Dassault Aviation Sa · EURONEXT:AM
Dassault Aviation Sa — H1 2005 Earnings Presentation
25 slides from Dassault Aviation Sa's earnings presentation, Sep 15, 2005
Slide 1: Dassault Aviation Group First Half-Year 2005 Results
DASSAULT AVIATION GROUP FIRST HALF-YEAR 2005 RESULTS CONFERENCE - SEPTEMBER 15, 2005 Charles EDELSTENNE Chairman and Chief Executive Officer CONFERENCE - SEPTEMBER 15, 2005 1
Slide 2: Presentation Contents
PRESENTATION CONTENTS PAGE FIRST HALF-YEAR 2005 HIGHLIGHTS 3 PRODUCT LINE 5 CONSOLIDATED ORDERS 10 CONSOLIDATED SALES 13 CONSOLIDATED ORDER BOOK 17 TRANSITION TO IFRS 19 CONSOLIDATED BALANCE SHEETS & INCOME STATEMENTS 22 CONFERENCE - SEPTEMBER 15, 2005 2
Slide 3: First Half-Year 2005 Highlights
FIRST HALF-YEAR 2005 HIGHLIGHTS CONFERENCE - SEPTEMBER 15, 2005 3
Slide 4: First Half-Year 2005 Highlights
FIRST HALF-YEAR 2005 HIGHLIGHTS Falcon 7X first flight on May 5th Falcon 900DX first flight on May 13th CONFERENCE - SEPTEMBER 15, 2005 4
Slide 5: Product Line
PRODUCT LINE CONFERENCE - SEPTEMBER 15, 2005 5
Slide 6: Product Line: Combat Aircraft
PRODUCT LINE: COMBAT AIRCRAFT MIRAGE 2000-5 RAFALE Multirole Omnirole CONFERENCE - SEPTEMBER 15, 2005 6
Slide 7: Rafale
RAFALE • A 294 aircraft program • First RAFALE Marine delivered in 1999 • First RAFALE Air delivered in 1999 • 120 aircraft ordered CONFERENCE - SEPTEMBER 15, 2005 7
Slide 8: UCAV Neuron - Demonstrator
UCAV NEURON - Demonstrator • Maintain and improve skills of the French and European industry: ✓ stealth aircraft, ✓ no pilot on board, ✓ weapon delivery from internal bay. • 5 partners around a "virtual plateau" with DASSAULT AVIATION in Saint- Cloud. • Schedule: ✓ launch : 2nd half-year 2005 ✓ firs
Slide 9: Products: Falcon Range
PRODUCTS: FALCON RANGE FALCON 50EX FALCON 2000 FALCON 2000EX 3 250 NM - Trijet 3 100 NM - Bijet 3 800 NM - Bijet 9 to 12 passengers 8 to 14 passengers 8 to 14 passengers FALCON 900DX FALCON 900EX FALCON 7X 4 100 NM - Trijet 4 500 NM - Trijet 5 700 NM - Trijet 12 to 19 passengers 12 to 19 passengers
Slide 10: Consolidated Orders
CONSOLIDATED ORDERS CONFERENCE - SEPTEMBER 15, 2005 10
Slide 11: Consolidated Orders
CONSOLIDATED ORDERS Billion Euros 4.02 4 FALCON DEFENSE EXPORT DEFENSE FRANCE 3 2.17 54 % 2.42 2.21 2 1.39 58 % 0.12 3% 1.32 1.97 89 % 1 0.15 6% 1.73 43 % 1.03 78% 0.88 36 % 0.06 5% 0.06 3% 0 0.23 17% 0.18 8% First half-year 2003 2004 2004 2005 % export 62% 53% 79% 92% CONFERENCE - SEPTEMBER 15, 200
Slide 12: Group - Falcon Orders
GROUP - FALCON ORDERS in units 99 100 NetJets 90 12 80 74 38 72 73 72 69 62 16 60 34 40 40 40 28 20 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004 2005 First half-year CONFERENCE - SEPTEMBER 15, 2005 12
Slide 13: Consolidated Sales
CONSOLIDATED SALES CONFERENCE - SEPTEMBER 15, 2005 13
Slide 14: Consolidated Sales
CONSOLIDATED SALES Billion Euros 3.46 3.30 FALCON 3 DEFENSE Export 1.69 51% 2.12 61% DEFENSE France 2 1.31 1.13 1.06 32% 1 0.84 24% 0.78 59% 0.62 55% 0.55 17% 0.29 23% 0.18 16% 0.50 15% 0.24 18% 0.33 29% 0 First half-year 2003 2004 2004 2005 % export 82% 83% 79% 69% CONFERENCE - SEPTEMBER 15, 2005 1
Slide 15: Group - Falcon Deliveries
GROUP - FALCON DELIVERIES in units 80 75 69 71 70 66 63 60 51 48 49 50 40 33 30 22 19 20 10 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004 2005 First half-year CONFERENCE - SEPTEMBER 15, 2005 15
Slide 16: Geographical Breakdown of First Half-Year 2005 Consolidated Sales
GEOGRAPHICAL BREAKDOWN OF THE FIRST HALF-YEAR 2005 CONSOLIDATED SALES Af ric a - Middle Asia - Pacific East 6 15% France 31% S out h Am e ric a % 1% North America 27% Europe excl. France 20% CONFERENCE - SEPTEMBER 15, 2005 16
Slide 17: Consolidated Order Book
CONSOLIDATED ORDER BOOK CONFERENCE - SEPTEMBER 15, 2005 17
Slide 18: Consolidated Order Book as of 06/30/2005
CONSOLIDATED ORDER BOOK AS OF 06/30/2005 ORDER BOOK : 10.80 Billion Euros (vs 9.72 as of 12/31/2004) DEFENSE FALCON France 44% 42% DEFENSE Export 14% CONFERENCE - SEPTEMBER 15, 2005 18
Slide 19: Transition to IFRS
TRANSITION TO IFRS CONFERENCE - SEPTEMBER 15, 2005 19
Slide 20: IFRS - Impacts
IFRS - IMPACTS Three standards affect 2004 consolidated financial statements: IAS 16: tangible assets, IAS 38: research and development costs, IFRS 3: goodwill amortization. In addition to these, one standard affects 2005 financial statements: IAS 39: financial instruments (hedging and unrealized ga
Slide 21: IFRS - Impacts
IFRS - IMPACTS CONSOLIDATED NET PROFIT French standards IFRS First half-year 2004 118.8 M€ 127.7 M€ + 8.9 M€ / + 7.5% Financial year 2004 308.4 M€ 312.6 M€ + 4.2 M€ / + 1.4% SHAREHOLDERS' EQUITY French standards IFRS as of 12/31/2004 2 104.8 M€ 2 174.4 M€ + 69.6 M€ / + 3.3% as of 01/01/2005 2 104.8
Slide 22: Balance Sheets & Income Statements in IFRS
CONSOLIDATED BALANCE SHEETS & INCOME STATEMENTS IN IFRS CONFERENCE - SEPTEMBER 15, 2005 22
Slide 23: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (Millions Euros) 12/31/2004 IFRS 06/30/2005 IFRS NON-CURRENT ASSETS (*) 1 940 2 586 INVENTORIES 2 670 2 975 RECEIVABLES 812 503 ADVANCE PAYMENTS TO SUPPLIERS 95 97 HEDGING INSTRUMENTS (**) 512 CASH AND CASH EQUIVALENTS 957 1 337 TOTAL ASSETS 6 474 8 010 ( * ) including se
Slide 24: Consolidated Net Cash
CONSOLIDATED NET CASH (Billion Euros) 3.02 3 2.56 2.65 2.27 2.16 2 1 0 12/31/2001 12/31/2002 12/31/2003 12/31/2004 06/30/2005 Net cash = cash and cash equivalents (at(at fair value) + securities available for sale (at (at fair value) - financial debts CONFERENCE - SEPTEMBER 15, 2005 24
Slide 25: Consolidated Income Statements
CONSOLIDATED INCOME STATEMENTS (Million Euros) 2004 IFRS 2004 IFRS 2005 IFRS 1st half- half-year 1st half- half-year SALES 3 459 1 310 1 130 OPERATING INCOME (*) 467 182 130 FINANCIAL INCOME 1 - 4 11 INCOME TAX - 155 - 50 - 38 CONSOLIDATED NET INCOME 313 128 103 ATTRIBUTABLE NET INCOME 313 128 103 (