Dassault Aviation: 2019 first half-year results financial release

The 2019 Paris Air Show was the opportunity to take an important step towards the Future Combat Air System (FCAS) program. Under the aegis of French President Emmanuel Macron, and in the presence of the French, German and Spanish Defense Ministers, Éric Trappier, Chairman and Chief Executive Officer of Dassault Aviation, and Dirk Hoke, Chief Executive Officer of Airbus Defence and Space, signed the joint industrial proposal for the demonstrator programs covering the main FCAS components – namely the New Generation Fighter (NGF) and support drones, whose first mock-ups were also unveiled. France has been designated lead nation and Dassault Aviation lead contractor for the new fighter.

Regarding business jets, a very flat market at the beginning of the year led to an order intake of only 7 Falcon at the end of June despite numerous prospects and negotiations started during the period. July and August saw order intakes finalizations and achievements resulting in a total of 26 Falcon order intakes as of August 31, 2019 (including the 7 Falcon orders of the first half),

Considering the effort made in Falcon support since many years (Falcon Response, spare availability, service centers network…) the business jet market acknowledged Dassault Aviation’s great results. Dassault Aviation were ranked N°1 overall (AIN and ProPilot), N°1 for parts  availability (AIN and ProPilot), N°1 for parts cost (AIN), N°1 for AOG support (AIN), N°1 overall aircraft availability (AIN) and N°1 for service satisfaction (ProPilot).

We confirm our 2019 targets, as published in the annual release in February 2019. Reminder: delivery forecasts for 2019 of 45 Falcon and 26 Rafale (including the 1st Indian Rafale), and a significant rise in net sales.”

       

1.      Adjusted consolidated results of the first half of 2019

1.1  Order intake

Order intake in the first half of 2019 was € 2,900 million vs € 2,807 million in the first half of 2018. Export represented 27%.

The change in order intake was as follows, in € millions:

  H1 2019 H1 2018
     
Defense 2,273 78%1,58556%
  Defense France2,093  231 
  Defense Export180  1,354 
      
Falcon 627 22%1,22244%
      
Total order intake 2,900 2,807 
  % Export27% 92% 
     

The order intake item is entirely composed of firm orders.

Defense

Defense orders stood at € 2,273 million during the first half of 2019 vs € 1,585 million during the first half of 2018.

The increase in Defense France orders, € 2,093 million during the first half of 2019, vs € 231 million during the first half of 2018, is mainly due to the award of the RAVEL contract, consisting in integrated through-life operational condition maintenance for Rafale fleet and associated support.

Defense Export orders stood at € 180 million during the first half of 2019 vs € 1,354 million during the first half of 2018, when Qatar exercised the 12 additional Rafale option.

Falcon

During the first half of 2019, 7 Falcon were ordered vs 18 in the first half of 2018 (n.b.: at the end of august, 26 Falcon were ordered).

Falcon orders represented € 627 million in the first half of 2019 vs € 1,222 million in the first half of 2018. This decrease is mainly due to the fall in orders for new aircraft.

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