Slide 1: Full Year Results 2014
FULL YEAR RESULTS 2014 Full Year Results 2014
Slide 2: Agenda
AGENDA Welcome Mark Rollins CEO 2014 Results Derek Harding FD Markets & Outlook Mark Rollins CEO Full Year Results 2014
Slide 3: 2014 Results
2014 RESULTS Full Year Results 2014
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS constant 2014 2013 Change currency Revenue £820.8m £775.1m +6% +11%(1) Adjusted Operating Profit £111.6m £107.6m +4% +10%(2) Adjusted Operating Margin 13.6% 13.9% -0.3ppts -0.2ppts(3) Adjusted Profit before Tax £102.6m £98.1m +5% +11% Adjusted Earnings per Share 19.84p 19.00p +4
Slide 5: Aerospace Results – constant exchange rates
AEROSPACE RESULTS – constant exchange rates(2) £m 600 Revenue Growth 2013 to 2014 £m 2014 2013 Change 550 25.6 536.6 26.4 0.7 (7.7) 5.2 511.0 Revenue 536.6 486.4 +10.3% 500 486.4 Adj OP(1) 77.9 73.7 +5.7% 450 400 Margin 14.5% 15.2% -0.7ppts 350 Organic(3) 300 Revenue 511.0 486.4 +5.1% 250 Adj OP(1)
Slide 6: Flexonics Results – constant exchange rates
FLEXONICS RESULTS – constant exchange rates(2) £m Revenue Growth 2013 to 2014 300 17.2 284.6 £m 2014 2013 Change 280 0.9 267.4 11.8 2.3 260 252.4 Revenue 284.6 252.4 +12.8% 240 Adj OP(1) 43.5 37.4 +16.3% 220 Margin 15.3% 14.8% +0.5ppts 200 180 Organic(3) 160 140 Revenue 267.4 252.4 +5.9% 120 Adj OP(
Slide 7: Division Results – constant exchange rates
DIVISION RESULTS – constant exchange rates(2) £m Revenue £m Adj Operating Profit(1) £m Margin on Sales 2014 2013 Change 2014 2013 Change 2014 2013 Aerospace 536.6 486.4 +10.3% 77.9 73.7 +5.7% 14.5% 15.2% Flexonics 284.6 252.4 +12.8% 43.5 37.4 +16.3% 15.3% 14.8% Share of JV - - - (0.3) (0.3) - - - In
Slide 8: Geographic Results – constant exchange rates
GEOGRAPHIC RESULTS – constant exchange rates(2) £m Revenue £m Adj Operating Profit(1) £m Margin on Sales 2014 2013 Change 2014 2013 Change 2014 2013 North America 516.9 486.4 +6.3% 75.8 74.1 +2.3% 14.7% 15.2% Rest of Europe 96.8 92.0 +5.2% 8.4 8.3 +1.2% 8.7% 9.0% United Kingdom 130.1 115.4 +12.7% 23
Slide 9: Adjusted and Reported Profit
ADJUSTED AND REPORTED PROFIT 2014 2013 Change £m £m Adjusted operating profit 111.6 107.6 +4% (+10% on constant currency basis) Net interest payable - borrowings and cash (8.1) (8.1) - retirement benefits (0.9) (1.4) Adjusted profit before tax 102.6 98.1 +5% (+11% on constant currency basis) Tax (20
Slide 10: Earnings per Share and Dividends
EARNINGS PER SHARE AND DIVIDENDS 2014 2013 Change Average number of shares Basic 416.3m 414.7m +1.6m Fully diluted 421.6m 420.1m +1.5m Adjusted earnings per share(1) Basic 19.84p 19.00p +4% Fully diluted 19.59p 18.76p +4% Dividends (pence per share) Interim 1.67p 1.52p +10% Final 3.96p 3.60p +10% To
Slide 11: Cash Flow and Use of Funds
CASH FLOW AND USE OF FUNDS £m 150 140 24.9 (1.1) (16.5) 130 120 (30.9) 111.6 110 UPECA Acquisition 100 Impact on net debt: Net cash outflow £60.1m 90 (9.1) Assumed on acquisition £14.3m 80 Gross capex £(31.1)m (8.4) Total £74.4m 70 Disposal proceeds £0.2m (12.7) 60 57.8 0.4 50 40 30 20 10 - (10) (60
Slide 12: Balance Sheet
BALANCE SHEET 2014 2013 £m £m Goodwill and other intangible assets 290.8 242.5 Investment in JV 0.7 1.0 Property, plant and equipment 167.6 142.6 Other long-term assets 7.3 7.5 Non current assets 466.4 393.6 Inventories 119.3 99.4 Receivables 137.1 113.7 Payables (148.8) (129.0) Working capital (pag
Slide 13: Working Capital
WORKING CAPITAL Working capital as a % of revenue 14.5% 1.4% (1.0)% 14.0% 0.8% (0.7)% 13.5% 13.1% 13.0% 1.7% 12.5% 12.0% 11.5% 11.0% 10.9% 10.5% 10.0% 2013 Receivables Inventory Payables Acquisitions FX / Other 2014 Trade receivables increased by an Trade payables increased by £8.6m average of 3
Slide 14: Maturity Profile of Credit Facilities
MATURITY PROFILE OF CREDIT FACILITIES Repaid £22m of US private placement in October 2014 (5.93% interest) Refinanced £13m acquired Upeca debt Completed an “amend & extend” to RCF taking the maturity to 2019 and reducing margin by 0.35bps* Net Debt:EBITDA = 0.8x – Well placed for future grow
Slide 15: 2014 Financial Summary
2014 FINANCIAL SUMMARY A healthy set of results delivering continued growth Strong organic growth in large commercial aerospace and North American heavy trucks Adjusted profit before tax of £102.6m, 5% ahead of prior year (11% on a constant currency basis) Good cash flows resulted in a prude
Slide 16: Markets & Outlook
MARKETS & OUTLOOK Full Year Results 2014
Slide 17: Senior's Markets – 2014
SENIOR’S MARKETS – 2014 35% Flexonics Division Aerospace Division 65% Other Industrial 3% 1% Aerospace (35%) (65%) Heating, Ventilation & Solar 1% (3%) (1%) (2%) Petrochemical 5% (3%) Power & Energy 6% (7%) 38% Large Commercial Aircraft (36%) Passenger Vehicles 7% (7%) Truck & Off-Highway 12% (12%)
Slide 18: Senior's Customers – 2014
SENIOR’S CUSTOMERS – 2014 35% Flexonics Division Aerospace Division 65% (35%) (65%) Other Industrial & Aerospace 13% 11% Rolls-Royce (14% ) (11%) Bloom Energy 1% (2%) all 1% of Emerson 2% (-%) Group or less 11% Boeing (11%) Other Land Vehicle 7% (6%) Renault 1% (1%) PSA 1% (1%) Ford 1% 7% Spirit (2%
Slide 19: Large Commercial Aircraft (38% of Group)
LARGE COMMERCIAL AIRCRAFT (38% of Group) Shipset Value ($k) Deliveries x Avg.(1) Shipset Value ($m ) Avg.(1) 2014 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 90 100 110 120 12/13 to12/14 value ($k) (number) ($k) 737 231 485 1,636 +18
Slide 20: Regional and Business Jets (8% of Group)
REGIONAL AND BUSINESS JETS (8% of Group) Shipset Value ($k) Deliveries x Shipset Value ($m ) Var. in avg. Shipset 2014 Order shipset value 0 100 200 300 400 500 600 value ($k) deliveries book 0 2 4 6 8 10 12 14 16 18 20 22 24 12/13 to 12/14 ($k) GL 5000/6000 Bombardier 277 80 ? +9 GL 5000/6000 CRJ70
Slide 21: Military and Defence (12% of Group)
MILITARY AND DEFENCE (12% of Group) Shipset Value ($k) Avg.(1) Estimated shipset 2014 Estim ated Deliveries x Avg.(1) Shipset Value ($m ) Var. in avg. value deliveries shipset value 0 200 400 600 800 1000 0 2 4 6 8 10 12 14 16 18 20 22 24 12/13 to 12/14 ($k) (number) ($k) C-130J 883 24 +25 C-130J Bl
Slide 22: Land Vehicles (19% of Group)
LAND VEHICLES (19% of Group) Truck & Off-Highway Vehicles (12% of Group) 2014 market(1) compared to 2013: Group sales 13%(2) from 2013 N. American truck sales 12%; production 17% N. America (10% of Group) Group sales 11%; higher HP rails, exhaust bellows and OE cooler volumes N. Americ
Slide 23: Industrial (15% of Group)
INDUSTRIAL (15% of Group) 2014 Industrial sales split Group sales 17%(1) over 2013; 1%(1) on organic basis Other 12% (15%) Power & Energy: 2%(1) £1m; lower fuel cell dielectrics, Steel 2% 38% Power & Energy (45%) offset partially by higher expansion (3%) Solar & Other joint sales to N Americ
Slide 24: Acquisition Framework
ACQUISITION FRAMEWORK More Likely Less Likely Fluid Systems Structures New Markets Division Flexonics Large Commercial Biz Jet Rotorcraft Reg Jet VLJ Market Energy Renewables Nuclear Truck Defence Automotive General Industrial Medical Semi-conductor Aero Ducting Structural Composites Control Bellows
Slide 25: 'Building' for the Future
‘BUILDING’ FOR THE FUTURE South Carolina Thailand Senior’s commitment to providing market In Thailand, the Group is expanding capacity leading solutions to our customers was the threefold (+196,000 sq ft) and adding primary objective with the decision by the processing capability at a total cost of
Slide 26: Group 2015 Outlook
GROUP 2015 OUTLOOK Opportunities Challenges Large Commercial Aerospace market strong Impact of price pressures as expected with A350 ramping up Industrialisation of a number of new Higher content A320neo – Q4 2015 delivery? programmes. Expense costs as incurred CSeries entry into service t
Slide 27: Group Longer-Term Outlook
GROUP LONGER-TERM OUTLOOK Large Commercial Aerospace: 787 ($817k per s/s): 10 pm (2014), 12 pm (2016), 14 pm (2019). A350 ($515k per s/s): 3 pm (2015), 6 pm (2016), 13 pm (2018). A330 ($520k per s/s): 10 pm (2014), 9 pm (2015), 6 pm (2016). A320neo & 737 MAX (higher s/s & rates) launch in 20
Slide 28: Thank You, Any More Questions?
THANK YOU, BEST WISHES ANY MORE QUESTIONS? Full Year Results 2014
Slide 29: Appendices
APPENDICES Full Year Results 2014
Slide 30: New CEO – David Squires
NEW CEO – DAVID SQUIRES Joins Senior on 1 May 2015 as Group Chief Executive-designate before taking over as Group Chief Executive on 1 June 2015. Currently the Chief Operating Officer for Cobham plc. Prior to this role David held the position as President of its Mission Systems Division for five
Slide 31: 10 Year Evolution
10 YEAR EVOLUTION Revenue (£m) Adjusted Operating Profit (£m) Adjusted Operating Margin (%) 900 120 18 800 110 Total after central costs 16 Total after central costs 100 700 14 90 600 80 12 500 70 10 60 400 8 50 300 40 6 200 30 4 20 100 2 10 0 0 0 2005 2007 2009 2011 2013 2014 2005 2007 2009 2011 20
Slide 32: Exchange Rates
EXCHANGE RATES Profit and Loss Account Balance Sheet Average Rates Period End Rates 2014 2013 Change 2014 2013 Change £ : US Dollar 1.65 1.57 -4.8% 1.56 1.66 +6.4% £ : Euro 1.24 1.18 -4.8% 1.29 1.20 -7.0% £ : Rand 17.82 15.14 -15.0% 18.04 17.35 -3.8% Euro : Rand 14.37 12.83 -10.7% 13.98 14.46 +3.4%
Slide 33: Division Results – As Reported
DIVISION RESULTS – AS REPORTED £m Revenue £m Adj Operating Profit(1) £m Margin on Sales 2014 2013 Currency 2014 2013 Currency 2014 2013 Impact(2) Impact(2) Aerospace 536.6 506.6 (20.2) 77.9 76.5 (2.8) 14.5% 15.1% Flexonics 284.6 269.3 (16.9) 43.5 40.4 (3.0) 15.3% 15.0% Share of JV - - - (0.3) (0.3)
Slide 34: Geographic Results – As Reported
GEOGRAPHIC RESULTS – AS REPORTED £m Revenue £m Adj Operating Profit(1) £m Margin on Sales 2014 2013 Currency 2014 2013 Currency 2014 2013 Impact(2) Impact(2) North America 516.9 512.0 (25.6) 75.8 78.0 (3.9) 14.7% 15.2% Rest of Europe 96.8 97.3 (5.3) 8.4 8.9 (0.6) 8.7% 9.1% United Kingdom 130.1 115.4
Slide 35: Division Results – Half Yearly
DIVISION RESULTS – HALF YEARLY Revenue Adjusted Operating Profit H2 2014 H1 2014 H2 2013 H1 2013 H2 2014 H1 2014 H2 2013 H1 2013 Aerospace 272.6 264.0 252.4 254.2 38.5 39.4 39.7 36.8 Flexonics 148.0 136.6 123.7 145.6 23.4 20.1 19.8 20.6 Inter-segment sales (0.2) (0.2) (0.3) (0.5) - - - - Share of JV
Slide 36: Upeca Technologies Acquisition
UPECA TECHNOLOGIES ACQUISITION UPECA Technologies Sdn Bhd (“UPECA”), comprising UPECA Flowtech (“UFT”) and UPECA Aerotech (“UAT”), both based in Malaysia (30 minutes apart) and UPECA Engineering (Tianjin), (“UET”) based in China, is a manufacturer of high-precision engineered components serving the
Slide 37: Working Capital
WORKING CAPITAL Balance Sheet Cash Flow Working Inventories Receivables Payables Capital £m £m £m £m 31 December 2013 (page 9) 99.4 113.7 (129.0) Movements in period: Aerospace 6.2 7.4 0.1 (13.7) Flexonics 5.3 5.4 (9.8) (0.9) Holding companies - 0.8 1.1 (1.9) 11.5 13.6 (8.6) (16.5) Acquisitions and
Slide 38: Free Cash Flow
FREE CASH FLOW 2014 2013 £m £m Operating profit 89.6 93.3 Share of JV loss 0.3 0.3 Depreciation 24.1 21.6 Amortisation of intangible assets 8.0 4.9 Goodwill impairment & reversal of contingent consideration payable 9.4 8.9 Restructuring charge 1.5 1.9 Charge for share-based plans 2.5 3.5 Pension cur
Slide 39: Change in Net Debt
CHANGE IN NET DEBT UPECA acquisition impact on net debt 2014 2013 £74.4m £m £m Free cash flow (page 32) 57.8 63.8 Dividends (21.9) (19.9) Acquisitions (net of cash & o/d acquired) and JV (60.1) (31.0) Loan to JV (1.1) - Share issues 1.1 0.1 Purchase of shares by employee benefit trust (0.7) (0.9) Ne
Slide 40: Gross Capital Expenditure
GROSS CAPITAL EXPENDITURE 2014 2013 Capex Depn (1) Capex Depn (1) £m £m £m £m Aerospace 22.5 16.1 21.7 14.0 Flexonics 8.3 8.6 7.8 8.1 Holding Companies 0.3 0.2 0.2 0.2 Total 31.1 24.9 29.7 22.3 (1) Depreciation excludes amortisation of intangible assets arising on acquisitions of £7.2m (2013: £4.2m)
Slide 41: Usage of Credit Facilities – December 2014
USAGE OF CREDIT FACILITIES – December 2014 Year End Usage by Currency Interest Facility Usage £ $ € Other % £m £m Private placements: US $20.0m (Oct 2020) 6.94% 12.8 12.8 - 12.8 - - US $75.0m (Oct 2018) 6.84% 48.1 48.1 - 48.1 - - US $30.0m (Jan 2017) 5.85% 19.2 19.2 - 19.2 - - US $25.0m (Oct 2015) 6
Slide 42: Covenants
COVENANTS Dec 2014 June 2014 Dec 2013 June 2013 Net Debt £105.0m £114.3m £59.2m £65.5m Net interest (1) - rolling 12 months £8.5m £9.0m £8.4m £8.2m EBITDA (1) - rolling 12 months £137.8m £137.5m £129.7m £124.9m Interest cover (to exceed 3.5 times) 16.2 x 15.3 x 15.4 x 15.2 x Net Debt to EBITDA (not
Slide 43: Pensions – Deficit Movement
PENSIONS – DEFICIT MOVEMENT 12 Months 2014 2013 UK USA Various Total Total Funded Funded Unfunded £m £m £m £m £m IAS19 Scheme deficit at 31 Dec 2013 (15.6) (4.3) (5.7) (25.6) (37.1) Current service cost (0.2) (0.3) (0.3) (0.8) (2.0) Running costs (0.9) - - (0.9) (0.8) Curtailment (charge)/ gain (1.5
Slide 44: Pensions – UK Plan Funding
PENSIONS – UK PLAN FUNDING Actuarial Valuations Last valuation 5 April 2013 UK Plan closed to future accrual Scheme assets/(liabilities) at valuation £226.3m / (£275.3m) from April 2014 Funding level 82% IAS 19 Valuations Dec 2014 Jun 2014 Dec 2013 £m £m £m Scheme Assets Equities 74.8 75.2 72.4 Bond
Slide 45: Senior's Locations
SENIOR’S LOCATIONS UK Rickmansworth H.O 2014 split Sales OP Massachusetts Crumlin Metal Bellows N. America 62% 62% BWT (incl. Atlas) Canada Bird Bellows UK 16% 20% SF Canada Thermal Weston EU Rest of Europe 12% 7% Wisconsin Rest of World 10% 11% GA Germany Washington SF GmbH AMT Czech Republic Absol
Slide 46: Senior's Products – 2014
SENIOR’S PRODUCTS – 2014 35% Flexonics Division Aerospace Division 65% (35%) Industrial machined parts 2% 1% Aerospace products (65%) (-%) (1%) Industrial flexible parts 13% (15%) 19% Airframe structural parts (18%) Off-highway hydraulics (LV) 1% (1%) Exhaust flexes (LV) 5% (5%) Fuel distribution (L
Slide 47: Aerospace Division
AEROSPACE DIVISION Full Year Results 2014
Slide 48: Aerospace – Orders and Deliveries
AEROSPACE – ORDERS AND DELIVERIES Deliveries Net Orders Order Book Large Commercial Dec Dec Dec Dec Aircraft 2014 2013 2012 2011 2014 2013 2012 2011 2014 2013 2012 2011 Boeing 723 648 601 477 1,432 1,355 1,203 805 5,789 5,080 4,373 3,771 Airbus 629 626 588 534 1,456 1,503 833 1,419 6,386 5,559 4,682
Slide 49: Aerospace – Large Commercial Aircraft Backlog
AEROSPACE – LARGE COMMERCIAL AIRCRAFT BACKLOG Boeing backlog by region: Dec 2014 Airbus backlog by region: Dec 2014 Australasia Australasia 1% Asia ex-India, 2% 13% Undisclosed 19% China Asia ex-India, 3% China Exec. & Private Jets 19% China 1% India & Undisclosed 31% 1% China 10% Middle East 5% Ind
Slide 50: Aerospace Division: A Summary
AEROSPACE DIVISION: A SUMMARY 2014 2013(2) Change 19 Operations Revenue £536.6m £486.4m +10.3% NAFTA 10 Europe 3 Adjusted Operating Profit(1) £77.9m £73.7m +5.7% UK 4 Adjusted Operating Margin(1) 14.5% 15.2% -0.7ppts ROW 2 Markets Customers Other Non Space & Non Military 8% Other Non Aerospace Aeros
Slide 51: Shipset Value Progression – Large Commercial Aircraft
SHIPSET VALUE(1) PROGRESSION – LARGE COMMERCIAL AIRCRAFT $k % CAGR 900 +3% 800 700 600 +10% +28% +8% 500 +3% 400 300 +7% 200 +5% 100 0 737 777 787 A320 A330 A380 A350 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 (1) Average based on programme share and estimated engine variant Full
Slide 52: Shipset Value Progression – Regional, Business and Military
SHIPSET VALUE(1) PROGRESSION – Regional, Business and Military $k % CAGR 1000 +21% 900 800 +11% 700 600 +11% 500 400 +28% Sikorsky +5% insourcing 300 +6% 200 +5% 100 0 G5000/6000 CSeries MRJ Black Hawk C-130J JSF (F-35) A400M Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 (1) Average
Slide 53: Aerospace – Operations
AEROSPACE – OPERATIONS Operation Location Senior Aerospace AMT Seattle, USA Senior Aerospace Ketema San Diego, USA Senior Aerospace Weston EU Colne, UK Senior Aerospace Jet Products San Diego, USA Senior Aerospace Thailand Chonburi, Thailand Structures Senior Aerospace Connecticut Enfield, CT, USA S
Slide 54: Aerospace – Strategy
AEROSPACE – STRATEGY Sector Strategic Objectives Fluid Conveyance Systems Continue to develop products for new platforms Low Pressure Ducting Fluid Systems Further develop strategic customer relationships High Pressure Ducting Successful execution of new development programmes Aerospace Contro
Slide 55: 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, Atlas Main Customers: Bombardier, Cess
Slide 56: 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 CSeries High Pressure Ducting Layout Main Operations: SSP, Bird Bellows, Calorstat Main Customers: Airbus, Boeing, Bombardier, Lo
Slide 57: 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 58: 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 59: Gas Turbine Engines: Fluid Systems
Gas Turbine Engines: Fluid Systems Hydraulic/Fuel Feed Manifolds Active Clearance Control System Engine Bleed Ducting Bellows Face Seal Static Seal Main Operations: Bosman, Ermeto, Metal Bellows, Bird Bellows, SSP, Thermal Main Customers: Rolls-Royce, Snecma, MTU, Pratt & Whitney Full Year Results 2
Slide 60: Gas Turbine Engine: Engine Components
Gas Turbine Engine: Engine Components 307 Combustion Silencer Case (Dassault 7X) TFE 731 Lear Typical Gas Turbine Jet/Hawker Front Aero-engine F-35 Front Strutted Frame Case Trent 1000 Engine Casing Trent 1000 Combustor Aerofoil for gas TFE 731 Learjet/Hawker (B787) Case (B787) turbine engine Bearin
Slide 61: Structures: Airframe
Structures: Airframe 747 Frame 787 Aft Engine 737 Main Landing Gear 787 Vertical Fin Support Assy. Pylon Wheel Well 747-8 Fuselage Fan Cowl component 737 Boeing Wing Ribs Main Operations: AMT, Absolute, Damar, Mexico, Weston, S A Thailand, S A Upeca Main Customers: Boeing, Spirit, Goodrich (UTC) Ful
Slide 62: 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, S A Thailand Main Customers: Boeing, Spirit, Contour (Zodiac) Full Year Results 2014 Page 50/2
Slide 63: Structures: Nacelles
Structures: Nacelles B777 Engine Nacelle Housing 777 Load Share Ring GE 90 Inlet Attach Rings (B777) CF34-10 Torque Box Ring, 737 Cascade (Embraer 190) Support Ring Thrust Reverser Detail Main Operations: Jet, Ketema, Thermal Main Customers: Boeing, Goodrich, Spirit, Middle River (GE) Full Year Resu
Slide 64: 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 65: Flexonics Division
FLEXONICS DIVISION Full Year Results 2014
Slide 66: Flexonics Division: A Summary
FLEXONICS DIVISION: A SUMMARY 2014 2013(2) Change 13 Operations + JV NAFTA 4 Revenue £284.6m £252.4m +12.8% Europe 3 Adjusted Operating Profit(1) £43.5m £37.4m +16.3% UK 1 ROW 5 Adjusted Operating Margin (1) 15.3% 14.8% +0.5ppts China JV 1 Markets Customers Other Industrial 9% 1% Aerospace Heating,
Slide 67: Flexonics – Operations
FLEXONICS – OPERATIONS Operation Location Senior Flexonics Bartlett Chicago, USA & Saltillo, Mexico Senior Flexonics Pathway San Antonio & Maine, USA Senior Flexonics GA Wisconsin, USA Senior Flexonics Germany Germany Senior Flexonics Blois France Senior Flexonics Upeca Malaysia & Tianjin, China Sen
Slide 68: Flexonics – Strategy
FLEXONICS – STRATEGY Sector Strategic Objectives Land Vehicle Emission Control Develop product portfolio as emission regulation thresholds increase globally Heat Exchangers Exhaust Flexes Build programmes with new truck and off-highway customers Common Rail Diesel Invest further in emerging ma
Slide 69: 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, GA, Germany, Blois, Cape Town, Sao Paulo, New Delhi Main Customers: Cummins, Perkins, CAT, MAN, Sc
Slide 70: Industrial Process Control (1)
Industrial Process Control (1) Metal Expansion Joints Fabric Expansion Joints Refineries Power Steel Mills Generation Dampers/Diverters Oilfield Services Flow Control Valve Metal Expansion Joints Packers Bodies Main Operations: Pathway, WahlcoMetroflex, S F Upeca Main Customers: US domestic operator
Slide 71: 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 72: Index
INDEX Presentation Appendices Financial highlights 1 New CEO – David Squires 24 Aerospace results - constant exchange rates 2 10 year evolution 25 Flexonics results - constant exchange rates 3 Exchange rates 26 Division results - constant exchange rates 4 Division results - as reported 27 Geographic