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Annual Report Annual20 ////////////////////////////////////////////////////////// report 07 Financial report Business review Shareholder information 2007 Annual report Thales 45 rue de Villiers 92200 Neuilly-sur-Seine – FRANCE Tél.: + 33 (0)1 57 77 80 00 www.thalesgroup.com www.thalesgroup.com WorldReginfo - 31f96d7b-6321-44dc-9b56-5ddcb02cd173 The Corporate brochure is available at www.thalesgroup.com WorldReginfo - 31f96d7b-6321-44dc-9b56-5ddcb02cd173 2007 ANNUAL REPORT CONTENTS Overview ........................................................................................................................................................................................................2 Timeline ...........................................................................................................................................................................................................4 Key figures .....................................................................................................................................................................................................6 Governance and auditors ...................................................................................................................................................................8 1 . 2007 FINANCIAL REPORT 1. Directors’ report ............................................................................................................................................................................. 12 2. Consolidated financial statements .............................................................................................................................. 30 2 . BUSINESS REVIEW 1. Business description .................................................................................................................................................................... 88 2. International presence ........................................................................................................................................................... 124 3. Research & innovation ........................................................................................................................................................... 129 3 . SHAREHOLDER INFORMATION 1. Company and share capital .............................................................................................................................................. 134 2. Corporate governance ........................................................................................................................................................... 155 3. Stock market information and financial communication ............................................................... 184 4. Annual General Meeting of 15 May 2008 ........................................................................................................... 194 Table of contents ................................................................................................................................................................................ 196 WorldReginfo - 31f96d7b-6321-44dc-9b56-5ddcb02cd173 2007 ANNUAL REPORT – THaleS OVERVIEW Thales designs, develops and deploys integrated solu- provides public administrations with the systems and tions and equipment to meet security requirements in equipment they need to maintain surveillance, gather in- the aerospace, defence and security markets. telligence and control the flow of people, goods and data (Earth observation from space, Internet surveillance, in- Globalisation is making the world more open, enabling telligence, airspace control and ID systems to control greater personal mobility and allowing capital, goods, serv- population flows), ices and data to flow more freely. A more open world, how- - enhance the dependability and security of critical civil ever, is also more vulnerable to threats and risks. Con- infrastructure. Thales is a major player in transport safe- temporary societies are vulnerable in particular to failures ty and a global leader in both rail transport security and in large-scale critical infrastructure such as transport net- civil air traffic management. The company also offers works, energy grids and information systems. They are also security solutions for interbank transactions, corporate exposed to new threats including trafficking, terrorism, cy- and government information systems, energy networks bercrime, failed states and asymmetric armed conflict. and sensitive sites. To meet rising demand for security and seize growth oppor- To meet these requirements in its three markets, Thales tunities across all its markets, Thales combines expertise delivers complete solutions combining some or all of its in mission-critical information systems, secure communi- extensive range of capabilities: system-of-systems design cations, supervision systems and sensors. The company and integration, satellite systems, supervision centres, se- offers a complete range of solutions and technologies to cure communication and information systems, sensors (ra- address the specific requirements of government and in- dar, sonar, optical), encryption and simulation. stitutional customers, considering long-term relationships This common core of technologies underpins Thales’s ca- based on trust and local presence as key success factors in pabilities in every segment of its business. The company’s the complex security projects it undertakes. As well as mili- research and development programmes, implemented tary and civil defence forces, customers include other pub- through a network of 22,500 engineers and technical lic administrations, large-scale operators of critical infra- staff operating in all Thales subsidiaries around the world, structure and major commercial aircraft manufacturers. constantly enhance this platform of technologies. Thales’s Thales solutions and equipment meet key security requirements: tradition of technological excellence gained further recogni- - defend and protect nations and populations. Thales tion with the award of the 2007 Nobel Prize in Physics to Al- provides military and civil defence forces with communi- bert Fert, scientific director of a joint research unit operated cation, command, protection and threat detection capa- by Thales and France’s national research institute CNRS. bilities. The company also designs and delivers combat Importantly, Thales spans the entire value chain, from systems for all types of air, land and naval platforms, programme prime contracting and integration of complex - maintain surveillance and control to prevent breaches systems to the provision of high-tech equipment and value- of national security and threats to human safety. Thales added support services. WorldReginfo - 31f96d7b-6321-44dc-9b56-5ddcb02cd173 2 2007 ANNUAL REPORT – THaleS Thales generates half of its revenues in defence mar- multidomestic presence is one of the pillars of Thales’s kets, one-quarter in aerospace markets and one-quarter strategy and the blueprint for the company’s continued ex- in civil security markets, particularly rail infrastructure pansion, in particular in fast-growing economies such as safety and security. India, Brazil and Russia. Half of the company’s production and three-quarters of Thales today is poised to strengthen its position in each of its revenues are generated outside France: Thales has its major sectors of activity and to consolidate its prospects commercial operations and industrial facilities on five con- for continued growth. With the successful integration of the tinents to maintain close relations with domestic custom- businesses acquired in 2007 and the disposal of a number of ers in each country. The United Kingdom is the company’s non-strategic assets, the company has a balanced portfolio second-largest country of operation after France. This of businesses serving a wide range of expanding markets. Thales offers a complete range of integrated solutions which fulfill the following missions: MAKE REliablE AND SEcurE MONITOR AND CONTROL PROTECT AND DEFEND Transport safety Space-based surveillance Information, communication - air - observation (radar, optical) and command systems - rail - electromagnetic detection Threat detection systems - urban - weather and environment monitoring on all platform types - radar - road Air space - optronics Communication - air traffic control - sonar and transaction safety - air space surveillance - satellite communications Air, land and naval combat systems Land and maritime border control - government and corporate Forces and populations protection information systems Movement of people systems - banking transactions - ID documents and systems - ATBM and Air defence for Identification Critical infrastructure safety - NRBC protection - airports Cyberspace control - area protection - energy - critical sites WorldReginfo - 31f96d7b-6321-44dc-9b56-5ddcb02cd173 2007 Annual report – THaleS 3 TIMELINE OrigiNS BuildiNG A mulTidOMESTic COmpaNY: frOM ThOMSON-CSF TO ThalES 1968: the professional electronics businesses of Thomson- Brandt (previously CFTH) merge with Compagnie Générale 1987-96: as early as 1987, Thomson-CSF anticipates the in- de Télégraphie Sans Fil (CSF) to form Thomson-CSF. The evitable cutbacks in defence spending and, as its major ongo- two companies already have a long history. Compagnie ing export contracts draw to a close, starts to radically restruc- Française Thomson-Houston (CFTH) was formed in 1893 ture its businesses
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