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0 / PARIS AIRSHOW / JUNE 2015 /Q3 REVENUE 2011 / OCTOBER 21, 2011 /
/ June 2015 /
Tier 1 supplier inAerospace, Defence & Security
Paris Airshow
1 /
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PARIS AIRSHOW / JUNE 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 /
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PARIS AIRSHOW / JUNE 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 (50-50 JV with Airbus) (2) >100 passengers aircraft
(4) For civil aircraft, in partnership with BAE systems
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3 / PARIS AIRSHOW / JUNE 2015 /
FY 2014 financial highlights
Growing adjusted revenue driven by strong performance in Aerospace and Security
FY 13* FY 14
14,363 15,355+6.9%
Adjusted recurring operating income at 13.6% of revenue
FY 14
1,7802,089
+17.4%
Higher adjusted net profit (group share) at €3.00 per share (€2.87 in FY 13 including €0.31
from the sale of Ingenico shares)
FY 13* FY 14
1,193 1,248+4.6%
(€M) (€M)
(€M)
FY 13*
2014 dividend up 7.1%
FY 13 FY 14
1.12 1.20
(€)
+7.1%
Moderate net debt level (23% gearing)
Dec. 31, 2013* Dec. 31, 2014
(1,220) (1,503)
(€M)
€(283)M
FCF was 35% of adjusted recurring operating income
FY 13* FY 14
699 740+5.9%
(€M)
* 2013 has been restated to reflect the changes induced by IFRS11
4 /
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PARIS AIRSHOW / JUNE 2015 /
FY 2014 results by activity
(In €M) FY 2014 Propulsion Equipment Defence SecurityHolding & others
Revenue 15,355 8,153 4,446 1,221 1,530 5
Year-over-year growth in % 6.9% 7.4% 8.7% 2.0% 3.2% na
Recurring operating income 2,089 1,633 426 71 134 (175)
as a % of revenue 13.6% 20.0% 9.6% 5.8% 8.8% na
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5 / PARIS AIRSHOW / JUNE 2015 /
/ 4 key themes /Q1 2015 highlights & FY 2015 outlook
Positive trends in civil aftermarket
LEAP update
Capital allocation in line with Group strategy
6 /
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PARIS AIRSHOW / JUNE 2015 /
Q1 2015 revenue by activity
Adjusted revenue(in €M)
Q1 2014 Q1 2015Changereported
Changeorganic
Aerospace Propulsion 1,825 2,070 13.4% 3.7%
Aircraft Equipment 1,016 1,172 15.4% (0.5)%
Defence 257 278 8.2% (1.2)%
Security 345 414 20.0% 6.1%
Others - 1 na na
Total revenue 3,443 3,935 14.3% 2.4%
Main growth drivers� Significant positive currency impacts from USD
� Continued momentum in Aerospace services:
� Propulsion: services up 25.6% (in €), driven by civil aftermarket (up 17.8% in USD). Healthy contribution from military services and helicopter support activities
� Equipment: services up 19% (in €) supported by continuing momentum in carbon brakes as well as increased contribution from landing gear
� Ramp up of A350 programme (landing gear, wiring)
� Security: Identification activities as well as smartchip telco and banking segments in Enterprise Solutions
� Avionics: higher deliveries of infrared seekers and flight control system
Offsetting impacts� Lower military engines deliveries (M88) as expected
� Lower helicopter turbines volumes due to production delays and soft OE demand.
� Lower large nacelles deliveries. A320 thrust reversers deliveries should catch up
� Optronics: lower volumes, notably with the end of FELIN equipment deliveries to the French army
� Detection: phasing of deliveries skewed toward H2 On track to meet targets
7 /
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PARIS AIRSHOW / JUNE 2015 /
Q1 2015 revenue
� Organic growth: +2.4%
� Driven by continuing momentum in Aerospace services and in Security activities
� Currency impact: +10.9%
� Significant positive translation effect of USD. Positive translation impact from GBP
� Positive effect of improved hedged rate
� External growth: +1.0%
� Acquisitions : Eaton, Hydrep, Colibrys, Dictao…
Q1 2015Currency
impact
Q1 2015
at Q1 2014
perimeter
Acquisitions &
activities newly
consolidated;
disposals
Q1 2014 Organic
variation
Q1 2015 at
Q1 2014
perimeter and
exchange rate
+2.4%organic
+14.3%
3,443 82 3,525374 3,899 36 3,935
8 /
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PARIS AIRSHOW / JUNE 2015 /
2015 key assumptions
� Healthy increase in aerospace OE deliveries� Airbus A350, A320, Boeing 737
� Civil aftermarket growth by approximately 10%� Mainly driven by recent CFM56 and GE90 engines
� Reduction of self-funded R&D of the order of € 100 M - € 150M with a lower level of capitalisation� Less spending on LEAP, A350, helicopters, as they come closer to certification and
entry into service
� Sustained level of tangible capex, around € 700 M, as requested by production transitioning and ramp-up
� Profitable growth for the security business
� On-going Safran+ plan to further improve direct costs and reduce overhead
9 /
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PARIS AIRSHOW / JUNE 2015 /
2015 targets – outlook confirmed
� Adjusted revenue expected to increase by a percentage in high singledigits at an estimated average rate of USD 1.20 to the Euro.
� Adjusted recurring operating income expected to increase b y a percentagein low double digits at a hedge rate of USD 1.25 to the Euro.The hedging policy isolates adjusted recurring operating income from currentEUR/USD variations except for the part generated in USD by activities located inthe US, subject to the translation effect when converted into Euro.
� Free cash flow expected to represent 35% to 45% of the adjustedrecurring operating income subject to usual uncertainties on the timing ofadvance payments.
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,Airbus Safran 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 / PARIS AIRSHOW / JUNE 2015 /
/ 4 key themes /Q1 2015 highlights & FY 2015 outlook
Positive trends in civil aftermarket
LEAP update
Capital allocation in line with Group strategy
11 /
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PARIS AIRSHOW / JUNE 2015 /
Continuing momentum in civil aftermarket
� Civil aftermarket up 17.8%* in Q1 2015� Growth driven by first overhauls of recent CFM56 and GE90 engines� On track to meet civil aftermarket guidance in 2015
� Growth drivers� More, higher value shop visits on recent CFM56 engines� Positive trend in GE90 aftermarket� Catch-up of deferred maintenance as airlines’ financial health improves
� Positive global outlook for the airline industry in 2015� Passenger demand expected to be up 6.7% according to IATA� Lower oil price� Confirms CFM56 fleet potential for spares revenue to double from 2010
dip before 2020e
*In USD
Civil aftermarket to grow by approximately 10%* in 2015
12 /
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PARIS AIRSHOW / JUNE 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 /
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PARIS AIRSHOW / JUNE 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 /
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PARIS AIRSHOW / JUNE 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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PARIS AIRSHOW / JUNE 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 /
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PARIS AIRSHOW / JUNE 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
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17 / PARIS AIRSHOW / JUNE 2015 /
/ 4 key themes /Q1 2015 highlights & FY 2015 outlook
Positive trends in civil aftermarket
LEAP update
Capital allocation in line with Group strategy
18 /
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PARIS AIRSHOW / JUNE 2015 /
Outstanding commercial success for LEAP
Market share exceeding 70% on next-generation singl e-aisle commercial jets:
� More than 8,900 engines orders and commitments at May 31,2015
� 56% market share on the A320neo
A320neo1,254
LEAP4,428 aircraft*
75%737 MAX
2,724
Comac450
* Excluding spare engines
First flight of LEAP-1A powered A320neo
First flight of LEAP-1B on flying test bed
19 /
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PARIS AIRSHOW / JUNE 2015 /
LEAP development on track
Flight tests:28 development engines and 32 engines for tests on the three aircraft.
Flight-hours on flying testbed (FTB): nearly 400 hours to date.
LEAP-1A: flight tests on A320neo 13 flights, 50 hours(at June 5).
LEAP-1B: first flight on 747 flying testbed
(April 29).
20 /
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PARIS AIRSHOW / JUNE 2015 /
CFM56 lives longer, LEAP sells better
� Increasing assembly rates for narrowbodies
� Faster LEAP ramp up
� Outstanding commercial success: More than 8,900 engines in backlog (May 31, 2015)
� 1,800+ LEAP in 2020, 100 engines per year more than 2013 CMD forecast
� Higher CFM56 volumes over 2015-20� Strong backlog of more than 4,100
engines (May 31, 2015) reflects sustaining demand and healthy order intake rate YTD
� Increasing market share on A320ceo
� More than 400 additional CFM56 engines to be delivered in 2015-20compared to 2013 CMD forecast
1,80
0+
1,56
0# deliveries
Capturing positive momentum of narrowbody segment
(e) (e) (e) (e) (e) (e)
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21 / PARIS AIRSHOW / JUNE 2015 /
/ 4 key themes /Q1 2015 highlights & FY 2015 outlook
Positive trends in civil aftermarket
LEAP update
Capital allocation in line with Group strategy
22 /
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PARIS AIRSHOW / JUNE 2015 /
Investing in our future
� 2014 total R&D effort of €2bn
� Self-financed R&D increased to €1.46bn (9.5% of sal es)� Intensification and acceleration of LEAP development and
testing� Start-up of GE9X development� Silvercrest spending plateau
� Split of programs reflects upcoming opportunities� c.50%: LEAP (3 applications) and Silvercrest (2 applications),
A350� c.25%: helicopter next gen turbines, GE9X, flight control,
infrared matrix, biometric ID engines…� c.25%: R&T in preparation of the future (mostly next gen
engines and electrical technologies)
� Self-financed R&D to decrease in 2015 with a lower level of capitalisation
� Decrease in LEAP� End of development spending on A350� Stable R&T
R&D spending peaked in 2014
In €M
Total self-funded R&D
Capitalized R&D
€693M
Total R&D effort
€1,289M
€1,809M
€1,464M
€644M
€1,990M
23 /
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PARIS AIRSHOW / JUNE 2015 /
Airbus Safran Launchers
� Safran and Airbus Group join forces in launcher acti vities� 2-stage plan to boost sector competitiveness and provide customers with more
cost-efficient solutions
� Stage 1 completed: January 2015 start of joint operations
� During stage 2: contribution of launchers and space propulsion assets (excluding satellite propulsion) to jointly owned company*
� Safran would need to make an economic compensation of €800M* to Airbus Group in order to obtain 50% of the JV, representing approximately 9x the proforma supplemental EBITA in 2014 or approximately 6x to 7x proformasupplemental estimated EBITA in 2016
� Ariane 6� Modular launcher family to serve institutional and
commercial needs
� Strong synergies with VEGA and the re-use of Ariane 5ME programme assets and main components
� Airbus Safran Launchers is an enabler for streamlining Ariane 6 development and launch service operations
A62 – 2 boosters A64 – 4 boostersModular launcher will be available in two
versions
*Subject to the finalisation of the principal conditions to the second phase (including notably adjustments regarding working capital positions and the nature and timing of the compensation) and customary approvals and formalities..
24 /
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PARIS AIRSHOW / JUNE 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
25 /
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PARIS AIRSHOW / JUNE 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)
26 /
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PARIS AIRSHOW / JUNE 2015 /
2014 dividend
€1.20/share dividend in 2014; almost doubled in 3 y ears
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
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27 / PARIS AIRSHOW / JUNE 2015 /
/Annexe /Additional information
28 /
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PARIS AIRSHOW / JUNE 2015 /
FY 2014 income statement
* Based on 416,292,736 shares** Based on 416,413,368 shares
FY 2014 net profit up 17.5%, excluding gain on Inge nico shares in 2013
(In €M) FY 2013Restated for IFRS 11
FY 2014
Revenue 14,363 15,355
Other recurring operating income and expenses (12,635) (13,311)
Share in profit from joint ventures 52 45
Recurring operating income% of revenue
1,780
12.4%
2,089
13.6%
Total one-off items (34) (107)
Profit from operations
% of revenue
1,746
12.2%
1,982
12.9%
Net financial income (expense) (138) (165)
Income tax expense (529) (522)
Share in profit from associates 15 18
Gain on disposal of Ingenico shares 131 -
Profit for the period attributable to non-controlling interests (32) (65)
Profit attributable to owners of the parent
EPS (in €)
1,193
2.87*
1,248
3.00**
Of which cost of debt of €(42)M
Drop in effective tax rate to 28.7% mainly due to the
reduced tax base at Techspace Aero after
deduction of revenue from patents for 2013 and 2014
29 /
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PARIS AIRSHOW / JUNE 2015 /
Research & Development
� Self-funded cash R&D effort at peaklevel of 9.5% of sales
� Ramp up of LEAP development and testing; A350 and helicopters higher; start-up of GE9X development; Silvercrest spending plateau
� Decrease of capitalized costs asexpected: €(49)M; Silvercrest fullyexpensed since April 1, 2014
(In €M)FY 2013
Restated for IFRS 11
FY 2014 Variation
Total R&D (1,809) (1,990) (181)
External funding 520 526 6
Total self-funded cash R&D (1,289) (1,464) (175)
as a % of revenue 9.0% 9.5% 0.5 pt
Tax credit 136 151 15
Total self-funded cash R&D after tax credit (1,153) (1,313) (160)
Gross capitalized R&D 693 644 (49)
Amortised R&D (76) (78) (2)
P&L R&D in recurring EBIT (536) (747) (211)
as a % of revenue 3.7% 4.9% 1.2 pt
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30 / PARIS AIRSHOW / JUNE 2015 /
FY 2014: R&D by activity
(In €M) FY 2014 Propulsion Equipment Defence Security
Total self-funded cash R&D (1,464) (894) (308) (133) (129)
as a % of revenue 9.5% 11.0% 6.9% 10.9% 8.4%
Tax credit 151 58 46 35 12
Total self-funded cash R&D after tax credit (1,313) (836) (262) (98) (117)
Gross capitalized R&D 644 475 122 26 21
Amortised R&D (78) (25) (37) (11) (5)
P&L R&D in recurring EBIT (747) (386) (177) (83) (101)
as a % of revenue 4.9% 4.7% 4.0% 6.8% 6.6%
31 /
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PARIS AIRSHOW / JUNE 2015 /
Free Cash Flow
(in €M)FY 2013*Restated
FY 2014
Adjusted net profit 1,193 1,248
Depreciation, amortization and provisions 653 906
Others 100 314
Cash from operating activities before change in WC
1,946 2,468
Change in WC 174 (111)
Capex (tangible assets) (489) (674)
Capex (intangible assets)** (932) (943)
Free cash flow 699 740
Increased Capex to prepare the production transition and face higher volumes, including 2 new plants in Rochester and Commercy
to produce 3D woven composite parts for LEAP
Increase in WC to cope with rising assembly rates in
aerospace
* 2013 is presented in a comparable format to 2014 ** Of which €644M capitalised R&D in 2014 vs €693M capitalised in 2013
Of which amortization of tangibles and intangibles for €538M and provisions
(net) for €231M
+27%
Strong increase in cash from operations despite higher expensed R&D
32 /
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PARIS AIRSHOW / JUNE 2015 /
Net debt position
� Cash flow from operationsequals 1.18x recurring EBIT
� Modest increase in WC requirements (rising assembly rates in Aerospace)
� 2013 final dividend (€0.64/share) and 2014 interim dividend (€0.56/share)
� “Acquisitions & Others” includes:
� Eaton: €(197)M
� Dictao; extension to full ownership in Hydrep…
(in €M)
(1,220)
Dividends**
Net debt at Dec 31, 2013*
Cash flowfrom ops
Acquisitions & others
Net debt atDec 31, 2014
Changein WC
R&Dand
Capex
€740M Free Cash Flow
*Restated for the application of IFRS11** Includes €(11)M of dividends to minority interests
(319)
(1,617)
(511)
(512)
(1,797)
(1,220) (1,503)
2,468
(111)
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Aerospace OE* / Services revenue split
Revenue
Adjusted data(in Euro million)
Q1 2014 Q1 2015 % change
OE* Services OE* Services OE* Services
Propulsion
% of revenue
902
49.4%
923
50.6%
911
44.0%
1,159
56.0%
1.0% 25.6%
Equipment
% of revenue
747
73.5%
269
26.5%
851
72.7%
320
27.3%
13.9% 19.0%
Revenue
Adjusted data(in Euro million)
FY 2013 FY 2014 % change
OE Services OE Services OE Services
Propulsion
% of revenue
3,923
51.7%
3,666
48.3%
4,073
50.0%
4,080
50.0%
3.8% 11.3%
Equipment
% of revenue
2,901
70.9%
1,190
29.1%
3,166
71.2%
1,280
28.8%
9.1% 7.6%
* All revenue except services
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Quantities of major aerospace programmes
Number of units delivered
2013 2014%
change
CFM56 engines 1,502 1,560 4%
High thrust engines 619 690 11%
Helicopter engines 934 832 (11)%
M88 engines 20 26 30%
787 landing gear sets 61 118 93%
A380 nacelles 108 112 4%
A330 thrust reversers 166 162 (2)%
A320 thrust reversers 513 506 (1)%
Small nacelles (biz & regional jets) 605 688 14%
Number of units delivered
Q1 2014 Q1 2015 %
CFM56 engines 402 402 Stable
High thrust engines 182 160 (12)%
Helicopter engines 180 159 (12)%
M88 engines 6 3 (50)%
A350 landing gear - 6 na
787 landing gear 29 31 7%
A380 nacelles 28 25 (11)%
A330 thrust reversers 44 39 (11)%
A320 thrust reversers 147 127 (14)%
Small nacelles (biz & regional jets)
149 156 5%
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PARIS AIRSHOW / JUNE 2015 /
Achieved
Target
1.26 1.25
1.25
1.25
1.25
1.25
1.25
1.18
<1.20
Fx hedging: $24.2bn Hedge portfolio* (April 10, 2015)
($bn)
€/$ hedge rate
*Approx. 45% of Safran US$ revenue are naturally hedged by US$ procurement
2015 & 2016 fully hedged; 2017 almost achieved
Higher yearly exposure: $7.3bn to $8.0bnHigher expected level of net USD exposure for 2015-20 due to
strong growth of businesses with exposed USD revenue
2017: Increased coverage at $1.25
� $6.1bn achieved at $1.25 (including knock out option strategies) to rise to $7.7bn at $1.25 through accumulators as long as €/$<1.42 up to end 2015
� Knock out options barriers set at various levels above 1.38
2018: Increased and improved coverage
� $6.0bn achieved at $1.18 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 2015
� Knock out options barriers set at various levels between 1.12 and 1.45 with maturities ranging between 1 month and 2 years
Taking advantage of current €/$ spot rate to hedge and improve rates in years 2019 - 2020
2015 / 2016: Increased coverage at $1.25
NEW
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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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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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