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2018 Integrated Report Contents 2018 INTEGRATED REPORT CONTENTS p. 01 p. 14 SAFRAN ECOSYSTEM AT A GLANCE p. 22 p. 02 STRATEGY AND EDITORIAL BUSINESS MODEL p. 04 p. 42 GROUP PROFILE RISK MANAGEMENT p. 46 CORPORATE GOVERNANCE p. 52 PERFORMANCE AND VALUE CREATION SAFRAN AT A GLANCE rd Worldwide aerospace nd Worldwide aerospace group, excluding equipment supplier 3 airframers 2 2018 KEY FIGURES OUR ACTIVITIES €21,050 million €3,023 million REVENUE RECURRING (adjusted data)(1) OPERATING INCOME AEROSPACE (adjusted data) PROPULSION €1,781 million €1,472 million FREE CASH FLOW TOTAL R&D AIRCRAFT EQUIPMENT, (including customer- DEFENSE & funded R&D) AEROSYSTEMS €780 million 92,639 CAPEX EMPLOYEES AIRCRAFT (TANGIBLE ASSETS) (at December 31, 2018) INTERIORS 2022 OBJECTIVES ORGANIC REVENUE GROWTH(2) 4% to 6% annually Become the RECURRING OPERATING MARGIN world’s leading trending to a 16%-18% range by 2022 aircraft equipment CONVERSION OF RECURRING OPERATING supplier within INCOME TO FREE CASH FLOW the next 15 years trending above 60% in 2022 SHAREHOLDER RETURN 75% of cumulated free cash flow over the period 2018-2022 through dividends(3) and share buybacks (1) Please refer to the 2018 Registration Document (page 52), for a reconciliation of the consolidated income statement with the adjusted income statement and a breakdown of the adjustment. (2) Based on an estimated average spot rate of US$1.25 for €1 in 2019-2022. (3) Based on the existing dividend practice (40% payout ratio). 01 I SAFRAN 2018 INTEGRATED REPORT EDITORIAL PHILIPPE PETITCOLIN ROSS McINNES CHIEF EXECUTIVE OFFICER CHAIRMAN OF THE BOARD OF DIRECTORS SAFRAN 2018 INTEGRATED REPORT I 02 MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS AND THE CHIEF EXECUTIVE OFFICER Driven by the belief Our operating excellence, whether that sustainably successful “Safran has strong in terms of product quality, businesses are those able to deal assets to fulfil its constant cost control or meeting with the issues of today and lead times, has also enabled us to tomorrow, Safran is currently mission: sustainably excel in project performance and ranked in the top three worldwide contribute to more be the preferred partner of our aerospace groups (excluding customers. This success required airframers). open, comfortable, the mobilization of our entire supply safe and clean access chain. Our know-how will be fully Our excellent 2018 operating and mobilized to ensure former Zodiac financial performance is in line with to the sky.” Aerospace businesses return to our enhanced scale. With revenue world class operating and financial exceeding €21 billion and recurring performance levels. operating income of over €3 billion (59% of which was converted into As a responsible group, we have free cash flow), the historic worked with conviction and production ramp-up of the new determination for professional LEAP® engine and the acquisition equality and youth training and of Zodiac Aerospace, Safran has to limit our environmental footprint strong assets to fulfil its mission: Thanks to the inventiveness through an ambitious, transparent sustainably contribute to more of our employees, technological and measurable strategy covering open, comfortable, safe and innovation and operating excellence both our products and our clean access to the skies. and building on responsible, production methods. long-term relations with our Strengthened by our fundamentals, This first integrated report suppliers and customers, Safran our values and our industrial and therefore shows that we have invents, develops and manufactures technological know-how, we are successfully created value for all high value-added solutions, tailored pursuing with confidence our our stakeholders for which we to the needs of its customers. objective to become the world’s are extremely proud! leading aircraft equipment supplier. Innovation, whether in products or We can assure you of our total methods, continuous or disruptive, We are, however, not short of commitment to continuing to is at the heart of Safran’s identity. challenges, if we are to satisfy our guide Safran towards excellence This is why it plays a key role in customers and sustainably create and success and to keeping our our strategy and our investment. value for all our stakeholders in corporate social responsibility New architectures and propulsion a constantly changing aerospace commitments. hybridization in the move towards and defense sector. more electric aircraft, composite Our development model, that we materials, digitization and are pleased to present in this report, connected cabins: we are doing fully integrates the environmental everything necessary to define Ross McInnes and challenges facing air transport. the next aerospace state of the art. Philippe Petitcolin 03 I SAFRAN 2018 INTEGRATED REPORT GROUP PROFILE A BALANCED BUSINESS PORTFOLIO FOCUSED ON AEROSPACE AND DEFENSE Present in all aircraft components, Safran strives to build the future of the global aerospace sector and be the preferred partner of airframers and airlines. Safran is an international (excluding airframers), either alone past, Safran has constantly adapted high-technology group specialized or in partnership. The world’s oldest and renewed itself in response in the aerospace and defense sector, aircraft engine manufacturer and heir to the sector’s technological where it is ranked third worldwide to France’s rich aerospace industrial and economic challenges. SAFRAN: A COMPREHENSIVE OFFERING Avionics Cabin interiors Power Inertial navigation systems Seats & data wiring Flight data acquisition units IFEC (In-Flight Entertainment & Connectivity) Cockpit Electric flight Oxygen APU (Auxiliary Control systems control actuators systems Power Units) Panels & displays Seats Lavatories, water Exterior Engines Exit slide Galleys & & waste systems lighting Engine control equipment systems (FADEC) Power distribution and generation Landing gear Braking & landing control systems Nacelles & components Inerting & Anti-icing Wheel and carbon brakes Power transmission systems fuel systems & de-icing SAFRAN 2018 INTEGRATED REPORT I 04 GROUP PROFILE LEADERSHIP POSITIONS IN OUR BUSINESS SEGMENTS Since the disposal of the Identity global leader in its main markets. focused on the aerospace and and Security businesses in 2017 and In a favorable context, shaped defense sector and this tier-one the acquisition of Zodiac Aerospace by an expected twofold increase supplier position, will enable in the first quarter of 2018, Safran in air traffic over the coming twenty the Group to capture the strong is entirely focused on the aerospace years and the introduction of new growth in its business sectors. and defense markets. Safran is a generations of aircraft, this portfolio N°1 worldwide for engines for 100+ seater commercial aircraft(1) N° 1 worldwide for helicopter turbine engines N°4 worldwide for military aircraft engines N°1 worldwide for launch vehicles for commercial launches into geostationary orbit (GEO)(2) AEROSPACE PROPULSION AEROSPACE N°1 worldwide for landing gear N°1 worldwide for wheels and carbon brakes for 100+ seater aircraft N°1 worldwide for wiring N°2 worldwide for nacelles N°3 worldwide for inertial navigation systems N°1 worldwide for helicopter flight controls N°1 European for optronic and inertial navigation systems N°1 worldwide for evacuation slides and oxygen systems AIRCRAFT EQUIPMENT / N°1 worldwide for onboard water and waste DEFENSE / AEROSYSTEMS management systems N°1 European for tactical drones N°1 worldwide for galleys, lateral partition panels, carts, containers and cabin interiors for regional and business aviation 22% market share for cabin interiors for commercial aircraft 30% market share for commercial aircraft passenger seats AIRCRAFT INTERIORS (1) With GE Aviation, within the joint venture, CFM International. (2) With Arianespace, a subsidiary company of ArianeGroup, a joint venture with Airbus. 05 I SAFRAN 2018 INTEGRATED REPORT GROUP PROFILE A LEADING GLOBAL PLAYER Since its creation in 2005, Safran has expanded internationally. With over 92,000 employees in 26 countries, the Group has extended its footprint beyond its European base and is now present in the American continent, Africa, the Middle East, Asia and Oceania. This global presence enables it to establish strong and sustainable relationships with the majority of aeronautic players and airlines. It reflects its desire to promptly deliver local services to customers. FRANCE 48% 44,492 EMPLOYEES 65 13 18 AMERICAS 28% 25,601 EMPLOYEES 56 25 9 SAFRAN 2018 INTEGRATED REPORT I 06 GROUP PROFILE Geographic spread of employees and sites Percentage of employees % of employees in the total Group workforce Number of sites(1) R&D and Service and Commercial and production activities maintenance activities administrative activities EUROPE (excluding France) 12% 10,983 EMPLOYEES 25 7 3 ASIA OCEANIA 5% 4,862 EMPLOYEES AFRICA 7 6 MIDDLE EAST 7% 6,701 EMPLOYEES 9 3 (1) Each site corresponds to a legal entity covering one or more tertiary, production, service or maintenance sites. 07 I SAFRAN 2018 INTEGRATED REPORT GROUP PROFILE AEROSPACE PROPULSION: A FULL-FLEDGED ENGINE MANUFACTURER Thanks to its complete range of civil and military engines and the partnership formed nearly half a century ago with GE Aviation, Safran has become a global leader in propulsion. Long-term prospects LEAP BACKLOG The propulsion business generates significant service activities, mainly €10.5 billion 49.7% comprising the sale of spare parts adjusted of adjusted 15,329 and maintenance, repair
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