Safran posts record 2012 results

Full-year 2012 adjusted revenue was €13,560m, up 15.5% year-on-year (8.6% organic). Adjusted recurring operating income of €1,471m (10.8% of revenue), rose 23.7% year-on-year. After a net charge of €(50)m for one-off items, mainly related to M&A transaction and integration costs, adjusted profit from operations was €1,421m. Adjusted net income – group share up 55% from FY 2011 at €999m. Consolidated (non-adjusted) net income – group share at €1,302m. Net debt position of €932m as of December 31, 2012, with free cash flow generation of €564m (38% of recurring operating income). 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.