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S SAFRAN | P PRESS RELEASE H1 2021 : recovery of sales in Q2 and continued discipline on costs and cash . FY 2021 outlook confirmed . Paris , July 28 , 2021 H1 2021 earnings still affected by the effects of the crisis , bottoming out in Q1 ● FY 2021 outlook confirmed implying a meaningful H2 ramp - up . Free cash flow target raised Adjusted data Revenue at Euro 6,876 million , down ( 21.6 ) % on a reported basis and down ( 17.3 ) % on an organic basis Recurring operating income at Euro 659 million down ( 30.4 ) % on a reported basis and down ( 29.3 ) % on an organic basis Operating margin impacted across all divisions . Group operating margin down in H1 2021 at 9.6 % but improved versus H2 2020 Free cash flow generation at Euro 701 million Consolidated data Revenue was Euro 6,769 million Recurring operating income at Euro 351 million Profit from operations at Euro 156 million Profit for the period attributable to owners of the parent at Euro 674 million Free cash flow at Euro 701 million The Board of Directors of Safran ( Euronext Paris : SAF ) , under the Chairmanship of Ross McInnes , at their meeting in Paris on July 28 , 2021 , adopted and authorised the publication of Safran's financial statements and adjusted income statement for the six - month period ended June 30 , 2021 . Foreword All figures in this press release represent adjusted [ ¹ ] data , except where noted . Please refer to the definitions and reconciliation between H1 2021 consolidated income statement and adjusted income statement . Please refer to the definitions contained in the Notes on page 11 of this press statement . Organic variations exclude changes in scope and currency impacts for the period . 1