Slide 1: Full Year Results 2010
FULL YEAR RESULTS 2010 Full Year Results 2010
Slide 2: Agenda
AGENDA Introduction Martin Clark Chairman “Senior has delivered an excellent set of results for 2010. Adjusted profit before tax increased by 36% to record levels, driven by significant margin improvements, and healthy operating cash flow resulted in a net debt reduction of £39m to £64m. Trading has
Slide 3: Results
2010 RESULTS Full Year Results 2010
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS 2010 2009 Change Revenue £566.9m £540.1m +5% Adjusted Operating Profit £75.4m £59.4m +27% Adjusted Operating Margin 13.3% 11.0% +2.3ppts Adjusted Profit before Tax £65.3m £48.0m +36% Adjusted Earnings per Share 12.01p 8.91p +35% Total Dividend 3.12p 2.60p +20% Net Borrowings £63
Slide 5: Aerospace Results – constant exchange rates
AEROSPACE RESULTS – constant exchange rates (2) Turnover £m Adj Operating Profit(1) £m Margin on Sales 2010 2009 Change 2010 2009 Change 2010 2009 333.8 319.7 +4.4% 50.0 39.0 +28.2% 15.0% 12.2% 1 Increased build rates and higher shipset content on main military programmes 1 Largely unchanged turnove
Slide 6: Flexonics Results – constant exchange rates
FLEXONICS RESULTS – constant exchange rates (2) Turnover £m Adj Operating Profit(1) £m Margin on Sales 2010 2009 Change 2010 2009 Change 2010 2009 233.5 225.8 +3.4% 31.6 27.9 +13.3% 13.5% 12.4% 1 Year-on-year increases in demand in all land vehicle markets 1 North American and European truck 1 Europ
Slide 7: Division Results – constant exchange rates
DIVISION RESULTS – constant exchange rates (2) £m Turnover Adj Operating Profit (1) Margin on Sales 2010 2009 Change 2010 2009 Change 2010 2009 Aerospace 333.8 319.7 +4.4% 50.0 39.0 +28.2% 15.0% 12.2% Flexonics 233.5 225.8 +3.4% 31.6 27.9 +13.3% 13.5% 12.4% Inter-Segment sales (0.4) (0.5) - - - - -
Slide 8: Geographic Results – constant exchange rates
GEOGRAPHIC RESULTS – constant exchange rates (2) £m Turnover by Origin Adj Operating Profit (1) Margin on Sales 2010 2009 Change 2010 2009 Change 2010 2009 North America 375.9 363.6 +3.4% 56.8 50.8 +11.8% 15.1% 14.0% Rest of Europe 95.3 88.2 +8.0% 4.5 0.2 - 4.7% 0.2% United Kingdom 57.0 56.4 +1.1% 9
Slide 9: Adjusted and Reported Profit
ADJUSTED AND REPORTED PROFIT 2010 2009 Change £m £m Adjusted operating profit (1) 75.4 59.4 +27% (2) (2) Net interest payable - borrowings and cash (7.9) (7.2) - retirement benefits (2.2) (4.2) Adjusted profit before tax (1) 65.3 48.0 +36% Tax (2010: 26.5%; 2009: 26.0%) (17.3) (12.5) Adjusted profit
Slide 10: Earnings per Share and Dividends
EARNINGS PER SHARE AND DIVIDENDS 2010 2009 Change Average number of shares Basic 399.6m 398.3m +1.3m Fully diluted 413.6m 407.3m +6.3m Adjusted earnings per share(1) Basic 12.01p 8.91p +35% Fully diluted 11.61p 8.72p +33% Dividends (pence per share) Interim 1.00p 0.90p +11% Final 2.12p 1.70p +25% To
Slide 11: Free Cash Flow Bridge
FREE CASH FLOW BRIDGE £m 120 Adj OP Free Cash Flow 100 (11.8) 20.0 Flexonics Discretionary 11.0 1.0 (7.6) £(6.0)m (8.1) Aerospace (8.6) 80 (0.4) 75.4 (12.1) Flexonics Aerospace 60 58.8 Gross capex £14.2m Disposal proceeds £2.1m 40 20 - Adjusted Depreciation Pensions in Inventory Receivables Payables
Slide 12: Change in Net Debt
CHANGE IN NET DEBT 2010 2009 £m £m Free cash flow 58.8 60.1 Dividends (10.8) (10.4) Deferred consideration received - 0.5 Acquisition (8.3) - Sale of shares held by employee benefit trust 1.4 - Share issues 0.3 0.1 Net cash inflow 41.4 50.3 Exchange variations (page 33) (2.8) 21.9 Net debt - opening
Slide 13: Balance Sheet
BALANCE SHEET 2010 2009 £m £m Goodwill and other intangible assets 176.6 180.3 Property, plant and equipment 114.0 118.0 Other long-term assets 1.6 0.8 Non current assets 292.2 299.1 Inventories 75.1 65.0 Receivables and construction contracts 80.7 79.6 Payables (110.5) (95.6) Working capital (page
Slide 14: Working Capital
WORKING CAPITAL Balance Sheet Cash Flow Receivables Working Inventories (and construction Payables contracts) Capital £m £m £m £m 31 December 2009 (page 10) 65.0 79.6 (95.6) Movements in period: Aerospace 3.7 1.7 (6.3) 0.9 Flexonics 4.4 (1.2) (3.2) - Holding companies - (0.1) (1.5) 1.6 Cash flow 8.1
Slide 15: Financial Performance Summary
FINANCIAL PERFORMANCE SUMMARY Revenue (£m) Adj PBT (£m) / Adj OP Margin (%) 600 70 14% Adj PBT (£m) Adj OP % 1 Achieved record level of 60 12% 500 adjusted profit before tax in 50 10% 400 2010 of £65m 40 8% 300 1 Group adjusted operating 30 6% 200 margin of 13.3% almost 20 4% 100 doubled since 2006
Slide 16: Markets & Outlook
MARKETS & OUTLOOK Full Year Results 2010
Slide 17: Senior's Markets – 2010
SENIOR’S MARKETS – 2010 41% Flexonics Division Other Industrial 4% Aerospace Division 59% (41%) (4% ) (59%) Petrochemical 4% (5%) Heating, Ventilation & Solar 5% (5%) 23% Large Commercial Aircraft (24%) Power & Energy 6% (7%) Truck 8% (7%) Passenger Vehicles 14% 18% Military/Defence Aerospace (13%)
Slide 18: Large Commercial Aircraft (23% of Group)
LARGE COMMERCIAL AIRCRAFT (23% of Group) Shipset Value ($k) Deliveries x Shipset Value ($m ) 2010 Order Outlook 0 200 400 600 800 1000 1200 deliveries book 0 10 20 30 40 50 60 70 80 2011/12 737 376 2,186 737 777 74 253 777 A318/9/20/21 401 2,418 A318/19/20/21 A330 87 354 A330 A380 18 193 A380 767 12
Slide 19: Large Commercial Aircraft – Average Monthly Deliveries
LARGE COMMERCIAL AIRCRAFT (23% of Group) Average Monthly Aircraft Deliveries 1.5 60 120 3.0 7.3 55 +38% 9.6 50 100 45 40.0 33.4 40 80 35 30 60 2 10 6.2 25 8 20 40 15 31.3 37.3 10 20 5 0 0 2010 2010 2011 2012 2013 2013 737 777 787 747-8 A320 A330 A380 Combined (RHS) Source: Boeing & Airbus Boeing Air
Slide 20: Regional and Business Jets (9% of Group)
REGIONAL AND BUSINESS JETS (9% of Group) Shipset Value ($k) Deliveries x Shipset Value ($m ) 2010 Order Outlook 0 50 100 150 200 250 300 350 deliveries book 0 1 2 3 4 5 6 7 8 9 10 11 12 2011/12 G500/550 Gulfstream 50 (1) ? G500/550/650 CRJ 700/900 Bombardier 31 49 CRJ 700/900 ERJ 190/195 Embraer 75
Slide 21: Regional and Business Jets – Average Monthly Deliveries
REGIONAL AND BUSINESS JETS (9% of Group) Average Monthly Aircraft Deliveries 10 20 1.6 +25% 1.7 9 18 8 16 3.8 4.2 7 14 0.2 1.2 0.3 6 12 1.3 2.6 5 10 2.7 4 8 3 6 6.3 2 4 7.7 1 2 0 0 2010 2010 2011 2012 2013 2013 ERJ 190/195 CRJ 700/900 CRJ 1000 SuperJet CSeries G500/550/650 GL 5000 Combined (RHS) Bus
Slide 22: Military and Defence (18% of Group)
MILITARY AND DEFENCE (18% of Group) Shipset Value ($k) Estim ated Deliveries x Shipset Value ($m ) Estimated Outlook 0 200 400 600 800 1000 2010 0 10 20 30 40 50 2011/12 deliveries Black Haw k 210 Black Hawk C-130J 25 C-130J C17 14 C17 Eurofighter 51 Eurofighter V-22 (Osprey) 29 V-22 (Osprey) JSF (F
Slide 23: Military and Defence – Average Monthly Deliveries
MILITARY AND DEFENCE (18% of Group) Average Monthly Aircraft Deliveries 28 35 2.0 2.4 2.9 24 30 4.3 +6% 4.3 1.2 20 25 2.1 0.5 2.3 16 20 12 15 17.5 17.0 8 10 4 5 0 0 2010 2010 2011 2012 2013 2013 Black Hawk C-130J C17 Eurofighter V-22 (Osprey) JSF (F35) Combined (RHS) Defence budgets under pressure b
Slide 24: Land Vehicles (22% of Group)
LAND VEHICLES (22% of Group) European Car Production(1) (10% of Group) (rolling 12 month million vehicles) Passenger Vehicles (14% of Group) 18 1 EU car sales 2 6%; production 3 13% 16 1 NA car/SUV sales 3 10%; production 3 39% 14 1 Brazil car sales 3 6%; production 3 10% 12 1 India car sales 3 31%;
Slide 25: Land Vehicles – Production Forecast
LAND VEHICLES (22% of Group) Vehicle Production(1) Forecast (million vehicles) 25 0.5 +11% +62% 20 0.4 15 0.3 10 0.2 5 0.1 0 0 2010 2011 2012 2013 2010 2011 2012 2013 EU Cars and LCV (10% of Group) North American Truck (6% of Group) 1 Strong recovery predicted for North American truck 1 Rand/€ movem
Slide 26: Industrial (19% of Group)
INDUSTRIAL (19% of Group) 2010 1 Power & Energy (6%) – sales 2 6% over 2009 – weak North American coal and gas but stronger nuclear 1 Petrochemical (4%) – sales 2 26% over 2009 – global expansion joint project business weaker 1 HVAC & Solar (5%) – sales broadly in line with 2009 – principally UK nuc
Slide 27: Acquisition Framework
ACQUISITION FRAMEWORK More Likely Less Likely Division Fluid Systems Structures New Markets Flexonics Large Commercial Rotorcraft Regional Jet Business Jet VLJ Defence Renewables Nuclear Energy Truck Automotive Market General Industrial Medical Semi-conductor Aero Ducting Control Bellows Simple Comp
Slide 28: Group Outlook
GROUP OUTLOOK Large Commercial Aerospace: Strong growth – announced build rate increases plus new programmes and outsourcing Business and Regional Jets: Healthy growth – gradual market recovery plus new programmes Military and Defence: Solid outlook – on the right platforms and outsourcing but budge
Slide 29: Any Questions?
ANY QUESTIONS? Full Year Results 2010
Slide 30: Appendices
APPENDICES Full Year Results 2010
Slide 31: Group Evolution
GROUP EVOLUTION Revenue (£m) Adjusted Operating Profit (£m) Adjusted Operating Margin (%) 600 80 16 Total after central costs 70 Total after central 14 500 costs 60 12 400 50 10 300 40 8 30 6 200 20 4 100 10 2 0 0 0 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Aerospace
Slide 32: Exchange Rates
EXCHANGE RATES Profit and Loss Account Balance Sheet Average Rates Period End Rates 2010 2009 Change 2010 2009 Change £ : US Dollar 1.55 1.56 +0.6% 1.57 1.61 +2.5% £ : Euro 1.16 1.12 -3.4% 1.17 1.13 -3.4% £ : Rand 11.32 13.01 +14.9% 10.36 11.89 +14.8% Euro : Rand 9.76 11.62 +19.1% 8.85 10.52 +18.9%
Slide 33: Division Results – As Reported
DIVISION RESULTS – AS REPORTED £m Turnover Adj Operating Profit (1) Margin on Sales 2010 2009 Currency 2010 2009 Currency 2010 2009 Impact(2) Impact(2) Aerospace 333.8 319.2 0.5 50.0 38.8 0.2 15.0% 12.2% Flexonics 233.5 221.3 4.5 31.6 26.2 1.7 13.5% 11.8% Inter-Segment sales (0.4) (0.4) (0.1) - - -
Slide 34: Geographic Results – As Reported
GEOGRAPHIC RESULTS – AS REPORTED £m Turnover by Origin Adj Operating Profit (1) Margin on Sales 2010 2009 Currency 2010 2009 Currency 2010 2009 Impact(2) Impact(2) North America 375.9 360.4 3.2 56.8 50.3 0.5 15.1% 14.0% Rest of Europe 95.3 91.2 (3.0) 4.5 0.2 - 4.7% 0.2% United Kingdom 57.0 56.4 - 9.
Slide 35: Division Results – Half Yearly
DIVISION RESULTS – HALF YEARLY Turnover Adjusted Operating Profit H2 2010 H1 2010 H2 2009 H1 2009 H2 2010 H1 2010 H2 2009 H1 2009 Aerospace 163.9 169.9 150.0 169.2 24.7 25.3 16.8 22.0 Flexonics 115.5 118.0 114.3 107.0 16.4 15.2 16.6 9.6 Inter-segment sales (0.2) (0.2) (0.1) (0.3) - - - - Central cos
Slide 36: WahlcoMetroflex Acquisition
WAHLCOMETROFLEX ACQUISITION WahlcoMetroflex specialises in equipment and systems for isolating, controlling and conditioning gas flows. It engineers, manufactures and services a broad range of high performance isolators, dampers and expansion joints as well as supplying entire gas handling and condi
Slide 37: WahlcoMetroflex continued
WAHLCOMETROFLEX ……..continued 1 Acquired August 2010 for $13.9m (£8.9m), less cash acquired of $0.9m (£0.6m) 1 2008 (full year): Sales $45.7m; PBIT $3.5m 2009 (full year): Sales $22.7m; PBIT $3.1m 2010 (7 months pre-acquisition): Sales $9.7m; PBIT $1.1m 2010 (5 months post-acquisition): Sales $4.9m;
Slide 38: Free Cash Flow
FREE CASH FLOW 2010 2009 £m £m Operating profit 62.2 61.0 Depreciation 19.4 20.1 Amortisation of intangible assets 5.2 5.3 Charge for share options 1.4 0.9 (Profit)/loss on disposal of fixed assets (0.2) 0.1 Goodwill impairment 8.7 - Exceptional pension gain - (6.3) Pension payments above service co
Slide 39: Gross Capital Expenditure
GROSS CAPITAL EXPENDITURE 2010 2009 Capex Depn (1) Capex Depn (1) £m £m £m £m Aerospace 8.9 11.5 9.0 11.1 Flexonics 5.2 8.4 3.5 9.6 Holding Companies 0.1 0.1 0.1 0.1 Total 14.2 20.0 12.6 20.8 (1) Depreciation excludes amortisation of intangible assets arising on acquisitions of £4.6m (2009: £4.6m) b
Slide 40: Net Debt Exchange Variations
NET DEBT EXCHANGE VARIATIONS By Currency Total $ € Other £m £m £m £m 2010 Exchange on opening net debt (2.1) (2.7) 0.1 0.5 Exchange on movements in the year (0.7) (0.4) (0.2) (0.1) Total exchange variation in net debt (2.8) (3.1) (0.1) 0.4 2009 Exchange on opening net debt 13.4 13.1 0.2 0.1 Exchange
Slide 41: Usage of Credit Facilities – December 2010
USAGE OF CREDIT FACILITIES – December 2010 Headroom of £147m on committed facilities Usage by Currency Facility Usage £ $ € Other £m £m Private placements: US $ 20.0m (Oct 2020) 12.7 12.7 - 12.7 - - US $ 75.0m (Oct 2018) 47.8 47.8 - 47.8 - - US $ 30.0m (Jan 2017) 19.1 19.1 - 19.1 - - US $ 25.0m (Oct
Slide 42: Maturity Profile of Credit Facilities
MATURITY PROFILE OF CREDIT FACILITIES £m 220 Aug £147m headroom 200 180 160 July 140 120 Oct 100 Net debt Oct 80 Dec 10 - £64m Jan 60 40 Oct 20 Oct 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Committed facilities: Fixed rate Floating rate Full Year Results 2010 Page 35
Slide 43: Covenants
COVENANTS Dec 2010 Dec 2009 Dec 2008 Net Debt £63.7m £102.3m £174.5m Net interest (1) £8.0m £7.2m £6.8m EBITDA (1) £94.0m £76.0m £81.7m Interest cover (to exceed 3.5 times) 11.8 x 10.6 x 12.0 x Net Debt to EBITDA (not to exceed 3 times) 0.7 x 1.3 x 2.1 x (1) The Group’s results only include Capo Ind
Slide 44: Pensions – Deficit Movement
PENSIONS – DEFICIT MOVEMENT 2010 2009 UK USA Various Total Total Funded Funded Unfunded £m £m £m £m £m IAS 19 Scheme deficit at 31 Dec 2009 (39.6) (3.8) (4.7) (48.1) (51.2) Service cost (1.0) (0.4) (0.3) (1.7) (1.7) Total employer cash contributions 11.2 2.0 0.2 13.4 21.3 Interest cost of liabilitie
Slide 45: 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 2010 Dec 2009 Dec 2008 £m £m £m Scheme Assets Equities 55.3 62.5 49.5 Active currency - - 4.5 Bonds 57.1 52.1 47.3 Gilts 54
Slide 46: Senior's Products – 2010
SENIOR’S PRODUCTS – 2010 41% Flexonics Division Aerospace Division 59% (41%) (59%) 14% Engine structures and mountings Expansion joints, bellows, hoses (Ind) 14% (16%) (16%) HVAC ducting (Ind) 5% (5%) 13% High pressure ducting Fuel distribution (LV) 6% (14%) (5%) Emission control (LV) 7% (7%) 12% Ai
Slide 47: Senior's Customers – 2010
SENIOR’S CUSTOMERS – 2010 41% Flexonics Division Aerospace Division 59% (41%) 8% Boeing (59%) (8%) Industrial 19% 7% UTC (21% ) (6%) all 1% of 4% Spirit (4%) Group or less 4% Rolls-Royce Other Land Vehicle 7% (2%) (5%) 3% Goodrich Fiat 1% (3%) (1%) Renault 2% 3% Bombardier (1%) (3%) GM 2% 2% GKN (2%
Slide 48: Aerospace – Orders and Deliveries
AEROSPACE – ORDERS AND DELIVERIES Large Deliveries Net Orders Order Book Commercial Aircraft Dec Dec Dec Dec 2010 2009 2008 2007 2010 2009 2008 2007 2010 2009 2008 2007 Boeing 462 481 375 441 530 142 662 1,413 3,443 3,375 3,714 3,427 Airbus 510 498 483 453 574 271 777 1,341 3,552 3,488 3,715 3,421 T
Slide 49: Aerospace Division
AEROSPACE DIVISION Full Year Results 2010
Slide 50: Aerospace Division: A Summary
AEROSPACE DIVISION: A SUMMARY 2010 2009(2) Change 15 Operations Revenue £333.8m £319.7m +4.4% NAFTA 10 Europe 3 Adjusted Operating Profit(1) £50.0m £39.0m +28.2% UK 2 Adjusted Operating Margin(1) 15.0% 12.2% - ROW - Other Non Markets Other Non Customers Aerospace 13% Aerospace 14% Boeing 13% Space &
Slide 51: Aerospace – Operations
AEROSPACE – OPERATIONS Operation Location Senior Aerospace AMT Seattle, USA Senior Aerospace SSP Los Angeles, USA Senior Aerospace Jet Products San Diego, USA Senior Aerospace Metal Bellows Boston, USA Senior Aerospace Ketema San Diego, USA Senior Aerospace Sterling Machine Enfield, CT, USA Senior A
Slide 52: Aerospace – What Do We Do?
AEROSPACE – WHAT DO WE DO? Sector Strategic Objectives Fluid Conveyance Systems 1 Seek proprietary add-ons & adjacent products Low Pressure Ducting 1 Further develop strategic customer relationships Fluid Systems High Pressure Ducting 1 Increase customer value add through more complete product offer
Slide 53: 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 54: 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 55: 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 56: 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 57: 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 2010 Page 45/1
Slide 58: 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 TFE 731 Learjet/Hawker (B787) Case (B787) Bearing Support Housing Main Operations: Ketema
Slide 59: Structures: Airframe
Structures: Airframe 747 Frame 787 Aft Engine 737 Main Landing Gear Support Assy. Pylon Wheel Well 787 Vertical Fin 737 Boeing Wing Ribs Main Operations: AMT, Absolute Main Customers: Boeing, Spirit, Goodrich Full Year Results 2010 Page 46/1
Slide 60: Structures: Assemblies
Structures: Assemblies 737 Air Inlet (2ea) 737 Wing to Body Ram Air 767 Engine Pylon Frame (Birdcage) 787 Wing to Body Frame 737 V-Blade Assembly (potential) Main Operations: AMT, Jet (potential) Main Customers: Boeing, Spirit, Goodrich Full Year Results 2010 Page 46/2
Slide 61: 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 2010 Page 46/3
Slide 62: 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: Sterling Main Customers: Sikorsky, Rolls-Royce (potenti
Slide 63: Flexonics Division
FLEXONICS DIVISION Full Year Results 2010
Slide 64: Flexonics Division: A Summary
FLEXONICS DIVISION: A SUMMARY 2010 2009(2) Change 11 Operations Revenue £233.5m £225.8m +3.4% NAFTA 3 Europe 3 Adjusted Operating Profit (1) £31.6m £27.9m +13.3% UK 2 Adjusted Operating Margin(1) 13.5% 12.4% - ROW 3 Markets Customers Other Industrial 11% Cummins 10% PSA 8% Petrochemical 9% Other Pas
Slide 65: Flexonics – Operations
FLEXONICS – OPERATIONS Operation Location Senior Flexonics Bartlett Chicago, USA Senior Flexonics Pathway San Antonio & Maine, USA Senior Flexonics Berghofer Germany Senior Flexonics Blois France Senior Flexonics Cape Town South Africa Senior Flexonics Sao Paulo Brazil Senior Hargreaves Bury, UK Sen
Slide 66: Flexonics – What Do We Do?
FLEXONICS – WHAT DO WE DO? Sector Strategic Objectives Land Vehicle Emission Control 1 Continue to develop product portfolio in line with increasing emission regulation standards Heat Exchangers Exhaust Flexes 1 Growth in heat exchanger applications, including fuel cell technologies Common Rail Dies
Slide 67: 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 Exchangers Main Operations: Bartlett, Berghofer, Blois, Cape Town, Sao Paulo, New Delhi Main Customers: Cummins, Perkins, CAT, Man, Scania, JCB, PSA, Ford, Renault, Fau
Slide 68: 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 69: Industrial Process Control (2)
Industrial Process Control (2) Instrument Control Flexible Tubes & Hoses Medical Heat Bellows Exchangers HVAC Ducting Heat Exchangers Fluid Lines Vacuum Seal Bellows Fuel Cells – CHP/Power Gen CSP - Solar Troughs RotationFlex ® Main Operations: Bartlett, Hargreaves, Canada, Berghofer, Crumlin Main C
Slide 70: Index
INDEX Presentation Appendices Financial highlights 1 Group evolution 25 Aerospace results - constant exchange rates 2 Exchange rates 26 Flexonics results - constant exchange rates 3 Division results - as reported 27 Division results - constant exchange rates 4 Geographic results - as reported 28 Geo