— Safran

Safran is a world leader in the aerospace industry, and its main business consists of developing engines for civil aircraft. The group also produces other  equipment for the aerospace, space and defence industries. Safran has leading positions in all those markets.

As at Dec 31, 2018

Stake in Safran


Investment date


FFP's investment.

From 2006 onwards, FFP had owned a stake of more than 5% in Zodiac Aerospace and was one of its main shareholders. After assisting the company with its development for 12 years, FFP supported Zodiac Aerospace’s merger with Safran.

In February 2018, FFP tendered all of its Zodiac Aerospace shares to the public exchange offer initiated by Safran. After that offer, and after investing a further €31 million in Safran shares, FFP now owns 0.7% of Safran. The shares acquired through the public offer are preferred shares that cannot be sold until February 2021.

F&P, a 50/50 joint venture between FFP and the Fonds Stratégique de Participations (FSP), has a seat on Safran’s Board of Directors and is represented on the Board by its Chairman Robert Peugeot. F&P, represented by Robert Peugeot, is also a member of Safran’s Audit and Risk Management Committee.

In 2018.

After the acquisition of Zodiac Aerospace in early 2018 – which therefore contributed to Safran’s figures for 10 months of the year – Safran’s adjusted revenue was €21.1 billion, an increase of 32.0%. In organic terms, adjusted revenue growth was 10.4%. Adjusted recurring operating profit totalled €3.0 billion (14.4% of revenue), up 37.9%. Free cash flow amounted to €1.8 billion, including €92 million from the acquired Zodiac Aerospace business. Net debt was €3.3 billion at 31 December 2018.

Safran continued its CFM56-LEAP transition process in 2018. Deliveries of CFM engines (LEAP and CFM56) rose 13.6% to 2,162 units in 2018, driven by higher levels of assembly activity at aircraft makers and strong demand for CFM products. LEAP orders and intentions to purchase amounted to 3,211 units in 2018, taking the total order book to 15,620 engines at 31 December 2018.

Revenue in the Propulsion division totalled €10.5 billion, an increase of 11.7%. Recurring operating profit rose 27.2% to €1.9 billion. Recurring operating margin increased from 16.2% to 18.5%.

Revenue in the Aircraft Equipment division was €5.4 billion and recurring operating profit rose 24.4% to €770 million.

The Defence division grew its revenue by 5.3% to €1.4 billion.

Recurring operating profit rose 26.9% to €118 million.

Revenue from the acquired Zodiac Aerospace business amounted to €3.8 billion. Recurring operating profit was €290 million.

Key figures.

2018 turnover


2018 operational margin


A short- or medium-haul civilian aircraft fitted with Safran engines takes off every


2018 free cash flow


Shareholding structure.