Slide 1: Interim Results 2017
INTERIM RESULTS 2017 Interim Results 2017
Slide 2: Agenda
AGENDA Introduction David Squires CEO 2017 Interim Results Bindi Foyle FD Markets & Outlook David Squires CEO Interim Results 2017
Slide 3: Cautionary Statement
2017 INTERIM RESULTS Cautionary Statement This document contains certain forward-looking statements. Such statements have been made in good faith based on information available at the time of announcing the results for the six months ended 30 June 2017. These statements should therefore be treated w
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS constant H1 2017 H1 2016 Change currency Revenue £510.0m £450.5m +13% +3% Adjusted Operating Profit £37.5m £47.2m -21% -29% Adjusted Operating Margin 7.4% 10.5% -3.1ppts -3.2ppts Adjusted Profit before Tax £32.6m £42.3m -23% -31% Adjusted Earnings per Share 6.23p 8.07p -23% Inte
Slide 5: H1 2017 at a Glance
H1 2017 AT A GLANCE £m 525 Revenue • Large Commercial £10.0m 515 6.9 510.0 8.4 • Regional Jet £1.1m (0.3) 505 • Business Jet £(1.8)m 44.5 • Military £(3.8)m 495 • Other £2.9m 485 475 • Truck & Off-highway £5.2m • Passenger Vehicles £(1.3)m 465 • Oil and Gas £4.9m 455 450.5 • Power &
Slide 6: Aerospace Results – constant exchange rates
AEROSPACE RESULTS – constant exchange rates(2) £m 370 Revenue Growth H1 2016 to H1 2017 362.7 360 (0.7) 354.3 (3.8) 2.9 £m H1 2017 H1 2016 Change 350 10.0 Revenue 362.7 354.3 +2.4% 340 Adj OP(1) 34.6 45.0 -23.1% 330 Margin 9.5% 12.7% -3.2ppts 320 310 300 H1 2016 Large Regional & Biz Military Other H
Slide 7: Flexonics Results – constant exchange rates
FLEXONICS RESULTS – constant exchange rates(2) £m 160 Revenue Growth H1 2016 to H1 2017 150 2.3 0.7 147.8 5.2 (1.3) 140.9 140 £m H1 2017 H1 2016 Change 130 Revenue 147.8 140.9 +4.9% Adj OP(1) 9.8 12.3 -20.3% 120 Margin 6.6% 8.7% -2.1ppts 110 100 H1 2016 Truck & Off- Passenger Industrial Other H1 201
Slide 8: Adjusted and Reported Profit
ADJUSTED AND REPORTED PROFIT H1 H1 Change 2017 2016 £m £m Adjusted operating profit 37.5 47.2 -21% (-29% on constant currency basis) Net interest payable – borrowings and cash (4.8) (4.8) – retirement benefits (0.1) (0.1) Adjusted profit before tax 32.6 42.3 -23% (-31% on constant currency basis) Ta
Slide 9: Cash Flow and Use of Funds
CASH FLOW AND USE OF FUNDS £m Gross capex £(20.6)m 80 Disposal proceeds £0.1m Gross capex of £20.6m includes: 70 £10.2m – USA, for 737 MAX, A320neo, A330neo capacity expansion, equipment replacement and tooling 3.6 (20.5) £2.7m – Thailand, for 787 and A350 60 21.6 £1.7m – Czech Republic, for facilit
Slide 10: Balance Sheet
BALANCE SHEET June Dec June 2017 2016 2016 £m £m £m Goodwill and other intangible assets 360.6 379.3 373.4 FX Impact from Dec 2016 Investment in JV 2.0 1.7 1.2 £m Property, plant and equipment 248.3 254.2 233.5 Non current assets (17.4) Other long-term assets 6.9 7.8 8.9 Working capital (4.2) Non cu
Slide 11: Working Capital
WORKING CAPITAL Working capital as a % of revenue 20.0% 18.0% 17.3% 1.2% (2.3)% 16.0% 15.1% 15.1% 0.5% (0.3)% 14.2% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Dec-15 June-16 Dec-16 Receivables Payables Inventories FX /Other June-17 Interim Results 2017 Page 11
Slide 12: H1 2017 Financial Summary
H1 2017 FINANCIAL SUMMARY Trading in line with expectations Adjusted profit before tax of £32.6m, 23% below prior year (31% decrease on a constant currency basis) Healthy free cash flow of £29.6m after investing £20.6m in capital expenditure Working capital as % of sales improved to 14.2%
Slide 13: Markets & Outlook
MARKETS & OUTLOOK Interim Results 2017
Slide 14: Senior's Markets – H1 2017
SENIOR’S MARKETS – H1 2017 29% Flexonics Division Aerospace Division 71% (28%) Heating, Ventilation & Solar 1% 4% Other (72%) (1%) (3%) Power & Energy 3% (4%) Oil and Gas 6% (5%) 45% Large Commercial Aircraft Passenger Vehicles 5% (45%) (6%) Truck & Off-Highway 10% (9%) Other Aerospace Division 5% (
Slide 15: Senior's Customers – H1 2017
SENIOR’S CUSTOMERS – H1 2017 29% Flexonics Division Aerospace Division 71% (28%) Other Industrial & Aerospace 10% (72%) (10%) 11% Rolls-Royce (10%) Emerson 2% (2%) Schlumberger 2% all 1% of (1%) Group or less 10% Boeing Other Land Vehicle 8% (13%) (9%) all 1% of Group or less Caterpillar 3% (2%) 9%
Slide 16: Large Commercial Aircraft (45% of Group)
LARGE COMMERCIAL AIRCRAFT (45% of Group) Avg.(1) Airframe (1) Var. in avg. Shipset Value ($k) H1 Deliveries x Avg. Shipset Value ($m ) shipset value shipset H1 2017 Order value deliveries book 12/16 to 6/17 0 200 400 600 800 1000 1200 0 10 20 30 40 50 60 ($k) (number) ($k) 737 211 230 681 -4 737 787
Slide 17: Regional and Business Jets (7% of Group)
REGIONAL AND BUSINESS JETS (7% of Group) Shipset Value ($k) H1 Deliveries x Shipset Value ($m ) Var. in avg. Airframe shipset value 0 100 200 300 400 500 Shipset H1 2017 Order 0 1 2 3 4 5 6 7 12/16 to 6/17 value ($k) deliveries book ($k) GL GL 5000/6000 GL5000/6000 5000/6000 Bombardier 287 23 ? +2 H
Slide 18: Military and Defence (12% of Group)
MILITARY AND DEFENCE (12% of Group) Airframe (1) Shipset Value ($k) Avg.(1) H1 2017 H1 Deliveries x Avg. Shipset Value ($m ) Var. in avg. shipset estimated shipset value 0 200 400 600 800 1000 1200 value deliveries 0 2 4 6 8 10 12 12/16 to 6/17 ($k) (number) ($k) C-130J 1039 11 +87 C-130J F-35 (JSF)
Slide 19: Truck and Off-Highway (10% of Group)
TRUCK AND OFF-HIGHWAY (10% of GROUP) North American Truck and Off-Highway (7% of Group) North American Class 8 Truck Production Forecast (Thousands) 350 H1 2017 compared to H1 2016: 9% 300 9% 21% 8% 14% 2% Market - N. Am. Class 8 truck production 8% to 250 65% -11% -29% 3% 3% - N. Am. Class 8 truc
Slide 20: Passenger Vehicles (5% of Group)
PASSENGER VEHICLES (5% of GROUP) European Passenger Cars (4% of Group) EU Passenger Car Production Forecast (Millions) 20 H1 2017 compared to H1 2016: 3% 1% 1% -1% 1% 18 Market - EU passenger car production 2% -8% 9% 5% 7% 16 2% 1% - EU passenger car sales 5% -12% -6% 14 12 Group - EU passenger
Slide 21: Industrial (13% of Group)
INDUSTRIAL (13% of Group) Units Oil Price and Rig Count $ 4000 120 Group H1 2017 sales compared to H1 2016(1) 3500 100 3000 80 Oil & Gas (6% of Group): 2500 Total sales 20% (£4.9m) 2000 60 Some increased upstream oil and gas 1500 40 recommissioning activity 1000 Key customers – Emerson (2% of Grou
Slide 22: Operational Review
OPERATIONAL REVIEW Aerospace Flexonics Global footprint continues to provide Flexonics Sao Paulo headcount reductions of opportunities for growth; adding a new factory 19% to reflect market conditions in Malaysia as a direct result of winning new single aisle work Re-evaluated options for Flex
Slide 23: Group 2017 Outlook
GROUP 2017 OUTLOOK Aerospace Flexonics Further revenue growth as new programmes Whilst we are seeing some signs of recovery such as 737 MAX, A320neo, A350 and C in our end markets, we still believe that the Series ramp-up; partly offset by expected end of 2017 will be an inflexion point for our
Slide 24: Group Longer-Term Outlook
GROUP LONGER-TERM OUTLOOK Strategic priorities on track Senior expects to make progress from 2018 onwards as Aerospace production programmes ramp up and Flexonics markets recover, and as the benefits of the implementation of the high performance operating system and cost saving actions are deliv
Slide 25: Any Questions?
ANY QUESTIONS? Interim Results 2017
Slide 26: Appendices
APPENDICES Interim Results 2017
Slide 27: Group Evolution
GROUP EVOLUTION Revenue (£m) Adjusted Operating Profit (£m) Adjusted Operating Margin (%) 1200 120 18 Total after central costs 16 1000 100 Total after central costs 14 800 80 12 10 600 60 8 400 40 6 4 200 20 2 0 0 0 2013 2014 2015 2016 H1 2017 2013 2014 2015 2016 H1 2017 2013 2014 2015 2016 H1 2017
Slide 28: EU and North America
EU and North America Senior is an international H1 2017 split Sales OP Employees manufacturing Group with 33 N. America 60% 57% 3,182 operations in 14 countries UK 16% 4% 1,517 Within Europe, Senior has 12 Rest of Europe 12% 13% 1,198 operations across 5 countries, Rest of World 12% 26% 1,787 in
Slide 29: Changes in Accounting Standards IFRS 15 / 16
CHANGES IN ACCOUNTING STANDARDS IFRS 15 / 16 IFRS 15 Revenue IFRS 16 Leases Requires the recognition of revenue in a Requires lessees to recognise assets and manner that depicts the transfer of goods or liabilities for all leases, unless the lease term is 12 services to customers months or less
Slide 30: Currency Effect
CURRENCY EFFECT Translation HALF YEAR Impact on H1 2016(1) (£m) Avg. Avg. H1 H1 Adj. 2016 Rates to GBP 2017 Revenue PBT(2) Translation FULL YEAR Impact on FY 1.42 US $ 1.27 32.7 3.4 2016(1) (£m) 1.28 Euro € 1.17 4.3 0.3 Avg. Avg. FY FYF Adj. 21.71 South African Rand 16.67 1.4 0.3 2016 Rates to GBP 2
Slide 31: H1 Division and Geographic Results – As Reported
H1 DIVISION AND GEOGRAPHIC RESULTS – AS REPORTED Revenue £m Adj Operating Profit(1) £m Margin(1) 2017 2016 Currency 2017 2016 Currency 2017 2016 Impact(2) Impact(2) By Division Aerospace 362.7 323.8 30.5 34.6 41.1 3.9 9.5% 12.7% Flexonics 147.8 126.9 14.0 9.8 10.8 1.5 6.6% 8.5% Share of JV - - - 0.3
Slide 32: Earnings per Share and Dividends
EARNINGS PER SHARE AND DIVIDENDS H1 2017 H1 2016 Change Average number of shares Basic 418.9m 418.8m +0.1m Fully diluted 421.0m 423.3m -2.3m Adjusted earnings per share (1) Basic 6.23p 8.07p -23% Fully diluted 6.20p 7.98p -22% 2017 2016 Dividends (pence per share) Interim 2.05p 1.95p +5% Final 4.62p
Slide 33: Free Cash Flow
FREE CASH FLOW H1 H1 FY 2017 2016 2016 £m £m £m Operating profit 28.9 37.5 65.8 Share of JV (0.3) (0.2) (0.7) Depreciation 19.1 15.3 32.5 Amortisation of intangible assets from acquisitions 8.6 9.8 19.8 Amortisation of other intangible assets 0.9 0.8 1.7 Loss/(profit) on sale of fixed assets 0.2 (0.
Slide 34: Change in Net Debt
CHANGE IN NET DEBT H1 H1 FY 2017 2016 2016 £m £m £m Free cash flow (page 33) 29.6 17.3 48.5 Dividends (19.4) (18.3) (26.4) Proceeds on disposal of business - 1.5 1.3 Repayment of JV loan 0.3 - 0.5 Purchase of shares by employee benefit trust (0.1) (1.0) (1.1) Net cash inflow / (outflow) 10.4 (0.5) 2
Slide 35: Gross Capital Expenditure
GROSS CAPITAL EXPENDITURE H1 2017 H1 2016 Capex Depn (1) Capex Depn (1) £m £m £m £m Aerospace 15.3 13.7 17.2 10.9 Flexonics 5.0 6.2 5.1 5.0 Holding Companies 0.3 0.1 0.5 0.2 Total 20.6 20.0 22.8 16.1 (1) Depreciation of £19.1m (H1 2016: £15.3m) and amortisation of computer software of £0.9m (H1 2016
Slide 36: Usage of Credit Facilities – June 2017
USAGE OF CREDIT FACILITIES – June 2017 Usage by Currency Interest Facility Usage £ $ € Other % £m £m Private placements: US $60.0m (Oct 2025) 3.75% 46.1 46.1 - 46.1 - - US $20.0m (Oct 2022) 3.42% 15.4 15.4 - 15.4 - - US $20.0m (Oct 2020) 6.94% 15.4 15.4 - 15.4 - - US $75.0m (Oct 2018) 6.84% 57.7 57.
Slide 37: Maturity Profile of Credit Facilities
MATURITY PROFILE OF CREDIT FACILITIES $30m private placement repaid in January 2017 by drawing of a new €28m 10 year private placement with an interest rate of 1.51% In May 2017 the committed Harris facility was rolled-forward to June 2019 with a 0.15 ppts reduction in margin Net Debt:EBITDA =
Slide 38: Covenants
COVENANTS Jun 2017 Dec 2016 Jun 2016 Dec 2015 Net Debt £181.6m £198.1m £207.3m £194.6m Net interest (1) - rolling 12 months £10.1m £10.1m £9.0m £8.4m EBITDA (1) - rolling 12 months £114.0m £119.6m £130.0m £140.1m Interest cover (to exceed 3.5 times) 11.3 x 11.8 x 14.4 x 16.7 x Net Debt to EBITDA(1)
Slide 39: Pensions
PENSIONS 6 Months 2017 2016 UK USA Various Funded Funded Unfunded Total Total £m £m £m £m £m Scheme assets 301.4 47.1 - 348.5 297.4 Scheme liabilities (297.4) (54.5) (7.0) (358.9) (310.0) IAS19 Scheme deficit at 31 Dec 2016 4.0 (7.4) (7.0) (10.4) (12.6) Current service cost - (0.2) (0.1) (0.3) (0.9)
Slide 40: Areas of Strategic Focus
AREAS OF STRATEGIC FOCUS Autonomous Autonomous and and High Performance Operating Focus Focus on on Growth Growth Collaborative Collaborative Business Business Model Model System Empowerment and Outgrow our end markets by: Implementing a high performance accountability operating system. Key elemen
Slide 41: Areas of Strategic Focus
AREAS OF STRATEGIC FOCUS Competitive Cost Country Considered and Effective Talent Development Strategy Capital Deployment Enhance global footprint to ensure The executive team continually A strong focus on improving businesses stay competitive at a reviews investment priorities organisational capabi
Slide 42: Acquisition Framework
ACQUISITION FRAMEWORK More Likely Less Likely Fluid Systems Structures New Markets Division Flexonics Large Commercial Rotorcraft Reg Jet Biz Jet VLJ Market Defence Energy Nuclear Truck Automotive Renewables General Industrial Medical Semi-conductor Aero Ducting Structural Composites Control Bellows
Slide 43: Senior's Locations
SENIOR’S LOCATIONS UK Rickmansworth H.O H1 2017 split Sales OP Massachusetts Crumlin Metal Bellows Lymington N. America 60% 57% Canada BWT (incl. Atlas) UK 16% 4% SF Canada Bird Bellows Thermal Rest of Europe 12% 13% Wisconsin Weston EU Rest of World 12% 26% GA Germany Washington SF GmbH AMT Czech R
Slide 44: Senior's Products – H1 2017
SENIOR’S PRODUCTS – H1 2017 29% Flexonics Division Aerospace Division 71% (28%) Other machined parts 5% (72%) (4%) Industrial flexible parts 9% (9%) 21% Airframe structural parts (22%) Off-highway hydraulics (LV) 3% (1%) Exhaust flexes (LV) 3% (3%) Fuel distribution (LV) 3% (4%) Emission control (LV
Slide 45: Aerospace Division
AEROSPACE DIVISION Interim Results 2017
Slide 46: Aerospace – Orders and Deliveries
AEROSPACE – ORDERS AND DELIVERIES Deliveries Net Orders Order Book Large Commercial H1 H1 June Dec Dec Dec Aircraft 2017 2016 2015 2014 2017 2016 2015 2014 2017 2016 2015 2014 Boeing 352 748 762 723 381 668 768 1,432 5,744 5,715 5,795 5,789 Airbus 306 688 635 629 203 731 1,080 1,456 6,771 6,874 6,83
Slide 47: Aerospace – Large Commercial Aircraft Backlog
AEROSPACE – LARGE COMMERCIAL AIRCRAFT BACKLOG Boeing backlog by region: June 2017 Airbus backlog by region: June 2017 Australasia Australasia 1% 2% 13% Asia ex-India, Undisclosed 19% China 18% Asia ex-India, Exec. & Private Jets China 6% China & Undisclosed 31% 1% China 4% India 8% India 9% Middle E
Slide 48: Aerospace Division: A Summary
AEROSPACE DIVISION: A SUMMARY H1 2017 H1 2016(2) Change 19 Operations Revenue £362.7m £354.3m +2.4% NAFTA 10 Europe 3 Adjusted Operating Profit (1) £34.6m £45.0m -23.1% UK 4 Adjusted Operating Margin(1) 9.5% 12.7% -3.2ppts ROW 2 Markets Customers Space & Non Military 7% Other Helicopter 2% 15% Rolls
Slide 49: Shipset Value Progression – Large Commercial Aircraft
(1) SHIPSET VALUE PROGRESSION – LARGE COMMERCIAL AIRCRAFT $k % CAGR 1000 +27% 900 -3% 800 +13% 700 Share of T1000 adjusted to 50% 600 +7% 500 +8% 400 300 +4% +5% 200 +3% 100 0 737 737 MAX 787 A320 A320neo A330 A330neo A350 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16
Slide 50: Shipset Value Progression – Regional, Business and Military
(1) SHIPSET VALUE PROGRESSION – Regional, Business and Military $k % CAGR 1200 +18% 1000 800 +8% 600 +5% +19% 400 +5% +5% 200 +6% 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 Dec-15 Dec-16 Jun-17 (1) Average based on progr
Slide 51: Fluid Conveyance: Low Pressure Ducting
Fluid Conveyance: Low Pressure Ducting Engineered Silencer Duct Assembly Low Pressure Ducting Cabin Assembly Low Typical Regional Pressure Ducting Layout Ducting Engineered Assemblies Composite Duct Assembly Low Pressure Low Pressure Ducting Ducting Cabin Assembly Typical Business Jet Ducting Layout
Slide 52: Fluid Conveyance: High Pressure Ducting
Fluid Conveyance: High Pressure Ducting HP Bleed Air Duct Welded Duct Assemblies Engineered Solutions Typical Bizjet Engine Bleed Ducting HP Bleed Air Duct Typical Wing Duct Products Bombardier CSeries High Pressure Ducting Layout Main Operations: SSP, Steico, Bird Bellows, Calorstat Main Customers:
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 Static Seal Main Operations: Bosman, Ermeto, Metal Bellows, Bird Bellows, SSP, Thermal Main Customers: Rolls-Royce, Snecma, MTU, UTC (Pratt & Whitney) Interim Resul
Slide 56: 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 57: Structures: Airframe
Structures: Airframe 747 Frame 787 Aft Engine 737 Main Landing Gear Support Assy. Wheel Well Pylon 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, UTC (Goodrich) Interim Results 2017
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, S A Thailand Main Customers: Boeing, Spirit, Zodiac Interim Results 2017 Page 58
Slide 59: 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) Interim Result
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: Lockheed Martin (Sikors
Slide 61: Flexonics Division
FLEXONICS DIVISION Interim Results 2017
Slide 62: Flexonics Division: A Summary
FLEXONICS DIVISION: A SUMMARY H1 2017 H1 2016(2) Change 14 Operations Incl JV NAFTA 4 Revenue £147.8m £140.9m +4.9% Europe 3 Adjusted Operating Profit(1) £9.8m £12.3m -20.3% UK 2 ROW 4 Adjusted Operating Margin (1) 6.6% 8.7% -2.1ppts China JV 1 Markets Customers Other Industrial 10% 3% Aerospace 14%
Slide 63: 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 64: Industrial Process Control (1)
Industrial Process Control (1) Metal Expansion Joints Fabric Expansion Joints Refineries Steel Mills Power Generation Dampers/Diverters Oilfield Services Flow Control Valve Oil & Gas Directional Drilling Equipment Packers Bodies Main Operations: Pathway, S F Upeca, LPE Main Customers: US domestic op
Slide 65: 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, Rioglass
Slide 66: Index
INDEX Presentation Appendices Financial highlights 4 Group evolution 27 H1 2017 at a glance 5 EU and North America 28 Aerospace results - constant exchange rates 6 IFRS 15 and 16 29 Flexonics results - constant exchange rates 7 Currency effect 30 Adjusted and reported profit 8 Division and geographi