Scienza e Tecnologia
Dassault Aviation: Half Year Financial Release 2024
KEY FIGURES OF DASSAULT AVIATION GROUP
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)
Saint-Cloud, July 23 ,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:
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:
In the civilian sector, during the first half of the year, we:
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 30 ) 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.”
Éric TRAPPIER, Chairman and Chief Executive Officer of Dassault Aviation.
1. ORDER INTAKE
Order intake for the 1 half of 2024 was EUR 5,134 million , vs. EUR 1,682 million in the 1 half of 2023. Export order intake stood at 96% .
Order intake was as follows, in millions of euros :
The order intake is entirely composed of firm orders.
Defense programs
Defense Export order intake totaled EUR 3,871 million in the 1 half of 2024, vs. EUR 572 million in the
1 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 1 half of 2024, vs. EUR 167 million in the
1 half of 2023.
Falcon programs
During the 1 half of 2024, 11 Falcon orders were recorded, compared with 12 orders in the
1 half of 2023. Falcon order intake amounted to EUR 1,039 million in the 1 half of the year compared to EUR 943 million in the 1 half of 2023, up mainly due to a favorable product mix.
2. ADJUSTED NET SALES
Adjusted net sales for the 1 half of 2024 totaled
EUR 2,538 million , compared with
EUR 2,295 million for the 1 half of 2023. Export net sales stood at
59% in the 1 half of 2024.
Consolidated sales were as follows, in millions of euros :
Defense programs
Defense Export net sales totaled EUR 552 million in the 1 half of 2024, vs. EUR 851 million in the 1 half of 2023.
Defense France net sales totaled EUR 1,006 million in the 1 half of 2024, vs. EUR 617 million in the 1 half of 2023.
6 Rafale were delivered to France during the 1 half of 2024, compared with 4 Rafale (2 France and 2 Export) for the 1 half of 2023.
Falcon programs
12 Falcon were delivered in the 1 half of 2024, compared with 9 in the 1 half of 2023.
Falcon net sales for the 1 half of 2024 amounted to EUR 980 million , vs. EUR 827 million for the 1 half of 2023.
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The “book-to-bill ratio” (order intake/net sales) is 2.02 for the 1 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:
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 1 half of 2024 came to EUR 170 million , compared with EUR 151 million in the 1 half of 2023.
R&D expenses in the 1 half of 2024, mainly related to the Falcon 10X, totaled EUR 200 million compared with EUR 247 million for the 1 half of 2023.
Operating margin was 6.7% , compared with 6.6% in the 1 half of 2023.
The hedging rate for the 1 half of 2024 was USD 1.14/EUR , vs. USD 1.20/EUR in the 1 half of 2023.
Adjusted net financial income
Adjusted net financial income for the 1 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 1 half of 2024 was EUR 442 million , compared with EUR 405 million in the 1 half of 2023. The contribution of Thales to the Group's net income was EUR 231 million, compared with EUR 206 million during the 1 half of 2023.
Adjusted net margin thus stood at 17.4% for the 1 half of 2024 vs. 17.6% for the 1 half of 2023.
Adjusted net income per share for the 1 half of 2024 was EUR 5.62 vs. EUR 4.92 for the 1 half of 2023.
5. 1 HALF 2024 CONSOLIDATED RESULTS UNDER IFRS
Consolidated net operating income (IFRS)
Consolidated net operating income for the 1 half of 2024 came to EUR 169 million , compared with EUR 152 million in the 1 half of 2023.
R&D expenses in the 1 half of 2024, mainly related to the Falcon 10X, totaled EUR 200 million compared with EUR 247 million for the 1 half of 2023.
Consolidated operating margin stood at 6.7% , vs. 6.6% for the 1 half of 2023.
The hedging rate for the 1 half of 2024 was USD 1.14/EUR , vs. USD 1.20/EUR in the 1 half of 2023.
Consolidated net financial income (IFRS)
Consolidated net financial income for the 1 half of 2024 came to EUR 102 million vs. EUR 111 million in the 1 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 1 half of 2024 was EUR 476 million , compared with EUR 362 million in the 1 half of 2023. The contribution of Thales to the Group's net income was EUR 269 million, compared with EUR 161 million during the 1 half of 2023.
Consolidated net margin thus stood at 18.8% for the 1 half of 2024, vs. 15.7% for the 1 half of 2023.
Consolidated net income per share for the 1 half of 2024 was EUR 6.06 vs. EUR 4.40 for the 1 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:
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:
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 1 half of 2024 is set out below:
The impact of the adjustments of income statement aggregates for the 1 half of 2023 is set out below:
Attachment
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