Slide 1: Full Year Results 2012
FULL YEAR RESULTS 2012 Full Year Results 2012
Slide 2: Agenda
AGENDA Welcome Mark Rollins CEO 2012 Results Simon Nicholls FD Markets & Outlook Mark Rollins CEO Full Year Results 2012
Slide 3: 2012 Results
2012 RESULTS Full Year Results 2012
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS 2012 2011 Change(1) Revenue £729.8m £640.7m +14%(2) Adjusted Operating Profit £101.4m £88.3m +15%(3) Adjusted Operating Margin 13.9% 13.8% +0.1ppts(4) Adjusted Profit before Tax £91.1m £78.0m +17% Adjusted Earnings per Share 17.75p 14.55p +22% Total Dividend 4.65p 3.80p +22% Fre
Slide 5: Aerospace Results – constant exchange rates
AEROSPACE RESULTS – constant exchange rates(2) Turnover £m Adj Operating Profit(1) £m Margin on Sales 2012 2011 Change 2012 2011 Change 2012 2011 Total 470.5 382.4 +23.0% 72.1 59.9 +20.4% 15.3% 15.7% (3) Organic growth 410.9 382.4 +7.5% 65.7 59.9 +9.7% 16.0% 15.7% Strong demand in large commercial
Slide 6: Flexonics Results – constant exchange rates
FLEXONICS RESULTS – constant exchange rates(2) Turnover £m Adj Operating Profit(1) £m Margin on Sales 2012 2011 Change 2012 2011 Change 2012 2011 Continuing Ops. 242.0 230.7 +4.9% 37.3 33.3 +12.0% 15.4% 14.4% (3) Organic growth 238.4 230.7 +3.3% 37.2 33.3 +11.7% 15.6% 14.4% Total turnover from lan
Slide 7: Division Results – constant exchange rates
DIVISION RESULTS – constant exchange rates(2) £m Turnover £m Operating Profit(1) £m Margin on Sales 2012 2011 Change 2012 2011 Change 2012 2011 Aerospace 470.5 382.4 +23.0% 72.1 59.9 +20.4% 15.3% 15.7% Flexonics 242.0 230.7 +4.9% 37.3 33.3 +12.0% 15.4% 14.4% Share of JV - - - (0.1) - - - - Inter-seg
Slide 8: Geographic Results – constant exchange rates
GEOGRAPHIC RESULTS – constant exchange rates(2) £m Turnover £m Operating Profit(1) £m Margin on Sales 2012 2011 Change 2012 2011 Change 2012 2011 North America 471.7 427.9 +10.2% 72.4 66.3 +9.2% 15.3% 15.5% Rest of Europe 92.2 93.8 -1.7% 8.9 5.6 +58.9% 9.7% 6.0% United Kingdom 101.6 53.3 +90.6% 18.8
Slide 9: Adjusted and Reported Profit
ADJUSTED AND REPORTED PROFIT 2012 2011 Change £m £m Adjusted operating profit (1) 101.4 88.3 +15% Net interest payable - borrowings and cash (7.7) (7.9) - retirement benefits (2.6) (2.4) Adjusted profit before tax (1) 91.1 78.0 +17% Tax (2012: 20.4%; 2011: 25.0%) (18.6) (19.5) Adjusted profit for th
Slide 10: Earnings per Share and Dividends
EARNINGS PER SHARE AND DIVIDENDS 2012 2011 Change Average number of shares Basic 408.5m 402.0m +6.5m Fully diluted 418.8m 416.3m +2.5m Adjusted earnings per share(1) Basic 17.75p 14.55p +22% Fully diluted 17.31p 14.05p +23% Dividends (pence per share) Interim 1.38p 1.15p +20% Final 3.27p 2.65p +23%
Slide 11: Free Cash Flow Bridge
FREE CASH FLOW BRIDGE £m 140 Adj OP(1) Free Cash Flow 20.8 (13.7) 120 Flexonics Aerospace (3.9) 2.6 (8.9) 101.4 (7.6) 1.5 100 Includes £6.0m following (8.6) disposal of Hargreaves (26.0) 80 Flexonics Aerospace 60 57.6 Gross capex £26.1m Disposal proceeds £0.1m 40 20 - Adjusted Depreciation Pensions
Slide 12: Change in Net Debt
CHANGE IN NET DEBT 2012 2011 £m £m Free cash flow (page 30) 57.6 55.6 Dividends (16.4) (13.1) Acquisitions and JV (29.0) (68.6) Disposals(1) 4.5 - Share issues 2.3 - Purchase of shares by employee benefit trust (1.0) - Net cash inflow/(outflow) 18.0 (26.1) Exchange variations 4.1 (2.3) Finance lease
Slide 13: Balance Sheet
BALANCE SHEET 2012 2011 £m £m Goodwill and other intangible assets 238.8 226.8 Investment in JV 0.8 - Property, plant and equipment 134.8 126.4 Other long-term assets 13.0 9.7 Non current assets 387.4 362.9 Inventories 91.2 90.3 Receivables 100.9 106.6 Payables (128.5) (140.6) Working capital (page
Slide 14: Working Capital
WORKING CAPITAL Balance Sheet Cash Flow Working Inventories Receivables Payables Capital £m £m £m £m 31 December 2011 (page 10) 90.3 106.6 (140.6) Movements in period: Aerospace 3.7 0.3 5.1 (9.1) Flexonics 0.2 (3.3) 3.5 (0.4) Holding companies - 0.4 0.3 (0.7) 3.9 (2.6) 8.9 (10.2) Acquisitions and di
Slide 15: Markets & Outlook
MARKETS & OUTLOOK Full Year Results 2012
Slide 16: Senior's Markets – 2012
SENIOR’S MARKETS – 2012 (continuing operations) 34% Flexonics Division Aerospace Division 66% (39%) 4% Other Industrial (61%) Heating, Ventilation & Solar 2% (4%) (3%) Petrochemical 4% (4%) Power & Energy 6% (7%) 33% Large Commercial Aircraft (26%) Passenger Vehicles 8% (12%) Truck & Off-Highway 10%
Slide 17: Senior's Customers – 2012
SENIOR’S CUSTOMERS – 2012 (continuing operations) 34% Flexonics Division Aerospace Division 66% (39%) (61%) 10% Boeing Industrial 16% (9%) (18% ) 10% Rolls-Royce (4%) Other Land Vehicle 4% all 1% of (6%) Caterpillar 1% Group or less (1%) Renault 1% (1%) GM 1% (2%) 7% UTC PSA 2% (7%) (2%) Ford 2% (3%
Slide 18: Large Commercial Aircraft
LARGE COMMERCIAL AIRCRAFT (33% of Group) Shipset Value ($k) Deliveries x Avg.(1) Shipset Value ($m ) Avg.(1) 2012 Order Var. in avg. shipset deliveries book shipset value 0 200 400 600 800 1000 1200 0 10 20 30 40 50 60 70 80 90 100 6/12 to 12/12 value ($k) (number) ($k) 737 224 415 3,074 -9 737 A318
Slide 19: Regional and Business Jets
REGIONAL AND BUSINESS JETS (9% of Group) Shipset Value ($k) Deliveries x Shipset Value ($m ) Var. in avg. Shipset 2012 Order shipset value 0 50 100 150 200 250 300 350 400 450 500 value ($k) deliveries book 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 6/12 to 12/12 ($k) GL 5000/6000 Bombardier 266 54 ?
Slide 20: Military and Defence
MILITARY AND DEFENCE (16% of Group) Shipset Value ($k) Avg.(1) Estimated shipset 2012 Estim ated Deliveries x Avg.(1) Shipset Value ($m ) Var. in avg. value deliveries shipset value 0 200 400 600 800 1000 0 10 20 30 40 6/12 to 12/12 ($k) (number) ($k) Black Haw k 177 196 -6 Black Hawk C-130J 858 34
Slide 21: Land Vehicles
LAND VEHICLES (18% of Group) Truck & Off-Highway Vehicles (10% of Group) 2012 market(1) compared to 2011: Group sales 20%(2) from 2011 N. American truck sales 14%; production 8% N. American truck & off-highway represents 8% of Group EU truck sales 8%; production 9% Cummins (7% of G
Slide 22: Industrial
INDUSTRIAL (16% of Group) 2012 Industrial sales split Group Continuing Sales 8%(1) over 2011 Power & Energy: 5%(1) US dampers and fuel cell Other 13% dielectrics (13%) 38% Power & Boiler Nuclear 2% (3%) (38%) Petrochemical: 38%(1) Tianjin project Steel 3% (4%) Solar & Other HVAC: 6%(1) weake
Slide 23: Acquisition Framework
ACQUISITION FRAMEWORK More Likely Less Likely Division Fluid Systems Structures New Markets Flexonics Large Commercial Biz Jet Rotorcraft Reg Jet VLJ Market Energy Renewables Nuclear Truck Defence Automotive various General Industrial Medical Semi-conductor Aero Ducting Structural Composites Control
Slide 24: Flexonics – GAMFG Precision Acquisition
FLEXONICS – GAMFG PRECISION ACQUISITION GAMFG Precision LLC, (based in Franklin, Wisconsin) is a manufacturer of high-precision machined components and assemblies primarily for heavy-duty diesel engine applications in the off-road land vehicle market (88% of sales), but with a growing presence in th
Slide 25: Aerospace – Atlas Composites Ltd Acquisition
AEROSPACE – Atlas Composites Ltd ACQUISITION Atlas Composites Ltd, (based in Ilkeston, Derbyshire) designs and manufactures composite structures, components and tooling for aerospace (25%), motor sport (29%), defence (18%), satellite communications (25%) and sports (3%) markets. Example products 2
Slide 26: Group 2013 Outlook
GROUP 2013 OUTLOOK Large Commercial Aerospace: Healthy growth. Build rates . 787 rate? A350 to fly. Weston Structures move (£1.3m cost). Acqd land in Thailand. Business and Regional Jets: CSeries to fly. Regional jets flat. Business jets (for Senior). Engineering activity high; costs bein
Slide 27: Group Longer-Term Outlook
GROUP LONGER-TERM OUTLOOK Large Commercial Build rates – notably 787 and 737. Aerospace: New programmes – A350, A320neo, 737 MAX. Market share gains – Thailand interesting for customers. But growing price pressure. Business and Regional Jets: RJ fleet renewals? CSeries and MRJ go into pr
Slide 28: Any Questions?
ANY QUESTIONS? Full Year Results 2012
Slide 29: Appendices
APPENDICES Full Year Results 2012
Slide 30: Group Evolution
GROUP EVOLUTION Revenue (£m) Adjusted Operating Profit (£m) Adjusted Operating Margin (%) 800 110 18 100 Total after central costs 700 Total after central costs 16 90 600 14 80 70 12 500 60 10 400 50 8 300 40 6 200 30 4 20 100 10 2 0 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 20
Slide 31: Exchange Rates
EXCHANGE RATES Profit and Loss Account Balance Sheet Average Rates Period End Rates 2012 2011 Change 2012 2011 Change £ : US Dollar 1.59 1.60 +0.6% 1.63 1.55 -4.9% £ : Euro 1.23 1.15 -6.5% 1.23 1.20 -2.4% £ : Rand 12.99 11.56 -11.0% 13.79 12.55 -9.0% Euro : Rand 10.56 10.05 -4.8% 11.21 10.46 -6.7% U
Slide 32: Division Results – As Reported
DIVISION RESULTS – AS REPORTED £m Turnover £m Operating Profit(1) £m Margin on Sales 2012 2011 Currency 2012 2011 Currency 2012 2011 Impact(2) Impact(2) Aerospace 470.5 382.6 (0.2) 72.1 59.6 0.3 15.3% 15.6% Flexonics 242.0 240.1 (9.4) 37.3 35.0 (1.7) 15.4% 14.6% Share of JV - - - (0.1) - - - - Inter
Slide 33: Geographic Results – As Reported
GEOGRAPHIC RESULTS – AS REPORTED £m Turnover £m Operating Profit(1) £m Margin on Sales 2012 2011 Currency 2012 2011 Currency 2012 2011 Impact(2) Impact(2) North America 471.7 425.3 2.6 72.4 65.9 0.4 15.3% 15.5% Rest of Europe 92.2 100.6 (6.8) 8.9 6.1 (0.5) 9.7% 6.1% United Kingdom 101.6 53.3 - 18.8
Slide 34: Division Results – Half Yearly
DIVISION RESULTS – HALF YEARLY Turnover Adjusted Operating Profit H2 2012 H1 2012 H2 2011 H1 2011 H2 2012 H1 2012 H2 2011 H1 2011 Aerospace 228.0 242.5 194.7 187.9 35.6 36.5 30.0 29.6 Flexonics 118.8 123.2 120.8 119.3 19.4 17.9 18.4 16.6 Inter-segment sales (0.3) (0.2) (0.3) (0.1) - - - - Share of J
Slide 35: Flexonics – GAMFG Precision Acquisition
FLEXONICS – GAMFG PRECISION ACQUISITION See page 20 for further details Leading supplier of highly complex, precision machined components with tight tolerances as low as two microns, meaning GA is in the top quartile of tightest tolerance machining companies End use engine applications include c
Slide 36: Free Cash Flow
FREE CASH FLOW 2012 2011 £m £m Operating profit from continuing ops. 93.7 82.0 Operating profit from discontinued ops. 0.8 1.0 Share of JV loss 0.1 - Depreciation 20.1 18.0 Amortisation of intangible assets 5.0 5.0 Charge for share-based plans 2.3 2.5 Loss on disposal of fixed assets 0.1 0.3 Pension
Slide 37: Gross Capital Expenditure
GROSS CAPITAL EXPENDITURE 2012 2011 Capex Depn (1) Capex Depn (1) £m £m £m £m Aerospace 16.4 13.5 14.1 11.5 Flexonics 9.4 7.0 7.5 6.8 Holding Companies 0.2 0.1 0.4 0.1 Discontinued Ops. 0.1 0.2 0.1 0.2 Total 26.1 20.8 22.1 18.6 (1) Depreciation excludes amortisation of intangible assets arising on a
Slide 38: Usage of Credit Facilities – December 2012
USAGE OF CREDIT FACILITIES – December 2012 Usage by Currency Interest Facility Usage £ $ € Other % £m £m Private placements: US $20.0m (Oct 2020) 6.94% 12.3 12.3 - 12.3 - - US $75.0m (Oct 2018) 6.84% 46.0 46.0 - 46.0 - - US $30.0m (Jan 2017) 5.85% 18.4 18.4 - 18.4 - - US $25.0m (Oct 2015) 6.42% 15.3
Slide 39: Maturity Profile of Credit Facilities
MATURITY PROFILE OF CREDIT FACILITIES £m 220 200 Oct £124m headroom 180 May 160 Oct 140 120 Oct Net debt 100 Dec 12 - £71m 80 Jan 60 40 Oct 20 Oct 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 Committed facilities: Fixed rate Floating rate Full Year Results 2012 Page 33
Slide 40: Covenants
COVENANTS Dec 2012 Dec 2011 Dec 2010 Net Debt £70.9m £93.0m £63.7m Net interest (1) £7.8m £8.0m £8.0m EBITDA (1) £122.7m £109.8m £94.0m Interest cover (to exceed 3.5 times) 15.7 x 13.7 x 11.8 x Net Debt to EBITDA (not to exceed 3 times) 0.6 x 0.8 x 0.7 x (1) The Group’s results only include GA MFG,
Slide 41: Pensions – Deficit Movement
PENSIONS – DEFICIT MOVEMENT 2012 2011 UK USA Various Total Total Funded Funded Unfunded £m £m £m £m £m IAS19 Scheme deficit at 31 Dec 2011 (25.3) (4.2) (5.0) (34.5) (38.2) Service cost (1.2) (0.6) (0.1) (1.9) (1.7) Curtailment charge (1.9) - - (1.9) - Total employer cash contributions 14.2 1.1 0.3 1
Slide 42: Pensions – UK Plan Funding
PENSIONS – UK PLAN FUNDING Actuarial Valuations Last valuation 6 April 2010 Scheme assets/(liabilities) at valuation £155.5m / (£207.6m) Funding level 75% IAS 19 Valuations Dec 2012 Dec 2011 Dec 2010 £m £m £m Scheme Assets Equities 58.7 52.4 55.3 Bonds 80.6 67.1 57.1 Gilts 67.6 67.9 54.6 Cash & net
Slide 43: Senior's Locations
SENIOR’S LOCATIONS (incl. Atlas) Full Year Results 2012 Page 37
Slide 44: Senior's Products – 2012
SENIOR’S PRODUCTS – 2012 (continuing operations) 34% Flexonics Division Aerospace Division 66% (39%) (61%) Expansion joints, bellows, hoses (Ind) 14% 19% Engine structures (15%) (13%) and mountings HVAC ducting (Ind) 2% (3%) Fuel distribution (LV) 3% (4%) Exhaust flexes (LV) 6% (8%) 17% Airframe str
Slide 45: Aerospace Division
AEROSPACE DIVISION Full Year Results 2012
Slide 46: Aerospace – Orders and Deliveries
AEROSPACE – ORDERS AND DELIVERIES Deliveries Net Orders Order Book Large Commercial Dec Dec Dec Dec Aircraft 2012 2011 2010 2009 2012 2011 2010 2009 2012 2011 2010 2009 Boeing 601 477 462 481 1,203 805 530 142 4,373 3,771 3,443 3,375 Airbus 588 534 510 498 833 1,419 574 271 4,682 4,437 3,552 3,488 T
Slide 47: Aerospace – Large Commercial Aircraft Backlog
AEROSPACE – LARGE COMMERCIAL AIRCRAFT BACKLOG Boeing backlog by region: Dec 2012 Airbus backlog by region: Dec 2012 Undisclosed Exec. & Private Jets 6% 2% Australasia & Undisclosed 2% 3% Australasia 16% Asia ex-India, China North America 20% 22% Asia ex-India, China 6% China North America 39% 3% Ind
Slide 48: Aerospace Division: A Summary
AEROSPACE DIVISION: A SUMMARY 2012 2011(2) Change 18 Operations Revenue £470.5m £382.4m +23.0% NAFTA 11 Europe 3 Adjusted Operating Profit(1) £72.1m £59.9m +20.4% UK 3 Adjusted Operating Margin(1) 15.3% 15.7% -0.4ppts ROW 1 Markets Other Non Customers Other Non Aerospace 9% Space & Non Military Aero
Slide 49: Aerospace – Operations
AEROSPACE – OPERATIONS Operation Location Senior Aerospace AMT Seattle, USA Senior Aerospace SSP Los Angeles, USA Senior Aerospace Weston EU Colne, UK Senior Aerospace Metal Bellows Boston, USA Senior Aerospace Ketema San Diego, USA Senior Aerospace Jet Products San Diego, USA Senior Aerospace BWT M
Slide 50: Aerospace – Strategy
AEROSPACE – STRATEGY Sector Strategic Objectives Fluid Conveyance Systems Growth through content on new platforms Low Pressure Ducting Further develop strategic customer relationships Fluid Systems High Pressure Ducting Successful introduction of new programmes Aerospace Control Products Exp
Slide 51: Fluid Conveyance: Low Pressure Ducting
Fluid Conveyance: Low Pressure Ducting Engineered Composite Duct Assembly Low Pressure Ducting Typical Rotorcraft Assembly Ducting Layout Various Composite Duct Products Typical Business Jet Composite Wall Panels Ducting Layout Main Operations: BWT, Composites Main Customers: Bombardier, Cessna, Haw
Slide 52: Fluid Conveyance: High Pressure Ducting
Fluid Conveyance: High Pressure Ducting HP Bleed Air Duct Engineered Solutions Typical Bizjet Engine Bleed Ducting HP Bleed Air Duct Typical Wing Duct Products Bombardier C Series High Pressure Ducting Layout Main Operations: SSP, Bird Bellows, Calorstat Main Customers: Airbus, Boeing, Bombardier, E
Slide 53: Fluid Conveyance: Aerospace Control Products
Fluid Conveyance: Aerospace Control Products Hydraulic System Couplings Control Actuators Hydraulic Bellows Accumulators Pressure/Temp Sensors Hydraulic Control Manifold Compressor Assembly Main Operations: Metal Bellows, Calorstat, Bird Bellows, Ermeto Main Customers: Airbus, Boeing, Lockheed Marti
Slide 54: Fluid Conveyance: Non-Aerospace Control Products
Fluid Conveyance: Non-Aerospace Control Products Pin Lift Actuator Bellows Assembly (Semi-Conductor) (Nuclear industry) Process Control Valves Drug Pump Implant (Chemical process) (Medical) Main Operations: Calorstat, Metal Bellows, Ermeto, Bird Bellows Main Customers: AECL Nuclear, Volvo, LAM Indus
Slide 55: Gas Turbine Engines: Fluid Systems
Gas Turbine Engines: Fluid Systems Hydraulic/Fuel Feed Manifolds Active Clearance Control System Engine Bleed Ducting Bellows Face Seal Main Operations: Bosman, Ermeto, Metal Bellows, Bird Bellows, SSP Main Customers: Rolls-Royce, Snecma, MTU, Pratt & Whitney Full Year Results 2012 Page 45/1
Slide 56: Gas Turbine Engine: Engine Components
Gas Turbine Engine: Engine Components 307 Combustion Case (Dassault 7X) TFE 731 Lear Jet/Hawker Front F-35 Front Strutted Frame Case Typical Gas Turbine Aero-engine Trent 1000 Engine Casing Trent 1000 Combustor Aerofoil for gas TFE 731 Learjet/Hawker (B787) Case (B787) turbine engine Bearing Support
Slide 57: Structures: Airframe
Structures: Airframe 747 Frame 737 Main Landing Gear 787 Aft Engine Support Assy. Wheel Well Pylon 747-8 Fuselage 787 Vertical Fin component 737 Boeing Wing Ribs Main Operations: AMT, Absolute, Damar, Mexico, Weston Main Customers: Boeing, Spirit, Goodrich (UTC) Full Year Results 2012 Page 46/1
Slide 58: Structures: Assemblies
Structures: Assemblies 737 Air Inlet (2ea) 737 Wing to Body Ram Air 767 Engine Pylon Frame (Birdcage) 787 Wing to Body Frame Premium Seat Chassis Main Operations: AMT, Weston Main Customers: Boeing, Spirit, Contour (Zodiac) Full Year Results 2012 Page 46/2
Slide 59: Structures: Nacelles
Structures: Nacelles 777 Load Share Ring GE 90 Inlet Attach Rings (B777) B777 Engine Nacelle Housing CF34-10 Torque Box Ring, 737 Cascade (Embraer 190) Support Ring Main Operations: Jet, Ketema Main Customers: Boeing, Goodrich, Spirit, Middle River (GE) Full Year Results 2012 Page 46/3
Slide 60: Structures: Helicopter Transmissions
Structures: Helicopter Transmissions Sikorsky UH60 Blackhawk Sikorsky S-92 Rotorcraft UH60 Blackhawk Housing Assy. Blackhawk Gear Housing Assy. S-92 Swash Plate Guide S-92 Carrier Assy. Blackhawk Carrier Assy. Blackhawk Spindle Main Operations: S A Connecticut Main Customers: Sikorsky, Rolls-Royce F
Slide 61: Flexonics Division
FLEXONICS DIVISION Full Year Results 2012
Slide 62: Flexonics Division: A Summary
FLEXONICS DIVISION: A SUMMARY 2012 2011(2) Change 12 Operations NAFTA 4 Revenue £242.0m £230.7m +4.9% Europe 3 Adjusted Operating Profit(1) £37.3m £33.3m +12.0% UK 1 ROW 3 Adjusted Operating Margin(1) 15.4% 14.4% +1.0ppts China JV 1 Markets Customers Other Industrial 10% Cummins 19% Heating, Ventila
Slide 63: Flexonics – Operations
FLEXONICS – OPERATIONS Operation Location Senior Flexonics Bartlett Chicago, USA Senior Flexonics Pathway San Antonio & Maine, USA Senior Flexonics Germany Germany Senior Flexonics Blois France Senior Flexonics Cape Town South Africa Senior Flexonics Sao Paulo Brazil Senior Flexonics Canada Toronto,
Slide 64: Flexonics – Strategy
FLEXONICS – STRATEGY Sector Strategic Objectives Land Vehicle Emission Control Develop product portfolio as emission regulation thresholds increase Heat Exchangers Exhaust Flexes Invest further in emerging market footprint, in growth markets Common Rail Diesel Capitalise on expanded capabiliti
Slide 65: Land Vehicle Emission Control
Land Vehicle Emission Control Common Rails Tubes Turbo-oil feed and drain High Pressure Fuel Lines Exhaust Bellows EGR Coolers/Heat Diesel fuel injector components Exchangers Main Operations: Bartlett, GAMFG, Germany, Blois, Cape Town, Sao Paulo, New Delhi Main Customers: Cummins, Perkins, CAT, Man,
Slide 66: Industrial Process Control (1)
Industrial Process Control (1) Metal Expansion Joints Fabric Expansion Joints Refineries Power Steel Mills Generation Metal Expansion Joints Dampers/Diverters Main Operations: Pathway, WahlcoMetroflex Main Customers: US domestic operators (400+), Constructors (Global), Engineering specifiers Full Ye
Slide 67: Industrial Process Control (2)
Industrial Process Control (2) Vacuum Seal Bellows Flexible Tubes & Hoses CSP - Solar Troughs RotationFlex ® Instrument Control Medical Heat Fuel Cells – Dielectric Bellows Exchangers for fuel delivery Main Operations: Bartlett, Canada, Germany, Crumlin Main Customers: Medtronics, Valliant, Schott,
Slide 68: Index
INDEX Presentation Appendices Financial highlights 1 Group evolution 24 Aerospace results - constant exchange rates 2 Exchange rates 25 Flexonics results - constant exchange rates 3 Division results - as reported 26 Division results - constant exchange rates 4 Geographic results - as reported 27 Geo