COMMERCIAL AEROSPACE OPERATING REVIEW & OUTLOOK 2022 OVERVIEW The aviation industry gathered more momentum in its recovery from COVID-19 as travel restrictions across the world were further lifted, leading to the reopening of more routes. This provided the much needed lift for the MRO sector. Increased demand for air travel and air cargo also spurred new aircraft orders and freighter conversions, signaling confidence in the sustainable growth of air travel and air freight post-pandemic. Aircraft OEMs including Airbus and Boeing reported year-on-year increases in deliveries on the back of air travel recovery which reached about 77% of December 2019's (pre-pandemic) levels by end 2022. While the aviation sector experienced strong recovery, cost pressures remained a key concern as fuel and energy prices rose sharply during the year. Labour shortages and supply chain issues also continued to create near-term challenges for costs and capacity. Amid these challenges, our Commercial Aerospace business continued its recovery trajectory by securing new contracts and delivering on orders. We also continued to invest in new capabilities and technologies as part of our plans to grow and futureproof our businesses. WHAT WE ACHIEVED IN 2022 Redelivered the world’s first A320P2F aircraft Expanded MRO offerings with LEAP-1B quick-turn services and new distributorships for aircraft components Increased freighter conversion capacity with new modification sites in China and the U.S.
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