PARIS, March 4 (Reuters) - French defence and aerospace group Thales predicted a partial recovery in most businesses this year after seeing 2020 sales and profits dragged lower by the COVID-19 crisis.

The maker of equipment ranging from anti-jamming devices for fighter jets to airliner navigation beacons, also restored its dividend after posting what its chief executive called "totally decent" margins in a year lost to the pandemic.

Thales, partially owned by the French state, said operating profit fell 33% to 1.35 billion euros ($1.63 billion) as revenue fell 7.7% to 16.99 billion. New orders slipped 3% to 18.48 billion euros.

The main figures matched average analyst forecasts of a 1.34 billion euro operating profit and revenues of 16.98 billion, Refinitiv data showed. Cashflow beat expectations.

For the current year, Thales predicted revenues of 17.1-17.9 billion euros, once again outpaced by new orders. It forecast an operating margin of 9.5-10%, up from 8%.

"We are not being over-cautious," Chief Executive Patrice Caine told reporters, asked about a 2021 revenue goal seen on the low side of analyst forecasts averaging around 17.9 billion.

"I think it demonstrates that there is still a lot of uncertainty in aerospace...but it's nonetheless still above last year's 17 billion," he added.

Shares slipped 0.4%, about in line with the French market.

The 2021 revenue target implies like-for-like annual growth of 2-6%, Chief Financial Officer Pascal Bouchiat said.

Most activities will see "significant growth" in 2021 but civil aerospace will see another decline in revenues of "several percent" after plunging in 2020, he added.

Other pandemic effects on the maker of critical infrastructure included slower rail maintenance as people shun public transport and less demand to renew biometric or secure identity documents as border restrictions curb air travel.

Thales said it would pursue restructuring moves after beating its cost-saving targets last year, and seek extra savings from its 2019 purchase of digital security firm Gemalto.

Caine said Thales was monitoring a global semiconductor chip shortage, but added that "as of now it is not material".

Sales in the Defence & Security division, the company's largest, slipped 2.2% last year, while new orders held stable.

Amid growing security threats, defence spending is rising as civil aerospace hits the buffers, reversing a trend seen a few years ago when passenger jet demand occupied the spotlight.

Caine said plans for the future FCAS Franco-German-Spanish combat air system including a new fighter would generate significant activity for Thales, without elaborating.

The three nations are locked in negotiations over how to share out the industrial work. Thales is the main French partner in two of seven pillars, involving sensors and the 'combat cloud' designed to link manned and unmannned warplanes.

Caine also declined to be drawn on whether Thales would look at asset disposals in its aerospace or transport divisions, saying the company analyses its portfolio each year.

($1 = 0.8295 euros) (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta)