DASSAULT AVIATION : Informazioni trimestrali al 30 settembre 2010

Panoramica delle attivita del gruppo DASSAULT AVIATION

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Panoramica delle attivita del gruppo DASSAULT AVIATION
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1. Ordini

Al 30 settembre 2010, gli ordini consolidati ammontavano a 927 milioni di euro, a fronte dei (-) 1.991 milioni di euro del 30 settembre 2009. Nella seguente tabella è illustrata la ripartizione degli ordini:

	DIFESA	DIFESA	FALCON	TOTALE	% esportaz.
	France	Export
Al 30 settembre 2009	286	183	(-) 2.460	(-)1.991	Non spec.
	Non spec.	Non spec.	Non spec.
Al 30 settembre 2010	281	146	500	927	58 %
	30 %	16 %	54 %

FALCON programs
Compared to 2009, the pace of FALCON order cancellations due to the crisis has been slowing down. However, new orders have not picked up yet. Thus, orders for new aircraft, minus cancellations, were negative by (-) 1 FALCON as of September 30, 2010. They were negative by (-) 94 FALCONs as of September 30, 2009.

Euro amount of FALCON new orders was positive especially thanks to support and spares orders and to a favourable E/$ effect. Our order book is valued at the closing E/$ exchange rate and includes currency hedging. As E/$ parity has positively developed between December 31, 2009 (1.44 $/E) and September 30, 2010 (1.36 $/E), a favourable differential was taken into account through the Euro amount of new orders.

DEFENSE programs
DEFENSE orders were EUR 427 million as of September 30, 2010, down by 9 % compared to EUR 469 million as of September 30, 2009. They corresponded to military support and development programs.

2. Net sales

Consolidated net sales as of September 30, 2010 were EUR 2,898 million, up by 26 % compared to EUR 2,293 million as of September 30, 2009:

(EUR million)	2009	2010	Variation
First quarter	546	821	+50 %
Second quarter	838	1,169	+39 %
Third quarter	909	908	-
TOTAL	2,293	2,898	+26 %

Consolidated net sales over the first nine months split as follows in EUR millions:

	DEFENSE	DEFENSE	FALCON	TOTAL	% export
	France	Export
As of September 30, 2009	484	144	1,665	2,293	76 %
	21 %	6 %	73 %
As of September 30, 2010	477	157	2,264	2,898	80 %
	16 %	6 %	78 %

FALCON programs
FALCON net sales increased by 36 % between the two periods. In particular, 67 brand new aircraft were delivered from January to September 2010 compared to 51 over 2009 same period.

DEFENSE programs
DEFENSE net sales were comparable between the two periods. 7 RAFALEs were delivered to French Air Force and Navy over 2010 first nine months compared to 9 from January to September 2009. This decrease in RAFALE deliveries was offset by a rise in net sales linked to French development programs and to export military support.

3. DASSAULT AVIATION Group activities

2010 first nine months were marked furthermore by:

- continued negotiations for export sales of RAFALE aircraft;

- 2010 best industrial prime contractor Quality Trophy awarded to DASSAULT AVIATION by the French Defense Procurement Agency (Direction Générale de l'Armement);

- final assembly of airframe shipsets and first integration tests of the sub systems of the nEUROn Unmanned Combat Aircraft Vehicle (UCAV). This program, led by DASSAULT AVIATION as the project manager, includes five other European partners; - FALCON 900 LX certification;

- type certification for FALCON 7X received from the Civil Aviation Administration of China;

- certification for FALCON 2000 EX/LX automatic braking;

- first FALCON 7X deliveries to India and China;

- boosted FALCON aircraft maintenance capacities in Asia.

4. Financial structure

Consolidated available cash (*) amounted to EUR 2,584 million as of September 30, 2010 compared to EUR 2,260 million as of June 30, 2010 and to EUR 1,975 million as of December 31, 2009.

The Group is not exposed to any significant risk with regard to its borrowings and marketable securities. The Group's marketable securities portfolio mainly comprises short term monetary investments. The Group has no various investment (AMF reference) as of September 30, 2010.

(*) specific indicator defined by DASSAULT AVIATION as follows: cash and cash equivalents + available-for-sale marketable securities at market value (-) borrowings.

5. Outlook for 2010

2010 net sales should be comparable to 2009 net sales.

Owing to the significant number of available-for-sale pre-owned aircraft on a worldwide scale, the Group does not predict a business aviation market recovery in the short term.

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[CN#171038]