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Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
0 / INVESTOR ROADSHOW / DECEMBER 2015 /Q3 REVENUE 2011 / OCTOBER 21, 2011 /
/ December 2015 /
Tier 1 supplier inAerospace, Defence & Security
Investor roadshows
1 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
2014 revenue by activities
�Revenue €15,355M�Recurring op. income €2,089M (13.6% of revenue)
�Net income - Group share €1,248M (€3.00/share)
�Free Cash Flow €740M�Net debt position (Dec. 31) €1,503M (23% gearing)
29%
8%
53%
10%
Aircraft Equipment
DefenceAerospacePropulsion
Security
Tier 1 supplier in Aerospace - Defence - Security
FY 2014 (adjusted)
€15.4Bn
2 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
Leading market positions
#1 worldwide� Turbofans for single aisle commercial aircraft (1)
� Helicopter turbines� Landing gear, wheels and carbon brakes (2)
� Aircraft electrical interconnection system� Power transmission � Space launchers (3)
#2 worldwide� Engine nacelles
#4 worldwide� Military engines
Aerospace SecurityDefence
#1 Europe� Optronic systems� Inertial navigation systems
#1 worlwide� Flight control systems for
helicopters� Engine control systems (4)
#1 worldwide� Biometric ID solutions� Automated multi-biometric
ID systems� CTX (tomographic explosive
detection) systems for checked baggage
#4 worldwide� Smart cards
~80% of revenue coming from civil activities
(1) Through CFM International (50-50 JV with GE) (3) Through Airbus Safran Launchers (JV with Airbus) (2) Aircraft >100 passengers
(4) For civil aircraft, in partnership with BAE systems
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
3 / INVESTOR ROADSHOW / DECEMBER 2015 /
/ 4 key themes /Q3 2015 highlights & FY 2015 outlook
Positive trends in civil aftermarket
LEAP update
Capital allocation in line with Group strategy
4 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
Q3 2015 and 9m 2015 financial highlights
Q3 2014 Q3 2015
3,5894,141
(€M)
+15.4%
� Strong revenue growth in Q3 driven by continuing momentum in Propulsion and strength in Security.
� Services in Propulsion (up 19.0%) and Equipment (up 24.1%) continued to drive revenue growth.Security confirmed a strong revenue trajectory (+29%) as all businesses grew. Sales in Defenceincreased slightly.
� Civil aftermarket was up 18.5% in USD terms in Q3 and 24.4% year to date. Growth continues to bedriven by overhaul activity for second generation CFM56 and GE90 engines in the context of afavourable environment for airline customers.
9m 2014 9m 2015
10,79712,544
(€M)
+16.2%
5 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
Q3 2015 revenue by activity
Adjusted data(in Euro million)
Q3 2014 Q3 2015Changereported
Changeorganic
Aerospace propulsion 1,944 2,220 14.2% 5.7%
Aircraft equipment 1,021 1,180 15.6% (0.8)%
Defence 256 266 3.9% (1.2)%
Security 368 474 28.8% 17.7%
Others - 1 Na Na
Total revenue 3,589 4,141 15.4% 4.6%
Main growth drivers� Significant positive currency impacts from USD
� Continued momentum in Aerospace services:
� Propulsion: services up 19% (in €), driven by civil aftermarket (up 18,5% in USD). Healthy contribution from helicopter turbines services
� Equipment: services up 24% (in €) driven by landing gear aftermarket and continuing momentum in carbon brakes
� Ramp up of A350 programme (landing gear, wiring)
� Security: all activities contributing to strong, broad based growth
� Defence : growth in Optronics
Offsetting impacts� Lower helicopter turbines volumes due to
production delays and soft OE demand
� Nacelles: lower deliveries of A330 thrust reversers; lower A380 nacelle deliveries
6 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
9M 2015 revenue by activity
Adjusted data(in Euro million)
9m 2014 9m 2015Change
reported
Change
organic
Aerospace propulsion 5,707 6,706 17.5% 7.8%
Aircraft equipment 3,158 3,594 13.8% (1.0)%
Defence 840 882 5.0% (1.5)%
Security 1,090 1,359 24.7% 11.2%
Others 2 3 Na Na
Total revenue 10,797 12,544 16.2% 4.9%
7 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
Aerospace OE* / Services revenue split
Revenue
Adjusted data(in Euro million)
Q3 2014 Q3 2015 % change
OE Services OE Services OE Services
Propulsion
% of revenue
921
47.4%
1,023
52.6%
1,002
45.2%
1,217
54.8%
8.8% 19.0%
Equipment
% of revenue
731
71.6%
290
28.4%
820
69.5%
360
30.5%
12.2% 24.1%
Revenue
Adjusted data(in Euro million)
9m 2014 9m 2015 % change
OE Services OE Services OE Services
Propulsion
% of revenue
2,820
49.4%
2,887
50.6%
3,050
45.5%
3,656
54.5%
8.2% 26.6%
Equipment
% of revenue
2,278
72.1%
880
27.9%
2,544
70.8%
1,050
29.2%
11.7% 19.3%
(*) All revenue except services
8 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
Silvercrest
� Major tests successfully performed : icing, bird in gestion…� 11 engines ground tested
� 6 engines flight tested on flying test bed – Gulfstream II
� 3,200 hours of accumulated testing (310 hours on FTB)
� Additional development needed to meet operational l ife and performance (fuel) requirements
� Programme-related assets of €696M on balance sheet� Support for these assets to be tested during preparation of the 2015 annual accounts
� Potential contractual penalties during the developm ent phase are capped and entirely covered by provisions
Flight test of Silvercrest on FTB Ground test of Silvercrest
9 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
FY 2015 outlook confirmed
� Adjusted revenue to increase by a percentage in high single digits at anestimated average spot rate of USD 1.20 to the Euro. If the ave rage spot rateof USD 1.12 to the Euro remain throughout 2015, revenue wouldconsequently grow by a percentage in low double digits.
� Adjusted recurring operating income expected to increase b y a percentagein the mid-teens at a hedge rate of USD 1.25 to the Euro.
� Free cash flow expected to represent 35% to 45% of the adjusted recurringoperating income subject to usual uncertainties on the timi ng of advancepayments.
Safran’s 2015 outlook is applicable to the Group’s current structure and does not take into account any potential impact in 2015of notably the finalisation of the regrouping of its space launcher activities with those of Airbus Group in their joint venture, AirbusSafran Launchers.
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
10 / INVESTOR ROADSHOW / DECEMBER 2015 /
/ 4 key themes /Q3 2015 highlights & FY 2015 outlook
Positive trends in civil aftermarket
LEAP update
Capital allocation in line with Group strategy
11 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
9m 2015: positive trends in Civil aftermarket
� Civil aftermarket up 24.4%* in 9m 2015
� Q1 +17.8%; Q2 +38.3%; Q3 +18.5% year-over-year
� More, higher-value shop visits on recent CFM56
� Positive trend in GE90 aftermarket
� Favourable environment
� Passenger demand expected to be up 6.7% in 2015 according to IATA
� Lower oil price
� Confirms CFM56 fleet potential for spares revenue to double from 2010 dip before 2020e
� Civil aftermarket to grow by a percentage in the high-teens in 2015
� Q4 2015 will face a tougher comparison base
*In USD
Maintenance, Saint-Quentin- en-Yvelines, France
Maintenance, Casablanca, Morocco
12 /
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INVESTOR ROADSHOW / DECEMBER 2015 /
� Dedicated project decided in 2011� Analysis concluded that
maintenance behaviour could differ from one airline to another, impacting new spare parts sales
� Segment behaviour also varies according to economic context and air traffic
� New model based on airlines segmentation� Differentiate segments according to
maintenance behaviour� Simulate airlines’ reaction to
changing macro-economic environment
Forecasting spare parts business opportunity:the new “ behaviour ” model
CustomerEconomics
Engine constraints
Air traffic forecast
Airlines maintenance behaviour
Maintenance contracts
Theoretical aging
13 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
Forecasting spare partsOutcome of the new model (CFM56 spare parts forecast)
Expected CFM56 spare parts revenue profile
� CFM56 spare parts revenue to increase consistently and to peak by around 2025E
� Revenue should double from 2010 dip before 2020E
� 1st generation CFM56 spare parts potential to fade out within 5 years from now
The new model confirms 2025 horizon“Behaviour” model adds increased visibility on the sh ort term
2007 2010 2013 2016 2019 2022 2025 2028
2x3x
2010 dip
14 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
0
100
200
300
400
500
600
700
800
0
5 000
10 000
15 000
20 000
25 000
30 000
CFM Gen 1 CFM Gen 2 Global spare parts revenue (in $ - 100 base in 2000)
CFM56: strong prospects until 2025 and beyond
CFM56 active installed fleet to peak around 2018E at ~26,800 engines (~32,000 deliveries)
CFM56 spare parts revenue to peak by around 2025E
15 /
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INVESTOR ROADSHOW / DECEMBER 2015 /
� T&M: Time & Material� CFM is paid at the time of the actual shop visit on the basis
of an agreed-upon scope of material and labour⇒ income, expenses and cash impact coincide
� MSA: Material Service Agreement� CFM guarantees commercial conditions of parts supply
to airline/MRO providers
� RPFH: Rate Per Flight Hour � CFM receives a fixed sum per flight hour based on estimated cost to
perform engine maintenance to meet performance and availability guarantees⇒ decoupling of revenue & cash-in with costs & cash-out
� ESPO (Engine Service Per Overhaul): fraction of revenue booked progressively and remainder booked at the time of SV
� ESPH (Engine Service Per Hour): revenue booked progressively
Service agreementsA variety of aftermarket options tailored to needs
Service programmes aiming to support airlines on a predictable cost per engine flight hour basis, to enable accurate forecasting of operating costs, reduced cost of ownership, and improved asset utilisation
16 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
0
5 000
10 000
15 000
20 000
25 000
30 000
CFM56 GE90 LEAP
T&M
RPFH
Slow transition in business model
2015 to 2025: P&L will remain dominated by current model Impact of RPFH will be gradual
Active installed fleet of engines in 2020E (estimate)
� Strong adoption of LEAP customers of RPFH but LEAP fleet will represent ~10% of combined CFM fleet (by 2020E)
� CFM56 is mostly based on Time & Material
� Therefore, no material change expected from RPFH accounting by 2020E
~25,000
~3,000~2,700
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
17 / INVESTOR ROADSHOW / DECEMBER 2015 /
/ 4 key themes /Q3 2015 highlights & FY 2015 outlook
Positive trends in civil aftermarket
LEAP update
Capital allocation in line with Group strategy
18 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
Excellent progress of LEAP
LEAP on track for EIS as planned
� LEAP development proceeding according to plan� LEAP-1A : Joint EASA / FAA certification achieved. On track for commercial
deliveries in 2016.
� LEAP-1B : FTB campaign completed this summer after 50 flights totaling268 hours. Preparing for first flight of the 737MAX in early 2016
� LEAP-1C : Successful installation of the two Integrated Propulsion Systems completed on time in September to support COMAC roll-out planned by year end
� LEAP performance in line with roadmap, fully confident to fulfill commitments
� Preparing for production readiness� First commercial deliveries of LEAP in 2016
� LEAP supply chain mostly based on CFM56 supply chain
� Investing in new and enhanced facilities, including 2 new assembly lines dedicated to LEAP in Villaroche, France
Hot weather campaign: A320neo powered by LEAP-1A
High altitude campaign: A320neo poweredby LEAP-1A
2nd A320neo powered by LEAP-1A
19 /
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INVESTOR ROADSHOW / DECEMBER 2015 /
LEAP development on track
20 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
Outstanding commercial success for LEAP
Market share exceeding 70% on next-generation singl e-aisle commercial jets:
� More than 9,600 engine orders and commitmentsat September 30, 2015
� 53% market share on the A320neo
A320neo1,317
LEAP4,776 aircraft*
74%737 MAX
2,952
Comac507
* Excluding spare engines
First flight of LEAP-1A powered A320neo
First flight of LEAP-1B on flying test bed
21 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
Transitioning to LEAP
� Increasing assembly rates for narrowbodies
� Faster LEAP ramp up
� Outstanding commercial success: More than 9,600 engines in backlog (Sept 30, 2015)
� 1,800+ LEAP in 2020
� Higher CFM56 volumes over 2015-20
� Strong backlog of 3,800 engines (Sept 30, 2015) reflects sustaining demandand healthy order intake rate YTD
� Increasing market share on A320ceo1,
800+
1,56
0# deliveries
Capturing positive momentum of narrowbody segment
(e) (e) (e) (e) (e) (e)
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
22 / INVESTOR ROADSHOW / DECEMBER 2015 /
/ 4 key themes /H1 2015 highlights & upgraded FY 2015 outlook
Positive trends in civil aftermarket
LEAP update
Capital allocation in line with Group strategy
23 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
Cash allocation in line with Group strategy
� Research & Development� Create a distinctive difference through technological innovation (long term)� Spending reflects winning some attractive new business (medium term)
� Capital expenditure� Modernize existing sites and strengthen the international scope
� Acquisitions� Accelerate or establish positions in critical areas at justified price
� Dividend payments� Grow cash returns to shareholders� 40% payout of adjusted net income since 2007
Bus
ines
sS
hare
hold
ers
24 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
Acquisitions: objectives & criteria
HLP Electrical Power Systems
RTM322 programme
Buy “installed base” & “customer access”
Buy “technology assets”
M&A financial criteria
� Cover cost of capital within 3 years (RoCE)
� A deal should be EPS accretive in year 1 ideally. I f not, in year 2
� ROI in the range of 10 to 12%Per
form
ance
Bal
ance
sh
eet � Net debt/EBITDA around 2.0x. 2.5x max at peak for a limited period of time
� Interest cover ratio at 6x (= EBIT / Interest expen se)
Colombia/Peru
Post-tax cost of capital of 8% (aerospace & defence) and 9.5% (security)
25 /
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
INVESTOR ROADSHOW / DECEMBER 2015 /
2015 dividend
€1.20/share dividend for 2014; almost doubled in 3 years
152 202 256 400 467 500Totaldividenddistribution(€M)
152
154
202
0.50
0.38
0.62
102
Final Dividenddistribution(€M)
Dividendper share(€)
Interimdividenddistribution(€M)
0.96
129
271
200
267
1.121.20
267
233
Ce document et les informations qu’il contient sont la propriété de Safran. Ils ne doivent pas être copiés ni communiqués à un tiers sans l’autorisation préalable et écrite de Safran.
26 / INVESTOR ROADSHOW / DECEMBER 2015 /
/Annexe /Additional information
27 /
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INVESTOR ROADSHOW / DECEMBER 2015 /
Quantities of major aerospace programs
Number of units deliveredQ3 2014 Q3 2015 % 9m 2014 9m 2015 %
CFM56 engines 382 398 4% 1,174 1,214 3%
High thrust engines 155 150 (3)% 503 509 1%
Helicopter engines 170 121 (29)% 531 464 (13)%
M88 engines 6 8 33% 18 8 (56)%
787 landing gear sets 29 31 7% 88 95 8%
A350 landing gear sets 0 8 na 0 20 na
A380 nacelles 27 21 (22)% 84 70 (17)%
A330 thrust reversers 38 35 (8)% 122 108 (11)%
A320 thrust reversers 111 121 9% 369 380 3%
Small nacelles (biz & regional jets) 179 180 1% 487 518 6%
28 /
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INVESTOR ROADSHOW / DECEMBER 2015 /
Achieved
Target
1.26 1.25
1.25
1.25
1.25
1.25
1.25
1.08
<1.20
Fx hedging: $20.8bn Hedge portfolio* (Oct 15, 2015)
($bn)
€/$ hedge rate
*Approx. 45% of Safran US$ revenue are naturally hedged by US$ procurement
2016 & 2017 fully hedged
Yearly exposure: $7.1bn to $8.0bnIncreasing level of net USD exposure for 2015-18 due to strong
growth of businesses with exposed USD revenue
2018
� $3.9bn achieved at $1.08 through forward sales and short dated knock out option strategies to rise to a maximum of $8.0bn at an improved target rate below $1.20 through accumulators as long as €/$<1.28 up to end 2016
� Decrease of firm portion to $3.9bn reflecting active portfolio management to benefit from low spot rate through options
� Knock out options barriers set at various levels between $1.20 and $1.45 with maturities up to 2 years
29 /
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INVESTOR ROADSHOW / DECEMBER 2015 /
H1 2015 results by activity
(In €M) H1 2015 Propulsion Equipment Defence SecurityHolding & others
Revenue 8,403 4,486 2,414 616 885 2
Year-over-year growth in % 16.6% 19.2% 13.0% 5.5% 22.6% -
Recurring operating income 1,171 944 199 15 66 (53)
as a % of revenue 13.9% 21.0% 8.2% 2.4% 7.5% -
30 /
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INVESTOR ROADSHOW / DECEMBER 2015 /
H1 2015 income statement
* Based on 416,440,876 shares** Based on 416,432,773 shares
H1 2015 net profit up 89% (including the gain on In genico Group shares)
(In €M)H1 2014restated
H1 2015
Revenue 7,208 8,403
Other recurring operating income and expenses (6,270) (7,248)
Share in profit from joint ventures 18 16
Recurring operating income% of revenue
956
13.3%
1,171
13.9%
Total one-off items (10) (4)
Profit from operations
% of revenue
946
13.1%
1,167
13.9%
Net financial income (expense) (11) (39)
Income tax expense (304) (353)
Share in profit from associates 7 4
Gain on disposal of Ingenico Group shares - 419
Profit for the period attributable to non-controlling interests (22) (34)
Profit attributable to owners of the parent
EPS (in €)
616
1.48*
1,164
2.80**
Of which cost of debt of €(10)M
Post-tax capital gain from placements of
Ingenico Group shares
Apparent tax rate of 31.3%
Including €1.00 per share due to the sale of Ingenico Group shares
31 /
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INVESTOR ROADSHOW / DECEMBER 2015 /
Research & Development
� Decrease of self-funded cash R&D effort at 8.1% of sales
� Self-funded R&D declined notably for LEAP and A350
� Falling capitalized costs, as expected, driven by lower LEAP and A350 spending; Silvercrest fully expensed since 1 April 2014
(In €M) H1 2014 H1 2015 Change
Total R&D 982 1,021 39
External funding (273) (340) 67
Total self-funded cash R&D 709 681 (28)
as a % of revenue 9.8% 8.1% (1.7) pt
Tax credit (73) (76) 3
Total self-funded cash R&D after tax credit 636 605 (31)
Gross capitalized R&D (355) (243) 112
Amortised R&D 39 45 6
P&L R&D in recurring EBIT 320 407 87
as a % of revenue 4.4% 4.8% 0.4 pt
32 /
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INVESTOR ROADSHOW / DECEMBER 2015 /
Free Cash Flow
(in €M)H1 2014restated
H1 2015
Adjusted net profit 616 1,164
Depreciation, amortization and provisions 376 458
Others 123 (127)
Cash from operating activities 1,115 1,495
Change in WC (294) (529)
Capex (tangible assets) (299) (359)
Capex (intangible assets) (481) (511)
Free cash flow 41 96
• Lower capitalized R&D• Higher tangible and
intangible (ex-R&D) investments due to the transition to new engine programs
Increase in working capital requirements due to rising production rates in aerospace markets and impact of a stronger $
Of which amortization of tangibles and intangibles for €302M and provisions (net) for €140M
33 /
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INVESTOR ROADSHOW / DECEMBER 2015 /
Net debt position
�Cash flow from operationsequals 1.2x EBIT
�Increase in WC requirements to cope with rising production rates in aerospace markets and impact of stronger dollar
�2014 final dividend of €267M (€0.64 per share) to parent holders
�“Acquisitions/Divestments & Others” include:
� €364M of proceeds from the sale of Ingenico Group shares
� €(84)M of foreign exchange differences on USPP
(in €M)
(1,503)
Dividends*
Net debt at Dec 31, 2014
Cash flowfrom ops
Acquisitions/Divestments
& others
Net debt atJune 30, 2015
Changein WC
R&Dand
Capex
€96M Free Cash Flow
* Includes €(18)M of dividends to minority interests
1,495
(529)
(870)
(285) 193
(1,499)
34 /
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INVESTOR ROADSHOW / DECEMBER 2015 /
Gross debt and liquidity
Gross debt repayment schedule(June 30, 2015)
� April 2014 private placement - €200M, maturity 2024, 2.93% yield, no covenants
� USPP - $1.2bn, maturities 2019, 2022 & 2024; subject to 1 covenant(net debt/EBITDA <2.5)
Grossdebt
€3,307M
Cash & equiv.€1,789M
+Debt hedging
instruments €19M
Net debt €1,499M
� Committed & undrawn financing resources: €2.55bn; subject to 1 covenant (net debt/EBITDA <2.5)
� Credit line - €950M, maturity Oct. 2016
� Credit line - €1,600M, maturity Dec. 2015
€1,574M
€478M
€1,255M
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INVESTOR ROADSHOW / DECEMBER 2015 /
Balance sheet highlights
(In €M)Dec 31,
2014restated*
June 30, 2015
Goodwill
Tangible & Intangible assets
Investments in joint ventures and associates
Other non current assets
Operating Working Capital
Net cash (debt)
3,420
8,464
771
674
1,025
(1,503)
3,554
9,023
727
1,374
1,475
(1,499)
Shareholders’ equity - Group share
Minority interests
Non current liabilities (excl. net cash (debt))
Provisions
Other current liabilities / (assets) net
6,266
225
1,549
3,329
1,482
6,103
254
1,540
3,455
3,302
� OWC increased by €450M at €1,475M (8.9% of LTM revenue)
� Increased provisions mostly linked to higher level of activity on service contracts
*Restated for the adoption of IFRIC 21
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INVESTOR ROADSHOW / DECEMBER 2015 /
Definition
� 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 Snecmaand its subsidiaries and reflects the Group’s performance in civil aircraft engines aftermarket compared to the market.
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INVESTOR ROADSHOW / DECEMBER 2015 /
Disclaimer
The forecasts and forward-looking statements described in this document are based on the data, assumptions and estimates considered as reasonable by the Group as at the date of this document. These data, assumptions and estimates may evolve or change as a result of uncertainties related in particular to the economic, financial, competitive, tax or regulatory environment. The occurrence of one or more of the risks described in the registration document (document de référence) may also have an impact on the business, financial position, results and prospects of the Group and thus affect its ability to achieve such forecasts and forward-looking statements. The Group therefore neither makes any commitment, nor provides any assurance as to the achievement of the forecasts and forward-looking statements described in this document
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