Thales S.A.
Correction: Thales 2004 revenues stable on a like-for-like basis: EUR10.3bn
Corporate-news announcement processed and sent by DGAP.
The sender is solely responsible for the contents of this announcement.
——————————————————————————
CORRECTION
In today’s Corporate-News announcement, 15.42 p.m., the first paragraph, the
third sentence instead of: “Excluding billings of the hulls for the Sawari 2
frigates, revenues remained identical compared to 20031.”
it must read: “Excluding billings of the hulls for the Sawari 2 frigates,
revenues remained identical compared to 2003 (1).
Subsequent to the first paragraph of the announcement it must read:
(1) Billings of the hulls of the second and third Sawari 2 frigates delivered
to Saudi Arabia in 2003 and 2004 were EUR400m and EUR375m respectively.
The complete corrected announcement is:
Paris, 10 February 2005
Thales 2004 revenues stable on a like-for-like basis: EUR10.3bn
– In 2004, Thales Group revenues totalled EUR10,288m. On a like-for-like
basis, revenues declined by only 0.25%. Excluding billings of the hulls for
the Sawari 2 frigates, revenues remained identical compared to 2003(1).
Revenues declined by 2.7% compared to posted 2003 revenues (EUR10,569m).
– This evolution is largely explained by changes in the scope of
consolidation which resulted in a EUR239m net reduction in revenues (mainly
due to the deconsolidation of Thales Geosolutions, which was divested at the
end of 2003). Year-on-year exchange rate fluctuations had a limited overall
effect, reducing revenues by EUR15m, as the rise of the pound sterling and
Australian dollar offset the fall of the American dollar.
Consolidated revenues by division
(organisation in effect since July 2004)
in millions of euros 2003* 2004 Total Organic
change change
Aerospace 2,073 2,121 + 2% + 3%
Air Systems 1,498 1,378 – 8% – 8%
Land & Joint Systems 2,367 2,391 + 1% + 1%
Naval (1) 2,157 2,037 – 6% – 6%
Security 991 1,110 + 12% + 13%
Services 1,135 1,149 + 1% + 0%
Other and divested businesses 348 102 – 71% na
Consolidated revenues 10,569 10,288 – 3% -0.25%
* pro forma 2003 figures
– The Aerospace division (+3%) continued to benefit from good performance of
the defence businesses, particularly equipment and systems for the French
Rafale programme, export Mirage programmes and maritime patrol systems for
export customers. The civil avionics business, which has seen resumed growth,
benefited from strong Airbus and support business sales.
– The decrease in Air Systems revenues (8%) resulted from lower sales of air
defence systems in 2004 due to the billing schedules of several major
contracts, particularly for missile systems and command centres. In addition,
the completion of the first tranche of the KSAM contract in South Korea and
the third phase of the Starstreak programme in the United Kingdom, and lower
billings on the Crotale and Shahine contracts in Saudi Arabia and the NATO
ACCS Loc1 programme, were not completely offset by revenues on new contracts
awarded since 2003 (European FSAF and PAAMS contracts, Saudi Arabian Shola 2
contract, French VT1 missile programme and new phases of the Starstreak and
KSAM programmes). In air traffic management, 2004 revenues did not yet benefit
from the recovery of the level of air traffic that was witnessed in this
sector in 2004 and fell in line with the lower level of order intake recorded
in 2003.
– In Land & Joint Systems (+1%), overall revenues from communication and
command systems remained solid, with the deployment in France of several
network infrastructure programmes and a strong increase in sales of MBITR
tactical radios in the United States (40% in dollar terms). Optronics revenues
also increased thanks to good performance in the United Kingdom (first
significant billings on the BGTI contract). Sales of TV transmitters continued
to decline due to the ongoing downturn in the American market.
– Naval division sales declined by 6%, reflecting lower billings on several
frigate programmes which are nearing completion (Sawari 2 and the European
LCF/F124 programme). This reduction, which was anticipated, was not yet fully
offset by the increase in billings on new sonars for British submarines and
Scorpène submarine export programmes, Greek Type S and Franco-Italian Horizon
frigate programmes.
– In the Security division, sales increased by 13%. This sector had already
recorded strong growth for the first nine months of 2004, and performance
further improved in Q4 2004 with the recovery in electron tube sales,
particularly for space and medical applications, and faster growth in
financial transaction security and navigation activities. The Roadmate family
of automotive GPS products consolidated its commercial success at the end of
the year with the launch of the new-generation Roadmate 300. Overall, the
division recorded organic growth of 16% in Q4 2004.
– In the Services division (+ 0.2%), overall revenues remained stable, with
continued growth in most businesses offsetting temporary lower revenues in
training and simulation caused by billing schedules on current contracts. The
best-performing businesses were information systems (especially in
outsourcing), facility management and engineering & consulting.
Geographic breakdown of revenues:
2003 2004 Change
in EURm in % in EURm in % in %
France 2,774 26% 2,950 29% 6.4%
United Kingdom 1,242 12% 1,347 13% 8.4%
Other Europe 2,069 20% 1,961 19% -5.2%
Total Europe 6,084 58% 6 258 61% 2.9%
North America 926 9% 900 9% -2.8%
Africa and Latin America 399 4% 340 3% -14.9%
Near & Middle East 1,473 14% 1,231 12% -16.4%
Asia Pacific 1,543 14,6% 1,395 13.4% -9.6%
CIS- Central Asia 144 1,4% 163 1.6% 13.3%
Total outside Europe 4,485 42% 4,030 39% -10.2%
Total 10,569 100% 10,288 100% -2.7%
The proportion of sales booked in Europe increased from 58% to 61% as a result
of higher revenues both in the United Kingdom, where strong defence business
(optronics and naval) more than offset the impact of the deconsolidation of
Thales Geosolutions, and in France (Rafale programme, air defence,
communications and information systems).
Outside Europe, the Asia Pacific region continued to book the highest
revenues, accounting for nearly 14% of Group revenues. North America sales
increased, excluding the impact of exchange rate fluctuations (lower dollar)
and changes in the scope of consolidation (deconsolidation of Thales
Geosolutions). In particular, local sales by the North American subsidiaries
increased by close to 20% in dollar terms. These sales accounted for two-
thirds of overall North America sales, compared to 60% in 2003.
Annex
Revenues by business area
2003 2004* Overall Organic
in EURm change change
Defence 6,599 6,514 -1% -1%
Aerospace 1,796 1,701 -5% -6%
Information Technology & Services 2,071 1,926 -7% +6%
Other 104 147
Total 10,569 10,288 -3% -0.25%
* pro forma figures; organisation by business area discontinued in July 2004
(1) Billings of the hulls of the second and third Sawari 2 frigates delivered
to Saudi Arabia in 2003 and 2004 were EUR400m and EUR375m respectively.
NEWS
DIRECTION DE LA COMMUNICATION / CORPORATE COMMUNICATIONS
45, rue de Villiers 92526 Neuilly-sur-Seine Cedex – France –
Tel.: +33 (0) 1 57 77 86 26 – Fax: +33 (0) 1 57 77 87 44 –
http://www.thalesgroup.com
end of message, (c)DGAP 14.02.2005
——————————————————————————
WKN: 850842; ISIN: FR0000121329; Index:
Listed: Amtlicher Markt in Düsseldorf und Frankfurt (General Standard);
Freiverkehr in Berlin-Bremen, Hamburg, München und Stuttgart
141815 Feb 05
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found