First-Half 2013 Earnings - SafranH1 2013 Results 6 / Ce document et les informations qu’il...
Transcript of First-Half 2013 Earnings - SafranH1 2013 Results 6 / Ce document et les informations qu’il...
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0 / H1 2013 EARNINGS / JULY 26, 2013 /Q3 REVENUE 2011 / OCTOBER 21, 2011 /
/ July 26, 2013 /
First-Half 2013 Earnings
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1 / H1 2013 EARNINGS / JULY 26, 2013 /
/01/
Jean-Paul HERTEMAN - Chairman & CEO
H1 2013 highlights
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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
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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 $15bn
at list price
As of June 30, 2013
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H1 2013 EARNINGS / JULY 26, 2013 /
H1 2013: positive trends in Civil aftermarket
èCivil aftermarket up 16.8% ($ 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)
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5 / H1 2013 EARNINGS / JULY 26, 2013 /
/02/
Ross McINNES - Deputy CEO, CFO
H1 2013 Results
6 /
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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.
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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.
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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)
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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
Recurring operating income% of revenue
1,47110.8%
(27) 1,44410.6%
Profit from operations% of revenue
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
Profit - group shareBasic EPS (in €)
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)
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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)
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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
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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
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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
Recurring operating income% of revenue
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)
Profit from operations% of revenue
66810.4%
82411.7%
Includes acquisition and integration costs,
notably related to GEPS
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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
Recurring operating income% of revenue
68710.7%
84712.0%
Profit from operations% of revenue
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)
Profit - group shareBasic EPS (in €)
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
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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
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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
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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
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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)
(In €M) H1 2012restated H1 2013 Change Organic
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)
Profit (loss) from op. 129 172
% of revenue 7.2% 8.8%
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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
(In €M) H1 2012restated H1 2013 Change Organic
Change
Revenue 640 598 (6.6)% (6.3)%
Recurring operating income 45 45 -
% of revenue 7.0% 7.5%
One-off items - 2
Profit (loss) from op. 45 47
% of revenue 7.0% 7.9%
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H1 2013 EARNINGS / JULY 26, 2013 /
Security
(In €M) H1 2012restated H1 2013 Change Organic
Change
Revenue 719 733 +1.9% +2.4%
Recurring operating income 66 66 -
% of revenue 9.2% 9.0%
One-off items (10) -
Profit (loss) from op. 56 66
% of revenue 7.8% 9.0%
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
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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
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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 /
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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
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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
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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
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H1 2013 EARNINGS / JULY 26, 2013 /
Customer financial guarantees
(In $M) Dec. 31,2012
June 30,2013
Total guarantees 72 63
Estimated value of pledges 20 11
Net exposure on these guarantees 37 37
Provisions 37 36
èDecrease of the level of total guarantees: expiration of certain financial commitments
èOutstanding risk of the portfolio (net exposure) well covered by the provisions booked in Safran’s accounts
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30 / H1 2013 EARNINGS / JULY 26, 2013 /
/03/Outlook
31 /
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H1 2013 EARNINGS / JULY 26, 2013 /
Equity shareholding
As of June 30, 2013
French State27.1%
Public57.8%
Treasury shares
0.1%
Employees15.0%
Free float continued to increase
As of Dec. 31, 2012
French State30.2%
Public54.1%
Treasuryshares0.3%
Employees15.4%
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H1 2013 EARNINGS / JULY 26, 2013 /
FY 2013 profit outlook is upgraded
è Adjusted revenue to increase by a percentage in the mid-to-high single digits at an estimated average spot rate of €/$ 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)
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33 / H1 2013 EARNINGS / JULY 26, 2013 /
/04/Questions & Answers
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34 / H1 2013 EARNINGS / JULY 26, 2013 /
/05/Additional information
35 /
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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
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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%
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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%
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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%
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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.
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41 / H1 2013 EARNINGS / JULY 26, 2013 /