Saffron details his findings in the first half this morning, taking care to warn investors on an annual basis: the results are expressed as adjusted data. "The income adjusted retirement now writes for the purchase price allocation (PPA) associated with major business groups, particularly in the security field (23 million euros in the first half of 2010 cons 7 million euros in the first half of 2009), "says the OEM aircraft.
After this warning, Saffron is delighted to present an increase in its turnover "of 0.9% over last year and down by 2.2% on an organic basis." He moved in effect to 5.197 billion euros in the first half of 2010. The operating margin reached 8.2%, an improvement of 1.5 points compared to the same period last year.The group's net profit rises him to 223 million euros or 0.56 euros per share. This semi-annual net profit stood up 8% year on year, compared with restated data of the first half of 2009, namely EUR 207 million (against 281 million euros as reported at the end of the first half of 2009 before restatement).
"Reviewing our ambitions to increase"
Jean-Paul Herteman, Chief Executive of Saffron, said the restructuring that the group has made to improve its operating margin, as part of Safran +. Introduced two years ago, this program of cost reduction will be maintained in the second half of savings account payday loans.The incremental changes in foreign exchange risk hedging will be maintained throughout the next three years.
The end of the year were auspicious for the group. "The performance in the first half lead us to revise upwards our ambitions for the whole year, especially as we seem positives outweigh the risks. We are confident in the continued strong growth in our results for the coming years, "says Jean-Paul Herteman. Safran plans and to achieve "a turnover close to that of 2009, and increase its operating margin" to a level of 8%, taking into account a target coverage rate of 1.44 dollar per euro. Safran said that the effect of currency is "slightly less favorable" than last year, when the target coverage rate stood at 1.42 dollars per euro.The cash flow should rise to "more than half the income from operations, subject to a significant reduction of late payments by the French state. Orders of the Ministry of Defence have in fact been frozen, to compel Thales and Safran to bring some of their activities.
These increases, however, prospects are conditioned to an increase of more than 5% of air traffic, and a stabilization of sales Aviation Commercial building, while the turnover in aviation services will grow slightly, and that the security sector will him, take off.