With very little exposure to the civilian market, Dassault Aviation has benefited from export sales of the Rafale fighter jet and will continue to benefit from increases in defense budgets since the war in Ukraine.
€6.7 billion in revenue over 2019-2022 versus €4.4 billion over 2015-2018
Dassault Aviation's revenue has always "yo-yoed" to use this phrase from a financial analyst. Crisis or no crisis, pandemic or no pandemic. Over the 2015-2019 period, revenue thus amounted to €4.2 billion in 2015, then €3.6 billion in 2016, rising to €4.8 billion in 2017 and continuing to €5.1 billion in 2018 to exceed €7 billion in 2019. Nevertheless, each time, a new plateau is crossed, since over the 2015-2018 period, average annual revenue is €4.4bn and rises to €6.7bn on average over the 2019-2022 period.
The Rafale export sales effect
This new plateau is the logical consequence of the orders taken for the Rafale fighter jet in export markets. In 2105, export orders for the fighter were launched by Egypt and Qatar for a total of 48 aircraft (twice 24), boosting the order book to €14.2 billion from €8.2 billion in 2014. This was followed in 2016 by the purchase of 36 Rafales by India, which pushed the order book past the symbolic €20 billion mark. At the end of 2018, the order book had only one more Rafale to be delivered to Egypt, but it had been boosted by 12 additional aircraft for Qatar. After two sluggish years, Rafale export sales pick up in 2021 with orders from Egypt (30 + 1) and Greece (6), while France picks up 12.
Order backlog at €35bn at end-2022
In 2022, a new series of export sales brings Dassault Aviation's order backlog to an all-time high of €35bn. In addition to the 80 Rafale fighter jets purchased by the United Arab Emirates, there are six more for Greece and a first tranche of six aircraft by Indonesia out of an expressed need for a total of 42 Rafales. By the end of 2022, the manufacturer will have 125 Rafales to deliver for export, plus 39 for France. The year 2023 should see a new tranche from Indonesia while France should take over the export business with the realization of a Tranche 5 involving 42 Rafales.
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