Thales: 2011 annual results
The Board of Directors of Thales met today to close the financial statements for 2011. Group Chairman and CEO Luc Vigneron commented: "Although the economic environment worsened more markedly than expected, particularly in defence, our order intake increased and our revenues held up well. A marked upturn in our results is now underway, driven by better contract execution, the momentum of the Probasis plan and our stronger footprint in growth regions. On the basis of this strong performance, which confirms the relevance of our strategy, we are confident in our ability to continue to improve our results, despite the serious economic uncertainties in Europe."
- Order intake: €13.21bn (+1% organic growth (1))
Order intake increase driven by the Mirage 2000 upgrade contract in India and the good performance of civil aeronautics, mitigating the impact of reduced space orders after the exceptional level in 2010
- Revenues: €13.03bn, organically stable (1) compared with 2010
Strong resilience of defence activities and growth in civil activities
- EBIT (2): €749m (5.7% of revenues), compared with -€92m in 2010
Strong upturn reflecting a better project execution and the positive impact of the Probasis performance plan
- Net profit (2), Group share: €566m compared with -€45m in 2010
- Net cash (3): €192 m on the back of a continued steady generation of cash flow
If you are unable to listen to the call live on March 6, 2012 at 6:30 pm, a digital replay is available for two weeks.
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Webcast link: http://www.media-server.com/m/p/w7cycor7
1) On a like-for-like basis and at constant exchange rates
2) After restructuring and before impact of purchase price allocation ("PPA")
3) After payment for the additional 10% stake in DCNS, but excluding the impact of the proportionate consolidation of DCNS at 35% at 31 December 2011. Including this impact, net cash at year end 2011 was €906m.
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