Dassault Aviation: 2020 first half-year results financial release

Falcon order intake represented €669 million in the first half of 2020 vs €627 million in the first half of 2019.

1.2      ADJUSTED NET SALES

Adjusted net sales for the first half of 2020 was €2,641 million compared to
€3,058 million for the first half of 2019. The export component of net sales stood at 89% in the first half of 2020.

The change in net sales was as follows, in million:

  H1 2020 % H1 2019 %
Defense 1,581 60% 2,072 68%
  Defense Export 1,319   1,537  
  Defense France 262   535  
         
Falcon 1,060 40% 986 32%
         
Total net sales 2,641   3,058  
  % Export 89%   82%  

Defense programs

7 Rafale Export (India and Qatar) were delivered during the first half of 2020 vs.10 Rafale Export for the first half of 2019.

Defense net sales for the first half of 2020 amounted €1,581 million vs €2,072 million for the first half of 2019.

The Defense Export component stood at €1,319 million for the first half of 2020 vs €1,537 million for the first half of 2019. This decrease was mainly due to a fall in the number of Rafale aircraft delivered between the two semesters (7 vs 10).

The Defense France component stood at €262 million for the first half of 2020, vs €535 million for the first half of 2019. During the first half of 2019, the development works on upgrading the combat system for the ATL2 and the first upgraded aircraft had been delivered to the French government and had a positive impact on net sales.

Falcon programs

16 Falcon were delivered in the first half of 2020 vs 17 in the first half of 2019.

Falcon net sales for the first half of 2020 amounted €1,060 million, vs €986 million for the first half of 2019. It should be noted that there is a positive scope effect associated with the acquisition of service centers acquired in 2019 and early 2020.

****

The “book-to-bill ratio" (order intake/net sales) is 0.37 for the first half of 2020.
.

1.3      BACKLOG

The consolidated backlog as of June 30, 2020 was €16,193 million compared to €17,798 million as of December 31, 2019. It consists of:

  • the Defense Export backlog, which stood at €9,538 million vs €10,725 million as of December 31, 2019. It consists primarily of 40 Rafale Export vs 47 Rafale Export as of December 31, 2019,
  • the Defense France backlog, which stood at €4,661 million, vs €4,740 million as of December 31, 2019. It specifically includes 28 Rafale (same as December 31, 2019) and the RAVEL contract for the Rafale,
  • the Falcon backlog, which stood at €1,994 million, vs €2,333 million as of December 31, 2019. It specifically includes 42 Falcons vs 53 as of December 31, 2019.

       

1.4      ADJUSTED RESULTS

Operating income

Adjusted operating income for the first half of 2020 is €55 million, compared to €250 million in the first half of 2019.

Operating margin stood at 2.1% vs 8.2% for the first half of the previous year. This decrease is mainly due to the under-activity due to the Covid-19 crisis (hours furloughed and cost of sanitary measures being recognized as expenses), the weight of self-funded R&D expenses in proportion of net sales (9.9% compared to 8.4% in 2019 first half-year), and lower absorption of fixed costs due to the decrease of sales. SG&A savings and the various governmental aid packages (in France, United States and Switzerland), consisting in alleviating charges and furlough measures, partially offset these negative impacts.

The hedging rate for the first half of 2020 was $/€1.18, same as 2019 first half and full year.

Net financial income

The adjusted financial income for the first half of 2020 was € - 19 million vs. € - 26 million for 2019 first half. This financial loss was due to accounting principle of the long-term military contracts’ financing component.

Net income

Adjusted net income for the first half of 2020 came to €87 million, compared to €286 million in the first half of 2019. The contribution of Thales to the Group’s net income was €58 million, compared to €141 million during the first half of 2019.

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