Airbus alarm calls have not been useless so far

Announced to loud a year ago, the 5 billion of special appropriations provided by the Government to support sales of Airbus export, via funding of the French economy (SFEF) society, finally not served. Contrary to alarmist forecasts at the time, conventional circuits of financing - banking institutions and Government agencies for credit - are managed to meet the needs of airlines without having to resort to the funds of the SFEF, devised to cope with the severe credit crisis. "This mechanism has not been used, but we still have much more, through the Coface", says one government source, where discomfort is perceptible to the meagre balance of this exceptional device.

At the time, French initiative had been cited by leaders of EADS and Airbus, which would have to convince other countries Airbus partners to do the same, stirring the spectrum of cancellations cascade funding. But not only the "credit crunch" did not have the devastating effects for Airbus, but the European aircraft manufacturer is even managed to beat his record of deliveries, with 498 delivered equipment - and therefore paid for-l' last year.

Airbus alarm calls have not been useless so far. Because if the funds allocated to the SFEF (7 billion in total) have not been used, Coface, it will be never used. In 2009, the French credit insurance agency has provided its guarantee to 45 of sales of Airbus (outside the European Union), against 20 usually. In total, these are some 170 Airbus, whose sale could be compromised without the participation of Coface to the financial arrangements. Same thing for Boeing, 40 of sales of civilian aircraft last year were guaranteed by the Ex - Im Bank, the American equivalent of Coface, for an amount of $ 11.2 billion. "The total of the commitments made by these organizations has nearly doubled last year, compared to 2008, reaching the record amount of $ 21 billion, or about one-third of the total value of deliveries of Airbus and Boeing", said Bertrand Grabowski, specialist aircraft in DVB Bank financing.

Solvency of clients

An effort that the boss of EADS, Louis Gallois as CEO of Airbus, Tom Enders, hope well see to continue in 2010. Because if the year 2009 is past better planned, funding problems remain topical. Airbus and Boeing hope deliver roughly as many devices this year than in 2009, nearly a thousand to two. But, for all these shipments, air carriers will have to find $ 60 billion. But the solvency of the airlines become heavily loss-making for the most part, significantly deteriorated. As the banks, normally about 40 of the value of the aircraft, they are are certainly returned to lend, through injections of funds to States, but much more restrictively than before the crisis and much higher costs.

In addition, to limit cancellations, two aircraft manufacturers have profoundly reorganized their order books and delayed deliveries of the most vulnerable companies while advancing those better off companies. At Airbus, as are some 600 deliveries, out of a total of approximately 3,500 command devices, which have been delayed or advanced since the beginning of the crisis. But, in doing so, the European aircraft manufacturer has also increased the risk for the following years.

Hence the need to support at least equivalent State credit insurance.

'Major carriers Europeans and Americans, as well as Chinese companies, which are supported by the national banks and those of the Middle East, will not be too hard to fund, considers Bertrand Grabowski. However, all the others - who represent the equivalent of 30 billion dollars of orders - will still need the support of export credit agencies.

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