Rolls-Royce Holdings plc · LSE:RR.
Rolls-Royce — Investor Presentation (June 2022)
78 slides from Rolls-Royce's investor presentation, June 2022
Slide 1: Rolls-Royce Investor Presentation June 2022
Rolls-Royce Investor Presentation June 2022 1 Investor Presentation © Rolls-Royce
Slide 2: Agenda
1 Investment case 2 What we do 3 Civil Aerospace in more detail 4 FY 2021 results and supplementary slides
Slide 3: Investment case
1 Investment case 3 © 2020 Rolls-Royce
Slide 4: Investing for growth, improving performance, delivering on commitments
Delivering on Improving Investing for our Our financial financial performance was severely growth and impacted by the COVID-19 pandemic Generating positive commitments performance sustainable momentum value “The positive Operating profit momentum we are generating gives us >£1.3bn £bn 1 confidence b
Slide 5: Delivering on our commitments
New image to follow Delivering on our commitments Civil Aerospace Key award in Defence Order intake accelerated restructuring with B-52 in Power Systems Successful SMR Two world records £2bn total disposal fundraising & next phase with Spirit of Innovation proceeds expected commencement 5 Investor P
Slide 6: Restructured cost base in Civil Aerospace
Restructured cost base in Civil Aerospace (2021 vs 2019) Delivered the biggest restructuring in our history – ahead of plan Implemented changes to create a leaner, more efficient, more capital light cost base Operating Cost Headcount Footprint Investments £1.2bn (35%) 8,700 (34%) 27% 46% reduction r
Slide 7: Rebuilding the balance sheet
Pathway to investment grade profile Rebuilding the Reduce Improve financials balance sheet uncertainty Improve Reduced Improve business Deliver Improve Clear pathway to on our uncertainty operational leverage profile Strong ESG improving our credit of EFH and financial (balanced scorecard commitment
Slide 8: Summary financial performance
Summary financial performance Our financial performance was severely impacted by the COVID-19 pandemic Improving financial • Improved financial performance driven by cost reduction and market growth performance ✓ Operating profit recovered to profitability from prior year loss Underlying revenue by
Slide 9: Civil Aerospace: Our route to increasing returns
Leading products in growing markets Civil Aerospace: Our route to increasing returns and a sustainable Embedded value in a future growing installed base Driving cost reduction, efficiency and margin expansion Investing in technologies to lead in sustainable 9 Investor Presentation aviation © Rolls-R
Slide 10: The foundations are in place
2008-2017 2018-2021 2022-2024 The foundations are in place –well positioned for market recovery in Civil Aerospace • Investment in 7 new engines • Increased productivity • Margin expansion • Industrial ramp-up • Trent 1000 • Sustainable cash generation • Installed base growth – x2 • Covid-19 • Focus
Slide 11: Market recovery driving Civil Aerospace services growth
Rolls-Royce Engine Flying Hours (EFH) (indexed, 100 = 2019) forecast 150 Market recovery driving Civil Aerospace 100 services growth Business Aviation and large 50 engine freight activity were resilient in the crisis and are above 2019 levels, large engine passenger activity is 0 expected to recover
Slide 12: Key drivers of Civil Aerospace value
Key drivers of Civil Aerospace value Creating value from a growing and maturing fleet as the market for international passenger travel recovers MAXIMISE BUSINESS SERVICES COST OE MARGIN INVESTMENT SERVICES AVIATION Retaining the operational REDUCTION IMPROVEMENT CYCLE efficiency and productivity REC
Slide 13: Defence: long term drivers of defence spending
Defence Demand for defence business’ transport, UK Mod 25% combat, submarine and naval products is driven US DoD 50% by government defence spending Export 25% ME, Korea, Japan, Canada and India Long term drivers of defence spending • US: large new programmes expected for US DoD (including FLRAA) • U
Slide 14: Power Systems medium and long term outlook
Power Systems Power Generation Marine Industrial Defence 33% of Sales 33% of Sales 25% of Sales 9% of Sales • Mission critical backup • Government focused • Oil & Gas, mining, • Defence end markets Record order book and order power for data centres, customer base with construction and driven by Gove
Slide 15: New Markets: Rolls-Royce SMR and Electrical
New Markets Rolls-Royce SMR Leveraging Small Modular Reactors are 470mw, synergies across 50Hz, nuclear power stations designed the group to help decarbonise global power generation Factory production of modules lowers Rolls-Royce Electrical cost and risk with repeatable precision engineering and pr
Slide 16: 2022 outlook and guidance
Well positioned for the anticipated growth in our end markets 2022 outlook • Positive momentum in 2022 despite the challenges and risks around the pace of market recovery, global supply chain disruption and rising inflation. and guidance • A strong order book and continuation of the gradual improvem
Slide 17: Disciplined investments
Disciplined Investments by the COVID-19 pandemic Investing for growth and sustainable value Our updated approach to investment places an even greater focus on sustainability and ESG 17 Investor Presentation © Rolls-Royce
Slide 18: Investing in technologies to shape the future
Markets COMMUTER / BUSINESS WIDEBODY NARROWBODY REGIONAL eVTOL AVIATION Investing in Strengthen and sustain core Ambition to re-enter market Growth through new technology Disrupt with new technology Explore new market segments technologies to business shape the future of aviation Step change in effi
Slide 19: UltraFan and low carbon technologies
UltraFan: next generation aero engine • Scalable engine architecture offers market optionality Low carbon • 25% more fuel efficient and 100% sustainable aviation fuel compatible technologies • Incorporates ALECSys Lean Burn Combustor • Progressing to final assembly Improving engine efficiency and en
Slide 20: Enabling net zero: hydrogen, energy storage, SMRs
Hydrogen • Member of European Clean Hydrogen Alliance • Exploring the fundamentals of H2 in aviation • Partnership with Daimler Truck / Volvo on stationary H2-powered Enabling net zero fuel-cell generators in finalisation • MTU Series 500 engine for power generation to be available for operation wit
Slide 21: Enabling net zero: electric aviation
Urban Air Mobility • First commercial contract for electric propulsion units to power an eVTOL vehicle (with Vertical Aerospace) Enabling net zero: • Vertical Aerospace >$5bn pre-orders for >1,300 aircraft electric aviation • EVE >$5bn pre-orders for >1,700 aircraft • CityAirbus eVTOL demonstrator f
Slide 22: Fundamental role in meeting the challenge of climate change
We have a Applying technical pathways to Net Zero Targets fundamental role decarbonise complex, critical systems to play in meeting Rolls-Royce Products in Service Change in Annual CO2 Emissions from 2019 to 2050 the challenge of climate change 2019 2025 2030 2035 2040 2045 2050 Time Hypothetical ‘n
Slide 23: What we do
2 What we do InvestorPresentation 23 Investor Presentation © © Rolls-Royce Rolls-Royce
Slide 24: Our business groups
Civil Power Systems Defence Electrical SMR Our business groups 35 40,000 160 NEW MARKET NEW MARKET types of commercial customers in 11 customers in over aircraft powered by us different industries 103 countries 15,400 20,000 16,000 £52m £16m installed base around reciprocating engines engines in ser
Slide 25: Our markets
CIVIL • Major manufacturer of aero engines for the 4% 3% large commercial aircraft, business aviation £4,536m Underlying revenue AEROSPACE and regional jet markets Underlying revenue Large engines 21% Business • Engineering expertise, in-depth knowledge £(172)m Regional Our markets and capabilities
Slide 26: Civil Aerospace
Civil Aerospace £4,536m Underlying revenue © Dassault £(172)m FY 2021 highlights Underlying operating loss • Improved operational gearing with restructured cost base • Significant value in installed base of around 5,700 large and 9,700 regional and business £(1,670)m aviation engines Trading cash fl
Slide 27: Defence
Defence £3,368m Underlying revenue £457m FY 2021 highlights Underlying operating profit • Awarded the B-52 engine replacement contract in the US, securing new work for the coming decades £377m • In a competitive process for the Future Long-Range Assault Aircraft (FLRAA) programme Trading cash flow •
Slide 28: Power Systems
Power Systems £2,749m Underlying revenue £242m FY 2021 highlights Underlying operating profit • 2021 represented the best order book in Power Systems’ history, with a record order intake in the 4th quarter £219m • Significant awards include power solution for a hyperscale data centre customer and a
Slide 29: New Markets: Rolls-Royce Electrical
New Markets: Rolls-Royce Electrical New Markets reporting segment established for • Double world record success of the ‘Spirit of Innovation’ demonstrates pace of electrical technology acceleration and exciting applications for the Advanced Air Mobility Markets Rolls-Royce SMR and Rolls-Royce Electr
Slide 30: New Markets: Rolls-Royce SMR
New Markets: Rolls-Royce SMR New Markets reporting segment established for • Rolls-Royce SMR secured £490m of funding in 2021 Rolls-Royce SMR and • UK Government grant and third party equity investment helping to support SMR design Rolls-Royce Electrical through multi-year UK Generic Design Assessme
Slide 31: Civil Aerospace in more detail
3 Civil Aerospace in more detail InvestorPresentation 31 Investor Presentation © © Rolls-Royce Rolls-Royce
Slide 32: Civil Aerospace value drivers and outlook
Value Medium-term drivers financial Maximise outcomes Civil Aerospace Service Leading products in value drivers growing markets Receipts Revenue Low double digit and outlook % CAGR Service Cost Embedded value in a Reduction Civil Aerospace Investor growing installed base Day was held in Derby in Ope
Slide 33: Leading products in growing markets
Business Aviation Portfolio In Service In Production In Flight-test In Development Leading products in growing markets © Gulfstream © Bombardier © Gulfstream © Dassault Gulfstream Bombardier Gulfstream G700 Dassault Falcon X Tay * BR710 * AE3007 G650 5500/ 6500 BR725 Pearl 15 Pearl 700 Pearl 10X Civ
Slide 34: We are well positioned to outperform
Share of in Rolls-Royce Service OE Future Fleet age (# aircraft) outlook EFH potential We are well RR positioned to Legacy large 13 years 4,955 25% >40% outperform engines (Trent 700: 11 Years) Trent 700 for military MRTT only market growth Trent 700 RR New 4 years 58% >90% 1,554 generation Trent 10
Slide 35: Maximise services receipts
Maximise services receipts Civil Aerospace Capture services value and drive growth Services Delivering the potential of the installed fleet Extend time on wing Reduce shop visit frequency and volume Reduce shop visit cost Lower the cost of restoring engine life 35 Investor Presentation © Rolls-Royce
Slide 36: Maximise services receipts: CareStore
RR powered in-service aircraft % of programme EFH % of next 5-year EFH 2022 2030 in the future covered by LTSA Maximise services receipts Trent 700 ~800 >500 >40% >85% Our journey of growth begins with a growing fleet and securing LTSAs with customers Trent 1000 Trent and Pearl fleets are Trent XWB
Slide 37: Trent 700 fleet is still young
Trent 700 fleet is still young Securing future value Maximise services A330 fleet by age (# aircraft) receipts 444 80 A330 TotalCare Trent 700 will remain a 378 extensions strong foundation for our in 2020-2022 large engine business Trent 700 is recognized as the best engine for the A330 232 >200 A3
Slide 38: Indexed engine flying hours and shop visits
Indexed engine flying hours and shop visits Maximise services receipts 150 EFH growth drives services receipts. Shop visit growth drives revenue and profit 100 EFH recovery driven by reduction of global COVID restrictions and pent up international demand 50 New generation Trent engines reach first r
Slide 39: Extend time on wing: durability and reliability
Better durability Higher reliability Time on wing to first refurb Extend vs target (%) time on wing 140 65% less Trent XWB-84 120 delays and cancellations Extending time on wing to compared to Trent 700 reduce shop visit frequency is 100 the best way to improve LTSA margins 80 Trent XWB-84 Time on w
Slide 40: Extend time on wing
Product High pressure 2x Trent improvements turbine blade life 1000/7000 Extend time on wing Life limited parts Trent XWB-84 +11% Intensely focused on extensions LLP lives extension delivering time on wing improvements Building on all our Trent family experience Enhancing Trent XWB-97 +8% turbine Po
Slide 41: Reduce shop visit cost: Trent XWB-84
Trent XWB-84 shop visit cost First major shop visit Reduce shop visit cost 40% Trent 40% lower Trent XWB-84 Reducing shop visit cost to XWB-84 shop visit cost further improve LTSA margins in 2 years Shop visit costs are reducing Trent 700 for all new generation Trent 5-year average engines Trent XWB
Slide 42: Reduce shop visit cost
Lean engine Horizontal 15% Lower overhaul overhaul method labour cost Reduce shop visit cost Trent XWB-97 $100k+ More re-use front cover plate savings per Learning from every shop of parts re-use shop visit visit and intensely focused on delivering cost reductions Applying all our Trent family exper
Slide 43: Maximizing product cost benefits
Maximizing product cost benefits Civil Aerospace OE margin improvement Operations Structural cost out Sustainable cost reductions Strategic sourcing Consolidation, performance, resilience 43 Investor Presentation © Rolls-Royce
Slide 44: Large engine OE margin
OE margin (Large engines, installed) -34% Large engine OE margin OE margin significantly improved 2019 2022E Strong improvements Losses reduced by >30% since across all key installed engines Volume (Large engines, installed) 2019 despite volume drop of Sustainable improvements approximately 50% desp
Slide 45: Enhance OE margins: Make
Cost rate (£/h) & production volumes Enhance OE margins: Make Breaking the link between volumes & operating cost 2022 cost rates on pre-COVID levels, whilst volumes still Higher efficiency and 30% lower productivity -30% 2022 expected cost rates back to pre-COVID levels, with 30% lower volumes £600m
Slide 46: Enhance OE margins: Buy
Concentration of spend Enhance OE with class-leading suppliers margins: Buy (2019 = 100) 400 Spend with class-leading Supply chain restructuring suppliers more than doubled 300 delivering increased since 2019 cost savings 200 Procurement excellence 100 drives costs out and increases supply chain res
Slide 47: Operational inputs, operating model and value drivers
Operational inputs OE deliveries Engine flying hours Shop visits Operating model Cost, pricing & mix Utilisation, pricing & mix Cost, shop visit scope & mix Overheads & investments Relentless focus on our value drivers to deliver material Value drivers improvement in financial outcomes Original Equi
Slide 48: Medium term: OE revenue
1 Revenue 2 Margin 3 Cash flow Medium Revenue 2019 2021 term OE 729 Engine Mid deliveries teens Low teens CAGR in 309 CAGR OE revenues from 2021 • Mid teens overall delivery volume growth • Increased proportion of Business Aviation engines 30% 37% business business (lower price vs large Mix aviation
Slide 49: Medium term: services revenue
1 Revenue 2 Margin Medium 3 Cash flow 2019 2021 Revenue term Services 1,554 Low Shop visit double- 953 volumes digit High single-digit CAGR in CAGR services revenue from 2021 • Low double-digit shop visit volume growth 20% large engine 22% • Increasing mix of large large engine business 38% refurbs
Slide 50: Medium term: total revenue
1 Revenue 2 Margin 3 Cash flow Medium Revenue 2019 2021 term Total OE £3,246m £1,611m Low teens CAGR revenue Services £4,861m £2,926m High single-digit CAGR Low double-digit overall revenue CAGR from 2021 revenue OE growth led by Business Aviation ramp-up and services led by large engine shop visit
Slide 51: Medium term: margin
1 Revenue 2 Margin 3 Cash flow Profit progression Medium Margin 2019 2021 term Higher High single- profitability Operating margin 1% (4)% digit % Operating profit margins to reach high single-digits • Higher services profit driven by shop visit volumes HIgher shop visit volumes • OE margin improveme
Slide 52: Entering low point of investment cycle
1 Revenue 2 Margin 3 Cash flow Cash generation 2010-2015 2016-2019 2020+ Entering low point Major investment in large Business Aviation Reduced intensity of development and investment spend and of investment cycle engine development ramp-up capex COVID-19 reductions = engine entry We have completed
Slide 53: Medium term: engine flying hour receipts
Medium 1 Revenue 2019 2021 2 Margin 3 Cash flow term 19.4m Engine flying 15.3m hour receipts Engine flying 10.3m Strong EFH recovery led by large engines hours (EFH) 4.1m 7.4m 2.9m Recovery in engine flying Large engine Business Aviation & Regional Total hours post-COVID-19, led by widebody, will ou
Slide 54: Medium term: cash flow
Illustrative (not to scale) 1 Revenue 2 Margin 3 Cash flow Medium Cash flow 2019 2020 2021 term Driving materially Comfortably higher cash flow exceed operating profit Further cash flow High quality cash generation £0.4bn improvement led by operating profit and flying hour recovery Cash flow comfort
Slide 55: Cash conversion
Operating • Revenue growth at low double-digit CAGR profit • High single-digit operating margins Cash conversion Net LTSA • Average of ~£500m pa medium term balance change Materially improved, higher quality cash generation versus • Very low level of R&D capitalisation due to product maturity pre-CO
Slide 56: Understanding the LTSA balance
Cash flows P&L Difference between invoiced EFH receipts 3 Understanding 1 & revenue recognised ∆ LTSA balance Net LTSA the LTSA balance cash flow LTSA Invoiced EFH profit receipts LTSA revenue The LTSA balance is the LTSA 2 P&L revenue is driven LTSA connection between profit and costs by LTSA costs
Slide 57: Civil Aerospace guidance summary
Guidance summary 2019 2021 Medium term Civil Aerospace DRIVERS guidance Engine deliveries (large & business engines) 729 309 Mid teens CAGR summary Shop visit volumes (large, business & regional engines) 1,554 953 Low double-digit CAGR LTSA engine flying hours (large, business & regional engines) 19
Slide 58: Civil Aerospace investment cycle
In-service Civil Aerospace Cash investment cycle generation Long investment cycles supported by: Access to government R&D funding for technology development OE Build and Delivery Risk and revenue sharing Cash consumption partnerships for programme investment Supply chain and services joint ventures
Slide 59: LTSA example
$m Year 1 Year 2 Year 3 Year 4 Year 5 Total Engine flying hours 100 100 100 100 100 500 $ per EFH 10 10 10 10 10 50 LTSA example Cash Invoiced EFH receipts 1,000 1,000 1,000 1,000 1,000 5,000 flow Shop visit costs -2,000 -2,000 Other ongoing costs -100 -100 -100 -100 -100 -500 Total costs -100 -100
Slide 60: LTSA example: catch-up in year 4
$m Year 1 Year 2 Year 3 Year 4 Year 5 Total Engine flying hours 100 100 100 100 100 500 $ per EFH 10 10 10 10 10 50 LTSA example Cash Invoiced EFH receipts 1,000 1,000 1,000 1,000 1,000 5,000 Catch-up in year 4 flow Shop visit costs -1,500 -1,500 Other ongoing costs -100 -100 -100 -100 -100 -500 Tot
Slide 61: FY 2021 Results and supplementary detail
4 FY 2021 Results and supplementary detail InvestorPresentation 61 Investor Presentation © © Rolls-Royce Rolls-Royce
Slide 62: 2021 Full Year underlying results
2021 Full Year Underlying2 Organic £m FY 2021 FY 2020 Change1 underlying results Lower Civil Aerospace revenue Revenue 10,947 11,430 (214) balanced by growth in Defence and Underlying performance Power Systems from continuing operations Gross profit / (loss) 1,996 (613) 2,672 Gross margin % 18.2% (5
Slide 63: Civil Aerospace
Civil Aerospace Underlying results Organic Reduction in engine £m FY 2021 FY 20201 Change % deliveries partly offset by improvement in Revenue 4,536 5,068 (491) (10)% LTSA catch up Gross profit / (loss) 474 (1,987) 2,477 Restructured business with smaller footprint Large engine KPIs Gross margin % 1
Slide 64: Drivers of Civil LTSA balance change
Invoiced EFH receipts P&L revenue Reflects invoiced EFH receipts on long-term Driven by cost (e.g. shop visits) across large contracts across entire Civil LTSA-covered fleet engine, business aviation and regional fleets. LTSA balance: Recognised by contract, as costs incurred, at Drivers of Civil LT
Slide 65: Defence
Defence Underlying results Organic £m FY 2021 FY 20201 Change % Higher services sales in Revenue 3,368 3,355 155 5% both the UK and US Gross profit 721 684 63 9% Profitable mix due to spare parts Order intake Gross margin % 21.4% 20.4% 0.9%pt £2.3bn up 3% Operating profit 457 461 13 3% 0.7 book to b
Slide 66: Power Systems
Power Systems Underlying results Organic £m FY 2021 FY 20201 Change % Revenue 2,749 2,735 89 3% Gross profit 778 678 120 18% Order intake Gross margin % 28.3% 24.8% 3.6%pt More profitable £3.3bn up 24% Operating profit 242 188 67 37% product mix through services sales and 1.2 book to bill improved f
Slide 67: New Markets
£490m SMR committed funds £68m R&D Spend New Markets 10% 23% Leveraging synergies Rolls-Royce 43% RR Electrical +41% across the group Equity Investment RR SMR +164% UKRI Government Grant 47% 77% Employees (FTE at year end) >570 up 60% • A ramp-up in R&D spend as we invest to develop our products and
Slide 68: Summary funds flow
£m FY 2021 FY 2020 Change Underlying operating 414 (2,008) +2,422 Summary funds (loss) / profit £2.0bn flow: Depreciation, amortisation 971 1,048 -77 Operating performance £(1.5)bn free cash and impairment 1 improvement Led by cost savings, higher outflow in 2021 Civil Aero net LTSA contract EFH rec
Slide 69: 2022 guidance summary
Group: • Positive momentum in our financial performance in 2022 • Low-to-mid-single digit revenue growth 2022 guidance • Operating profit margin to be broadly unchanged summary • Modestly positive free cash flow in 2022, seasonally weighted towards H2. Defence: Civil Aerospace: • Modest revenue grow
Slide 70: Foreign exchange: hedging
• Achieved rate is not typically affected by short-term Rolls-Royce hedges spot rate movements unless new cover is taken; this transactional FX impact is usually diluted • $22 billion GBP:USD hedge book Foreign • Hedge book average rate is £/$1.53 exchange • $3 billion EUR:USD hedge book • Hedge boo
Slide 71: Foreign exchange: translational impact
UNDERLYING Foreign UNDERLYING OPERATING exchange: EXPOSURE REVENUE IMPACT PROFIT IMPACT Translational impact 2021 vs. 2020 £m Revenue Profit Inc FX FX Inc FX FX The impact of translational Group 10,947 (288) 414 (40) foreign exchange is driven by period average spot rates Civil Aerospace USD, EUR US
Slide 72: Civil revenues by engine type
Civil revenues Organic by engine type £m FY 2021 FY 2020 change1 Original Equipment 1,612 2,278 (29%) Large engine 1,297 1,696 (23%) COVID-19 impact seen Business aviation 310 574 (44%) across OE and Services V2500 5 8 (38%) Service 2,924 2,790 6% Large engine 1,958 1,608 22% Business aviation 654 4
Slide 73: Trent engine products
Trent engine products Market Engines in Engines on £m Airframe share* service order Trent 7000 Airbus A330neo 100% 130 550 Leading widebody backlog market share Trent XWB Airbus A350 100% 764 859 Trent 1000 Boeing 787 33% 604 122 Trent 900 Airbus A380 48% 168 1 Trent 800 Boeing 777 40% 176 0 Trent 7
Slide 74: Civil engine deliveries
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Civil engine By engine deliveries RB211 22B 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RB211 524 2 5 7 0 5 4 0 0 0 0 0 0 0 0 0 0 0 0 0 RB211 535 14 6 0 2 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 RB211 Total 16 11 7 2 5 5
Slide 75: Civil engine in-service installed fleet
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Civil engine By engine in-service RB211 22B RB211 524 48 829 36 815 36 796 12 791 15 769 9 706 12 643 9 638 6 617 530 6 455 3 3 352 3 302 3 278 3 266 3 242 3 210 3 82 3 80 installed fleet** RB211 535 RB211
Slide 76: Civil in-service thrust base
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Civil in-service Thrust per engine thrust base By engine RB211 22B (lbs) 60,000 3 2 2 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 (millions lbs)** RB211 524 60,000 50 49 48 47 46 42 39 38 37 32 27 21 18 17 16 15 13 5
Slide 77: Safe harbour statement
Safe harbour statement This announcement contains certain forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. In particular, all statements that express forecasts, expectations and projections with re
Slide 78: Contacts
Contacts Isabel Green Head of Investor Relations isabel.green@rolls-royce.com Elena Prentice Investor Relations & ESG Manager elena.prentice@rolls-royce.com Sophie Parry Investor Relations Manager sophie.parry@rolls-royce.com Paul Morris Investor Relations Associate paul.morris3@rolls-royce.com 78 I
Rolls-Royce Holdings — Investor Presentation (June 2022) on 6ix