SAINT-CLOUD, FRANCE--(Marketwire - Jul 26, 2012) - - CEDEX 300 -
2012 first half year results
+------------------------------------------------------------------------+
|Order intake 25 FALCON compared to 22 in the first half year 2011 |
+------------------------------------------------------------------------+
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|Deliveries 34 FALCON and 4 RAFALE compared to 19 FALCON and |
| 6 RAFALE in the first half year 2011 |
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|Net sales EUR 1,929 million, up by 46% |
| |
|Net income Excluding THALES, EUR 179 million |
| |
| Including THALES *, EUR 223 million |
| |
|Net margin Excluding THALES, 9.3% (+2.2 points) |
| |
| Including THALES *, 11.6% (+1.8 point) |
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* before amortization of Purchase Price Allocation.
The Board of Directors, chaired by Mr. Charles
EDELSTENNE, closed yesterday the financial statements for the first half
year
2012. These consolidated condensed interim financial statements were
reviewed by
the Statutory Auditors who expressed an unqualified opinion.
Charles EDELSTENNE, Chairman and CEO of the Group, stated:
"Regarding Defense activities, first half year was marked by the
presentation,
in January, of the nEUROn - European Unmanned Combat Air Vehicle
demonstrator - to the Officials and by the RAFALE selection by India
within the framework of
the "MMRCA" program for the supply of 126 aircraft.
These two events are promising. nEUROn has no equivalent in Europe. In
addition
to the technological challenge it represents, it places us in good
position for
the new generation of combat aircraft which France and the United
Kingdom are
considering in cooperation (UCAS project). The Indian choice, on
technical,
operational and financial criteria, confirms the RAFALE superiority as
soon as
the influence of the United States is not the criteria.
However, both these successes are to be confirmed: nEUROn must pass
successfully
its test schedule and RAFALE negotiation is to be finalized.
The weight of the crisis on French Defense budget is also to be mentioned.
Regarding business jets, the market is still overall convalescent. The
return to
a positive balance of FALCON sales is not sufficient enough to stabilize
our
backlog which continues to decrease. The activity is strong in China where
we
invest massively for the promotion and the support of our products. But,
main
challenge stands in the United States and in Western Europe where the
crisis
lasts. Very equipped with business jets, these two areas are particularly
sensitive to the pre-owned aircraft market trends. This market remains very
slightly active."
Order intake and backlog
2012 first half year orders amounted to EUR 1,424 million (*), compared
to EUR
953 million in the first half year 2011, up by 49 %. Export represented
78% of
the total new orders in the first half year 2012.
New orders, net of cancellations, stood at 25 FALCON in the first half
year
2012 compared to 22 in the first half year 2011. FALCON order intake
reached EUR
1,048 million in the first half year 2012 compared to EUR 806 million
in the
first half year 2011.
Defense orders rose to EUR 376 million in the first half year 2012
compared to
EUR 147 million in the first half year 2011. They include, in
particular,
support and development contract for the French Army.
As of June 30, 2012, consolidated backlog amounted to EUR 8,188 million
compared
to EUR 8,751 million as of December 31, 2011, down by 6%.
(*) from then on, the Group is in line with other listed Groups practice
as it
no longer posts up order intake with the annual variation of the EUR/$
exchange
rate in the backlog.
Net sales
Consolidated net sales amounted to EUR 1,929 million in the first half
year
2012, up by 46%, compared to EUR 1,317 million in the first half year
2011.
Export net sales represented 77% of total net sales in the first half year
2012.
FALCON net sales increased by 72% between the two periods, reaching EUR
1,437
million in the first half year 2012 compared to EUR 837 million in the
first
half year 2011. 34 FALCON were delivered in the first half year 2012,
compared
to 19 in the first half year 2011.
FALCON net sales represented 74% of total net sales in the first half year
2012
compared to 64% in the first half year 2011.
4 RAFALE were delivered to French Air Force and Navy in the first half
year
2012 versus 6 in the first half year 2011. Nevertheless, Defense net
sales
showed an upturn of 2%, due to an increase in support and
development
activities.
The book-to-bill ratio reached 0.74.
Results
DASSAULT AVIATION consolidated operating income amounted to EUR 244
million in
the first half year 2012 compared to EUR 99 million in the first half
year
2011. Operating margin stood at 12.7% compared to 7.5% in the first half
year
2011. Those improvements are mainly explained by the increase of sales.
Excluding THALES, 2012 first half year net income was EUR 179 million
compared
to EUR 94 million in the first half year 2011, up by 91%. Net margin
excluding
THALES was 9.3% compared to 7.1% in the first half year 2011.
Including THALES, 2012 first half year net income(*) amounted to EUR
223
million compared to EUR 129 million in the first half year 2011, up by
74%. Net
margin including THALES reached 11.6% compared to 9.8% in last year same
period.
(*) net income before amortization of Purchase Price Allocation ;
after
amortization of PPA, 2012 first half year net income amounted to EUR 191
million
compared to EUR 88 million in the first half year 2011.
Financial situation
Consolidated available cash, indicator of the Group's total liquidities
net of
borrowings, reached EUR 3,726 million as of June 30, 2012 compared to EUR
3,274
million as of December 31, 2011.
Attributable equity amounted to EUR 4,372 million as of June 30, 2012
compared
to EUR 4,462 million as of December 31, 2011.
Group activities
Regarding business jets, 2012 first half year was marked by the progress
of the
FALCON 2000S flight tests, with in particular the demonstration of low
speed
performances better than expected, and the FALCON 900LX "steep
approach"
certification.
Regarding military activities, 2012 first half year was marked by the
RAFALE
selection by India as the winner of MMRCA competition and the start of
exclusive
negotiations with the Indian Air Force. Indian MIRAGE 2000
modernization has
continued in the first half year 2012.
Concerning UCAV (Unmanned Combat Air Vehicle):
* ground tests continued in Istres for the Unmanned Combat Air Vehicle
nEUROn,
as well as software integration tests in order to achieve the maiden
flight
in 2012. nEUROn program, with DASSAULT AVIATION as prime
contractor,
involves five European industrial partners,
* a preparatory study proposal for the launch of a UCAS (Unmanned
Combat Air
System) combat drone demonstrator was submitted to the French DGA and
to the
UK Ministry of Defense.
Concerning UAV MALE (Medium Altitude Long Endurance), 2012 first half
year was
marked by:
* the proposal to the French Government of an interim MALE drone system,
based
on the HERON-TP developed by IAI,
* the submission to the French DGA and the UK Ministry of Defense
of a
proposal for a preparatory study for a MALE drone system in cooperation
with
BAE Systems.
2012 Outlook
DASSAULT AVIATION Group expects to deliver around 65 FALCON and 11
RAFALE in
2012. Net sales should remain even to 2011 net sales.
Dassault Aviation : 2012 first half year results:
http://hugin.info/143388/R/1629482/521910.pdf
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Source: Dassault Aviation via Thomson Reuters ONE
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