Safran releases 2012 financials

Safran releases 2012 financials

- Adjusted revenue up 15.5% at US$18.0 billion (Euro 13.6 billion)
- Adjusted recurring operating income grew 23.7% at $1,944 million, or 10.8% of revenue
- Adjusted net income - Group share - rose strongly 55% at $1,320 million
- Solid 2013 outlook

All figures in this press release represent Adjusted data, except where noted. Please also refer to the definitions and the reconciliation between 2012 consolidated income statement and adjusted income statement provided in the Notes of this press release.

Key figures for full-year 2012
- Full-year 2012 adjusted revenue was $17,925 million, up 15.5% year-on-year (8.6% organic).

- Adjusted recurring operating income of $1,944 million (10.8% of revenue), rose 23.7% year-on-year. After a net charge of (66) million for one-off items, mainly related to M&A transaction and integration costs, adjusted profit from operations was $1,878 million.

- Adjusted net income - group share up 55% from FY 2011 at $1,320 million (Euro 2.41 per share). Consolidated (non-adjusted) net income - group share at $1,721 million ($4.15 per share).

- Net debt position of $1,231 million as of December 31, 2012, with free cash flow generation of $745 million (38% of recurring operating income).

- A dividend payment of $1.27 per share (40% payout) will be proposed to the shareholders' vote at the Annual General Meeting on May 28, 2013 (to include the $0.41 per share interim dividend payment paid in December 2012).

- Full-year 2013 guidance: Safran expects adjusted revenue to increase by around 5% and adjusted recurring operating income to grow again by a percentage in the mid-teens. Free cash flow is expected to represent about 40% of adjusted recurring operating income.

Key business highlights for Full-year 2012
2012 civil after market was up 9.4% in USD terms driven by first overhauls of recent CFM56 engines.

Security : Safran acquired for $119 million General Electric's residual 19% stake in Morpho Detection, which is now wholly owned. Morpho Detection received a 5-year non-exclusive contract from the TSA with a maximum value of $528 million for its explosives detection system at airports.

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