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Thales S.A. (THLEF) CEO Patrice Caine on Full Year 2020 Results - Earnings Call Transcript

Mar. 04, 2021 11:30 PM ETThales S.A. (THLEF)
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Thales S.A. (OTCPK:THLEF) Full Year 2020 Earnings Conference Call March 4, 2021 2:30 AM ET

Company Participants

Bertrand Delcaire – Head of Investor Relations

Patrice Caine – Chairman and Chief Executive Officer

Pascal Bouchiat – Chief Financial Officer

Conference Call Participants

George Zhao – Bernstein

Tristan Sanson – Exane BNP Paribas

Ben Heelan of Bank – America

Christophe Menard – Deutsche Bank

Celine Fornaro – UBS

Harry Breach – Stifel

Bertrand Delcaire

Yes, hello. Good morning. Welcome, and thank you for joining us for the presentation of Thales 2020 full year results. I am Bertrand Delcaire, the Head of Investor Relations. With me today are Patrice Caine, Chairman and CEO; and Pascal Bouchiat, CFO of Thales. As usual, the presentation will be in English and followed by a Q&A session. It is webcast live on our website at thalesgroup.com, where the slides, press release and consolidated financial statements are also available for download. A replay of the call will be available in an hour. With that, I would like to turn over the call to Patrice Caine.

Patrice Caine

Good morning, everyone. So let’s start with Slide 2 on the highlights of 2020. As you will see in a minute, our results were, of course, severely impacted by the COVID-19 crisis. However, thanks to the mobilization of the team, we delivered a strong performance on many KPIs. First, from a commercial point of view, we booked a record volume of orders with major successes across our key markets. Second, our focus on cash generation drove a robust free operating cash flow performance significantly above expectations. And third, very early in the crisis, we launched a comprehensive crisis adaptation plan, targeting €750 million of P&L savings and at least €50 million of CapEx reduction.

The teams achieved significantly above these two

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