Order intake |
64 FALCON vs 58 in 2012 |
|
|
Deliveries |
77 FALCON and 11 RAFALE vs 66
FALCON and 11 RAFALE in 2012 |
|
|
Net sales |
EUR 4,593 million, up by 17% |
Adjusted net income* |
EUR 487 million, down by 5% |
Adjusted net
margin* |
10.6% |
(*)Cf. appendix: Table of reconciliation
between consolidated income and adjusted income.
SAINT-CLOUD, France, March 13, 2014 (GLOBE
NEWSWIRE) -- The Board of Directors, chaired by Mr. Éric
TRAPPIER, closed yesterday the financial statements for the year
2013. These consolidated financial statements were certified by the
Statutory Auditors who expressed an unqualified conclusion.
Concerning 2013 activity, Éric TRAPPIER,
Chairman and CEO of DASSAULT AVIATION, stated:
« 2013 was marked by the launch of the FALCON
5X, which widen the FALCON range of products, and by the
consolidation of the RAFALE program in France.
RAFALE and FALCON deliveries were in line with
our forecasts, despite of some difficulties among which the most
unpredictable was the US administration "shutdown".
The French Minister of Defense announced that,
in the long term, the armies would be equipped with a homogeneous
fleet of 225 RAFALE, in accordance with the conclusions of the
French Government "Livre Blanc", which lays down the principle of a
future fifth batch for our aircraft.
The "F3-R" standard notification which enhances
the RAFALE with new capacities, in response to operators' feedback,
and the ATLANTIQUE 2 upgrade contract, have contributed to the good
level of the Defense order intake.
The negotiations in India for the contract of
126 RAFALE aircraft progressed, in particular for the industrial
aspects.
The RAFALE prospecting continued in other
countries.
Tests of the nEUROn UCAV demonstrator were
carried out to the DGA's satisfaction and prepare the future of
combat aircraft in Europe.
Concerning business jets , 2013, year of the
fiftieth anniversary of our FALCON business jets family, was marked
by:
- FALCON 5X launch in November at the NBAA. This aircraft widens
our FALCON range of products,
- FALCON 2000S and 2000LXS EASA and FAA certifications,
nevertheless, FALCON deliveries remained higher than the orders,
which illustrates a market on recovery.
Order intake and backlog
2013 orders
amounted to EUR 4,165 million
compared to EUR 3,325 million in 2012. Export
represented 71% of the total order intake.
New orders, net of cancellations, stood at
64 FALCON in 2013 (compared to 58
FALCON in 2012).
Defense orders amounted to EUR
1,256 million in 2013 compared to EUR
793 million in 2012 and corresponded to support and
development. They were up by 58% compared to 2012. This increase is
mainly due to France RAFALE "F3-R" standard development contract
and to ATLANTIQUE 2 upgrade contract.
As of December 31st, 2013, consolidated backlog
amounted to EUR 7,379 million
compared to EUR 7,991 million as of December 31st 2012, down by
8%.
Net sales
Consolidated net sales amounted
to EUR 4,593 million compared to
EUR 3,941 million in 2012, up by 17%.
FALCON net sales increased by 14% compared to
2012. 77 FALCON were delivered in 2013 (compared
to 66 in 2012). The FALCON "book to bill" is lower than 1 (0.83),
illustrating the non recovery of the business jets market.
Increasing FALCON "book to bill" ratio above 1 is one of our main
challenges for 2014.
11 RAFALE were delivered to
French Air Force and Navy in 2013, as in 2012. Defense net sales
showed an upturn of 23% compared to last year. This increase came,
in particular, from the nEUROn program.
Operating income
2013 operating
income reached EUR 498 million compared
to EUR 547 million in 2012, down by 9%.
Operating margin stood at 10.9% compared to
13.9% in 2012.
This decrease is mainly due to the increase in
Research and Development costs and to a less favorable currency
hedging (1.26 $/€ vs. 1.24 $/€ in 2012).
Adjusted financial income
In 2013, adjusted financial income amounted to
EUR 15 million, compared to EUR 16 million in 2012.
In particular, the Group made a profit of EUR 10
million on the sale of some available-for-sale marketable
securities compared to a profit of EUR 12 million in 2012.
Adjusted net income
Adjusted net
income stood at EUR 487 million compared
to EUR 512 million in 2012, down by 5%.
Adjusted net margin reached
10.6%, vs 13.0% in 2012.
This deterioration mainly comes from the fall of
the Operating Income explained above.
THALES adjusted contribution to the Group net
income, before amortization of Purchase Price Allocation, amounted
to EUR 153 million in 2013 compared to EUR 146 million in 2012.
Financial situation
The Group has defined a specific indicator,
« available cash », that reflects the Group's total
liquidities net of borrowings.
Consolidated available cash was
EUR 3,708 million as of December
31st, 2013 compared to
EUR 3,760 million as of December 31st, 2012, down by EUR 52
million.
This slight decrease is mainly due to an
increase in working capital (EUR -397 million), the dividends paid
(EUR -94 million), the investments (EUR -66 million)
partially offset by the 2013 consolidated net cash from operating
activities (EUR +508 million).
Attributable equity amounted to EUR 5,112
million as of December 31st, 2013 compared to EUR 4,747 million as
of December 31st, 2012 (restated).
Proposed dividend
Considering the increase in self-funded research
and development outlay and the uncertainty of the market, the Board
of Directors has decided to recommend to the Annual General Meeting
the distribution of a dividend of EUR 8.90 per share (EUR 90
million) in 2014 compared to EUR 9.30 per share paid in 2013 (EUR
94 million).
2014
outlook
In 2014, many challenges are to be taken up.
Regarding military programs, we look forward to
the following decisive stakes:
- for the RAFALE, finalize the Indian contract, and
be mobilized on other important export prospectings,
- prepare the future of surveillance and combat
drones with the European partners,
- carry out the "F3-R" development, the ATLANTIQUE
2 upgrade successfully, and deliver the modernized FALCON 50
SURMAR.
Regarding business jets programs, our main
priorities for 2014 are:
- rebuild our backlog by a growth of order
intakes,
- continue the FALCON 5X development and make a
success of the assembly of the first aircraft,
- continue our efforts concerning FALCON customer
support,
- prepare the future by thinking upstream about the
future FALCON.
Innovation and cost control while maintaining a
high quality requirement are absolutely necessary to increase our
sales.
The ongoing implementation of new PLM/ERP
processes, the industrial organization and the development of the
strategic dies, the dual nature of our company, have to enable us
to face the commercial and industrial stakes of the Group.
In 2014, DASSAULT AVIATION Group expects to
deliver around 70 FALCON, provided the business jets market
recovery, and 11 RAFALE. 2014 net sales should be lower than 2013
net sales.
Contact : Stéphane Fort
Corporate Communication Tel. : + 33 (0)1 47 11 86 90
More information on :
www.dassault-aviation.com
Appendix : table of reconciliation between consolidated
income and adjusted income
The impact in 2013 of the change in fair value
of hedging instruments adjustments, the THALES PPA amortization,
and THALES adjustments on income statement is detailed below :
(EUR thousands) |
2013 Consolidated data |
THALES PPA amortization (1) |
THALES adjustments |
Change in fair value of derivative exchange instruments (2) |
2013 Adjusted data |
Financial income / expense |
87,565 |
|
|
-72,628 |
14,937 |
Share of income of equity affiliates |
77,945 |
57,333 |
18,250 |
|
153,528 |
Income tax |
-204,557 |
|
|
25,006 |
-179,551 |
Net income |
459,452 |
57,333 |
18,250 |
-47,622 |
487,413 |
The impact in 2012 of the
change in fair value of hedging instruments adjustments, the THALES
PPA amortization, and THALES adjustments on income statement is
detailed below :
(EUR thousands) |
2012 Consolidated data |
THALES PPA amortization (1) |
THALES adjustments |
Change in fair value of derivative exchange instruments (2) |
2012 Adjusted data |
Financial income / expense |
97,897 |
|
|
-82,154 |
15,743 |
Share of income of equity affiliates |
82,581 |
67,967 |
-4,081 |
|
146,467 |
Income tax |
-225,441 |
|
|
28,286 |
-197,155 |
Net income |
502,023 |
67,967 |
-4,081 |
-53,868 |
512,041 |
(1) neutralization of THALES Purchase Price Allocation
(PPA) amortization, net of income tax. (2) neutralization of the
change in fair value, net of income tax, of derivative exchange
instruments which do not qualify for hedge accounting under the
specific rules of IAS 39 «Financial Instruments». |
Readers are reminded that only the consolidated financial
statements are audited by the Group's statutory auditors. Adjusted
financial data are subject to the verification procedures
applicable to all of the information provided in this press
release.
Dassault Aviation: 2013 results press release
http://hugin.info/143388/R/1768341/601034.pdf
HUG#1768341
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