Safran delivers solid operational performance in full-year 2011

For full-year 2011, Safran’s revenue was €11,736m, compared to €10,760m in the same period a year ago, a 9.1% year-on-year increase (6.3% organic growth). New order intake during 2011 improved by 60% to €21bn, providing some evidence of robust and resilient demand. The backlog grew to €43bn, containing recent CFM56 and LEAP firm orders. For full-year 2011, Safran’s recurring operating income was €1,189m (10.1% of revenue), up 35% compared to full-year 2010 figure of €878m, 8.2% of revenue. After taking into account the positive currency impact (€138m) and the impact of acquisitions and newly consolidated activities (€26m), organic improvement was €147m or 17% year-over-year. Adjusted net income – group share grew by 27% year-over-year to €644m or €1.59 per share, compared to €508m (€1.27 per share) in full-year 2010. As of December 31, 2011, Safran had cash of €1.4bn and €2.6bn of secured and undrawn facilities available.