Dassault Aviation: 2024 Annual Results Financial Release

Core Insights - Dassault Aviation reported a significant increase in consolidated order intake for 2024, reaching EUR 10,869 million, up from EUR 8,253 million in 2023, with 90% of the orders being export-related [13][14] - The company's backlog reached a record EUR 43.2 billion as of December 31, 2024, driven by strong demand for the Rafale aircraft, particularly from international customers [4][24] - Adjusted net income for 2024 was EUR 1,056 million, a 19.2% increase from EUR 886 million in 2023, with an adjusted net margin of 17.0% [29][30] Financial Performance - Adjusted net sales for 2024 were EUR 6,230 million, exceeding guidance of around EUR 6 billion, compared to EUR 4,801 million in 2023 [18][5] - Adjusted operating income increased to EUR 519 million, with an operating margin of 8.3%, up from 7.3% in 2023 [27][31] - The company reported available cash of EUR 8,434 million as of December 31, 2024, an increase from EUR 7,294 million in 2023, primarily due to advance payments from Export Rafale contracts [36][35] Order and Delivery Highlights - In 2024, Dassault Aviation delivered 21 Rafale aircraft (14 to France and 7 for export) and 31 Falcon aircraft, compared to 13 Rafale and 26 Falcon deliveries in 2023 [20][22] - The order intake for Falcon aircraft increased to 26 in 2024 from 23 in 2023, with total Falcon net sales reaching EUR 2,265 million [17][22] - The company has a book-to-bill ratio of 1.74x for 2024, indicating strong order intake relative to net sales [23] Strategic Developments - The company is ramping up production of the Rafale amid ongoing supply chain challenges and has initiated catch-up plans to address these disruptions [7] - Dassault Aviation is actively involved in supporting the French aerospace supply chain and has participated in investment funds to assist suppliers in difficulty [7] - The company is also focused on environmental commitments, including decarbonization efforts for its Falcon aircraft and the development of sustainable aviation fuel [8][11] Workforce and Profit Sharing - The company has made significant recruitment efforts, hiring nearly 2,400 new employees, resulting in a 30% workforce renewal over three years [9] - Profit-sharing and incentive schemes for employees amounted to EUR 245 million based on 2024 profits, significantly exceeding the minimum legal requirements [9][40]