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Airbus profits hit by A400M costs
24 February 2017, 12:52 | Ignacio Smith
The Royal Air Force A400M landed in New Zealand yesterday
The company now wants new talks with its customers, the governments of Belgium, Britain, France, Germany, Luxembourg, Spain and Turkey, to ease the "heavy penalties" imposed for delivery delays.
Airbus said in a statement that its bottom-line net profit plummeted by 63 percent to 995 million euros previous year, shot down by a 2.2-billion-euro hit on the A400M.
"We have delivered on the commitments that we gave a year ago and achieved our guidance and objectives, with one exception, the A400M, where we had to take another significant charge totalling €2.2 billion in 2016", Airbus chief executive Tom Enders said.
And new faults were discovered in the propellor engines past year.
Enders, in a conference call with reporters, clarified that the group would ask clients to refrain from imposing further penalties over the A400M debacle.
"But it does not destroy, so to say, the underlying story of the improvement potential that we have ahead of us in the coming years and that goes particularly for earnings and for free cash flow", he added.
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He said Airbus expected to deliver over 20 of the military transporters this year, barring any unexpected problems.
A spokesman for OCCAR had said on Wednesday the agency was in regular and ongoing dialogue with Airbus, but declined comment on the company's request for new measures.
The total value of the group's order book was €1,060 billion at the end of December, up from €1,006 billion in 2015.
PARIS Airbus (AIR.PA) said engine maker Pratt & Whitney (UTX.N) still had to make an effort to improve on deliveries of engines for the A320neo jet, which were hit by delays previous year.
Airbus confirmed a projection of more than 700 jetliner deliveries in 2017, up from a record 688 in 2016.
Shares in Airbus sank on the earnings report then rallied, trading at 66.81 euros in early afternoon, barely down from Tuesday's close.
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