THALES CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
AT 30 JUNE 2022
1
SUMMARY | ||
Interim consolidated profit and loss account ...................................................................................................................... | ||
Interim consolidated statement of comprehensive income ........................................................................................... | ||
Interim consolidated statement of changes in equity....................................................................................................... | ||
Interim consolidated balance sheet....................................................................................................................................... | 7 | |
Interim consolidated statement of cash flows ..................................................................................................................... | 8 | |
Notes to the consolidated financial statements.................................................................................................................. | 9 | |
1. Accounting standards Framework ..................................................................................................................................... | 9 | |
1.1 | Basis of preparation for condensed interim consolidated financial statement ................................................. | 9 |
1.2 | Classification of Transport business under "discontinued activities" ........................................................................ | 10 |
1.3 | Impacts of the invasion of Ukraine by Russia ................................................................................................................. | 11 |
2. Segment information............................................................................................................................................................... | 11 | |
2.1 | Business segments ................................................................................................................................................................. | 11 |
2.2 | Sales .......................................................................................................................................................................................... | 11 |
2.3 | Commercial activity and EBIT by segment .................................................................................................................... | 12 |
3. Impact of changes in scope consolidation ..................................................................................................................... | 13 | |
3.1 | Main changes in scope of consolidation ....................................................................................................................... | 13 |
3.2 | Disposal of assets, changes in scope of consolidation and other .......................................................................... | 13 |
4. Property, plant and equipment and intangible assets.................................................................................................. | 14 | |
4.1 | Goodwill.................................................................................................................................................................................... | 14 |
4.2 | Property, plant and equipment and intangible assets............................................................................................... | 15 |
5. Investments in equity affiliates ............................................................................................................................................. | 16 | |
5.1 | Change in investment in equity affiliates........................................................................................................................ | 16 |
5.2 | Naval Group: summary financial information .............................................................................................................. | 16 |
6. Financing and financial instruments................................................................................................................................... | 17 | |
6.1 | Financial income.................................................................................................................................................................... | 17 |
6.2 | Net cash (net debt)............................................................................................................................................................... | 17 |
6.3 | Summary of financial assets and liabilities...................................................................................................................... | 17 |
7. Change in net cash (net debt)............................................................................................................................................. | 18 | |
7.1 | Working capital requirements ............................................................................................................................................ | 19 |
7.2 | Reserves for contingencies ................................................................................................................................................. | 19 |
8. Provisions for pensions and other long-termemployee benefits............................................................................... | 20 | |
8.1 | Actuarial assumptions........................................................................................................................................................... | 20 |
8.2 | Changes in provision............................................................................................................................................................. | 20 |
9. Income tax................................................................................................................................................................................. | 21 | |
10. | Equity and earnings per share ........................................................................................................................................... | 21 |
10.1 Shareholders' equity............................................................................................................................................................ | 21 | |
a) Share capital ............................................................................................................................................................................ | 21 | |
b) Treasury shares ......................................................................................................................................................................... | 22 | |
c) Parent Company dividend distribution............................................................................................................................. | 22 | |
10.2 Earnings per share ............................................................................................................................................................... | 23 | |
11. | Litigations.................................................................................................................................................................................. | 23 |
12. | Related party transactions .................................................................................................................................................. | 23 |
13. | Subsequent event .................................................................................................................................................................. | 23 |
2
INTERIM CONSOLIDATED PROFIT AND LOSS ACCOUNT
(in € millions) | Notes | First half | First half | 2021 |
2022 | 2021 | |||
Sales | note 2 | 8,256.3 | 7,668.8 | 16,192.0 |
Cost of sales | (6,222.8) | (5,805.4) | (12,158.9) | |
Research and development expenses | (486.2) | (464.7) | (1,026.9) | |
Marketing and selling expenses | (639.1) | (598.4) | (1,225.9) | |
General and administrative expenses | (290.8) | (268.1) | (545.0) | |
Restructuring costs | (34.8) | (39.6) | (91.8) | |
Income from operations | note 2 | 582.6 | 492.6 | 1,143.5 |
Disposal of assets, changes in scope of consolidation and other | note 3.2 | 10.3 | (6.6) | 48.7 |
Impairment on non-current fixed assets | note 4.1 | - | - | - |
Income of operating activities before share in net income of equity | 592.9 | 486.0 | 1,192.2 | |
affiliates | ||||
Share in net income of equity affiliates | note 5.1 | 107.4 | 28.9 | 103.6 |
Income of operating activities after share in net income of equity | 700.3 | 514.9 | 1,295.8 | |
affiliates | ||||
Financial interests on gross debt | (28.2) | (28.7) | (54.1) | |
Financial interests on cash and cash equivalents | (3.6) | 0.3 | (2.5) | |
Interest expense, net | note 6.1 | (31.8) | (28.4) | (56.6) |
Other financial expenses | note 6.1 | (29.6) | (27.9) | (52.8) |
Finance costs on pensions and other employee benefits | note 8 | 15.5 | (7.3) | (21.9) |
Income tax | note 9 | (105.4) | (33.6) | (147.7) |
Net income relating to continued operations | 549.0 | 417.7 | 1,016.8 | |
Net income relating to discontinued operations | note 1.2 | 11.0 | 35.8 | 117.6 |
Net income | 560.0 | 453.5 | 1,134.4 | |
Shareholders of the parent company | 565.6 | 432.4 | 1,088.8 | |
Of which: net income relating to continued operations, Group share | 554.6 | 396.4 | 971.0 | |
Of which: net income relating to discontinued operations, Group share | 11.0 | 36.0 | 117.7 | |
Non-controlling interests | (5.6) | 21.1 | 45.6 | |
Basic earnings per share (in euros) | note 10.2 | 2.66 | 2.03 | 5.12 |
Diluted earnings per share (in euros) | note 10.2 | 2.66 | 2.03 | 5.11 |
Segment information (including EBIT calculation) is detailed in note 2.3.
3
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
First half 2022 | ||||
Total attributable to : | ||||
Shareholders | Non- | Total | ||
(in € millions) | of the | controlling | ||
parent | interests | |||
company | ||||
Net income | 565.6 | (5.6) | 560.0 | |
Translation adjustments | 67.8 | 4.4 | 72.2 | |
Cash flow hedge | (76.1) | (10.1) | (86.2) | |
Equity affiliates | 12.4 | - | 12.4 | |
Discontinued operations | (18.4) | - | (18.4) | |
Items that may be reclassified to income | (14.3) | (5.7) | (20.0) | |
Actuarial gains (losses) on pensions | 1,050.5 | (2.5) | 1,048.0 | |
Financial assets at fair value | (20.4) | (9.7) | (30.1) | |
Deferred tax | (75.6) | 0.7 | (74.9) | |
Equity affiliates | 1.3 | - | 1.3 | |
Discontinued operations | 152.1 | - | 152.1 | |
Items that will not be reclassified to income | 1,107.9 | (11.5) | 1,096.4 | |
Other comprehensive income (loss) for the period | 1,093.6 | (17.2) | 1,076.4 | |
net of tax | ||||
Total comprehensive income for the period | 1,659.2 | (22.8) | 1,636.4 | |
First half 2021
Total attributable to : | ||
Shareholders | Non- | Total |
of the | controlling | |
parent | interests | |
company | ||
432.4 | 21.1 | 453.5 |
18.1 | (0.1) | 18.0 |
(18.7) | (1.1) | (19.8) |
10.3 | - | 10.3 |
(8.1) | - | (8.1) |
1.6 | (1.2) | 0.4 |
357.2 | (0.4) | 356.8 |
6.8 | - | 6.8 |
(8.2) | 0.1 | (8.1) |
1.2 | - | 1.2 |
44.6 | - | 44.6 |
401.6 | (0.3) | 401.3 |
403.2 | (1.5) | 401.7 |
835.6 | 19.6 | 855.2 |
2021
Total attributable to : | ||
Shareholders | Non- | Total |
of the | controlling | |
parent | interests | |
company | ||
1,088.8 | 45.6 | 1,134.4 |
54.0 | 1.3 | 55.3 |
(101.8) | (4.6) | (106.4) |
11.9 | - | 11.9 |
(13.9) | - | (13.9) |
(49.8) | (3.3) | (53.1) |
625.5 | 3.2 | 628.7 |
42.9 | 18.4 | 61.3 |
0.6 | (0.7) | (0.1) |
11.5 | - | 11.5 |
62.2 | - | 62.2 |
742.7 | 20.9 | 763.6 |
692.9 | 17.6 | 710.5 |
1,781.7 | 63.2 | 1,844.9 |
4
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Number of | Additional | Cash | Cumulative | Non- | ||||||
shares | Share | Retained | Treasury | Total | ||||||
(in € millions) | paid-in | flow | translation | Group share | controlling | |||||
outstanding | capital | earnings | shares | equity | ||||||
capital | hedge | adjustment | interests | |||||||
(thousands) | ||||||||||
At 1st January 2021, as published | 212,868 | 640.1 | 4,075.5 | 737.2 | 11.4 | (283.2) | (38.6) | 5,142.4 | 196.5 | 5,338.9 |
IFRS IC interpretation (note 1.1) | - | - | - | (5.8) | - | - | - | (5.8) | - | (5.8) |
At 1st January 2021, as restated | 212,868 | 640.1 | 4,075.5 | 731.4 | 11.4 | (283.2) | (38.6) | 5,136.6 | 196.5 | 5,333.1 |
Net income | - | - | - | 1,088.8 | - | - | - | 1,088.8 | 45.6 | 1,134.4 |
Other comprehensive income (loss) net of tax | - | - | - | 742.7 | (116.1) | 66.3 | - | 692.9 | 17.6 | 710.5 |
Total comprehensive income for 2021 | - | - | - | 1,831.5 | (116.1) | 66.3 | - | 1,781.7 | 63.2 | 1,844.9 |
Employee share issues | 45 | 0.1 | 1.1 | - | - | - | - | 1.2 | - | 1.2 |
Parent company dividend distribution | - | - | - | (417.0) | - | - | - | (417.0) | - | (417.0) |
Third-party share in dividend paid by subsidiaries | - | - | - | - | - | - | - | - | (13.5) | (13.5) |
Share-based payments | - | - | - | 25.0 | - | - | - | 25.0 | - | 25.0 |
(Acquisitions) / disposals of treasury shares | 5 | - | - | (28.7) | - | - | 0.9 | (27.8) | - | (27.8) |
Other | - | - | - | (25.4) | - | - | - | (25.4) | (1.8) | (27.2) |
At 31 December 2021 | 212,918 | 640.2 | 4,076.6 | 2,116.8 | (104.7) | (216.9) | (37.7) | 6,474.3 | 244.4 | 6,718.7 |
Net income | - | - | - | 565.6 | - | - | - | 565.6 | (5.6) | 560.0 |
Other comprehensive income (loss) net of tax | - | - | - | 1,107.9 | (81.7) | 67.4 | - | 1,093.6 | (17.2) | 1,076.4 |
Total comprehensive income for first half 2022 | - | - | - | 1,673.5 | (81.7) | 67.4 | - | 1,659.2 | (22.8) | 1,636.4 |
Employee share issues | - | - | - | - | - | - | - | - | - | - |
Parent company dividend distribution | - | - | - | (416.2) | - | - | - | (416.2) | - | (416.2) |
Third-party share in dividend paid by subsidiaries | - | - | - | - | - | - | - | - | (38.9) | (38.9) |
Share-based payments | - | - | - | 10.8 | - | - | - | 10.8 | - | 10.8 |
(Acquisitions) / disposals of treasury shares | (1,028) | - | - | 2.0 | - | - | (129.2) | (127.2) | - | (127.2) |
Other | - | - | - | (8.7) | - | (3.4) | - | (12.1) | 1.0 | (11.1) |
At 30 June 2022 | 211,890 | 640.2 | 4,076.6 | 3,378.2 | (186.4) | (152.9) | (166.9) | 7,588.8 | 183.7 | 7,772.5 |
5
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THALES SA published this content on 21 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2022 05:03:03 UTC.
