Éric TRAPPIER, Chairman and CEO of DASSAULT AVIATION, stated :
«The year 2012 started well with the RAFALE selection by India. This choice based on technical, operational and financial criteria confirms our aircraft superiority.
The technical success of the nEUROn was added to this RAFALE selection. We marked the history of aeronautics with the flight of the first European furtive aircraft. With the nEUROn, we show at the same time our technical skills and our know-how as prime contractor in a multinational partnership.
These skills and this know-how are also implemented in the manner we currently develop our SMS. Technologically and commercially very ambitious, this new business jet will be released within a few months.
In France, an important Defense budget cut is announced, due to the national debt crisis. This reduction of the military budgets, which is observed in many other countries, reinforces the aggressiveness of our competitors, especially Americans.
Concerning business jets, the uncertain evolution of the world economy and in particular of our historical markets, United States and Western Europe, encourages us to remain vigilant.
Finally, the dollar weakness remains a strong and not easily controllable constraint because of the spasms of the international financial system».
Order intake and backlog
2012 orders amounted to EUR 3,325 million compared to EUR 2,863 millions in 2011. Export represented 78 % of the total order intake.
New orders, net of cancellations, stood at 58 FALCON in 2012 compared to 36 FALCON in 2011.
Commercial activity increased compared to 2011, in particular at the end of the year. Asia remained very active, as well as South America. North America market showed some encouraging signs, but wait and see policy still applies.
Defense orders amounted to EUR 793 million in 2012 compared to EUR 931 million in 2011 and corresponded to support and development. They decreased by 15% compared to 2011 which included, in particular, the contract for the upgrade of the Indian Air Force’s MIRAGE 2000 fleet.
As of December 31st, 2012 consolidated backlog amounted to EUR 7,991 million compared to EUR 8,751 million as of December 31st, 2011, down by 9%.
Consolidated net sales increased by 19% to EUR 3,941 million in 2012 from EUR 3,305 million in 2011.
Export net sales represented 75% of the 2012 total net sales.
FALCON net sales increased by 16% reaching EUR 2,797 million in 2012 from EUR 2,415 million in 2011. 66 FALCON were delivered in 2012 (compared to 63 in 2011). FALCON net sales represented 71% of the 2012 total net sales.
11 RAFALE were delivered to the French Air Force and Navy in 2012, as in 2011. Defense net sales showed an upturn of 29% due to an increase in RAFALE development activity.
The book-to-bill ratio reached 0.84.
2012 operating income reached EUR 547 million compared to EUR 377 million in 2011, up by 45%. Operating margin improved to 13.9% from 11.4% in 2011.
This improvement is due to the increase of net sales and a better currency hedging.
Adjusted financial income
In 2012, adjusted financial income amounted to EUR 16 million, compared to EUR 32 million in 2011. This fall- off results mainly from the following factors :
- the Group made a profit of EUR 12 million on the sale of some available-for-sale marketable securities compared to a profit of EUR 38 million in 2011,
- borrowing costs are EUR 2 million compared to EUR 13 million in 2011.
Adjusted net income
Adjusted net income stood at EUR 524 million compared to EUR 419 million in 2011, up by 25%. Adjusted net margin reached 13.3%, versus 12.7% in 2011.
Dassault Press Release