KEY FIGURES OF DASSAULT AVIATION
GROUP
|
|
H1 2024 |
H1 2023 |
|
Order intake(new aircraft in units) |
€5,134 million18 Export Rafale11 Falcon |
€1,682 million12 Falcon |
|
Adjusted net sales (*)(new aircraft in units) |
€2,538 million6 Rafale France12 Falcon |
€2,295 million2 Rafale Export2 Rafale France9 Falcon |
|
|
|
|
|
|
as of June 30, 2024 |
as of December 31, 2023 |
|
Backlog(new aircraft in units) |
€41,157 million223
RafaleIncluding 159 Export and 64 France83
Falcon |
€38,508 million211 RafaleIncluding 141 Export and 70 France84
Falcon |
|
|
|
|
|
|
H1 2024 |
H1 2023 |
|
Adjusted net operating income (*)Adjusted operating margin |
€170 million6.7% of net sales |
€151 million6.6% of net sales |
|
Research & Development |
€200 million |
€247 million |
|
Adjusted net income (*)Adjusted net margin |
€442 million17.4% of net sales |
€405 million17.6% of net sales |
|
|
|
|
|
|
as of June 30,2024 |
as of December 31, 2023 |
|
Available cash |
€8,786 million |
€7,294 million |
Note: Dassault Aviation recognizes
Rafale Export contracts in their entirety (including the Thales and
Safran parts).
Main aggregates under IFRS (see tables of
reconciliation in appendix)
|
(*) Consolidated net sales |
€2,538 million |
€2,297 million |
|
(*) Consolidated net operating income |
€169 million |
€152 million |
|
(*) Consolidated net income |
€476 million |
€362 million |
Saint-Cloud, July
23rd,2024 - The Board of
Directors, which met today, under the chairmanship of Mr. Éric
Trappier, approved the 2024 half year financial statement. The
Statutory Auditors have performed a limited review of these
consolidated financial statements and have expressed an unqualified
opinion.
At the end of the Board meeting, Éric Trappier
said:
“The global context in this first half-year
remains marked by the war in Ukraine and the state of war in the
Middle East. In France, the President of the Republic, as head of
the armed forces, wrote to defense manufacturers urging them to
step up their efforts in the context of a war economy. In response
to this call, I instructed Dassault Aviation employees to
prioritize Rafale production, for both France and for Export.
The first half of 2024 saw:
-
the entry into force of the third batch (18 Rafale) of the
Indonesia contract in January. As a result, the Group’s backlog
broke a new record, reaching EUR 41.2 billion on June 30,
2024 (306 aircraft – 159 Rafale Export, 64 Rafale France and 83
Falcon),
-
the first Falcon 6X customer deliveries, after its entry
into service in November 2023,
-
the delivery of 6 Rafale to France and 12 Falcon as the
Group continues to suffer from supply chain
problems,
-
adjusted net sales amounted to EUR 2,538 million
for the half-year, leading to adjusted net operating income of
EUR 170 million and Group adjusted net income of
EUR 442 million, i.e. a net margin of
17.4%.
With 495 aircraft ordered since its launch,
including 18 for Indonesia this half-year, the Rafale has confirmed
its success. Users of our fighter aircraft appreciate its
operational qualities as well as its continuous evolution in line
with new standards currently under development and those to be
introduced in the future. We are preparing for the future of the
Rafale with the F5 standard accompanied by a combat drone, and
remain committed to developing the F4 standard. The Group has
reaffirmed its crucial role as an architect of complex systems.
In the military sector, during the first
half of the year, we:
-
recorded order intake for the third batch (18 Rafale) of the
Indonesia contract,
-
delivered 6 Rafale to France, supported the French and export
fleets and continued work to develop the F4 standard.
In the civilian sector, during the first half of
the year, we:
-
recorded 11 Falcon orders, compared with 12 in the 1st half of
2023, and delivered 12 Falcon, compared with 9 in the 1st half of
2023,
-
delivered the first Falcon 6X to customers and continued the world
tour,
-
continued the development and manufacture of the first Falcon
10X. First deliveries are scheduled for 2027.
Corporate Social Responsibility remains a major
commitment of the Group, particularly for the decarbonization of
its products and processes. The SAF (Sustainable Aviation Fuel)
plan that we have put in place is ramping up by the intensification
of the use of alternative fuels. In 2024, the Group maintained an
attractive remuneration policy. The recruitment target is
approximately 2,000 new employees (of which more than half has been
achieved as of June 30th) with a focus on their integration and
training.
Like other major players in the aerospace
industry, the Group is suffering from a difficult supply chain.
There are many shortages in our production lines due to supplier
inefficiencies in some cases, especially in the aerostructure
sector. These difficulties have given rise to risks affecting
Falcon and Rafale deliveries, and also impact customer support. The
Group is taking internal and external measures to mitigate these
effects and to anticipate sub-contractor inefficiencies. Moreover,
given the links forged with Indian companies as part of the “Make
in India” initiative and the major business opportunities we have
there in the future, India has emerged as an opportunity to expand
our supply chain.
In a difficult context due to the supply chain,
our 2024 objectives remain unchanged : Increased revenue compared
to 2023, EUR 6 Bn range (of which 35 Falcon and 20 Rafale).”
Éric TRAPPIER, Chairman and Chief Executive
Officer of Dassault Aviation.
1. ORDER INTAKE
Order intake for the 1st half
of 2024 was EUR 5,134 million, vs.
EUR 1,682 million in the 1st half of 2023.
Export order intake stood at
96%.
Order intake was as follows, in millions
of euros:
|
|
H1 2024 |
% |
H1 2023 |
% |
|
Defense |
4,095 |
80% |
739 |
44% |
|
Defense Export |
3,871 |
|
572 |
|
|
Defense France |
224 |
|
167 |
|
|
|
|
|
|
|
|
Falcon |
1,039 |
20% |
943 |
56% |
|
|
|
|
|
|
|
Total order intake |
5,134 |
|
1,682 |
|
|
% Export |
96% |
|
88% |
|
The order intake is entirely composed of firm
orders.
Defense programs
Defense Export order intake
totaled EUR 3,871 million in the 1st
half of 2024, vs. EUR 572 million in the 1st half of
2023. In particular, the Group recorded an order for an additional
18 Rafale for Indonesia.
Defense France order intake
totaled EUR 224 million in the 1st half
of 2024, vs. EUR 167 million in the 1st half of 2023.
Falcon programs
During the 1st half of 2024, 11 Falcon
orders were recorded, compared with 12 orders in the 1st
half of 2023. Falcon order intake amounted to
EUR 1,039 million in the 1st half of the
year compared to EUR 943 million in the 1st half of 2023,
up mainly due to a favorable product mix.
2. ADJUSTED NET SALES
Adjusted net sales for the 1st
half of 2024 totaled EUR 2,538 million,
compared with EUR 2,295 million for the 1st half of 2023.
Export net sales stood at 59% in
the 1st half of 2024.
Consolidated sales were as follows, in
millions of euros:
|
|
H1 2024 |
% |
H1 2023 |
% |
|
Defense |
1,558 |
61% |
1,468 |
64% |
|
Defense Export |
552 |
|
851 |
|
|
Defense France |
1,006 |
|
617 |
|
|
|
|
|
|
|
|
Falcon |
980 |
39% |
827 |
36% |
|
|
|
|
|
|
|
Total adjusted net sales |
2,538 |
|
2,295 |
|
|
% Export |
59% |
|
71% |
|
Defense programs
Defense Export net sales
totaled EUR 552 million
in the 1st half of 2024, vs. EUR 851 million in the 1st
half of 2023.
Defense France net sales
totaled
EUR 1,006 million in
the 1st half of 2024, vs. EUR 617 million in the 1st half
of 2023.
6 Rafale were delivered to
France during the 1st half of 2024, compared with 4 Rafale (2
France and 2 Export) for the 1st half of 2023.
Falcon programs
12 Falcon were delivered
in the 1st half of 2024, compared with 9 in the 1st half of
2023.
Falcon net sales for the 1st
half of 2024 amounted to
EUR 980 million, vs.
EUR 827 million for the 1st half of 2023.
****
The “book-to-bill ratio” (order intake/net
sales) is 2.02 for the 1st half of 2024.
3. BACKLOG
The consolidated
backlog (determined in accordance with IFRS 15) was
EUR 41,157 million as of June 30, 2024,
compared with EUR 38,508 million as of December 31, 2023.
The backlog trend is as follows:
|
|
06/30/2024 |
% |
12/31/2023 |
% |
|
Defense |
36,399 |
88% |
33,862 |
88% |
|
Defense Export |
27,305 |
|
23,986 |
|
|
Defense France |
9,094 |
|
9,876 |
|
|
|
|
|
|
|
|
Falcon |
4,758 |
12% |
4,646 |
12% |
|
|
|
|
|
|
|
Total backlog |
41,157 |
|
38,508 |
|
|
% Export |
75% |
|
71% |
|
The Defense Export backlog
stood at EUR 27,305 million as of June
30, 2024 vs. EUR 23,986 million as of December 31, 2023.
This figure notably includes 159 new Rafale
compared with 141 new Rafale as of December 31, 2023.
The Defense France backlog
stood at EUR 9,094 million as of June
30, 2024, vs. EUR 9,876 million as of December 31, 2023. This
figure includes 64 Rafale, the support contracts
for the Rafale (Ravel), Mirage 2000 (Balzac) and ATL2 (OCEAN),
AlphaJet (AlphaCare) and the Rafale F4 standard.
The Falcon backlog stood at
EUR 4,758 million as of June 30, 2024,
vs. EUR 4,646 million as of December 31, 2023. It
includes 83 Falcon, compared with 84 as of
December 31, 2023.
4. ADJUSTED RESULTS
Adjusted net operating
income
Adjusted net operating income for the
1st half of 2024 came to
EUR 170 million, compared with
EUR 151 million in the 1st half of 2023.
R&D expenses in the 1st half of 2024, mainly
related to the Falcon 10X, totaled EUR 200 million
compared with EUR 247 million for the 1st half of
2023.
Operating margin was
6.7%, compared with 6.6% in the 1st half of
2023.
The hedging rate for the 1st half of 2024 was
USD 1.14/EUR, vs. USD 1.20/EUR in the
1st half of 2023.
Adjusted net financial
income
Adjusted net financial income for the
1st half of 2024 was
EUR 106 million, vs.
EUR 110 million for the same period in the previous year,
decreasing due to higher financing component, partially offset by
an increase in financial income.
Adjusted net income
Adjusted net income for the
1st half of 2024 was
EUR 442 million, compared with
EUR 405 million in the 1st half of 2023. The contribution
of Thales to the Group’s net income was EUR 231 million,
compared with EUR 206 million during the 1st half of
2023.
Adjusted net margin thus stood
at 17.4% for the 1st half of 2024 vs. 17.6% for
the 1st half of 2023.
Adjusted net income per share
for the 1st half of 2024 was EUR 5.62 vs.
EUR 4.92 for the 1st half of 2023.
5. 1ST
HALF 2024 CONSOLIDATED RESULTS UNDER IFRS
Consolidated net operating income
(IFRS)
Consolidated net operating
income for the 1st half of 2024 came to
EUR 169 million, compared with
EUR 152 million in the 1st half of 2023.
R&D expenses in the 1st half of 2024, mainly
related to the Falcon 10X, totaled EUR 200 million
compared with EUR 247 million for the 1st half of
2023.
Consolidated operating margin
stood at 6.7%, vs. 6.6% for the 1st half of
2023.
The hedging rate for the 1st half of 2024 was
USD 1.14/EUR, vs. USD 1.20/EUR in the
1st half of 2023.
Consolidated net financial income
(IFRS)
Consolidated net financial
income for the 1st half of 2024 came to
EUR 102 million vs.
EUR 111 million in the 1st half of 2023, decreasing due
to higher financing component, partially offset by an increase in
financial income.
Consolidated net income
(IFRS)
Consolidated net income for the
1st half of 2024 was
EUR 476 million,
compared with EUR 362 million in the 1st half of 2023.
The contribution of Thales to the Group’s net income was
EUR 269 million, compared with EUR 161 million
during the 1st half of 2023.
Consolidated net margin thus
stood at 18.8% for the 1st half of 2024, vs. 15.7%
for the 1st half of 2023.
Consolidated net income per
share for the 1st half of 2024 was
EUR 6.06 vs. EUR 4.40
for the 1st half of 2023.
6. AVAILABLE CASH
The Group uses a specific indicator called
“Available cash,” which reflects the amount of total liquidities
available to the Group, net of financial debts. It includes the
following balance sheet items: cash and cash equivalents, current
financial assets (at market value) and financial debt, excluding
lease liabilities. The calculation of this indicator is detailed in
the consolidated financial statements (Note 7 of the condensed
interim consolidated financial statements).
The Group’s available cash
stands at EUR 8,786 million as of June
30, 2024 vs. EUR 7,294 million as of December 31, 2023.
This increase is mainly due to the advances received on orders.
7. BALANCE SHEET (IFRS)
Total equity stood at
EUR 5,915 million
as of June 30, 2024 vs. EUR 5,742 million as of December
31, 2023.
Borrowings and financial debt amounted to
EUR 236 million as of June 30, 2024, compared with
EUR 262 million as of December 31, 2023. They are
composed of locked-in employee profit-sharing funds for
EUR 53 million and lease liabilities recognized for
EUR 183 million.
Inventories and work-in-progress increased by
EUR 929 million to stand at EUR 6,187 million
as of June 30, 2024.
Advance payments received on orders net of
advance payments to suppliers were up EUR 2,580 million
to stand at EUR 11,650 million.
The derivative financial instruments market
value stood at EUR -40 million as of June 30, 2024, vs.
EUR 29 million as of December 31, 2023.
This Financial Press Release may contain
forward-looking statements which represent objectives and cannot be
construed as forecasts regarding the Company's results or any other
performance indicator. The actual results may differ significantly
from the forward-looking statements due to various risks and
uncertainties, as described in the Half-year financial report.
CONTACTS:
Corporate Communication
Stéphane Fort - Tel. +33 (0)1 47 11 86 90 -
stephane.fort@dassault-aviation.com
Mathieu Durand - Tel. +33 (0)1 47 11 85 88 -
mathieu.durand@dassault-aviation.com
Investor Relations
Nicolas Blandin - Tel. +33 (0)1 47 11 40 27 -
nicolas.blandin@dassault-aviation.com
APPENDIX
FINANCIAL REPORTING
IFRS 8 “Operating Segments” requires the
presentation of information per segment according to internal
management criteria.
The entire activity of the Dassault Aviation
Group relates to the aerospace sector. The internal reporting made
to the Chairman and Chief Executive Officer, 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
lower level to this domain.
DEFINITION OF ALTERNATIVE PERFORMANCE
INDICATORS
To reflect the Group’s actual economic
performance, and for monitoring and comparability reasons, the
Group presented an adjusted income statement of:
-
foreign exchange gains/losses resulting from the exercise of
hedging instruments which do not qualify for hedge accounting under
IFRS standards. This income, presented as net financial income in
the consolidated financial statements, is reclassified as net sales
and thus as net 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 or losses on hedging
should only impact net income as commercial flows occur), with the
exception of derivatives allocated to hedge balance-sheet positions
whose change in fair value is presented as net operating
income;
-
amortization of assets valued as part of the purchase price
allocation (business combinations), known as “PPA”;
-
adjustments made by Thales in its financial reporting.
The Group also presents the “available cash”
indicator which reflects the amount of the Group’s total
liquidities, net of financial debt. It covers the following balance
sheet items:
-
cash and cash equivalents;
-
other current financial assets (mainly time deposits);
-
financial debt, excluding lease liabilities.
The calculation of this indicator is detailed in
the condensed interim consolidated financial statements (see Note
7).
Only consolidated financial statements are
audited by statutory auditors. Adjusted financial data are subject
to the verification procedures applicable to all information
provided in the half-yearly report.
IMPACT OF ADJUSTMENTS
The impact of the adjustments of income
statement aggregates for the 1st half of 2024 is set out below:
|
(in EUR thousands) |
Consolidated income statement H1 2024 |
Foreign exchange derivatives |
PPA |
Adjustments applied by Thales |
Adjusted income statement H1 2024 |
|
Foreign exchange gain/loss |
Change in fair value |
|
Net sales |
2,538,156 |
|
|
|
|
2,538,156 |
|
Net operating income |
168,190 |
|
|
1,059 |
|
170,039 |
|
Net financial income |
101,942 |
|
4,418 |
|
|
106,360 |
|
Share in net income of equity associates |
274,719 |
|
|
1,977 |
-40,417 |
236,279 |
|
Income tax |
-69,444 |
|
-1,141 |
-187 |
|
-70,772 |
|
Net income |
476,197 |
|
3,277 |
2,849 |
-40,417 |
441,906 |
|
Group share of net income |
476,197 |
|
3,277 |
2,849 |
-40,417 |
441,906 |
|
Group share of net income per equity (in euros) |
6.06 |
|
|
|
|
5.62 |
The impact of the adjustments of income
statement aggregates for the 1st half of 2023 is set out below:
|
(in EUR thousands) |
Consolidated income statement H1 2023 |
Foreign exchange derivatives |
PPA |
Adjustments applied by Thales |
Adjusted income statement H1 2023 |
|
Foreign exchange gain/loss |
Change in fair value |
|
Net sales |
2,297,181 |
-1,941 |
|
|
|
2,295,240 |
|
Net operating income |
151,593 |
-1,941 |
|
1,465 |
|
151,117 |
|
Net financial income |
110,957 |
1,941 |
-3,397 |
|
|
109,501 |
|
Share in net income of equity associates |
165,514 |
|
|
1,489 |
42,720 |
209,723 |
|
Income tax |
-66,360 |
|
877 |
-288 |
|
-65,771 |
|
Net income |
361,704 |
0 |
-2,520 |
2,666 |
42,720 |
404,570 |
|
Group share of net income |
361,704 |
|
-2,520 |
2,666 |
42,720 |
404,570 |
|
Group share of net income per equity (in euros) |
4.40 |
|
|
|
|
4.92 |
- Half Year Financial Release 2024
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