Slide 1: Interim Results 2014
INTERIM RESULTS 2014 Interim Results 2014
Slide 2: Agenda
AGENDA Welcome Mark Rollins CEO Interim Results Derek Harding FD Markets & Outlook Mark Rollins CEO Interim Results 2014
Slide 3: Interim Results 2014
2014 INTERIM RESULTS Interim Results 2014
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS constant H1 2014 H1 2013 Change currency Revenue £400.4m £399.3m -% +7%(1) Adjusted Operating Profit £54.6m £53.3m +2% +11%(2) Adjusted Operating Margin 13.6% 13.3% +0.3ppts +0.4ppts(3) Adjusted Profit before Tax £50.1m £48.3m +4% +12% Adjusted Earnings per Share 9.65p 9.31p +4%
Slide 5: Aerospace Results – constant exchange rates
AEROSPACE RESULTS – constant exchange rates(2) £m Revenue Growth H1 2013 to H1 2014 270 11.1 264.0 £m H1 2014 H1 2013 Change 260 17.1 1.4 (5.5) Revenue 264.0 239.8 +10.1% 0.1 252.9 250 Adj OP(1) 39.4 34.9 +12.9% 239.8 Margin 14.9% 14.6% +0.3ppts 240 230 Organic(3) 220 Revenue 252.9 239.8 +5.5% 210 A
Slide 6: Flexonics Results – constant exchange rates
FLEXONICS RESULTS – constant exchange rates(2) £m Revenue Growth H1 2013 to H1 2014 145 £m H1 2014 H1 2013 Change 140 1.5 (6.8) 3.3 4.9 136.6 135 133.8 Revenue 136.6 133.8 +2.1% (0.1) 131.7 130 Adj OP(1) 20.1 18.5 +8.6% 125 Margin 14.7% 13.8% +0.9ppts 120 115 Organic(3) 110 Revenue 131.7 133.8 -1.6%
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 264.0 239.8 +10.1% 39.4 34.9 +12.9% 14.9% 14.6% Flexonics 136.6 133.8 +2.1% 20.1 18.5 +8.6% 14.7% 13.8% Share of JV - - - (0.2) (0.1) - - - Int
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 253.1 247.4 +2.3% 37.7 36.5 +3.3% 14.9% 14.8% Rest of Europe 49.8 49.0 +1.6% 4.5 3.8 +18.4% 9.0% 7.8% United Kingdom 65.7 56.6 +16.1% 11.
Slide 9: Adjusted and Reported Profit
ADJUSTED AND REPORTED PROFIT H1 H1 2014 2013 Change £m £m Adjusted operating profit (1) 54.6 53.3 +2% (+11% on constant currency basis) Net interest payable - borrowings and cash (4.1) (4.3) - retirement benefits (0.4) (0.7) Adjusted profit before tax (1) 50.1 48.3 +4% (+12% on constant currency bas
Slide 10: Earnings per Share and Dividends
EARNINGS PER SHARE AND DIVIDENDS H1 H1 2014 2013 Change Average number of shares Basic 415.7m 414.4m +1.3m Fully diluted 421.1m 419.7m +1.4m Adjusted earnings per share(1) Basic 9.65p 9.31p +4% Fully diluted 9.52p 9.20p +3% Dividends (pence per share) Interim 1.67p 1.52p +10% Final 3.60p Total 5.12p
Slide 11: Cash Flow and Use of Funds
CASH FLOW AND USE OF FUNDS £m 80 70 12.1 2.0 (9.0) (11.9) 60 54.6 50 (4.6) (4.0) 40 (6.5) Gross capex £(12.1)m 32.7 (0.6) Disposal proceeds £0.2m 30 20 10 - (10) (20) (30) (60.1) (40) (50) (15.0) (43.0) Adjusted Depreciation Other Items Working Net Capital Pensions in Net Interest Tax Paid Free Cash
Slide 12: Balance Sheet
BALANCE SHEET June June Dec 2014 2013 2013 £m £m £m Goodwill and other intangible assets 289.5 237.1 242.5 Investment in JV 0.8 1.1 1.0 Property, plant and equipment 154.7 143.5 142.6 Other long-term assets 7.1 11.9 7.5 Non current assets 452.1 393.6 393.6 Inventories 111.2 98.1 99.4 Receivables 133
Slide 13: 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 5.7 4.7 (5.7) (4.7) Flexonics 3.0 8.3 (9.9) (1.4) Holding companies - 1.3 1.6 (2.9) 8.7 14.3 (14.0) (9.0) Acquisitions and
Slide 14: H1 2014 Financial Summary
H1 2014 FINANCIAL SUMMARY Group revenue broadly unchanged at £400.4m (+7% at constant currency) Adjusted profit before tax increased by 4% to £50.1m (+12% at constant currency) Adjusted earning per share up 4% to 9.65p Completed acquisition of Upeca in April for £74.4m: an encouraging start
Slide 15: Markets & Outlook
MARKETS & OUTLOOK Interim Results 2014
Slide 16: Senior's Markets – H1 2014
SENIOR’S MARKETS – H1 2014 34% Flexonics Division Aerospace Division 66% (36%) Heating, Ventilation & Solar 1% 3% Other Industrial (64%) (2%) (3%) Petrochemical 4% (3%) Power & Energy 6% (7%) 39% Large Commercial Aircraft (34%) Passenger Vehicles 7% (8%) Truck & Off-Highway 13% (13%) Other Aerospace
Slide 17: Senior's Customers – H1 2014
SENIOR’S CUSTOMERS – H1 2014 34% Flexonics Division Aerospace Division 66% (36%) (64%) Other Industrial & Aerospace 12% 11% Boeing (13% ) (11%) Bloom Energy 1% (2%) Emerson 1% all 1% of (-%) Group or less 11% Rolls-Royce Other Land Vehicle 8% (10%) (8%) Renault 1% (1%) PSA 1% (1%) Ford 1% (2%) 7% Sp
Slide 18: Large Commercial Aircraft (39% of Group)
LARGE COMMERCIAL AIRCRAFT (39% of Group) Shipset Value ($k) H1 Deliveries x Avg.(1) Shipset Value ($m ) Avg.(1) H1 2014 Order Var. in avg. shipset deliveries book shipset value 0 200 400 600 800 1000 1200 0 10 20 30 40 50 60 12/13 to 6/14 value ($k) (number) ($k) 737 212 239 1,832 -1 737 787 792 48
Slide 19: 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. Shipset H1 2014 Order shipset value 0 100 200 300 400 500 600 value ($k) deliveries book 0 2 4 6 8 10 12 12/13 to 6/14 ($k) GL 5000/6000 Bombardier 277 36 ? +10 GL 5000/6000 G500/550 Gulfstre
Slide 20: Military and Defence (12% of Group)
MILITARY AND DEFENCE (12% of Group) Shipset Value ($k) Avg.(1) Estimated shipset H1 2014 Estim ated H1 Deliveries x Avg.(1) Shipset Value ($m ) Var. in avg. value deliveries shipset value 0 200 400 600 800 1000 0 2 4 6 8 10 12 14 12/13 to 6/14 ($k) (number) ($k) Black Haw k 150 79 - Black Hawk C-130
Slide 21: Land Vehicles (20% of Group)
LAND VEHICLES (20% of Group) Truck & Off-Highway Vehicles (13% of Group) H1 2014 market(1) compared to H1 2013: Group sales 7%(2) from H1 2013 N. American truck sales 8%; production 15% N. America (10% of Group) Group sales 4%; higher HP rails, exhaust bellows and OE cooler volumes N.
Slide 22: Industrial (14% of Group)
INDUSTRIAL (14% of Group) H1 2014 Industrial sales split Group sales 3%(1) over H1 2013; 12%(1) on organic basis Other 12% Power & Energy: 16%(1) £4m; lower fuel cell dielectrics (13%) 39% Power & Boiler Nuclear 2% (46%) Steel 3% (1%) Petrochemical: 5%(1) £1m; service and repair work Sol
Slide 23: 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 24: 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 th
Slide 25: Investments
INVESTMENTS South Carolina AMT Setting up a satellite AMT facility adjacent Increasing capacity to to Boeing’s rapidly growing facility in support Boeing build rate Charleston, South Carolina, to assemble increases and additional 787 structural parts. 25,000 sq ft leased content for total cost of fa
Slide 26: Group 2014 Outlook
GROUP 2014 OUTLOOK Large Commercial Aerospace: Healthy: underlying strength, 737 & 787 build rates increased. A350 entry into service expected before end of the year. Full H2 contribution from acquisition of Upeca Aerospace in April. Increasing capacity in Thailand, US and Malaysia. Price
Slide 27: Currency Effect
CURRENCY EFFECT Translation Impact HALF YEAR on H1 2013(1) (£m) Avg. Avg. H1 H1 Adj. 2013 Rates to GBP 2014 Revenue PBT(2) 1.55 US $ 1.67 (18.8) (2.2) 1.18 Euro € 1.22 (1.5) (0.1) Translation Impact FULL YEAR on FY 2013(3) (£m) 14.22 South African Rand 17.83 (1.9) (0.6) Avg. Avg. 46.40 Thai Baht 54.
Slide 28: Group Longer-Term Outlook
GROUP LONGER-TERM OUTLOOK Large Commercial Aerospace: 787 ($792k per s/s): 10 pm (2014), 12 pm (2016), 14 pm (2019)? A350 ($430k per s/s): 3 pm (2015), 6 pm (2016), 13 pm (2018)? A320neo & 737 MAX (higher s/s & rates) launch in 2015 & 2017. Thailand expansion effective mid 2015 when R-R XWB/
Slide 29: Any Questions?
ANY QUESTIONS? Interim Results 2014
Slide 30: Appendices
APPENDICES Interim Results 2014
Slide 31: Group Evolution
GROUP 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 H1 2014 2005 2007 2009 2011 2
Slide 32: Executive Management Team
EXECUTIVE MANAGEMENT TEAM Chairman Group CEO Group: 3 years Group: 17 years Role: 3 years Role: 7 years Charles Berry Mark Rollins Aerospace Aerospace Group Flexonics Fluid Structures Finance CEO Systems CEO Director Group: 32 years CEO Role: 14 years Group: 8 years Group:18 months Group: 17 years R
Slide 33: Exchange Rates
EXCHANGE RATES Profit and Loss Account Balance Sheet Average Rates Period End Rates H1 H1 FY June June Dec 2014 2013 Change 2013 2014 2013 Change 2013 £ : US Dollar 1.67 1.55 -7.2% 1.57 1.70 1.52 -10.6% 1.66 £ : Euro 1.22 1.18 -3.3% 1.18 1.25 1.17 -6.4% 1.20 £ : Rand 17.83 14.22 -20.2% 15.14 18.09 1
Slide 34: 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 264.0 254.2 (14.4) 39.4 36.8 (1.9) 14.9% 14.5% Flexonics 136.6 145.6 (11.8) 20.1 20.6 (2.1) 14.7% 14.1% Share of JV - - - (0.2) (0.1)
Slide 35: 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 253.1 267.0 (19.6) 37.7 39.4 (2.9) 14.9% 14.8% Rest of Europe 49.8 51.0 (2.0) 4.5 4.0 (0.2) 9.0% 7.8% United Kingdom 65.7 56.6 -
Slide 36: Division Results – Half Yearly
DIVISION RESULTS – HALF YEARLY Revenue Adjusted Operating Profit H1 2014 H2 2013 H1 2013 H2 2012 H1 2014 H2 2013 H1 2013 H2 2012 Aerospace 264.0 252.4 254.2 228.0 39.4 39.7 36.8 35.6 Flexonics 136.6 123.7 145.6 118.8 20.1 19.8 20.6 19.4 Inter-segment sales (0.2) (0.3) (0.5) (0.3) - - - - Share of JV
Slide 37: Aerospace – Upeca Technologies Acquisition continued
AEROSPACE – UPECA TECHNOLOGIES ACQUISITION continued UAT – Aerospace Structures Division UFT and UET – Flexonics Division 110,000 sq ft of manufacturing and office space 77,000 sq ft of manufacturing and office space (leased), located in the outskirts of Kuala Lumpur, (owned), located in the out
Slide 38: Free Cash Flow
FREE CASH FLOW H1 H1 FY 2014 2013 2013 £m £m £m Operating profit from continuing ops. 49.6 42.1 93.3 Share of JV loss 0.2 0.1 0.3 Depreciation 11.8 10.9 21.6 Amortisation of intangible assets 3.4 2.5 4.9 Goodwill impairment & reversal of contingent consideration payable - 9.0 8.9 Restructuring charg
Slide 39: Change in Net Debt
CHANGE IN NET DEBT UPECA acquisition H1 H1 FY impact on net debt 2014 2013 2013 £74.4m £m £m £m Free cash flow (page 32) 32.7 28.1 63.8 Dividends (15.0) (13.6) (19.9) Acquisitions (net of cash & o/d acquired) and JV (60.1) (2.8) (31.0) Share issues 0.1 0.1 0.1 Purchase of shares by employee benefit
Slide 40: Gross Capital Expenditure
GROSS CAPITAL EXPENDITURE H1 2014 H1 2013 Capex Depn (1) Capex Depn (1) £m £m £m £m Aerospace 7.9 7.7 9.1 7.0 Flexonics 3.9 4.3 3.3 4.2 Holding Companies 0.3 0.1 0.1 0.1 Total 12.1 12.1 12.5 11.3 (1) Depreciation excludes amortisation of intangible assets arising on acquisitions of £3.1m (2013: £2.1
Slide 41: Usage of Credit Facilities – June 2014
USAGE OF CREDIT FACILITIES – June 2014 Usage by Currency Interest Facility Usage £ $ € Other % £m £m Private placements: US $20.0m (Oct 2020) 6.94% 11.8 11.8 - 11.8 - - US $75.0m (Oct 2018) 6.84% 44.1 44.1 - 44.1 - - US $30.0m (Jan 2017) 5.85% 17.6 17.6 - 17.6 - - US $25.0m (Oct 2015) 6.42% 14.7 14.
Slide 42: Maturity Profile of Credit Facilities
MATURITY PROFILE OF CREDIT FACILITIES £m 220 200 180 Oct £65m headroom 160 Oct Net debt 140 Jun Jun 14 - £114.3m 120 Oct 100 80 Jan 60 40 Oct 20 Oct 0 Current 2014 2015 2016 2017 2018 2019 2020 Committed facilities: Fixed rate Floating rate Interim Results 2014 Page 36
Slide 43: Covenants
COVENANTS June 2014 Dec 2013 June 2013 Dec 2012 Net Debt £114.3m £59.2m £65.5m £70.9m Net interest (1) - rolling 12 months £9.0m £8.4m £8.2m £7.8m EBITDA (1) - rolling 12 months £137.5m £129.7m £124.9m £122.7m Interest cover (to exceed 3.5 times) 15.3 x 15.4 x 15.2 x 15.7 x Net Debt to EBITDA (not t
Slide 44: Pensions – Deficit Movement
PENSIONS – DEFICIT MOVEMENT 6 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) (0.2) - (0.4) (2.0) Past service cost - - 0.2 0.2 - Running costs (0.2) - (0.1) (0.3) (0.8)
Slide 45: 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 Jun 2014 Dec 2013 Jun 2013 £m £m £m Scheme Assets Equities 75.2 72.4 64.5 Bond
Slide 46: Senior's Locations
SENIOR’S LOCATIONS UK Rickmansworth H.O H1 2014 split Sales OP Massachusetts Crumlin Metal Bellows N. America 63% 63% BWT (incl. Atlas) Canada Bird Bellows UK 16% 20% SF Canada Thermal Weston EU Rest of Europe 13% 8% Wisconsin Rest of World 8% 9% GA Germany Washington SF GmbH AMT Czech Republic Abso
Slide 47: Senior's Products – H1 2014
SENIOR’S PRODUCTS – H1 2014 34% Flexonics Division Aerospace Division 66% (36%) Expansion joints, bellows, hoses (Ind) 13% (64%) (13%) HVAC ducting (Ind) 1% 20% Airframe structural parts (17%) (2%) Off-highway hydraulics (LV) 1% (1%) Fuel distribution (LV) 6% (5%) Exhaust flexes (LV) 5% (6%) Emissio
Slide 48: Aerospace Division
AEROSPACE DIVISION Interim Results 2014
Slide 49: Aerospace – Orders and Deliveries
AEROSPACE – ORDERS AND DELIVERIES Deliveries Net Orders Order Book Large Commercial H1 H1 Jun Dec Dec Dec Aircraft 2014 2013 2012 2011 2014 2013 2012 2011 2014 2013 2012 2011 Boeing 342 648 601 477 499 1,355 1,203 805 5,237 5,080 4,373 3,771 Airbus 303 626 588 534 290 1,503 833 1,419 5,546 5,559 4,6
Slide 50: Aerospace – Large Commercial Aircraft Backlog
AEROSPACE – LARGE COMMERCIAL AIRCRAFT BACKLOG Boeing backlog by region: June 2014 Airbus backlog by region: June 2014 Australasia 1% Asia ex-India, Exec. & Private Jets 3% Australasia 12% China & Undisclosed Undisclosed 17% 21% 3% China 21% Asia ex-India, 2% India China 8% Middle East 2% China 1% Af
Slide 51: Aerospace Division: A Summary
AEROSPACE DIVISION: A SUMMARY 2014 2013(2) Change 19 Operations Revenue £264.0m £239.8m +10.1% NAFTA 10 Europe 3 Adjusted Operating Profit(1) £39.4m £34.9m +12.9% UK 4 Adjusted Operating Margin(1) 14.9% 14.6% +0.3ppts ROW 2 Markets Customers Other Non Space & Non Military 8% Other Non Aerospace Aero
Slide 52: Shipset Value Progression – Large Commercial Aircraft
SHIPSET VALUE(1) PROGRESSION – LARGE COMMERCIAL AIRCRAFT $k % CAGR 900 +3% 800 700 600 +11% +8% 500 +3% +26% 400 300 +6% 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 Jun-14 (1) Average based on programme share and estimated engine variant Inte
Slide 53: Shipset Value Progression – Regional, Business and Military
SHIPSET VALUE(1) PROGRESSION – Regional, Business and Military $k % CAGR 1000 +22% 900 800 +12% 700 600 +11% 500 400 Sikorsky +14% +5% insourcing 300 +6% 200 +9% 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 Jun-14 (1) Average
Slide 54: 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 Connecticut Enfield, CT, USA Structures Senior Aerospace Thailand Chonburi, Thailand S
Slide 55: 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 56: 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 57: 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 58: 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 59: 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 60: 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 Interim Results 201
Slide 61: 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 62: 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) Int
Slide 63: 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) Interim Results 2014 Page 51/2
Slide 64: 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 65: 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 66: Flexonics Division
FLEXONICS DIVISION Interim Results 2014
Slide 67: Flexonics Division: A Summary
FLEXONICS DIVISION: A SUMMARY 2014 2013(2) Change 13 Operations + JV NAFTA 4 Revenue £136.6m £133.8m +2.1% Europe 3 Adjusted Operating Profit(1) £20.1m £18.5m +8.6% UK 1 ROW 5 Adjusted Operating Margin (1) 14.7% 13.8% +0.9ppts China JV 1 Markets Customers Other Industrial 8% 1% Aerospace Heating, Ve
Slide 68: 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 Cape Town South Africa Senior Flexo
Slide 69: 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 70: 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 71: 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 72: 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 73: Index
INDEX Presentation Appendices Financial highlights 1 Group evolution 25 Aerospace results - constant exchange rates 2 Senior Management 26 Flexonics results - constant exchange rates 3 Exchange rates 27 Division results - constant exchange rates 4 Division results - as reported 28 Geographic results