Airbus has to write off fines, looses military contract
Aircraft manufacturer Airbus has written deep red figures for the past year. The European rival of Boeing had to write off considerably due to disappointing prospects for the sale of a military transport aircraft. Airbus also lost billions in a bribery settlement.
Below the line there was a deficit of € 1.4 billion. A year earlier, a profit of 3 billion euros was recorded. Revenues went up with more than a tenth to 70.5 billion euros. Now that competitor Boeing is in pain with the worldwide ban of the 737 MAX, there is just as much demand for Airbus aircraft.
The depreciation in connection with the A400M military transport aircraft amounts to 1.2 billion euros. Here Airbus is struggling with a German export ban on exports to Saudi Arabia.
At the end of last month it was announced that Airbus had agreed to a settlement of 3.6 billion euros with prosecutors in France, the United Kingdom and the United States. Those countries accuse the company of having paid bribes through intermediaries in 16 countries to win aircraft contracts.
Airbus also announced that it would buy out the Canadian Bombardier in the program for the regional A220 aircraft. Airbus now holds 75 percent of the shares in it, while the Canadian province of Québec owns the remaining quarter. That costs the European aircraft manufacturer $ 591 million.