PARIS, 30-Nov-2018 — /EuropaWire/ — Safran has delivered and even exceeded its March 2016 ambitions.
Ideally positioned to capture growth from Aerospace & Defense markets thanks to leading Tier 1 positions.
Strengthen market leadership by:
- Reinforcing its key leading positions as a full-fledged civil and military engine manufacturer
- Becoming the No 1 Aerospace Equipment supplier in the next 15 years
- Increasing investment in innovation to lead the future in the industry
High-quality execution and operational performance excellence:
- Extending LEAP’s success with best-in class OE and Aftermarket
- Restoring the performance of Aircraft Interiors businesses to rebuild customers’ trust in a sector key for airlines
- Reinforcing Safran competitiveness with a particular emphasis on delivering commercial, technological and product synergies across the Group
Strong organic growth, further improved profitability and cash generation:
- Organic revenue growth in a mid-single digit range on average over the 2019-2022 period, including civil aftermarket growing in a high single digit range
- Recurring operating income margin trending to a 16-18% range by 2022
- Strong cash generation driven by a 50% increase in EBITDA between 2018 and 2022: EBIT to FCF conversion above 50% each year and trending above 60% in 2022
Balanced and disciplined capital allocation policy:
- Growing self-funded R&D and CAPEX to fuel future growth
- Increased cash returns to shareholders:
- Full execution of the Euro 2.3 Billion buyback program initiated in 2018; intention to increase the share buyback program by a further €700M
- Practice to be reviewed by Board of Directors in 2020 in order to ensure growing and attractive return for shareholders
All figures in this press release represent adjusted data, except where noted (for definitions see Notes)
Executive commentary
CEO Philippe Petitcolin commented:
“We have delivered and even exceeded all our March 2016 ambitions. Our focus on execution and operational excellence, coupled with driving innovation and investment in R&T, position the Group to set new ambitions and prepare the future of our industry. Furthermore, the ramp up of LEAP production is proceeding and the integration of Zodiac Aerospace is well underway”
Safran (Euronext Paris: SAF) is today hosting its 2018 Capital Markets Day at Safran Campus with investors and financial analysts.
Ross McInnes, Chairman of the Board of Directors, will open the event, which will be hosted by Philippe Petitcolin, Chief Executive Officer, with the participation of members of Safran’s Executive Committee.
Main topics to be covered by the Capital Markets Day are:
1. Perspectives and Strategy
Safran will leverage its leading positions in Aerospace & Defense to achieve new ambitions.
Positive trends are expected in both the commercial aircraft and military markets that will ensure a solid momentum of new aircraft deliveries and retrofits. Safran has set clear objectives in all its businesses.
Safran’s ambition is to remain a full-fledged engine manufacturer and a key player in the future of propulsion by investing in new technologies, as well as to capture the aftermarket upside through managing its large installed base of civil engines.
Today, Safran is the second worldwide Aerospace Equipment supplier and its ambition is to become the world leader in the next 15 years, notably by increasing its competitiveness and acting as a key leader in equipment for more electrical aircraft. The acquisition of Zodiac Aerospace will reinforce Safran’s Electronics & Defense /Electrical & Power activities and will leverage fully Aerosystems’ portfolio.
In Aircraft Interiors, Safran’s priority is to turn around performance and to rebuild customer confidence in order to reach former profitability levels.
2. Financial framework
Safran will continue on its path of strong and profitable growth.
Mid-single digit organic revenue growth (at an estimated average spot rate of USD 1.25 to the Euro over 2019-2022) should be broad-based as all activities should contribute positively, particularly civil engines OE, Aerospace services and Aircraft Interiors.
Recurring operating income margin should trend to a 16% to 18% range by 2022 after the completion of the CFM56/LEAP transition, the recovery of Aircraft Interiors activities, the full impact of the annual €200M pre-tax run rate cost synergies and the benefits of stabilized hedged rates. In 2022, Safran’s operating margin ambition is expected to be:
- above 20% for Propulsion
- above 16% for Equipment
- above 10% for Defense
- around 15% for former Zodiac Aerospace activities including all synergies accounted for in other Safran businesses (or 13% excluding part of the synergies accounted for in other businesses).
R&D spending will enter a new cycle including assumptions for NMA developments (if it is launched), targeted efforts on Zodiac and a 30% increase in R&T. Total self-funded R&D will increase but will remain at around 6% to 7% of sales over the period.
Free cash flow generation will remain a strong focus over 2018-2022 with EBITDA growing by ~50%. Working capital is expected to increase over the period due to a likely significant reduction of advance payments, a stability in stocks and inventories and a gradual increase of the cash contribution to be received from Rate Per Flight Hours contracts (RPFH).
Capex should represent around 4% of sales over 2018-2022 and be allocated notably to build up LEAP MRO capacity as well as to upgrade and streamline Zodiac Aerospace production facilities.
As a result, FCF is expected to grow every year. EBIT to FCF conversion should be above 50% each year and trend above 60% in 2022.
Safran will maintain its disciplined capital allocation:
- The priority will focus on organic development. Safran does not currently expect to make any further major acquisitions
- Following the Zodiac Aerospace acquisition, Safran reaffirms its objective of maintaining a strong investment grade profile, and the intention to deleverage further going forward
- Safran will continue to increase cash returns to shareholders:
- The €2.3bn buyback program, executed at 50% today, will be completed in 2019
- The intention is to increase the share buyback program by a further €700M to avoid the potential dilution from the outstanding convertible bonds
- As a result, over 75% of cumulated FCF is expected to be returned to shareholders over 2018-2022 through share buybacks and with the existing dividend practice
- The Board of Directors will review the practice in 2020 to ensure growing and attractive return for shareholders.
3. CFM56-LEAP : Transition and Aftermarket
Safran will complete the CFM56 to LEAP transition underway to reap the benefits from the massive CFM56 and LEAP installed base.
Excellent progress has been made on the transition from CFM56 to LEAP:
- LEAP engine has been delivering on all its promises regarding performance, reliability and utilization, making it the engine of choice for airlines
- Top priority is meeting customers’ demand by addressing the challenges of an unprecedented production ramp up. Safran has built up a strong production management system in order to achieve the production targets agreed with customers
LEAP cost reduction is on target and continues to move forward as planned, with progress coming from both the Group’s plants and supplier base.
CFM56 and LEAP engines will remain the core drivers of the profitable and fast growing civil aftermarket business of Safran:
- The T&M business model will continue to dominate for a long period, thanks to the significant fleet of CFM56 fleet in service
- The Rate Per Flight Hours contracts contribution will gradually increase driven by the LEAP ramp up reflecting the increased demand of customers
- Safran is well prepared for this gradual transition and will expand its MRO network
These trends provide a strong visibility for the expected high single digit growth on average of the civil aftermarket of Safran from 2018 to 2022.
4. Integration of Zodiac Aerospace and Aircraft Interiors recovery
The integration process has successfully moved beyond the first steps and is gaining momentum with regard to:
- Accelerating Zodiac Aerospace operational recovery notably by rolling out best practices
- Delivering the €200M of pretax run rate cost synergies by 2022. These cost synergies are fully confirmed and further upside has been identified
In Aircraft Interiors, the new management, together with all the teams, are striving to rebuild customers’ trust by transforming a segmented business into an efficient engineering and industrial key player. Safran will realize the full potential of Zodiac Aerospace former activities and deliver the expected improved performance.
5. Innovation
Safran is already well advanced in preparing the future to embark on the next generation Aerospace & Defense programs.
Key areas of focus are:
- Improving aerospace propulsion efficiency
- Leading the way towards the more electrical aircraft
- Driving innovation for the connected cabin
- Making additive manufacturing a broad based industrial reality
This acceleration of the innovation strategy will allow Safran to remain the partner of choice of OEM and reinforce its growth potential for the next decades.
6. A clear roadmap
Safran is the most successful Aerospace & Defense company and will remain focus at the same time on both short and long term with:
- An extreme attention to execution and operational excellence
- Growing investment in R&T and innovation to prepare the future.
Live webcast and replay
The event will start at 13:00 CET in Vilgénis on November 29, 2018. It can be watched on a live webcast at the following address: https://www.safran-group.com/capital-markets-day-2018-live
A phone conference will be organized so analysts and investors may follow the event and participate in the Q&A session. The dial-in numbers are: +33 1 76 70 07 94 (France), +44 207 192 8000 (United Kingdom), and +1 631 510 7495 (United States). Participant code is: 3181737.
The presentations may be downloaded and subsequently a replay will be made available at: www.safran-group.com/finance
* * * *
Agenda
- 2018 annual results February 27, 2019
- Annual shareholders’ meeting May 23, 2019
* * * *
Notes
Adjusted data
To reflect the Group’s actual economic performance and enable it to be monitored and benchmarked against competitors, Safran prepares an adjusted income statement alongside its consolidated financial statements.
Safran’s consolidated income statement is adjusted for the impact of:
- purchase price allocations with respect to business combinations. Since 2005, this restatement concerns the amortization charged against intangible assets relating to aircraft programs revalued at the time of the Sagem-Snecma merger. With effect from the first‑half 2010 interim financial statements, the Group decided to restate:
- the impact of purchase price allocations for business combinations, particularly amortization charged against intangible assets recognized at the time of the transaction and amortized over extended periods due to the length of the Group’s business cycles and the impact of remeasuring inventories, as well as
- gains on remeasuring any previously held equity interests in the event of step acquisitions or asset contributions to joint ventures;
Safran has also applied these restatements to the acquisition of Zodiac Aerospace with effect from 2018.
- the mark-to-market of foreign currency derivatives, in order to better reflect the economic substance of the Group’s overall foreign currency risk hedging strategy:
- revenue net of purchases denominated in foreign currencies is measured using the effective hedged rate, i.e., including the costs of the hedging strategy,
- all mark-to-market changes on instruments hedging future cash flows are neutralized.
Recurring operating income
Operating income before capital gains or losses on disposals /impact of changes de contrôle, impairment charges, transaction and integration costs and other items.
Civil aftermarket (expressed in USD)
This non-accounting indicator (non-audited) comprises spares and MRO (Maintenance, Repair & Overhaul) revenue for all civil aircraft engines for Safran Aircraft Engines and its subsidiaries and reflects the Group’s performance in civil aircraft engines aftermarket compared to the market.
Free cash flow
This non-accounting indicator (non-audited) is equal to cash flow from operating activities less working capital and acquisitions of property, plant and equipment and intangible assets.
Safran is an international high-technology group, operating in the aircraft propulsion and equipment, space and defense markets. Safran has a global presence, with more than 58,000 employees and sales of 16.5 billion euros in 2017. Working alone or in partnership, Safran holds world or European leadership positions in its core markets. Safran undertakes Research & Development programs to meet fast-changing market requirements, with total R&D expenditures of around 1.4 billion euros in 2017. Safran is listed on the Euronext Paris stock exchange, and is part of the CAC 40 and Euro Stoxx 50 indices.
In February 2018, Safran took control of Zodiac Aerospace, significantly expanding its aircraft equipment activities. Including Zodiac Aerospace, acquired by Safran in February 2018, the Group has over 91,000 employees and would have around €21 billion in adjusted revenues (pro forma 2016).
For more information : www.safran-group.com / Follow @Safran on Twitter
IMPORTANT ADDITIONAL INFORMATION
This document contains forward-looking statements relating to Safran, Zodiac Aerospace and their combined businesses, which do not refer to historical facts but refer to expectations based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those included in such statements. These statements or disclosures may discuss goals, intentions and
expectations as to future trends, synergies, value accretions, plans, events, results of operations or financial condition, or state other information relating to Safran, Zodiac Aerospace and their combined businesses, based on current beliefs of management as well as assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “would,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “possible,” “potential,” “predict,” “project” or other similar words, phrases or expressions. Many of these risks and uncertainties relate to factors that are beyond Safran’s or Zodiac Aerospace’s control. Therefore, investors and shareholders should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: uncertainties related in particular to the economic, financial, competitive, tax or regulatory environment; the ability to obtain shareholder approval; failure to satisfy other closing conditions with respect to the transaction on the proposed terms and timeframe; the possibility that the transaction does not close when expected or at all; the risks that the new businesses will not be integrated successfully or that the combined company will not realize estimated cost savings and synergies; Safran’s or Zodiac Aerospace’s ability to successfully implement and complete its plans and strategies and to meet its targets; and the benefits from Safran’s or Zodiac Aerospace’s (and their combined businesses) plans and strategies being less than anticipated. The foregoing list of factors is not exhaustive. Forward looking statements speak only as of the date they are made. Safran and Zodiac Aerospace do not assume any obligation to update any public information or forward-looking statement in this document to reflect events or circumstances after the date of this document, except as may be required by applicable laws.
USE OF NON-GAAP FINANCIAL INFORMATION
This document contains supplemental non-GAAP financial information. Readers are cautioned that these measures are unaudited and not directly reflected in Safran’s financial statements as prepared under International Financial Reporting Standards and should not be considered as a substitute for GAAP financial measures. In addition, such non-GAAP financial measures may not be comparable to similarly titled information from other companies.
CONTACT US
Press
Catherine MALEK
+33 (0)1 40 60 80 28
catherine.malek@safrangroup.com
Investor Relations
Cécilia MATISSART
+33 (0)1 40 60 82 46
cecilia.matissart@safrangroup.com
Frédéric LUCAND
+33 (0)1 40 60 82 19
frederic.lucand@safrangroup.com
Jean-François JUERY
+ 33 (0) 1 40 60 27 26
jean-francois.juery@safrangroup.com
SOURCE: Safran
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- Bucharest Digi Communications N.V. announces Share transaction made by an executive director of the Company with class B shares
- Transmetrics AI is Applied by DB Schenker to Improve Land Transport Network in Bulgaria
- Digi Communications N.V.: Announces repayment of an aggregate amount of approx. EUR 272 million of the Group’s financial debt
- El Liceo Europeo vence el Premio Zayed a la Sustentabilidad 2022 en Europa y Asia Central
- Framework rebrands to daappa, heralding a new phase in fintech solutions designed for private markets
- Digi Communications N.V. Announces the publishing of the Financial Calendar for 2022
- Manufacturing giant Haizol expands their offices in China
- Patients and R&D Leaders Jointly Present at EU Conference on Progress with Patient-Input to Transform Medicine Development
- Seminário Bíblico sobre “O Cumprimento da Palavra de Jesus no Mundo de Hoje”
- 'I Love fruit & veg from Europe': Weihnachten in der Schweiz ist gesund und voller Aromen
- Fidupar Now Live on Framework’s Core Solution
- Maya Miranda Ambarsari launches InterconnectDATA information platform for authentic data
- Digi Communications N.V. Announces that the offer of the Company’s Romanian subsidiary was designated winner of the auction organised for the allocation of certain radio frecquency entitlements
- New dating site aimed at people with mental health problems launches in Switzerland
- BITSCore Tests Satellite Cyber-Security and Ride-Share Algorithms on Australian Rocket
- StatusMatch.com ed Emirates collaborano per aiutare i frequenti viaggiatori italiani a tornare in volo
- StatusMatch.com and Emirates partner up to help Italian frequent flyers get back in the air
- MinDCet drivers and FTEX powertrain solutions enable EV GaN applications
- Digi Communications NV announces the release of the Q3 2021 Financial Results
- Origami and citoQualis Team up for Startups
- Digi Communications NV announces Investors Call for the Q3 Financial Results presentation
- Digi Communications N.V. announces the extraordinary general meeting’s resolution from 4 November 2021, approving the appointment of KPMG N.V. as the Company’s statutory auditor for the 2021 financial year
- Digi Communications N.V. announces The solution reached by the Bucharest Court of Appeal regarding the investigation conducted by the Romanian National Anticorruption Directorate with respect to RCS & RDS S.A., Integrasoft S.R.L. and certain of their directors
- Digi Communications N.V. Announces the results of the auction organised by the Portuguese Authority for Telecommunications
- Haizol expands its capabilities to include component assembly and product development
- EIC, the World’s Largest Multinational Innovation Program, to Invest €13.4M in Wi-Charge, a Game Changing Wireless Power Company
- European Weightlifting Federation on its way for Electoral Congress
- “Without women, We are unable to solve the world’s greatest challenges” — She Loves Tech 12 Hot Finalists ready to get their chance at the Local Pitch in South Europe!
- Significant improvement in increasing Time In Range and reducing hypoglycemia among people equipped with Diabeloop DBLG1
- Digi Communications N.V. Announces the Convocation of the Company’s Extraordinary General Meeting of Shareholders on 4 November 2021 in order to appoint KPMG N.V. as the Company’s new statutory auditor for the financial year 2021
- Unit of Measure enters partnership with Stibo Systems
- Haizol, metal manufacturing giant, launch a brand new website which is both user friendly and interactive
- Groundbreaking Immersive Experience from Samsung and Artist Michael Murphy Reveals a New Perspective for Visual Entertainment Through the Stunningly Slim Neo QLED TV
- Collaboration between Airbus and Neural Concept
- Archpriest Nikolay Balashov on Patriarch Bartholomew’s speeches in Kiev
- ABB's Peter Voser joins Xynteo's Europe Delivers partnership as it new Chairman
- Digi Communications NV announces that a new stock option programme was approved
- Leverage the benefits of digital manufacturing with Haizol
- Digi Communications NV announces the release of the H1 2021 Financial Results
- Digi Communications NV announces Investors Call on the Financial Results for H1 2021
- Rockegitarist-Sensasjon Rocky Kramer Har Fått Hovedrollen I Mutt Productions Filmen Rockin’ In Time
- Dispatch.d Offers Unique US Market Entry Services for European Impact Brands
- CSA Research’s New Localization Intelligence Analyzer, powered by LocHub, Helps Organizations Improve their Website’s Effectiveness for Global Customers
- Customer Data Platform Industry Accelerated During Pandemic: CDP Institute Report
- Digi Communications N.V. announces that two of its subsidiaries entered into two facility agreements
- Introducing Cap Expand Partners, Helping Business Leaders Break International Barriers
- Hong Kong’s Innovation and Technology Venture Fund Becomes Strategic Financial Investor of Ignatica
- Cure for prostate cancer on the horizon
- Fanpictor signs multi-year partnership with Royal Belgian Football Association
- Fanpictor unterzeichnet mehrjährige Partnerschaft mit dem Königlich Belgischen Fussballverband
- Fanpictor signe un partenariat pluriannuel avec la Royal Belgian Football Association
- Fanpictor firma una colaboración de varios años con la Real Federación Belga de Fútbol
- Fanpictor firma una partnership pluriennale con la Royal Belgian Football Association
- Fanpictor tekent meerjarige partnership met Koninklijke Belgische Voetbalbond
- Launch of the New Akenza Platform
- De zelflerende algoritme DBLG1®: eenvoudig te gebruiken voor een optimale en gepersonaliseerde behandeling van diabetes type 1
- Launch of the Anna Lindh Foundation Virtual Marathon for Dialogue!
- Digi Communications N.V. announces the exercise of stock options by the Executive Director of the Company pursuant to the decision of the Company’s general meeting of shareholders dated 30 April 2020 and in accordance with the stock option plan approved at the level of the Company in 2017
- New research unlocks long tail growth opportunity for the tech industry
- Digi Communications NV announces the availability of the instructions on the 2020 share dividend payment
- Digi Communications NV announces that conditional stock options were granted to several Directors of the Company based on the approval of the general meeting of shareholders from 18 May 2021
- Digi Communications N.V. Announces the Company’s General Shareholders Meeting resolutions adopted on 18 May 2021 approving, amongst others, the 2020 Annual Accounts
- Digi Communications N.V. (“Digi”) announces the Q1 2021 Financial results
- Digi Communications NV announces Investors Call for the Q1 2021 Financial Results
- Digi Communications N.V. announces an Amendment to the 2021 Financial Calendar
- Fastpayhotels Hits an Industry Milestone by Connecting 500 Hotels Per Day Through DerbySoft Technology
- 4 ways to build a more flexible supply chain
- Join the world's leading virtual CBD event for FREE
- DEEPENING STRATEGIC RELATIONSHIP BETWEEN UBC AND PIONEERING DECENTRALISED PLATFORM, MANYONE
- Mono Solutions recognizes Norwegian small business agency with best website 2021 award
- Mono Solutions and Xrysos Odigos unlock new opportunities for small businesses
- Behind the scenes of a 10,000-people online conference: creating a live-event atmosphere and leveraging cybersecurity software
- Largest Supply Chain for Face masks, FFP2, FFP3 and cloth masks
- TRANSMAR AND TRANSMETRICS SIGN DEAL FOR STATE-OF-THE-ART LOGISTICS COLLABORATION
- Amendment of Digi Communications N.V. Financial Calendar for 2021
- 4iG and Digi Communications NV’s Romanian subsidiary have entered into a term sheet with regards to a potential acquisition by 4iG of DIGI Group’s Hungarian operations
- “Building Healthy Relationships and Enhancing Gender Equality”: Young women from Cyprus, Egypt, Lebanon and Jordan come together
- Bring Ventures investit dans Crossborderit (CBIT), DDP et une solution de commerce électronique
- Bring Ventures investiert in Crossborderit (CBIT), eine DDP (geliefert verzollt) und E-Commerce Lösung
- Bring Ventures invests in Crossborderit (CBIT), DDP and ecommerce solution
- Lionspeed GP with Patrick Kolb and Lorenzo Rocco joins forces with CarCollection Motorsport in 2021
- Eurekos, ein klassenbester LMS-Anbieter, hat seine Position im renommierten Fosway 9-Grid™ für Lernsysteme verbessert
- Eurekos, en førsteklasses LMS-udbyder, har forstærket sin position på den prestigefyldte Fosway 9-Grid™ for læringssystemer
- Eurekos, ein erstklassiger LMS-Anbieter, hat seine Position auf dem renommierten Fosway 9-Grid™ für Lernsysteme weiter ausgebaut
- Digi Communications N.V. announces Share transaction made by an executive director of the Company with class B shares
- Digi Communications N.V.: Announces an Amendment to the Financial Calendar for 2021
- Ideanomics Invests $13M in Italian EV Motorcycle Company, Energica
- DigiSky and Asman Technology Announce Global Reseller Agreement
- Neowintech - O Marketplace Da Sua Próxima Solução Financeira
- Neowintech - Il Marketplace per la tua prossima soluzione finanziaria
- PIONEERING DECENTRALISED SECURE MESSAGING PLATFORM MANYONE ANNOUNCES STRATEGIC RELATIONSHIP WITH UNIVERSITY COLLEGE LONDON CENTRE BLOCKCHAIN TECHNOLOGY
- Digi Communications NV announces the release of the 2020 Preliminary Financial Results
- Fraunhofer IGD develops automated robotic arm to scan cultural objects in 3D, now cooperating with Phase One
- Adapt Fast or Disappear – Choosing the Right Supplier
- Digi Communications NV announces Investors Call for the 2020 Preliminary Financial Results
- A URSAPHARM Arzneimittel e a CEBINA anunciam uma parceria com vista a reaproveitar o anti-histamínico azelastina para combater a COVID-19
- URSAPHARM Arzneimittel et CEBINA annoncent un partenariat pour reconvertir l'antihistaminique azélastine afin de lutter contre la COVID-19
- URSAPHARM Arzneimittel y CEBINA anuncian una colaboración para readaptar el antihistamínico azelastine para combatir la COVID-19
- URSAPHARM Arzneimittel and CEBINA announce partnership to repurpose the antihistamine azelastine to combat COVID-19
- ANIL UZUN Will Launch Bass Guitar Lessons Series on Youtube
- Henrik Stampe Appointed CEO for Mono Solutions
- Anna Mossberg leder Nordens största privata AI-lab i Sverige: "Utan AI riskerar svenska företag att förlora sin konkurrensfördel."
- What COVID-19 has taught us about manufacturing & the importance of a digital online marketplace
- Digi Communications N.V. announces: the Supreme Court of Hungary dismissed the Company’s appeal related to the 5G Tender procedure
- Customer Data Platform Industry to Reach $1.5 Billion in 2021: CDP Institute Report
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GreenMantra Technologies Announces Exclusive Distribution Relationship with HARKE GROUP