2019 Half-year results

Thales’s Board of Directors (Euronext Paris: HO) met on 3 September 2019 to review the financial statements for the first half of 20193.
 “In the first half of 2019, Thales posted a solid performance, once again demonstrating the resilience of its business model. 
In spite of the slowdown in the commercial space market as well as a high basis of comparison in the Transport and Defence & Security segments, sales remained stable at constant scope and currency. The commercial momentum remained solid, with the booking of 7 large orders with a unit value of more than €100 million. Operating margin grew organically, led by a very good performance in the Defence & Security segment. The results achieved by Gemalto, consolidated since 1 April 2019, were in line with our expectations. 
This positive momentum allows us to confirm our 2019 financial objectives.
All Group teams remain focused on the implementation of the second phase of Ambition 10, our strategic plan, and on Gemalto’s integration.”
Patrice Caine, Chairman & Chief Executive Officer
  • Order intake: €7.0 billion, up 10% (-1% on an organic basis1 )
  • Sales: €8.2 billion, up 9.9% (-0.5% on an organic basis)
  • EBIT : €820 million, up 8% (+4% on an organic basis)
  • Adjusted net income, Group share2: €574 million, up 7%
  • Consolidated net income, Group share: €557 million, up 22%
  • Free operating cash flow2: -€332 million
  • All 2019 financial objectives confirmed, with organic sales growth at the lower end of the previous guidance (3% to 4%)

 Key figures


In € millions 
except earnings per share (in €)



Total change Organic change
Order intake 6,995 6,331 +10% -1%
Order book at end of period 31,701 30,987 +2%  
Sales 8,190 7,452 +9.9% -0.5%
EBIT5 820 762 +8% +4%
in % of sales 10.0% 10.2% -0.2 pts +0.4 pts
Adjusted net income, Group share5 574 539 +7%  
Adjusted net income, Group share, 
per share5

2.70 2.54 +6%  
Consolidated net income, Group share 557 457 +22%  
Free operating cash flow5 -332 -272 -60  
Net cash (debt) at end of period -4,397 -1,6736 -6,071  


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1 In this press release, “organic” means at constant scope and currency. 
2 Non-GAAP financial indicators, see definitions in the appendices.
3 The limited review of the financial statements has been completed and the statutory auditors’ report has been issued following the meeting of the Board of Directors
Since 1 January 2019, the Group has been applying IFRS 16 “Leases”. Since the Group chose to use the modified retrospective method, the 2018 figures in this press release have not been restated. The impact of this standard on the H1 2019 financial statements is outlined in Note 1.2 of the consolidated financial statements. 
In addition, in the framework of the Gemalto acquisition, a new “Digital Identity & Security” operating segment was created. It includes Gemalto’s businesses (consolidated since 1 April 2019) and a number of digital businesses formerly assigned to the “Defence & Security” operating segment. Segment data for 2018 was restated to take account of this change in organisation.
Non-GAAP financial indicators, see definitions in the appendices.