Safran Sa · EURONEXT:SAF
Safran Sa — Q1 2012 Earnings Presentation
19 slides from Safran Sa's earnings presentation, Apr 26, 2012
Slide 1: First-quarter 2012 Revenue
First-quarter 2012 Revenue / April 26, 2012 / 0 / Q3 Q1 2012 REVENUE REVENUE 2011// APRIL OCTOBER 26, 2012 21, 2011 / / 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 Safr
Slide 2: Q1 2012 business highlights
Q1 2012 business highlights 10-year contract with Safran to supply wheels Chile’s national records and carbon-brakes for 63 administration 737NG aircraft of leading Malaysian airline Firefly Selected to supply easyJet first airline to trial JIM LR binoculars to electric green taxiing British Army sy
Slide 3: Q1 2012 financial highlights
Q1 2012 financial highlights è Original equipment up 22% in aerospace (Propulsion and Equipment) è Solid growth in civil aftermarket (+15.1% in $) +15.9% 3,108 § Strength in the narrowbody segment (Global CFM56 spares revenue up 24.2% in $) mainly driven by 2nd generation engines 2,681 è 2-digit rev
Slide 4: Aerospace OE
Aerospace OE CFM56 engines Q1 2011 Q1 2012 Change è 429 CFM56 and 266 LEAP new engine orders as of April 19, 2012 Total installed base 21,144 22,402 5.9% è Continuing rise of installed base and Share of 2nd gen. engines 58% 60% +2 pts increased share of 2nd generation CFM engines in fleet Number of
Slide 5: Aerospace services
Aerospace services è Propulsion § Global CFM56 spares revenue growth: Q1 2012 up 24.2% vs. Q1 2011 Q1 2012 up 1.3% vs. Q4 2011 Services* revenue Q1 2011 Q1 2012 Change § Flattish high thrust widebody engine (in €M) spares Aerospace Propulsion 738 789 6.9% § Modest increase in aftermarket services Se
Slide 6: Q1 2012 Financials
/02/ Q1 2012 Financials 5 / Q1 2012 REVENUE / APRIL 26, 2012 / 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.
Slide 7: Foreword
Foreword All revenue figures in this presentation represent Adjusted revenue (see annex for bridge with consolidated revenue) To reflect the Group’s actual economic performance and enable it to be monitored and benchmarked against competitors, Safran prepares an adjusted income statement alongside i
Slide 8: Fx impact
Fx impact è Fx positive impact during Q1 2012 n Translation effect: foreign currencies translated into € Average spot rate ⇒ Positive impact from $ Q1 2011 Q1 2012 ⇒ Impact on Revenue and Return on Sales $1.37 $1.31 n Transaction effect: mismatch between $ sales and € costs is hedged Hedge rate ⇒ Po
Slide 9: Q1 2012 revenue
Q1 2012 revenue Change Change Main drivers Adjusted data Q1 2011 Q1 2012 è Positive aerospace OEM volumes reported organic as well as improving aftermarket (in €M) trends, except for military business Aerospace Propulsion 1,423 1,585 11.4% 3.5% (programme timing) è Increase of nacelles (A380, A320,
Slide 10: Q1 2012 revenue
Q1 2012 revenue è Higher OEM volumes and (In €M) improving trends in civil +15.9% aerospace aftermarket and growing momentum in 154 3,108 security 77 2,954 196 2,877 è Favourable currency impact 2,681 § Positive translation and transaction impact on $ 7.3% organic è Changes in the scope of consolida
Slide 11: Fx: increasing the hedge book
Fx: increasing the hedge book Appx. 50% of Safran’ USD revenue naturally hedged by USD procurement Hedge portfolio, April 15, 2012 Total: $15.2bn è 2012 and 2013 are fully Estimated exposure needs hedged In US$ bn è 2014 is almost completed 6 n $4.5bn achieved at $1.29 4.8 ~5.0 ~5.0 ~5.0 to rise to
Slide 12: Outlook
/03/ Outlook 11 / Q1 2012 REVENUE / APRIL 26, 2012 / 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.
Slide 13: Equity shareholding
Equity shareholding As of Dec. 31, 2011 As of March 31, 2012 Public French State Public French State 51.9% 30.2% 52.2% 30.2% Treasury Employees Treasury Employees shares shares 16.0% 17.2% 1.9% 0.4% 12 / Q1 2012 REVENUE / APRIL 26, 2012 / Ce document et les informations qu’il contient sont la propri
Slide 14: FY 2012 outlook is confirmed
FY 2012 outlook is confirmed è Revenue expected to increase by around 10% at an estimated average spot rate of USD 1.37 to the Euro è Recurring operating income expected to increase by around 20% at a hedge rate of USD 1.32 to the Euro è Free cash flow expected to represent about a third of the recu
Slide 15: Questions & Answers
/04/ Questions & Answers 14 / Q1 2012 REVENUE / APRIL 26, 2012 / 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.
Slide 16: Additional information
/05/ Additional information 15 / Q1 2012 REVENUE / APRIL 26, 2012 / 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.
Slide 17: Consolidated and adjusted income statements
Consolidated and adjusted income statements Currency hedging Business combinations Amortization of Q1 2012 Consolidated Adjusted Re- Deferred intangible PPA impacts - revenue measurement of hedging assets - other business revenue (In €M) revenue gain (loss) Sagem/Snecma combinations merger Revenue 3
Slide 18: Aerospace - CFM56 aftermarket
Aerospace - CFM56 aftermarket è Global CFM spares revenue in $: +24.2% in Q1 2012 vs. Q1 2011 § +1.3% vs. Q4 2011 § 69 new CFM56 powered aircraft parked since December 31, 2012 è 46% of CFM active fleet still to have their first shop visit (65% of the 2nd generation engines) Q1 2011 CFM56 shop visit
Slide 19: 18 / Q1 2012 REVENUE / APRIL 26, 2012 /
18 / Q1 2012 REVENUE / APRIL 26, 2012 / 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.