Airbus posts $478m impairment provision on customer deals

Seattle
Source: Flightglobal.com
This story is sourced from Flightglobal.com

Airbus posted an asset impairment provision of $478 million in 2011 related to customer financing, parent company EADS revealed in its 8 March earnings presentation.

Airbus has $1.1 billion in total exposure, down from $1.27 billion in 2010. The estimated collateral value was $627 million (versus $759 million), resulting in the impairment provision. The charge in 2010 was $507 million.

According to the Flightglobal's Ascend Online database, Airbus Financial Services has 20 aircraft; all but one (an A310-300) in service. There are three A300-600Rs owned by Tunisair; five in-service A310-300s operated by Air Transat (2), Iran Air (1) and Yemenia (2); five A318s, all with Avianca; two A330-200s leased by Intepid Aviation to Alitalia; two A340-300s, one each operated by Iberia and South Africa Airways; and two A380s leased to Emirates Airlines.