Thales Group 2021 Annual Results

March 03, 2022

Thales announced today its full year financial results for 2021.

Key points

  • Order intake: €19.9 billion, up 18% (+18% on an organic basis)
  • Sales: €16.2 billion, up 5.3% (+5.3% on an organic basis)
  • EBIT: €1,649 million, up 32.1% (+31.9% on an organic basis)
  • Free operating cash flow: €2,515 million, 185% of adjusted net income, Group share

Thales concluded 2021 with an excellent fourth quarter in terms of order intake and operating free cash flow. Commercially, the Group achieved the best year in its history. These successes with our clients, combined with the remarkable mobilization of our teams, have resulted in cash generation of well over 2 billion euros. Considering this performance in 2021 and the outlook for 2022 and 2023, we are revising our cash generation target strongly upwards: the Group should thus generate nearly 5.5 billion euros of free operating cash flow over the 2021-2023 period.

Commercially, the Group achieved the best year in its history. Patrice Caine, Chairman and Chief Executive Officer

Organic growth returned above 5%. The EBIT margin was above 10%, benefiting in particular from a solid margin increase in Digital Identity & Security, which was more than 4 points higher than in 2018, the year prior to its integration into the Group.

Driven by the strength of the space business and the cost adaptation plan in aeronautics, the aerospace segment recorded an initial recovery in revenues and profitability. Nevertheless, with revenues nearly 20% lower than 2019 and an operating margin of 4.5%, it is still very much affected by the impact of the health crisis on air transport.

All Thales teams are committed to implementing our strategic roadmap. The disposal of the “Ground Transportation Systems” business is proceeding in line with the plan. We are continuing to increase our R&D investments to better prepare for the future. We are accelerating our sustainability initiatives, and confirm today all the objectives presented at the 5 October 2021 ESG event.

Thales’s business model, driven by the growing need for security and trust in an increasingly interconnected world, has remarkable potential for sustainable and profitable growth, offering solid future prospects for its employees, customers and shareholders.

Click here to go to the press release.