February 20, 2014
Safran delivers strong operational performance in full-year 2013
Safran reported that new order intake during 2013 was €20.8bn, providing evidence of robust and resilient demand. The backlog grew to €56.2bn compared to €48.5bn last year. It does not include future flows from CFM56 spares and services provided on a “time and materials” basis which will provide significant high-margin revenue streams in future decades. Approximately €0.8bn of orders in the backlog relate to joint arrangements which will not contribute to Safran’s revenue under IFRS 11. Thus, the backlog indicative of Safran’s future revenue was €55.4bn at December 31, 2013. For full-year 2013, Safran’s revenue was €14,695m, a 8.4% year-on-year increase (8.2% organic growth), compared to €13,560m in 2012. Full-year 2013 revenue increased by €1,135m on a reported basis, notably highlighting performance in the Group’s aerospace businesses. On an organic basis, revenue increased by €1,118m with higher aerospace original equipment (OEM) volumes, strong civil aftermarket trends, stability in the security business and resilience in the defence activities (avionics).