Dassault Aviation SA · EURONEXT:AM
Dassault Aviation SA — H1 2020 Earnings Presentation
22 slides from Dassault Aviation SA's earnings presentation, Jul 23, 2020
Slide 1: Press Conference July 23rd 2020
PRESS CONFERENCE July 23rd 2020
Slide 2: Context
CONTEXT
Slide 3: Covid-19 a major sanitary and economic crisis (1/3)
COVID-19 A MAJOR SANITARY AND ECONOMIC CRISIS (1/3) The Covid-19 epidemic triggered an unprecedented global crisis as to its sanitary and economic consequences, its magnitude, its geographic scope and its duration. Contribution of Dassault Aviation Group to the national effort in France by providing
Slide 4: Covid-19 a major sanitary and economic crisis (2/3)
COVID-19 A MAJOR SANITARY AND ECONOMIC CRISIS (2/3) Launch of a Business Continuity Plan that prioritized our efforts : customer support (Armed forces in priority), production and delivery of Rafale and Falcons, development of the Falcon 6X. Cancellation of the dividend proposal and suspension
Slide 5: Covid-19 a major sanitary and economic crisis (3/3)
COVID-19 A MAJOR SANITARY AND ECONOMIC CRISIS (3/3) Covid-19 crisis consequences : decrease of Falcon deliveries which leads to a new 2020 guidance of 30 Falcons whereas 40 were initially guided, beyond this lag in net sales, 1st half results negatively impacted by costs associated with unworked
Slide 6: Crisis recovery strategy
CRISIS RECOVERY STRATEGY UNCHANGED AMBITION IN A HARSH AND UNCERTAIN ECONOMIC ENVIRONMENT Sell and deliver Falcons Falcon 6X: comply with our schedule (entry into service in 2022) Rafale: negotiate an additional batch for France, and pursue export prospection Pursue the future Falcon develop
Slide 7: Activities & Programs
ACTIVITIES & PROGRAMS
Slide 8: Rafale deliveries
RAFALE DELIVERIES 7 Rafale (India and Qatar) delivered during the 2020 1st half Rafale Qatar Rafale India 8 PRESS CONFERENCE – JULY 23RD 2020 Ce document est la propriété intellectuelle de Dassault Aviation. Il ne peut être utilisé, reproduit, modifié ou communiqué sans son autorisation. Dassault Av
Slide 9: Rafale
RAFALE Negotiation of an additional batch for France Ongoing works on the F4-Standard No Rafale delivery to France in 2020 and 2021 in accordance with the French Military Procurement Law Resumption of deliveries in 2022 of the 28 Rafale out of 180 ordered by France Ongoing discussions with
Slide 10: Future Combat Air System (FCAS)
FUTURE COMBAT AIR SYSTEM (FCAS) February 20, 2020 : French and German governments awarded Dassault Aviation, Airbus, together with their partners MTU Aero Engines, Safran, MBDA and Thales, the initial framework contract (Phase 1A), which launches the demonstrator phase for the FCAS, including the de
Slide 11: Eurodrone
EURODRONE Final contract negotiations are ongoing between the OCCAR (Organization for Joint Armament Cooperation) and Airbus Defense & Space (lead contractor), Leonardo and Dassault Aviation (main subcontractors) 11 PRESS CONFERENCE – JULY 23RD 2020 Ce document est la propriété intellectuelle de Das
Slide 12: Multi-mission aircraft
MULTI-MISSION AIRCRAFT Falcon Launch of the strategic intelligence program “Archange” based on a Falcon 8X platform (2 ordered, 1 option) Design study of maritime surveillance and intervention Falcon 2000 AVSIMAR for the “Albatros” contract Delivery of the 3rd Falcon 50SurMar equipped with hat
Slide 13: Falcon context
FALCON CONTEXT Travel restrictions related to the Covid-19 epidemic and the serious economic consequences of the health crisis are deeply impacting the business jet market. During the crisis, priority was given to the : client support continuity aircraft deliveries Falcon 6X ongoing developmen
Slide 14: Falcon 6X
FALCON 6X Falcon 6X development was part of our core priorities during this period Nominal program advancement : maiden flight planned in 2021, entry into service in 2022 aircraft #1 assembly completed in Mérignac and powered-up performed for the 1st time start of aircraft #1 ground tests airc
Slide 15: Future Falcon
FUTURE FALCON Pursuing the development of the Falcon family. Announcement postponed. 15 PRESS CONFERENCE – JULY 23RD 2020 Ce document est la propriété intellectuelle de Dassault Aviation. Il ne peut être utilisé, reproduit, modifié ou communiqué sans son autorisation. Dassault Aviation Proprietary D
Slide 16: 2020 1st half results
2020 1st HALF RESULTS
Slide 17: Order intakes, deliveries and backlog in units
ORDER INTAKES, DELIVERIES AND BACKLOG IN UNITS Order Intake Deliveries Backlog 2020 1st half 2019 1st half 2020 1st half 2019 1st half 06.30.2020 12.31.2019 53 16 17 42 Falcon 5 7 2020 Guidance: 30 2019 Deliveries: 40 68 75 40 47 10 Rafale Export 7 Rafale France 0 0 28 28 2020 Guidance: 13 2019 Deli
Slide 18: Order intake, net sales and backlog
ORDER INTAKE, NET SALES AND BACKLOG IN € BILLION p.m. : Dassault Aviation recognizes the Rafale Export contracts in their entirety (with the Thales and Safran parts) Falcon Defense Export Defense France Order Intake Net Sales Backlog 2020 1st half 2019 1st half 2020 1st half 2019 1st half 06.30.2020
Slide 19: Consolidated self-funded R&D
CONSOLIDATED SELF-FUNDED R&D IN € MILLION AND IN % OF NET SALES € 262 M € 258 M 9.9% of net sales 8.4% of net sales H1 2020 H1 2019 19 PRESS CONFERENCE – JULY 23RD 2020 Ce document est la propriété intellectuelle de Dassault Aviation. Il ne peut être utilisé, reproduit, modifié ou communiqué sans so
Slide 20: Adjusted consolidated income statement
ADJUSTED CONSOLIDATED INCOME STATEMENT 1st half in € million 2020 2019 NET SALES 2,641 3,058 OPERATING INCOME 55 250 Operating margin 2.1% 8.2% FINANCIAL INCOME -19 -26 THALES and other equity affiliates 60 143 TAXES -9 -81 NET INCOME 87 286 Net margin 3.3% 9.3% 20 PRESS CONFERENCE – JULY 23RD 2020
Slide 21: Consolidated available cash
CONSOLIDATED AVAILABLE CASH € 4,6 Bn Available cash stands at € 3.9 Bn € 3,9 Bn including Rafale Export downpayments received for ongoing contracts. The decrease is mainly due to the increase of working capital (decrease of downpayments received on Export contracts further to deliveries and raise in
Slide 22: Revised 2020 guidance
REVISED 2020 GUIDANCE In an uncertain Covid-19 context, and its economic consequences, our new guidance is: Delivery of 30 Falcon (vs 40 planned before Covid) Delivery of 13 Rafale (same as before Covid) Decrease of net sales 22 PRESS CONFERENCE – JULY 23RD 2020 Ce document est la propriété in