Thales market cap is €19 b, and annual revenue was €18.40 b in FY 2019

Thales Revenue growth (FY, 2018 - FY, 2019), %16%

Thales Gross profit (FY, 2019)4.5 B

Thales Gross profit margin (FY, 2019), %24.6%

Thales Net income (FY, 2019)1.1 B

Thales EBIT (FY, 2019)1.3 B

Thales Cash, 31-Dec-20192.9 B

Thales EV22.3 B

Thales revenue was €18.40 b in FY, 2019 which is a 16.1% year over year increase from the previous period.

Thales revenue breakdown by business segment: 13.9% from Digital I&S, 10.4% from Transport, 44.9% from Defence and Security, 30.4% from Aerospace and 0.4% from Other

Thales revenue breakdown by geographic segment: 30.1% from Emerging markets, 11.4% from North America, 53.2% from Europe and 5.2% from Australia and New Zealand

EUR | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|

## Revenue | 15.8b | 15.9b | 18.4b |

| 6% | 0% | 16% |

## Cost of goods sold | 12.0b | 11.8b | 13.9b |

## Gross profit | 3.8b | 4.1b | 4.5b |

| 24% | 26% | 25% |

## Sales and marketing expense | 1.0b | 1.1b | 1.4b |

## R&D expense | 802.2m | 881.4m | 1.1b |

## General and administrative expense | 549.5m | 554.3m | 636.7m |

## Operating expense total | 2.6b | 2.7b | 3.2b |

## Depreciation and amortization | 113.0m | 102.8m | 527.5m |

## EBIT | 1.3b | 1.4b | 1.3b |

| 8% | 9% | 7% |

## Interest expense | 16.3m | 26.5m | 62.9m |

## Interest income | 21.3m | 19.6m | 43.3m |

## Pre tax profit | 1.2b | 1.3b | 1.4b |

## Income tax expense | 264.2m | 314.2m | 301.0m |

## Net Income | 887.1m | 1.0b | 1.1b |

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

## Revenue | 7.2b | 7.5b | 8.2b |

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

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

| 24% | 26% | 26% |

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

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

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

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

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

## EBIT | 498.4m | 603.9m | 498.2m |

| 7% | 8% | 6% |

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

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

## Pre tax profit | 461.5m | 615.3m | 686.7m |

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

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

EUR | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|

## Cash | 4.3b | 5.6b | 2.9b |

## Inventories | 2.8b | 2.9b | 3.7b |

## Current Assets | 14.8b | 17.0b | 15.9b |

## PP&E | 1.8b | 1.8b | 2.2b |

## Goodwill | 3.4b | 3.4b | 6.0b |

## Total Assets | 23.3b | 25.5b | 31.2b |

## Short-term debt | 707.3m | 321.2m | 2.7b |

## Current Liabilities | 13.9b | 14.6b | 18.2b |

## Long-term debt | 953.5m | 2.4b | 3.6b |

## Non-Current Liabilities | 3.9b | 5.0b | 7.3b |

## Total Debt | 1.7b | 2.7b | 6.3b |

## Common Stock | 638.0m | 639.3m | 640.0m |

## Additional Paid-in Capital | 4.1b | 4.1b | 4.1b |

## Retained Earnings | 886.0m | 1.3b | 1.1b |

## Total Equity | 5.6b | 5.9b | 5.7b |

## EPS | 3.9 | 4.6 | 5.3 |

## Debt to Equity Ratio | 0.3 x | 0.5 x | 1.1 x |

## Debt to Assets Ratio | 0.1 x | 0.1 x | 0.2 x |

## Financial Leverage | 4.2 x | 4.3 x | 5.5 x |

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

## Cash | 3.6b | 4.7b | 2.5b |

## Inventories | 3.0b | 3.3b | 3.3b |

## Current Assets | 14.4b | 16.1b | 16.1b |

## PP&E | 1.8b | 1.8b | 1.8b |

## Goodwill | 3.4b | 3.5b | 5.9b |

## Total Assets | 22.8b | 24.6b | 30.9b |

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

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

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

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

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

## Common Stock | 637.7m | 639.2m | 639.9m |

## Additional Paid-in Capital | 4.1b | 4.1b | 4.1b |

## Retained Earnings | 369.2m | 786.9m | 770.8m |

## Total Equity | 5.0b | 5.4b | 5.4b |

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

## Debt to Assets Ratio | 0.1 x | 0.1 x | 0.2 x |

## Financial Leverage | 4.6 x | 4.6 x | 5.7 x |

EUR | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|

## Net Income | 887.1m | 1.0b | 1.1b |

## Depreciation and Amortization | 504.1m | 102.8m | 1.1b |

## Cash From Operating Activities | 1.7b | 1.1b | 1.8b |

## Purchases of PP&E | (438.9m) | (393.2m) | (503.3m) |

## Cash From Investing Activities | (607.7m) | (348.8m) | (4.6b) |

## Long-term Borrowings | (32.9m) | (525.0m) | (732.6m) |

## Dividends Paid | (417.0m) | (423.9m) | (481.4m) |

## Cash From Financing Activities | (381.2m) | 617.2m | 128.3m |

## Net Change in Cash | 665.8m | 1.4b | (2.7b) |

## Interest Paid | 14.0m | 23.3m | 53.5m |

## Income Taxes Paid | 90.6m | 91.1m | 153.6m |

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

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

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

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

## Purchases of PP&E | (189.5m) | (156.4m) | (175.5m) |

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

## Long-term Borrowings | (800.0k) | (510.1m) | (596.0m) |

## Dividends Paid | (265.4m) | (315.8m) | (347.4m) |

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

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

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

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

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

## EV/EBIT | 17.4 x |

## EV/CFO | 12.6 x |

## Revenue/Employee | 222.8k |

## Debt/Equity | 1.1 x |

## Debt/Assets | 0.2 x |

## Financial Leverage | 5.5 x |

## P/E Ratio | 17.0 |

FY, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | FY, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | FY, 2018 | Q1, 2019 | Q2, 2019 | Q3, 2019 | FY, 2019 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Order Intake | €16.51 b | €2.28 b | €5.97 b | €8.83 b | €14.92 b | €3.03 b | €6.33 b | €9.47 b | €16.03 b | €2.27 b | €7 b | €10.45 b | €19.14 b |

## Order Intake (Aerospace) | €5.87 b | €938 m | €2.24 b | €3.05 b | €5.20 b | €751 m | €2.04 b | €3.04 b | €5.35 b | €672 m | €1.76 b | €2.63 b | €4.83 b |

## Order Intake (Transport) | €1.50 b | €215 m | €662 m | €976 m | €1.78 b | €488 m | €834.90 m | €1.27 b | €1.86 b | €249 m | €556.20 m | €868 m | €1.75 b |

## Order Intake (Defense & Security) | €9.05 b | €1.11 b | €3.04 b | €4.77 b | €7.88 b | €1.78 b | €3.43 b | €5.13 b | €8.78 b | €1.34 b | €3.81 b | €5.27 b | €9.91 b |

## Order Intake (France) | €3.51 b | €571 m | €1.81 b | €2.90 b | €4.50 b | €433 m | €1.46 b | €2.61 b | €5.18 b | €481 m | €2.08 b | €2.96 b | €5.37 b |

## Order Intake (United Kingdom) | €1 b | €571 m | €370 m | €545 m | €1.15 b | €97 m | €226 m | €568 m | €746 m | €335 m | €551 m | €749 m | €1.73 b |

## Order Intake (Rest of Europe) | €3.65 b | €522 m | €1.14 b | €1.74 b | €2.92 b | €728 m | €1.56 b | €2.27 b | €3.87 b | €580 m | €1.56 b | €2.24 b | €4.27 b |

## Order Intake (United States and Canada) | €1.22 b | €264 m | €697 m | €912 m | €1.58 b | €278 m | €532 m | €1 b | €1.50 b | €234 m | €821 m | €1.35 b | €2.04 b |

## Order Intake (Australia and New Zealand) | €763.70 m | €197 m | €38.10 m | €472 m | €670.80 m | €961 m | €1.24 b | €1.35 b | €1.49 b | €89 m | €274 m | €466 m | €850 m |

## Order Intake (Asia) | €3.71 b | €412 m | €689 m | €1.18 b | €2.10 b | €180 m | €716 m | €971 m | €1.76 b | €395 m | €1.05 b | €1.47 b | €2.45 b |

## Order Intake (Near and Middle East) | €763.70 m | €140 m | €551 m | €696 m | €1.21 b | €304 m | €457 m | €571 m | €952 m | €82 m | €359 m | €598 m | €1.29 b |

## Order Intake (Rest of the World) | €624.60 m | €51 m | €331 m | €397 m | €792.20 m | €52 m | €147 m | €281 m | €521 m | €77 m | €310 m | €623 m | €1.14 b |

## Order Book | €33.53 b | €31.86 b | €31.91 b | €30.99 b | €32.33 b | €31.70 b | €33.84 b | ||||||

## Order Book (Aerospace) | €9.91 b | €9.14 b | €8.85 b | €7.62 b | €7.98 b | €7.62 b | €7.31 b | ||||||

## Order Book (Transport) | €4.57 b | €4.42 b | €4.39 b | €4.20 b | €4.14 b | €4.20 b | €4.08 b | ||||||

## Order Book (Defense & Security) | €18.97 b | €18.21 b | €18.61 b | €19.10 b | €20.13 b | €19.96 b | €21.77 b | ||||||

## Book-to-bill Ratio | 111% | 82% | 94% | 85% | 98% | 85% | 104% | ||||||

## Countries | 56 | 56 | 56 | ||||||||||

## Academic Partnerships | 50 | ||||||||||||

## Countries (Commercial Radars) | 70 | 70 | 70 | ||||||||||

## Countries (Customers) | 100 | ||||||||||||

## Countries (Military Radars) | 45 | 45 | 45 | ||||||||||

## Digital Factories | 3 | ||||||||||||

## Innovation Hubs | 6 | ||||||||||||

## Manufacturing Facilities (Bordeaux, France), square meters | 59 k | 62 k | 60 k | ||||||||||

## Manufacturing Facilities (Brest, France), square meters | 56 k | 56 k | 56 k | ||||||||||

## Manufacturing Facilities (Cannes, France), square meters | 84 k | 84 k | 84 k | ||||||||||

## Manufacturing Facilities (Cholet, France), square meters | 53 k | 53 k | 53 k | ||||||||||

## Manufacturing Facilities (Crawley, United Kingdom ), square meters | 26.13 k | 26.13 k | 26.13 k | ||||||||||

## Manufacturing Facilities (Elancourt, France), square meters | 104 k | 104 k | 104 k | ||||||||||

## Manufacturing Facilities (Gennevilliers, France), square meters | 90 k | 90 k | 90 k | ||||||||||

## Manufacturing Facilities (Hengelo, Netherlands), square meters | 87 k | 87 k | 87 k | ||||||||||

## Manufacturing Facilities (Irvine, United States), square meters | 30.44 k | 30.44 k | 30.44 k | ||||||||||

## Manufacturing Facilities (Massy, France), square meters | 26 k | 26 k | 26 k | ||||||||||

## Manufacturing Facilities (Rungis, France), square meters | 23 k | 23 k | 23 k | ||||||||||

## Manufacturing Facilities (Stuttgart, Germany), square meters | 59 k | 59 k | 59 k | ||||||||||

## Manufacturing Facilities (Sydney, Australia), square meters | 84.33 k | 84.33 k | 84.33 k | ||||||||||

## Manufacturing Facilities (Toulouse, France), square meters | 142 k | 142 k | 142 k | ||||||||||

## Manufacturing Facilities (Velizy, France), square meters | 125 k | 125 k | 125 k | ||||||||||

## Order Book (Digital I&S) | €588.40 m | ||||||||||||

## Order Book (Other) | €94 m | ||||||||||||

## Order Intake (Digital I&S) | €1.62 b | €2.57 b | |||||||||||

## Order Intake (Other) | €62 m | €82.70 m | |||||||||||

## Patents Issued Yearly | 300 | 300 | 330 | ||||||||||

## Patents and Patent Applications | 15 k | 15 k | 16 k | ||||||||||

## Radars | 1.30 k | 1.30 k | 1.30 k |

FY, 2018 | |
---|---|

Male (Board), percent | 25 % |

Female (Board), percent | 25 % |

Male (New Hires), percent | 30 % |

Female (New Hires), percent | 20 % |

- Source: www.thalesgroup.com