Airbus is the European leader in the aerospace and defence industry. Worldwide, the group is the second largest in this sector, just behind Boeing. In 2020, the aerospace industry experienced a major crisis due to the Covid-19 pandemic. The Covid-19 pandemic weighed heavily on the company's business in FY2020. As a result, the company posted mixed results for the year.
For the full twelve months of fiscal year 2020, Airbus achieved consolidated revenues of €49.9 billion, compared to €70.5 billion in fiscal year 2019. It therefore reports a sharp 29% year-on-year decline. This decline illustrates the difficult market context that has affected the commercial aircraft business.
In 2020, the group delivered a total of 566 commercial aircraft, compared with 863 in 2019. This represents a decline of 34%. For its part, Airbus Helicopters delivered 300 units over the whole year, compared with 332 units a year earlier. It achieved a turnover of 6.25 billion euros, compared with 6 billion euros in 2019. 6 billion in 2019, representing growth of 4%.
This strong performance is supported by a significant improvement in its service activities and a favourable product mix. On the other hand, Airbus Defence and Space saw its revenue decline by 4% year-on-year to €10.44 billion in 2020, compared with €10.91 billion in 2019.
This decline is due to the impact of the health crisis on business development, particularly within Space Systems.
For the full year 2020, Airbus Group's consolidated adjusted Ebit was €1.70 billion, compared to €6.94 billion for the full year 2019. This represents a sharp year-on-year decline of 75%. This underperformance is mainly due to the fall in commercial aircraft activities. However, it was partly offset by the significant contribution from Airbus Defence and Space and Airbus Helicopters.
For the full year 2020, Airbus Helicopters recorded an adjusted Ebit of € 471 million, compared to € 422 million a year earlier. This increase reflects strong business in the government sector and reliable programme execution. It also reflects the decrease in research and development (R&D) expenditure.
Airbus Defence and Space achieved an adjusted Ebit of €660 million in 2020. A year earlier, it was estimated at €565 million. This growth is mainly due to the cost reduction measures put in place.
It also reflects the decrease in R&D expenditure, which is partially offset by the effect of the health crisis. This is particularly true for the launcher sector.
In 2020, Airbus has an order backlog of 7,184 commercial aircraft. Airbus Helicopters' net order intake is 268, compared to 310 units a year ago. Airbus Defence and Space saw a 39% increase in order intake over the year. 11.9 billion.
For the full year 2020, the group's consolidated order intake amounted to €33.3 billion. This is down from €81.2 billion at 31 December 2019. As a result, the consolidated order book reached €373 billion at the end of 2020, compared to €471 billion a year earlier.
The decline in the commercial aircraft backlog shows that the number of deliveries exceeds the number of orders. It also illustrates the fall in the US dollar and the assessment of the recoverability of the backlog.
For the year 2020, Airbus reported a consolidated net loss of € -1.13 billion, compared to a shortfall of € -1.36 billion in the previous year. This includes a financial result of €-620 million in 2020, compared to €-275 million in 2019.
This result illustrates in particular an impact of -271 million euros, relating to interest. It also takes into account an amount of -157 million euros for the revaluation of repayable advances. It also reflects an impact of EUR -149 million relating to Dassault Aviation financial instruments.
The financial result takes into account the impact relating to the full impairment of the OneWeb loan obtained in Q1 2020. In addition, the company recorded a consolidated loss per share carried forward of EUR -1.45 for the year, compared to EUR 1.75 a year earlier.
At 31 December 2020, consolidated free cash flow (before mergers and acquisitions and customer financing) was -6.93 billion euros, compared with 3.50 billion euros at the same date last year. During the year, Airbus took numerous measures to manage the health crisis and maintain a strong cash position.
For the year as a whole, capital expenditure is estimated at almost €1.8 billion. They show a decrease of about €0.6 billion compared to 2019. At the end of December 2020, the consolidated free cash flow amounts to -7.36 billion euros, compared to 3.47 billion euros a year earlier.
At the end of 2020, the company had a consolidated net cash position of €4.3 billion, compared with €12.5 billion in 2019. The gross cash position is €21.4 billion in 2020, compared to €22.7 billion a year earlier.
The Airbus Group has decided not to pay a dividend for the financial year 2020. This is due to the global economic context. Indeed, the health crisis had strongly impacted several business sectors during the year. This situation did not spare the aircraft manufacturer.
Moreover, the company is present on the equity markets. The Airbus share is listed on the Paris stock exchange. It is part of the French CAC 40 stock market index. As of October 2020, the company's market capitalisation is estimated at 53.14 billion euros.