Jean-Paul Herteman, Chairman & Chief Executive Officer of Safran | © Eric Larraydieu / Interlinks-image
2010 was much more than just a year of transition for Safran. it also marked the end of a difficult period, as the rebound in air traffic was confirmed and our customers reaffirmed their confidence in us. Safran is now stronger, and is ready to pursue its development under optimum conditions.
All of the Group’s businesses recorded good performance, with certain emblematic achievements that are worth emphasizing. The highlight in the aerospace propulsion market was the confirmed breakthrough of the LEAP-X, successor to the CFM56, as the powerplant of choice on single-aisle jetliners.
The propulsion system developed by Safran and partner GE has already been chosen for the Comac C919, built in China, and for the Airbus A320neo. At the same time, our acquisition of SNPE Matériaux Energétiques (SME) will enable us to develop a global champion in solid propulsion for space. The Aircraft Equipment branch confirmed its recovery, and has reorganized to meet the challenges facing us in the coming decades, in particular the advent of “more electric” aircraft. In the Defense sector, our optronics equipment scored major business wins, while our security business continued to grow at a sustained pace, in line with Safran’s corporate strategy. Our selection on the vast Indian
program to assign every resident a unique biometric identification number shows that we have the capabilities needed to meet our ambitious goals. This is the largest program of its type in the world, covering more than 1.3 billion persons. We are also pursuing our targeted acquisition policy, most recently with the planned addition of L-1 Identity Solutions.
Safran’s performance has recorded a clear improvement, once again demonstrating the strength of our business model.. Our sales increased 3% last year to nearly 11 billion euros, and our operating income rose by 20%. Each of our businesses, supported by the highly effective Safran+ improvement program, contributed to these good results. Our share price reflects investor confidence in the Group’s fundamentals: in fact, we practically doubled our stock market valuation during the year.
At the same time, we continue to build and perfect our organization. We are pooling our support functions, and we have rolled out a new visual identity. With full confidence in the dynamic performance of our markets, plus significant investment capacity, we are modernizing our industrial facilities in
depth. For example, we opened four major plants in 2010, both in France and abroad.
Sure of our business model and our outstanding people, and with a clear vision of market trends, Safran expects sales to increase in 2011 by at least 5%, while our recurring operating income will advance at least 20%.
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