Safran: 2016 Annual Results: Key Figures for Full-Year 2016 (continuing operations except where stated)
(Source: Safran; issued Feb 24, 2017)
All figures in this press release represent adjusted [1] data and continuing operations, except where noted. Please refer to the definitions and reconciliation between FY 2016 consolidated income statement and adjusted income statement. Comparisons are established against 2015 figures for continuing operations. Please refer to definitions contained in the Notes on page 15 and following of this press statement.

Organic variations exclude notably the effects of significant changes in scope: the classification of the Security activities as discontinued operations and the adoption of equity accounting for Airbus Safran Launchers.

PARIS --- Adjusted revenue was Euro 15,781 million, up 1.6% year-on-year. Adjusted revenue growth was 3.9% on an organic basis.

Adjusted recurring operating income [2] was Euro 2,404 million, a 5.4% increase year-on-year. After one-off items totalling Euro (18) million, adjusted profit from operations was Euro 2,386 million.

Adjusted recurring operating margin of 15.2% improved by 50 basis points compared to 2015.

Adjusted net income – Group share (continuing and discontinued operations) at Euro 1,804 million rose 21.7% compared with 2015. Basic EPS was Euro 4.34, diluted EPS was Euro 4.26. For continuing operations, adjusted net income – Group share was Euro 1,689 million (basic EPS of Euro 4.06, diluted EPS of Euro 3.99). The capital gain of Euro 367 million resulting from the loss of control in the activities and the investments contributed to Airbus Safran Launchers is neutralised in the adjusted net income.

Consolidated (non-adjusted) net income - Group share (for continuing and discontinued operations) at Euro 1,908 million, including a non-cash charge of Euro 186 million, before related deferred tax impact, resulting from the change in fair value of the portfolio of currency derivatives used to hedge future cash flows and a capital gain of Euro 367 million resulting from the loss of control in the activities and the investments contributed to Airbus Safran Launchers (see Note 1 on page 15).

Free cash flow generation was Euro 1,091 million, 17.4% higher than in 2015 and amounting to 45% of adjusted recurring operating income.

Net debt was Euro 1,383 million as of December 31, 2016, following notably a capital subscription of Euro 750 million made by Safran to equalise its share in Airbus Safran Launchers.

Civil aftermarket [3] growth was 6.9% in USD terms in 2016 driven notably by recent CFM56, GE90 engines spares and services. Civil aftermarket had a strong finish to 2016 with 12.5% growth in Q4.

A dividend payment of Euro 1.52 per share (+10.1% year on year) will be proposed to the shareholders' vote at the Annual General Meeting on June 15, 2017 (including the Euro 0.69 per share interim dividend payment paid in December 2016).

2017 outlook:

For 2017, on a full year basis, Safran expects its reported adjusted revenue to grow in the range 2% to 3%. Excluding the effect of the equity accounting of ASL from July 1, 2016, revenue growth is expected to be in the low to mid-single digits. Adjusted recurring operating income is expected to be close to the 2016 level. Free cash flow is expected to be above 45% of recurring operating income.

Click here for the full statement, on the Safran website.


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