Arbitration between Thales and Euromissile
14 November 2002
In an arbitration between Euromissile (EADS Group) and a member of the Thales Group of companies, the Arbitration Panel has awarded Euromissile a total amount of €108 million.
The existence of this dispute had been referred to in the Thales annual report and a related reserve provided in the consolidated accounts, albeit less than the amount finally awarded. The maximum impact on Thales 2002 financial results would be €65 million before tax at the operating income level, i.e. €43 million after tax.
Thales has taken legal steps to reverse this award which it considers to be ill-founded.
The exact accounting impact of this decision, which Thales considers to be extraordinary in many respects, will be determined by the Board of Directors based on the legal situation at the time of the approval of Thales' annual accounts.
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