In 2005, Thales Group revenues totalled €10,263m, nearly the same figure as in 2004 (€10,282m). On a like-for-like basis and excluding billings for the hull of the third and last Sawari 2 frigate in December 2004 (€375m), revenues increased by 3.8% compared to 2004. Exchange rate fluctuations had a very limited overall effect, increasing revenues by €15m. Changes in the scope of consolidation (mainly due to the deconsolidation of Thales Electronic Solutions, which was divested on 30 November 2004) resulted in a net reduction in revenues of €37m.  In the fourth quarter alone, revenues increased by 3.6% compared to the same quarter of 2004, excluding billings of the Sawari 2 hull, an increase which is in line with the trend observed over the first nine months of 2005.

* Including €375m for the no-margin billing recorded in December 2004 for the third Sawari 2 hull.