Thales' consolidated revenues in the H1 2004 were Euro 4,573m, an increase of 0.35% compared to H1 2003 (Euro 4,557m). On a like-for-like basis, revenues increased by 3.3%, which is higher than the 1.5% organic increase recorded in the Q1 2004. This positive trend in H1 2004 revenues is a result of the 4.5% rise in revenues booked in Q2 2004 on a like-for-like basis.
The overall impact of exchange rate fluctuations was relatively small, representing a net increase of Euro 6m in total sales. Changes in the scope of consolidation resulted in a Euro 136m net reduction in revenues (mainly due to the deconsolidation of Thales Geosolutions, which was divested at the end of 2003).