Half Year 2024 Thales SA Earnings Call Transcript
Key Points
- Thales (THLEF) achieved a record order intake of EUR10.8 billion, a 26% increase in real terms.
- Sales grew by 8.9% in real terms and 6% organically, reaching EUR9.5 billion.
- EBIT margin improved to 11.5%, with EBIT growing by more than 10%.
- The company completed the acquisition of Cobham Aerospace and finalized the disposal of its transport activity.
- Thales (THLEF) maintained strong commercial momentum, particularly in defense and security, with a backlog reaching EUR47 billion.
- Free operating cash flow was significantly lower at EUR23 million, down from EUR253 million the previous year.
- Net debt increased by about EUR400 million compared to December 2023, partly due to dividend payments and share buybacks.
- Space segment's EBIT is expected to be negative by around EUR50 million for the full year 2024.
- The company faced high R&D expenses, particularly in the space segment, impacting overall profitability.
- Supply chain issues, particularly with PCBs, continue to affect production and inventory levels.
Good morning. Welcome and thank you for joining us for the presentation of Thales 2024 half-year results. I'm Alexandra Boucheron, Head of Investor Relations at Thales. With me today are Patrice Caine, Chairman and CEO; and Pascal Bouchiat, CFO of Thales.
As usual, this presentation is audio-webcasted live on our website at thalesgroup.com where the slides and the press release are also available for download. A replay will be available soon after the end of the event. With that, I'd like to turn over the call to Patrice Caine.
Good morning, everyone. So as usual, I will start with the highlights of the period. And I'm now on slide number 2. So we have enjoyed a strong commercial dynamics again in this first half and, notably, in defense and security where we have recorded three orders in excess of EUR500 million. This momentum was especially driven by large orders. leading our backlog
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