Slide 1: Interim Results 2012
INTERIM RESULTS 2012 Interim Results 2012
Slide 2: Agenda
AGENDA Welcome Charles Berry Chairman Interim Results Simon Nicholls FD Markets & Outlook Mark Rollins CEO Interim Results 2012
Slide 3: Interim Results 2012
2012 INTERIM RESULTS Interim Results 2012
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS H1 2012 H1 2011 Change Revenue £377.2m £315.6m +20%(1) Adjusted Operating Profit £50.7m £43.0m +18%(2) Adjusted Operating Margin 13.5% 13.6% -0.1ppts(3) Adjusted Profit before Tax £45.5m £38.0m +20% Adjusted Earnings per Share 8.57p 7.00p +22% Total Dividend 1.38p 1.15p +20% 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 242.5 189.6 +27.9% 36.5 30.0 +21.7% 15.1% 15.8% Organic Ops. 208.9 189.6 +10.2% 33.2 30.0 +10.7% 15.9% 15.8% Strong demand in large commercial airc
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 134.9 123.5 +9.2% 18.3 16.3 +12.3% 13.6% 13.2% Total turnover from land vehicles markets increased by 13% • North American truck turnover increased by 58
Slide 7: Division Results – constant exchange rates
DIVISION RESULTS – constant exchange rates (2) £m Turnover Adj Operating Profit(1) Margin on Sales 2012 2011 Change 2012 2011 Change 2012 2011 Aerospace 242.5 189.6 +27.9% 36.5 30.0 +21.7% 15.1% 15.8% Flexonics 134.9 123.5 +9.2% 18.3 16.3 +12.3% 13.6% 13.2% Inter-Segment sales (0.2) (0.1) - - - - -
Slide 8: Geographic Results – constant exchange rates
GEOGRAPHIC RESULTS – constant exchange rates (2) £m Turnover Adj Operating Profit(1) Margin on Sales 2012 2011 Change 2012 2011 Change 2012 2011 North America 241.5 211.6 +14.1% 37.0 32.4 +14.2% 15.3% 15.3% Rest of Europe 48.1 49.2 -2.2% 3.6 3.3 +9.1% 7.5% 6.7% United Kingdom 63.2 32.1 +96.9% 9.5 4.
Slide 9: Adjusted and Reported Profit
ADJUSTED AND REPORTED PROFIT H1 H1 Change 2012 2011 £m £m Adjusted operating profit (1) 50.7 43.0 +18% Net interest payable - borrowings and cash (3.9) (3.8) - retirement benefits (1.3) (1.2) Adjusted profit before tax (1) 45.5 38.0 +20% Tax (2012: 24.0%; 2011: 26.0%) (10.9) (9.9) Adjusted profit fo
Slide 10: Earnings per Share and Dividends
EARNINGS PER SHARE AND DIVIDENDS H1 H1 2012 2011 Change Average number of shares Basic 403.9m 401.7m +2.2m Fully diluted 418.1m 416.0m +2.1m Adjusted earnings per share(1) Basic 8.57p 7.00p +22% Fully diluted 8.28p 6.75p +23% Dividends (pence per share) Interim 1.38p 1.15p +20% Final 2.65p Total 3.8
Slide 11: Free Cash Flow Bridge
FREE CASH FLOW BRIDGE £m 70 Adj OP(1) Free Cash Flow 10.3 (3.5) 60 Flexonics (2.0) (7.4) Aerospace 50.7 50 (0.5) 1.3 (3.9) (4.5) (12.8) 40 Flexonics Aerospace 30 27.7 Gross capex £12.8m Disposal proceeds £nil 20 10 - Adjusted Depreciation Pensions in Inventory Receivables Payables Other Items Net In
Slide 12: Change in Net Debt
CHANGE IN NET DEBT H1 H1 FY 2012 2011 2011 £m £m £m Free cash flow (page 32) 27.7 23.2 55.6 Dividends (10.7) (8.5) (13.1) Acquisitions - (15.3) (68.6) Net cash inflow/(outflow) 17.0 (0.6) (26.1) Exchange variations 1.2 1.4 (2.3) Finance leases entered into during the year - - (0.2) Finance leases as
Slide 13: Balance Sheet
BALANCE SHEET June June Dec 2012 2011 2011 £m £m £m Goodwill and other intangible assets 223.0 183.1 226.8 Property, plant and equipment 126.7 115.6 126.4 Other long-term assets 9.7 1.1 9.7 Non current assets 359.4 299.8 362.9 Inventories 90.8 78.1 90.3 Receivables 112.9 99.4 106.8 Payables (137.9)
Slide 14: Working Capital
WORKING CAPITAL Balance Sheet Cash Flow Working Inventories Receivables Payables Capital £m £m £m £m 31 December 2011 (page 10) 90.3 106.8 (140.6) Movements in period: Aerospace 1.9 6.2 (0.7) (7.4) Flexonics 0.1 0.9 (0.4) (0.6) Holding companies - 0.3 1.6 (1.9) Cash flow 2.0 7.4 0.5 (9.9) Foreign ex
Slide 15: Markets & Outlook
MARKETS & OUTLOOK Interim Results 2012
Slide 16: Senior's Markets – H1 2012
SENIOR’S MARKETS – H1 2012 36% Flexonics Division Other Industrial 3% Aerospace Division 64% (40%) Petrochemical 3% (4% ) (60%) (4%) Heating, Ventilation & Solar 4% (5%) Power & Energy 7% 32% Large Commercial Aircraft (6%) (24%) Passenger Vehicles 9% (13%) Truck 10% (8%) 16% Military/Defence Aerospa
Slide 17: Senior's Customers – H1 2012
SENIOR’S CUSTOMERS – H1 2012 36% Flexonics Division Aerospace Division 64% (40%) (60%) 10% Boeing (9%) Industrial 17% (19% ) 9% Rolls-Royce all 1% of (3%) Other Land Vehicle 4% Group or less Fiat 1% (5%) (1%) Caterpillar 1% (1%) Renault 1% 8% UTC (2%) (7%) GM 1% (2%) PSA 2% (2%) Ford 2% (3%) 6% Spir
Slide 18: Large Commercial Aircraft (32% of Group)
LARGE COMMERCIAL AIRCRAFT (32% of Group) Shipset Value ($k) Avg.(1) H1 12 Order H1 Deliveries x Avg.(1) Shipset Value ($m ) Var. in avg. shipset deliveries book shipset value 0 200 400 600 800 1000 1200 0 10 20 30 40 50 60 12/11 to 6/12 value ($k) (number) ($k) 737 248 208 2,570 +6 737 A318/9/20/21
Slide 19: Weston Group Acquisition – Update
WESTON GROUP ACQUISITION – UPDATE UK (H1 - £23m sales) Thailand (H1 - £6m sales) 100,000 sq ft over a 2 adjacent 30,000 sq ft number of sites modern facilities New facility for 2013 Aerofoil forging house then have 2 adjacent next door modern facilities 135 employees 325 employees Aerofoil machining
Slide 20: A320neo and 737 MAX
A320neo and 737 MAX A320neo 737 MAX 1,425 firm orders since December 2010 launch. Over 1,200 orders and commitments since August 2011 launch Entry into service 2015 with 649 firm. Entry into service 2017 Current Average(1) shipset value – $109k Current Average(1) shipset value – $248k Airframe: Tita
Slide 21: Large Commercial Aircraft (32% of Group)
LARGE COMMERCIAL AIRCRAFT (32% of Group) Average Monthly Aircraft Deliveries 2.2 60 120 3.3 +42% 7.3 55 11.0 50 100 45 42.0 35.1 40 80 35 0.8 30 60 2.0 0.2 9.8 6.1 25 8.3 20 40 15 31.0 41.0 10 20 5 0 0 2011 2011 2012 2013 2014 2014 737 777 787 747-8 A320 A330 A380 Combined (RHS) Source: Boeing & Air
Slide 22: Regional and Business Jets (8% of Group)
REGIONAL AND BUSINESS JETS (8% of Group) Shipset Value ($k) H1 Deliveries x Shipset Value ($m ) Var. in avg. H1 12 Order shipset value 0 50 100 150 200 250 300 350 400 450 deliveries book 0 1 2 3 4 5 6 7 12/11 to 6/12 ($k) GL 5000/6000 Bombardier 24(1) ? - GL 5000/6000 G500/550 Gulfstream 22(1) ? -
Slide 23: Regional and Business Jets (8% of Group)
REGIONAL AND BUSINESS JETS (8% of Group) Average Monthly Aircraft Deliveries 10 30 4.4 9 4.9 +21% 25 8 7 4.9 20 6.2 6 0.4 5 15 1.0 1.4 1.5 0.9 4 1.0 10 2.3 3 2 7.7 5 7.0 1 0 0 2011 2011 2012 2013 2014 2014 ERJ 190/195 ERJ 170/175 CRJ1000 SuperJet CSeries G500/550/650 GL 5000/6000 Combined (RHS) Busi
Slide 24: Military and Defence (16% of Group)
MILITARY AND DEFENCE (16% of Group) Shipset Value ($k) Avg.(1) Estimated shipset H1 12 Estim ated H1 Deliveries x Avg.(1) Shipset Value ($m ) Var. in avg. value deliveries shipset value 0 200 400 600 800 1000 0 5 10 15 20 12/11 to 6/12 ($k) (number) ($k) Black Haw k 183 40 Estimated Production -11 B
Slide 25: Military and Defence (16% of Group)
MILITARY AND DEFENCE (16% of Group) Average Monthly Aircraft Deliveries 0.8 28 35 0.9 1.5 2.8 +2% 2.1 24 30 4.2 3.1 1.1 20 25 3.6 2.8 0.8 16 20 2.0 12 15 17.9 8 10 16.2 4 5 0 0 2011 2011 2012 2013 2014 2014 Black Hawk C-130J C17 Eurofighter V-22 (Osprey) JSF (F35) A400M Boeing P-8A Combined (RHS) So
Slide 26: Land Vehicles (19% of Group)
LAND VEHICLES (19% of Group) Passenger Vehicles (9% of Group) European Car Production(1) (6% of Group) (rolling 12 month million vehicles) EU car sales 7%; production 7% (4) 18 European sales at PSA, Renault and Ford 14% 16 Brazil car sales flat; production 5% 14 India car sales 9%; production 5% 12
Slide 27: Land Vehicles (19% of Group)
LAND VEHICLES (19% of Group) Passenger Vehicles (9% of Group) Vehicle Production(1) Forecast (million vehicles) European sales down at PSA ( 14%), Renault ( 17%), 20 Ford ( 10%) +3% +6% -6% 15 MCOS% decrease partly mitigating volume decline 10 Global footprint – customer interest in Mexico and China
Slide 28: Industrial (17% of Group)
INDUSTRIAL (17% of Group) Group Sales 6%(1) over H1 2011 H1 2012 Industrial sales split Power & Energy: 19%(1) US dampers and fuel cell dielectrics Other 12% Solar & Other (12%) Petrochemical: 17%(1) weak North American refinery 37% Power & Boiler Renewable 1% (29%) (5%) Nuclear 2% HVAC: 26%(1) UK n
Slide 29: Acquisition Framework
ACQUISITION FRAMEWORK More Likely Less Likely Fluid Systems Structures New Markets Division Flexonics Large Commercial Biz Jet Rotorcraft Reg Jet VLJ Energy Renewables Nuclear Truck Defence Automotive Market General Industrial Medical Semi-conductor Aero Ducting Control Bellows Simple Composites Jet
Slide 30: Group Outlook
GROUP OUTLOOK Large Commercial Aerospace: Strong visible growth Business and Regional Jets: Growth as positioned on the right platforms Military and Defence: 2012 solid, 2013 possibly weaker, 2014+ new programs Land Vehicles: North American trucks satisfactory; European trucks – new program benefit;
Slide 31: Any Questions?
ANY QUESTIONS? Interim Results 2012
Slide 32: Appendices
APPENDICES Interim Results 2012
Slide 33: 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 H1 2012 2008 2009 2010 2011 H1 2012 2008 2
Slide 34: Exchange Rates
EXCHANGE RATES Profit and Loss Account Balance Sheet Average Rates Period End Rates June June Dec June June Dec 2012 2011 Change 2011 2012 2011 Change 2011 £ : US Dollar 1.58 1.61 +1.9% 1.60 1.57 1.60 +1.9% 1.55 £ : Euro 1.22 1.14 -6.6% 1.15 1.24 1.11 -10.5% 1.20 £ : Rand 12.48 11.00 -11.9% 11.56 12
Slide 35: Division Results – As Reported
DIVISION RESULTS – AS REPORTED £m Turnover Adj Operating Profit(1) Margin on Sales 2012 2011 Currency 2012 2011 Currency 2012 2011 Impact(2) Impact(2) Aerospace 242.5 187.9 1.7 36.5 29.6 0.4 15.1% 15.8% Flexonics 134.9 127.8 (4.3) 18.3 17.0 (0.7) 13.6% 13.3% Inter-Segment sales (0.2) (0.1) - - - - -
Slide 36: Geographic Results – As Reported
GEOGRAPHIC RESULTS – AS REPORTED £m Turnover Adj Operating Profit(1) Margin on Sales 2012 2011 Currency 2012 2011 Currency 2012 2011 Impact(2) Impact(2) North America 241.5 207.8 3.8 37.0 31.7 0.7 15.3% 15.3% Rest of Europe 48.1 52.7 (3.5) 3.6 3.6 (0.3) 7.5% 6.8% United Kingdom 63.2 32.1 - 9.5 4.9 -
Slide 37: Division Results – Half Yearly
DIVISION RESULTS – HALF YEARLY Turnover Adjusted Operating Profit H1 2012 H2 2011 H1 2011 H2 2010 H1 2012 H2 2011 H1 2011 H2 2010 Aerospace 242.5 194.7 187.9 163.9 36.5 30.0 29.6 24.7 Flexonics 134.9 130.7 127.8 115.5 18.3 19.0 17.0 16.4 Inter-segment sales (0.2) (0.3) (0.1) (0.2) - - - - Central co
Slide 38: Free Cash Flow
FREE CASH FLOW H1 H1 FY 2012 2011 2011 £m £m £m Operating profit 48.4 40.6 83.0 Depreciation 10.0 8.9 18.0 Amortisation of intangible assets 2.3 2.6 5.0 Charge for share-based plans 1.5 1.5 2.5 Loss on disposal of fixed assets - - 0.3 Pension payments above service cost (3.5) (3.5) (7.8) Working cap
Slide 39: Gross Capital Expenditure
GROSS CAPITAL EXPENDITURE H1 2012 H1 2011 Capex Depn (1) Capex Depn (1) £m £m £m £m Aerospace 7.8 6.8 5.5 5.5 Flexonics 4.9 3.4 3.4 3.7 Holding Companies 0.1 0.1 0.2 - Total 12.8 10.3 9.1 9.2 (1) Depreciation excludes amortisation of intangible assets arising on acquisitions of £2.0m (2011: £2.3m) b
Slide 40: Usage of Credit Facilities – June 2012
USAGE OF CREDIT FACILITIES – June 2012 Headroom of £106m on committed facilities Usage by Currency Interest Facility Usage £ $ € Other % £m £m Private placements: US $20.0m (Oct 2020) 6.94% 12.7 12.7 - 12.7 - - US $75.0m (Oct 2018) 6.84% 47.8 47.8 - 47.8 - - US $30.0m (Jan 2017) 5.85% 19.1 19.1 - 19
Slide 41: Maturity Profile of Credit Facilities
MATURITY PROFILE OF CREDIT FACILITIES £m 220 200 £106m headroom May 180 Oct 160 Oct 140 120 Oct Net debt 100 Jun 12 - £75m 80 Jan 60 40 Oct 20 Oct 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 Committed facilities: Fixed rate Floating rate Interim Results 2012 Page 35
Slide 42: Covenants
COVENANTS June 2012 Dec 2011 June 2011 Dec 2010 Net Debt £74.8m £93.0m £62.9m £63.7m Net interest (1) - rolling 12 months £8.0m £8.0m £7.7m £8.0m EBITDA (1) - rolling 12 months £115.3m £109.8m £99.2m £94.0m Interest cover (to exceed 3.5 times) 14.4 x 13.7 x 12.9 x 11.8 x Net Debt to EBITDA (not to e
Slide 43: Pensions – Deficit Movement
PENSIONS – DEFICIT MOVEMENT 6 Months 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 (0.6) (0.3) - (0.9) (1.7) Total employer cash contributions 4.1 0.3 0.1 4.5 9.5 Interest cost of liabiliti
Slide 44: 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 Jun 2012 Dec 2011 Dec 2010 £m £m £m Scheme Assets Equities 55.0 52.4 55.3 Bonds 57.1 67.1 57.1 Gilts 78.6 67.9 54.6 Cash & net
Slide 45: Senior's Locations
SENIOR’S LOCATIONS Interim Results 2012 Page 39
Slide 46: Senior's Products – H1 2012
SENIOR’S PRODUCTS – H1 2012 36% Flexonics Division Aerospace Division 64% (40%) (60%) Expansion joints, bellows, hoses (Ind) 13% (14%) 20% Engine structures (13%) and mountings HVAC ducting (Ind) 4% (5%) Fuel distribution (LV) 3% (4%) Exhaust flexes (LV) 6% (9%) 13% Airframe structural parts (13%) E
Slide 47: Aerospace Division
AEROSPACE DIVISION Interim Results 2012
Slide 48: Aerospace – Orders and Deliveries
AEROSPACE – ORDERS AND DELIVERIES Deliveries Net Orders Order Book Large Commercial H1 H1 June Dec Dec Dec Aircraft 2012 2011 2010 2009 2012 2011 2010 2009 2012 2011 2010 2009 Boeing 287 477 462 481 440 805 530 142 3,924 3,771 3,443 3,375 Airbus 279 534 510 498 230 1,419 574 271 4,388 4,437 3,552 3,
Slide 49: Aerospace – Large Commercial Aircraft Backlog
AEROSPACE – LARGE COMMERCIAL AIRCRAFT BACKLOG Boeing backlog by region: June 2012 Airbus backlog by region: June 2012 Undisclosed 4% 3% Australasia Exec. & Private Jets 1% 4% Australasia & Undisclosed 17% Asia ex-India, North America 25% 18% Asia ex-India, China China North America 33% 8% China 6% C
Slide 50: Aerospace Division: A Summary
AEROSPACE DIVISION: A SUMMARY H1 2012 H1 2011(2) Change 18 Operations Revenue £242.5m £189.6m +27.9% NAFTA 11 Europe 3 Adjusted Operating Profit(1) £36.5m £30.0m +21.7% UK 3 Adjusted Operating Margin(1) 15.1% 15.8% -0.7ppts ROW 1 Markets Other Non Customers Other Non Aerospace 10% Aerospace 10% Boei
Slide 51: 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 Jet Products San Diego, USA Senior Aerospace Ketema San Diego, USA Senior Aerospace Conne
Slide 52: Aerospace – Strategy
AEROSPACE – STRATEGY Sector Strategic Objectives Fluid Conveyance Systems Seek proprietary add-ons & adjacent products Low Pressure Ducting Further develop strategic customer relationships Fluid Systems High Pressure Ducting Increase customer value add through more complete product offering, includi
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 Interim Results 2012 Page 47/1
Slide 58: Gas Turbine Engine: Engine Components
Gas Turbine Engine: Engine Components 307 Combustion TFE 731 Lear Case (Dassault 7X) 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 59: 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 Interim Results 2012 Page 48/1
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 Premium Seat Chassis Main Operations: AMT, Weston Main Customers: Boeing, Spirit, Contour (Zodiac) Interim Results 2012 Page 48/2
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) Interim Results 2012 Page 48/3
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: S A Connecticut Main Customers: Sikorsky, Rolls-Royce I
Slide 63: Flexonics Division
FLEXONICS DIVISION Interim Results 2012
Slide 64: Flexonics Division: A Summary
FLEXONICS DIVISION: A SUMMARY H1 2012 H1 2011(2) Change 11 Operations Revenue £134.9m £123.5m +9.2% NAFTA 3 Europe 3 Adjusted Operating Profit (1) £18.3m £16.3m +12.3% UK 2 Adjusted Operating Margin(1) 13.6% 13.2% +0.4ppts ROW 3 Markets Customers Other Industrial 10% Cummins 19% Petrochemical 8% Tru
Slide 65: Flexonics – Operations
FLEXONICS – OPERATIONS Operation Location Senior Flexonics Bartlett Chicago, USA Senior Flexonics Pathway(1) San Antonio & Maine, USA Senior Flexonics Germany Germany Senior Hargreaves Bury, UK Senior Flexonics Blois France Senior Flexonics Cape Town South Africa Senior Flexonics Sao Paulo Brazil Se
Slide 66: Flexonics – Strategy
FLEXONICS – STRATEGY Sector Strategic Objectives Land Vehicle Emission Control Continue to develop product portfolio in line with increasing emission regulation standards Heat Exchangers Exhaust Flexes Growth in heat exchanger applications, including fuel cell technologies Common Rail Diesel Growth
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, Germany, Blois, Cape Town, Sao Paulo, New Delhi Main Customers: Cummins, Perkins, CAT, Man, Scania, JCB, PSA, Ford, Renault, Faure
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 Interim
Slide 69: Industrial Process Control (2)
Industrial Process Control (2) Instrument Control Flexible Tubes & Hoses Bellows HVAC Ducting Vacuum Seal Bellows Medical Heat Fuel Cells – Dielectric Exchangers for fuel delivery CSP - Solar Troughs RotationFlex ® Main Operations: Bartlett, Hargreaves, Canada, Germany, Crumlin Main Customers: Main
Slide 70: Index
INDEX Presentation Appendices Financial highlights 1 Group evolution 27 Aerospace results - constant exchange rates 2 Exchange rates 28 Flexonics results - constant exchange rates 3 Division results - as reported 29 Division results - constant exchange rates 4 Geographic results - as reported 30 Geo