Dassault Aviation Presents 2020 First Half-Year Results

27.07.2020 North America
Dassault Aviation Presents 2020 First Half-Year Results

Dassault Aviation Presents 2020 First Half-Year Results

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Éric Trappier, Chairman and CEO of Dassault Aviation, presented 2020 first half-year results during a press conference on July 23.

Order intake for the first half of 2020 was €984 million, compared to €2,900 million for the first half of 2019. The Export order intake component stood at 80%.

Defense Programs

Defense order intake stood at €315 million during the first half of 2020 vs. €2,273 million during the first half of 2019.

The Defense Export component stood at €132 million for the first half of 2020 vs. €180 million for the first half of 2019.

The Defense France component stood at €183 million for the first half of 2020, vs. €2,093 million for the first half of 2019, which mainly included notification of the RAVEL contract for the Operational Condition Maintenance of Rafale France over 10 years.

Falcon Programs

During the first half of 2020, 5 Falcon orders were made vs. 7 in the first half of 2019.

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

Adjusted Nets 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.

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 to €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.

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.

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.

The Group’s available cash stands at €3,921 million, lower by €664 million compared to December 31, 2019. This decrease is mainly caused by the raise of working capital (decrease in Export contracts’ down payments due to first half deliveries, increase in inventories and work-in-progress), investments being offset by the cash flow generated during the first half year.

 
 



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