KEY FIGURES OF DASSAULT AVIATION
GROUP
|
2021 |
2020 |
Order intake |
EUR 12,080 million49 Rafaleof which 37 Rafale
Export (1)and 12 Rafale France BALZAC support contract51
Falcon(1)80 Rafale UAE order not booked |
EUR 3,463 millionOCEAN support contract15
Falcon |
Adjusted net sales (*) |
EUR 7,233 million25 Rafale Export30 Falcon |
EUR 5,489 million13 Rafale Export34 Falcon |
Backlogas of December 31 |
EUR 20,762 million86 Rafaleof which 46 Rafale
Export (1) and 40 Rafale France 55 Falcon(1)80 Rafale UAE order not
booked |
EUR 15,895 million62 Rafaleof which 28 Rafale
Franceand 34 Rafale Export34 Falcon |
Adjusted operating income (*)Adjusted operating margin |
EUR 527 million7.3% of net sales |
EUR 261 million4.8% of net sales |
Research and Development |
EUR 551 million7.6% of net sales |
EUR 538 million9.8% of net sales |
Adjusted net income (*) Adjusted net marginEarnings per share |
EUR 693 million9.6% of net sales€8.34 per
share |
EUR 396 million7.2% of net sales€4.76 per share
(2) |
Available cashas of December 31 |
EUR 4,879 million |
EUR 3,441 million |
Dividends |
EUR 208
million€2.49 per share |
EUR 103 million€1.23 per share (2) |
Employee profit-sharing and incentivesincl. 20% correlated social
taxHeadcount as of December 31 |
EUR 139 million12,371 |
EUR 85 million12,441 |
(2) 2021 proforma following the stock split
NB: Dassault Aviation recognizes Rafale Export
contracts in their entirety (including the Thales and Safran
parts).
Main IFRS aggregates (see reconciliation
table below)
(*) Consolidated net sales |
EUR 7,246 million |
EUR 5,492 million |
(*) Consolidated operating income |
EUR 545 million |
EUR 246 million |
(*) Consolidated net income |
EUR 605 million |
EUR 303 million |
Saint-Cloud,
on march
4th,
2022 – In a context of a new
crisis related to the war between Russia and Ukraine, the Board of
Directors chaired by Mr. Éric Trappier held yesterday approved the
2021 statement of accounts. The audit procedures have been
completed and the audit opinion is in the process of being
issued.
« Last year we mourned the
death of Olivier Dassault who, like all members of his family,
strongly supported the Group’s development throughout his whole
life.
The Covid-19 crisis continued in 2021. The Group
adapted during the year and regularly updated its prevention,
employee protection and remote working measures in response to the
guidance issued by the authorities. Global economic activity saw a
strong rebound in 2021, particularly in the industry. However, this
rapid recovery has caused disruption to the supply chain in a
background of inflationary tension. 2021 was also marked by growing
environmental pressures.
For Dassault Aviation, 2021 was a good year for
both civil aviation and military sectors, with an exceptional order
intake of 100 aircraft (49 Rafale and 51 Falcon) and net sales of
EUR 7.2 billion. In addition, the Group delivered 30 Falcon
(compared with the guidance of 25) and 25 Rafale (consistent with
the guidance).
In the military sector, 2021 saw:
- marketing
efforts for the Rafale succeeding, leading to:
- the order for 49
new Rafale (Egypt 30+1, France 12, Greece 6) and 12 pre-owned
Rafale (Greece). The backlog as of December 31, 2021 now includes
86 new Rafale (46 Export, 40 France),
- the signing of a
contract for 80 Rafale for the United Arab Emirates, awaiting
T0,
- the purchase by
Croatia, following an international call for tenders, of Rafale
previously in service with the French Air and Space Force.
Alongside this order, Dassault Aviation signed a contract to
provide associated support for the fleet ordered,
- the delivery of 25
Rafale to our export customers, Qatar and India,
- the continuation of
development work on the Rafale F4 standard,
- the award by France
of a new vertically integrated support contract (Balzac) for the
support of its Mirage 2000. The other vertically integrated
contracts signed with France for the Rafale (Ravel) and the ATL2
(Ocean) are continuing, with performance exceeding the contractual
targets.
- for the FCAS, an
area in which Dassault Aviation is the leader with the New
Generation Fighter demonstrator, the initial work phases on the
demonstrators (Phase 1A) continued in 2021 and will be completed in
first semester 2022. Joint Concept Studies (JCS) are ongoing. The
next phase of the work (Phase 1B) has not been awarded no agreement
having been found with Airbus Defence & Space.
Rafale success has also been confirmed in early
2022 by signature of a 42 (6+36) Rafale contract for Indonesia for
which the T0 is awaited and the authorization by the Greek
parliament of the signature a contract for an additional 6 new
Rafale.
Regarding the Eurodrone, on February 24th 2022,
Airbus GmbH as prime contractor and on behalf of the 3 main
contractors, Airbus Defence and Space S.A.U in Spain, Dassault
Aviation in France and Leonardo S.p.A. in Italia and the
Organization for Joint Armament Cooperation (OCCAR) representing
the first 4 customers (Germany, France, Italy and Spain) signed the
Eurodrone contract relative to the development, the production and
the 5 year maintenance of 20 systems. Dassault Aviation will be in
charge of flight control and mission communication systems, (with
Thales).
For the multi-mission Falcon, work continued on
“Albatros” (surveillance and maritime response aircraft on a Falcon
2000LXS platform) and “Archange” (electronic warfare aircraft on a
Falcon 8X platform). The sixth Falcon 2000 for the Japan Coast
Guard was delivered. Furthermore, commercial prospections are
ongoing.
In the civil aviation segment, 30 Falcon were
delivered (for guidance of 25) and 51 Falcon were ordered in 2021.
This increase in activity is due to the recovery of business
aviation market and expansion of the product line with the Falcon
6X and Falcon 10X. The year also saw:
- the maiden flight
of the Falcon 6X on March 10, 2021,
- the announcement of
the Falcon 10X, an ultra-long-range aircraft with the most spacious
and luxurious cabin on the market,
- recognition of
Falcon customer support, ranked top by AIN for the third year in a
row.
The backlog as of December 31, 2021 is 55 new
Falcon, compared with 34 at the end of 2020.
The “Leading Our Future” transformation plan
continued in 2021. The aim of this plan is to modernize the
infrastructures and processes to improve the competitiveness of the
Group. In 2021, we were able to put in place the new methodological
framework, collaborative platforms and modernized infrastructure
and resources by relying on digital levers.
The Company also pursued its efforts to reduce
the impact of its processes and products on the environment. The
Falcon range is already capable of operating with 50% sustainable
fuel.
in the continuity of the elapsed year, our
objectives for 2022 are:
- Rafale: to perform
contracts, secure the first advance on the contracts signed and
continue business development
- Military
developments: to continue the programs under way and prepare future
Rafale standards
- Falcon: to support
the market recovery and boost sales
- Falcon 6X: to
ensure a successful entry into service and ramp up mass
production
- Falcon 10X: to
adhere to the development schedule for an entry into service in
late 2025
- Civil and military
aircraft support and availability: to maintain the highest
standards
- Energy transition:
to pursue the R&T in conception
- Make in India: to
continue ramping up the activities transferred to DRAL
- New Generation
Fighter: decide on Phase 1B
- Eurodrone: to
perform the contract
The Guidance for 2022 is to deliver 13 Rafale
and 35 Falcon. Net sales will be down compared to
2021».
Éric TRAPPIER, Chairman and Chief Executive
Officer of Dassault Aviation.
Order Intake
2021 order
intake was EUR 12,080 million versus EUR
3,463 million in 2020. Export represented
74%.
Recent year figures are as follows, in
millions of euros:
|
2021 |
2020 |
2019 |
|
|
|
|
Defense |
9,165 |
1,546 |
3,385 |
Defense Export |
6,173 |
224 |
769 |
Defense France |
2,992 |
1,322 |
2,616 |
|
|
|
|
Falcon |
2,915 |
1,917 |
2,308 |
|
|
|
|
Total order
intake |
12,080 |
3,463 |
5,693 |
% Export |
74% |
41% |
49% |
The order intake is composed entirely of firm
orders.
Defense programs
In 2021, Defense order intake
totaled EUR 9,165 million,
compared with EUR 1,546 million in 2020.
The Defense Export figure was
EUR 6,173 million in 2021, versus EUR 224 million
in 2020. We recorded orders from Egypt for 30 Rafale – followed by
an order for an additional aircraft to complete the original order
of 2015 – from Greece for 6 new and 12 pre-owned Rafale (which we
bought back from the French Air and Space Force) and a support
contract for Croatia following its acquisition of 12 pre-owned
Rafale directly from the French government.
The Defense France amounted to
EUR 2,992 million in 2021, compared with EUR 1,322
million in 2020. It mainly includes the order for 12 Rafale, the
14-year “Balzac” support contract for the Mirage 2000 (excluding
engines), and a productibility contract for Tranche 5 of the
Rafale. In 2020, it was essentially the 10-year “Ocean” integrated
support contract (excluding engines) for the ATL2 with the French
Naval Air Force that was recorded.
Falcon programs
In 2021, 51 Falcon orders were
recorded, compared with 15 in 2020. Order intake totaled
EUR 2,915 million, versus EUR 1,917 million in
2020. The growth in orders is being driven by the recovery of the
business jet market.
In 2020, the main order was for 7 Falcon 2000LXS
“Albatros” maritime surveillance and response aircraft for France,
plus the associated support.
adjusted net sales
Net sales for 2021 were EUR 7,233
million versus EUR 5,489 million in 2020.
Export represented 89%.
Recent year figures are as follows, in
EUR million:
|
2021 |
2020 |
2019 |
|
|
|
|
Defense |
5,281 |
3,263 |
5,148 |
Defense Export |
4,549 |
2,699 |
4,261 |
Defense France |
732 |
564 |
887 |
|
|
|
|
Falcon |
1,952 |
2,226 |
2,193 |
|
|
|
|
Total adjusted net
sales |
7,233 |
5,489 |
7,341 |
% Export |
89% |
89% |
88% |
Defense
programs
In 2021, 25 Rafale Export were
delivered, in line with our forecast, versus 13 Rafale Export in
2020.
Defense net
sales in 2021 were EUR 5,281 million
versus EUR 3,263 million in 2020.
The Defense Export share was
EUR 4,549 million versus EUR 2,699 million in
2020. The strong growth is largely due to the delivery of 25 new
Rafale Export with the associated support, whereas 13 Rafale Export
were delivered in 2020. In addition, 2021 net sales include the
first 6 pre-owned Rafale delivered to Greece, among the 12
ordered.
The Defense France share was
EUR 732 million versus EUR 564 million in 2020. As
in 2020, Defense France net sales in 2021 do not include the
delivery of Rafale in accordance with France’s Military Procurement
Law. However, they do take into account maintenance services (for
the Rafale under the Ravel contract and the ATL2 under the Ocean
contract), as well as support for other aircraft in service.
Falcon programs
There were 30 Falcon delivered
in 2021 (higher than the 25 guidance), versus 34 in 2020.
Falcon net
sales in 2021 totaled EUR 1,952 million,
versus EUR 2,226 million in 2020. The decrease is mainly due to the
number of Falcon delivered (30 vs 34).
****
The “book-to-bill ratio” of the Group (order
intake/net sales) is 1.67 for 2021.
Backlog
The consolidated
backlog as of December 31, 2021 (determined in accordance
with IFRS 15) was EUR 20,762 million, versus EUR
15,895 million as of December 31, 2020. The backlog has evolved as
follows:
As of December 31 |
2021 |
2020 |
2019 |
|
|
|
|
Defense |
17,633 |
13,748 |
15,465 |
Defense Export |
9,874 |
8,249 |
10,725 |
Defense France |
7,759 |
5,499 |
4,740 |
|
|
|
|
Falcon |
3,129 |
2,147 |
2,333 |
|
|
|
|
Total backlog |
20,762 |
15,895 |
17,798 |
% Export |
58% |
59% |
72% |
The backlog as of December 31, 2021 consists of
the following:
- Defense Export:
EUR 9,874 million versus EUR 8,249 million as of
December 31, 2020. This figure notably includes 46 new Rafale and 6
pre-owned Rafale, compared with 34 new Rafale as of December 31,
2020,
- Defense France:
EUR 7,759 million versus EUR 5,499 million as of
December 31, 2020. This figure mainly comprises 40 Rafale (versus
28 as of December 31, 2020), the Ravel support contract for the
Rafale, the Balzac support contract for the Mirage 2000, the Ocean
support contract for the ATL2, and the Rafale F4 standard,
- Falcon (including
the Albatros and Archange mission aircraft): EUR 3,129
million versus EUR 2,147 million as of December 31, 2020.
It includes 55 Falcon, compared with 34 as of December 31,
2020.
2021 adjusted results
Adjusted operating income
Adjusted operating income for
2021 was EUR 527 million,
compared with EUR 261 million in 2020.
R&D costs totaled EUR 551 million in 2021
and accounted for 7.6% of net sales, as against EUR 538 million and
9.8% of net sales in 2020. These amounts reflect the self-funded
R&D effort focused on the Falcon 6X and Falcon 10X
programs.
Operating margin was
7.3%, versus 4.8% in 2020. This increase is mainly
due to the reduction in the rate of self-funded R&D.
The foreign exchange hedging rate was $1.19/€ in
2021, compared with $1.18/€ in 2020.
Adjusted financial income
2021 adjusted financial
income was EUR -26 million compared to
EUR -34 million in 2020. In 2021, the impact associated with the
financing component recorded under long-term military contracts was
less significant due to deliveries of Rafale Export.
Adjusted net income
Adjusted net income for 2021
was up 75% at EUR 693
million compared with EUR 396 million in 2020.
Thales’ contribution to the Group’s net income was EUR 336 million,
versus EUR 231 million in 2020.
As a result, adjusted net
margin was 9.6% in 2021, as against 7.2%
in 2020. This increase is mainly due to the increase in operating
income).
Net income per share for 2021 was €8.34,
compared with €4.76* in 2020
* 2021 proforma following the stock split.
2021 key
figures - ifrs
Consolidated
operating income
(IFRS)
Consolidated operating income
for 2021 was EUR 545 million,
compared with EUR 246 million in 2020.
R&D costs totaled EUR 551 million in 2021
and accounted for 7.6% of consolidated net sales (EUR 7,246
million), as against EUR 538 million and 9.8% of consolidated net
sales in 2020. These amounts reflect the self-funded R&D effort
focused on the Falcon 6X and Falcon 10X programs.
Consolidated operating margin
was 7.5%, versus 4.5% in 2020.
This increase is mainly due to the reduction of
the amount of self-funded R&D.
Consolidated financial income
(IFRS)
Consolidated financial income for
2021 was EUR -69 million, compared with
EUR 12 million in 2020. The decline in financial income was mainly
due to the negative change in the market value of hedging
instruments not eligible for hedge accounting under IFRS. The
market value of these instruments, purchased because of the
efficient economic hedge they offer the Group, was adversely
impacted by the evolution in the dollar exchange rate ($1.1326/€ at
yearend-2021, versus $1.2271/€ at yearend-2020). The reduced impact
of the financing component recognized under long-term military
contracts due to Rafale Export deliveries partially offsets this
decrease.
Consolidated net income
Consolidated net income for
2021 was up 100% at EUR 605
million, compared with EUR 303 million in 2020. Thales’
contribution to the Group’s net income was EUR 266 million, versus
EUR 116 million in 2020.
As a result, consolidated net
margin was 8.4% in 2021, as against 5.5%
in 2020. This increase is mainly due to the increase in operating
income.
Consolidated net income per share for 2021 was €
7.28, compared with €3.64 in 2020*
* 2021 proforma following the stock split.
available cash
The Group uses a specific indicator called
“Available cash”, which reflects the amount of total cash 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 (see Note 9 of the 2021
consolidated financial statements).
The Group’s available cash
stands at EUR 4,879 million, an
increase of EUR 1,438 million from December 31, 2020. The increase
is mainly due to operating cash flow generated during the year
and the decline in working capital requirement, partially offset by
investments during the year and the payment of dividends.
The decline in working capital requirement is
largely due to advances and progress payments received under the
Defense France and Falcon contracts. This is partially offset by
the decrease in advances and progress payments under the Rafale
export contracts, following the services delivered during the
period.
Balance sheet
(IFRS)
Total equity stood at
EUR 5,300
million as of December 31, 2021, versus EUR 4,560
million as of December 31, 2020.
Borrowings and financial debt stood at EUR 226
million as of December 31, 2021, compared with EUR 270 million as
of December 31, 2020. Borrowings and financial debt include
locked-in employees’ profit-sharing funds, for EUR 98 million, and
lease liabilities, for EUR 128 million.
Inventories and work-in-progress rose to EUR
3,480 million as of December 31, 2021, compared with EUR 3,382
million as of December 31, 2020. The increase in inventories and
work-in-progress relating to the performance of Defense France
contracts and Falcon operations was partially offset by the
decrease in inventories and work-in-progress for Defense Export
following the services delivered during the period.
Advances and progress payments received on
orders, net of advances and progress payments paid, rose by EUR 278
million as of December 31, 2021. This was mainly due to progress
payments received on Defense France and Falcon orders, partially
offset by the reversal of Rafale Export progress payments following
the services delivered during the period.
Derivative financial instruments had a market
value of EUR -81 million as of December 31, 2021, compared with EUR
81 million as of December 31, 2020. This change is essentially due
to the change in the US dollar exchange rate between December 31,
2021 and December 31, 2020 ($1.1326/€ as of 12.31.2021 versus
$1.2271/€ as of 12.31.2020).
Dividends and
profit-sharing/incentives
The Board of Directors decided to propose to the
Annual General Meeting a dividend distribution, in 2022, of
€2.49 per share, corresponding to
a total of EUR 208 million, i.e.
a payout of 30%.
For 2021, the Group will pay EUR 139
million in employee profit-sharing and incentives,
including 20% correlated social tax, whereas the application of the
legal formula would have resulted in a EUR 28 million payment.
Dividends per share over the five last years are
outlined in Note 32 to the Parent Company Financial Statements.
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 Directors’ report.
CONTACTS:
Corporate
CommunicationStéphane Fort - Tel. +33 (0)1 47 11
86 90 - stephane.fort@dassault-aviation.comMathieu Durand - Tel.
+33 (0)1 47 11 85 88 - mathieu.durand@dassault-aviation.com
Investor RelationsNicolas
Blandin - Tel. +33 (0)1 47 11 40 27 -
nicolas.blandin@dassault-aviation.com
APPENDIX
Definition of alternative performance
indicators
To reflect the Group’s actual economic
performance, and for monitoring and comparability reasons, the
Group presents an income statement adjusted with the following
elements:
- gains and losses
resulting from the exercise of hedging instruments, which do not
qualify for hedge accounting under IFRS standards. This income,
presented as financial income in the consolidated financial
statements, is reclassified as net sales and thus as operating
income in the adjusted income statement,
- the valuation of
foreign exchange derivatives which do not qualify for hedge
accounting, by neutralizing the change in fair value of these
instruments (the Group considering that gains or losses on hedging
should only impact income as commercial flows occur), with the
exception of derivatives allocated to hedge balance-sheet positions
whose change in fair value is presented as operating income,
- amortization of
assets valued as part of the purchase price allocation (business
combinations), known as “PPA,”
-
adjustments made by Thales in its financial reporting.
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:
- cash and cash
equivalents,
- other current
financial assets (essentially available-for-sale marketable
securities at their market value),
- financial
debt, excluding lease liabilities.
The calculation of this indicator is detailed in
the consolidated financial statements (Note 9).
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 annual report.
Impact of ajustements
The impact in 2021 of adjustments to income
statement aggregates is presented below:
(in EUR thousands) |
2021 consolidated income statement |
Foreign exchange derivatives |
PPA |
Adjustments applied by Thales |
2021 adjusted income statement |
Foreign exchange gain/loss |
Change in fair value |
Net sales |
7,246,197 |
-13,005 |
-686 |
|
|
7,232,506 |
Operating income |
545,069 |
-13,005 |
-8,655 |
3,349 |
|
526,758 |
Net financial income/expense |
- 68,512 |
13,005 |
29,604 |
|
|
-25,903 |
Share in net income of equity associates |
271,611 |
|
|
3,003 |
67,102 |
341,716 |
Income tax |
-142,776 |
|
-5,614 |
-735 |
|
-149,125 |
Net income |
605,392 |
0 |
15,335 |
5,617 |
67,102 |
693,446 |
Group share of net income |
605,392 |
0 |
15,335 |
5,617 |
67,102 |
693,446 |
Group share of net income per share (in euros) |
7.28 |
|
|
|
|
8.34 |
The impact in 2020 of adjustments to income
statement aggregates is presented below:
(in EUR thousands) |
2020 consolidated income statement |
Foreign exchange derivatives |
PPA |
Adjustments applied by Thales |
2020 adjusted income statement |
Foreign exchange gain/loss |
Change in fair value |
Net sales |
5,491,592 |
-873 |
-1,608 |
|
|
5,489,111 |
Operating income |
246,163 |
-873 |
11,488 |
4,221 |
|
260,999 |
Net financial income/expense |
12,216 |
873 |
-46,811 |
|
|
-33,722 |
Share in net income of equity associates |
121,282 |
|
|
2,852 |
111,924 |
236,058 |
Income tax |
-76,902 |
|
9,992 |
-802 |
|
-67,712 |
Net income |
302,759 |
0 |
-25,331 |
6,271 |
111,924 |
395,623 |
Group share of net income |
302,759 |
0 |
-25,331 |
6,271 |
111,924 |
395,623 |
Group share of net income per share (in euros) |
3.64 (1) |
|
|
|
|
4.76 (1) |
(1) 2021 proforma following the stock split
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