Well-established market position as a leading engine manufacturer for wide-body aircraft. Sizable order book in civil aerospace, equivalent to about 10 years of production. Long-term revenues and profits from aftermarket servicing, maintenance, and spare parts activities. Less resilient profitability and a less flexible cost base, reflected in lower EBITDA margins. Mixed outlook for the business segments, with revenues supported by higher civil engine deliveries, while prospects for the marine segment remain subdued. Weak cash flow generation, with slightly negative free operating cash flow (FOCF) likely in 2017. Slightly weak leverage metrics forecast for 2018 of 40%-45% for funds from operations (FFO) to adjusted debt and around 2.0x for adjusted debt to EBITDA. Supportive financial policy framework, evident from steps taken
