1. KEY FIGURES FOR THE 1st HALF OF 2018 (1st half 2017
restated PRO FORMA IFRS 15)
|
2018 1st half |
2017 1st half |
Order intake |
€
2,807 million |
€ 1,415
million |
18 Falcon (incl. F5X cancellation and 1st F6X orders)12
Rafale (Qatar) |
14 Falcon |
Adjusted net sales (*) |
€ 1,709 million 15 Falcon2
Rafale (France) |
€ 2,068 million 17 Falcon4 Rafale (3 Egypt + 1 France) |
|
|
|
|
as of June 30, 2018 |
as of December 31, 2017 |
Backlog |
€ 20,532 million 55 Falcon (no
F5X)111 Rafale (82 Export + 29 France)
|
€ 19,460 million 52 Falcon (incl. 5X not canceled)101
Rafale (70 Export + 31 France) |
|
|
|
|
2018 1st half |
2017 1st half |
Adjusted operating income (*) Adjusted operating margin
(*) |
€
111 million 6.5% of net sales |
€ 121
million 5.9% of net sales |
Research & Development |
€ 143 million8.4% of net sales |
€ 176 million8.5% of net sales |
Adjusted net income (*) |
€ 186 million |
€ 166 million |
Adjusted net income (*) / shareAdjusted net margin
(*) |
€ 22.4 per share10.9% of net sales |
€ 20.2 per share8.0% of net sales |
|
|
|
|
As of June 30, 2018 |
As of December 31, 2017 |
Available cash |
€ 5,029 million |
€ 4,121 million |
Note : Dassault Aviation recognizes the
Rafale Export contracts in their entirety (including the Thales and
Safran parts), whereas for France, only the Dassault Aviation part
is recognized.Main aggregates under IFRS
Consolidated net sales (*) |
€ 1,720 million |
€ 2,082 million |
Consolidated operating income (*) |
€ 124 million |
€ 112 million |
Consolidated net income (*) |
€ 125 million |
€ 357 million |
(*) See table of reconciliation between the
consolidated income statement and the adjusted income statement in
appendix.
2. 2018 outlook
The Group confirms its forecasts published on
March 8, 2018, namely the delivery of 40 Falcon and 12
Rafale (3 to France and 9 for Export) and 2018 net sales should
be close to 2017's.
TRIBUTE TO SERGE DASSAULT
The Board of Directors pays tribute to Serge
Dassault, who passed away on May 28 at the age of 93.
Serge Dassault, a graduate of the École
Polytechnique and the École Nationale Supérieure de l'Aéronautique,
started at the Company's engineering department in 1951 under the
direction of Henri Deplante before taking responsibility for flight
tests.
In that capacity, he oversaw the development of
several aircraft, such as the Super Mystère B2, Mirage III,
Etendard and Mirage IV.
After being appointed Military Export Director,
he handled the negotiations that led to the purchase of the Mirage
III by Switzerland and Australia. He also launched the Mystère 20
sales campaign in the United States.
After his time at Société Electronique Marcel
Dassault, which later became Electronique Serge Dassault, he became
Chairman and CEO of our Company from the end of 1986 until April
2000.
During that period, under his leadership, our
company successfully deployed long-term and large-scale strategies
consistent with the long cycles typical of our products.
He was a tenacious and hard worker man with a
spirit of conquest.
Aeronautics was his passion.
At last, he anticipated and settled his
successorship by appointing Charles Edelstenne, as head of GIMD
with the agreement of all of his children.
3. Group activities
3.1 Program
developments
Falcon programs
Highlights of the first half of 2018 were:
· the
order of 18 Falcon including Falcon 5X cancellations and the first
Falcon 6X orders, the sale of a 5th Falcon 2000 Maritime
Surveillance Aircraft to the Japanese coastguards, and the sale of
1 Falcon 2000LX converted to a testbed airplane to the German
Aerospace Research Center (DLR),
· the
delivery of 15 Falcon,
· on
February 28, 2018, the official launch and start of marketing of
the Falcon 6X. The program is unfolding as planned, with the
selection of the main partners and the installation of design
platforms in Saint-Cloud and Mérignac. This new aircraft will have
a range of 5,500 NM, unequaled comfort with a cabin width of 2.7 m
and a volume of 52.2 m3. This twinjet will be equipped with Pratt
& Whitney PWC 812D engines and will reach a maximum speed of
Mach 0.9,
· the
completion of flight tests for the certification of the Falcon Eye
system operational gains for the Falcon 8X,
· the
announcement of the new Falcon Connect service, an integrated
solution for communications management and data exchange between
aircraft and ground networks. This service will be available on new
aircraft and as a retrofit early 2019,
· concerning mission
aircraft, the February 28, 2018 decision by the French Government
to choose the Epicure mission Falcon to handle Universal Electronic
Warfare Capacity (CUGE), and replace, from 2025 on, the two
TRANSALL C-160 Gabriel currently in service,
· the
ongoing future Falcon specification.
DEFENSE programs
Rafale
Highlights of the RAFALE program in the first
half of 2018 were:
· the
entry into force of the option for 12 additional Rafale for Qatar
following the receipt of the first down payment on March 27,
2018,
· delivery of 2 Rafale to
France, bringing the total Rafale delivered to the French Forces to
151 out of the 180 aircraft ordered,
· the
delivery of the 9th Naval Rafale retrofitted from the F1 to the F3
standard,
· the
ongoing development of the F3-R standard,
· the
launching of preliminary studies for the development of the F4
standard,
· continued fulfillment of
Rafale contracts for Egypt, Qatar and India,
· training of pilots and
implementation of support for Qatar prior to the start of the 1st
aircraft deliveries,
· the
continuation of promotional and prospecting activities related to
Rafale Export.
Mirage 2000
For Mirage 2000, it should be noted that in the
1st half of 2018:
- upgrade works for the French Mirage 2000D continued,
- as well as discussions with the United Arab Emirates Armed
Forces following their announcement of their intention to upgrade
their Mirage 2000-9 fleet.
MARitime SURveillance and MARitime PATrol
aircraft
In addition to the sale of a 5th Falcon 2000
Maritime Surveillance Aircraft to the Japanese coastguards, and the
choice by the French Government for the Epicure Falcon mission, the
1st half of 2018 was marked by:
- continued system integration tests and flight tests for
renovation of the ATL2 combat system,
- the continuation of development works on Falcon 2000 Maritime
Surveillance Aircraft for the Japanese coastguards,
- the continuation of works to add capacity for dropping SAR
(Search And Rescue) chains for the French Navy's Falcon 50 SURMAR
fleet.
Drones:
For drones, highlights in the first half of 2018
included:
- the notification by the French Defense Procurement Agency (DGA)
of a new market for stealth flight studies and tests over the
period 2018-2020 for nEUROn, and consequently, the preparation of
the demonstrator for the 2018 flight test campaign,
- the end of the feasibility study for the UCAS (Unmanned Combat
Air System) demonstration program with our French and British
partners following the decision of the British government not to
continue that demonstration project,
- continuing construction with our partners Airbus Defense and
Space and Leonardo of the MALE RPAS (Medium Altitude Long Endurance
Remotely Piloted Aircraft System) drone project with European
technologies. The intermediate "System Requirements Review"
milestone was achieved on January 29, 2018, and a scale 1 model of
the aircraft was unveiled on April 26, 2018 at the ILA show in
Berlin. Germany is the leader country and Airbus the industrial
leader.
Finalization of the "Invitation To Tender" by
the OCCAR (Organization for Joint Armament Cooperation) is now
expected for the second half of 2018,
- further to the common statement in July 2017 between France and
Germany (French President and Chancellor of Germany), both
countries signed a Letter Of Intent in June 2018 to launch the
Future Air Combat System (SCAF) project to create a combat system
around a combat aircraft that combines piloted platforms
(future-generation fighter aircraft, tankers, Awacs) and drones :
France has been designated as the leading nation. At the same time,
Dassault Aviation and Airbus Defense and Space signed an agreement
confirming Dassault Aviation's leadership as architect for the
combat aircraft (ILA Berlin in April 2018).
We have now to establish the roadmap that shall
begin with the studies. Our goal is to obtain the launch of a
demonstrator,
- following the initial firm order for the upstream study program
"Man Machine Teaming" in 2017 (definition and concept modelling of
the Man System relationship in the future combat system) the 1st
studies have been implemented during 2018 1st half.
India
Indian needs for combat aircraft are material
(Request For Information for 110 aircraft for its Air Force and 57
aircraft for the Navy), the "Make in India" success is a
priority.
In this context, the civil and military
aeronautical activities of the Dassault Reliance Aerospace Limited
Joint Venture (JV DRAL), created in 2017, should enable us to meet
our offsets commitments provided for in the contract signed to
supply 36 Rafale, to build the foundations to reach our commercial
goals with India, and to improve our competitiveness in
manufacturing Falcon 2000 parts in India.
JV DRAL industrial operations were launched in
April 2018 in the presence of Loïk Segalen, Chief Operating Officer
of Dassault Aviation, and Suresh Kakani, Vice Chairman &
Managing Director of the supervisory authority for the development
of the free zone where JV DRAL is located.
The ramp-up will take place gradually according
to a milestoned industrial plan to ensure the performance of JV
DRAL at each stage of the transfer.
We have also launched the construction of the
initial infrastructure and have begun to recruit and train Indian
employees. The first Falcon 2000 subassemblies are expected to come
out of production in 2018.
When the Dassault Aviation Executive Committee
meeting was held in New Delhi in April 2018, the Directors and
Chief Executives of the company went to India to acknowledge the
development of JV DRAL and reaffirm Dassault Aviation's commitment
to "Make in India".
The GIFAS visit to India led by Eric Trappier,
Chairman of GIFAS, also gave a large delegation of French industry
leaders the opportunity to go to Nagpur to interact with the JV
DRAL management team and promote the development of partnerships
between Indian and French Supply Chains. We have also continued to
establish a production line in India with the implementation of a
local supply chain for pylons, drums, primary parts and
engineering.
3.2 Customer support
Civil customer support:
With respect to Falcon customer support, in the
first half of 2018, we:
- continued to expand our network with the approval of a new
service center in Canada (Toronto),
- marketed new services and technical solutions for the fleet
including broadband connectivity (Ka for F900, Ku and 4G for
7X),
- implemented specific support for the FIFA World Cup in Russia
and the Olympic Winter Games in Korea,
- organized 8 Maintenance and Operations seminars that brought
together more than 750 Falcon operators, representing more than
1,200 people with partners.
Military customer support:
As regards military customer support, we:
- continued supporting Rafale aircraft in service delivered to
France and Egypt,
- continued to conduct Major Visits or periodic visits of Mirage
2000 and AlphaJet fleets in Qatar and the Mirage 2000-9 fleet in
the United Arab Emirates,
- supported the Mirage 2000 fleet for French and foreign armed
forces.
It should be noticed that, in June 2018, the
Mirage 2000N was retired from operational service after 30 years in
the French forces.
4. ADJUSTED CONSOLIDATED RESULTS of THE 1st HALF OF
2018
4.1 Order intake
Order intake in the first half of 2018
was EUR 2,807 million, compared with EUR 1,415 million
in the 1st half of 2017 (IFRS 15 pro forma). Export
represented 92%.
The change in order intake was as follows, in
EUR millions:
|
Defense |
Falcon |
Total |
%Export |
|
France |
Export |
2017 1st half |
221 |
172 |
1,022 |
1,415 |
83% |
28% |
72% |
2018 1st half |
231 |
1,354 |
1,222 |
2,807 |
92% |
56% |
44% |
The order intake item is entirely composed of
firm orders.
Falcon programs
During the 1st half of 2018, 18 Falcon were
ordered including Falcon 5X cancellations and 1st Falcon 6X orders,
compared to 14 orders over the 1st half of 2017.
Falcon orders represented EUR 1,222
million in the 1st half of 2018, compared with EUR 1,022
million in the 1st half of 2017 (IFRS 15 pro forma). This rise
results from an increase in orders for new aircraft.
Defense programs
Defense orders stood at EUR 1,585
million during the first half of 2018, compared to EUR 393
million during the first half of 2017 (IFRS 15 pro forma).
The increase in Defense Export orders, EUR
1,354 million during the first half of 2018 compared with EUR
172 million during the first half of 2017 (IFRS 15 pro forma) is
mainly due to the entry into force of the 12 Rafale option of
Qatar.
4.2 Net sales
Adjusted consolidated net sales for the
first half of 2018 were EUR 1,709 million, compared to EUR
2,068 million for the first half of 2017 (IFRS 15 pro forma).
Export represented 80% in the first half of 2018.
The change in net sales was as follows, in
EUR millions:
|
Defense |
Falcon |
Total |
%Export |
|
France |
Export |
2017 1st half |
226 |
693 |
1,149 |
2,068 |
86% |
44% |
56% |
2018 1st half |
288 |
234 |
1,187 |
1,709 |
80% |
31% |
69% |
Falcon programs
15 Falcon were delivered in the 1st half
of 2018, compared to 17 in the 1st half of 2017.
Falcon net sales for the 1st half of 2018
were EUR 1,187 million, compared to EUR 1,149 million
for the 1st half of 2017 (IFRS 15 pro forma).
Defense programs
2 Rafale were delivered to France in the
1st half of 2018, compared to 3 Rafale to Egypt and 1 Rafale to
France in the 1st half of 2017.
Defense net sales for the 1st
first half of 2018 were EUR 522 million,
compared to EUR 919 million for the 1st first half of 2017 (IFRS 15
pro forma).
****
The "book to bill" ratio (order intake/net
sales) was 1.64 in the first half of 2018.
4.3 Backlog
The consolidated backlog as of June 30, 2018 was
EUR 20 532 million, compared to EUR 19,460 million as
of December 31, 2017 (IFRS 15 pro forma). The increase is mainly
due to the entry into force of the 12 Rafale option of Qatar
The Falcon backlog stood at EUR 2,466
million, compared to EUR 2,457 million as of December 31, 2017
(IFRS 15 pro forma). In particular, it includes 55 Falcon
with no more Falcon 5X (compared with 52 as of December 31, 2017,
including Falcon 5X not canceled).
The French Defense backlog stood at EUR 2,982
million, compared to EUR 3,039 million as of December 31, 2017
(IFRS 15 pro forma). It includes in particular 29 Rafale
(compared to 31 as of December 31, 2017).
The Defense Export backlog stood at EUR
15,084 million, compared to EUR 13,964 million as of December
31, 2017 (IFRS 15 pro forma). It includes, in particular, 10
Rafale Egypt, 36 Rafale Qatar and 36 Rafale India
(compared to 10 Rafale Egypt, 24 Rafale Qatar and 36 Rafale India
as of December 31, 2017).
4.4 Results
IFRS 15 impacts - Revenue Recognition
The financial statements for the first half of
2017 were restated in accordance with the application of IFRS 15,
which sets out standards for revenue recognition.
The most material impact of applying this
standard is the inclusion of a financing component when it is
significant, to reflect a "cash sale price" for the service
provided. The financing component exists when there is, for a given
contract, a significant difference between the moment when cash is
received and the moment when the revenue is recognized.
Future revenue and therefore the operating
income, from the relevant contracts will be increased by this
financing component, offset by a financial expense recognized along
the duration of the contract.
The IFRS 15 impacts on adjusted net income for
the 1st half of 2017 are as follows:
In €
millions |
H1
2017 Adjusted Published |
IFRS
15 impact |
H1
2017 Adjusted Restated |
|
|
|
|
NET
SALES |
2,050 |
18 |
2,068 |
|
|
|
|
OPERATING RESULT |
123 |
-2 |
121 |
Operating margin |
6.0% |
|
5.9% |
FINANCIAL RESULT |
16 |
-34 |
-18 |
THALES
and shares in other equity associate |
106 |
-9 |
97 |
INCOME
TAXES |
-46 |
12 |
-34 |
|
|
|
|
NET
RESULT |
199 |
-33 |
166 |
Net
margin |
9.7% |
|
8.0% |
Operating income
Adjusted operating income for the 1st half of
2018 was EUR 111 million, compared to EUR 121 million
during the 1st half of 2017 (IFRS 15 pro forma).
The operating margin was 6.5%,
compared to 5.9% for the 1st half of 2017 (IFRS 15 pro forma). This
increase is mainly explained by the improvement of the 1st half
hedging rate at 1,19 €/$ compared to 1,23 €/$.
Financial result
Adjusted financial income for
the 1st half of 2018 was EUR -38 million, compared to
EUR -18 million in the 1st half of 2017 (IFRS 15 pro forma) as a
result of the financing component booked related to Rafale
contracts.
Net income
Adjusted net income in the 1st half of
2018 was EUR 186 million, compared to EUR 166 million in
the 1st first half of 2017. The contribution of Thales to the
Group's net income was EUR 132 million, compared to EUR 95 million
during the 1st half of 2017 (IFRS 15 pro forma).
Adjusted net margin stood at 10.9%
in the 1st half of 2018, compared to 8.0% in the 1st half of 2017
(IFRS 15 pro forma).
5. Financial Structure
5.1 Available cash
The Group uses a specific indicator called
"Available Cash" defined in appendix.
The Group's available cash stood at
EUR 5,029 million as of June 30, 2018, compared to EUR 4,121
million as of December 31, 2017, up by EUR 908 million mainly due
to Rafale Export down payments received partly balanced by the
increase of the Rafale export inventories and work-in-progress.
5.2 Balance sheet
Note that the balance sheet impacts of IFRS 9
and 15 restatements are detailed in the appendix of our
consolidated financial statements.
Total equity amounted to EUR 3,819
million as of June 30, 2018, compared to EUR 3,721 million as
of December 31, 2017. This increase is mainly explained by the
consolidated IFRS net income over the period.
Borrowings and financial debts amounted to EUR
1,046 million as of June 30, 2018, compared to EUR 1,095 million as
of December 31, 2017. They include loans taken out by the Group in
2014 and 2015 for EUR 925 million (EUR 25 million having been paid
back during the 1st half 2018) and locked-in employee
profit-sharing funds.
Inventories and work-in-progress increased by
EUR 334 million and stood at EUR 3,806 million as of June 30,
2018. This increase is notably explained by the increase in Rafale
Export work-in-progress.
Advances and progress payments received from
customers net of advances and progress payments paid to suppliers
were up by EUR 1,204 million as of June 30, 2018, due primarily to
progress payments received under the scope of Rafale Export
contracts.
Derivative financial instruments had a market
value of EUR 70 million at June 30, 2018, compared to EUR 161
million as of December 31, 2017. This increase is connected to
changes in the €/$exchange rate between June 30, 2018 and December
31, 2017 (€/$ 1.17 vs. €/$ 1.20).
6. Shareholder information
In order to allow the Company to act at any time
with regard to its own shares, the General Meeting of May 24, 2018
approved the implementation of a new share buyback program. The
program authorizes the acquisition of a number of shares
representing up to 10% of the Company's capital at a maximum price
of EUR 1,700 per share over a period of 18 months beginning on
May 24, 2018. This program enters into force on July 19,
2018.
The General Meeting of May 24, 2018 also decided
to offer shareholders the opportunity to opt for a payment in
shares of all or part of the dividend to which they were eligible
for the year ended December 31, 2017.
Due to the option exercised by certain
shareholders to receive payment of the dividend in shares, the
Chairman and Chief Executive Officer recorded on June 22, 2018 the
creation of 36,782 new shares. The capital of the Company has
therefore increased from EUR 66,495,368 to EUR 66,789,624. These
transactions took effect on June 27, 2018.
Capital structure
The Company's share capital totaled EUR 66,789,624 as of June
30, 2018. It is divided into 8,348,703 shares, each with a par
value of EUR 8. The shares are listed on the regulated "Euronext
Paris" market - Compartment A - International Securities
Identification Numbers (ISIN Code): FR0000121725. They are eligible
for deferred settlement.
As of June 30, 2018, Dassault Aviation
shareholders are as follows:
Shareholders |
Number of shares |
% |
Exercisable voting rights |
% |
GIMD |
5,196,076 |
62.2 |
10,314,316 |
76.8 |
Free-Float |
2,289,624 |
27.4 |
2,293,195 |
17.1 |
Airbus |
825,828 |
9.9 |
825,828 |
6.1 |
Dassault Aviation |
37,175 |
0.5 |
|
|
TOTAL |
8,348,703 |
100.0 |
13,433,339 |
100.0 |
It should be noted that by law, shares held in
registered accounts for more than two years have been entitled to
double voting rights since April 3, 2016.
7. Conclusion
The global economic environment in the first
half of 2018 was marked by sharp trade tensions between the United
States and China and between the United States and Europe, the
United States' withdrawal from the agreement with Iran, conflicts
in the Middle East, and instability in Europe, which included
Brexit, the volatility of the dollar, and rising oil prices.
Besides, the French Defense Procurement
2019-2025 law was discussed and voted in the 1st half of 2018, the
military partnership between France and Germany was reaffirmed and
the European Defense Fund was launched by European Union.
The positive trend in the business jet market
was confirmed, with a recovery in North America and the Asia
Pacific region for new aircraft (despite continued competitive
pressure) and a decrease in the pre-owned aircraft available for
sale (but still at low prices).
In this context, Dassault Aviation is to face
four major challenges: establishment in India, preparation for the
Future Air Combat System (SCAF), development of the Falcon 6X, and
enhancement of the Company's transformation.
"Make in India" shall be our priority with
ambitious goals: obtaining new Rafale orders, gaining
competitiveness in business aviation, multiplying high technology
projects.
We are also fully engaged in SCAF project, which
aims to create a network combat system based on a combat aircraft
that combines drones and surveillance devices. We are starting to
develop this aircraft, with Airbus, as part of a Franco-German
cooperative effort.
The implementation of the Dassault Systèmes
3DEXPERIENCE(TM) collaborative engineering platform will be one of
the solutions for meeting our future challenges, in the frame of
our transformation plan "Leading our Future".
We confirm the objectives for 2018 as they
appeared in the annual publication in March 2018:
- obtain qualification of the F3-R standard,
- conclude a contract for the Rafale F4 standard,
- sign with France the CUGE order for the Epicure mission
Falcon,
- contribute in the definition of the proposal for a contract to
launch the MALE program before the end of 2018,
- pursue nEUROn development and tests (additional batch of
works),
- launch technico-operational studies to define the roadmap for
the airborne warfare of the future,
- conclude with United Arab Emirates the upgrade of their Mirage
2000-9,
- continue promotion and sale of our Falcon and
Rafale,
- perform the Falcon and Rafale contracts in terms of quality,
time and cost objectives,
- pursue our efforts in fleet support, key to customers'
loyalty,
- develop the Falcon 6X,
- design and engineer the future Falcon (phase A),
- make the start of the "Make in India" industrial line
successful, from the production of the very first parts,
- ensure good execution of the Transformation Plan.
We also confirm our 2018 guidance : 40 Falcon
deliveries, 12 Rafale deliveries (9 Export and 3 France) and 2018
net sales close to 2017's.
The Board of Directors that chaired today closed
the financial statements of the first half of 2018. The statutory
auditors performed a limited review of these consolidated financial
statements and expressed an unqualified opinion.
Eric Trappier, CEO
APPENDIX
Financial reporting
The IFRS 8 "operational sectors" standard requires the
presentation of information per segment according to internal
management criteria.
The entire activity of the Dassault Aviation
Group relates to the aviation and aerospace domain. The internal
reporting made to the Chairman and CEO, and to the Chief Operating
Officer, as used for the strategy and decision-making, includes no
performance analysis, under the terms of IFRS 8, at a level
subsidiary to this domain.
Definition of alternative performance indicators
To reflect the actual economic performance of the Group, and for
monitoring and comparability reasons, the Group presented an
adjusted income statement, adjusted for the impact of:
- gains and losses resulting from the exercise of hedging
instruments which do not qualify for hedge accounting under IFRS
standards. This income, presented as financial income in the
consolidated income statement, is reclassified as net sales and
thus as operating income in the adjusted income
statement,
- the value of foreign exchange derivatives which do not qualify
for hedge accounting, by neutralizing the change in fair value of
these instruments (the Group considering that gains and losses on
hedging should only impact income as commercial flows occur), with
the exception of derivatives allocated to hedge balance-sheet
positions whose change in fair value is presented as operating
income,
- the amortization of the Thales purchase price allocation
(PPA),
- the adjustments made by Thales in its financial reporting.
The Group also presents an "available cash" indicator that
reflects the amount of the Group's total liquidities, net of
financial debt. It covers the following balance sheet items:
- cash and cash equivalents,
- available-for-sale marketable securities (at their market
value),
- financial debts.
We recall that only the interim condensed
consolidated financial statements are reviewed by the Statutory
Auditors. The adjusted financial data is subject to the
verification procedures applicable to all information provided in
the half-yearly financial report.
Impact of the adjustments
The impact in the first half of 2018 of the
adjustments to income statement aggregates is presented below:
(in EUR thousands) |
Consolidated income statement H1 2018 |
Foreign exchange derivatives |
Thales PPA |
Adjustments applied by Thales |
Adjusted income statement H1 2018 |
Foreign exchange gain/loss |
Change in fair value |
Net sales |
1,720,122 |
-8,024 |
-2,898 |
|
|
1,709,200 |
Operating income |
124,096 |
-8,024 |
-5,020 |
|
|
111,052 |
Financial income/expense |
-82,610 |
8,024 |
36,702 |
|
|
-37,884 |
Share
in net income of equity associates |
93,601 |
|
|
19,775 |
20,097 |
133,473 |
Income tax |
-10,406 |
|
-10,520 |
|
|
-20,926 |
Net income |
124,681 |
|
21,162 |
19,775 |
20,097 |
185,715 |
Group share of net income |
124,665 |
|
21,162 |
19,775 |
20,097 |
185,699 |
Group share of net income per share (in euros) |
15.1 |
|
|
|
|
22.4 |
The impact in the first half of 2017 of the
adjustments to income statement aggregates is presented below:
(in EUR thousands) |
Consolidated income statement H1 2017 restated |
Foreign exchange derivatives |
Thales PPA |
Adjustments applied by Thales |
Adjusted income statement H1 2017 restated |
Foreign exchange gain/loss |
Change in fair value |
Net sales |
2,081,633 |
-13,392 |
|
|
|
2,068,241 |
Operating income |
112,461 |
-13,392 |
22,017 |
|
|
121,086 |
Financial income/expense |
345,123 |
13,392 |
-376,632 |
|
|
-18,117 |
Share
in net income of equity associates |
55,523 |
|
|
19,847 |
21,783 |
97,153 |
Income tax |
-156,241 |
|
121,866 |
|
|
-34,375 |
Net income |
356,866 |
|
-232,749 |
19,847 |
21,783 |
165,747 |
Group share of net income |
356,857 |
|
-232,749 |
19,847 |
21,783 |
165,738 |
Group share of net income per share (in euros) |
43.4 |
|
|
|
|
20.2 |
- Financial Release – July 19, 2018.pdf
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