Safran Sa · EURONEXT:SAF
Safran Sa — Safran Sa Ord — Q1 2024 Earnings Presentation
17 slides from Safran Sa's earnings presentation, Apr 26, 2024
Slide 1: Q1 2024 revenue
DRAFT – V3 15/04 Q1 2024 revenue April 26, 2024 Olivier ANDRIES Chief Executive Officer Pascal BANTEGNIE Chief Financial Officer
Slide 2: Disclaimer & foreword
Disclaimer & foreword FORWARD-LOOKING STATEMENTS This document contains forward-looking statements relating to Safran, which do not refer to historical facts but refer to expectations based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could
Slide 3: Q1 2024: key highlights
Q1 2024: key highlights Air traffic Narrowbody ASK*: 113% of 2019 at the end of March Widebody ASK*: 94% of 2019 at the end of March Soft start in aircraft production Solid growth in revenue 18% yoy (19% organic) Driven by services across the board, notably civil aftermarket (+27,3%);
Slide 4: Q1 2024 revenue
Q1 2024 revenue Adjusted revenue(1) 2-digit revenue growth in all divisions In €M +18.1% 6,220 Services (+20% org.): 5,266 Growth all across the board in all divisions benefiting 12.6% from air traffic growth +19.1% org. Civil aftermarket up 27.3% y-o-y; up 12% sequentially and consistent wi
Slide 5: Business highlights
Business highlights LEAP engines orders and services agreements Helicopter engines agreements Support agreement for M88 engines (Qatar) Service agreements in Equipment division 5 SAFRAN - Q1 2024 Revenue / April 26, 2024 This document and the information therein are the property of Safran. They must
Slide 6: Q1 2024 Revenue
EE? a? 2 Q1 2024 REVENUE S SAFRAN
Slide 7: FX: estimated net exposure and 2024 hedge rate set at $1.12
FX Estimated net exposure(2) ($bn) 13 2024 hedge rate set at $ 1.12 12 13 13 13 (1-cent improvement from 2023) 10.4 $51.7bn hedge book(1) as of March 2024 ($54bn as of Dec. 2023) Spot rate €/$ Q1’23 Q1’24 2023 2024e 2025e 2026e 2027e 2028e Average spot rate 1,07 1,09 March 31 rate 1,09 1,08 €/$
Slide 8: Q1 2024 revenue bridge
Q1 2024 revenue (In €M) Organic: +19.1% 18.1% Currency: (1.0)% €/$ spot rate: 1.09 in Q1’24 (1.07 in Q1’23) 1,005 6,271 (51) 0 6,220 Scope: 0% 5,266 Disposal of Cargo and Catering activities in May 2023 (from Aircraft Interiors) Acquisition of Thales Aeronautical Electrical Organic Syste
Slide 9: Q1 2024 revenue per activity
Q1 2024 revenue per activity Organic growth drivers Adjusted data Organic Aerospace Propulsion Q1 2023 Q1 2024 Change (In €M) Change OE engines Flat LEAP deliveries : soft start of the year of aircraft production Aerospace Propulsion 2,714 3,097 14.1% 15.4% Flat helicopter turbines deliverie
Slide 10: FY 2024 Outlook
FY 2024 OUTLOOK S SAFRAN
Slide 11: FY 2024 outlook reaffirmed
FY 2024 outlook reaffirmed SAFRAN EXPECTS TO ACHIEVE FOR FY 2024(1) (€/$ spot rate of 1.10 and hedge rate of 1.12) Revenue around €27.4bn Recurring operating income close to €4.0bn Free Cash Flow around €3.0bn subject to payment schedule of some advance payments Safran’s main assumptions Watch
Slide 12: Appendix
APPENDIX
Slide 13: Q1 2024 consolidated and adjusted revenue
Q1 2024 consolidated and adjusted revenue Hedge accounting Business combinations Q1 2024 Consolidated Amortization of PPA impacts - other Adjusted revenue (In Euro million) revenue Re-measurement of Deferred hedging intangible assets - business revenue gain (loss) Sagem/Snecma combinations Revenue 6
Slide 14: Number of products delivered on major aerospace programs
Number of products delivered on major aerospace programs Number of units delivered Q1’23 Q1’24 Units % Number of units delivered Q1’23 Q1’24 Units % LEAP engines 366 367 1 0% A320neo landing gear sets 123 167 44 36% CFM56 engines 15 12 (3) (20)% A320neo nacelles 135 135 - 0% High thrust engines 37 5
Slide 15: OE / Services revenue split
OE / Services revenue split Q1 2023 Q1 2024 REVENUE Adjusted data (in Euro million) OE Services OE Services Aerospace Propulsion 1,106 1,608 1,198 1,899 % of revenue 40.8% 59.2% 38.7% 61.3% Equipment & Defense 1,144 822 1,470 974 % of revenue 58.2% 41.8% 60.1% 39.9% Aircraft Interiors 395(1) 189 417
Slide 16: Definitions
Definitions Civil aftermarket (expressed in $) This non-accounting indicator (non-audited) comprises spares and MRO (Maintenance, Repair & Overhaul) revenue for all civil aircraft engines for Safran Aircraft Engines and its subsidiaries and reflects the Group’s performance in civil aircraft engi
Slide 17: SAFRAN - Q1 2024 Revenue / April 26, 2024
17 SAFRAN - Q1 2024 Revenue / April 26, 2024 This document and the information therein are the property of Safran. They must not be copied or communicated to a third party without the prior written authorization of Safran