Safran core 2016 profit up 5.4%

Safran reported adjusted revenue was €15,781m, up 1.6% year-on-year. Adjusted revenue growth was 3.9% on an organic basis. Adjusted recurring operating income was €2,404m, a 5.4% increase year-on-year.
Adjusted recurring operating margin of 15.2% improved by 50 basis points compared to 2015. Adjusted net income – Group share (continuing and discontinued operations) at €1,804m rose 21.7% compared with 2015.
Free cash flow generation was €1,091m, 17.4% higher than in 2015 and amounting to 45% of adjusted recurring operating income. Net debt was €1,383m as of December 31, 2016, following notably a capital subscription of €750m made by Safran to equalise its share in Airbus Safran Launchers. Civil aftermarket growth was 6.9% in USD terms in 2016 driven notably by recent CFM56, GE90 engines spares and services. Civil aftermarket had a strong finish to 2016 with 12.5% growth in Q4.