. It is composed of (i) EBIT and (ii) Free Cash Flow, which is defined as Cash provided by operating activities and Cash used for investing activities less Change of securities, Contribution to plan assets for pensions, realised Treasury swaps and bank activities. The Company uses the WACC to determine the Net Present Value (\u201cNPV\u201d), which is used for any investment decision. The Company also monitors the level of dividends paid to its shareholders. The Company generally satisfies its obligations arising from ESOPs and Share Incentive Plans (\u201cSIPs\u201d) by issuing new shares. In order to avoid any dilution of its current shareholders out of LTIPs, the Company performs share buybacks to meet its obligations to its employees, following the decisions of the Board of Directors and approval of the AGM. Apart from this purpose, the Company generally does not trade with treasury shares.
The Company complies with the capital requirements under applicable law and its Articles of Association.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f8623": {
"value": "36.1 Cash and Cash Equivalents
Only securities with a maturity of three months or less from the date of the acquisition, that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of changes in value, are recognised in cash equivalents. 36.1 Cash and Cash Equivalents
Only securities with a maturity of three months or less from the date of the acquisition, that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of changes in value, are recognised in cash equivalents. 36.3 Financing Liabilities
Reconciliation of liabilities arising from financing liabilities as of 31 December 2023 is as follows: Non-cash movements (In \u20ac million) Balance at 1 January 2023 Cash flows Changes in scope Foreign exchange movements Others Balance at 31 December 2023 Bonds and commercial papers 8,681 12 0 (75) 449 9,067 Liabilities to financial institutions 410 (59) 0 (2) (25) 324 Loans 158 29 0 0 127 314 Finance lease liabilities 1,734 (267) 0 (23) 173 1,617 Others 1,790 480 0 (2) 1 2,269 Total 12,773 195 0 (102) 725 13,591
Reconciliation of liabilities arising from financing liabilities as of 31 December 2022 is as follows: Non-cash movements (In \u20ac million) Balance at 1 January 2022 Cash flows Changes in scope Foreign exchange movements Others Balance at 31 December 2022 Bonds and commercial papers 11,061 (989) 0 126 (1,517) 8,681 Liabilities to financial institutions 493 (83) 0 0 0 410 Loans 171 (63) 49 1 0 158 Finance lease liabilities 1,736 (262) 0 32 228 1,734 Others 1,579 220 0 (9) 0 1,790 Total 15,040 (1,177) 49 150 (1,289) 12,773
36.1 Cash and Cash Equivalents
Only securities with a maturity of three months or less from the date of the acquisition, that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of changes in value, are recognised in cash equivalents. 36.2 Securities The majority of the Company\u2019s securities consists of debt securities and are classified at fair value through OCI (see \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d). The Company\u2019s securities portfolio amounts to \u20ac 8,809 million and \u20ac 7,775 million as of 31 December 2023 and 2022, respectively. The security portfolio contains a non-current portion of \u20ac 7,508 million (2022: \u20ac 6,013 million), and a current portion of \u20ac 1,301 million (2022: \u20ac 1,762 million). Included in the securities portfolio as of 31 December 2023 and 2022, respectively, are corporate and government bonds bearing either fixed rate coupons (\u20ac 9,156 million nominal value; 2022: \u20ac\u20098,368 million) or floating rate coupons (\u20ac\u20090 million nominal value; 2022: \u20ac 32 million).
When the Company enters into securities lending or other financing activities that involve the pledging of securities as collateral, the securities pledged continue to be recognised on the balance sheet. As of 31 December 2023 and 2022, they were no securities pledged as collateral for borrowings from banks. 36.3 Financing Liabilities
Financing liabilities include debt obligations towards financial institutions, issued corporate bonds, deposits made by customers of Airbus Bank, borrowings received from joint ventures and other parties as well as finance lease liabilities. Financing liabilities are recorded initially at the fair value of the proceeds received, net of transaction costs incurred. Subsequently, financing liabilities are measured at amortised cost, using the effective interest rate method with any difference between proceeds (net of transaction costs) and redemption amount being recognised in total finance income (cost) over the period of the financing liability. The terms and repayment schedules of these bonds and loans are as follows: Principal amount Carrying amount Issuance date Coupon or interest rate Effective interest rate Maturity date Additional features (In \u20ac million) 31 December (In million) 2023 2022 EMTN 15 years \u20ac 500 469 444 Oct 2014 2.12% 2.21% Oct 2029 Interest rate swapped into 3M Euribor +0.84% EMTN 10 years \u20ac 823 817 799 Apr 2014 2.38% 2.42% Apr 2024 Interest rate swapped into 3M Euribor +1.40% EMTN 10 years \u20ac 461 436 419 May 2016 0.88% 0.98% May 2026 Interest rate swapped into 3M Euribor +0.50% EMTN 15 years \u20ac 900 793 737 May 2016 1.38% 1.50% May 2031 Interest rate swapped into 3M Euribor +0.66% EMTN 5 years \u20ac 561 535 515 Mar 2020 1.63% 1,80% April 2025 Interest rate swapped into 3M Euribor +2.01% EMTN 8 years \u20ac 611 546 512 Mar 2020 2.00% 2.10% April 2028 Interest rate swapped into 3M Euribor +2.15% EMTN 12 years \u20ac 1,000 822 754 Mar 2020 2,38% 2.49% April 2032 Interest rate swapped into 3M Euribor +2.24% EMTN 20 years \u20ac 1,000 706 646 June 2020 2.38% 2,44% Jun. 2040 Interest rate swapped into 3M Euribor +1.93% EMTN 6 years \u20ac 894 832 792 June 2020 1,38% 1,47% Jun. 2026 Interest rate swapped into 3M Euribor +1.66% EMTN 10 years \u20ac 1,250 1,068 989 June 2020 1.63% 1,74% Jun. 2030 Interest rate swapped into 3M Euribor +1.61% US$ Bond 10 years US$ 750 641 653 Apr 2017 3.15% 3.20% Apr 2027 Interest rate swapped into 1D SOFR US$ Bond 30 years US$ 750 651 643 Apr 2017 3.95% 4.02% Apr 2047 Interest rate swapped into 1D SOFR +0.31% ACLP Private placement US$ 830 751 778 July 2020, Dec 2020 1.98% - 2.54% 2.77% - 3.09% July 2026 to July 2029 Bonds 9,067 8,681 European Investment Bank \u20ac 165 165 0 Dec 2023 3M Euribor +0.498% 3M Euribor +0.498% Dec. 2038 KfW Bank \u20ac 50 48 0 July 2023 3M Euribor +0.59% 3M Euribor +0.59% Jul. 2029 Others 111 410 Liabilities to financial institutions 324 410 Total 9,391 9,091 Thereof non-current financing liabilities 8,574 9,091 Thereof current financing liabilities 817 0 Reconciliation of liabilities arising from financing liabilities as of 31 December 2023 is as follows: Non-cash movements (In \u20ac million) Balance at 1 January 2023 Cash flows Changes in scope Foreign exchange movements Others Balance at 31 December 2023 Bonds and commercial papers 8,681 12 0 (75) 449 9,067 Liabilities to financial institutions 410 (59) 0 (2) (25) 324 Loans 158 29 0 0 127 314 Finance lease liabilities 1,734 (267) 0 (23) 173 1,617 Others 1,790 480 0 (2) 1 2,269 Total 12,773 195 0 (102) 725 13,591
Reconciliation of liabilities arising from financing liabilities as of 31 December 2022 is as follows: Non-cash movements (In \u20ac million) Balance at 1 January 2022 Cash flows Changes in scope Foreign exchange movements Others Balance at 31 December 2022 Bonds and commercial papers 11,061 (989) 0 126 (1,517) 8,681 Liabilities to financial institutions 493 (83) 0 0 0 410 Loans 171 (63) 49 1 0 158 Finance lease liabilities 1,736 (262) 0 32 228 1,734 Others 1,579 220 0 (9) 0 1,790 Total 15,040 (1,177) 49 150 (1,289) 12,773
36.3 Financing Liabilities
Financing liabilities include debt obligations towards financial institutions, issued corporate bonds, deposits made by customers of Airbus Bank, borrowings received from joint ventures and other parties as well as finance lease liabilities. Financing liabilities are recorded initially at the fair value of the proceeds received, net of transaction costs incurred. Subsequently, financing liabilities are measured at amortised cost, using the effective interest rate method with any difference between proceeds (net of transaction costs) and redemption amount being recognised in total finance income (cost) over the period of the financing liability. The terms and repayment schedules of these bonds and loans are as follows: Principal amount Carrying amount Issuance date Coupon or interest rate Effective interest rate Maturity date Additional features (In \u20ac million) 31 December (In million) 2023 2022 EMTN 15 years \u20ac 500 469 444 Oct 2014 2.12% 2.21% Oct 2029 Interest rate swapped into 3M Euribor +0.84% EMTN 10 years \u20ac 823 817 799 Apr 2014 2.38% 2.42% Apr 2024 Interest rate swapped into 3M Euribor +1.40% EMTN 10 years \u20ac 461 436 419 May 2016 0.88% 0.98% May 2026 Interest rate swapped into 3M Euribor +0.50% EMTN 15 years \u20ac 900 793 737 May 2016 1.38% 1.50% May 2031 Interest rate swapped into 3M Euribor +0.66% EMTN 5 years \u20ac 561 535 515 Mar 2020 1.63% 1,80% April 2025 Interest rate swapped into 3M Euribor +2.01% EMTN 8 years \u20ac 611 546 512 Mar 2020 2.00% 2.10% April 2028 Interest rate swapped into 3M Euribor +2.15% EMTN 12 years \u20ac 1,000 822 754 Mar 2020 2,38% 2.49% April 2032 Interest rate swapped into 3M Euribor +2.24% EMTN 20 years \u20ac 1,000 706 646 June 2020 2.38% 2,44% Jun. 2040 Interest rate swapped into 3M Euribor +1.93% EMTN 6 years \u20ac 894 832 792 June 2020 1,38% 1,47% Jun. 2026 Interest rate swapped into 3M Euribor +1.66% EMTN 10 years \u20ac 1,250 1,068 989 June 2020 1.63% 1,74% Jun. 2030 Interest rate swapped into 3M Euribor +1.61% US$ Bond 10 years US$ 750 641 653 Apr 2017 3.15% 3.20% Apr 2027 Interest rate swapped into 1D SOFR US$ Bond 30 years US$ 750 651 643 Apr 2017 3.95% 4.02% Apr 2047 Interest rate swapped into 1D SOFR +0.31% ACLP Private placement US$ 830 751 778 July 2020, Dec 2020 1.98% - 2.54% 2.77% - 3.09% July 2026 to July 2029 Bonds 9,067 8,681 European Investment Bank \u20ac 165 165 0 Dec 2023 3M Euribor +0.498% 3M Euribor +0.498% Dec. 2038 KfW Bank \u20ac 50 48 0 July 2023 3M Euribor +0.59% 3M Euribor +0.59% Jul. 2029 Others 111 410 Liabilities to financial institutions 324 410 Total 9,391 9,091 Thereof non-current financing liabilities 8,574 9,091 Thereof current financing liabilities 817 0 Reconciliation of liabilities arising from financing liabilities as of 31 December 2023 is as follows: Non-cash movements (In \u20ac million) Balance at 1 January 2023 Cash flows Changes in scope Foreign exchange movements Others Balance at 31 December 2023 Bonds and commercial papers 8,681 12 0 (75) 449 9,067 Liabilities to financial institutions 410 (59) 0 (2) (25) 324 Loans 158 29 0 0 127 314 Finance lease liabilities 1,734 (267) 0 (23) 173 1,617 Others 1,790 480 0 (2) 1 2,269 Total 12,773 195 0 (102) 725 13,591
Reconciliation of liabilities arising from financing liabilities as of 31 December 2022 is as follows: Non-cash movements (In \u20ac million) Balance at 1 January 2022 Cash flows Changes in scope Foreign exchange movements Others Balance at 31 December 2022 Bonds and commercial papers 11,061 (989) 0 126 (1,517) 8,681 Liabilities to financial institutions 493 (83) 0 0 0 410 Loans 171 (63) 49 1 0 158 Finance lease liabilities 1,736 (262) 0 32 228 1,734 Others 1,579 220 0 (9) 0 1,790 Total 15,040 (1,177) 49 150 (1,289) 12,773
",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f8710": {
"value": "36.3 Financing Liabilities
Financing liabilities include debt obligations towards financial institutions, issued corporate bonds, deposits made by customers of Airbus Bank, borrowings received from joint ventures and other parties as well as finance lease liabilities. Financing liabilities are recorded initially at the fair value of the proceeds received, net of transaction costs incurred. Subsequently, financing liabilities are measured at amortised cost, using the effective interest rate method with any difference between proceeds (net of transaction costs) and redemption amount being recognised in total finance income (cost) over the period of the financing liability. 36.3 Financing Liabilities
Financing liabilities include debt obligations towards financial institutions, issued corporate bonds, deposits made by customers of Airbus Bank, borrowings received from joint ventures and other parties as well as finance lease liabilities. Financing liabilities are recorded initially at the fair value of the proceeds received, net of transaction costs incurred. Subsequently, financing liabilities are measured at amortised cost, using the effective interest rate method with any difference between proceeds (net of transaction costs) and redemption amount being recognised in total finance income (cost) over the period of the financing liability. 37.1 Financial Risk Management
Management considers the Company has sufficient resources to continue operating for at least 12 months and that there are no material uncertainties about the Company\u2019s ability to continue as a going concern.
",
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"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f9189": {
"value": "37.1 Financial Risk Management
Liquidity Risk The Company\u2019s policy is to maintain sufficient cash and cash equivalents at any time to meet its present and future commitments as they fall due. It manages its liquidity by holding adequate volumes of liquid assets and maintains a committed revolving credit facility, in addition to the cash inflow generated by its operating business. The Company continues to keep the focus on low counterparty risk within its asset portfolio. In addition, it maintains a set of other funding sources, and accordingly may raise loans from commercial banks and Development Finance Institutions and issue bonds, notes and commercial papers or enter into security lending agreements. Adverse changes in the capital markets could increase its funding costs and limit its financial flexibility. In particular, Airbus signed on 5 July 2022 a \u20ac 8 billion Sustainability Linked Revolving Syndicated Credit Facility in order to refinance its \u20ac 6 billion existing facility signed in 2020. Management considers the Company has sufficient resources to continue operating for at least 12 months and that there are no material uncertainties about the Company\u2019s ability to continue as a going concern.
Further, the management of the vast majority of the Company\u2019s liquidity exposure is centralised by a daily cash concentration process. This process enables it to manage its liquidity surplus as well as its liquidity requirements according to the actual needs of its subsidiaries. In addition, management monitors the Company\u2019s liquidity reserve as well as the expected cash flows from its operations. The contractual maturities of the Company\u2019s financial liabilities, based on undiscounted cash flows and including interest payments, if applicable, are as follows: (In \u20ac million) Carrying amount Contractual cash flows < 1 year 1 year - 2 years 2 years - 3 years 3 years - 4 years 4 years - 5 years > 5 years 31 December 2023 Non-derivative financial liabilities (28,593) (30,889) (18,205) (1,234) (1,855) (1,183) (1,107) (7,303) Derivative financial liabilities (4,750) (5,876) (1,963) (1,173) (886) (860) (144) (850) Total (33,343) (36,765) (20,168) (2,407) (2,741) (2,043) (1,251) (8,153) 31 December 2022 Non-derivative financial liabilities (26,753) (29,230) (15,885) (1,791) (936) (1,760) (1,192) (7,666) Derivative financial liabilities (9,613) (10,861) (3,538) (2,647) (1,610) (1,118) (537) (1,411) Total (36,366) (40,091) (19,423) (4,438) (2,546) (2,878) (1,729) (9,077) Non-derivative financial liabilities included in the table above comprise financing liabilities as presented in \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d. Due to their specific nature, namely their risk-sharing features and uncertainty about the repayment dates, the European Governments\u2019 refundable advances, which amount to \u20ac -3,856 million at 31 December 2023 (\u20ac\u2009-3,857 million at 31 December 2022) are not included. Lease liabilities The maturity analysis of lease liabilities, based on contractual undiscounted cash flows is as follows: (In \u20ac million) 31 December 2023 2022 Not later than one year (222) (241) Later than one year and not later than five years (769) (747) Later than five years (982) (1,036) Total undiscounted lease liabilities (1,973) (2,024) Lease liabilities included in the statement of financial position (1,617) (1,734) Current (221) (242) Non-current (1,396) (1,492)
",
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"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9191": {
"value": "37.1 Financial Risk Management
Market Risk Foreign exchange risk \u2014 Foreign exchange risk arises when future commercial transactions or firm commitments, recognised monetary assets and liabilities and net investments in foreign operations are denominated in a currency that is not the entity\u2019s functional currency. The Company manages a long-term hedge portfolio with maturities of several years covering its net exposure to US dollar sales, mainly from the commercial activities of Airbus. This hedge portfolio covers a large portion of the Company\u2019s firm commitments and highly probable forecasted transactions. For Airbus, the highly probable criteria of the underlying foreign currency exposure of cash flow hedges is assessed based on the IFRS15 backlog value analysis. This consists in reducing the contractual firm backlog by all deliveries which cannot be considered as highly probable due to the existence of either cancellation rights, risk of bankruptcy or other risk of order restructuring. The latter assessments is taking into account customers\u2019 situation and commercial aspects. The resulting backlog is further adjusted to the foreign exchange management hedging horizon. The highly probable underlying foreign currency exposure is then capped to the production plan when applicable. Most of the Company\u2019s revenue is denominated in US dollars, while a major portion of its costs is incurred in euro and to a lesser extent in other foreign currencies. Consequently, to the extent that the Company does not use financial instruments to hedge its exposure resulting from this currency mismatch, its profits will be affected by changes in the \u20ac/US$ exchange rate. As the Company intends to generate profits primarily from its operations rather than through speculation on exchange rate movements, it uses hedging strategies to manage and minimise the impact of exchange rate fluctuations on these profits. With respect to its commercial aircraft products, as of 30 June 2018, the Company adopted a new hedge strategy to hedge its net exposure (US dollar revenue less US dollar cost) resulting from commercial aircraft deliveries of specific aircraft types. The strategy more closely aligns hedge accounting with risk management activities. Under the new strategy the foreign exchange derivatives used as hedging instruments are designated as a hedge of a portion of the cash flows received for each of a number of deliveries of a specific aircraft type that are expected to occur in a given month and hence will allow the hedge result to move along with the hedged deliveries in the event of a shift in deliveries. If such a shift in hedged deliveries occurs, hedge ineffectiveness will arise to the extent the maturities of the hedging instrument and the expected timing of the hedged cash flows are no longer perfectly aligned. In order to minimise such ineffectiveness, the Company will close the timing gap by rolling over hedges to new maturities, using foreign exchange swap contracts. In addition, the Company will designate the risk of changes in the spot element as the hedged risk in order to eliminate the ineffectiveness resulting from changes in forward points between different maturities. The forward element will be accounted for as a cost of hedging similar to the time value of options. Until 30 June 2018, the Company typically hedged firmly committed sales in US dollar using a \u201cfirst flow approach\u201d. Under that approach, the foreign currency derivatives the Company entered into were designated as a hedge of the first US dollar inflows received from the customer at aircraft delivery in a given month. The strategy implied that only a portion of the expected monthly customer payments made
at aircraft delivery were hedged and that a reduction of monthly cash inflows as a result of postponements or order cancellations had no impact on the effectiveness of the hedge as long as the actual gross US dollar cash inflows received at aircraft delivery in a particular month exceeded the portion designated as being hedged in that month. According to the prospective application requirement of IFRS 9, the fair values of the legacy portfolio in place at inception of the new strategy continue to be assigned to the previous first flow hedge regime and remain in the hedge reserve in OCI, to be recognised in profit or loss only at maturity of the originally hedged cash flows (unless those cash flows are no longer expected to occur). As a result of prospective application, the hedging instruments designated under the new strategy had a non-zero fair value at hedge inception, which might create some small ineffectiveness. Another source of ineffectiveness is the counterparty credit risk inherent in the hedge portfolio. As such, credit risk is absent from the hedged cash flows. However, since netting arrangements are in place with all the hedge counterparties and the Company has a policy of trading with investment grade counterparties only, the credit risk arising from its hedging instruments, and associated changes in credit risk, have historically been negligible and are expected to remain so. The Company also hedges its expected foreign currency exposure arising from US dollar or pound sterling cash outflows in the commercial aircraft business on a first outflow basis, though to a much lesser extent than US dollar cash inflows. In military aircraft and non-aircraft businesses, the Company hedges inflows and outflows in foreign currencies from firmly committed or highly probable forecast sales and purchase contracts. Here, foreign currency derivatives are typically contracted in lower volumes; they may be accounted for using a first flow approach or are designated as hedges of specific agreed milestone payments. The amount of the expected flows to be hedged can cover up to 100% of the equivalent of the net US dollar exposure at inception. The coverage ratio considers the variability in the range of potential outcomes taking into account macroeconomic movements affecting spot rates and interest rates as well as the robustness of the commercial cycle. In situations where the payment dates for hedged firmly committed cash flows are not fixed and subject to potentially significant delays, the Company may use rollover strategies, usually involving foreign exchange swaps. For all foreign currency hedges of future cash flows which qualify for hedge accounting under IFRS 9, the Company uses the cash flow hedge model, which requires (i) recognising the effective portion of the fair value changes of the hedging derivatives in equity (within OCI) and (ii) recognising the effect of the hedge in profit or loss when the hedged cash flows affect profit or loss. In addition, the Company hedges currency risk arising from financial assets or liabilities denominated in currencies other than the euro, including foreign currency receivable and payable accounts, as well as foreign currency denominated funding transactions or securities. The Company applies hedge accounting if a mismatch in terms of profit or loss recognition of the hedging instrument and hedged item would otherwise occur. Frequently, however, the currency-induced gains or losses of the hedging instrument and the hedged item match in terms of profit or loss recognition (\u201cnatural hedge\u201d), so no hedge accounting is required. Sometimes such gains or losses may end up in different sections of the income statement (such as operating profit for the hedged item and financial result for the hedging instrument). If so, the Company may choose to present the gains or losses of both the hedging instrument and the hedged item in the same income statement line item if certain formal requirements are met. As hedging instruments, the Company primarily uses foreign currency forwards, foreign currency options and to a minor extent non- derivative financial instruments. A hedge ratio of 1:1 is applied by the Company. The Company also has foreign currency derivative instruments which are embedded in certain purchase contracts denominated in a currency other than the functional currency of any substantial party to the contract, principally in US dollar and pound sterling. If such embedded derivatives are required to be accounted for separately from the host purchase contract, related gains or losses are generally recognised in other financial result. However, if the embedded derivatives qualify for hedge accounting, the Company might choose to designate them as a hedging instrument in a hedge of foreign currency risk, in which case they are accounted for under the cash flow hedge model as described above. Interest rate risk \u2014 The Company uses an asset-liability management approach with the objective to limit its interest rate risk. It undertakes to match the risk profile of its interest-bearing assets with those of its interest-bearing liabilities. The remaining net interest rate exposure is managed through several types of interest rate derivatives, such as interest rate swaps and interest rate futures contracts, in order to minimise risks and financial impacts. The vast majority of related interest rate hedges qualify for hedge accounting, and most of them are accounted for under the fair value hedge model. As a result, both the fair value changes of these derivatives and the portion of the hedged items\u2019 fair value change that is attributable to the hedged interest rate risk are recognised in profit or loss, where they offset to the extent the hedge is effective. The Company has applied the relief introduced by the amendments made to IFRS 9 in September 2019 on hedge accounting, having the effect that the IBOR reform should not cause hedge accounting to terminate. The Company invests in financial instruments such as overnight deposits, certificates of deposits, commercial papers, other money market instruments and short-term as well as medium-term bonds. For its financial instruments portfolio, the Company has an Asset Liability Management Committee in place that meets regularly and aims to limit the interest rate risk on a fair value basis through a value-at-risk approach, from which results a hedge ratio that is however not actively steered. Commodity price risk \u2014 The Company is exposed to risk relating to fluctuations in the prices of commodities used in the supply chain. It manages these risks in the procurement process and to a certain extent uses derivative instruments in order to mitigate the risks associated with the purchase of raw materials. To the extent that the gains or losses of the derivative and those of the hedged item or transaction do not match in terms of profit or loss, the Company applies cash flow hedge accounting to the derivative instruments, with a hedge ratio of 1:1. Equity price risk \u2014 The Company is to a small extent invested in equity securities mainly for operational reasons. Its exposure to equity price risk is hence limited. Furthermore, it is exposed under its LTIP to the risk of the Company share price increases. The Company limits these risks through the use of equity derivatives that qualify for hedge accounting and have been designated as hedging instruments in cash flow hedges, with a hedge ratio of 1:1.
Sensitivities of market risks \u2014 The approach used to measure and control market risk exposure of the Company\u2019s financial instrument portfolio is, amongst other key indicators, the value-at-risk model (\u201cVaR\u201d). The VaR of a portfolio is the estimated potential loss that will not be exceeded over a specified period of time (holding period) from an adverse market movement with a specified confidence level. The VaR used by the Company is based upon a 95% confidence level and assumes a five-day holding period. The VaR model used is mainly based on the so-called \u201cMonte-Carlo-Simulation\u201d method. The model generates a wide range of potential future scenarios for market price movements by deriving the relevant statistical behaviour of markets for the portfolio of market data from the previous two years and observed interdependencies between different markets and prices.
The Company\u2019s VaR computation includes the Company\u2019s financial debt, short-term and long-term investments, foreign currency forwards, swaps and options, commodity contracts, finance lease receivables and liabilities, foreign currency trade liabilities and receivables and contract assets. Although VaR is an important tool for measuring market risk, the assumptions on which the model is based give rise to some limitations, including the following: - a five-day holding period assumes that it is possible to hedge or dispose of positions within that period. This is considered to be a realistic assumption in almost all cases but may not be the case in situations in which there is severe market illiquidity for a prolonged period. - a 95% confidence level does not reflect losses that may occur beyond this level. Even within the model used there is a 5% statistical probability that losses could exceed the calculated VaR. - the use of historical data as a basis for estimating the statistical behaviour of the relevant markets and finally determining the possible range of future outcomes out of this statistical behaviour may not always cover all possible scenarios, especially those of an exceptional nature. The Company uses VaR amongst other key figures in order to determine the riskiness of its financial instrument portfolio and in order to optimise the risk-return ratio of its financial asset portfolio. Further, its investment policy defines a VaR limit for the total portfolio of cash, cash equivalents and securities. The total VaR as well as the different risk-factor specific VaR figures of this portfolio are measured and serve amongst other measures as a basis for the decisions of the Company\u2019s Asset Liability Management Committee. A summary of the VaR position of the Company financial instruments portfolio at 31 December 2023 and 2022 is as follows: (In \u20ac million) Total VaR Equity price VaR Currency VaR Commodity price VaR Interest rate VaR 31 December 2023 Foreign exchange hedges for forecast transactions or firm commitments 801 0 911 0 165 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 230 70 210 0 74 Finance lease receivables and liabilities, foreign currency trade payables and receivables 81 0 39 0 79 Commodity contracts 6 1 6 0 Equity swaps 2 2 0 0 0 Diversification effect (479) (1) (409) 0 (152) All financial instruments 641 71 752 6 166 31 December 2022 Foreign exchange hedges for forecast transactions or firm commitments 1,450 0 1,535 0 238 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 268 67 225 0 80 Finance lease receivables and liabilities, foreign currency trade payables and receivables 130 0 83 0 112 Commodity contracts 2 0 0 2 0 Equity swaps 2 2 0 0 0 Diversification effect (584) (1) (472) 0 (139) All financial instruments 1,268 68 1,371 2 291 As of 31 December 2023, the total VaR amounts to \u20ac 641 million (2022: \u20ac 1,268 million). The decrease is mainly attributable to the currency and interest rate volatilities reduction in comparison to the exceptional levels in 2022. The Company uses its derivative instruments entirely for hedging purposes. As a result, the respective market risks of these hedging instruments are \u2013 depending on the hedges\u2019 actual effectiveness \u2013 offset by corresponding opposite market risks of the underlying forecast transactions, assets or liabilities. Under IFRS 7, the underlying forecast transactions do not qualify as financial instruments and are therefore not included in the tables shown above. Accordingly, the VaR of the foreign exchange hedging portfolio in the amount of \u20ac 911 million (2022: \u20ac\u20091,535 million) cannot be considered as a risk indicator for the Company in the economic sense. 37.2 Carrying Amounts and Fair Values of Financial Instruments
Financial assets at fair value through profit or loss \u2014 This category comprises all other financial assets (e.g. derivative instruments) that are to be measured at fair value (including equity investments for which the Company did not elect to present changes in fair value in OCI). The Company assigns its financial instruments into classes based on their balance sheet category.
The following table presents the carrying amounts and fair values of financial instruments by class and by IFRS 9 measurement category as of 31 December 2023: Fair value through profit or loss Fair value through OCI Financial assets and liabilities at amortised cost Financial instruments total (In \u20ac million) Amortised cost Fair value Book value Fair value Assets Other investments and other long-term financial assets Equity investments (1) 1,627 1,171 0 0 2,798 2,798 Customer financing 116 0 0 0 116 116 Other loans (2) 0 0 2,601 2,601 2,601 2,601 Trade receivables 0 0 4,725 4,725 4,725 4,725 Contract assets 0 0 1,849 1,849 1,849 1,849 Other financial assets Derivative instruments 1,227 0 0 0 1,227 1,227 Non-derivative instruments 0 0 1,546 1,546 1,546 1,546 Securities 0 8,809 0 0 8,809 8,809 Cash and cash equivalents 12,409 1,010 3,050 3,050 16,469 16,469 Total 15,379 10,990 13,771 13,771 40,140 40,140 Liabilities Financing liabilities Bonds and commercial papers 0 0 (9,067) (9,470) (9,067) (9,470) Liabilities to financial institutions and others 0 0 (2,907) (2,907) (2,907) (2,907) Finance lease liabilities (2) 0 0 (1,617) (1,617) (1,617) (1,617) Other financial liabilities Derivative instruments (4,750) 0 0 0 (4,750) (4,750) European Governments' refundable advances (3) 0 0 (3,856) (3,856) (3,856) (3,856) Others 0 (86) (592) (592) (678) (678) Trade liabilities 0 0 (14,323) (14,323) (14,323) (14,323) Total (4,750) (86) (32,362) (32,765) (37,198) (37,601) (1) Other than those accounted for under the equity method. (2) The carrying amounts are used as reasonable fair value approximations. (3) The European Governments\u2019 refundable advances of \u20ac\u2009-3,856 million are measured at amortised cost. Fair values cannot be reliably measured because their risk sharing nature and the uncertainty of the repayment dates give rise to a broad range of reasonable fair value estimates and make it impossible to reasonably assess the probabilities of the various estimates within the range. This may change and reliable fair value measures become available as the related programmes approach the end of production.
The following table presents the carrying amounts and fair values of financial instruments by class and by IFRS 9 measurement category as of 31 December 2022: Fair value through profit or loss Fair value through OCI Financial assets and liabilities at amortised cost Financial instruments total (In \u20ac million) Amortised cost Fair value Book value Fair value Assets Other investments and other long-term financial assets Equity investments (1) 1,474 1,166 0 0 2,640 2,640 Customer financing 86 0 0 0 86 86 Other loans (2) 0 0 2,129 2,129 2,129 2,129 Trade receivables 0 0 4,953 4,953 4,953 4,953 Contract assets 0 0 1,527 1,527 1,527 1,527 Other financial assets Derivative instruments 1,894 0 0 0 1,894 1,894 Non-derivative instruments 0 0 1,429 1,429 1,429 1,429 Securities 0 7,775 0 0 7,775 7,775 Cash and cash equivalents 11,135 1,001 3,687 3,687 15,823 15,823 Total 14,589 9,942 13,725 13,725 38,256 38,256 Liabilities Financing liabilities Bonds and commercial papers 0 0 (8,681) (9,071) (8,681) (9,071) Liabilities to financial institutions and others 0 0 (2,358) (2,358) (2,358) (2,358) Finance lease liabilities (2) 0 0 (1,734) (1,734) (1,734) (1,734) Other financial liabilities Derivative instruments (9,613) 0 0 0 (9,613) (9,613) European Governments' refundable advances (3) 0 0 (3,857) (3,857) (3,857) (3,857) Others 0 (83) (636) (636) (719) (719) Trade liabilities 0 0 (13,261) (13,261) (13,261) (13,261) Total (9,613) (83) (30,527) (30,917) (40,223) (40,613) (1) Other than those accounted for under the equity method. (2) The carrying amounts are used as reasonable fair value approximations. (3) The European Governments\u2019 refundable advances of \u20ac\u2009-3,857 million are measured at amortised cost. Fair values cannot be reliably measured because their risk sharing nature and the uncertainty of the repayment dates give rise to a broad range of reasonable fair value estimates and make it impossible to reasonably assess the probabilities of the various estimates within the range. This may change and reliable fair value measures become available as the related programmes approach the end of production.
Fair Value Hierarchy Fair value of financial instruments \u2014 The fair value of quoted investments is based on current market prices. If the market for financial assets is not active, or in the case of unlisted financial instruments, the Company determines fair values by using generally accepted valuation techniques on the basis of market information available at the end of the reporting period. Derivative instruments are generally managed on the basis of the Company\u2019s net exposure to the credit risk of each particular counterparty and fair value information is provided to the Company\u2019s key management personnel on that basis. For these derivative instruments, the fair value is measured based on the price that would be received to sell a net long position, or transfer a net short position, for a particular credit risk exposure as further described below. Depending on the extent the inputs used to measure fair values rely on observable market data, fair value measurements may be hierarchised according to the following levels of input: - Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities; - Level 2: inputs other than quoted prices that are observable for the asset or liability \u2013 fair values measured based on Level 2 input typically rely on observable market data such as interest rates, foreign exchange rates, credit spreads or volatilities; - Level 3: inputs for the asset or liability that are not based on observable market data \u2013 fair values measured based on Level 3 input rely to a significant extent on estimates derived from the Company\u2019s own data and may require the use of assumptions that are inherently judgemental and involve various limitations. The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input.
2023 2022 (In \u20ac million) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets measured at fair value Equity Investments 2,084 0 714 2,798 1,896 0 744 2,640 Derivative instruments 0 1,227 0 1,227 0 1,894 0 1,894 Securities 8,809 0 0 8,809 7,775 0 0 7,775 Customer financing 0 0 116 116 0 0 86 86 Cash equivalents 12,409 1,010 0 13,419 11,135 1,001 0 12,136 Total 23,302 2,237 830 26,369 20,806 2,895 830 24,531 Financial liabilities measured at fair value Derivative instruments 0 (4,750) 0 (4,750) 0 (9,529) (84) (9,613) Other financial liabilities 0 0 (86) (86) 0 0 (83) (83) Total 0 (4,750) (86) (4,836) 0 (9,529) (167) (9,696) The development of financial instruments of Level 3 is as follows: (In \u20ac million) Derivatives Participations Customer financing Total Written put options on NCI interests Commodity swap agreements Total Balance at 1 January 2022 0 703 118 821 (16) (78) (94) Business combination 0 0 0 0 0 0 0 Profit or loss 0 0 (32) (32) 0 (98) (98) Equity 0 41 0 41 (67) 0 (67) Settlements 0 0 0 0 0 92 92 Release 0 0 0 0 0 0 0 Balance at 31 December 2022 0 744 86 830 (83) (84) (167) Business combination 0 0 0 0 0 0 0 Profit or loss 0 0 30 30 0 84 84 Equity 0 (31) 0 (31) (3) 0 (3) Settlements 0 0 0 0 0 0 0 Others 0 0 0 0 0 0 0 Balance at 31 December 2023 0 714 116 830 (86) 0 (86) As at 31 December 2023, the fair value of the written put options on non-controlling interests (\u201cNCI puts\u201d) relating to ACLP amounts to \u20ac 86 million (2022: \u20ac 83 million) and includes an additional funding of ACLP by IQ in 2023. The fair value of these NCI puts is derived from a discounted cash flow analysis using the latest operating plan and a projection over the lifetime of the A220 programme. In addition, a post-tax WACC of 9.30% is used to discount the forecasted cash flows, taking into account the specificities of the programme (2022: 9.74%). Financial Assets Designated at Fair Value through Profit or Loss The following types of financial assets held at 31 December 2023 and 2022, respectively, are designated at fair value through profit or loss: (In \u20ac million) Nominal amount at initial recognition at 31 December 2023 Fair value at 31 December 2023 Nominal amount at initial recognition at 31 December 2022 Fair value at 31 December 2022 Designated at fair value through profit or loss at recognition: Money market funds 12,410 12,410 11,135 11,135 Foreign currency funds of fixed income funds 0 0 0 0 Total 12,410 12,410 11,135 11,135 The Company manages these assets and measures their performance on a fair value basis.
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 The fair values of listed equity instruments reflect quoted market prices. For non-listed equity investments for which quoted market prices are not available, the Company determines the fair values using valuation methods such as net asset values, discounted cash flow method or a comparable valuation technique. Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Contract assets, trade receivables and other receivables \u2014 The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the receivables\u2019 origination and their maturity. Securities \u2014 The fair values of securities reflect their quoted market price at the end of the reporting period. Cash and cash equivalents \u2014 include cash in hand, cash in banks, checks, fixed deposits as well as commercial papers and money market funds. The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the origination of the instrument and its maturity or due date. The fair value of commercial papers is determined based on Level 2 input by discounting future cash flows using appropriate interest rates. The fair values of money market funds are determined by reference to their quoted market price. Derivatives \u2014 The fair values of derivative instruments reflect quoted market prices, where available, but in most cases are determined using recognised valuation techniques such as option-pricing models (e.g. Black & Scholes model) and discounted cash flow models. The valuation is based on observable market data such as currency rates, currency forward rates, interest rates and yield curves, commodity forward prices as well as price and rate volatilities obtained from recognised vendors of market data. Furthermore, to the extent that these instruments are subject to master netting arrangements and similar agreements and managed on the basis of net credit exposure, their fair values reflect credit and debit value adjustments based on the net long or net short position that the Company has with each counterparty. Except for certain short-term commodity contracts and derivatives presented in the Level 3 section above, derivative fair values are measured based on Level 2 input.
37.2 Carrying Amounts and Fair Values of Financial Instruments
Financial assets at fair value through profit or loss \u2014 This category comprises all other financial assets (e.g. derivative instruments) that are to be measured at fair value (including equity investments for which the Company did not elect to present changes in fair value in OCI). The Company assigns its financial instruments into classes based on their balance sheet category.
The following table presents the carrying amounts and fair values of financial instruments by class and by IFRS 9 measurement category as of 31 December 2023: Fair value through profit or loss Fair value through OCI Financial assets and liabilities at amortised cost Financial instruments total (In \u20ac million) Amortised cost Fair value Book value Fair value Assets Other investments and other long-term financial assets Equity investments (1) 1,627 1,171 0 0 2,798 2,798 Customer financing 116 0 0 0 116 116 Other loans (2) 0 0 2,601 2,601 2,601 2,601 Trade receivables 0 0 4,725 4,725 4,725 4,725 Contract assets 0 0 1,849 1,849 1,849 1,849 Other financial assets Derivative instruments 1,227 0 0 0 1,227 1,227 Non-derivative instruments 0 0 1,546 1,546 1,546 1,546 Securities 0 8,809 0 0 8,809 8,809 Cash and cash equivalents 12,409 1,010 3,050 3,050 16,469 16,469 Total 15,379 10,990 13,771 13,771 40,140 40,140 Liabilities Financing liabilities Bonds and commercial papers 0 0 (9,067) (9,470) (9,067) (9,470) Liabilities to financial institutions and others 0 0 (2,907) (2,907) (2,907) (2,907) Finance lease liabilities (2) 0 0 (1,617) (1,617) (1,617) (1,617) Other financial liabilities Derivative instruments (4,750) 0 0 0 (4,750) (4,750) European Governments' refundable advances (3) 0 0 (3,856) (3,856) (3,856) (3,856) Others 0 (86) (592) (592) (678) (678) Trade liabilities 0 0 (14,323) (14,323) (14,323) (14,323) Total (4,750) (86) (32,362) (32,765) (37,198) (37,601) (1) Other than those accounted for under the equity method. (2) The carrying amounts are used as reasonable fair value approximations. (3) The European Governments\u2019 refundable advances of \u20ac\u2009-3,856 million are measured at amortised cost. Fair values cannot be reliably measured because their risk sharing nature and the uncertainty of the repayment dates give rise to a broad range of reasonable fair value estimates and make it impossible to reasonably assess the probabilities of the various estimates within the range. This may change and reliable fair value measures become available as the related programmes approach the end of production.
The following table presents the carrying amounts and fair values of financial instruments by class and by IFRS 9 measurement category as of 31 December 2022: Fair value through profit or loss Fair value through OCI Financial assets and liabilities at amortised cost Financial instruments total (In \u20ac million) Amortised cost Fair value Book value Fair value Assets Other investments and other long-term financial assets Equity investments (1) 1,474 1,166 0 0 2,640 2,640 Customer financing 86 0 0 0 86 86 Other loans (2) 0 0 2,129 2,129 2,129 2,129 Trade receivables 0 0 4,953 4,953 4,953 4,953 Contract assets 0 0 1,527 1,527 1,527 1,527 Other financial assets Derivative instruments 1,894 0 0 0 1,894 1,894 Non-derivative instruments 0 0 1,429 1,429 1,429 1,429 Securities 0 7,775 0 0 7,775 7,775 Cash and cash equivalents 11,135 1,001 3,687 3,687 15,823 15,823 Total 14,589 9,942 13,725 13,725 38,256 38,256 Liabilities Financing liabilities Bonds and commercial papers 0 0 (8,681) (9,071) (8,681) (9,071) Liabilities to financial institutions and others 0 0 (2,358) (2,358) (2,358) (2,358) Finance lease liabilities (2) 0 0 (1,734) (1,734) (1,734) (1,734) Other financial liabilities Derivative instruments (9,613) 0 0 0 (9,613) (9,613) European Governments' refundable advances (3) 0 0 (3,857) (3,857) (3,857) (3,857) Others 0 (83) (636) (636) (719) (719) Trade liabilities 0 0 (13,261) (13,261) (13,261) (13,261) Total (9,613) (83) (30,527) (30,917) (40,223) (40,613) (1) Other than those accounted for under the equity method. (2) The carrying amounts are used as reasonable fair value approximations. (3) The European Governments\u2019 refundable advances of \u20ac\u2009-3,857 million are measured at amortised cost. Fair values cannot be reliably measured because their risk sharing nature and the uncertainty of the repayment dates give rise to a broad range of reasonable fair value estimates and make it impossible to reasonably assess the probabilities of the various estimates within the range. This may change and reliable fair value measures become available as the related programmes approach the end of production.
Fair Value Hierarchy Fair value of financial instruments \u2014 The fair value of quoted investments is based on current market prices. If the market for financial assets is not active, or in the case of unlisted financial instruments, the Company determines fair values by using generally accepted valuation techniques on the basis of market information available at the end of the reporting period. Derivative instruments are generally managed on the basis of the Company\u2019s net exposure to the credit risk of each particular counterparty and fair value information is provided to the Company\u2019s key management personnel on that basis. For these derivative instruments, the fair value is measured based on the price that would be received to sell a net long position, or transfer a net short position, for a particular credit risk exposure as further described below. Depending on the extent the inputs used to measure fair values rely on observable market data, fair value measurements may be hierarchised according to the following levels of input: - Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities; - Level 2: inputs other than quoted prices that are observable for the asset or liability \u2013 fair values measured based on Level 2 input typically rely on observable market data such as interest rates, foreign exchange rates, credit spreads or volatilities; - Level 3: inputs for the asset or liability that are not based on observable market data \u2013 fair values measured based on Level 3 input rely to a significant extent on estimates derived from the Company\u2019s own data and may require the use of assumptions that are inherently judgemental and involve various limitations. The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input.
2023 2022 (In \u20ac million) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets measured at fair value Equity Investments 2,084 0 714 2,798 1,896 0 744 2,640 Derivative instruments 0 1,227 0 1,227 0 1,894 0 1,894 Securities 8,809 0 0 8,809 7,775 0 0 7,775 Customer financing 0 0 116 116 0 0 86 86 Cash equivalents 12,409 1,010 0 13,419 11,135 1,001 0 12,136 Total 23,302 2,237 830 26,369 20,806 2,895 830 24,531 Financial liabilities measured at fair value Derivative instruments 0 (4,750) 0 (4,750) 0 (9,529) (84) (9,613) Other financial liabilities 0 0 (86) (86) 0 0 (83) (83) Total 0 (4,750) (86) (4,836) 0 (9,529) (167) (9,696) The development of financial instruments of Level 3 is as follows: (In \u20ac million) Derivatives Participations Customer financing Total Written put options on NCI interests Commodity swap agreements Total Balance at 1 January 2022 0 703 118 821 (16) (78) (94) Business combination 0 0 0 0 0 0 0 Profit or loss 0 0 (32) (32) 0 (98) (98) Equity 0 41 0 41 (67) 0 (67) Settlements 0 0 0 0 0 92 92 Release 0 0 0 0 0 0 0 Balance at 31 December 2022 0 744 86 830 (83) (84) (167) Business combination 0 0 0 0 0 0 0 Profit or loss 0 0 30 30 0 84 84 Equity 0 (31) 0 (31) (3) 0 (3) Settlements 0 0 0 0 0 0 0 Others 0 0 0 0 0 0 0 Balance at 31 December 2023 0 714 116 830 (86) 0 (86) As at 31 December 2023, the fair value of the written put options on non-controlling interests (\u201cNCI puts\u201d) relating to ACLP amounts to \u20ac 86 million (2022: \u20ac 83 million) and includes an additional funding of ACLP by IQ in 2023. The fair value of these NCI puts is derived from a discounted cash flow analysis using the latest operating plan and a projection over the lifetime of the A220 programme. In addition, a post-tax WACC of 9.30% is used to discount the forecasted cash flows, taking into account the specificities of the programme (2022: 9.74%). Financial Assets Designated at Fair Value through Profit or Loss The following types of financial assets held at 31 December 2023 and 2022, respectively, are designated at fair value through profit or loss: (In \u20ac million) Nominal amount at initial recognition at 31 December 2023 Fair value at 31 December 2023 Nominal amount at initial recognition at 31 December 2022 Fair value at 31 December 2022 Designated at fair value through profit or loss at recognition: Money market funds 12,410 12,410 11,135 11,135 Foreign currency funds of fixed income funds 0 0 0 0 Total 12,410 12,410 11,135 11,135 The Company manages these assets and measures their performance on a fair value basis.
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 The fair values of listed equity instruments reflect quoted market prices. For non-listed equity investments for which quoted market prices are not available, the Company determines the fair values using valuation methods such as net asset values, discounted cash flow method or a comparable valuation technique. Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Contract assets, trade receivables and other receivables \u2014 The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the receivables\u2019 origination and their maturity. Securities \u2014 The fair values of securities reflect their quoted market price at the end of the reporting period. Cash and cash equivalents \u2014 include cash in hand, cash in banks, checks, fixed deposits as well as commercial papers and money market funds. The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the origination of the instrument and its maturity or due date. The fair value of commercial papers is determined based on Level 2 input by discounting future cash flows using appropriate interest rates. The fair values of money market funds are determined by reference to their quoted market price. Derivatives \u2014 The fair values of derivative instruments reflect quoted market prices, where available, but in most cases are determined using recognised valuation techniques such as option-pricing models (e.g. Black & Scholes model) and discounted cash flow models. The valuation is based on observable market data such as currency rates, currency forward rates, interest rates and yield curves, commodity forward prices as well as price and rate volatilities obtained from recognised vendors of market data. Furthermore, to the extent that these instruments are subject to master netting arrangements and similar agreements and managed on the basis of net credit exposure, their fair values reflect credit and debit value adjustments based on the net long or net short position that the Company has with each counterparty. Except for certain short-term commodity contracts and derivatives presented in the Level 3 section above, derivative fair values are measured based on Level 2 input.
37.2 Carrying Amounts and Fair Values of Financial Instruments
Financial assets at fair value through profit or loss \u2014 This category comprises all other financial assets (e.g. derivative instruments) that are to be measured at fair value (including equity investments for which the Company did not elect to present changes in fair value in OCI). The Company assigns its financial instruments into classes based on their balance sheet category.
Fair Value Measurement MethodEquity instruments \u2014 The fair values of listed equity instruments reflect quoted market prices. For non-listed equity investments for which quoted market prices are not available, the Company determines the fair values using valuation methods such as net asset values, discounted cash flow method or a comparable valuation technique. Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Cash and cash equivalents \u2014 include cash in hand, cash in banks, checks, fixed deposits as well as commercial papers and money market funds. The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the origination of the instrument and its maturity or due date. The fair value of commercial papers is determined based on Level 2 input by discounting future cash flows using appropriate interest rates. The fair values of money market funds are determined by reference to their quoted market price. Derivatives \u2014 The fair values of derivative instruments reflect quoted market prices, where available, but in most cases are determined using recognised valuation techniques such as option-pricing models (e.g. Black & Scholes model) and discounted cash flow models. The valuation is based on observable market data such as currency rates, currency forward rates, interest rates and yield curves, commodity forward prices as well as price and rate volatilities obtained from recognised vendors of market data. Furthermore, to the extent that these instruments are subject to master netting arrangements and similar agreements and managed on the basis of net credit exposure, their fair values reflect credit and debit value adjustments based on the net long or net short position that the Company has with each counterparty. Except for certain short-term commodity contracts and derivatives presented in the Level 3 section above, derivative fair values are measured based on Level 2 input.
37.2 Carrying Amounts and Fair Values of Financial Instruments
Financial assets at fair value through profit or loss \u2014 This category comprises all other financial assets (e.g. derivative instruments) that are to be measured at fair value (including equity investments for which the Company did not elect to present changes in fair value in OCI). The Company assigns its financial instruments into classes based on their balance sheet category.
The following table presents the carrying amounts and fair values of financial instruments by class and by IFRS 9 measurement category as of 31 December 2023: Fair value through profit or loss Fair value through OCI Financial assets and liabilities at amortised cost Financial instruments total (In \u20ac million) Amortised cost Fair value Book value Fair value Assets Other investments and other long-term financial assets Equity investments (1) 1,627 1,171 0 0 2,798 2,798 Customer financing 116 0 0 0 116 116 Other loans (2) 0 0 2,601 2,601 2,601 2,601 Trade receivables 0 0 4,725 4,725 4,725 4,725 Contract assets 0 0 1,849 1,849 1,849 1,849 Other financial assets Derivative instruments 1,227 0 0 0 1,227 1,227 Non-derivative instruments 0 0 1,546 1,546 1,546 1,546 Securities 0 8,809 0 0 8,809 8,809 Cash and cash equivalents 12,409 1,010 3,050 3,050 16,469 16,469 Total 15,379 10,990 13,771 13,771 40,140 40,140 Liabilities Financing liabilities Bonds and commercial papers 0 0 (9,067) (9,470) (9,067) (9,470) Liabilities to financial institutions and others 0 0 (2,907) (2,907) (2,907) (2,907) Finance lease liabilities (2) 0 0 (1,617) (1,617) (1,617) (1,617) Other financial liabilities Derivative instruments (4,750) 0 0 0 (4,750) (4,750) European Governments' refundable advances (3) 0 0 (3,856) (3,856) (3,856) (3,856) Others 0 (86) (592) (592) (678) (678) Trade liabilities 0 0 (14,323) (14,323) (14,323) (14,323) Total (4,750) (86) (32,362) (32,765) (37,198) (37,601) (1) Other than those accounted for under the equity method. (2) The carrying amounts are used as reasonable fair value approximations. (3) The European Governments\u2019 refundable advances of \u20ac\u2009-3,856 million are measured at amortised cost. Fair values cannot be reliably measured because their risk sharing nature and the uncertainty of the repayment dates give rise to a broad range of reasonable fair value estimates and make it impossible to reasonably assess the probabilities of the various estimates within the range. This may change and reliable fair value measures become available as the related programmes approach the end of production.
The following table presents the carrying amounts and fair values of financial instruments by class and by IFRS 9 measurement category as of 31 December 2022: Fair value through profit or loss Fair value through OCI Financial assets and liabilities at amortised cost Financial instruments total (In \u20ac million) Amortised cost Fair value Book value Fair value Assets Other investments and other long-term financial assets Equity investments (1) 1,474 1,166 0 0 2,640 2,640 Customer financing 86 0 0 0 86 86 Other loans (2) 0 0 2,129 2,129 2,129 2,129 Trade receivables 0 0 4,953 4,953 4,953 4,953 Contract assets 0 0 1,527 1,527 1,527 1,527 Other financial assets Derivative instruments 1,894 0 0 0 1,894 1,894 Non-derivative instruments 0 0 1,429 1,429 1,429 1,429 Securities 0 7,775 0 0 7,775 7,775 Cash and cash equivalents 11,135 1,001 3,687 3,687 15,823 15,823 Total 14,589 9,942 13,725 13,725 38,256 38,256 Liabilities Financing liabilities Bonds and commercial papers 0 0 (8,681) (9,071) (8,681) (9,071) Liabilities to financial institutions and others 0 0 (2,358) (2,358) (2,358) (2,358) Finance lease liabilities (2) 0 0 (1,734) (1,734) (1,734) (1,734) Other financial liabilities Derivative instruments (9,613) 0 0 0 (9,613) (9,613) European Governments' refundable advances (3) 0 0 (3,857) (3,857) (3,857) (3,857) Others 0 (83) (636) (636) (719) (719) Trade liabilities 0 0 (13,261) (13,261) (13,261) (13,261) Total (9,613) (83) (30,527) (30,917) (40,223) (40,613) (1) Other than those accounted for under the equity method. (2) The carrying amounts are used as reasonable fair value approximations. (3) The European Governments\u2019 refundable advances of \u20ac\u2009-3,857 million are measured at amortised cost. Fair values cannot be reliably measured because their risk sharing nature and the uncertainty of the repayment dates give rise to a broad range of reasonable fair value estimates and make it impossible to reasonably assess the probabilities of the various estimates within the range. This may change and reliable fair value measures become available as the related programmes approach the end of production.
Financial Assets Designated at Fair Value through Profit or Loss The following types of financial assets held at 31 December 2023 and 2022, respectively, are designated at fair value through profit or loss: (In \u20ac million) Nominal amount at initial recognition at 31 December 2023 Fair value at 31 December 2023 Nominal amount at initial recognition at 31 December 2022 Fair value at 31 December 2022 Designated at fair value through profit or loss at recognition: Money market funds 12,410 12,410 11,135 11,135 Foreign currency funds of fixed income funds 0 0 0 0 Total 12,410 12,410 11,135 11,135 The Company manages these assets and measures their performance on a fair value basis.
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 The fair values of listed equity instruments reflect quoted market prices. For non-listed equity investments for which quoted market prices are not available, the Company determines the fair values using valuation methods such as net asset values, discounted cash flow method or a comparable valuation technique. Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Cash and cash equivalents \u2014 include cash in hand, cash in banks, checks, fixed deposits as well as commercial papers and money market funds. The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the origination of the instrument and its maturity or due date. The fair value of commercial papers is determined based on Level 2 input by discounting future cash flows using appropriate interest rates. The fair values of money market funds are determined by reference to their quoted market price. Derivatives \u2014 The fair values of derivative instruments reflect quoted market prices, where available, but in most cases are determined using recognised valuation techniques such as option-pricing models (e.g. Black & Scholes model) and discounted cash flow models. The valuation is based on observable market data such as currency rates, currency forward rates, interest rates and yield curves, commodity forward prices as well as price and rate volatilities obtained from recognised vendors of market data. Furthermore, to the extent that these instruments are subject to master netting arrangements and similar agreements and managed on the basis of net credit exposure, their fair values reflect credit and debit value adjustments based on the net long or net short position that the Company has with each counterparty. Except for certain short-term commodity contracts and derivatives presented in the Level 3 section above, derivative fair values are measured based on Level 2 input.
37.6 Net Gains or Net Losses The Company\u2019s net gains or net losses recognised in profit or loss in 2023 and 2022, respectively, are as follows: (In \u20ac million) 2023 2022 Financial assets or financial liabilities at fair value through profit or loss Held for trading 182 497 Designated on initial recognition (110) 95 Financial assets at amortised cost (63) (232) Financial assets at fair value through OCI (previously available-for-sale) (66) 55 Financial liabilities measured at amortised cost 263 (75) Net losses of \u20ac\u2009-350 million (2022: \u20ac\u2009-1,169 million) are recognised directly in equity relating to financial assets at fair value. Interest income from financial assets or financial liabilities through profit or loss is included in net gains or losses.
",
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"f9718": {
"value": "37.2 Carrying Amounts and Fair Values of Financial Instruments
Fair Value Hierarchy Fair value of financial instruments \u2014 The fair value of quoted investments is based on current market prices. If the market for financial assets is not active, or in the case of unlisted financial instruments, the Company determines fair values by using generally accepted valuation techniques on the basis of market information available at the end of the reporting period. Derivative instruments are generally managed on the basis of the Company\u2019s net exposure to the credit risk of each particular counterparty and fair value information is provided to the Company\u2019s key management personnel on that basis. For these derivative instruments, the fair value is measured based on the price that would be received to sell a net long position, or transfer a net short position, for a particular credit risk exposure as further described below. Depending on the extent the inputs used to measure fair values rely on observable market data, fair value measurements may be hierarchised according to the following levels of input: - Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities; - Level 2: inputs other than quoted prices that are observable for the asset or liability \u2013 fair values measured based on Level 2 input typically rely on observable market data such as interest rates, foreign exchange rates, credit spreads or volatilities; - Level 3: inputs for the asset or liability that are not based on observable market data \u2013 fair values measured based on Level 3 input rely to a significant extent on estimates derived from the Company\u2019s own data and may require the use of assumptions that are inherently judgemental and involve various limitations. The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input.
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"f9720": {
"value": "37.2 Carrying Amounts and Fair Values of Financial Instruments
Financial Assets Designated at Fair Value through Profit or Loss The following types of financial assets held at 31 December 2023 and 2022, respectively, are designated at fair value through profit or loss: (In \u20ac million) Nominal amount at initial recognition at 31 December 2023 Fair value at 31 December 2023 Nominal amount at initial recognition at 31 December 2022 Fair value at 31 December 2022 Designated at fair value through profit or loss at recognition: Money market funds 12,410 12,410 11,135 11,135 Foreign currency funds of fixed income funds 0 0 0 0 Total 12,410 12,410 11,135 11,135 The Company manages these assets and measures their performance on a fair value basis.
",
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"f11541": {
"value": "39. Auditor Fees With reference to Section 2:382a (1) and (2) of the Netherlands Civil Code, the following fees for the financial year 2023 have been charged by EY to the Company, its subsidiaries and other consolidated entities: (In \u20ac thousand) 2023 2022 Audit of the Financial Statements 12,656 11,975 Other audit engagements 798 485 Tax services 233 316 Other non-audit services 3,691 793 Total 17,378 13,569 Other audit firms have audit fees related to audit process, certification and examination of individual and consolidated accounts of \u20ac\u20098 million in 2023 (2022: \u20ac\u20097 million).
",
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"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f11571": {
"value": "40. Events after the Reporting Date Airbus U.S. Space & Defense, Inc. acquired from Eutelsat OneWeb its 50% share of the Airbus OneWeb Satellites (AOS) joint venture, making Airbus the 100% owner of AOS and the satellite manufacturing facility in Merritt Island, Florida. The Airbus OneWeb Satellites joint venture, established in 2016, built more than 600 satellites at the rate of two per day for the OneWeb first generation constellation, currently operating on-orbit. Airbus Helicopters has signed an agreement to acquire Aerovel, the maker of Flexrotor, a small tactical unmanned aerial system designed for intelligence, surveillance, target acquisition and reconnaissance (ISTAR) missions at sea and over land. Aerovel, based in Bingen, Washington, will remain a US-owned company and will continue to collaborate with the US DoD under Airbus\u2019 Special Security Agreement (SSA). The acquisition is subject to regulatory approvals and customary closing conditions, with closing expected in 2024.
",
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}