Safran: record 2013 results

  • Full-year 2013 adjusted revenue was Euro 14,695 million, up 8.4% year-on-year (8.2% organic).
  • Adjusted recurring [2] operating income of Euro 1,788 million (12.2% of revenue), rose 23.8% year-on-year. After a net charge of Euro (31) million for one-off items, adjusted profit from operations was Euro 1,757 million.
  • Adjusted net income – Group share – up 22% from FY 2012 at Euro 1,193 million(Euro 2.87 per share). Consolidated (non-adjusted) net income – Group share – at Euro 1,386 million (Euro 3.33 per share).
  • Net debt position of Euro 1,089 million as of December 31, 2013, with free cash flow generation of Euro 712 million (40% of adjusted recurring operating income).
  • 2013 civil aftermarket [3] was up 19.2% in USD terms driven notably by first overhauls of recent CFM56 and GE90 engines.
  • dividend payment of Euro 1.12 per share (+17%) will be proposed to the shareholders’ vote at the Annual General Meeting on May 27, 2014 (to include the Euro 0.48 per share interim dividend payment paid in December 2013).
  • Full-year 2014 guidance: Safran expects adjusted revenue to increase by a percentage in the mid-single digits and adjusted recurring operating income to grow yet again significantly (in the low double digits) compared to 2013. Free cash flow is expected to represent close to 40% of adjusted recurring operating income.
    The application of IFRS11 in 2014 will lead to a restatement of 2013 figures of slightly more than Euro (300) million to revenue and slightly less than Euro (10) million to adjusted recurring operating income. 2014 performance will be measured relative to the restated 2013 accounts.


Source / Author: Safran