KEY FIGURES OF DASSAULT AVIATION
GROUP
|
2023 |
2022 |
Order intake |
EUR 8,253 million60 Rafale of which 42 France and
18 Export23 Falcon |
EUR 20,954 million92 Rafaleof which 92 Export64 Falcon |
Adjusted net sales (*) |
EUR 4,801 million13 Rafale of which 11 France and
2 Export26 Falcon |
EUR 6,929 million14 Rafale of which 13 Export and 1 France32
Falcon |
Backlogas of December 31 |
EUR 38,508 million211 Rafaleof which 141 Export
and 70 France84 Falcon |
EUR 35,008 million164 Rafaleof which 125 Export and 39 France87
Falcon |
Adjusted operating income(*)Adjusted operating margin |
EUR 349 million7.3% of net sales |
EUR 572 million8.3% of net sales |
Self-funded Research and Development |
EUR 483 million10.1% of net sales |
EUR 572 million8.3% of net sales |
Adjusted net income (*) Adjusted net marginEarnings per share |
EUR 886 million18.5% of net salesEUR 10.95
per share |
EUR 830 million12.0% of net salesEUR 9.99 per share |
Available cashas of December 31 |
EUR 7,294 million |
EUR 9,529 million |
Dividends |
EUR 266 millionEUR 3.37 per share |
EUR 249 millionEUR 3.00 per share |
Employee profit-sharing and incentives including 20% employer’s
corresponding taxHeadcount as of December 31 |
EUR 170 million13,533 |
EUR 210 million12,768 |
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 4,805 million |
EUR 6,950 million |
(*) Consolidated operating income |
EUR 349 million |
EUR 591 million |
(*) Consolidated net income |
EUR 693 million |
EUR 716 million |
Saint-Cloud, March
6th 2024 - The Board of
Directors held yesterday and chaired by Mr. Éric Trappier approved
the 2023 statement of accounts. The audit procedures have been
completed and the audit opinion is in the process of being
issued.
“The Group’s backlog continues to
increase, driven by the commercial success of the Rafale. It stands
at EUR 38.5 billion as of December 31, 2023 (295 aircraft -
141 Rafale Export, 70 Rafale France and 84 Falcon). Post-closing of
the 2023 financial statements, the backlog increased with the entry
into force in January 2024 of the third batch of 18 Rafale of the
Indonesian contract. A total of 495 Rafale have thus been ordered
since the beginning of the program.
Certification of the Falcon 6X by EASA
and FAA (type certificate) has been approved on August
22nd, 2023, the entry into
service of the aircraft including the application of post
certification upgrades happened on November
30th 2023. The first delivery
took place in February 2024.
13 Rafale and 26 Falcon were delivered,
versus a guidance of 15 and 35, due to supply chain issues and the
delayed entry into service of Falcon 6X.
Group’s Revenues for this year stood at
EUR 4.8 billion, leading to an adjusted EBIT of EUR 349
million and a record breaking adjusted net result of EUR 886
million, representing 18.5% of net sales.
In 2023, the international context deteriorated,
marked by the ongoing war in Ukraine and the conflict in the Middle
East. France adopted an ambitious Military Procurement Law (Loi de
Programmation Militaire - LPM), which allocates a budget of
EUR 413 billion for the 2024-2030 period (representing an
increase of 40% compared to the previous LPM). For Dassault
Aviation, the LPM provides for the ongoing deliveries of the Rafale
program fourth batch, the coming into force of the 42 aircraft of
the fifth batch (20 of which are to be delivered from 2027 to
2030), the completion by 2027 of the Rafale Standard F4, the
negotiation and beginning of Rafale Standard F5 which should come
along with the development of a combat drone.
Supply chain issues that arose during the Covid
crisis continue to have a severe impact on sub-contractors in the
aviation industry, which are not always able to deliver the
required quality or meet deadlines. Certain supplier weaknesses,
coupled with capacity shortages, mainly in aerostructure, resulted
for the Group in delays in production start-ups. While these risks
will continue to weigh on the Group’s business in 2024, Dassault
Aviation has implemented a centralized steering plan to introduce
corrective measures, provide the necessary support to certain
sub-contractors and develop “Make in India.”
The Paris Le Bourget Air Show was held in June
2023. This trade show allowed Dassault Aviation to once again
showcase the efforts it has undertaken to decarbonize its processes
and products, and those that it will continue to pursue in the
years to come. The Group is committed to its decarbonization: the
Falcon aircraft are certified to fly with Sustainable Aviation Fuel
(SAF) blends with kerosene up to 50%. Today’s available alternative
fuels (SAF) offer a carbon emission reduction’s rate in the range
of 80% to 90% compared to conventional kerosene. All Dassault
Aviation flights, including those in the United States, are using
30% SAF blends which are the only ones available on the market
today. 413 flights have been operated in 2023 by Dassault Aviation
with 30% SAF blends (vs. 179 in 2022). Aircraft models currently
under production will be compatible with 100% SAF blends by 2030
(Falcon 10X natively).
In the military sector, 2023 saw:
-
the order by France for 42 Rafale placed in December 2023 under the
country’s new Military Procurement Law which was adopted in July
2023,
-
the addition to the backlog of the second batch of 18 Rafale under
the Indonesian contract (followed on January 8, 2024 by the entry
into force of a third batch of 18 aircraft),
-
the delivery of 11 Rafale to France,
-
the delivery of 2 new Rafale to Greece, as well as 6 pre-owned
Rafale,
-
the continuation of development work on the Rafale F4 standard and
the FCAS, for which Dassault Aviation is leader for the NGF
demonstrator,
-
the continuation of work on the Eurodrone contract. Dassault
Aviation is responsible in particular for flight controls and
mission communications as a sub-contractor,
-
in the field of military support, the Group has met the
availability commitments of its operational maintenance contracts
(Ravel for the Rafale, Ocean for the ATL2 and Balzac for the Mirage
2000), and participated in “High Intensity” warfare exercises with
the French forces. At the end of December, a new verticalized
maintenance contract was notified: “Alphacare” for the Alpha Jet.
Moreover, support for fleets in service for Export customers
continued as close as possible to operations.
In the civil aviation segment, 23 Falcon were
ordered and 26 Falcon were delivered in 2023, compared with a
guidance of 35.
The year also saw:
-
the continuation of development efforts on the Falcon 6X and 10X:
- The
Falcon 6X was certified on August 22, 2023 and entered into service
on November 30, 2023. Prospection has been stepped up, notably
thanks to a demonstration aircraft. The flights operated allowed
the first customers to confirm the cabin’s very high level of
comfort. The ramp up of production also continued, in a challenging
supply chain context,
- the
first Falcon 10X (development aircraft) is currently being built.
The program schedule has been adjusted and the first deliveries are
scheduled for 2027.
-
the expansion of the network of service centers, notably with the
opening of the service center in Dubai (to replace the previous
center).
Social and environmental responsibility was
reflected in 2023 through:
-
the Company’s commitment to the environment and to the
decarbonization of its Falcon aircraft, in particular with:
-
significant results for the Parent Company’s energy saving plan
which was launched at the end of 2022: -10.4% of energy consumption
per hour worked,
- the
ramp-up of the “SAF plan” which set an ambitious target for the use
of SAF for its internal flights (413 flights operated with “30%
SAF” blends in 2023 compared with 179 in 2022),
- the
entry into service of the flight plan optimization tool
FalconWays.
-
a major recruitment drive and an attractive employment model in
which – true to the ideals of Serge and Marcel Dassault – value
sharing is a core part of its DNA with notably:
-
almost 2,000 new hires, including 200 apprentices, in a tight labor
market,
-
based on the 2023 profits, profit-sharing and incentives reached
EUR 170 million (for employees of the Group’s French
companies , including the corresponding employer’s tax) compared
with the minimum legal profit-sharing of
EUR 8 million.
2024 Objectives:
-
Deliver Rafale and Falcon,
-
Meet our schedule and cost commitments for Falcon and military
developments,
-
Availability and support for our aircraft: maintain satisfaction
levels among our military customers and regain our position as
leader in business aviation support rankings,
-
Get a contract for the F5 standard preliminary studies,
-
FCAS / NGF: continue developing the demonstrator,
-
Make in India: ramp up the activities transferred to India,
-
Continue Rafale Export business development and increase Falcon
sales efforts,
-
CSR: integrate new hires, continue our recruitment efforts and our
action to reduce our environmental impact.
2024 Guidance
We forecast an increase in Group’s revenue for
2024 compared to 2023, EUR 6 Billion range (of which deliveries of
35 Falcon and 20 Rafale).
The Board of Directors would like to
congratulate all the Group’s employees for the past year’s success
and express its confidence in achieving the objectives for the
coming year”
- ORDER
INTAKE
2023 order intake was
EUR 8,253 million versus EUR 20,954 million in
2022. Export order intake represented
64%.
Changes were as follows, in millions of
euros:
|
2023 |
2022 |
2021 |
|
|
|
|
Defense |
6,524 |
17,510 |
9,165 |
Defense Export |
3,583 |
15,657 |
6,173 |
Defense France |
2,941 |
1,853 |
2,992 |
|
|
|
|
Falcon |
1,729 |
3,444 |
2,915 |
|
|
|
|
Total order intake |
8,253 |
20,954 |
12,080 |
% Export |
64% |
90% |
74% |
The order intake is composed entirely of firm
orders.
Defense programs
In 2023, Defense order intake
totaled EUR 6,524 million, compared with EUR
17,510 million in 2022.
The Defense Export share
amounted EUR 3,583 million in 2023, versus
EUR 15,657 million in 2022. In 2022, 92 Rafale were
ordered (80 by the United Arab Emirates, 6 by Greece and 6 by
Indonesia) compared to 18 Rafale ordered by Indonesia in 2023.
The Defense France share
amounted to EUR 2,941 million in 2023, compared
with EUR 1,853 million in 2022. This increase is mainly due to the
order for Batch 5 of 42 Rafale (in 2022, the order relating to
Phase 1B of the FCAS demonstrator was recorded).
Falcon programs
In 2023, 23 Falcon orders were
recorded, compared with 64 in 2022. Order intake totaled
EUR 1,729 million versus EUR 3,444
million in 2022. This decrease is mainly due to the decline in the
number of Falcon ordered (23 vs. 64 in 2022).
2. ADJUSTED NET SALES
Net sales for 2023 were EUR 4,801
million versus EUR 6,929 million in 2022.
Export represented 68%.
Changes were as follows, in millions of
euros:
|
2023 |
2022 |
2021 |
|
|
|
|
Defense |
2,980 |
4,825 |
5,281 |
Defense Export |
1,512 |
3,616 |
4,549 |
Defense France |
1,468 |
1,209 |
732 |
|
|
|
|
Falcon |
1,821 |
2,104 |
1,952 |
|
|
|
|
Total adjusted net sales |
4,801 |
6,929 |
7,233 |
% Export |
68% |
82% |
89% |
Defense programs
In 2023, 13 Rafale (11 France and 2
Export) were delivered, compared with the guidance of 15.
14 Rafale (13 Export and 1 France) were delivered in 2022.
Defense net sales in 2023 were
EUR 2,980 million versus EUR 4,825
million in 2022.
The Defense Export share was
EUR 1,512 million versus EUR 3,616
million in 2022. This decrease is largely due to the delivery of 2
Export Rafale, whereas 13 Export Rafale were delivered in 2022.
The Defense France share was
EUR 1,468 million versus EUR 1,209 million in
2022. Defense France 2023 net sales notably included the delivery
of 11 Rafale versus 1 Rafale in 2022.
Falcon programs
26 Falcon were delivered in
2023, compared with the guidance of 35, versus 32
deliveries in 2022.
Falcon net sales for 2023 were
EUR 1,821 million versus EUR 2,104
million in 2022. The decrease is primarily due to the number of
Falcon aircraft delivered (26 vs. 32).
****
The book-to-bill ratio of the Group (order
intake/net sales) is 1.72 for 2023.
3. BACKLOG
The consolidated backlog as of December 31, 2023
(determined in accordance with IFRS 15) was EUR 38,508
million, versus EUR 35,008 million as of December 31,
2022. Change in the backlog is as follows, in millions of
euros:
As of December 31 |
2023 |
2022 |
2021 |
|
|
|
|
Defense |
33,862 |
30,318 |
17,633 |
Defense Export |
23,986 |
21,915 |
9,874 |
Defense France |
9,876 |
8,403 |
7,759 |
|
|
|
|
Falcon |
4,646 |
4,690 |
3,129 |
|
|
|
|
Total backlog |
38,508 |
35,008 |
20,762 |
% Export |
71% |
72% |
58% |
The backlog as of December 31, 2023 consists of
the following:
-
Defense Export: EUR 23,986
million versus EUR 21,915 million as of December 31, 2022.
This figure notably includes 141 new Rafale in 2023, compared with
125 new Rafale and 6 pre-owned Rafale in the Defense Export backlog
as of December 31, 2022,
-
Defense France: EUR 9,876 million
versus EUR 8,403 million as of December 31, 2022. This figure
mainly comprises 70 Rafale (vs. 39 at the end of December 2022),
the support contracts for the Rafale (Ravel), Mirage 2000 (Balzac),
ATL2 (Ocean) and the Alpha Jet (Alphacare), the Rafale F4 standard
and the order for phase 1B of the FCAS demonstrator.
-
Falcon (including the Albatros and Archange
mission aircraft): EUR 4,646 million versus EUR
4,690 million as of December 31, 2022. It includes notably 84
Falcon, compared with 87 as of December 31, 2022.
Additional information on the backlog can be
found in Note 24 to the consolidated financial statements.
4. ADJUSTED RESULTS
Adjusted operating income
Adjusted operating income for
2023 was EUR 349 million, compared with EUR 572
million in 2022.
Research and development costs totaled EUR
483 million in 2023 and accounted for 10.1% of net sales,
compared with EUR 572 million and 8.3% of net sales in 2022. These
amounts reflect the self-funded R&D effort focused on the
Falcon 6X and Falcon 10X programs.
The adjusted operating margin
stood at 7.3% compared to 8.3% in 2022,
representing a 1.0 point decrease, notably due to the 1.8 point
increase in the weight of research and development expenditure.
The foreign exchange hedging rate was USD
1.20/EUR in 2023, vs. USD 1.19/EUR in 2022.
Adjusted financial income
2023 adjusted financial income
was EUR 210 million compared to EUR 11 million in
2022. This strong increase was due to financial income generated by
the Group’s cash position in a context of favorable interest
rates.
Adjusted net income
Adjusted net income for 2023
was EUR 886 million vs. EUR 830 million in
2022, increasing by 6.7 %. Thales’ contribution to the Group’s net
income was EUR 453 million, versus EUR 386 million in 2022.
As a result, adjusted net
margin was 18.5% in 2023, versus 12.0% in
2022. This increase is mainly due to the higher net financial
income and contribution from Thales.
Adjusted net income per share in 2023 was
EUR 10.95 vs. EUR 9.99 in
2022.
5. CONSOLIDATED KEY FIGURES UNDER IFRS
Consolidated operating income
(IFRS)
Consolidated operating income
for 2023 was EUR 349 million vs.
EUR 591 million in 2022.
R&D costs totaled EUR 483 million in 2023
and accounted for 10.1% of consolidated net sales (EUR 4,805
million), compared to EUR 572 million and 8.2% of consolidated net
sales in 2022. These amounts reflect the self-funded R&D effort
focused on the Falcon 6X and Falcon 10X programs.
The consolidated operating
margin was 7.3% compared to 8.5% in
2022.
Consolidated financial income
(IFRS)
Consolidated net financial
income for 2023 was EUR 212 million vs.
EUR -12 million in 2022. This strong increase was due to
financial income generated by the Group’s cash position in a
context of favorable interest rates.
Consolidated net income
(IFRS)
Consolidated net income for
2023 was EUR 693 million, compared with EUR 716
million in 2022. Thales’ contribution to the Group’s net income was
EUR 259 million, versus EUR 275 million in 2022.
As a result, consolidated net
margin was 14.4% in 2023, as against
10.3% in 2022.
Consolidated net income per
share for 2023 was EUR 8.57 compared with
EUR 8.62 in 2022.
6. 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 and financial debt, excluding lease liabilities. The
calculation of this indicator is detailed in the consolidated
financial statements (see Note 9 of the December 31, 2023,
consolidated financial statements).
The Group’s available cash
stands at EUR 7,294 million, versus EUR 9,529
million as of December 31, 2022. The decrease in available cash in
2023 was mainly due to the increase in work-in-progress (execution
of military contracts, ramp-up of the Falcon 6X), share buybacks
and acquisition of the additional stake in Thales.
7. CONSOLIDATED BALANCE SHEET
Total equity stood at EUR 5,742 million as
of December 31, 2023 compared with EUR 6,006 million as of
December 31, 2022. This amount has been impacted by the share
buyback.
Borrowings and financial debt stood at EUR 262
million as of December 31, 2023, compared with EUR 234 million as
of December 31, 2022. Borrowings and financial debt include
locked-in employees’ profit-sharing funds, for EUR 78 million, and
lease liabilities, for EUR 184 million.
Inventories and work-in-progress rose to EUR
5,258 million as of December 31, 2023, compared with EUR 3,922
million as of December 31, 2022. This increase was due to the
execution of military contracts and the ramp-up of the Falcon
6X.
Advances and progress payments received on
orders, net of advances and progress payments paid decreased by
EUR 137 million as of December 31, 2023. The decrease
relating to the retrocession of Rafale Export downpayments received
at the end of 2022 to our co-contractors was almost entirely offset
by advances received, notably for the Rafale contracts in Indonesia
and Egypt.
Derivative financial instruments had a market
value of EUR 29 million as of December 31, 2023, compared with EUR
-88 million as of December 31, 2022, reflecting an improvement in
the hedging portfolio rate.
8. VALUE SHARING
The Board of Directors decided to propose to the
Annual General Meeting a dividend distribution, in 2024, of
EUR 3.37 per share, EUR 266 million in
aggregate, representing a payout of 30%. The Board of
Directors of March 5th, 2024, has decided to cancel 1,850,554
shares. The dividend per share is calculated based on the number of
shares as of December 31, 2023, netted of the number of those
shares canceled.
For 2023, the Group will pay EUR 170
million in employee profit-sharing and incentives,
including 20% employer’s corresponding tax, whereas the application
of the legal formula would have resulted in a EUR 8 million payment
(including the employer’s corresponding tax).
Dividends per share over the five last years are
provided 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 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
-
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,
-
financial debt, excluding lease liabilities.
The calculation of this indicator is detailed in
the consolidated financial statements (see 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.
2. IMPACT OF THE ADJUSTMENTS
The impact in 2023 of adjustments to income
statement aggregates is presented below:
(in thousands of euros) |
2023 consolidated income statement |
Foreign exchange derivatives |
PPA |
Adjustments applied by Thales |
2023 adjusted income statement |
Foreign exchange gain/loss |
Change in fair value |
Net sales |
4,804,891 |
-4,225 |
0 |
|
|
4,800,666 |
Operating income |
349,477 |
-4,225 |
0 |
3,908 |
|
349,160 |
Net financial income/expense |
211,645 |
4,225 |
- 5,793 |
|
|
210,077 |
Share in net income of equity associates |
266,540 |
|
|
3,228 |
190,694 |
460,462 |
Income tax |
-134,264 |
|
1,496 |
-636 |
|
-133,404 |
Net income |
693,398 |
0 |
- 4,297 |
6,500 |
190,694 |
886,295 |
Group share of net income |
693,398 |
0 |
- 4,297 |
6,500 |
190,694 |
886,295 |
Group share of net income per share (in euros) |
8.57 |
|
|
|
|
10.95 |
The impact in 2022 of adjustments to income
statement aggregates is presented below:
(in EUR thousands) |
2022 consolidated income statement |
Foreign exchange derivatives |
PPA |
Adjustments applied by Thales |
2022 adjusted income statement |
Foreign exchange gain/loss |
Change in fair value |
Net sales |
6,949,916 |
-14,459 |
-6,618 |
|
|
6,928,839 |
Operating income |
591,403 |
-14,459 |
-7,771 |
3,142 |
|
572,315 |
Net financial income/expense |
-11,557 |
14,459 |
8,280 |
|
|
11,182 |
Share in net income of equity associates |
282,349 |
|
|
3,128 |
108,023 |
393,500 |
Income tax |
-145,970 |
|
-131 |
-652 |
|
-146,753 |
Net income |
716,225 |
0 |
378 |
5,618 |
108,023 |
830,244 |
Group share of net income |
716,225 |
0 |
378 |
5,618 |
108,023 |
830,244 |
Group share of net income per share (in euros) |
8.62 |
|
|
|
|
9.99 |
- Dassault Aviation - Financial Release - 2023 Results
Dassault Aviation (EU:AM)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024
Dassault Aviation (EU:AM)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024