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This Thursday, Safran's investor day, organized on its site in Mbady, was enough to cheer the most depressed. For the first time since 2016, the group of aeronautics and defense presented its strategic and financial ambitions By 2022. And the least we can say is that they do not cause gloom. At the Paris Bourse, the title Safran, up 5% at the end of the session, recorded one of the strongest progressions of the day.
From 16 to 18% margin in 2022
By 2022, Safran expects revenue growth of 4-6% per annum and a 50% increase in gross operating margin (EBITDA), announced Philippe, Chief Executive Officer Petitcolin. The operating margin should increase from 13.7% in 2018 to 16 or 18%. And as Safran does not expect another big acquisition in the coming years, more than 75% of available cash flow will be redistributed to shareholders, either as a dividend or by share buyback.
This increase in growth and profitability will also result in continued job creation, and even in the construction of new industrial sites in France. " We hire every year between 2,000 and 3,000 people in FrancePhilippe Petitcolin points out. We will continue to create net employment in France, knowing that today we still have trouble recruiting. And I also aim to create new production units in France ", Adds the boss of Safran, whose workforce has increased from 50,000 to more than 91,000 employees with the acquisition of Zodiac Aerospace.
Become the No. 1 aircraft equipment
Strengthened by the acquisition of Zodiac, Safran hopes to move from the second to the world's leading supplier of aeronautical equipment, " in the next 15 years In front of the American UTC. But its main badet remains the unprecedented commercial success of the new Leap engine, developed jointly with the American GE, which already totals 8,131 orders and 77% of the market for medium-haul aircraft.
"We did better than expected"
In this regard, Safran took the opportunity to announce two good news. Delays in delivery of Leap engines to Airbus and Boeing, which weighed on the half-year results, should be fully absorbed " if not next month, at least in the next two months "Says Philippe Petitcolin. In addition, the transition between the reduction in CFM56 production and the increase in Leap production will ultimately have no negative impact on results in 2018 or the following years. " Contrary to what we had planned, the contribution of CFM and Leap will remain positive Said Finance Director Bernard Delpit. We did better than expected ".
The Zodiac brand will disappear
The recovery of Zodiac Aerospace is also on track. Near zero in 2017, the margin of the equipment manufacturer should exceed 7% in 2018 and gradually increase to 13 or 15% in 2022. Sign of its integration, the brand Zodiac will disappear in favor of the brand Safran, " from next week "Said Philippe Petitcolin. " More integration will be faster and better Says the leader.
Bruno Trévidic
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