H1 2021: recovery of sales in Q2 and continued discipline on costs and cash. FY 2021 outlook confirmed.
Paris, July 28, 2021
- H1 2021 earnings still affected by the effects of the crisis, bottoming out in Q1
- FY 2021 outlook confirmed implying a meaningful H2 ramp-up. Free cash flow target raised
- Revenue at Euro 6,876 million, down (21.6)% on a reported basis and down (17.3)% on an organic basis
- Recurring operating income at Euro 659 million down (30.4)% on a reported basis and down (29.3)% on an organic basis
- Operating margin impacted across all divisions. Group operating margin down in H1 2021 at 9.6% but improved versus H2 2020
- Free cash flow generation at Euro 701 million
- Revenue was Euro 6,769 million
- Recurring operating income at Euro 351 million
- Profit from operations at Euro 156 million
- Profit for the period attributable to owners of the parent at Euro 674 million
- Free cash flow at Euro 701 million
CEO Olivier Andriès commented:
"Safran's results for the first half of 2021 remain affected by the effects of the crisis and an unfavorable basis of comparison in Q1. They also show a start of the recovery in the second quarter. As anticipated, the second half of the year will be essential to see if the effects of the anticipated strong recovery in air traffic in Q3 and Q4 are reflected in the full-year results. We are preparing for the recovery while maintaining strong discipline on costs and cash in line with the efforts achieved in 2020."
Safran is an international high-technology group, operating in the aviation (propulsion, equipment and interiors), defense and space markets. Its core purpose is to contribute to a safer, more sustainable world, where air transport is more environmentally friendly, comfortable and accessible. Safran has a global presence, with 79,000 employees and sales of 16.5 billion euros in 2020 and holds, alone or in partnership, world or regional leadership positions in its core markets. Safran undertakes research and development programs to maintain the environmental priorities of its R&T and Innovation roadmap. Safran is listed on the Euronext Paris stock exchange and is part of the CAC 40 and Euro Stoxx 50 indices.
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