FULL-YEAR 2013 REVENUE OUTLOOK UPGRADED
All revenue figures in this press release represent adjusted[1] revenue. Please refer to definitions contained in the Notes
Key figures for the first quarter of 2013
- First-quarter 2013 adjusted revenue was Euro 3,404 million, up 9.5% year-on-year, or up 9.6% on an organic basis.
- Solid revenue growth contribution from Aerospace activities, both in OE deliveries and aftermarket. Sales in Defence were resilient. Positive dynamics in Security.
- Civil aftermarket[2] up 10.0% in USD terms, driven by first overhaul of recent CFM56 and resumption of growth in widebody engines.
- Full-year 2013 revenue outlook is upgraded further to first quarter revenue dynamics and the integration of Goodrich Electrical Power Systems (GEPS) from April 1, 2013: Safran expects adjusted revenue to increase by a percentage in the mid-to-high single digits (previously 5%). Adjusted recurring operating income should grow by a percentage in the mid-teens. Free cash flow is expected to represent about 40% of adjusted recurring operating income.
Key business highlights for the first quarter of 2013
- The Narita International Airport Corporation of Japan purchased an additional 13 high-speed CTX-9800 explosives detection systems for hold baggage screening. Morpho’s systems are the most widely deployed in the world, with nearly 2,000 in service.
- CFM: AviancaTaca (Colombia) selected LEAP engines to power 33 A320neo aircraft, in addition to CFM56 engines for 18 A320ceo and signed a 15-year RPFH agreement. Ryanaircommitted to purchase 175 single source CFM56-powered Boeing 737-800. China Aircraft Leasing Company (CALC) selected CFM56 engines for 25 A320ceo.
- Turbomeca unveiled “Arrano”, the brand new 1,100 shp engine designed to power 4-to-6 ton helicopters. In July 2012, Eurocopter announced that its new-generation X4 helicopter will be the first platform to be powered by the Arrano engine. Turbomeca also introduced theArrius 2B2 Plus engine variant for Eurocopter EC135T3 helicopter.
- Safran completed the acquisition of Goodrich Electrical Power Systems (GEPS) for Euro 300 million, creating a world leader in on-board electrical power systems.
- Safran reduced its stake in Ingenico by placing in the market 12.57% of Ingenico’s share capital for proceeds of Euro 287 million. The resulting after-tax profit for Safran is Euro 131 million was recorded in the first quarter 2013 accounts. Safran will remain a significant shareholder, retaining 10.2% of Ingenico’s share capital and 16.6% of voting rights.
Paris, 23-4-2013 — /europawire.eu/ — Safran (NYSE Euronext Paris: SAF) today reported its revenue for the first quarter of 2013.
Executive commentary
Chairman and CEO Jean-Paul Herteman commented:
“Safran recorded solid revenue growth in the first quarter, notably in aerospace with continued and robust OE production growth and solid aftermarket momentum. Since the beginning of the year, our global civil aftermarket performed satisfactorily with 10% growth over an already strong first quarter of 2012.
Based on growth in the first-quarter of 9.5% and the contribution of the newly-acquired Goodrich business, we upgrade our full-year revenue guidance for 2013 and confirm our renewed high confidence in our outlook for 2014 and beyond. ”
First-Quarter 2013 Revenue
Solid growth in revenue. For first-quarter 2013, Safran’s revenue was Euro 3,404 million, compared to Euro 3,108 million in the same period a year ago, a 9.5% year-on-year increase (9.6% organic growth).
First-quarter 2013 revenue increased by Euro 296 million on a reported basis. On an organic basis, revenue increased by Euro 298 million as a result of good momentum in Aerospace, both on OE volumes and aftermarket activity.
Organic revenue was determined by applying constant exchange rates and by including the revenue in 2013 of acquired activities only for the comparable periods to the period in 2012 for which they are included in 2012 reported revenue. Hence, the following calculations were applied:
The slight unfavourable currency impact on revenue of Euro (3) million for first-quarter 2013 reflected a negative translation effect on revenue notably generated in USD, GBP and BRL , mitigated by a positive transaction impact in USD with a significant improvement in the Group’s hedged rate (USD 1.29 to the Euro vs. USD 1.32 in the year-ago period).
2013 Outlook
The full-year 2013 revenue outlook is upgraded further to first-quarter revenue dynamics and the integration of Goodrich Electrical Power Systems business from April 1, 2013.
- Revenue to increase by a percentage in the mid-to-high single digits (previously 5%) at an estimated average rate of USD 1.29 to the Euro.
- Adjusted recurring operating income to increase by a percentage in the mid-teens at a hedged rate of USD 1.29 to the Euro.
- Free cash flow to represent about 40% of adjusted recurring operating income taking into account the expected increase in capex and R&D to cope with rising production rates and new business opportunities.
The underlying assumptions for full-year 2013 outlook are unchanged:
- Healthy increase in aerospace OE deliveries
- Civil aftermarket increase in the high single digits
- Incremental R&D cash effort of around Euro 200 million (vs. 2012)
- Increase in tangible capex of around Euro 200 million (vs. 2012)
- Continued margin improvement in Equipment
- Stable profitability in Defence
- Profitable growth for the Security business
- Continued benefits from the on-going Safran+ plan to enhance the cost structure and reduce overhead.
Currency hedges
The Group has finalised its hedging for 2013 to 2014. Hedging for 2015 is almost completed with USD 4.4 billion achieved at USD 1.25 to rise to USD 4.8 billion at USD 1.25 as long as €/$<1.40 up to end 2013. Hedging for 2016 has been increased to USD 1.7 billion at USD 1.25 to rise to USD 4.1 billion at USD 1.25 as long as €/$<1.39 up to end 2014. At April 15, 2013, the firm hedge book amounted to USD 15.2 billion.
Hedged rates are unchanged at:
- 2013: USD 1.29 to the Euro
- 2014: USD 1.28 to the Euro
- 2015: targeted hedged rate at USD 1.26 to the Euro
- 2016: targeted hedged rate at or below USD 1.26 to the Euro
Shareholding structure
On March 27, 2013 the French State finalised the sale of 13 million shares in Safran, representing 3.12% of the Group’s capital, via accelerated book-building reserved for qualified investors. Consequently, its holding in the Group fell from 30.2% to 27.08% (26.3% of voting rights).
Article 11 of the 1986 privatization law provides that in the event of the sale on the stock market of stakes in listed companies, shares must be offered to employees and former employees. Therefore, 1,444,444 shares will be offered by the French State to employees of Safran in the near term.
Business commentary
- Aerospace Propulsion
First-quarter 2013 revenue grew by 15.5% to Euro 1,831 million (15.3% on an organic basis) compared to revenue in the year-ago period of Euro 1,585 million. The increase in revenue was primarily driven by strong growth in civil original equipment and spares, both for CFM56 and high-thrust engines. The strength of helicopter engine deliveries activity also contributed to revenue growth. Military revenue (original equipment and spares) was strongly up compared to an unusually soft first-quarter 2012 for the Rafale engine activity, and now benefitting from initial A400M engine deliveries. Space & missile propulsion revenue was flattish in the first-quarter.
OEM CFM56 engine deliveries at 390 units were up by 3% compared to the same period a year ago. In the first quarter, total commitments and firm orders for CFM56 and LEAP amounted to 473 engines. The global backlog for these engines stands at about 7 years of production at current rates and notably contains orders and commitments for more than 4,500 next-generation LEAP engines.
In the first-quarter 2013, civil aftermarket revenue grew by 10.0% in USD terms, driven by first overhauls of recent CFM56 and GE90 engines. Individual quarters can include significant variation induced by comparison basis and variability in airline behaviour. Overall service revenue in Aerospace Propulsion grew by 11.3% in Euro terms and represents a 48.0% share of revenue. Military engines aftermarket reported a 2-digit revenue growth compared to a soft comparison base.
- Aircraft Equipment
The Aircraft Equipment activity reported first-quarter 2013 revenue of Euro 924 million, up 4.6% (4.8% on an organic basis), compared to Euro 883 million in the year-ago period.
The increase in revenue was primarily attributable to the landing gear business, with higher deliveries notably on Boeing 787, A330 and A320 programs coupled with a growing MRO activity. The nacelle business recorded a soft revenue increase. Indeed, the increase in service contracts and OE deliveries on A330 thrust reversers was partly mitigated by lower A380 nacelles deliveries in the first-quarter 2013 (28 units compared to 32 nacelles in the year-ago period), as well as lower deliveries of small nacelles for business and regional jets. The electrical harnessing activity saw a good performance driven by a production ramp up in its product lines, notably the Boeing 787 and A350 programs.
In the first-quarter 2013, overall service revenue in Aircraft Equipment grew by 7.0% driven by higher aftermarket activities, notably in nacelles and auxiliary power transmission, and its share of Aircraft Equipment revenue slightly grew to 28.0% of total sales.
- Defence
First-quarter 2013 revenue was broadly flat at Euro 304 million (down 1.0% compared to Euro 307 million in the previous year or down 0.7% on an organic basis). The resilient performance was mainly driven by solid revenue growth in the avionics activity, notably in Flight Control Systems and guidance activities. This trend was partially offset by softer revenue in Optronics given the tough year-over-year comparison base for the long-range infra-red goggles on export markets, notably as a consequence of U.S. military budget contraction. Safran Electronics benefitted from the increasing activity of its digital engine control system (FADEC) for the LEAP engine.
- Security
The Security activity reported first-quarter 2013 revenue of Euro 344 million, up 3.6% compared to the year-ago period. On an organic basis, it was up 4.8% driven by renewed momentum in biometric identity solutions with additional billings in countries such as Egypt and Kenya which suffered from some delays in the latter part of 2012. The activity also benefitted from the initial sales of biometric terminals in India. MorphoTrust had a strong quarter driven by the sale of consumables. e-Documents saw a temporary decline in sales compared to a strong quarter last year, due notably to a change in legislation in the Indian telecom market and a slowdown of the banking Brazilian market which completed its full EMV Eurocard, Mastercard, Visa) migration in 2012. Detection recorded significant new orders in the quarter that should lead to some acceleration in revenue during the year, starting from a flattish first quarter 2013 due to low Trace volumes and unfavourable mix on Explosive Detection Systems.
Subsequent events
Safran today announced the signing of a definitive agreement for the purchase of the Rolls-Royce share of their RTM322 helicopter engine programme. A separate press release was published with more details on the transaction.
Upcoming events
- Annual Shareholders Meeting : May 28, 2013
- Capital Market Day (CMD’13) : June 16, 2013
- H1 2013 results : July 26, 2013
- Q3 2013 revenue : October 24, 2013
*****Safran will host today a conference call open to analysts and investors at 8:30 am CET which can be accessed at +33 1 70 77 09 35 from France, +44 203 367 9453 from the UK. A replay will be available at +33 1 72 00 15 00, +44 203 367 9460 and +1 877 642 3018 (access code 281111#).
The press release and presentation are available on the website at www.safran-group.com.
*****Key figures
Notes
[1] 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.
Particularly, Safran recognizes, all changes in the fair value of its foreign currency derivatives in “financial income (loss)”, in accordance with the provisions of IAS 39 applicable to transactions not qualifying for hedge accounting.
Accordingly, Safran’s consolidated income statement is adjusted for the impact in financial income (loss) of 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 hedging rate, i.e., including the costs of the hedging strategy;
- the recognition of the mark-to market of unsettled hedging instruments at the closing date is neutralized.
First-quarter 2013 reconciliation between consolidated revenue and adjusted revenue.
[2] 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 Snecma and its subsidiaries and reflects the Group’s performance in civil aircraft engines aftermarket compared to the market.
*****Safran is a leading international high-technology group with three core businesses: Aerospace (propulsion and equipment), Defence and Security. Operating worldwide, the Group has 62,500 employees and generated sales of 13.6 billion euros in 2012. Working alone or in partnership, Safran holds world or European leadership positions in its core markets. The Group invests heavily in Research & Development to meet the requirements of changing markets, including expenditures of 1.6 billion Euros in 2012. Safran is listed on NYSE Euronext Paris and is part of the CAC40 index.
For more information, www.safran-group.com / Follow @SAFRAN on Twitter
SAFRAN CONTACT
Press
Catherine Malek
Tel : +33 (0)1 40 60 80 28
Email:catherine.malek@safran.fr
Investor Relations
Pascal Bantegnie
Tel : +33 (0)1 40 60 80 45
Email :pascal.bantegnie@safran.fr
Peter Campbell
Tel :+33 (0)1 40 60 35 96
Email :peter.campbell@safran.fr
Safran
2, bd du Général Martial Valin
75724 Paris Cedex 15 – France
EDITOR'S PICK:
- Digi Communications N.V. announces share transaction made by an Executive Director of the Company with class B shares
- BevZero South Africa Achieves FSSC 22000 Food Safety Certification
- Digi Communications N.V.: Digi Spain Enters Agreement to Sell FTTH Network to International Investors for Up to EUR 750 Million
- Patients as Partners® Europe Announces the Launch of 8th Annual Meeting with 2024 Keynotes and Topics
- driveMybox continues its international expansion: Hungary as a new strategic location
- Monesave introduces Socialised budgeting: Meet the app quietly revolutionising how users budget
- Digi Communications NV announces the release of the 2023 Preliminary Financial Results
- Digi Communications NV announces Investors Call for the presentation of the 2023 Preliminary Financial Results
- Lensa, един от най-ценените търговци на оптика в Румъния, пристига в България. Първият шоурум е открит в София
- Criando o futuro: desenvolvimento da AENO no mercado de consumo em Portugal
- Digi Communications N.V. Announces the release of the Financial Calendar for 2024
- Customer Data Platform Industry Attracts New Participants: CDP Institute Report
- eCarsTrade annonce Dirk Van Roost au poste de Directeur Administratif et Financier: une décision stratégique pour la croissance à venir
- BevZero Announces Strategic Partnership with TOMSA Desil to Distribute equipment for sustainability in the wine industry, as well as the development of Next-Gen Dealcoholization technology
- Digi Communications N.V. announces share transaction made by a Non-Executive Director of the Company with class B shares
- Digi Spain Telecom, the subsidiary of Digi Communications NV in Spain, has concluded a spectrum transfer agreement for the purchase of spectrum licenses
- Эксперт по торговле акциями Сергей Левин запускает онлайн-мастер-класс по торговле сырьевыми товарами и хеджированию
- Digi Communications N.V. announces the conclusion by Company’s Portuguese subsidiary of a framework agreement for spectrum usage rights
- North Texas Couple Completes Dream Purchase of Ouray’s Iconic Beaumont Hotel
- Предприниматель и филантроп Михаил Пелег подчеркнул важность саммита ООН по Целям устойчивого развития 2023 года в Нью-Йорке
- Digi Communications NV announces the release of the Q3 2023 Financial Results
- IQ Biozoom Innovates Non-Invasive Self-Testing, Empowering People to Self-Monitor with Laboratory Precision at Home
- BevZero Introduces Energy Saving Tank Insulation System to Europe under name “BevClad”
- Motorvision Group reduces localization costs using AI dubbing thanks to partnering with Dubformer
- Digi Communications NV Announces Investors Call for the Q3 2023 Financial Results
- Jifiti Granted Electronic Money Institution (EMI) License in Europe
- Предприниматель Михаил Пелег выступил в защиту образования и грамотности на мероприятии ЮНЕСКО, посвящённом Международному дню грамотности
- VRG Components Welcomes New Austrian Independent Agent
- Digi Communications N.V. announces that Digi Spain Telecom S.L.U., its subsidiary in Spain, and abrdn plc have completed the first investment within the transaction having as subject matter the financing of the roll out of a Fibre-to-the-Home (“FTTH”) network in Andalusia, Spain
- Продюсер Михаил Пелег, как сообщается, работает над новым сериалом с участием крупной голливудской актрисы
- Double digit growth in global hospitality industry for Q4 2023
- ITC Deploys Traffic Management Solution in Peachtree Corners, Launches into United States Market
- Cyviz onthult nieuwe TEMPEST dynamische controlekamer in Benelux, Nederland
- EU-Funded CommuniCity Launches its Second Open Call
- Astrologia pode dar pistas sobre a separação de Sophie Turner e Joe Jonas
- La astrología puede señalar las razones de la separación de Sophie Turner y Joe Jonas
- Empowering Europe against infectious diseases: innovative framework to tackle climate-driven health risks
- Montachem International Enters Compostable Materials Market with Seaweed Resins Company Loliware
- Digi Communications N.V. announces that its Belgian affiliated companies are moving ahead with their operations
- Digi Communications N.V. announces the exercise of conditional share options by an executive director of the Company, for the year 2022, as approved by the Company’s Ordinary General Shareholders’ Meeting from 18 May 2021
- Digi Communications N.V. announces the availability of the instruction regarding the payment of share dividend for the 2022 financial year
- Digi Communications N.V. announces the availability of the 2022 Annual Report
- Digi Communications N.V. announces the general shareholders’ meeting resolutions from 18 August 2023 approving amongst others, the 2022 Annual Accounts
- Русские эмигранты усиливают призывы «Я хочу, чтобы вы жили» через искусство
- BevZero Introduces State-of-the-Art Mobile Flash Pasteurization Unit to Enhance Non-Alcoholic Beverage Stability at South Africa Facility
- Russian Emigrés Amplify Pleas of “I Want You to Live” through Art
- Digi Communications NV announces the release of H1 2023 Financial Results
- Digi Communications NV Announces Investors Call for the H1 2023 Financial Results
- Digi Communications N.V. announces the convocation of the Company’s general shareholders meeting for 18 August 2023 for the approval of, among others, the 2022 Annual Report
- “Art Is Our Weapon”: Artists in Exile Deploy Their Talents in Support of Peace, Justice for Ukraine
- Digi Communications N.V. announces the availability of the 2022 Annual Financial Report
- “AmsEindShuttle” nuevo servicio de transporte que conecta el aeropuerto de Eindhoven y Ámsterdam
- Un nuovo servizio navetta “AmsEindShuttle” collega l’aeroporto di Eindhoven ad Amsterdam
- Digi Communications N.V. announces the conclusion of an amendment agreement to the Facility Agreement dated 26 July 2021, by the Company’s Spanish subsidiary
- Digi Communications N.V. announces an amendment of the Company’s 2023 financial calendar
- iGulu F1: Brewing Evolution Unleashed
- Почему интерактивная «Карта мира» собрала ключевые антивоенные сообщества россиян по всему миру и становится для них важнейшим инструментом
- Hajj Minister meets EU ambassadors to Saudi Arabia
- Online Organizing Platform “Map of Peace” Emerges as Key Tool for Diaspora Activists
- Digi Communications N.V. announces that conditional stock options were granted to executive directors of the Company based on the general shareholders’ meeting approval from 18 May 2021
- Digi Communications N.V. announces the release of the Q1 2023 financial results
- AMBROSIA – A MULTIPLEXED PLASMO-PHOTONIC BIOSENSING PLATFORM FOR RAPID AND INTELLIGENT SEPSIS DIAGNOSIS AT THE POINT-OF-CARE
- Digi Communications NV announces Investors Call for the Q1 2023 Financial Results presentation
- Digi Communications N.V. announces the amendment of the Company’s 2023 financial calendar
- Digi Communications N.V. announces the conclusion of two Facilities Agreements by the Company’s Romanian subsidiary
- Digi Communications N.V. announces the conclusion of a Senior Facility Agreement by the Company’s Romanian subsidiary
- Patients as Partners Europe Returns to London and Announces Agenda Highlights
- GRETE PROJECT RESULTS PRESENTED TO TEXTILE INDUSTRY STAKEHOLDERS AT INTERNATIONAL CELLULOSE FIBRES CONFERENCE
- Digi Communications N.V. announces Digi Spain Telecom S.L.U., its subsidiary in Spain, entered into an investment agreement with abrdn to finance the roll out of a Fibre-to-the-Home (FTTH) network in Andalusia, Spain
- XSpline SPA / University of Linz (Austria): the first patient has been enrolled in the international multicenter clinical study for the Cardiac Resynchronization Therapy DeliveRy guided by non-Invasive electrical and VEnous anatomy assessment (CRT-DRIVE)
- Franklin Junction Expands Host Kitchen® Network To Europe with Digital Food Hall Pioneer Casper
- Unihertz a dévoilé un nouveau smartphone distinctif, Luna, au MWC 2023 de Barcelone
- Unihertz Brachte ein Neues, Markantes Smartphone, Luna, auf dem MWC 2023 in Barcelona
- Digi Communications N.V. announces conditional stock options granted to a Director of the Company based on the general shareholders’ meeting approval from 28 December 2022
- Digi Communications N.V. announces the release of the 2022 Preliminary Financial Results
- CAMPAIGNS FOR HUMANITY: MARKETING AGENCY ANNOUNCES €10,000 AWARDS FOR RUSSIANS SUPPORTING UKRAINE
- One Year Since the Invasion: New Series Highlights Everyday People Transformed by War into Heroes
- Digi Communications N.V. announces Investors Call for the presentation of the 2022 Preliminary Financial Results
- BevZero Receives Top Environmental Certification
- Thompson Duke Industrial Attains CE Certification for its Cannabis Vaporizer Cartridge Filling Equipment
- Modern Media Hub Takes Huge Leap with Financing Help of Cap Expand Partners
- Digi Communications N.V. announces the release of the Financial Calendar for 2023
- Digi Communications N.V. announces the exercise of stock options by two of the Directors of the Company
- Tanduay Is First Asian Rum to Enter Austrian Market
- Digi Communications N.V. Announces the Resolutions of the General Shareholders’ Meeting from 28 December 2022, approving, amongst others, the 2021 Annual Accounts
- MIGUN LIFE's new personal healthcare products are unveiled, heralding the grand first debut at CES 2023
- Digi Communications N.V. announces that the Romanian version of the Annual Financial Report for the year ended December 31, 2021 for the Digi Communications N.V. Group is available
- Digi Communications N.V. Announces Convocation of the Company’s general shareholders meeting for 28 December 2022 for the approval of, among other items, the 2021 Annual Report
- Digi Communications N.V. Announces the availability of the Annual Financial Report for the year ended December 31, 2021 for Digi Communications N.V. Group
- Digi Communications N.V.’s Romanian subsidiary was designated winner of the auction organised for the allocation of certain radio frequency entitlements in 2600 MHz and 3400-3800 MHz bands
- Digi Communications NV announces the release of the Q3 2022 Financial Results
- Digi Communications N.V. announces a Subsequent Amendment of the Company’s 2022 financial calendar
- Digi Communications NV announces Investors Call for the Q3 2022 Financial Results presentation
- Sygnum Bank and Artemundi tokenize Warhol’s Marilyn Monroe artwork
- Your Daily Commutes Will be Seamless, Connected and Productive.
- The secondary market platform THELAPHANT.IO introduces, for the first time in Israel: "a stock liquidity plan" for high-tech employees and companies
- Teavaro and CDP Institute Offer Free Online Course on Identity Resolution
- Digi Communications N.V. announces a Subsequent Amendment of the Company’s 2022 financial calendar
- Digi Communications N.V. announces an Amendment of the Company’s 2022 financial calendar
- 12-month real-world achievements for Diabeloop’s Automated Insulin Delivery (AID):
- Digi Communications N.V. announces the availability of the Instruction regarding the Payment of Dividends for the Financial Year 2021
- Simplify Content za usluge organskog Content Marketinga otvara svoja vrata poduzećima da (zajedno) uspješno kreiraju kvalitetan i relevantan sadržaj za potencijalne i postojeće klijente
- Digi Communications N.V. announces the approval of interim dividend distribution and updates regarding the 2022 Financial Calendar
- A new, creativity-based educational method increases the ability to solve problems with young people, in the social field, or when building a team in the company
- Digi Communications NV announces the release of the H1 2022 Financial Results
- Mit Intelligenz geladen
- Digi Communications NV announces Investors Call for the H1 2022 Financial Results
- Digi Communications N.V. Announces the update of its 2022 Financial Calendar
- Digi Communications N.V. Announces the conclusion by the Company’s Spanish subsidiary of an amendment agreement to the facility agreement dated 26 July 2021
- Customer Data Platform Industry Grew Strongly in First Half of 2022: CDP Institute Report
- Metadeq Announces Breakthrough Non-Invasive Blood Test that Solves NASH Diagnosis Problem
- Η HBC Consulting Expert θεωρεί παράλογη την εμπλοκή του κυπριακού δικαστηρίου στην υπόθεση κληρονομιάς από τη χήρα του ολιγάρχη Μπόσοφ
- Esperto della società di consulenza HBC: le autorità italiane non hanno permesso a Katerina Bosov di vendere la villa del marito
- HBC Consulting Expert considers senseless the involvement of the Cypriot court in the case of inheritance by the widow of oligarch Bosov
- Fusion BPO Services is Opening New Center in Kosovo
- Hi-SIDE demonstrates an integrated high speed satellite data chain architecture at data rates exceeding 10 Gigabits per second
- Digi Communications N.V. announces that a joint venture of its subsidiary in Romania designated as one of the winners of the auction organized by the Belgian Institute for Postal Services and Telecommunications for the allocation of mobile spectrum frequency user rights
- KI-basierte Geldanlage für Privatpersonen – Velvet AutoInvest erhält 1,3 Mio. USD Seed-Investment
- Haizol Now Offer 3D Printing Services to Customers Worldwide
- Caravel Capital Fund Showcased At Secure Spectrum’s Hedge Fund Seminar
- Diabeloop, a key player in therapeutic AI applied to insulin delivery, announces 70 million euros new financing round to accelerate its international expansion
- Digi Communications NV Announces Availability of the 2021 Preliminary Annual Report (including the Company’s audited non-statutory Consolidated financial statements issued as per IFRS EU)
- Digi Communications N.V. Announces that conditional stock options were granted to executive directors of the Company and to directors and employees of the Company’s Romanian Subsidiary
- Caravel Capital Investments Inc. Founding Partner to Speak at Secure Spectrum Hedge Fund Seminar
- Digi Communications NV announces a correction of clerical errors by Amending the Q1 2022 Financial Report
- Digi Communications NV announces the release of Q1 2022 Financial Results
- Digi Communications N.V. announces Investors Call for the Q1 2022 Financial Results presentation
- Yield Crowd Tokenizes US $50M Real Estate Portfolio on Stellar Blockchain
- Digi Communications N.V. Announces an Amendment to the Financial Calendar for 2022
- Diabeloop presents new real-life results of DBLG1® System: Confirmed improvement in Time In Range +18.4 percentage points; Reduction of time spent in hypoglycemia to only 0.9%
- How two female entrepreneurs are redefining the lake travel industry
- Vil du være med å utvikle fremtidens bærekraftige reiseliv?
- Mettiti alla prova con la terza edizione del CASSINI Hackathon per rivitalizzare il settore turistico
- Προκαλέστε τον εαυτό σας στο 3ο CASSINI Hackathon και στοχεύστε την αναζωογόνηση του τουρισμού!
- Participez au 3e Hackathon CASSINI et relevez le défi de redynamiser le tourisme!
- 3. CASSINI Hackathon zur Neubelebung des Tourismus: Stellen Sie sich der Herausforderung!
- Írd újra Európa turizmusát a 3. CASSINI Hackathonon!
- Aceita o desafio do 3º CASSINI Hackathon para revitalizar o turismo!
- Podejmij wyzwanie! Weź udział w 3. Hackathonie CASSINI i pomóż ponownie ożywić turystykę!
- Daag jezelf uit op de 3e CASSINI Hackathon en blaas toerisme nieuw leven in
- Diabeloop adapts its self-learning, personalized insulin automatization software to be used with insulin pens
- Amadeus unveils five defining trends for the US group travel and events industry in 2022
- On World Bipolar Day ALCEDIAG announces EIT Health supported EDIT-B Consortium validating innovative blood diagnostic test for bipolar disorder
- Global & Europe Mental Health Software and Devices Market to Witness a Revenue of USD 13367.12 Million by 2030 by Growing with a CAGR of 13.28% During 2021-2030; Increasing Concern for Mental Health Disorders to Drive Market Growth
- Digi Communications NV announces the release of the 2021 Preliminary Financial Results
- Digi Communications NV announces Investors Call for the 2021 Preliminary Financial Results presentation
- At MWC in Barcelona, Amphenol will be exhibiting its wide offering for wireless service providers – including Open RAN compatible active 5G antennas
- ELIOS combined with cataract surgery delivers significant IOP reduction out to 8 years
- Tableau comparatif des pays : les caractéristiques à connaître avant de se développer à l’international
- Smart exosomes from an Australian technology leader
- 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
GreenMantra Technologies Announces Exclusive Distribution Relationship with HARKE GROUP
- 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
- Editor's pick archive....
FULL-YEAR 2013 REVENUE OUTLOOK UPGRADED
All revenue figures in this press release represent adjusted[1] revenue. Please refer to definitions contained in the Notes
Key figures for the first quarter of 2013
Key business highlights for the first quarter of 2013
Paris, 23-4-2013 — /europawire.eu/ — Safran (NYSE Euronext Paris: SAF) today reported its revenue for the first quarter of 2013.
Executive commentary
Chairman and CEO Jean-Paul Herteman commented:
“Safran recorded solid revenue growth in the first quarter, notably in aerospace with continued and robust OE production growth and solid aftermarket momentum. Since the beginning of the year, our global civil aftermarket performed satisfactorily with 10% growth over an already strong first quarter of 2012.
Based on growth in the first-quarter of 9.5% and the contribution of the newly-acquired Goodrich business, we upgrade our full-year revenue guidance for 2013 and confirm our renewed high confidence in our outlook for 2014 and beyond. ”
First-Quarter 2013 Revenue
Solid growth in revenue. For first-quarter 2013, Safran’s revenue was Euro 3,404 million, compared to Euro 3,108 million in the same period a year ago, a 9.5% year-on-year increase (9.6% organic growth).
First-quarter 2013 revenue increased by Euro 296 million on a reported basis. On an organic basis, revenue increased by Euro 298 million as a result of good momentum in Aerospace, both on OE volumes and aftermarket activity.
Organic revenue was determined by applying constant exchange rates and by including the revenue in 2013 of acquired activities only for the comparable periods to the period in 2012 for which they are included in 2012 reported revenue. Hence, the following calculations were applied:
The slight unfavourable currency impact on revenue of Euro (3) million for first-quarter 2013 reflected a negative translation effect on revenue notably generated in USD, GBP and BRL , mitigated by a positive transaction impact in USD with a significant improvement in the Group’s hedged rate (USD 1.29 to the Euro vs. USD 1.32 in the year-ago period).
2013 Outlook
The full-year 2013 revenue outlook is upgraded further to first-quarter revenue dynamics and the integration of Goodrich Electrical Power Systems business from April 1, 2013.
The underlying assumptions for full-year 2013 outlook are unchanged:
Currency hedges
The Group has finalised its hedging for 2013 to 2014. Hedging for 2015 is almost completed with USD 4.4 billion achieved at USD 1.25 to rise to USD 4.8 billion at USD 1.25 as long as €/$<1.40 up to end 2013. Hedging for 2016 has been increased to USD 1.7 billion at USD 1.25 to rise to USD 4.1 billion at USD 1.25 as long as €/$<1.39 up to end 2014. At April 15, 2013, the firm hedge book amounted to USD 15.2 billion.
Hedged rates are unchanged at:
Shareholding structure
On March 27, 2013 the French State finalised the sale of 13 million shares in Safran, representing 3.12% of the Group’s capital, via accelerated book-building reserved for qualified investors. Consequently, its holding in the Group fell from 30.2% to 27.08% (26.3% of voting rights).
Article 11 of the 1986 privatization law provides that in the event of the sale on the stock market of stakes in listed companies, shares must be offered to employees and former employees. Therefore, 1,444,444 shares will be offered by the French State to employees of Safran in the near term.
Business commentary
First-quarter 2013 revenue grew by 15.5% to Euro 1,831 million (15.3% on an organic basis) compared to revenue in the year-ago period of Euro 1,585 million. The increase in revenue was primarily driven by strong growth in civil original equipment and spares, both for CFM56 and high-thrust engines. The strength of helicopter engine deliveries activity also contributed to revenue growth. Military revenue (original equipment and spares) was strongly up compared to an unusually soft first-quarter 2012 for the Rafale engine activity, and now benefitting from initial A400M engine deliveries. Space & missile propulsion revenue was flattish in the first-quarter.
OEM CFM56 engine deliveries at 390 units were up by 3% compared to the same period a year ago. In the first quarter, total commitments and firm orders for CFM56 and LEAP amounted to 473 engines. The global backlog for these engines stands at about 7 years of production at current rates and notably contains orders and commitments for more than 4,500 next-generation LEAP engines.
In the first-quarter 2013, civil aftermarket revenue grew by 10.0% in USD terms, driven by first overhauls of recent CFM56 and GE90 engines. Individual quarters can include significant variation induced by comparison basis and variability in airline behaviour. Overall service revenue in Aerospace Propulsion grew by 11.3% in Euro terms and represents a 48.0% share of revenue. Military engines aftermarket reported a 2-digit revenue growth compared to a soft comparison base.
The Aircraft Equipment activity reported first-quarter 2013 revenue of Euro 924 million, up 4.6% (4.8% on an organic basis), compared to Euro 883 million in the year-ago period.
The increase in revenue was primarily attributable to the landing gear business, with higher deliveries notably on Boeing 787, A330 and A320 programs coupled with a growing MRO activity. The nacelle business recorded a soft revenue increase. Indeed, the increase in service contracts and OE deliveries on A330 thrust reversers was partly mitigated by lower A380 nacelles deliveries in the first-quarter 2013 (28 units compared to 32 nacelles in the year-ago period), as well as lower deliveries of small nacelles for business and regional jets. The electrical harnessing activity saw a good performance driven by a production ramp up in its product lines, notably the Boeing 787 and A350 programs.
In the first-quarter 2013, overall service revenue in Aircraft Equipment grew by 7.0% driven by higher aftermarket activities, notably in nacelles and auxiliary power transmission, and its share of Aircraft Equipment revenue slightly grew to 28.0% of total sales.
First-quarter 2013 revenue was broadly flat at Euro 304 million (down 1.0% compared to Euro 307 million in the previous year or down 0.7% on an organic basis). The resilient performance was mainly driven by solid revenue growth in the avionics activity, notably in Flight Control Systems and guidance activities. This trend was partially offset by softer revenue in Optronics given the tough year-over-year comparison base for the long-range infra-red goggles on export markets, notably as a consequence of U.S. military budget contraction. Safran Electronics benefitted from the increasing activity of its digital engine control system (FADEC) for the LEAP engine.
The Security activity reported first-quarter 2013 revenue of Euro 344 million, up 3.6% compared to the year-ago period. On an organic basis, it was up 4.8% driven by renewed momentum in biometric identity solutions with additional billings in countries such as Egypt and Kenya which suffered from some delays in the latter part of 2012. The activity also benefitted from the initial sales of biometric terminals in India. MorphoTrust had a strong quarter driven by the sale of consumables. e-Documents saw a temporary decline in sales compared to a strong quarter last year, due notably to a change in legislation in the Indian telecom market and a slowdown of the banking Brazilian market which completed its full EMV Eurocard, Mastercard, Visa) migration in 2012. Detection recorded significant new orders in the quarter that should lead to some acceleration in revenue during the year, starting from a flattish first quarter 2013 due to low Trace volumes and unfavourable mix on Explosive Detection Systems.
Subsequent events
Safran today announced the signing of a definitive agreement for the purchase of the Rolls-Royce share of their RTM322 helicopter engine programme. A separate press release was published with more details on the transaction.
Upcoming events
The press release and presentation are available on the website at www.safran-group.com.
Notes
[1] 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.
Particularly, Safran recognizes, all changes in the fair value of its foreign currency derivatives in “financial income (loss)”, in accordance with the provisions of IAS 39 applicable to transactions not qualifying for hedge accounting.
Accordingly, Safran’s consolidated income statement is adjusted for the impact in financial income (loss) of 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:
First-quarter 2013 reconciliation between consolidated revenue and adjusted revenue.
[2] 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 Snecma and its subsidiaries and reflects the Group’s performance in civil aircraft engines aftermarket compared to the market.
For more information, www.safran-group.com / Follow @SAFRAN on Twitter
SAFRAN CONTACT
Press
Catherine Malek
Tel : +33 (0)1 40 60 80 28
Email:catherine.malek@safran.fr
Investor Relations
Pascal Bantegnie
Tel : +33 (0)1 40 60 80 45
Email :pascal.bantegnie@safran.fr
Peter Campbell
Tel :+33 (0)1 40 60 35 96
Email :peter.campbell@safran.fr
Safran
2, bd du Général Martial Valin
75724 Paris Cedex 15 – France
GreenMantra Technologies Announces Exclusive Distribution Relationship with HARKE GROUP