Dassault Aviation: 2019 first half-year results financial release


  H1 2019H1 2018
Order intake € 2,900 M



7 Falcon (n.b: end of August, 26 Falcon)
€ 2,807 M


12 Rafale Export
18 Falcon

Adjusted net sales (*) € 3,058 M


10 Rafale Export (n.b: end of August, 16)
17 Falcon (n.b: end of August, 23)
€ 1,709 M


2 Rafale France
15 Falcon
  as of June 30, 2019as of December 31, 2018

€ 19,226 M


91 Rafale (n.b: end of August, 85)
of which
28 Rafale France
63 Rafale Export (n.b: end of August, 57)
43 Falcon (n.b: end of August, 56)
€ 19,376 M


101 Rafale
of which
28 Rafale France
73 Rafale Export
53 Falcon
  H1 2019H1 2018
Adjusted operating income (*)


Adjusted operating margin
€ 250 M


8.2% of net sales
€ 111 M


6.5% of net sales
Research & Development € 258 M
8.4% of net sales
€ 143 M
8.4% of net sales
Adjusted net income (*) € 286 M€ 186 M
Adjusted net margin9.3% of net sales10.9% of net sales
  as of June 30, 2019as of December 31, 2018
Available cash € 4,756 M€ 5,211 M

Note: Dassault Aviation recognizes the Rafale Export contracts in their entirety (with the Thales and Safran parts) and the Operational Condition Maintenance (OCM) RAVEL contract for Rafale France, whereas for all other contracts, only the Dassault Aviation part is recognized.

(*) Main aggregates under IFRS (see attached reconciliation)

Consolidated net sales €3,066 M€1,720 M
Consolidated operating income €259 M€124 M
Consolidated net income €254 M€125 M

Saint-Cloud, September 4th, 2019 - The Board of Directors met yesterday under the chairmanship of Mr. Éric Trappier and approved the 2019 half year financial statements. The statutory auditors performed a limited review of these consolidated financial statements and the audit report for certification purposes is being issued.

Éric Trappier, Chairman and Chief Executive Officer of Dassault Aviation, stated:

“The first half of 2019 was dominated by uncertainty over the European elections, geopolitical tensions, terrorism, the trade war between China and the United States, Brexit and environmental pressures. The economic environment and the $/€ exchange rate remain unpredictable.

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