Multinational aircraft and aerospace supplier Airbus has provided further details of the restatement of its 2017 financial figures to account for the implementation of IFRS 15 Revenue from contracts with customers, which will see a 20% increase in earnings before interest and taxes (EBIT) adjusted
Airbus has already stated that from Q1 2018, its financials will be prepared under full application of IFRS 15 using the full retrospective method of implementation, with 2017 restated by quarter.
It has now provided details of the restatement, which the company says are provided for comparative purposes, in advance of the Q1 2018 financial disclosure on 27 April, in which the Q1 2018 financials will be prepared under IFRS 15.
The restatement shows the IFRS 15 changes do not impact the 2017 reported free cash flow or net cash position. There is no change to the FY 2018 guidance as provided in the FY 2017 disclosure.
Airbus says based on around 800 commercial aircraft deliveries, compared to the 2017 EBIT adjusted of € 4.25bn (£3.7bn) as already reported, the company expects, before M&A, an increase in EBIT adjusted of approximately 20%.
IFRS 15 is expected to further increase EBIT adjusted by an estimated € 0.1bn. Free cash flow is expected to be at a similar level as 2017, before M&A and customer financing.
The restatements resulting from the change in reporting segments do not change the 2017 figures at a consolidated Airbus level.
In 2017 Airbus generated reported revenues of €67bn - or € 59bn restated for IFRS 15.
Report by Pat Sweet