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Safran: record 2014 results

02/25/2015 | Safran Group
Tags : Safran


Safran: record 2014 results
© Le Journal de l'Aviation
Key figures for full-year 2014

- Full-year 2014 adjusted revenue was Euro 15,355 million, up 6.9% (5.8% organic).

- Adjusted recurring [2] operating income of Euro 2,089 million (13.6% of revenue), rose 17.4%. After a net charge of Euro (107) million for one-off items, adjusted profit from operations was Euro 1,982 million.

- with Euro 1,193 million in 2013 which included a capital gain of Euro 131 million from the sale of Ingenico shares.

- Consolidated (non-adjusted) net income – group share at Euro (126) million including a non-cash charge of Euro (1,922) million, before related deferred tax impact, resulting from the large adverse change in fair value of the portfolio of currency derivatives used to hedge future cash flows (see Note 1 on page 13).

- Net debt position of Euro 1,503 million as of December 31, 2014, with free cash flow generation of Euro 740 million (35% of adjusted recurring operating income).

- 2014 civil aftermarket [3] was up 11.3% in USD terms driven by first overhauls of recent CFM56 and GE90 engines.

- A dividend payment of Euro 1.20 per share (+7.1%) will be proposed to the shareholders’ vote at the Annual General Meeting on April 23, 2015 (to include the Euro 0.56 per share interim dividend payment paid in December 2014).

- Full-year 2015 guidance: Safran expects adjusted revenue to increase by a percentage in the high-single digits and adjusted recurring operating income to grow yet again significantly (in low double digits) compared to 2014. Free cash flow to represent 35 to 45% of adjusted recurring operating income, an element of uncertainty being the amount of advance payments and the rhythm of payments by state-clients.

Key recent business highlights

- CFM56 & LEAP: the total CFM International (CFMI) order backlog amounts to close to 13,000 engines (firm orders and commitments). In 2014, 1,527 new orders and commitments were received for CFM56 engines, bringing the order book to more than 4,500 engines. 2,717 new orders for LEAP engines were also booked bringing the LEAP order book to close to 8,500 engines. 1,560 CFM56 engines were delivered in 2014, setting a new production record (up from 1,502 in 2013).

- Continued momentum in civil aftermarket: aftermarket services, consisting of spare parts sales and maintenance, repair and overhaul activities on civil aircraft engines grew by 11.3% in USD terms in 2014. This strong performance was driven notably by first overhauls of recent CFM56 and GE90 engines. Catch-up of previously deferred maintenance also contributed to growth as airlines’ financial health generally improved.

- Airbus Group and Safran announced that their new Joint Venture, named Airbus Safran Launchers, has entered its operational phase with an initial workforce of around 450. In a second phase, all activities of Airbus Group and Safran dealing with space launchers, should be integrated in the Joint Venture.

- Boeing selected Aircelle (Safran) to supply exhaust systems for engines on the 777X. Safran had already announced its participation in GE’s GE9X programme, the engine which will power the 777X.

- Safran inaugurated a new plant in Malaysia specialized in the production and renovation of latest-generation carbon braking systems for commercial aircraft, especially the Boeing 737 and Airbus A320. The plant adds production capacity in the Asia Pacific region where demand is strongly growing.

- Safran was selected to supply several dozen Matis SP thermal imagers for Simbad Remote Control surface-to-air launcher stations. Delivery will start in the first quarter of 2015.

- Through its Egyptian partner AOI, Safran signed an exclusive 10-year contract for Phase II of the Egyptian National ID project. Phase I had already been awarded to Safran in 2012. These new state-of -the-art ID cards will be among the most modern and secure in the world thanks to the introduction of a smartchip with several applications. Equipped with the latest security features, these cards will allow a great number of e-government and other applications for citizens.

- Safran was awarded 3-year contracts to supply the Slovak Republic electronic identity cards and secure driving licences. With these contracts, Safran becomes the sole supplier for official identity documents for Slovakia.

- Safran signed a major multi-biometric e-Border contract with the United Arab Emirates Ministry of Interior. The contract covers the implementation of a fully integrated multi-biometric border control system, including the delivery of 96 e-Gates and 94 e-Counters, in five major airports across the UAE. Abu Dhabi airport will be the first, in spring 2015.

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