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2019 Interim Financial Report Statement by the Person Responsible

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2019 Interim Financial Report Statement by the Person Responsible 2019 INTERIM FINANCIAL REPORT STATEMENT BY THE PERSON RESPONSIBLE TABLE OF CONTENTS STATEMENT BY THE PERSON RESPONSIBLE 3 3 INTERIM FINANCIAL STATEMENTS 18 Consolidated income statement 18 Consolidated statement of comprehensive income 19 1 INTERIM ACTIVITY REPORT 4 Consolidated balance sheet 20 Key business highlights 4 Consolidated statement of changes Reconciliation of the consolidated income in shareholders’ equity 21 statement with the adjusted income Consolidated statement of cash flows 22 statement 7 Notes to the Group condensed interim 1.1 First-half 2019 results 8 consolidated financial statements 24 1.2 Business commentary 10 1.3 Interim 2019 consolidated income statement 12 1.4 Balance sheet and cash flow 14 4 STATUTORY AUDITORS’ REVIEW 1.5 Currency hedges 16 REPORT ON THE 2019 INTERIM 1.6 Full-year 2019 outlook update 16 FINANCIAL INFORMATION 60 1.7 Related-party transactions 16 CORPORATE GOVERNANCE 61 RISK FACTORS 17 5 2 CEO’s succession plan – Press release of September 5, 2019 61 Safran’s Ordinary and Extraordinary Shareholders’ Meeting of May 23, 2019 61 Composition of the Board of Directors and its standing committees 62 Share buyback program authorized by the Ordinary and Extraordinary Shareholders’ Meeting of May 23, 2019 63 “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.” The Interim Financial Report is available on the website at www.safran-group.com STATEMENT BY THE PERSON RESPONSIBLE “I certify that, to the best of my knowledge, the condensed interim consolidated financial statements have been prepared in accordance with the applicable accounting standards, and give a true and fair view of the assets and liabilities, and of the financial position and results of the Company and all its consolidated subsidiaries, and that the attached interim management report provides a true and fair view of the main events of the first six months of the year, their impact on the condensed interim consolidated financial statements, the significant transactions with related parties, as well as a description of the main risks and uncertainties for the remaining six months of the year.” Paris, September 5, 2019 Chief Executive Officer, Philippe Petitcolin SAFRAN - 2019 INTERIM FINANCIAL REPORT 3 INTERIM 1 ACTIVITY REPORT KEY BUSINESS HIGHLIGHTS 1. Propulsion CFM commercial success LEAP program During the 2019 Paris Air Show, CFM International announced The ramp-up of LEAP production continues. LEAP deliveries orders and commitments for more than 1,150 LEAP engines almost doubled in H1 2019 to 861 engines compared with along with long-term services agreements, for a total value of 438 engines in H1 2018. CFM International plans to manufacture USD 50.2 billion at list price. around 1,800 LEAP engines in 2019 and will adapt its LEAP-1B delivery plan depending on Boeing’s orders. Following the air show, at July 31, 2019, the LEAP order book stands at 15,997 engines (orders and commitments). LEAP-1A: 44 airlines are operating 454 aircraft powered by LEAP-1A engines totaling over 3.3 million flight hours so far. LEAP-1B: 54 airlines were operating 389 aircraft powered Continuing growth of narrowbody by LEAP-1B engines totaling over 1.7 million flight hours by engines deliveries March 13, 2019. Combined deliveries of CFM engines (LEAP and CFM56®) increased LEAP-1C: CFM International is supporting flights of test aircraft. by 8.7% in H1 2019 to 1,119 units, from 1,029 units in H1 2018. Helicopter turbines CFM56 program Safran received EASA (European Aviation Safety Agency) engine As planned, CFM56 deliveries decreased by 333 units to 258 units type certification for its Arrano-1A engine powering the Airbus delivered in H1 2019 compared with 591 units in H1 2018, in line Helicopters H160 and a validation of type certification from the with customer demand. CAAC (Civil Aviation Administration of China) for its Arriel 2H engine powering the Avic AC312E. The CFM56 fleet established a new world record by becoming the first aircraft engine family in aviation history to achieve one billion engine flight hours. 4 SAFRAN - 2019 INTERIM FINANCIAL REPORT INTERIM ACTIVITY rEPORT Key business highlights 1 2. Aircraft Equipment, Defense and Aerosystems Nacelles Electrical systems Safran delivered its 1,000th nacelle system that equips the Airbus Safran signed several contracts including an electrical wiring A320neo aircraft to TAP Air Portugal. contract for Airbus Helicopters H160 and an electrical harnesses contract for the Boeing 777X and renewed its collaboration on the 787 Dreamliner. Landing systems Safran’s Auxiliary Power System has been chosen by Saab for the Boeing T-X military training aircraft. Safran and Michelin announced the successful flight tests of the first connected aircraft tire, PresSense, on June 13, using a Dassault Aviation Falcon 2000S. These flight tests mark the latest phase in the development of PresSense by Michelin and Defense Safran Landing Systems and pave the way for an entry into service towards 2020. The Patroller tactical drone, developed and produced by Safran Electronics & Defense, has started the final phase of industrial qualification at the French defense procurement agency’s (DGA) flight test center. Safran was also selected to provide support services to the Royal Australian Navy’s Infrared Search and Track (IRST) VAMPIR systems. 3. Aircraft Interiors Cabin Passenger Solutions Safran recorded new contracts and was selected notably by: Safran was selected for its first 787 IFE contract for Line Fit installation by a major Middle East airline. Since then, two other > a US private jet company to supply its 175 Cessna Longitude aircraft with ovens; Rave IFE 787 Line Fit contracts were secured from two different customers. Safran delivered its first A350 Rave IFE system to a major Middle East airline to equip its Boeing 787 and A320 > a Chinese airline. with inserts; > Mitsubishi SpaceJet Family to incorporate full scale integrated Passenger Solutions sales were supported by sustained aftermarket interiors (galleys, lavatories, overhead bins, passenger service business in Air Management’s Health Monitoring products and units, sidewalls, ceiling panels). Water & Waste sales to the Military. A350 lavatories deliveries increased to 400 in H1 2019 from 241 in H1 2018 (March to June). Seats > First delivery of a “Cirrus NG” business seat order for 12 A350 in April. > First delivery of an “S-Lounge” business seat order for 75 Boeing 777X in May. > First delivery of a “Fusio” business seat order for 12 Boeing 777-300ER in May. > First delivery of an “Optima Prime” business seat order for 10 A350 in July. Business class seats deliveries increased to 2,537 in H1 2019 from 1,495 in H1 2018 (March to June). SAFRAN - 2019 INTERIM FINANCIAL REPORT 5 INTERIM ACTIVITY rEPORT 1 Key business highlights Foreword To reflect the Group’s actual economic performance and enable equipment recognized or remeasured at the time of the it to be monitored and benchmarked against competitors, transaction and amortized or depreciated over extended Safran prepares an adjusted income statement in addition to periods due to the length of the Group’s business cycles, its consolidated financial statements. and the impact of remeasuring inventories, as well as gains on remeasuring any previously held equity interests Readers are reminded that Safran: • in the event of step acquisitions or asset contributions to > is the result of the May 11, 2005 merger of Sagem and joint ventures; Snecma, accounted for in accordance with IFRS 3, “Business Safran has also applied these restatements to the acquisition Combinations” in its consolidated financial statements; of Zodiac Aerospace with effect from 2018. recognizes, as of July 1, 2005, all changes in the fair value of > the mark-to-market of foreign currency derivatives, in order to its foreign currency derivatives in “Financial income (loss)”, > better reflect the economic substance of the Group’s overall in accordance with the provisions of IFRS 9 applicable to foreign currency risk hedging strategy: transactions not qualifying for hedge accounting (see section 3.1, Note 1.f of the 2018 Registration Document). • revenue net of purchases denominated in foreign currencies is measured using the effective hedged rate, i.e., including Accordingly, Safran’s consolidated income statement has been the costs of the hedging strategy, adjusted for the impact of: all mark-to-market changes on instruments hedging future purchase price allocations with respect to business combinations. • > cash flows are neutralized. Since 2005, this restatement concerns the amortization charged against intangible assets relating to aircraft programs The resulting changes in deferred tax have also been adjusted. remeasured at the time of the Sagem-Snecma
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