Thales S.A.
Thales revenues EUR6.6bn at end-September 2004: 3.5% organic growth
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Neuilly-sur-Seine, 9 November 2004
Thales revenues EUR6.6bn at end-September 2004:
3.5% organic growth
– Thales Group consolidated revenues in the first 9 months of 2004 totalled
EUR6,575m, which is comparable to the revenues recorded in the same period
in 2003 (EUR6,569m). On a like-for-like basis, revenues increased by 3.5%,
compared to an increase of 3.3% in H1 2004. In Q3 2004, consolidated sales
increased by 3.6% on a like-for-like basis.
– While exchange rate fluctuations had only a very slight impact on total
sales in Q3 2004 (net increase of EUR1m), changes in the scope of
consolidation resulted in a EUR215m net reduction in revenues (mainly due to
the deconsolidation of Thales Geosolutions, which was divested at the end of
2003).
Breakdown in consolidated revenues by division (organisation in place since
July 2004)
at 30 September
in millions of euros 2003 2004 Total change Organic
change
Aerospace 1,328 1,364 + 3% + 3 %
Air Systems 970 868 – 10% – 9 %
Land & Joint Systems 1,458 1,519 + 4% + 4 %
Naval 1,081 1,199 + 11% + 10 %
Security 671 744 + 11% + 12 %
Services 761 808 + 6% + 4 %
Other and divested businesses 301 73 – 76% na
Consolidated revenues 6,569 6,575 + 0.1 % + 3.5 %
In most divisions, Q3 2004 sales confirmed the organic growth recorded in H1
2004, with the Naval and Security divisions recording increases in excess of
10%.
– The Aerospace division (+ 3%) continues to benefit from the good
performances of the avionics business, particularly in commercial markets
(strong sales to Airbus) and from sales of systems and equipment for the
French Rafale programme and the export Mirage programmes.
– The decrease in Air Systems revenues (- 9%) results from lower billings by
the air defence systems business. The completion of a major maintenance
contract in Saudi Arabia has not yet been offset in terms of sales by the
new Shola 2 contract awarded in mid-2004. However, air traffic management
sales continued to develop in an encouraging manner as Q3 2004 sales
returned close to the level recorded in Q3 2003.
In the Land & Joint Systems division (+ 4%), sales were maintained by
communication and command system activities. TV transmitters sales were lower
than in 2003, particularly due to the ongoing downturn in the American market.
– Naval division sales (+ 10%) continue to be sustained by several major
programmes including the Horizon, Sawari 2 and LCF/F124 frigates, and by
sonars for UK Royal Navy submarines and for Scorpène submarines in export
markets.
– In the Security division (+ 12%), the dynamism and growth recorded in H1
2004 were consolidated by a recovery in electron tube sales. There was also
a sharp increase in sales of financial transaction and network security
activities. The success of the Roadmate GPS navigation product line
continued in Q3 2004.
– In the Services division (+ 4%), all businesses continued to grow despite a
reduction in training and simulation billings due to military contract
billings schedules. The best performances came from information systems and
from the jointly owned company Citylink (roll out of contract to renovate
London Underground’s communication systems).
Geographic breakdown of revenues
2003 2004 Change
At 30 September EURm % EURm % %
France 1,702 26% 1,791 27% 5%
United Kingdom 857 13% 967 15% 13%
Other Europe 1,276 19.5% 1,277 19% 0.0%
Total Europe 3,835 58.5% 4,035 61% 5%
North America 687 10,5% 629 9.5% -8%
Africa and Latin America 263 4% 227 3.5% -14%
Near & Middle East 669 10% 576 9% -14.0%
Asia Pacific 1,043 16% 1,001.5 15% -4,0%
CIS- Central Asia 73 1% 107 2% 46.5%
Total outside Europe 2,735 41.5% 2,540 39% -7%
Total 6,569 100,0% 6,575 100,0% 0,1%
The proportion of sales in Europe increased from 58% to 61%, mainly due to
higher revenues in the United Kingdom. The Asia Pacific region remains the
Group’s largest market after Europe, accounting for more than 15% of
consolidated sales. Excluding exchange rate fluctuations (depreciation of the
dollar) and changes in the scope of consolidation (deconsolidation of Thales
Geosolutions), sales in North America rose slightly in Q3 2004.
Appendix
Revenues by business area at 30 September
At 30 September
2003 2004 Total Organic
EURm change change
Defence 3,881 4,025 + 4% + 4%
Aerospace 1,150 1,133 – 1% – 2%
Information Technologies & Services 1,468 1,325 – 10% + 6%
Other 70 91
Total 6,569 6,575 + 0.1% + 3.5%
end of ad-hoc-announcement (c)DGAP 10.11.2004
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WKN: 850842; ISIN: FR0000121329; Index:
Listed: Amtlicher Markt in Düsseldorf und Frankfurt (General Standard);
Freiverkehr in Berlin-Bremen, Hamburg, München und Stuttgart
101322 Nov 04
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