Thales annual revenue was €15.85 b in FY 2018

Thales Gross profit (H1, 2019)2.1 B

Thales Gross profit margin (H1, 2019), %25.7%

Thales Net income (H1, 2019)564.1 M

Thales EBIT (H1, 2019)498.2 M

Thales Cash, 30-Jun-20192.5 B

Thales EV23.4 B

Thales revenue was €15.85 b in FY, 2018 which is a 0.4% year over year increase from the previous period.

Thales revenue breakdown by business segment: 50.6% from Defence and Security, 36.5% from Aerospace, 12.6% from Transport and 0.3% from Other

Thales revenue breakdown by geographic segment: 39.9% from Europe, 6.2% from North America, 50.0% from Emerging markets and 3.9% from Other

EUR | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|

## Revenue | 13.0b | 14.1b | 14.9b | 15.8b | 15.9b |

| 8% | 6% | 6% | 0% | |

## Cost of goods sold | 9.8b | 10.7b | 11.3b | 12.0b | 11.8b |

## Gross profit | 3.2b | 3.4b | 3.6b | 3.8b | 4.1b |

| 25% | 24% | 24% | 24% | 26% |

## Sales and marketing expense | 914.4m | 980.9m | 1.0b | 1.0b | 1.1b |

## R&D expense | 641.4m | 692.0m | 736.1m | 802.2m | 881.4m |

## General and administrative expense | 519.3m | 531.8m | 543.5m | 549.5m | 554.3m |

## Operating expense total | 2.3b | 2.4b | 2.5b | 2.6b | 2.7b |

## Depreciation and amortization | 103.7m | 111.6m | 107.3m | 113.0m | 102.8m |

## EBIT | 888.6m | 964.5m | 1.1b | 1.3b | 1.4b |

| 7% | 7% | 7% | 8% | 9% |

## Interest expense | 20.2m | 15.5m | 11.3m | 16.3m | 26.5m |

## Interest income | 22.4m | 19.3m | 17.6m | 21.3m | 19.6m |

## Income tax expense | 214.3m | 219.9m | 255.6m | 264.2m | 314.2m |

## Net Income | 761.7m | 812.7m | 1.0b | 887.1m | 1.0b |

EUR | H1, 2015 | H1, 2016 | H1, 2017 | H1, 2018 | H1, 2019 |
---|---|---|---|---|---|

## Revenue | 6.3b | 6.8b | 7.2b | 7.5b | 8.2b |

## Cost of goods sold | 4.8b | 5.2b | 5.5b | 5.5b | 6.1b |

## Gross profit | 1.5b | 1.6b | 1.7b | 1.9b | 2.1b |

| 24% | 24% | 24% | 26% | 26% |

## Sales and marketing expense | 494.6m | 528.2m | 523.2m | 542.8m | 639.2m |

## R&D expense | 310.4m | 326.7m | 362.7m | 407.0m | 476.6m |

## General and administrative expense | 259.0m | 270.0m | 277.8m | 276.7m | 305.8m |

## Operating expense total | 1.3b | 1.2b | 1.3b | 1.3b | 1.6b |

## Depreciation and amortization | 52.8m | 39.7m | 54.4m | 50.9m | 128.0m |

## EBIT | 360.3m | 435.1m | 498.4m | 603.9m | 498.2m |

| 6% | 6% | 7% | 8% | 6% |

## Interest expense | 8.7m | 6.5m | 7.4m | 11.6m | 26.0m |

## Interest income | 13.7m | 7.7m | 9.0m | 8.5m | 10.5m |

## Income tax expense | 87.9m | 80.4m | 103.6m | 140.4m | 122.6m |

## Net Income | 282.3m | 409.6m | 357.9m | 474.9m | 564.1m |

EUR | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|

## Cash | 2.5b | 3.5b | 3.6b | 4.3b | 5.6b |

## Accounts Receivable | 4.1b | 4.4b | 4.5b | 4.4b | 3.2b |

## Inventories | 2.4b | 2.6b | 2.7b | 2.8b | 2.9b |

## Current Assets | 11.6b | 13.1b | 14.1b | 14.8b | 17.0b |

## PP&E | 1.6b | 1.7b | 1.8b | 1.8b | 1.8b |

## Goodwill | 3.2b | 3.2b | 3.4b | 3.4b | 3.4b |

## Total Assets | 20.0b | 21.6b | 22.7b | 23.3b | 25.5b |

## Accounts Payable | 5.3b | 5.5b | 5.9b | 6.3b | 6.1b |

## Short-term debt | 108.2m | 698.7m | 111.4m | 707.3m | 321.2m |

## Current Liabilities | 11.6b | 13.2b | 13.3b | 13.9b | 14.6b |

## Long-term debt | 1.5b | 837.6m | 1.4b | 953.5m | 2.4b |

## Non-Current Liabilities | 4.3b | 3.4b | 4.5b | 3.9b | 5.0b |

## Total Debt | 1.6b | 1.5b | 1.5b | 1.7b | 2.7b |

## Total Equity | 4.1b | 4.9b | 4.9b | 2.3b | 5.9b |

## EPS | 3.5 | 3.6 | 4.4 | 3.9 | 4.6 |

## Debt to Equity Ratio | 0.4 x | 0.3 x | 0.3 x | 0.7 x | 0.5 x |

## Debt to Assets Ratio | 0.1 x | 0.1 x | 0.1 x | 0.1 x | 0.1 x |

## Financial Leverage | 4.9 x | 4.4 x | 4.7 x | 10 x | 4.3 x |

EUR | H1, 2015 | H1, 2016 | H1, 2017 | H1, 2018 | H1, 2019 |
---|---|---|---|---|---|

## Cash | 2.1b | 3.5b | 3.6b | 4.7b | 2.5b |

## Inventories | 2.6b | 2.7b | 3.0b | 3.3b | 3.3b |

## Current Assets | 11.7b | 13.7b | 14.4b | 16.1b | 16.1b |

## PP&E | 1.6b | 1.7b | 1.8b | 1.8b | 1.8b |

## Goodwill | 3.2b | 3.6b | 3.4b | 3.5b | 3.5b |

## Total Assets | 20.1b | 22.3b | 22.8b | 24.6b | 24.6b |

## Short-term debt | 77.3m | 701.9m | 628.0m | 291.2m | 2.8b |

## Current Liabilities | 11.6b | 13.3b | 13.8b | 14.2b | 17.5b |

## Long-term debt | 1.4b | 1.4b | 922.0m | 2.4b | 4.2b |

## Non-Current Liabilities | 4.0b | 4.3b | 4.0b | 5.1b | 7.9b |

## Total Debt | 1.5b | 2.1b | 1.6b | 2.7b | 7.0b |

## Total Equity | 4.4b | 4.6b | 5.0b | 5.4b | 5.4b |

## EPS | 1.3 | 1.8 | 1.6 | 2.1 | 2.6 |

## Debt to Equity Ratio | 0.3 x | 0.5 x | 0.3 x | 0.5 x | 1.3 x |

## Debt to Assets Ratio | 0.1 x | 0.1 x | 0.1 x | 0.1 x | 0.3 x |

## Financial Leverage | 4.5 x | 4.8 x | 4.6 x | 4.6 x | 4.5 x |

EUR | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|

## Net Income | 761.7m | 812.7m | 1.0b | 887.1m | 1.0b |

## Depreciation and Amortization | 449.6m | 492.9m | 491.9m | 504.1m | 102.8m |

## Cash From Operating Activities | 875.2m | 1.5b | 1.3b | 1.7b | 1.1b |

## Cash From Investing Activities | (642.6m) | (383.2m) | (828.4m) | (607.7m) | (348.8m) |

## Cash From Financing Activities | (343.6m) | (122.0m) | (342.8m) | (381.2m) | 617.2m |

## Net Change in Cash | (82.3m) | 968.8m | 166.7m | 665.8m | 1.4b |

## Interest Paid | 31.4m | 25.3m | 21.1m | 14.0m | 23.3m |

## Income Taxes Paid | 98.4m | 102.3m | 99.4m | 90.6m | 91.1m |

## Free Cash Flow | 402.6m | 994.3m | 857.6m | 1.3b | 712.4m |

EUR | H1, 2015 | H1, 2016 | H1, 2017 | H1, 2018 | H1, 2019 |
---|---|---|---|---|---|

## Net Income | 282.3m | 409.6m | 357.9m | 474.9m | 564.1m |

## Depreciation and Amortization | 236.7m | 228.2m | 242.2m | 234.5m | 444.2m |

## Cash From Operating Activities | (151.5m) | 226.0m | 365.8m | 165.4m | (205.1m) |

## Cash From Investing Activities | (198.8m) | (509.1m) | (150.2m) | (191.9m) | (4.1b) |

## Cash From Financing Activities | (93.6m) | 351.8m | (228.0m) | 746.9m | 1.2b |

## Net Change in Cash | (428.3m) | 73.6m | (52.0m) | 384.1m | (3.1b) |

## Interest Paid | 12.3m | 11.0m | 12.6m | 27.7m | 33.6m |

## Income Taxes Paid | 42.0m | 39.2m | 45.8m | 32.8m | 64.1m |

## Free Cash Flow | (353.3m) | (4.2m) | 176.3m | 9.0m | (380.6m) |

EUR | Y, 2019 |
---|---|

## EV/EBIT | 46.9 x |

## EV/CFO | -114 x |

## EV/FCF | -61.4 x |

## Debt/Equity | 1.3 x |

## Debt/Assets | 0.3 x |

## Financial Leverage | 4.5 x |

## P/E Ratio | 34.3 |