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2020 Half year results

Thales’s Board of Directors (Euronext Paris: HO) met on 23 July 2020 to review the financial statements for the first half of 2020. [1]

Patrice Caine, Chairman & Chief Executive Officer, commented:

"The results of the first half of 2020 were heavily impacted by the Covid-19 pandemic. The decline in sales and profits was due both to the sharp contraction of the civil aeronautics market and to the impact of public health measures on production and project execution.
On behalf of the Board of Directors, I would like to thank all Group employees who continued to make every effort to serve our customers throughout this unprecedented crisis.
The global adaptation plan that we launched very early on significantly reduced the impact of the crisis on our first-half financial statements. We expect this plan to save around €800 million over the full year.
The first half of the year was also very busy from a commercial point of view, with historical successes in space-based environmental monitoring and military naval systems. As these contracts are being finalised, they should be booked in the upcoming months.

In the second half of the year, based on a stabilising economy and public health situation, we anticipate a significant increase in sales compared to the first half and a recurring operating margin [2] back to a level close to the second half of 2019.
Thanks to its unique positioning focused on key societal issues of tomorrow's world — sustainable mobility, technological autonomy, digital identity and security — Thales has what it takes to return to profitable growth once this crisis is over.

  • Order intake: €6.1 billion, down 13% (-23% on an organic basis [3])
  • Sales: €7.8 billion, down 5.4% (-13.6% on an organic basis)
  • EBIT [4]: €348 million, down 57% (-63% on an organic basis)
  • Adjusted net income, Group share [4]: €232 million, down 60%
  • Consolidated net income, Group share: €65 million, down 88%
  • Free operating cash flow [4]: -€471 million
  • New financial objectives set for 2020, based on a stabilising economy and public health situation: 
    —   Book-to-bill [5] above 1, benefiting from the positive trend in Defence & Security
    —   Sales between €16.5 billion and €17.2 billion
    —   Impact of the global adaptation plan: approximately €800 million for the full year [6]
    —   EBIT between €1,300 million and €1,400 million

In € millions
except earnings per share (in €)



Total change

Organic change

Order intake





Order book at end of period










EBIT [4]





in % of sales



-5.5 pts

-5.8 pts

Adjusted net income, Group share [4]





Adjusted net income, Group share,
per share [4]





Consolidated net income, Group share





Free operating cash flow [4]





Net cash (debt) at end of period







 We are pleased to invite you to participate in our conference call in English:

Friday, 24 July 2020 at 8:30 am (CET)

Dial-in the following number  from:


+33 (0) 170700781

International and United Kingdom

+44 (0) 2071 928338

United Kingdom (Free Call):


United States, New York (Local):

+1 646 741-3167

United States (Free Call):

+1 877 870-9135

+ Passcode:
to communicate to the operator

63 99 761


It will be also possible to follow the conference call through a webcast by using the following link:  

If you are unable to listen to the call live through the Webcast a replay will be available one hour after the end of the event, and will remain available for 12 months. To access the replay, please use the aforementioned link.

[1] 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  
[2] Recurring operating margin: EBIT before restructuring costs and joint-venture contributions as a proportion of sales 
[3] “Organic” means at constant scope and currency. See note on methodology on page 12 and calculation on page 18 of the press release
[4] Non-GAAP financial indicators, see definitions in the appendices, page 12 of the press release
[5] Order intake divided by sales
[6] Of which, €750 million in savings included in EBIT, and at least a €50 million cut in net operating investments 
[7] Net debt at 30 June 2019