EBIT between €1,480 and €1,500 million
Thales’s Board of Directors (Euronext Paris: HO) met on 27 February 2017 to close the 2016 financial statements4.
Patrice Caine, Chairman & Chief Executive Officer, stated: “2016 represents another successful milestone for our profitable growth strategy. The order intake remained at a high level, outperforming sales for the fourth year in a row. Sales grew by 6.8% organically, with all of our businesses contributing to this performance, and profitability continued to increase in line with our medium-term targets. At the same time, we have increased our investments in innovation, digital transformation and talent development.” He added: “On behalf of the Board of Directors, I would like to thank all of our teams for their commitment in support of the Ambition 10 strategy. Their implication enables Thales to drive a deep transformation that will foster profitable and sustainable growth.”
Order intake in 2016 amounted to €16,514 million, down 13% on the record high of 2015 (down 11% at constant scope and currency). Commercial momentum was solid in all of the Group’s businesses, with the decrease explained by an exceptional volume of large orders booked in 2015. At 31 December 2016, the Group’s order book stood at €33,530 million, which represents almost 2.3 years of sales and improving the visibility for the businesses in the coming years.
1 In this press release, “organic” means on a constant scope and exchange rate basis.
2 Non-GAAP measures, see definitions in the Appendices, page 10. The definitions of EBIT and adjusted net income were adjusted as of 1 January 2016 to exclude expenses recognised in income from operations that are directly attributable to business combinations. These adjustments impacted 2016 EBIT in an amount of €19 million and 2016 adjusted net income in an amount of €12 million (nil in 2015).
3 Proposed to the Shareholders’ Meeting on 17 May 2017.
4 At the date of this press release, the audit procedures have been completed and the Statutory Auditors’ report was in the process of being issued.
Sales came in at €14,885 million, up 5.8% on a reported basis, and up 6.8% at constant scope and currency (“organic” change). Emerging market1 sales maintained a high level of growth (+14% organic growth, after +16% in 2015), while sales in mature markets1 regained momentum (up +4%, after +1% in 2015).
|
In € millions, except earnings per share and dividend (in €) |
2016 | 2015 | Total change | Organic change |
| Order intake | 16,514 | 18,880 | -13% | -11% |
| Order book at end of period | 33,530 | 32,292 | +4% | +5% |
| Sales | 14,885 | 14,063 | +5.8% | +6.8% |
| EBIT2 | 1,354 | 1,216 | +11% | +15% |
| in % of sales | 9.1% | 8.6% | +0.5pts | +0.6pts |
| Adjusted net income, Group share2 | 897 | 809 | +11% | |
| Consolidated net income, Group share | 946 | 765 | +24% | |
| Adjusted net income, Group share, per share2 | 4.25 | 3.89 | +9% | |
| Dividend per share3 | 1.60 | 1.36 | +18% | |
| Free operating cash flow2 | 954 | 1,110 | -14% | |
| Net cash at end of period | 2,366 | 1,978 | +20% |
In 2016, consolidated EBIT was €1,354 million (9.1% of sales), versus €1,216 million (8.6% of sales) in 2015. EBIT benefited in particular from the first effects that began to filter through from the operational recovery of the Transport segment, as well as the continued solid performance of the Aerospace and Defence & Security segments.
The Group exceeded all the financial objectives it had set for 2016: an order intake of between €15.5 billion and €16.0 billion, organic sales growth slightly above 5%, and an EBIT of between €1,300 million and €1,330 million, based on February 2016 exchange rates.
Adjusted net income, Group share rose 11% to €897 million, in line with EBIT growth.
Consolidated net income, Group share was €946 million, up 24% year-on-year, benefiting from EBIT growth and from a sharp rise in disposals of assets.
Free operating cash flow came in at €954 million in 2016. This continued strong cash flow performance was boosted by the rise in adjusted net income and by advance payments received on orders during the year. At 31 December 2016, net cash was €2,366 million, up almost €400 million compared to 31 December 2015.
1 In this press release, “mature markets” include Europe, North America, Australia and New Zealand. “Emerging markets” include all other countries: Asia, Middle East, Latin America and Africa.
2 Non-GAAP measures, see definitions in the Appendices, page 10.
3 Proposed to the Shareholders’ Meeting on 17 May 2017.
As a result, the Board of Directors decided to propose payment of a dividend of €1.60 per share, a rise of 18% compared to 2015.
|
(in € millions) |
2016 | 2015 | Total change | Organic change |
| Aerospace | 5,872 | 6,281 | -7% | -6% |
| Transport | 1,504 | 2,826 | -47% | -44% |
| Defence & Security | 9,052 | 9,701 | -7% | -6% |
| Total – operating segments | 16,427 | 18,809 | -13% | -12% |
| Other | 87 | 71 | ||
| Total | 16,514 | 18,880 | -13% | -11% |
| Of which mature markets1 | 10,138 | 12,701 | -20% | -19% |
| Of which emerging markets1 | 6,376 | 6,179 | +3% | +4% |
2016 order intake amounted to €16,514 million, down 13% on 2015 (down 11% at constant scope and currency2). The book-to-bill ratio was 1.11 for the year, compared to 1.34 in 2015.
The order intake significantly outperformed sales for the third consecutive year. Powered by this strong sales momentum, the consolidated order book was €33.53 billion at 31 December 2016, an increase of
€9.1 billion over three years (from €24.47 billion at 31 December 2013).
Thales received 14 large orders with a unit value of over €100 million, representing a total amount of
€4,665 million:
1 Mature markets: Europe, North America, Australia, New Zealand. Emerging markets: all other countries. See page 15.
2 Taking into account a negative exchange rate effect of €316 million and a net positive scope effect of €81 million, mainly related to the consolidation of Vormetric as of March 2016 (Defence & Security segment).
Orders with a unit value of less than €100 million remained robust, growing 8% year-on-year.
The total order intake was as expected down on 2015, which had been boosted by an exceptional volume of large orders with a unit value of over €100 million (€7.9 billion). These included in particular five major contracts (with a unit value of over €500 million): orders placed by Egypt and Qatar for Rafale fighter aircraft, the signalling of four lines of the London underground, an order from the Australian army for over 1,000 Hawkei vehicles, and a military satellite communications system for France (ComSat NG).
From a geographical point of view1, orders fell as expected in mature markets (€10,138 million, a decrease of 20%), where the clients of three of the five major 2015 orders listed above were located. Emerging markets continued to report a solid order intake (€6,376 million, up 3%), driven by good momentum in both the Middle East and Asia.
Order intake in the Aerospace segment fell 7% to €5,872 million, compared to €6,281 million in 2015. Avionics continued to report a good level of orders in both civil and military segments. In-flight entertainment (IFE) posted an excellent commercial performance, announcing two major airline successes: Singapore Airlines and Emirates. The Space segment benefited from good commercial momentum, although the order intake was understandably down on the high 2015 figure.
Order intake in the Transport segment represented €1,504 million, down 47% on 2015. The Group landed a large contract (worth over €100 million) in the United Arab Emirates, to supply leading-edge signalling, surveillance and telecommunications technologies for the extension of the Dubai metro. In 2015, the order intake had been driven by three large urban signalling contracts (Doha, Hong Kong and London).
Order intake in the Defence & Security segment remained very high, at €9,052 million. The 7% year-on- year decline reflects fewer large contracts booked in this segment (six large contracts in 2016 versus nine in 2015).
1 See table on page 15.
|
(in € millions) |
2016 | 2015 | Total change | Organic change |
| Aerospace | 5,812 | 5,387 | +7.9% | +8.5% |
| Transport | 1,603 | 1,519 | +5.5% | +8.3% |
| Defence & Security | 7,383 | 7,079 | +4.3% | +5.0% |
| Total – operating segments | 14,798 | 13,985 | +5.8% | +6.7% |
| Other | 87 | 78 | ||
| Total | 14,885 | 14,063 | +5.8% | +6.8% |
| Of which mature markets1 | 10,395 | 10,101 | +2.9% | +3.9% |
| Of which emerging markets1 | 4,490 | 3,962 | +13.3% | +14.0% |
Sales for 2016 were €14,885 million, compared to €14,063 million in 2015, up 5.8% on a reported basis, and up 6.8% at constant scope and currency2 (“organic” change), driven by very good momentum in all segments.
As expected, sales fell slightly in Q4 20163 (down 1.6% based on reported figures, down 0.7% on an organic basis), affected by a strong basis of comparison, particularly in the Transport and Defence & Security segments.
From a geographical perspective4, this good performance reflects both continued strong growth in emerging markets (up 14.0%, following on from +16.0% in 2015) and a return to organic growth in mature markets (up 3.9%, after +0.5% in 2015). Emerging markets accounted for 30% of the Group’s sales, up from 28% in 2015 and 25% in 2014.
Sales in the Aerospace segment came in at €5,812 million, up 7.9% compared to 2015 (up 8.5% at constant scope and currency). Sales of commercial and military aircraft avionics and in-flight entertainment proved particularly buoyant. However, sales of helicopter avionics, and of microwave and imaging systems were down. Sales in the Space segment experienced strong growth, lifted by the ramp- up of contracts signed in 2014 and 2015 in both observation and telecommunications activities.
In the Transport segment, sales totalled €1,603 million, up 5.5% compared to 2015 (up 8.3% at constant scope and currency). This growth reflects the start of invoicing on the three major projects won in 2015, combined with the recovery of activity after the execution difficulties that had impacted 2015. The decline in sales in the fourth quarter was not a reflection of a slowing momentum, but of a tough comparison basis, due particularly to the catch-up impact of certain project execution delays.
1 Mature markets: Europe, North America, Australia, New Zealand. Emerging markets: all other countries. See page 15.
2 Taking into account a negative exchange rate effect of €192 million and a net positive scope effect of €76 million, mainly related to the consolidation of Vormetric as of March 2016 (Defence & Security segment). See quarterly breakdown on page 16.
3 See table on page 16.
4 See table on page 15.
Sales in the Defence & Security segment were €7,383 million, up 4.3% compared to 2015 (up 5.0% at constant scope and currency). Almost all businesses contributed to this momentum. The Land & Air Systems segment posted strong growth, specifically in air defence, civil and military radars, optronics and missile electronics. The Defence Mission Systems segment delivered vigorous growth in fighter aircraft systems, surface ship systems and in intelligence, surveillance and reconnaissance (ISR) solutions. Only the Secure Communications and Information Systems segment witnessed a slowdown, due mainly to the delivery in 2015 of several large military network projects such as the new French Ministry of Defence site (“Balard”).
As expected, sales for this segment fell slightly in Q4 20161 (down 3.5% based on reported figures and down 2.7% on an organic basis). This is explained by a contract phasing effect and a tough prior-year comparative basis.
|
EBIT (in € millions) |
2016 | 2015 | Total change | Organic change |
| Aerospace | 571 | 518 | +10% | +11% |
| in % of sales | 9.8% | 9.6% | +0.2pts | +0.3pts |
| Transport | 11 | (37) | NM | NM |
| in % of sales | 0.7% | -2.4% | +3.1pts | +3.3pts |
| Defence & Security | 788 | 760 | +4% | +8% |
| in % of sales | 10.7% | 10.7% | -0.1pts | +0.3pts |
| Total – operating segments | 1,371 | 1,241 | +10% | +14% |
| in % of sales | 9.3% | 8.9% | +0.4pts | +0.6pts |
| Other – excluding DCNS | (50) | (47) | ||
| Total – excluding DCNS | 1,321 | 1,194 | +11% | +14% |
| in % of sales | 8.9% | 8.5% | +0.4pts | +0.6pts |
| DCNS (35% share) | 34 | 22 | ||
| Total | 1,354 | 1,216 | +11% | +15% |
| in % of sales | 9.1% | 8.6% | +0.5pts | +0.6pts |
In 2016, consolidated EBIT2 was €1,354 million, or 9.1% of sales, compared to €1,216 million (8.6% of sales) for the same period in 2015. EBIT advanced by 11% based on reported figures, and by 15% on an organic basis.
The Aerospace segment posted EBIT of €571 million (9.8% of sales), versus €518 million (9.6% of sales) in 2015. The EBIT margin was driven by a good performance in the avionics and Space segments. Margin growth was slowed down by a rise in restructuring costs, particularly for microwave and imaging systems
1 See table on page 16.
2 Non-GAAP measures, see definitions in the Appendices, page 10.
activities, and by a change in the rules for allocating shared sales and marketing expenses to operating segments1.
EBIT for the Transport segment increased sharply, at €11 million (0.7% of sales), compared to a negative
€37 million (negative 2.4% of sales) in 2015. The operational recovery plan implemented by the new management team continued on track, but low or zero margin contracts still weighed on profitability. Ongoing transformation efforts and the gradual phasing-out of low-margin contracts should help this business regain its past profitability levels by 2018/2019.
EBIT for the Defence & Security segment was €788 million (10.7% of sales), compared to €760 million (10.7% of sales) in 2015. On a reported basis, the EBIT margin for this segment remained stable (down 0.1 points), affected namely by the sale of interests in two joint-ventures2. The EBIT margin gained 0.3 points on an organic basis.
The contribution made by DCNS to EBIT stood at €34 million in 2016, compared to €22 million in 2015, benefiting from the gradual upturn in its profitability, and from a non-recurring, non-operating item.
Net interest income remained low at €6 million versus €4 million in 2015. The same can be said for other adjusted financial income (expense)3, which represented a net expense of €10 million in both 2016 and 2015. Adjusted finance costs on pensions and other employee benefits3 decreased (€66 million versus
€72 million in 2015), due mainly to the fall in the deficit between 1 January 2015 and 1 January 2016, and changes in the EUR/GBP exchange rate.
Adjusted net income, Group share4 stood at €897 million versus €809 million in 2015, taking into account an adjusted tax charge3 of €314 million (€266 million in 2015). The effective tax rate was up slightly, at 27.2% compared to 26.7% in 2015. Following the French parliament’s adoption of a reduction in corporate income tax as from 2020, the Group recognised a one-off tax charge of €18 million reflecting the revaluation of its net deferred tax position. The effective tax rate would have declined if this one-off item had not been recorded.
Adjusted net income, Group share, per share3 came out at €4.25, up 9% on 2015 (€3.89).
Consolidated net income, Group share climbed 24% to €946 million, buoyed by EBIT growth and by the sharp rise in disposals of assets.
1 Negative 0.2-point impact on the EBIT margin in this segment, offset by a non-material improvement in the other segments.
2 Negative impact on EBIT: €19 million.
3 See the tables on pages 12 and 13.
4 Non-GAAP measures, see definitions in the Appendices, page 10.
Free operating cash flow, at €954 million (€1,110 million in 2015) remained high, lifted by EBIT growth and by advance payments received on orders during the year. The Group slightly increased its operating investments as part of the optimisation of its industrial base (€472 million, up from €458 million in 2015). The cash conversion rate from adjusted net income into free operating cash flow was 106%.
At 31 December 2016, net cash amounted to €2,366 million compared to €1,978 million at end-2015, after the distribution of €297 million in dividends (€234 million in 2015).
The net balance of acquisitions and disposals is an expenditure of €94 million: the acquisition of Vormetric, finalised in March (€372 million expense) was partly offset by the balancing cash payment received in connection with the change in scope of the Thales Raytheon Systems joint venture (€81 million) and by cash received in relation to the sale of the shareholding in Hanwha Thales (€204 million). In November 2016, the Group entered into exclusive negotiations with a view to selling its ticketing business1, which reported sales of €190 million in 2016. This project is currently in consultations with employee representative bodies, and will be subject to customary closing procedures.
Equity, Group share remained stable year-on-year at €4,640 million, compared to €4,646 million at 31 December 2015, as the rise in the net pension obligation and the dividend payout offset the impact of consolidated net income, Group share (€946 million).
At the Annual General Meeting on 17 May 2017, the Board of Directors will propose the distribution of a
dividend of €1.60 per share, an increase of 18% on 2015.
If approved, the ex-dividend date will be 31 May 2017 and the payment date will be 1 June 2017. The dividend will be paid fully in cash and will amount to €1.20 per share, after deducting the interim dividend of €0.40 per share paid in December 2016.1 Payment collection for transport operators, road toll and car park management systems.
In 2017, Thales should benefit from positive trends in most of its markets. Although below the highs recorded in 2015 and 2016, the order intake in 2017 should remain brisk, at around €14 billion.
Sales should see mid-single digit organic growth compared to 2016.
This positive trend, combined with continuing efforts to improve competitiveness, should result in Thales delivering between €1,480 and €1,500 million in EBIT (based on February 2017 scope and exchange rates), representing an increase of 9% to 11% versus 2016.
Thales also confirms its mid-term objectives of a mid-single digit organic sales growth on average in the 2016-2018 period, and an EBIT margin of between 9.5% and 10% in 2017/2018.
****
This press release may contain forward-looking statements. Such forward-looking statements represent trends or objectives, and cannot be construed as constituting forecasts regarding the Company’s results or any other performance indicator. Actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).
Contacts
Thales, Media Relations
Cédric Leurquin
+33 1 57 77 86 26
|
Thales, Analysts/Investors
Bertrand Delcaire
+33 1 57 77 89 02
In this press release, amounts expressed in millions of euros are rounded to the nearest million. As a result, the sums of the rounded amounts may differ very slightly from the reported totals. All ratios and changes are calculated based on underlying amounts, which feature in the consolidated financial statements.
“Organic change” measures the movement in monetary indicators excluding the effects of changes in exchange rates and scope of consolidation. It is defined as the difference between (i) the indicator for the prior period, recomputed at the exchange rates applicable for the current period to entities whose reporting currency is not the euro, less the contribution of entities divested during the current period, and (ii) the value of the indicator for the current period less the contribution of entities acquired during the current period.
| Aerospace | Avionics, Space |
| Transport | Ground Transportation Systems |
| Defence & Security | Secure Communications and Information Systems, Land & Air Systems, Defence Mission Systems |
Definitions of non-GAAP financial indicators
In order to facilitate monitoring and benchmarking of its financial and operating performance, the Group presents three key non-GAAP indicators, which exclude non-operating and/or non-recurring items. They are determined as follows:
Readers are reminded that only the consolidated financial statements at 31 December were audited by the statutory auditors, including the calculation of EBIT, which is described in Note 2 “Segment Information” to the consolidated financial statements, and free operating cash flow, which is described in Note 11.1. Adjusted financial information other than that provided in the notes to the consolidated financial statements is subject to the verification procedures applicable to all information included in this report.
The impact of these adjustment entries on the profit and loss account for 2016 and 2015 is presented in the tables on pages 12 and 13. Calculation of free operating cash flow is outlined on page 14.
|
(in € millions) |
2016 consolidated profit and loss account |
Adjustments |
2016 adjusted P&L |
|||
|
Amortisation of intangible assets (PPA), related charges* |
Gains (losses) on disposals and other |
Change in fair value of foreign exchange derivatives | Actuarial differences on long- term employee benefits | |||
| Sales | 14,885 | 14,885 | ||||
| Cost of sales | (11,275) | 1 | (11,274) | |||
| Research and development expenses | (736) | 6 | (731) | |||
| Marketing and selling expenses | (1,025) | 6 | (1,019) | |||
| General and administrative expenses | (544) | 7 | (537) | |||
| Restructuring costs | (101) | (101) | ||||
| Amortisation of acquisition-related intangible assets (PPA) | (107) | 107 | 0 | |||
| Income from operations | 1,097 | N/A | ||||
| Impairment of non-current assets** | 0 | 0 | ||||
| Disposal of assets, changes in scope and other | 205 | (205) | 0 | |||
| Share in net income of equity- accounted companies | 120 | 11 | 131 | |||
| EBIT | N/A | 1,354 | ||||
| Impairment of non-current assets** | 0 | 0 | ||||
| Cost of net debt | 6 | 6 | ||||
| Other financial income and expenses | (81) | 70 | (10) | |||
| Finance costs on pensions and other long-term employee benefits | (78) | 12 | (66) | |||
| Income tax | (256) | (58) | 28 | (24) | (4) | (314) |
| Net income | 1,015 | 79 | (177) | 46 | 8 | 970 |
| Non-controlling interests | (68) | (4) | (1) | (74) | ||
| Net income, Group share | 946 | 75 | (177) | 45 | 8 | 897 |
| Average number of shares (thousands) | 210,872 | 210,872 | ||||
| Net income, Group share, per share
(in euros) |
4.49 | 4.25 | ||||
(*) Including expenses related to acquisitions recorded in income from operations. See definitions of EBIT and adjusted net income on page 10.
(**) Included in “Share in net income of equity-accounted companies” in the consolidated income statement and in “Net income” in the adjusted income statement.
|
(in € millions) |
2015 consolidate d profit and loss account |
Adjustments |
2015 adjusted P&L |
|||
| Amortis- ation of acquisition
-related intangible assets (PPA) |
Gains (losses) on disposals and other |
Change in fair value of foreign exchange derivatives | Actuarial differences on long- term employee benefits | |||
| Sales | 14,063 | 14,063 | ||||
| Cost of sales | (10,688) | (10,688) | ||||
| Research and development expenses | (692) | (692) | ||||
| Marketing and selling expenses | (981) | (981) | ||||
| General and administrative expenses | (532) | (532) | ||||
| Restructuring costs | (94) | (94) | ||||
| Amortisation of acquisition-related intangible assets (PPA) | (112) | 112 | 0 | |||
| Income from operations | 965 | N/A | ||||
| Impairment of non-current assets* | 0 | – | ||||
| Disposal of assets, changes in scope and other | 53 | (53) | 0 | |||
| Share in net income of equity- accounted companies | 113 | 27 | 140 | |||
| Income from operations after share in net income of equity-accounted companies |
1,131 |
– |
||||
| EBIT | N/A | 1,216 | ||||
| Impairment of non-current assets* | – | 0 | ||||
| Cost of net debt | 4 | 4 | ||||
| Other financial income and expenses | (42) | 32 | (10) | |||
| Finance costs on pensions and other long-term benefits | (60) | (12) | (73) | |||
| Income tax | (220) | (38) | (1) | (11) | 4 | (266) |
| Net income | 813 | 100 | (55) | 21 | (8) | 871 |
| Non-controlling interests | (48) | (13) | (2) | (62) | ||
| Net income, Group share | 765 | 88 | (55) | 19 | (8) | 809 |
| Average number of shares (thousands) | 208,112 | 208,112 | ||||
| Net income, Group share, per share
(in euros) |
3.68 | 3.89 | ||||
(*) Included in “Share in net income of equity-accounted companies” in the consolidated income statement and in “Net income” in the adjusted income statement.
| (in € millions) | 2016 | 2015 |
| Operating cash flow before interest and tax | 1,698 | 1,643 |
| Change in working capital and reserves for contingencies | (63) | 143 |
| Pension expense, excluding contributions
related to the reduction of the UK pension deficit |
(102) | (124) |
| Net interest (paid)/received | (8) | 9 |
| Income tax paid | (99) | (102) |
| Net cash flow from operating activities, excluding contributions related to the reduction of the UK pension deficit | 1,426 | 1,569 |
| Net operating investments | (472) | (458) |
| Free operating cash flow | 954 | 1,110 |
| Net (acquisitions)/disposals | (94) | 37 |
| Contributions related to the reduction of the UK pension deficit | (88) | (101) |
| Dividends paid | (297) | (234) |
| Changes in exchange rates and other | (87) | 159 |
| Change in net cash | 388 | 971 |
Order intake by destination – 2016
|
(in € millions) |
2016 |
2015 |
Total change | Organic change | 2016
weighting in % |
| France | 3,509 | 4,102 | -14% | -14% | 21% |
| United Kingdom | 1,003 | 2,227 | -55% | -50% | 6% |
| Rest of Europe | 3,646 | 3,483 | +5% | +5% | 22% |
| Sub-total Europe | 8,159 | 9,812 | -17% | -15% | 49% |
| United States and Canada | 1,216 | 1,364 | -11% | -16% | 7% |
| Australia and New Zealand | 764 | 1,525 | -50% | -50% | 5% |
| Total mature markets | 10,138 | 12,701 | -20% | -19% | 61% |
| Asia | 3,708 | 1,982 | +87% | +90% | 22% |
| Middle East | 2,043 | 3,726 | -45% | -45% | 12% |
| Rest of the world | 625 | 470 | +33% | +35% | 4% |
| Total emerging markets | 6,376 | 6,179 | +3% | +4% | 39% |
| Total all markets | 16,514 | 18,880 | -13% | -11% | 100% |
Sales by destination – 2016
|
(in € millions) |
2016 |
2015 |
Total change | Organic change | 2016
weighting in % |
| France | 3,581 | 3,420 | +4.7% | +4.7% | 24% |
| United Kingdom | 1,272 | 1,382 | -7.9% | +2.3% | 9% |
| Rest of Europe | 3,227 | 3,040 | +6.2% | +6.8% | 22% |
| Sub-total Europe | 8,080 | 7,842 | +3.0% | +5.1% | 54% |
| United States and Canada | 1,556 | 1,533 | +1.5% | -2.9% | 10% |
| Australia and New Zealand | 759 | 726 | +4.6% | +4.9% | 5% |
| Total mature markets | 10,395 | 10,101 | +2.9% | +3.9% | 70% |
| Asia | 2,048 | 1,898 | +7.9% | +8.4% | 14% |
| Middle East | 1,887 | 1,431 | +31.9% | +32.8% | 13% |
| Rest of the world | 555 | 633 | -12.4% | -11.7% | 4% |
| Total emerging markets | 4,490 | 3,962 | +13.3% | +14.0% | 30% |
| Total all markets | 14,885 | 14,063 | +5.8% | +6.8% | 100% |
Order intake and sales – fourth-quarter 2016
|
(in € millions) |
Q4 2016 | Q4 2015 | Total change | Organic change |
| Order intake | ||||
| Aerospace | 2,137 | 3,128 | -32% | -31% |
| Transport | 817 | 340 | +140% | +156% |
| Defence & Security | 3,310 | 5,062 | -35% | -34% |
| Total – operating segments | 6,264 | 8,530 | -27% | -26% |
| Other | 34 | 38 | ||
| Total | 6,298 | 8,568 | -26% | -26% |
|
Sales |
||||
| Aerospace | 1,914 | 1,800 | +6.3% | +6.8% |
| Transport | 557 | 657 | -15.2% | -13.0% |
| Defence & Security | 2,360 | 2,446 | -3.5% | -2.7% |
| Total – operating segments | 4,831 | 4,902 | -1.5% | -0.5% |
| Other | 21 | 29 | ||
| Total | 4,852 | 4,932 | -1.6% | -0.7% |
Organic change in sales by quarter
|
(in € millions) |
2015
Sales |
Impact of exchange rates | Impact of disposals | 2016
Sales |
Impact of
acquisitions |
Total change | Organic change |
| First quarter | 2,576 | (30) | 0 | 2,732 | 1 | +6.1% | +7.3% |
| Second quarter | 3,770 | (58) | 0 | 4,113 | 31 | +9.1% | +9.9% |
| First half | 6,347 | (88) | 0 | 6,846 | 32 | +7.9% | +8.9% |
| Third quarter | 2,785 | (35) | 0 | 3,187 | 22 | +14.5% | +15.1% |
| Fourth quarter | 4,932 | (69) | 0 | 4,852 | 22 | -1.6% | -0.7% |
| Second half | 7,717 | (104) | 0 | 8,039 | 44 | +4.2% | +5.0% |
| Full year | 14,063 | (192) | 0 | 14,885 | 76 | +5.8% | +6.8% |
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