In April 2015, the Safran Board of Directors decided to separate the corporate governance functions. Executive powers were placed under the responsibility of Philippe Petitcolin (as Chief Executive Officer), while the Board, which I chair, determines strategic objectives as well as studying and deciding on major operations. The Board is also in charge of determining the future makeup of management bodies. Mandated by all shareholders, the Board exercises its expertise in areas defined by law, in the interest of the enterprise. It oversees actions ensuring that shareholders receive pertinent and balanced information on the enterprise’s strategy, development model and long-term outlook.
This separation of functions perfectly addresses the Group’s specific challenges and encourages communications and decision-making. Today, we can state with confidence that this managerial transition is under perfect control, proving our Group’s soundness and reflecting our values. Philippe Petitcolin and I are keeping a close eye on things to maintain a balance between short, medium and long-term goals and requirements.
Safran continues to generate an attractive return on investment for its shareholders: we proposed a dividend for 2015 of 1.38 euros/share at the Annual General Meeting, 15% higher than in 2014.
The change in all Group company names in 2016 will enable us to further enhance our recognition, especially in international markets where Safran generates more than 80% of our revenues.
Chairman of the Safran Board of Directors
A high-technology group with recognized and constantly evolving expertise, driven by the talent, passion and culture of innovation of its 70,000 employees in over 60 countries, Safran is a major stakeholder in all its businesses: aerospace, defense and security.
2015 was marked by many achievements including the successful development of the LEAP engine, the selection of our aeronautical equipment for the new programs of large aircraft manufacturers, the export contracts for the Rafale, and the choice of the Patroller by the French Army.
With a turnover of €17.4 billion, up 13.4%, an operating margin of 14%, marking a 16.4% increase, and a free cash flow of €974 million, our Group has made the most of its buoyant markets and taken the necessary steps to face the future with confidence.
Today, Safran’s number one priority is to ramp up its production to meet its customers’ needs, starting with the LEAP, which has already logged more than 10,000 orders. We have been prepared for this moment for a long time and continue to adapt our manufacturing base as required.
We must also continue to boost our competitiveness and performance without sacrificing the preparation of the future, for which we will continue to invest strongly in research and technology. Operational excellence therefore remains at the center of Safran’s strategy.
Now gathered under the brand name “Safran”, which replaces the historical names of Group companies, our employees every day give the best of themselves to satisfy their customers and partners, and so place themselves at the height of the reputation Safran has built in 10 years of existence.
Chief Executive Officer, Safran
To learn more about Safran governance, click here
© Charles Platiau / Reuters / Safran
© Thomas Laisné / Safran