Safran reports 9.5% growth in 2013 Q1

Safran reports 9.5% growth in 2013 Q1

Key figures for the first quarter of 2013
- First-quarter 2013 adjusted revenue was US$4,440 million (Euro 3,404 million), up 9.5% year-on-year, or up 9.6% on an organic basis.
- Solid revenue growth contribution from Aerospace activities, both in OE deliveries and aftermarket. Sales in - Defence were resilient. Positive dynamics in Security.
- Civil aftermarket[2] up 10.0% in USD terms, driven by first overhaul of recent CFM56 and resumption of growth in widebody engines.
- Full-year 2013 revenue outlook is upgraded further to first quarter revenue dynamics and the integration of Goodrich Electrical Power Systems (GEPS) from April 1, 2013: Safran expects adjusted revenue to increase by a percentage in the mid-to-high single digits (previously 5%). Adjusted recurring operating income should grow 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 the first quarter of 2013
- The Narita International Airport Corporation of Japan purchased an additional 13 high-speed CTX-9800 explosives detection systems for hold baggage screening. Morpho's systems are the most widely deployed in the world, with nearly 2,000 in service.
- CFM: AviancaTaca (Colombia) selected LEAP engines to power 33 A320neo aircraft, in addition to CFM56 engines for 18 A320ceo and signed a 15-year RPFH agreement. Ryanair committed to purchase 175 single source CFM56-powered Boeing 737-800. China Aircraft Leasing Company (CALC) selected CFM56 engines for 25 A320ceo.
- Turbomeca unveiled “Arrano”, the brand new 1,100 shp engine designed to power 4-to-6 ton helicopters. In July 2012, Eurocopter announced that its new-generation X4 helicopter will be the first platform to be powered by the Arrano engine. Turbomeca also introduced the Arrius 2B2 Plus engine variant for Eurocopter EC135T3 helicopter. - Safran completed the acquisition of Goodrich Electrical Power Systems (GEPS) for Euro 300 million, creating a world leader in on-board electrical power systems.
- Safran reduced its stake in Ingenico by placing in the market 12.57% of Ingenico's share capital for proceeds of $374 million. The resulting after-tax profit for Safran is $170 million was recorded in the first quarter 2013 accounts. Safran will remain a significant shareholder, retaining 10.2% of Ingenico's share capital and 16.6% of voting right

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