First-Half 2013 Earnings - safran-group.com · PDF fileCFM56 192 new engine orders ... enable...

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0 / H1 2013 EARNINGS / JULY 26, 2013 /Q3 REVENUE 2011 / OCTOBER 21, 2011 /

/ July 26, 2013 /

First-Half 2013 Earnings


1 / H1 2013 EARNINGS / JULY 26, 2013 /

/01/

Jean-Paul HERTEMAN - Chairman & CEO

H1 2013 highlights


2 / H1 2013 EARNINGS / JULY 26, 2013 /

H1 2013 financial highlights

Growing adjusted revenue with strongperformance in Aerospace

H1 12restated*

H1 13

6,4137,066+10.2%

Adjusted recurring operating income at 12.0% of revenue

H1 13

687847+23%

Higher adjusted net profit (group share) at €1.58 per share, including €0.31 from the

sale of 12.57% of Ingenico share capital

H1 12restated*

H1 13

414658+59%

(€M) (€M)

(€M)

H1 12restated*

Limited net debt (19% gearing)

Dec. 31, 2012

June 30, 2013

(932)(1,202)

(€M)

June 30, 2012

(1,129)

Improving Free Cash Flow conversion rate

H1 12 H1 13

104 157+51%

(€M)

(*) 2012 has been restated to reflect the changes induced by Amended IAS19


3 / H1 2013 EARNINGS / JULY 26, 2013 /

Paris Air Show 2013 takeaways

Electric Green Taxiing System demo on A320

MoU with Air France to support EGTS development

CFM56192 new engine orders

(total backlog over 5,500engines - orders &

commitments)

LEAP468 new engine orders (total backlog close to 5,200 engines - orders

& commitments)

Bell Helicopter and Turbomeca team up on New Short Light Single helicopter (Arriel 2R engine)

MorphoPass™, an integrated airport security system that converges technologies which enable biometric identification and detect illicit and dangerous substances

660 new engine orders, in addition to LEAP and

CFM56 services agreements, at a combined value of $15bn

at list price

As of June 30, 2013

4 /


H1 2013 EARNINGS / JULY 26, 2013 /

H1 2013: positive trends in Civil aftermarket

èCivil aftermarket up 16.8% ($ terms)§ Q1 +10.0% and Q2 +24.4% year-over-year (Q2 2012 had been

weak after strong Q1)§ Q2 2013 similar to Q1 2013§ Delayed overhauls of recent CFM56 engines are coming through§ Resumption of growth in widebody engines is confirmed§ Usage of Used Serviceable Materials remains under control

èAftermarket recoupling to airline activity§ Confirms CFM long-term spares growth outlook§ IATA upgraded its global outlook for the airline industry in 2013

èUpgrade of the FY 2013 assumption§ H2 2013 will face a tougher comparison base

Civil aftermarket to grow by a percentage in the low-teens in 2013 (previously high single digit)


5 / H1 2013 EARNINGS / JULY 26, 2013 /

/02/

Ross McINNES - Deputy CEO, CFO

H1 2013 Results

6 /


H1 2013 EARNINGS / JULY 26, 2013 /

Foreword

All figures in this presentation represent Adjusted data

Safran’s consolidated income statement has been adjusted for the impact of:

è purchase price allocations with respect to business combinations. Since 2005, this restatement concerns the amortization charged against intangible assets relating to aeronautical programs that were revalued at the time of the Sagem-Snecma merger. With effect from the first-half 2010 interim financial statements, the Group has decided to restate the impact of purchase price allocations for business combinations. In particular, this concerns the amortization of intangible assets recognized at the time of the acquisition, and amortized over extended periods, justified by the length of the Group's business cycles;

è 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:è revenue net of purchases denominated in foreign currencies is measured using the effective hedged rate, i.e., including the costs of the hedging strategy,è the recognition of all mark-to-market changes on non-settled hedging instruments at the closing date is neutralized.

Recurring operating income

è It excludes income and expenses which are largely unpredictable because of their unusual, infrequent and/or material nature such as impairment losses/reversals, capital gains/losses on disposals of operations and other unusual and/or material non operational items.

7 /


H1 2013 EARNINGS / JULY 26, 2013 /

Amended IAS19“Employee benefits”

è Safran adopted the amended IAS19 (Employee Benefits) in 2013 and restated its 2012 accounts for comparison purpose

è Three main changes

§ Actuarial gains and losses will be recognised immediately in equity in 'other comprehensive income‘(Discontinuation of the “corridor” method)

§ Past service costs are recognised in the period of a plan amendment with unvested benefits no longer spreadover the remaining future-service period

§ The financial component is calculated based on defined benefit obligations, fair value of plan assets and thediscount rate, all as of the beginning of the year. Previously, the financial component related to plan assetswas calculated based on the expected return on assets.

8 /


H1 2013 EARNINGS / JULY 26, 2013 /

Amended IAS19H1 2012 income statement

(In €M) H1 2012published

Impact of amended

IAS19

H1 2012restated

Revenue 6,413 - 6,413

Recurring operating income% of revenue

68110.6%

6 68710.7%

Profit from operations% of revenue

66210.3%

6 66810.4%

Net finance (cost) incomeIncome tax expenseProfit (loss) from discontinued op.Minority interestsShare in profit from associates

(79)(170)

-(13)

11

(1)(2)

---

(80)(172)

-(13)

11

Profit - group shareBasic EPS (in €)

4110.99

30.01

4141.00

è The €6M increase in recurring operating income results from the discontinuation of the amortisation of actuarial gains and losses and of past service costs previously not recognised (which were recognised directly in equity in the 2012 opening balance sheet)

9 /


H1 2013 EARNINGS / JULY 26, 2013 /

Amended IAS19FY 2012 income statement

(In €M) FY 2012published

Impact of amended

IAS19

FY 2012restated

Revenue 13,560 - 13,560


1,47110.8%

(27) 1,44410.6%


1,42110.5%

(27) 1,39410.3%

Net finance (cost) incomeIncome tax expenseProfit (loss) from discontinued op.Minority interestsShare in profit from associates

(152)(263)

-(26)

19

(2)9---

(154)(254)

-(26)

19


9992.41

(20)(0.05)

9792.36

è The €(27)M decrease in recurring operating income results from the discontinuation of the amortisation of actuarial gains and losses and past service costs previously not recognised (Euro 10 million impact) and the direct recognition in 2012 of past service costs relating to two agreements entered into in the second half of 2012 (Euro (37) million impact)

10 /


H1 2013 EARNINGS / JULY 26, 2013 /

Amended IAS19Dec. 31, 2012 balance sheet

è Given the discontinuation of the corridor method, actuarial gains and losses and past service costs are recognised in equity (net of deferred tax impacts)

è Increase in provisions due to recognition of totality of obligations

(In €M) Dec. 31, 2012

Impact of amended

IAS19

Dec. 31, 2012

restated

GoodwillTangible & Intangible assetsOther non current assetsOperating Working CapitalNet cash (debt)

3,0786,476

788890

(932)

--

30--

3,0786,476

818890

(932)

Shareholders’ equity - Group shareMinority interestsNon current liabilities (excl. net cash (debt))ProvisionsOther current liabilities / (assets) net

6,063165

1,8052,579(312)

(229)(2)

(47)308

-

5,834163

1,7582,887(312)

11 /


H1 2013 EARNINGS / JULY 26, 2013 /

Fx volatility

è Continued Fx volatility during H1 2013n Translation effect: foreign currencies translated into €

⇒ Negative impact from $, GBP, BRL⇒ Impact on Revenue and Return on Sales

n Transaction effect: mismatch between $ sales and € costs is hedged⇒ Positive impact from hedged $ ⇒ Impact on Profits

n Mark-to-market effect⇒ €166M on fair value of financial instruments⇒ Impact on consolidated “statutory” accounts

Hedge rateH1 2012 H1 2013

$1.32 $1.29

Average spot rateH1 2012 H1 2013

$1.30 $1.31

Spot rate at closing date

Diverse impacts on P&L

June 30, 2012 Dec. 31, 2012 June 30, 2013$1.26 $1.32 $1.31

12 /


H1 2013 EARNINGS / JULY 26, 2013 /

Consolidated and adjusted income statements

H1 2013 reconciliation(In €M)

Consolidated data

Currency hedging Business combinations

Adjusted data

Re-measurement

of revenue

Deferred hedging

gain (loss)

Amortization of intangible

assets -Sagem/Snecma

merger

PPA impacts -other business combinations

Revenue 7,020 46 - - - 7,066

Other operating income / expense (6,345) - - 75 51 (6,219)

Recurring operating income 675 46 - 75 51 847

Other non current operating income / expense (23) - - - - (23)

Profit (loss) from operations 652 46 - 75 51 824

Cost of net debt (15) - - - - (15)

Foreign exchange financial income (loss) (126) (46) 166 - - (6)

Other finance costs /income (46) - - - - (46)

Net finance costs / income (187) (46) 166 - - (67)

Income tax expense (129) - (59) (26) (17) (231)

Income from associates 10 - - - - 10

Gain on disposal of Ingenico shares 131 - - - - 131

Profit (loss) from continuing operations 477 - 107 49 34 667

Profit (loss) from discontinuing operations - - - - - -

Minority interests (7) - - (2) - (9)

Parent 470 - 107 47 34 658

13 /


H1 2013 EARNINGS / JULY 26, 2013 /

H1 2013 profit from operations

12.0% recurring operating income

(In €M) H1 2012restated H1 2013

Revenue 6,413 7,066


68710.7%

84712.0%

Total one-off items (19) (23)Capital gain (loss) on disposalsImpairment reversal (charge)Other infrequent & material & non operational items

--

(19)

-(15)(8)


66810.4%

82411.7%

Includes acquisition and integration costs,

notably related to GEPS

14 /


H1 2013 EARNINGS / JULY 26, 2013 /

H1 2013 income statement

Of which cost of debt of €(15)M

(In €M)H1 2012restated H1 2013

Revenue 6,413 7,066


68710.7%

84712.0%


66810.4%

82411.7%

Net finance (cost) incomeIncome tax expenseShare in profit from associatesGain on disposal of Ingenico sharesProfit (loss) from discontinued op.Minority interests

(80)(172)

11--

(13)

(67)(231)

10131

-(9)


4141.00*

6581.58**

* Based on 414,658,530 shares** Based on 416,151,726 shares

Effective tax rate of 31%

Net profit growth of 59%

Post-tax capital gain from placement of 12.57%of Ingenico share capital

15 /


H1 2013 EARNINGS / JULY 26, 2013 /

H1 2013 revenue

è Record OEM production rates in aerospace coupled with favourable trends in civil aerospace aftermarket

è Strength in the defence business (avionics) and growing momentum in biometric identification, notably MorphoTrust

è Unfavourable currency impact

§ Negative translation impact from foreign currencies (incl. $, GBP, BRL)

è Changes in the scope of consolidation include:§ 3 months of GEPS: €47M

H1 2013Currency impact

H1 2013at constant

H1 2012 perimeter

Acquisitions & activities newly consolidated

H1 2012

(In €M)

6,413

7,034 7,010

9.7%organic

Organic variation

H1 2013at constant

H1 2012 perimeter and exchange rate

621 (24) 56

+10.2%

7,066

16 /


H1 2013 EARNINGS / JULY 26, 2013 /

H1 2013 recurring operating income

è Main profitability drivers

§ Propulsion: solid original equipment growth, OE unit revenue for civil engines, favourable aftermarket trends in recent CFM56 & GE90, helicopter turbines and military engines

§ OE growth induced impact on harnessing, landing gear and power transmission

§ MorphoTrust and biometric identification; Avionics

§ Safran+ productivity improvements

è Changes in the scope of consolidation include:

§ 3 months of GEPS: €3M (6.4% of revenue)

H1 2013Currency impact

H1 2013at constant

H1 2012 perimeter

Acquisitions & activities newly consolidated

H1 2012restated

(In €M)

687809 844

+18%organic

Organic variation

H1 2013 at constant

H1 2012 perimeter and exchange rate

847122 35 3

+23%

10.7%RoS

12.0%RoS

17 /


H1 2013 EARNINGS / JULY 26, 2013 /

Research & Development

è Cash R&D effort above 8% of sales

è Ramp-up of LEAP and Silvercrest programs as well as equipment for A350

è Increase of capitalized costs: +€74M

(In €M) H1 2012 H1 2013 Change

Total R&D (703) (853) (150)

External funding 227 263

Total self-funded cash R&D (476) (590) (114)

as a % of revenue 7.4 % 8.3%

Tax credit 57 65

Total self-funded cash R&D after tax credit (419) (525) (106)

Gross capitalized R&D 216 290

Amortised R&D (34) (37)

P&L R&D in recurring EBIT (237) (272) (35)

as a % of revenue 3.7 % 3.8 %

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H1 2013 EARNINGS / JULY 26, 2013 /

H1 2013 results by activity

(In €M) H1 2013 Propulsion Equipment Defence Security Holding & others

Revenue 7,066 3,773 1,961 598 733 1

Year-over-year growth in % 10.2% 15.5% 9.7% (6.6)% 1.9% na

Recurring operating income 847 634 175 45 66 (73)

as a % of revenue 12.0% 16.8% 8.9% 7.5% 9.0% na

19 /


H1 2013 EARNINGS / JULY 26, 2013 /

Aerospace Propulsion

è Growing revenue§ Strong rise in civil OEM deliveries (CFM56, high-thrust and military engines, helicopter turbines)

§ Favourable trends in civil aftermarket and solid military aftermarket

è Excellent profitability mainly driven by civil aftermarket§ Aftermarket (recent CFM56 and GE90 engines, helicopter turbine support contracts, M88 maintenance)

§ Impact of better OE volume and unit revenue for civil engines

§ Productivity improvements

§ Positive currency effect

(In €M) H1 2012restated H1 2013 Change Organic

Change

Revenue 3,266 3,773 +15.5% +15.6%

Recurring operating income 515 634 +23%

% of revenue 15.8% 16.8%

One-off items - (15)

Profit (loss) from op. 515 619

% of revenue 15.8% 16.4%

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H1 2013 EARNINGS / JULY 26, 2013 /

Aircraft Equipment

è OE driven revenue growth§ Increases in OEM production rates (notably Boeing 787) coupled with production start-up of A400M programme,

as well as regional jets market segment§ Market share wins in carbon brakes

è Significant improvement in profitability§ Favourable mix/volume impact on harnesses and landing systems (Boeing 787, A330, A320) § Carbon brakes: high returns as a result of a larger installed base and continued air traffic growth§ Positive currency effect

è 3 months contribution of GEPS: €47M in revenue and €3M in profits (6.4% of revenue)


Change

Revenue 1,787 1,961 +9.7% 7.6%

Recurring operating income 136 175 +29%

% of revenue 7.6% 8.9%

One-off items (7) (3)



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H1 2013 EARNINGS / JULY 26, 2013 /

Defence

è High-single digit growth in Avionics with a satisfactory profitability level§ Higher deliveries of guidance kit modules and solid Flight Control Systems activity

§ Combination of favourable mix/volume effect with lower manufacturing costs

è Mild decrease in Optronics slightly impacting profits§ Delivery of the Felin infantry combat system to two regiments of the French Army

§ Long-range infrared goggles down compared to a very strong first-half 2012


Change

Revenue 640 598 (6.6)% (6.3)%

Recurring operating income 45 45 -


One-off items - 2



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H1 2013 EARNINGS / JULY 26, 2013 /

Security


Change

Revenue 719 733 +1.9% +2.4%

Recurring operating income 66 66 -


One-off items (10) -



è Solid trends in Identification

§ MorphoTrust delivered performance as per initial expectations at time of acquisition, driven by increased volumes in driving licences and passports, as well as the on-going nationwide implementation of the federal Unified Enrolment System (UES), while achieving full cost synergies

§ Renewed momentum in biometric identity solutions in emerging countries: Kenya, Egypt, Mali, India…

è e-Documents: mixed performance in smart cards for both telecom and banking markets

è Detection: temporarily low Trace volumes and unfavourable mix on Explosive Detection Systems impacting margins

23 /


H1 2013 EARNINGS / JULY 26, 2013 /

Fx hedging: improving rates in 2013, 2014 and 2016

Hedge portfolio, July 15, 2013

Achieved

Target

1.37 1.32 1.28 1.28

1.27

1.25

1.26

1.25

1.25

Estimated exposure needsIn US$ bn

€/$ hedge rate

2.7

4.35.0

5.3

4.74.9

5.4

0

1

2

3

4

5

6

2011 2012 2013 2014 2015 2016

~5.4

Approx. 50% of Safran US$ revenue naturally hedged by US$ procurement

Total: $15.4bn è 2013 and 2014 are fully hedged

è 2015 hedging almost finalizedn $4.9bn achieved at $1.25

to rise to $5.4bn at $1.26 as long as €/$<1.42 in 2013

è Further increase in 2016 hedgingn $2.7bn achieved at $1.25

to rise to $4.7bn at $1.25 as long as €/$<1.39 up to end of 2014

~5.4

24 /


H1 2013 EARNINGS / JULY 26, 2013 /

Fx hedging: benefiting margins over 2013-15

-100

-50

0

50

100

150

200

250

300

350

400

Estimated impact on recurring operating incomeof targeted €/$ hedge rates

c.120135155

1.37

1.32

1.26

2012 2013E

1.28

2014E 2015E

c.30

200

100

0

-100

EBIT impactvs. previousyear (in €M)

1.2

1.3

1.4

1.1

1.35

1.25

1.15

1.05

1.0

€/$hedge

rate

300

2011

c.30

2016E

1.271.25

c.30

Cumulative €210M tailwind in profits over 2013-2016E

25 /


H1 2013 EARNINGS / JULY 26, 2013 /

Free Cash Flow

(in €M) H1 2012restated H1 2013

Adjusted net profit 414 658

Depreciation, amortization and provisions 357 299

Others 104 54

Cash from operating activities 875 1,011

Change in WC (305) (223)

Capex (tangible assets) (199) (228)

Capex (intangible assets) (267) (403)

Free cash flow 104 157

Increased R&D and Capex investments (as planned)

Modest increase in WC requirements to cope with rising production rates in

aerospace markets

§ Stable Depreciation & Amortisation at €(273)M

§ Utilisation of past provisions in line with OE growth

§ Reduced needs for new provisions in the semester

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H1 2013 EARNINGS / JULY 26, 2013 /

Net debt position

èCash flow from operationsequals 1.2x EBIT

èModerate increase in WC requirements

è2012 final dividend of €271M (€0.65 per share) to parent holders

èDisposal of 12.57% of Ingenico (€287M)

è“Acquisitions & Others” include:

§ GEPS: €(301)M

§ Colibrys, Safran Aerospace Composites, Aerofund III …

(in €M)

(932)

287

Dividends*

Disposal of 12.57% Ingenico

(223)

1,011 (631)

Net debt at Dec 31, 2012

Cash flowfrom ops

Acquisitions & others

Net debt atJune 30, 2013

Changein WC R&D

andCapex

€157M Free Cash Flow

(279)

(1,202)

(435)

* Includes €(8)M of dividends to minority interests

27 /


H1 2013 EARNINGS / JULY 26, 2013 /

Gross debt

Gross debt repayment schedule(June 30, 2013)

è Renewed financing resources: €2.55bn(committed & undrawn) subject to 1 covenant (net debt/EBITDA <2.5)

§ Credit line - €1,600M, undrawn, maturity Dec. 2015§ Credit line - €950M, undrawn, maturity Oct. 2016

€1,064M€1,098M

€689M

<1 year 1 to 5 years >5 years

€1,250M

€1,000M

€750M

€500M

€250M

€0

28 /


H1 2013 EARNINGS / JULY 26, 2013 /

Balance sheet highlights

(In €M)Dec 31,

2012restated

June 30, 2013

GoodwillTangible & Intangible assetsOther non current assetsOperating Working CapitalNet cash (debt)

3,0786,476

818890

(932)

3,3066,764

7551,110

(1,202)

Shareholders’ equity - Group shareMinority interestsNon current liabilities (excl. net cash (debt))ProvisionsOther current liabilities / (assets) net

5,834163

1,7582,887(312)

6,007160

1,7342,965(133)

è Shareholders’ equity up by €173M

è OWC increased by €220M at €1,110M (7.8% of LTM revenue)

è Provisions grew slightly

29 /


H1 2013 EARNINGS / JULY 26, 2013 /

Customer financial guarantees

(In $M) Dec. 31,2012

June 30,2013

Total guarantees 72 63

Estimated value of pledges 20 11

Net exposure on these guarantees 37 37

Provisions 37 36

èDecrease of the level of total guarantees: expiration of certain financial commitments

èOutstanding risk of the portfolio (net exposure) well covered by the provisions booked in Safran’s accounts


30 / H1 2013 EARNINGS / JULY 26, 2013 /

/03/Outlook

31 /


H1 2013 EARNINGS / JULY 26, 2013 /

Equity shareholding

As of June 30, 2013

French State27.1%

Public57.8%

Treasury shares

0.1%

Employees15.0%

Free float continued to increase

As of Dec. 31, 2012

French State30.2%

Public54.1%

Treasuryshares0.3%

Employees15.4%

32 /


H1 2013 EARNINGS / JULY 26, 2013 /

FY 2013 profit outlook is upgraded

è Adjusted revenue to increase by a percentage in the mid-to-high single digits at an estimated average spot rate of €/$ 1.29

è Adjusted recurring operating income to increase by around 20% (previously mid-teens) at an improved hedged rate of €/$ 1.28 (previously 1.29)

è The objective for free cash flow to represent about 40% of the adjusted recurring operating income remains achievable, yet challenging: the major uncertainty being the amount of advance payments and the rhythm of payments by state-clients in the second half

è No change in underlying assumptions, except:§ Civil aftermarket increase by a percentage in the low-teens (previously high single digits)


33 / H1 2013 EARNINGS / JULY 26, 2013 /

/04/Questions & Answers


34 / H1 2013 EARNINGS / JULY 26, 2013 /

/05/Additional information

35 /


H1 2013 EARNINGS / JULY 26, 2013 /

H1 & FY 2012 restated results by activity (amended IAS19)

(In €M) H1 2012restated Propulsion Equipment Defence Security Holding

& others

Revenue 6,413 3,266 1,787 640 719 1

Year-over-year growth in % 14.1% 9.7% 18.8% 2.6% 41.3% na

Recurring operating income 687 515 136 45 66 (75)

as a % of revenue 10.7% 15.8% 7.6% 7.0% 9.2% na

(In €M) FY 2012restated Propulsion Equipment Defence Security Holding

& others

Revenue 13,560 7,005 3,691 1,315 1,546 3

Year-over-year growth in % 15.5% 14.6% 19.2% 4.0% 23.8% na

Recurring operating income 1,444 1,076 286 79 145 (142)

as a % of revenue 10.6% 15.4% 7.7% 6.0% 9.4% na

è H1 2012 restated

è FY 2012 restated


36 / H1 2013 EARNINGS / JULY 26, 2013 /

H1 2013: R&D by activity

(In €M) H1 2013 Propulsion Equipment Defence Security

Total self-funded cash R&D (590) (354) (117) (57) (62)

as a % of revenue 8.3% 9.4% 6.0% 9.5% 8.5%

Tax credit 65 22 19 18 6

Total self-funded cash R&D after tax credit (525) (332) (98) (39) (56)

Gross capitalized R&D 290 214 60 11 5

Amortised R&D (37) (14) (16) (5) (2)

P&L R&D in recurring EBIT (272) (132) (54) (33) (53)

as a % of revenue 3.8 % 3.5% 2.8% 5.5% 7.2%


37 / H1 2013 EARNINGS / JULY 26, 2013 /

H1 2012: R&D by activity

(In €M) H1 2012 Propulsion Equipment Defence Security

Total self-funded cash R&D (476) (259) (101) (54) (62)

as a % of revenue 7.4% 7.9% 5.7% 8.4% 8.6%

Tax credit 57 22 13 17 5

Total self-funded cash R&D after tax credit (419) (237) (88) (37) (57)

Gross capitalized R&D 216 137 60 11 8

Amortised R&D (34) (12) (16) (4) (2)

P&L R&D in recurring EBIT (237) (112) (44) (30) (51)

as a % of revenue 3.7% 3.4% 2.5% 4.7% 7.1%

38 /


H1 2013 EARNINGS / JULY 26, 2013 /

Aerospace OE / Services revenue split

Revenue

Adjusted data(in Euro million)

H1 2012 H1 2013 % change

OE Services OE Services OE Services

Propulsion% of revenue

1,72252.7%

1,54447.3%

1,98652.6%

1,78747.4%

15.3% 15.7%

Equipment% of revenue

1,28872.1%

49927.9%

1,39471.1%

56728.9%

8.2% 13.6%

39 /


H1 2013 EARNINGS / JULY 26, 2013 /

Quantities of major aerospace programs

Number of units delivered H1 2012 H1 2013 % change

CFM56 engines 723 772 7%

High thrust engines 243 304 25%

Helicopter engines 430 488 13%

M88 engines 8 14 75%

A380 nacelles 60 52 (13)%

A330 thrust reversers 69 66 (4)%

A320 thrust reversers 236 261 11%

Small nacelles (biz & regional jets) 235 257 9%

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H1 2013 EARNINGS / JULY 26, 2013 /

Definition

èCivil aftermarket (expressed in USD)§ This non-accounting indicator (non audited) comprises spares and MRO

(Maintenance, Repair & Overhaul) revenue for all civil aircraft engines for Snecmaand its subsidiaries and reflects the Group’s performance in civil aircraft engines aftermarket compared to the market.


41 / H1 2013 EARNINGS / JULY 26, 2013 /

First-Half 2013 Earnings - safran-group.com · PDF fileCFM56 192 new engine orders ... enable...

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