Dassault Aviation: 2019 first half-year results financial release

1.2  Net sales

Adjusted consolidated net sales for the first half of 2019 amounted to € 3,058 million, vs € 1,709 million for the first half of 2018. Export accounted for 82% in the first half of 2019.

The change in net sales was as follows, in € millions:

  H1 2019 H1 2018
     
Defense 2,072 68%52231%
  Defense France535  288 
  Defense Export1,537  234 
      
Falcon 986 32%1,18769%
       
Total Net sales 3,058 1,709 
  % Export82% 80% 
     

Defense

10 Rafale were delivered to Qatar in the first half of 2019 vs 2 Rafale delivered to France in the first half of 2018. (n.b.: at the end of August, 16 Rafale Export were delivered).

Defense net sales for the first half of 2019 totaled € 2,072 million vs € 522 million for the first half of 2018.

Defense France net sales stood at € 535 million for the first half of 2019, vs € 288 million for the first half of 2018. The increase is due to the delivery to the French State of the upgrade of the ATL2 combat system development works and the first upgraded aircraft. No Rafale was delivered in the first half of 2019, whereas 2 Rafale were delivered in the first half of 2018.

Defense Export net sales stood at € 1,537 million for the first half of 2019 vs € 234 million for the first half of 2018. The sharp increase is due to the delivery of 10 Rafale to Qatar with the associated development and support. No Rafale Export was delivered during the first half of 2018.

Falcon

17 Falcon were delivered in the first half of 2019 vs 15 in the first half of 2018 (n.b.: at the end of august, 23 Falcon were delivered).

Falcon net sales for the first half of 2019 totaled € 986 million, vs € 1,187 million for the first half of 2018. The first half of 2018 saw robust activity in the pre-owned aircraft market due to the sale of existing inventory.

****

The book-to-bill ratio (order intake/net sales) was 0.95 in the first half of 2019.

1.3  Backlog

The consolidated backlog as of June 30, 2019 was € 19,226 million vs € 19,376 million as of December 31, 2018. It consists of:

  • the French Defense backlog, which stood at € 4,569 million, vs € 3,011 million as of December 31, 2018. It mainly consists of 28 Rafale (same as of December 31, 2018), the integrated through-life support (RAVEL) contract for the Rafale, the F4-standard Rafale and the modernization of the Mirage 2000D (n.b.: at the end of august, 28 Rafale were in backlog),
  • the Defense Export backlog, which stood at € 12,860 million vs € 14,217 million as of December 31, 2018. This mainly includes 63 Rafale (1 Rafale Egypt, 26 Rafale Qatar and 36 Rafale India) vs 73 Rafale (1 Rafale Egypt, 36 Rafale Qatar and 36 Rafale India) as of December 31, 2018 (n.b.: at the end of august, 57 Rafale Export were in backlog),
  • the Falcon backlog , which stood at € 1,797 million , vs € 2,148 million as of December 31, 2018. It mainly includes 43 Falcon (vs 53 as of December 31, 2018) (n.b.: at the end of august, 56 Falcon were in backlog).

1.4  Results

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