Safran publishes its revenues for the 1st quarter of 2022

Paris, April 29, 2022

  • Strong organic growth in all divisions, due, in particular, to service activities
  • Compensation for the significant impact of the Russian-Ukrainian conflict and inflation; balance sheet risk is assessed
  • The forecast for 2022 has been confirmed

Adjusted data for the 1st quarter of 2022

  • Revenue of 4071 million euros, which is 22% and 17% more on an organic basis

Summary data for the 1st quarter of 2022

  • Turnover 4094 million euros


  • All figures in this press release are presented as adjusted figures, unless otherwise stated. Definition of transfers, as well as the table of conversion from consolidated turnover to adjusted turnover for 1is quarter of 2022 are available in this press release. The definitions can be found in the notes and in the Notes on page 6 of this press release.
  • Organic changes exclude scale and currency effects for the period.

Olivier Andries, CEO of Safran, said:

“2022 started well, with an organic growth of 17% in the 1st quarter, which meets our goals for the year, despite the difficult context of high air instability in China, the Russian-Ukrainian conflict, stretching the supply chain. and inflationary pressures.
We are taking vigorous measures to fully offset the impact of the Russian-Ukrainian conflict and inflation on margins, in particular by achieving additional savings in all units of the Group and strict control over spending.
Commercial dynamics continues, significant contracts have been obtained since the beginning of the year. ยป

Turnover 1is quarter of 20221

In the 1st quarter, the growth of air traffic on short- and medium-haul aircraft stagnated compared to the 4th quarter of 2021, total capacity (ASK)2 rising to 75% of the level of the 1st quarter of 2019. Trends are improving in North America and Europe, but a sharp slowdown in China affected the month of March. In the first quarter of 2022, global CFM engine cycles accounted for 75% of the levels in the first quarter of 2019.

Revenue for the 1st quarter of 2022 amounted to 4,071 million euros, which is 21.8% more than in the 1st quarter of 2021 and 16.9% on an organic basis.. The effect of the scale is -20 million euros1 (fully related to the activities of the Cabin). The effect of the foreign exchange rate amounted to 184 million euros, which reflects the positive effect of the conversion of income in US dollars, the average euro / US dollar was 1.12 in the 1st quarter of 2022 compared to 1.21 in the 1st quarter of 2021. The hedging rate improved to 1.15 from 1.16 in the 1st quarter of 2021.

1 See data for the 1st quarter in the sector on page 5 of this press release.
2 REQUESTS: Seat-kilometers available.
3 Disposal of EVAC in June 2021 and Safran Ventilation Systems Oklahoma (Enviro Systems) in November 2021.

On an organic basis, revenue increased by 16.9%:

  • Occasion : Revenue increased by 18.8%, mainly due to civil engine maintenance activities, increased by 52.9% (in US dollars) due to a significant contribution from the sale of CFM56 engine spare parts and, to a lesser extent, spare parts maintenance and sales contracts parts for high quality engines. driven motors. Supplies of civilian engines increased due to LEAP engines, the growth of which outpaced the decline in the volume of CFM56 engines and high power. In addition, deliveries of SaM146 engines have been suspended. Total deliveries of CFM engines reached 254 units (239 LEAP and 15 CFM56) in the first quarter of 2022 compared to 214 (188 LEAP and 26 CFM56) in the first quarter of 2021. Deliveries of M88 engines decreased from 15 units in the 1st quarter of 2021 to the 1st quarter of 2021. quarter of 2022. Helicopter turbine activity decreased by about 5% due to slower service and supply of original equipment (Arriel family);
  • Equipment and defense : revenue increased by 12.3% in the 1st quarter of 2022. This strong growth is due to increased sales of carbon brakes related to the resumption of air traffic, as well as Aerosystems. Thanks to the A320neo, equipped with LEAP-1A, and the A330neo, revenues from gondolas have increased from both services and original equipment activities. Defense activity remains stable compared to the 1st quarter of 2021. In general, the unit continues to be affected by the sluggishness of the long-haul aircraft market, in particular the Boeing 787 program;
  • Turnover withAircraft interiors recorded strong growth (29.4%) due to a favorable basis of comparison in the 1st quarter of 2021; The activities of seats and cabins (galleys and toilets) are progressing for both original equipment and services.

Russian-Ukrainian conflict

Under international sanctions, Safran suspended exports and services to Russia until further notice and closed its industrial joint ventures in Russia. Commercial activities in this country included the supply of engines and equipment for numerous programs (Sukhoi Superjet 100, MC-21 and helicopters Kamov 62 and Kamov 226), as well as maintenance of CFM engines running on about 500 A320 and Boeing 737. aircraft of Russian airlines.

Influence has several orders:

  • the suspension of all commercial exports (products and services) to Russia and all operations in that country means a loss of activity of about 2% of turnover and the expected impact about 70 basis points in the fields;
  • intensification of supply chain tensions and inflation caused by the Russian-Ukrainian conflict:
    • Further growth of commodity, transport and energy inflation: additional impact is estimated about 80 basis points in the fields;
    • VSMPO provides approximately 50% of Safran’s titanium needs; supply for 2022 is provided; alternative sources are provided.

Accordingly, additional energy cost savings, as well as commercial measures and deferrals, are being implemented to offset the above-mentioned impact of approximately 150 basis points on Safran’s operating profit margin in 2022.

In addition, the balance sheet risk for Safran and companies consolidated by the equity method will continue to be assessed as the Russian-Ukrainian conflict progresses, in particular:

  • ArianeGroup: Roscosmos has decided to suspend the launch of Soyuz missiles operated by Arianespace;
  • Shannon engine support: 12 leased CFM56 and LEAP engines are blocked in Russia.

Confirmation of the forecast for the 2022 financial year

Safran confirms its forecast for 2022 (unchanged, adjusted data):

  • revenue from 18.0 to 18.2 billion euros (at the spot rate of 1.14 euros against the US dollar / dollar against 1.18 previously);
  • trade operating margin of approximately 13.0%;
  • creating a free cash flow of about 2.0 billion euros.

The main points of attention remain:

  • pace of recovery (China);
  • supply chain conditions and inflation of energy, transportation and raw materials costs;
  • geopolitical environment.

Currency hedging

In April 2022, Safran’s hedging portfolio was $ 32.6 billion, up from $ 31.4 billion in January. Safran continued to create hedges for 2025, while reducing the likelihood of tripping barriers. The portfolio includes knockout options ranging from $ 1.2150 to $ 1.30, which poses a risk of losing hedging and reaching target hedged prices in the event of a sudden rise in the euro.
2022 is hedged with a target hedging price of $ 1.15. US net risk assessment at $ 9.0 billion.
2023 and 2024 are hedged with hedging target prices ranging from $ 1.14 to $ 1.16, with a net risk estimate of $ 10.0 billion and $ 11.0 billion, respectively.
2025 is partially hedged with a target hedging price between $ 1.14 and $ 1.16; $ 4.9 billion is hedged on a net risk estimate of $ 12.0 billion.



  • General Meeting of 2022: May 25, 2022
  • Results for the 1st half of 2022: July 28, 2022
  • Revenue for the 3rd quarter of 2022: October 28, 2022


Today at 8:30 Paris time Safran is organizing a conference for financial analysts, investors and the media. To participate, dial 01 72 72 74 03 from France, +44 207 194 3759 from the United Kingdom or +1 646 722 4916 from the United States (access code for all countries: 17692593 #).

Please ask about the Safran conference and give your name. Participants are invited to log in ten minutes before the conference call.

The recurrence of the conference call will be available until July 28, 2022 at 01 70 71 01 60, +44 203 364 5147 and +1 646 722 4969 (access code for all countries: 425020135 #).

The press release and presentation are available at (Finance section).

Key figures

1. Breakdown of sectors