Full Year 2019 Safran SA Earnings Call Transcript
Welcome to the Safran Full Year 2019 Results. At this time, I would like to turn the conference over to your host, Philippe Petitcolin, Safran's CEO; and Bernard Delpit, Group CFO. Mr. Petitcolin, please go ahead.
Thank you. Thank you very much, and good morning, everyone. Thank you for joining us for this fiscal year 2019 earnings presentation of Safran. As usual, the press release, presentation and consolidated financial statements are available on our website.
In 2019, we delivered very strong organic growth, further high-margin expansions across all our divisions and a good cash flow generation in the context of the MAX grounding. Our challenge in 2020 is to further demonstrate our ability to adapt to the situation. I will come back on this point later on.
Let me sum up the key events of the past year. Operational performance was solid. Safran enjoyed another year of strong organic revenue growth, up 9.3%. Due to strong performance across all the Safran businesses, 2019 represented an
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