KEY FIGURES OF DASSAULT AVIATION GROUP
2023 | 2022 | |
Order intake | 60 Rafale of which 42 France and 18 Export 23 Falcon | 92 Rafale of which 92 Export 64 Falcon |
Adjusted net sales (*) | 13 Rafale of which 11 France and 2 Export 26 Falcon | 14 Rafale of which 13 Export and 1 France 32 Falcon |
Backlog as of | 211 Rafale of which 141 Export and 70 France 84 Falcon | 164 Rafale of which 125 Export and 39 France 87 Falcon |
Adjusted operating income(*) Adjusted operating margin | 7.3% of net sales | 8.3% of net sales |
10.1% of net sales | 8.3% of net sales | |
Adjusted net income (*) Adjusted net margin Earnings per share | 18.5% of net sales EUR 10.95 per share | 12.0% of net sales |
Available cash as of | ||
Dividends | EUR 3.37 per share | EUR 3.00 per share |
Employee profit-sharing and incentives including 20% employer’s corresponding tax Headcount as of | 13,533 | 12,768 |
NB:
Main IFRS aggregates (see reconciliation table below)
(*) Consolidated net sales | ||
(*) Consolidated operating income | ||
(*) Consolidated net income |
Saint-Cloud,
“The Group’s backlog continues to increase, driven by the commercial success of the Rafale. It stands at EUR 38.5 billion as of
Certification of the Falcon 6X by EASA and
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
In 2023, the international context deteriorated, marked by the ongoing war in
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,
The Paris Le Bourget Air Show was held in
In the military sector, 2023 saw:
- the order by
France for 42 Rafale placed inDecember 2023 under the country’s new Military Procurement Law which was adopted inJuly 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 onNovember 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 Falcon 6X was certified on
- 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 toIndia , - 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,
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
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 | 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
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
The Defense
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 for 2023 were
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 | 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
(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
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
As of | 2023 | 2022 | 2021 |
Defense | 33,862 | 30,318 | 17,633 |
Defense Export | 23,986 | 21,915 | 9,874 |
Defense | 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
- Defense Export:
EUR 23,986 million versusEUR 21,915 million as ofDecember 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 ofDecember 31, 2022 , - Defense
France :EUR 9,876 million versusEUR 8,403 million as ofDecember 31, 2022 . This figure mainly comprises 70 Rafale (vs. 39 at the end ofDecember 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 versusEUR 4,690 million as ofDecember 31, 2022 . It includes notably 84 Falcon, compared with 87 as ofDecember 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
Research and development costs totaled EUR 483 million in 2023 and accounted for 10.1% of net sales, compared with
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
Adjusted financial income
2023 adjusted financial income was
Adjusted net income
Adjusted net income for 2023 was EUR 886 million vs.
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
The consolidated operating margin was 7.3% compared to 8.5% in 2022.
Consolidated financial income (IFRS)
Consolidated net financial income for 2023 was
Consolidated net income (IFRS)
Consolidated net income for 2023 was
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
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
The Group’s available cash stands at
7. CONSOLIDATED BALANCE SHEET
Total equity stood at EUR 5,742 million as of
EUR 6,006 million as of
Borrowings and financial debt stood at
Inventories and work-in-progress rose to
Advances and progress payments received on orders, net of advances and progress payments paid decreased by EUR 137 million as of
Derivative financial instruments had a market value of
8. VALUE SHARING
The Board of Directors decided to propose to the Annual General Meeting a dividend distribution, in 2024, of
For 2023, the Group will pay
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.
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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 |
Attachment
Dassault Aviation - Financial Release - 2023 Results
Source:
2024 GlobeNewswire, Inc., source