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2019 Integrated Report Contents 2019 INTEGRATED REPORT CONTENTS SAFRAN p. 01 p. 10 ECOSYSTEM AT A GLANCE STRATEGY AND p. 02 EDITORIAL p. 18 BUSINESS MODEL GROUP RISK p. 04 p. 40 PROFILE MANAGEMENT CORPORATE p. 42 GOVERNANCE PERFORMANCE p. 50 AND VALUE CREATION SAFRAN AT A GLANCE 2019 KEY FIGURES rd Global aerospace nd Global aerospace group, excluding equipment supplier* 3 airframers* 2 €24,640 million €3,820 million €2,665 million REVENUE(1) RECURRING OPERATING PROFIT(1) up 17.1% (up 9.3% on organic INCOME (1) (Group share) basis) on 2018 up 26.4% (up 24.6% up 34.5% on 2018 on organic basis) on 2018 €1,983 million €4,114 million €695 million €1,725 million 95,443 FREE CASH FLOW NET DEBT ACQUISITIONS OF TOTAL R&D EMPLOYEES up 11.3% on 2018 PROPERTY, PLANT (including customer- (at December 31, AND EQUIPMENT(2) funded R&D) 2019) OUR ACTIVITIES AEROSPACE AIRCRAFT EQUIPMENT/ AIRCRAFT PROPULSION DEFENSE/AEROSYSTEMS INTERIORS BREAKDOWN OF REVENUE(1) BY SEGMENT €12,045 million €9,256 million €3,321 million BREAKDOWN OF RECURRING OPERATING INCOME(1) BY SEGMENT €2,485 million €1,209 million €188 million BREAKDOWN OF RECURRING OPERATING MARGIN(1) BY SEGMENT 20.6% 13.1% 5.7% * Classification criteria: revenue – Source: Safran. (1) Adjusted data. See page 90 of the 2019 Universal Registration Document for a reconciliation of the consolidated income statement with the adjusted income statement and a breakdown of the adjustment. (2) Net of the cash inflow from the disposal of a tertiary property complex in the Paris region. 1 I SAFRAN 2019 INTEGRATED REPORT EDITORIAL MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS AND THE CHIEF EXECUTIVE OFFICER ROSS McINNES Chairman of the Board of Directors PHILIPPE PETITCOLIN Chief Executive Officer Faced with the health crisis posed by the coronavirus (Covid-19) epidemic, Safran is taking every possible measure to help slow the spread of the virus and protect the health of its employees. At the same time, it is making continued industrial operations for its customers a priority. Safran is in robust shape, and the commitment of its 95,000 employees is unfaltering. In 2019, the Group showed once again that the trust of its customers, partners and shareholders is well-founded. Safran strengthened its position as the number-three aerospace group (excluding airframers)(1) worldwide, with revenue increasing by 17.1% on a reported basis (9.3% organically) to reach €24.6 million, and recurring operating income coming in at €3.8 billion, of which 51.9% was converted into free cash flow. Despite the complications arising from the grounding of the Boeing 737 MAX, all of the Group’s business areas turned in solid performances. Deliveries ramped up (especially the LEAP® engine, which shipped 1,736 units), products and services met market success, and the seats and cabins businesses brought in from Zodiac Aerospace picked up, Ross McInnes driven by convergence of our SAFRAN 2019 INTEGRATED REPORT I 2 Thanks to the commitment of our employees, proven innovation and operational excellence, Safran designs, builds and supports high-tech solutions to contribute to a safer, more sustainable world, where air transport is more environmentally friendly, comfortable and accessible. We also apply our skills to develop solutions that meet strategic needs, such as defense and access to space. methods and the development of a common culture, further enhancing Safran’s consistency and efficiency. The space and defense sectors also had a fruitful year, with progress on the Ariane 6 program and prime contractorship on the engine demonstrator program for the next-generation European fighter aircraft, in partnership with Philippe Petitcolin MTU Aero Engines. Such developments ensure sustained front-runner positioning for Safran in the decades to come. Safran is geared up to leading high-tech solutions to contribute to the way towards decarbonization a safer, more sustainable world, By honing competitive performance of the aerospace industry. where air transport is more across all Group divisions, we faced With positions in all aircraft-system environmentally friendly, comfortable up well to fierce market conditions, segments, and energy systems in and accessible. We also apply our and proved our capabilities for particular, we can tackle this issue skills to develop solutions that meet adaptation. from many different technological strategic needs, such as defense and In 2019, Safran also began angles. Some 75% of Safran’s R&T access to space." budget goes to direct or indirect a managerial transition with In 2020, against the backdrop measures for reducing the the Board of Directors appointing of the Covid-19 epidemic, Safran environmental impact of air transport. Olivier Andriès to serve as Chief will continue to draw strength from Safran’s low-carbon project also Executive Officer from January 2021. its adaptability, workforce dedication includes an ambitious program and robust business model to tackle There has been a considerable to shrink the carbon footprint the difficulties and continue to seek shift in Safran’s international balance of its processes. in recent years. More than half of lasting value creation that is shared the Group’s workforce is now based This absolute priority, embedded fairly among all its stakeholders. outside France. With close contact in our core purpose(2) ("raison d'être"), We would like to thank you for to markets and leading-edge ensures that economic performance your loyalty and hope you enjoy expertise, we can respond promptly is rooted in Group-wide values: reading this report. and precisely to ever-changing "Thanks to the commitment of demand. our employees, proven innovation Regards, Acutely aware of the major challenge and operational excellence, Safran represented by climate change, designs, builds and supports Ross McInnes and Philippe Petitcolin (1) Classification criteria: revenue – Source: Safran. (2) The wording of the core purpose is not set out in Safran's bylaws. 3 I SAFRAN 2019 INTEGRATED REPORT GROUP PROFILE SAFRAN: A COMPREHENSIVE OFFERING 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. Avionics Cabin interiors Power & Inertial navigation systems In-flight entertainment data wiring Flight data and connectivity acquisition units Cabin lighting Auxiliary Cockpit Oxygen Electric flight power • Control systems systems control units (APUs) • Panels & displays actuators • Seats Galleys & equipment Engines Evacuation slides Engine control & life rafts systems (FADEC) Lavatories, water Exterior Power generation Landing gear & waste systems lighting & distribution Landing & braking control systems Nacelles Fuel & inerting Anti-icing Wheels & carbon brakes Power transmission systems systems & de-icing LEADERSHIP POSITIONS IN OUR MAIN BUSINESS SEGMENTS NO. AEROSPACE AIRCRAFT EQUIPMENT/ AIRCRAFT INTERIORS 1 (1) WORLDWIDE : PROPULSION DEFENSE/AEROSYSTEMS Safran is a global leader in its main markets. In a favorable context for engines for landing gear for lateral partition shaped by an expected twofold for 100+ seater panels, carts, (2) for wheels and carbon containers and cabin increase in air traffic over the coming commercial aircraft brakes for 100+ seater interiors for regional twenty years and the introduction of aircraft and business new generations of aircraft, the for helicopter turbine for electrical wiring aviation Group will leverage its aerospace- engines and defense-focused portfolio and for helicopter flight for onboard water tier-one supplier position to capture controls and waste management strong growth in its business for evacuation slides systems segments. and oxygen systems (1) Source: Safran. (2) With GE Aviation, within the CFM International joint venture. SAFRAN 2019 INTEGRATED REPORT I 4 GROUP PROFILE A BALANCED PORTFOLIO ACROSS THE AEROSPACE AND DEFENSE SECTOR Breakdown of revenue A by segment (adjusted) IR 37.6% C (in %) R €9,256 MILLION A F A T N D E 44,231 Landing Q and braking A U EMPLOYEES N systems E I P O R I Engine M O S systems and E S L Civil aviation equipment N Y U 77% Electrical S T P , T systems and O D engineering E R M E P solutions F S E E Electronics N C and defense S A Aerosystems E P Helicopter S O turbines Cabins R E 13% Seats A Military Passenger 48.9% aviation Solutions 13.5% €12,045 MILLION 10% €3,321 MILLION 26,632 FT 22,118 RA S EMPLOYEES AIRC R EMPLOYEES RIO INTE Safran products have common features that contribute to the resilience of its business model: position as a tier-one supplier to airframers and airlines; high technology content and high demand, whether in original equipment sales or aftersales services. A full-fledged engine manufacturer(1), Safran offers a wide range ofaircraft To ensure passenger safety and Safran supplies airframers with equipment including landing and enhance their comfort, Safran engines for commercial aircraft, braking systems, nacelles, electrical develops cabin interiors (overhead military aircraft, regional transport systems and related engineering bins, lavatories, galley and catering aircraft, business jets and helicopters. solutions. equipment, etc.), passenger and To increase cost efficiency and share crew seats, water and waste Defense: Safran provides solutions risks, the world’s leading engine management systems, in-flight and services in optronics, avionics, manufacturers develop their engine entertainment systems (RAVE™), navigation systems, tactical drones, programs in partnership. Safran has and interior refits for commercial electronics and critical software primarily partnered with GE Aviation aircraft. Safran’s aircraft interiors for civil and defense markets. since the 1970s, when they set up business addresses both airframers the 50-50 joint venture CFM Aerosystems: Safran is one of the (under the SFE(2) model) and airline International, which develops world’s leading players in aircraft companies (BFE(3) model). the CFM56® and LEAP® engines. safety systems (evacuation slides, This partnership has been extended oxygen masks, etc.), cockpit systems through to 2040.
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