SOURCE: DASSAULT AVIATION

November 12, 2009 12:19 ET

DASSAULT AVIATION : Quarterly information As of September 30, 2009

SAINT-CLOUD, FRANCE--(Marketwire - November 12, 2009) -


CONSOLIDATED SALES

+-------------------------+-------------+-------------+-------------+
|  (in thousands of euros)|     2009    |     2008    |  % variation|
+-------------------------+-------------+-------------+-------------+
|                         |  as of 09/30|  as of 09/30|             |
+-------------------------+-------------+-------------+-------------+
|  First quarter          |      545,992|      754,746|       - 28 %|
+-------------------------+-------------+-------------+-------------+
|  Second quarter         |      838,079|      789,425|         +6 %|
+-------------------------+-------------+-------------+-------------+
|  Third quarter          |      908,689|      989,257|        - 8 %|
+-------------------------+-------------+-------------+-------------+
|  TOTAL                  |    2,292,760|    2,533,428|        - 9 %|
+-------------------------+-------------+-------------+-------------+
+-------------------------+-------------+-------------+-------------+
Comment: these interim figures are not comparable as they do not reflect the annual sales.

GENERAL OVERVIEW OF THE CONTEXT OF DASSAULT AVIATION GROUP ACTIVITY

ue Consolidated orders :

For commercial and competition reasons, the Group has decided not to disclose order amounts per product (DEFENSE and FALCON).

Consolidated orders for the third quarter 2009 amount to EUR (0.9) billion compared to EUR 1.9 billion for the third quarter of 2008.

At the end of September 2009, total orders amount to EUR (2.0) billion compared to EUR 4.6 billion in 2008 for the same period, negative figures owing to FALCON order cancellations due to the crisis.

ue Group activities :

The Group delivered 2 RAFALE and 25 FALCON aircraft within the third quarter 2009 (compared to 3 RAFALE and 13 FALCON aircraft in 2008 for the same period). During the third quarter 2008, the Group had invoiced the F3 Standard of the RAFALE aircraft.

At the end of September 2009, the Group delivered 9 RAFALE and 51 FALCON aircraft (compared to 7 RAFALE and 47 FALCON aircraft in 2008 for the same period).

The delivery rate of FALCON aircraft is planned to stay around the same level during the fourth quarter 2009.

The Group is still negatively impacted by the value of the US dollar ($/EUR 1.46 as of 09/30/2009) which is far from the 1 to 1 parity that would put it on an equal footing with the North American competitors.

Other highlights for the first nine months of the year include:

- the purchase in May 2009 of a 26 % stake in THALES,

- the FAA and EASA certification granted to the FALCON 2000LX in April, followed by the first deliveries,

- the pursuit of developments in progress (FALCON 900LX, SMS, EASy cockpit - step 2),

- the 1st global firing of a RAFALE Laser Guided Bomb (LGB) with the DAMOCLES Laser Designation Pod (LDP),

- the inauguration of the RAFALE F2 Simulation Center in Landivisiau,

- the end of the deliveries of the Greek MIRAGE 2000 aircraft retrofitted into MIRAGE 2000-5 and the beginning of the implementation of the second standard,

- the manufacturing of the first parts of the Unmanned Combat Air Vehicle (UCAV) demonstrator program nEUROn,

- the submission of an offer to the French Defense Ministry for the renting out of a MALE drone system in association with a foreign partner,

- the continuation of the negotiations for export of the RAFALE aircraft.

ue Financial structure :

Consolidated available cash (*) as of September 30, 2009, after the purchase of THALES shares, totaled EUR 1.6 billion compared to EUR 1.7 billion as of June 30, 2009.

The group is not exposed to any significant market risk with regard to its borrowings and marketable securities. The Group's marketable securities portfolio mainly comprises short-term monetary investments.

Cash at bank and in hand, monetary investments and time deposits represent more than 99% of the consolidated available cash excluding financial debts. Various investments (AMF reference, mainly monetary) represent less than 1% of the available cash.

(*) Specific indicator defined by DASSAULT AVIATION as follows: cash and cash equivalents + available-for-sale marketable securities (at market value) - borrowings.

ue Adaptation to the crisis :

Order cancellations and postponements have led the Group to reduce its production rates. Therefore, the Group has implemented furlough for a part of its workforce since September in order to adapt its production capacity to the activity.

Subsequent EVENT

- NetJets has informed Dassault early November of its new aircraft acquisition plan adapted to the current market crisis. It confirmed the long term partnership established between the two companies and set forth the delivery levels for the Falcon 2000LX and Falcon 7X until 2014. NetJets does not wish to keep firm commitments beyond this date which will result in a significant number of cancellations of existing orders. Deliveries for 2015 and beyond will be subject to future discussions between the two companies.

This information is provided by HUGIN

Contact Information

  • Contact:
    Vadim Feldzer
    +33 1 47 11 44 13