The context is the same, context of war at the door of the EU in Ukraine against Russia. An energy transition that is very significant, and the unpleasant side of it, which is aviation bashing, and the Paris Air Show is a good response to that. The supply chain that has a certain number of difficulties recruiting people, and the ability to supply face inflation, the drift of the energy prices, which is creating quite a number of problems in deliveries.
India has announced the acquisition and future negotiations on 26 aircraft for the Indian Navy. This contract will be negotiated between the two governments, as it was the case for the Indian Air Force. It's a great satisfaction for the company, for our partners, Thales, Safran, and all the 500 companies contributing to build the Rafale, and especially the Navy Rafale.
The Military Programming Law, this law was voted. If there was no such law, we wouldn't have a plan going from 2024 to 2030. In 2027, there would be an event. It would question a certain number of things, it is important to have this Military Programming Law, as done with foreign EUR 13 billion, including the 13 from the exceptional earnings to be still won.
We are in this rationale of the Military Programming Law, with objectives to finalize the order for help to have Rafales for the Air Force. We said 137 in 2030, added to the 41 from the Navy. Here we are delivering the Rafales of the fourth tranche, the second part, and we will deliver the fifth tranche that has been ordered.
The developments are being pursued with the standard F4. We're preparing the standard F5 with future work on UAVs, the beginning of the FCAS. We have installed a platform here in Saint-Cloud. We have engineers from Germany and Spain who will join us, and they will prepare this combat demonstrator. We're in Phase 1B.
We will have a Phase 2 that will have to be contractualized before a first flight in 2029. We're also working to deliver the retrofits of ATL2, the maritime patrol that has to fit Standard 6. We're working on maritime surveillance aircraft, and in this law, we have 12 aircraft that will have to be delivered. Five are under condition and the Albatros with ATEX. All this has been clearly identified in the LPM.
The Air Show, just a few words to say that it was a real success, the success of the Rafale, of course. All our delegations, all the Falcon users in the world, went to the Air Show, visited it, and said that they wanted to meet the French authorities, and they wanted to meet us, too. A lot of delegations, they are still not equipped with the Rafale.
We could meet them, therefore. Great attraction for our Falcon aircraft, especially a new attraction for the Falcon 6X, because the Falcon 6X is in flight and on the ground. You can see it in flight, and you can also see it, visit the cabin with its internal design, the mock-up of the Falcon 10X, which is very popular and all this can help us prepare for the future, and the Le Bourget Air Show was a place where we could talk about this.
As for decarbonization, as you saw it in the film, SAF, business jets are ahead of commercial aircraft in terms of SAF, because we're using a lot of our fuels with this aviation fuel, Sustainable Aviation Fuel. Recruitment operations, which are highly specific because we need to recruit and hire more people. We'll talk about this later on. We set up the Avion des Métiers.
It was set up by the GIFAS. We want young people to join that. There was a small office next to our stand. We received 500 applications, and we are working on them to help us hire people because we have a lot of tension in terms of employment. Our activities and programs in Greece, we delivered 2 new aircraft and 4 pre-owned Rafale. These are aircraft from the French Air Force.
They have been transformed. They are as good as new. We have pursued our prospection. We are holding discussions with some countries. One of them is going to come true, 26 for the Indian Navy. As for France, we've delivered 2 Rafale, we are continuing the development of our standards.
As for the Future Combat Air System, FCAS, we have a physical platform here in Saint-Cloud. We've begun by setting up the common tools that will allow us to work in proper industrial teams, the study has begun. It's pursuing all the studies we had begun in Phase 1A. The mission aircraft, the program is taking place normally for the maritime surveillance planes, Archange.
We've delivered the seventh aircraft for ATL2, which has been upgraded. We're working, as I told you last March, working on a project, future maritime patrol aircraft based on the Falcon 10X. As for exports, for Falcons, we have delivered the first of the four Falcons ordered last year from Korea, an aircraft for electronic war.
As for the Falcon context, at the end of 2022, things had slowed down. We had a very good 2022 in terms of sales with 64 orders taken. Now it is slightly slower since the beginning of the year. 12 orders have been received in the H1 . In the meantime, we have delivered nine aircraft in H1 2023. As for the Falcon 6X, the first point is that we're waiting for its certification. It will probably take place this summer.
We are continuing the development of the Falcon 10X. We are continuing improving the Falcons in service. We've validated a new cockpit, EASy IV, that will be proposed on the 7X and the 8X. We also have new modules available on our Falcons that we have installed which is proposed on Falcon 6X, to be proposed on the Falcon 10X also.
As for aviation bashing, as I told you earlier on, I'd like to repeat, you will hear me repeat this, 2% of CO2 emissions for global aviation, 2% for business jets, that is 0.04% of global CO2 emissions. This is what we're talking about. We are committed, as I said in the small film, to reach carbon neutrality by 2050, considering the obligations we've all taken.
A year's use of all our Falcons, that's roughly 2,000 Falcons, that is roughly 24 hours of global video streaming, 5 hours of global HGV traffic, or two and a half days of German power plant operation. That is to give you the perspective and show you how much business aviation costs in terms of CO2 emissions. We were a bit surprised that commercial aviation has been excluded from the green taxonomy determined in Brussels.
They've only taken into account commercial aviation when we had engaged the decarbonization of the sector because we use SAF. It's not just us, it's the entire commercial aviation in the world. Our major competitors in the U.S., in Canada, in the United States, or in Brazil, are doing just as us, and they're quite fast. They're going to use SAF. We're organizing ourselves in Europe and in France.
We've held meetings with the President of the Republic to develop SAF lines, we're using our SAF in-house at Dassault. We're really engaged in this decarbonization. Seen from us, this green taxonomy, while we don't understand why we are excluded from it in Europe, we will prepare a legal recourse to understand. We'll take legal action to understand why we are not part of this taxonomy. It can handicap some of our subcontractors, especially SMEs in France.
In general, if I compare the United States and France, the United States are going very fast in decarbonization with incentive systems, Europe is using a hyper-regulation mode. This is something we'd like to denounce because we don't see an efficiency in this hyper-regulation. This is not just limited to the aeronautical industry, there are other industries that are highly affected by this hyper-regulation.
We were all very happy to hear the President say that there are enough regulations, and we have to try to be more efficient and more pragmatic, rather than trying to always prepare checks and standards. As for the SAF, we are still doing research and technology in the framework of our companies. We have aerodynamical formulae. We're working on the mass and engine performance, and the future aerodynamic performance of an aircraft can be improved.
We're working with those who are manufacturing the engines, and we want to be more sober with our engines, consume less. If we have SAF and we consume less, we are on the right track, and we have to optimize our air operations. Our clients, users, pilots, can fly along traffic lines that don't consume a lot of fuel.
They have the freedom to choose if they want to use more kerosene or less, or use more SAF or less. It's up to them to decide. We have decided to buy forests, to plant more trees and store the CO2 emissions. As for the 6X, we're waiting for certification.
It's a question of a few days. We hope that it will happen this summer. There are always a few minutes before we sign all kinds of papers. When we have to deliver, we have to study these papers, and this is the moment that is the most important. We've been waiting for this for quite a number of weeks now.
At the same time, we are ramping up with the 6X. As soon as we'll have received a certification, we will commission this aircraft, and we will begin deliveries to our first clients. They'll be a demonstrator. The future clients will be able to assess the 6X in-flight, and this will definitely boost the sales of 6X. Falcon 10X, we are pursuing our work.
We are very careful about the development of the engine. This engine exists, it equips the Gulfstream, but we're adapting it to our 10X Falcon with greater thrust. We are continuing the development with great attention. The results are very good. We're quite confident about this engine. This is very important for an aircraft, especially considering what we have seen in the past.
We're working on the cabin, the modularity of the cabin, the new size of the cabin. We can imagine all kinds of new things. The other technological aspect is the carbon wings. We're ready to develop the wing surface and the production of this wing surface.
The first series, you see the pictures here from Biarritz. They are at Martignas before they go to .Mérignac Human resources, this is very important. Last year, we recruited a lot. This year also, we're going to hire a lot of people, 1,400 employees, in the crew, 1,000 in France. It's quite a large number. It's not very easy to find them.
We are quite attractive at Dassault, we can't find them quick enough, we're trying to find them everywhere, apprentices, engineers, and our workload is quite heavy with the ramping up in the design offices and all the ad hoc services to make our aircraft fly. We need a lot of people. The sharing of the value in France, there was an agreement between the trade unions and the Medef at the beginning of the year.
We at Dassault Aviation, we have this profit sharing, this participation, and in 2023, it will represent 4 months of wages. This is the right thing to do, and we are right at the top in terms of value sharing. We've signed agreements with the trading organizations this year in terms of their wages.
We've increased their wages, although some say, "Don't fuel inflation by increasing the wages too much." Inflation was quite high, therefore, the average increase was 6.2%. This agreement was signed by the CGC, CFDT, and the UNSA. A few agreements on disabilities, disabled people, to improve the situation of some of the future employees.
One of the major topics is the deployment of the new job typology in the metallurgy branch. This will have to be there in all the metallurgy branches right from the 1st of January 2024, whether it's in the large companies or small companies. This is very important because we have to re-qualify each job and put each employee in each box in each job. This is a major job which is underway, and we are quite confident about the time. We are also discussing with the trade unions to obtain an agreement on the methodology and to properly label these jobs.
Business result, EUR 1.6 billion order intake for this H1 , with 12 Falcons, also some additions regarding our pricing revision in on the export market. Sales, EUR 2.3 billion, 9 Falcons, 2 exported Rafales, new, the 2 French Rafales and 4 pre-owned Rafales from the French defense. That's 3 thirds, one third for export, a small third for French defense forces, and another third for the Falcons. The backlog is now standing at EUR 34.4 billion, excluding the 26 aircrafts planned for the Indian Army, without the Indonesian Army.
We're waiting for the first installment, for the first 18 aircraft, out of the 36 to be delivered. We're still waiting for an order intake of 42 aircraft for France. Our backlog should increase by the end of this year. Adjusted consolidated income statement. EUR 151 operating income, EUR 2,295 million for the net sales. We have financial income, which went up. Our cash has helped us now to invest in instruments with a higher earning. The role of Thales, another equity affiliates, EUR 210 million. Taxes, EUR 66 million. A net income, EUR 405 million. A net income margin of 17.6%.
Self-financing is still high because our sales are a bit lower in this H1 , that's 10.8% for self-finance. We still have the 6X and 10X, and we are still working on the nitty-gritty of the 10X. That's all from me for this first year, H1 year results. I'm waiting for your questions. Thank you, Mr. Trappier. Nicolas Barotte from Frankfurter Allgemeine Zeitung.
What about Berlin's decision to export Eurofighters to Saudi Arabia? This decision, according to you, is it understandable? Are you more worried as for the opportunities to export SCAF? Well, it's a country's sovereign decision made by a country called Germany.
I will not dare and make a comment because I don't want to be the object of comments in your national papers. Now, this exports decision is a sovereign decision by member states, and that's very good. Of course, I'm worried. France has expressed its concern as well. We have a business model to produce and sell jet fighters, giving preference to France.
If there is cooperation in the future, we will give preference to those countries cooperating with France for their development. We don't think that We don't know. If there is no export, we will not go for the future development of such programs. That's a concern we will have, and this will be in the hands of policymakers. Such decisions will be in the hands of policymakers.
I'm from Le Point. Do you think that the recent orders from India will lead you to increase the production? Well, the answer is yes. Even though we were proactive, we anticipated we were at less than 1. Our pace will be 3. Some of the parts are already at this pace, base 3, in order indeed to meet the challenge of these expected orders.
It is going to increase the pace of production for Rafale, for India, and for Indonesia alike, since we're waiting for the entry to force of the contract with Indonesia for 18 aircrafts in the coming days and another 18 aircrafts in the future. Thierry Dubois, Aviation Week. I have 3 questions. On the SAF, the sustainable alternative fuels, you say that you're better than commercial aircraft.
Could you give us some figures? Still talking about SAF, are the Falcon customers ready to pay more for that? Regarding the supply chain, you said that there were some problems in hiring, that you were struggling with the commodities and raw material, that it was disrupting the deliveries. Is it visible up to the stage of delivery to your customers? Why am I saying that business aviation is ahead? Internally, we use 30% of SAF. I've made it's mandatory to use 30% of SAF for our Falcons that are flying internally.
Our customers are free to make their decision. We know that they want to rely also on SAF, but I have no statistics because we do not collect this data in a systematic fashion, unlike commercial aircraft or airliners. They are subject to 10%, I think, share of SAF by Brussels regulations.
We're ahead of them because our customers are ready to pay a higher price for this alternative fuel, the, with 30% blend, because they want to move on with decarbonizations and because they're aware that it is the solution for the future. We've discussed it with our American colleagues and counterparts, and everybody's on the same wavelength.
We are all confident that since these fuels, alternative fuels are available in the airports, but we know we only account for small volumes, and these small volumes can be used for business. Yes, you go to Le Bourget, and you can fuel your aircraft with this 30% blend. Some airports in the U.S., and when we say we use it inside the company, we use it also in Little Rock when we fly our customers for our customers.
We also have a SAF supplier, and 30% of SAF for the maiden flights before delivery to our customers. We're confident that our customers, particularly in Europe, our European customers really want to go for this decarbonization effort, and they will rely heavily on SAF.
Regarding disruption on the supply chain, of course, it's put the producers and manufacturers under pressure. We are a bit late in some areas, but we're very agile, because every time we have a part missing, we carry on assembling and make sure that we will get the part at the right time, eventually, for the final assembly.
Our Falcon customers are fully aware of that, and they understand our problems, and we discuss with them every time there is a small delay so that everybody will accept it, no problem. Vincent Lamigeon from Challenges. What about the Rafale's delivery windows? I'm wonder whether you will deliver for the French market 2028 or 2029. We've recently read also that Dassault is getting prepared to have a plan B for a SCAF.
You also have a cloud project with Dassault Systèmes, some see that it's a kind of an incipient or an incipient program for the SCAF. For Falcons, we do anticipate the orders, because we know there will be so many orders. It's always difficult, for the Rafale, we take the contract as a function of our production capacity.
We say, "Well, we move on to production phase 5, 3, sorry, or maybe more," because there are problems with the subcontractors and hiring people, et cetera. When we sign a contract, we say to our customers when we think we will be able to deliver. It's from T0 of the contract, it's 38 months approximately, there's 1 aircraft delivered per month.
For the 26 Indian aircraft, if the entry into force is in 2024, we will deliver them at the end of 2027, approximately. We still are able to keep up with the pace. Now, if there are many more contracts coming up, it will be difficult, but, you know, these are problems of a rich company. Our, our plan B, well, some have said that we shouldn't have a plan B. I've always said we should have a plan B.
It's not a plan B. We are with plan A, which is to develop the F5 standard for the Rafale for 2035, roughly, approximately, and maybe a fighter drone by 2035. It's not a substitute for a SCAF. SCAF will carry on with its pathway. It is currently in the demonstration phase.
We are working on the technology. In 2029, if everything goes fine, the first flight will happen in 2029. If we sign an agreement for phase 2 of the contract, because we're still in phase 1B. If everything is aligned, we should reach phase 2, and we'll have to make sure that the governments of the three countries agree upon a program. It will lead to a development, et cetera, et cetera.
You know, I've already said it won't be before 2045. Some say it will be 2044. Before they said 2040. When I was not happy, I used to say 2050, but it should be around 2045. We have the Rafale and then the SCAF. Rafale to 2035, and then the SCAF.
Can you tell us a little more about the launching of the architecture studies for the Falcon 2X adapted to the PATMAR and the schedule that you have for this program, for this project? This is the beginning of our work. We have a contract from the French Armed Forces to propose a project, we're working on that. We have a few months ahead of us, six more months, before we show what we can do. Airbus is doing the same at the same time, because we're in competition with them. After, we'll see the next phase.
The Navy, their topic is to replace the ATL2 at a certain date, but I'll let them communicate about that. It's not up to me to say when they will replace their ATL2s. Right now, we're still delivering ATL2s. It's an aircraft that is not too young now anymore, with engines that are also quite old, so we shouldn't take too long before we replace these ATL2s.
The PATMAR is absolutely key for us, the French, because that is for the protection of the SNLE and the fleet, and these are used in certain operations currently. Four questions. You're talking about sovereignty. Does that mean that you don't believe in a cooperation in this area, and you'd rather do it on your own?
Second question, regarding aviation bashing, don't you think that the profession is a bit sluggish, that we're not reacting? Every evening, on the second channel, in its climate, weather forecast, they really bash the aviation industry. I think the aeronautical industry should complain about that, because, the second channel is the national channel, so to destroy the aeronautical industry on our national channel, it's a bit strange.
The third question, which is, not as grave: You said you would announce some good news. Can't you announce a bad news so that the stock price might go down? Small shareholders cannot invest anymore. The share price is too high. My last question on the hiring of new people, I saw a lot of women on your pictures. That's not the message of the founding father, Marcel Dassault, isn't it? He'd rather have women in their kitchens rather than in the offices. Maybe you've discovered that they had particular abilities? Is it that the men are failing, and they're failing in terms of decarbonization?
As for the cloud, I'd like to answer the previous question because I forgot to answer it. You must not confuse the combat cloud. That's totally different. That is how we go to war with information circulating between different platforms, whether it's the aircraft, the ships on ground, and this generate data, how we store this data, and how carry out operations with that data. That is the combat cloud. That is different from collaborative combat. Collaborative combat, you put aircraft together, they go together on a mission that's done in a microsecond, that's nearly real time, whereas the combat cloud is different.
If you can do intelligence, you can do all kinds of things. What we announced at the Paris Air Show is totally different. We said there can be companies or institutions or administrations that need, in their everyday life, to store information, to use data, and to store them. What do they do exactly? It's got nothing to do with defense, okay?
Forget about that. It can be in the medical sector, for example. I have data from all my patients in a large hospital, et cetera. What do I do with that data? I have to put that in the cloud because I have all kinds of features so that I can retrieve the information and better know my patient and take care of the patient better. Where do I put all this information? I put it in the cloud. What does the cloud mean?
If you have a cloud today, it will be a cloud which will be based on GAFA, Google, Microsoft, Amazon, et cetera. We believe that some data should be confidential. You know that there are laws of extra territoriality in the USA. There's the Data Act in Europe. We have to protect this information and be able to say that for our sovereignty, this information should be stored in a given place.
This is what we're launching with Dassault Systèmes. It can be used by the defense companies, even in the framework of the FCAS, because here, for the production, et cetera, we will need it. That's the sovereign cloud that is based on hardware that is stored in a particular place in France or in Europe, and based on software that will not depend on the GAFA.
That is the sovereign cloud. It's got nothing to do with the combat cloud, which is a totally different topic. In the FCAS, the combat cloud is led by Airbus, although there will be interfaces with our combat aircraft, because we'll have to see what information will be available, how we will exchange them between the different players of a system of systems. Here, we will let Airbus do whatever it has to do. Here, these are tools. Dassault Aviation is one of the first to use the tools of Dassault Systèmes. As for aviation bashing, I do not know if there's anybody from the second channel here, France Télévisions, here in this room.
I do not know if the country is interested in aviation, but simple data, remember, at the time of the GIFAS, before the COVID, we contribute to the trade balance with the aeronautical industry at 90%. It is us, we export 100% of our aircraft. We are one of the leaders. It's true for Airbus, Dassault, and all these subcontractors, Safran, which also supplies some of the Boeing aircraft. That's our wealth, and since we are engaged in decarbonization, we confuse the fact that decarbonizing an aircraft means no more aircraft anymore. We have to explain things better. We are trying to do that.
GIFAS is one of the leaders to provide this information. Some of you, whatever you might do, even some journalists say: We're going to decarbonize aviation, and we'll make sure that there are no more planes anymore. That's not reasonable. Even the young people who are in favor of decarbonization, they want to travel. Some will say, "You will be allowed to fly 4 times in your life." Well, that's ridiculous.
Therefore, if decarbonization should be credible, you have to stop caricaturing it. We're not caricaturing it. We're working. As I say, from time to time, in certain platforms, decarbonization, it depends on the industry. If we shoot the industry, well, some will rub their hands. They're on the other side of the Atlantic. We definitely have to improve our communication.
Maybe we need to also improve the culture of certain journalists, not you, because you're here, so you're listening to us, but improve the knowledge of some of the journalists in France Télévisions. I'm sure that they'll hear me, and they will invite me to one of their programs. The third topic, I don't remember. Yes, the share price. You're right, the share price is increasing, I divided the share by 10, that small shareholders might be able to buy the shares. We haven't gone back up to the multiply by 10 that we had at a certain time. Our share is between EUR 180, EUR 190, roughly.
For a small shareholder, I think if you buy some 10 shares, you will pay EUR 2,000, which is the price of one share if we hadn't divided it by 10. The small shareholders, I think, can keep buying this type of share. We're slightly above that of the professional Airbus, Thales, they're around 130, I think. Now, women, I would say, at Dassault, we're deeply attached to our founder, we're deeply attached to our values, but at Dassault, we're living in our times, and that's not 50 years or 60 years ago, it's today. Therefore, today, we're lucky, I'm saying we're lucky to be able to recruit women, and we're trying to hire more women.
There's one in front of me here, who is the human resources manager of the company, and she went through the design office, through manufacturing, and she is totally capable. She has a great culture, a different culture. She's a woman. She has a great performance, maybe a different type of performance, I don't know. We're not all the same.
We really would like to welcome young women to join the aeronautical industry, which is not reserved to men and this mixture of culture. I'm not saying a man is equivalent to a woman. It's a different culture. Women are different, and they have different sensitivities, and that's great, and we're going to do our best to attract them in our company. It's not that easy.
Here, we're talking about culture, we're talking about equality between men and women. Right from school, we're saying, "Don't go into industry," and then there's the family culture. Industry is meant for men, et cetera. You have to stop with those stereotypes and say, "Well, yes." You know, there were times when you had to carry heavy weights, but now when you go to plants, everything is done in such a way that people can lift weights without breaking their backs.
We have women apprentices in all our plants. We have engineers who are female, we have female staff in all our departments. One-fourth women in the company. We have not yet reached the one-fourth, but we are almost there. I really believe that it's not related to decarbonization, not at all. If it can help decarbonization, well, why not?
I'm the correspondent for Independent Arabia. You've talked about the IDEX Air Show in Abu Dhabi. Countries who would take orders with companies such as you, had transfer contract, you know, a transfer something to the buying country. Do you have such contracts which do include transfers? I'm new in this area of the industry.
You've talked about SAF. What is it made of, and what about its performance as opposed to standard kerosene? Finally, I think there was an order placed by Egypt, put by Egypt, and they pulled back so that Greece could order its aircraft. For the last question, now, Egypt has ordered, and there is no going back. Greece also has put orders and will be delivered. There are two aircrafts for Greece.
Pre-owned crafts from the French Air Defense, and which will be refurbished and sold to Greece, and new aircrafts will be sold to Greece. That's for the third question. Regarding the transfers, you're thinking about offsets. In some countries, indeed, when we sign a contract, we are bound to bring technology or jobs, because the country has spent some money in buying our aircraft.
That's why, for instance, we have an assembly line in India, for Falcons and not for Rafales, and we have some projects underway so as to fuel these transfer needs. There was also an offset with the United Arab Emirates for Mirage 2000, not with the Rafale, but it doesn't mean that there won't be anything included in the contract.
We do control the transfer, and we do that under the scrutiny and approval of the French government authorities and other and the ordering country. The third question, on the SAF, you have two types of SAF that can be used from biomass oils, for instance. It's up to the oil companies to produce this type of alternative fuels from biomass and in the future.
They're already all very available. You have fuels that are made from hydrogen, so it's a CO2 capturing at the same time. They will be providing the same performance as kerosene standard fuels. It is an equivalent type of performance. We're very optimistic. We've received a report from the Academy of Technologies that does confirm it.
The only thing is that you have to have scale effects on the prices so that the price of SAF will be comparable to that of standard kerosene. The challenge for these alternative fuels is the pricing. That's why the business jets will succeed earlier, because our customers are ready to pay a higher price for the fuels if those fuels generate fewer less GHG emissions.
Now, for the commercial airlines, they will have to increase the price of the fares. Now, the problem of decarbonization is that it has to be decided internationally. It could be a global standard, not France on its own or Europe on its own. Otherwise, it will disrupt competition. Still talking about SAF, you said that there is a hyper-European regulation as opposed to the U.S. incentives.
Don't you think that the European regulation at least has the advantage of giving us some visibility by 2030, 2050, regarding the integration of SAF? Another question on the Falcon market: Could you please describe the current situation of the business jets per region? What I was criticizing was the European Taxonomy.
If you go for a decarbonization pathway from 2050 down to today, that's included in the Green Deal, but you cannot always speed up to please the decision makers. We need some time to decarbonize it, and it's 2050 for the industry, which was considered as a deadline. You go back in time from 2050 to try and see what can be done until then.
There could be incentives, if you set a date, a deadline, and then there is a penalty, and if you go out of the European Union and there is no penalty, then it doesn't work. Hyper regulation is the following. You have an aircraft of less than 19 seats, you are not included in the taxonomy.
Europe is sovereign, okay, but what about the rest of the world? It's not done elsewhere. As the French president said, "It has to be a global standard or a global regulation." Of course, Europe can set the example and the model. Fine enough. We have to make sure that the decarbonization is paid for. There's a huge cost implied by decarbonization.
Don't kill today those who will be the first one decarbonizing, be they the taxpayers or the companies that are also paying taxes and who are searching for solution to decarbonize. It shouldn't be in the hands of the bureaucracy. It has to be led in a pragmatic fashion at a global way, and it has to be managed by the International Aviation Organization based in Canada and IATA.
We only focus on Europe, and we don't care about what is happening in China, India, the United States, and we don't even look at what is done by the British, who are no longer in the European Union. Doesn't make sense. I'm not very happy indeed of this European taxonomy and this over-regulation imposed upon us by Europe, which doesn't take into account the industry.
The Falcon market is easy to understand, Europe and the U.S. Then there are a few ones in the Middle East, in Asia, and a few ones in Africa. It was quite buoyant last year in North America and in Europe. It slowed down a bit in the U.S. earlier this year. Now it's catching up, and in Europe, we're doing fine. China was a bit dormant and will wake up with no pun on words.
Asia is also developing. It's a developing market, they will need business jets to be more efficient, to run their business and to improve their business model. We also have a strong presence in Asia. It's a bit behind Europe and the United States, but they will be catching up. These are our traditional markets.
Since the end of last year, there was a kind of fear of a recession, and everybody says that there is currently a recession. It may be a source of concern for the business, for our business. When our business is doing well, the economy is doing well. When we're not doing so well, some people have some concerns about the global economy.
There were some concerns because of the high interest rates and the inflation rates. Well, indeed, when money is more expensive, there are less investments. Maybe that's an impact. I'm not an economist, far from it. I listen to them, but not always, because sometimes they make mistakes. It is indeed to make prediction in a world of where there is so much uncertainty. If we keep on selling Falcons in the forthcoming weeks, it seems that the economy is doing well.