Safran reported 2019 adjusted revenue of €24.6 billion, a year-on-year 9.3% like-for-like increase. Adjusted underlying operating profit came in at €3.8 billion (15.5% of revenue), up 24.6%. 2019 free cash flow was €2.0 billion and net debt was €4.1 billion at 31 December 2019.
From April 2019, total production of civil aviation turbojets was hit by a plunge in Boeing 737 Max aircraft production after they were grounded the previous month. As a result, CFM engine (LEAP and CFM56) full year 2019 deliveries edged down to 2,127. However, the CFM56-LEAP transition continued and LEAP engines accounted for 80% of all 2019 deliveries, up from 52% the previous year. LEAP orders and purchase intentions have held up well and order backlog consists of 15,614 engines in total.
Aerospace Propulsion division revenues came to €12.0 billion, up 10.8% like for like. Underlying operating profit totalled €2.5 billion yielding a 20.6% margin.
Aircraft Equipment, Defence & Aerosystems division revenue was €9.3 billion yielding a 13.1% margin.
Finally, the Aircraft Interiors division continued to restructure and posted €3.3 billion revenue, up 8.8% like for like. Underlying operating profit was €188 million and a 5.7% margin, a 2.5bp increase.