...reported 2014 results, which were largely within Fitch's expectations and underlined the present strength of the commercial aerospace markets as opposed to the continuing sluggishness of the defence segments. Cumulative growth of 5% in commercial revenue offset the 5% decline in defence-related markets, leading to sector- wide top-line growth of 1%. The order intake of EUR265bn in 2014 was again very strong (1.8x revenue), with around 75% of this from the civil sphere, pointing to likely top line growth in the short to medium term. EBIT and funds from operation (FFO) margins improved in 2014 owing to higher commercial production volumes, improved programme execution as well as the benefits from prior restructuring measures. All three factors are likely to again prove key in the expected margin growth in 2015. Collective free cash flows (FCF) were negative, chiefly as a result of large working-capital outflows, still high capex as well as a 15% rise in dividend payments. Ramp-up on some...
