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Arbitral decision on a commercial dispute
Finance
Paris, October 25, 2017
Safran Aircraft Engines has taken note of the arbitral award notified to the parties on October 25, 2017 in relation to a commercial dispute, described in the note on disputes contained in Safran’s consolidated financial statements published in the Group’s registration document (page 148), between the Republic of China and a group of three French industrial companies, which includes Safran Aircraft Engines.
This award in connection with a contract concluded in 1992 leads to a financial sentence against the companies.
The total amount of the award is 227 million euros, interest included. The share to be paid by Safran Aircraft Engines amounts to 29 million euros fees included.
The relevant charge will be recorded in the Group’s accounts on 31 December 2017, with no impact on the recurring operational income target communicated by Safran.
The industrial companies are reviewing the steps to be taken following this decision.
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Safran is an international high-technology group and tier-1 supplier of systems and equipment in the Aerospace and Defense markets. Operating worldwide, Safran has nearly 58,000 employees and generated sales of 15.8 billion euros in 2016. Working alone or in partnership, Safran holds world or European leadership positions in its core markets. Safran undertakes Research & Development programs to meet fast-changing market requirements, with total R&D expenditures of 1.7 billion euros in 2016. Safran is listed on the Euronext Paris stock exchange, and its share is part of the CAC 40 and Euro Stoxx 50 indices.
For more information : www.safran-group.com / Follow @Safran on Twitter
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