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Registration Document 2015 SAFRAN REGISTRATION DOCUMENT 2015 INCLUDING THE ANNUAL FINANCIAL REPORT MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS AND THE CHIEF EXECUTIVE OFFICER 2 4 7 GROUP PROFILE 4 CONTENTS RISK FACTORS 175 INFORMATION ABOUT THE COMPANY, THE CAPITAL 4.1 Identified risk factors 176 AND SHARE OWNERSHIP 295 1 4.2 General risk management policy 183 7.1 General information and 4.3 Insurance 185 bylaws 296 PRESENTATION OF THE GROUP 9 7.2 Information on share capital 302 7.3 Share ownership 307 1.1 Overview 10 7.4 Relations with shareholders 311 1.2 Group strategy 14 7.5 Stock market information 312 1.3 Group businesses 15 5 1.4 Competitive position 31 1.5 Research and development 31 CORPORATE SOCIAL 1.6 Industrial investments 36 RESPONSIBILITY 187 1.7 Sites and production plants 38 8 1.8 Group purchasing strategy 39 5.1 Safran’s Corporate Social 1.9 Safran quality Responsibility policy 188 ANNUAL GENERAL MEETING performance and policy 40 5.2 Perpetuating the integrity OF MAY 19, 2016 315 culture 189 5.3 Involving our suppliers 8.1 Agenda 316 and partners 196 8.2 Report of the 5.4 Developing human potential 197 Board of Directors 2 on the proposed 5.5 Aiming for health, safety resolutions and text of and environmental the proposed resolutions 317 excellence 209 REVIEW OF OPERATIONS IN 2015 8.3 Report on the use AND OUTLOOK FOR 2016 43 5.6 Engagement of the authorization through foundations granted to the Board and corporate sponsorship 216 2.1 Comments on the of Directors in the st Group’s performance 5.7 CSR reporting 21 resolution adopted in 2015 based methodology at the Annual General on adjusted data 44 and independent third Meeting of April 23, 2015 349 party report 218 2.2 Comments on the 8.4 Dividend payment policy 354 consolidated financial 8.5 Five-year financial statements 63 summary of the Company 355 2.3 Comments on the parent 8.6 Statutory Auditors’ reports 356 company financial statements 67 2.4 Outlook for 2016 68 6 2.5 Subsequent events 69 CORPORATE GOVERNANCE 225 9 6.1 Board of Directors and Executive Management 226 3 6.2 Changes to the Board of ADDITIONAL INFORMATION 365 Directors and Executive Management during 2015 9.1 Persons responsible 366 FINANCIAL STATEMENTS 71 and since January 1, 2016 249 9.2 Statutory Auditors 367 6.3 Corporate officers’ 9.3 Documents on display 369 3.1 Group consolidated compensation 257 9.4 Cross-reference tables 370 financial statements 6.4 Transactions in the at December 31, 2015 72 Company’s shares carried 3.2 Statutory auditors’ report out by corporate officers on the consolidated and other managers 273 financial statements 143 6.5 Report of the Chairman 3.3 Parent company of the Board of Directors 274 financial statements 6.6 Statutory Auditors’ report at December 31, 2015 145 on the report prepared 3.4 Statutory Auditors’ report by the Chairman on the financial statements 172 of the Board of Directors 293 REGISTRATION DOCUMENT 2015 INCLUDING THE ANNUAL FINANCIAL REPORT The French version of this Registration Document (document de référence) The Registration Document was filed with the French financial markets authority (Autorité des Marchés is available Financiers – AMF) on March 30, 2016 pursuant to Article 212-13 of the AMF’s General Regulations. It may only be used in connection with a financial transaction on the website at if it is accompanied by a memorandum approved by the AMF. This document has www.safran-group.com been established by the issuer and is binding upon its signatories. The English language version of this report is a free translation from the original, which was prepared in French. In all matters of interpretation, views or opinions expressed in the original language version of the document in French take precedence over the translation. This Registration Document contains the Annual Financial Report in accordance with Article 222-3 of the AMF’s General Regulations. The cross-reference table referring to information required in an annual financial report is provided in section 9.4.3. SAFRAN - REGISTRATION DOCUMENT 2015 1 MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS AND THE CHIEF EXECUTIVE OFFICER Safran celebrated its tenth anniversary in 2015, crowning a decade that has seen us leverage our key strengths to take full advantage of our buoyant markets. We achieved our goals again in 2015, with revenue rising from ¤15.4 billion to ¤17.4 billion and recurring operating income up 16.4% to ¤2.4 billion. This indicates that our strategy of focusing on technological differentiation, targeted investments and competitiveness is the right one. Ross McInnes In 2015, we successfully crossed major development milestones for Chairman of the the LEAP® engine, our future best seller. Packed with revolutionary Board of Directors technologies, this engine attracted its 10,000th order or order commitment in early January 2016, demonstrating our customer’s faith in us. This is an unprecedented number of orders for an engine still under development, and puts the LEAP well on track to becoming the worthy successor of the CFM56®, which broke a new record in 2015 after 1,612 models were delivered. Our broad array of aircraft equipment – landing gear, brakes, nacelles, wiring, power transmission systems and control units – all contribute to the success of our customers’ new programs. Our space activities are on the verge of moving into a new era with the creation of Airbus Safran Launchers, an Airbus-Safran joint venture intended to guarantee Europe independent access to space and secure its leadership in the area. Our helicopter engines overcame a tough year for the industry at large by finding new customers. In Defense, we witnessed high demand against a backdrop of global unrest. The export success of the Rafale, which is powered by our engines and equipped with our onboard technologies, has demonstrated that we are correctly positioned. Our Security business, meanwhile, posted remarkable results that should encourage digital professionals to call on its expertise in their drive to secure cyberspace – a key challenge in the years ahead. Safran owes its talent for making the best of the global economy first and foremost to its 70,000 employees, who are today spurred 2 SAFRAN - REGISTRATION DOCUMENT 2015 “Safran achieved all its goals in 2015. And 2016 is shaping up to be a year of further improvements across the board.” on by inspiring goals as we ramp up new programs. We are entering into this new stage in our history backed by strong, recognized experience, industrial plants geared to our customers’ needs, and an optimized supply chain. Achieving these goals also means becoming ever more integrated, competitive and efficient. To build on our shared culture of innovation – our key strength – we will be focusing on Safran Tech, the driving force behind our research Philippe Petitcolin and technology; Safran Analytics, which was set up to harness the Chief Executive Officer incredible reservoir of value that is Big Data; and Safran Corporate Ventures, which aims to secure stakes in innovative companies. Created in 2015, the Corporate Performance & Competitiveness Department is tasked with streamlining and coordinating the collective cost reduction efforts required at all levels so that we can meet the long-term demands of our business while generating an attractive return for our shareholders today. On that note, a dividend of ¤1.38 per share has been put to the approval of the Annual General Meeting for 2015, representing a 15% increase on the previous year. After a smooth management transition that showed the cohesion of our Group and our values, we have both been working hard since our appointment in April 2015 to maintain this balance between short- and long-term goals. To show that we are one single high-technology group united by the same exacting standards, the Safran name will be extended to all our companies in May 2016. This change, which will not affect the scope of consolidation or the companies’ organization, will boost Safran’s visibility, particularly on the world stage. At this pivotal moment in our Group’s history, we would like to thank everyone, starting with our customers and shareholders, for placing their trust in Safran’s women and men, and for joining them in their commitment to making the Group a leader in all its businesses. Ross McInnes and Philippe Petitcolin SAFRAN - REGISTRATION DOCUMENT 2015 3 GROUP PROFILE Employing 70,087 people worldwide, Safran is an international high-technology group and tier-1 supplier of systems and equipment in its core markets of Aerospace, Defense and Security. It is a leading global player on markets in which the technological and financial barriers to entry are high, with sustainable and profitable service activities and long-lasting partnerships and customer relations built on trust. The Group differentiates itself from the growing security and authentication needs, competition through its technological including multi-biometric technologies expertise. Its complementary that help identify people and secure businesses give it a genuine identity documents and smart advantage, driving growth transactions, and solutions for and enabling the Group to detecting dangerous and withstand economic cycles. illicit substances. From both a technological and managerial point of view, Safran enjoys particularly the Group’s various businesses are sound fundamentals with front- integrated and complementary. ranking technical and commercial positions, profitable and sustainable Safran has a strong positioning in recurring service activities, truly innovative Aerospace. Its installed fleet of engines, research and development, a healthy financial especially the CFM56, offers significant new situation and strong operating cash flow, which vistas for value creation thanks to associated allow it to leverage opportunities for organic maintenance and overhaul activities.
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