Slide 1: Interim Results 2015
INTERIM RESULTS 2015 Interim Results 2015
Slide 2: Agenda
AGENDA Introduction David Squires CEO 2015 Interim Results Derek Harding FD Markets & Outlook David Squires CEO Interim Results 2015
Slide 3: First Impressions
FIRST IMPRESSIONS Business is healthy, has been well run • Focus is on enhancing, not transforming Strong entrepreneurial spirit permeates through the business • Autonomy is enjoyed but increasing collaboration Excellent technical and industrial capabilities • Design, development and manufactu
Slide 4: Interim Results 2015
2015 INTERIM RESULTS Interim Results 2015
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS constant H1 2015 H1 2014 Change currency Revenue £434.5m £400.4m +9% +4%(1) Adjusted Operating Profit £56.2m £54.6m +3% -2%(2) Adjusted Operating Margin 12.9% 13.6% -0.7ppts -0.9ppts(3) Adjusted Profit before Tax £52.1m £50.1m +4% -1% Adjusted Earnings per Share 9.86p 9.65p +2%
Slide 6: H1 2015 at a Glance
H1 2015 AT A GLANCE £m 450 Revenue Large Commercial £4.6m 5.7 (5.6) 440 Military £0.8m 16.4 434.5 Other £0.3m 430 420 17.6 Off-highway £(4.6)m Upeca - £8.1m Power & Energy £(5.4)m 410 LPE - £8.3m Petrochem £4.9m Other £(0.5)m 400.4 400 $1.53 (14: 1.67) €1.36 (14: 1.22) 390 380 H1 2014
Slide 7: Aerospace Results – constant exchange rates
AEROSPACE RESULTS – constant exchange rates(2) £m 290 Revenue Growth H1 2014 to H1 2015 3.3 287.3 £m H1 2015 H1 2014 Change 285 (0.1) 0.8 0.4 284.0 4.6 Revenue 287.3 278.3 +3.2% 280 278.3 Adj OP(1) 37.9 41.6 -8.9% 275 270 Margin 13.2% 14.9% -1.7ppts 265 Organic(3) 260 Revenue 284.0 278.3 +2.0% 255 A
Slide 8: Flexonics Results – constant exchange rates
FLEXONICS RESULTS – constant exchange rates(2) £m Revenue Growth H1 2014 to H1 2015 150 13.1 147.4 145 £m H1 2015 H1 2014 Change 139.9 (4.9) 140 Revenue 147.4 139.9 +5.4% 0.1 (1.4) 0.6 134.3 135 Adj OP(1) 22.3 20.9 +6.7% 130 125 Margin 15.1% 14.9% +0.2ppts 120 Organic(3) 115 110 Revenue 134.3 139.9
Slide 9: Division Results – constant exchange rates
DIVISION RESULTS – constant exchange rates(2) £m Revenue £m Adj Operating Profit(1) £m Margin on Sales 2015 2014 Change 2015 2014 Change 2015 2014 Aerospace 287.3 278.3 +3.2% 37.9 41.6 -8.9% 13.2% 14.9% Flexonics 147.4 139.9 +5.4% 22.3 20.9 +6.7% 15.1% 14.9% Share of JV - - - 0.2 (0.2) - - - Inter-s
Slide 10: Geographic Results – constant exchange rates
GEOGRAPHIC RESULTS – constant exchange rates(2) £m Revenue £m Adj Operating Profit(1) £m Margin on Sales 2015 2014 Change 2015 2014 Change 2015 2014 North America 272.9 275.8 -1.1% 38.2 41.1 -7.1% 14.0% 14.9% United Kingdom 70.1 65.7 +6.7% 10.6 11.9 -10.9% 15.1% 18.1% Rest of Europe 49.0 44.6 +9.9%
Slide 11: Adjusted and Reported Profit
ADJUSTED AND REPORTED PROFIT H1 H1 2015 2014 Change £m £m Adjusted operating profit 56.2 54.6 3% (-2% on constant currency basis) Net interest payable - borrowings and cash (3.9) (4.1) - retirement benefits (0.2) (0.4) Adjusted profit before tax 52.1 50.1 4% (-1% on constant currency basis) Tax (H1
Slide 12: Earnings per Share and Dividends
EARNINGS PER SHARE AND DIVIDENDS H1 H1 2015 2014 Change Average number of shares Basic 417.8m 415.7m +2.1m Fully diluted 422.6m 421.1m +1.5m Adjusted earnings per share(1) Basic 9.86p 9.65p +2% Fully diluted 9.75p 9.52p +2% 2015 2014 Dividends (pence per share) Interim 1.84p 1.67p +10% Final 3.96p T
Slide 13: Cash Flow and Use of Funds
CASH FLOW AND USE OF FUNDS £m 80 13.6 (0.3) (9.2) 70 (22.8) 60 56.2 Lymington Acquisition 50 Impact on net debt: Net cash outflow £43.6m 40 (4.5) Assumed on acquisition £3.7m (3.9) Total £47.3m (4.4) 30 Gross capex £(23.3)m 24.7 (0.9) (43.6) Disposal proceeds £0.5m 20 10 - (36.4) (10) (20) (16.6) (3
Slide 14: Balance Sheet
BALANCE SHEET June June Dec 2015 2014 2014 £m £m £m Goodwill and other intangible assets 325.5 289.5 290.8 Investment in JV 0.9 0.8 0.7 Property, plant and equipment 175.7 154.7 167.6 Other long-term assets 2.2 7.1 7.3 Retirement Benefit Obligations Non current assets £m 504.3 452.1 466.4 As at Dece
Slide 15: Working Capital
WORKING CAPITAL Working capital as a % of revenue 15.0% 14.5% 0.3% (0.2)% 0.3% (0.6)% 0.8% 14.0% 13.7% 13.5% 13.1% 13.0% 12.5% 12.0% 11.5% 11.0% 10.5% 10.0% Dec-14 Receivables Payables Inventories Acquisitions FX / Other Jun-15 Receivables increased by £8.0m as the Trade payables reduced by £1.6
Slide 16: Maturity Profile of Credit Facilities
MATURITY PROFILE OF CREDIT FACILITIES New two-year £20m revolving credit facility and new one-year term loans £25m to fund acquisition of LPE £16m US private placement to be repaid in October 2015 (6.42% interest rate) Net Debt:EBITDA = 1.0x – Well placed for future growth aspirations £m 240 £
Slide 17: H1 2015 Financial Summary
H1 2015 FINANCIAL SUMMARY Group revenue increased by 9% to £434.5m (4% increase at constant currency) Adjusted profit before tax increased by 4% to £52.1m (1% decrease at constant currency) Adjusted earnings per share up 2% to 9.86 pence Continued investment in capital expenditure in support
Slide 18: Markets & Outlook
MARKETS & OUTLOOK Interim Results 2015
Slide 19: Senior's Markets – H1 2015
SENIOR’S MARKETS – H1 2015 34% Flexonics Division Aerospace Division 66% Other Industrial 3% 1% Aerospace (34%) (66%) Heating, Ventilation & Solar 1% (3%) (-%) (1%) Power & Energy 4% (6%) Petrochemical 8% (4%) 40% Large Commercial Aircraft (39%) Passenger Vehicles 6% (7%) Truck & Off-Highway 11% (13
Slide 20: Senior's Customers – H1 2015
SENIOR’S CUSTOMERS – H1 2015 34% Flexonics Division Aerospace Division 66% (34%) (66%) Other Industrial & Aerospace 13% 11% Boeing (13% ) (11%) Schlumberger 2% all 1% of (-%) Emerson 2% Group or less (1%) 10% Rolls-Royce (11%) Other Land Vehicle 6% (8%) Renault 1% (1%) PSA 1% (1%) Ford 1% 8% Spirit
Slide 21: Large Commercial Aircraft (40% of Group)
LARGE COMMERCIAL AIRCRAFT (40% of Group) Shipset Value ($k) Avg.(1) Airframe H1 Deliveries x Avg.(1) Shipset Value ($m ) Var. in avg. shipset H1 2015 Order shipset value 0 200 400 600 800 1000 1200 value deliveries book 0 10 20 30 40 50 60 70 12/14 to 6/15 ($k) (number) ($k) 737 232 249 1,422 +1 737
Slide 22: Regional and Business Jets (7% of Group)
REGIONAL AND BUSINESS JETS (7% of Group) Shipset Value ($k) H1 Deliveries x Shipset Value ($m ) Var. in avg. Airframe shipset value 0 100 200 300 400 500 600 Shipset H1 2015 Order 0 2 4 6 8 10 12/14 to 6/15 value ($k) deliveries book ($k) GL 5000/6000 Bombardier 277 33 (1) ? - GL 5000/6000 CRJ700/90
Slide 23: Military and Defence (12% of Group)
MILITARY AND DEFENCE (12% of Group) Airframe Shipset Value ($k) Avg.(1) Estimated Estim ated H1 Deliveries x Avg.(1) Shipset Value ($m ) Var. in avg. shipset H1 2015 shipset value 0 200 400 600 800 1000 value deliveries 0 2 4 6 8 10 12/14 to 6/15 ($k) (number) ($k) C-130J 887 10 +4 C-130J Black Haw
Slide 24: Land Vehicles (17% of Group)
LAND VEHICLES (17% of Group) Truck & Off-Highway Vehicles (11% of Group) H1 2015 market(1) compared to H1 2014: Group sales 9%(2) from H1 2014 N. American truck sales 15%; production 13% North America truck (7% of Group) Group sales 2%; higher OE cooler volumes offset partly by lower spa
Slide 25: Industrial (15% of Group)
INDUSTRIAL (15% of Group) H1 2015 Industrial sales split Group sales 21%(1) over H1 2014; 2%(1) on organic basis Other 12% Petrochemical: (12%) 49% Petrochemical Steel 2% (29%) - organic 30%(1) £5m; large N America and (3%) - total 100%(1) Korean petrochemical projects Medical 4% (6%) that
Slide 26: Flexonics – Lymington Acquisition
FLEXONICS – LYMINGTON ACQUISITION Lymington Precision Engineering (“LPE”) is a leading manufacturer of precision machined components, fabrications, assemblies and kit sets for the oil and gas, telecommunications, aerospace, defence, land and sea systems, nuclear and marine industries. Oil & Gas Dire
Slide 27: 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 28: Group 2015 Summary
GROUP 2015 SUMMARY Tailwinds Headwinds Large Commercial Aerospace market strong Industrialisation of a number of new programmes. with A350 ramping up Expense costs as incurred Won additional shipset content on 737 MAX, The impact of L85 programme suspension, earlier A330neo and E2 Jet impact
Slide 29: Group Longer-Term Outlook
GROUP LONGER-TERM OUTLOOK Aerospace Flexonics Large commercial aerospace market strong Growth in Global GDP driving demand for land with increases in build rates of B737, B787, vehicles as well as higher energy usage A320, A350 Tightening environmental legislation Higher content on new engin
Slide 30: Any Questions?
ANY QUESTIONS? Interim Results 2015
Slide 31: Appendices
APPENDICES Interim Results 2015
Slide 32: Group Evolution
GROUP EVOLUTION Revenue (£m) Adjusted Operating Profit (£m) Adjusted Operating Margin (%) 1000 130 18 120 Total after central costs Total after central costs 900 16 110 800 100 14 700 90 12 600 80 70 10 500 60 8 400 50 300 40 6 200 30 4 20 100 2 10 0 0 0 2011 2012 2013 2014 H1 2015 2011 2012 2013 20
Slide 33: Currency Effect
CURRENCY EFFECT Translation HALF YEAR Impact on H1 2014(1) (£m) Avg. Avg. H1 H1 Adj. 2014 Rates to GBP 2015 Revenue PBT(2) Translation FULL YEAR Impact on FY 1.67 US $ 1.53 22.7 3.0 2014(1) (£m) 1.22 Euro € 1.36 (4.5) (0.3) Avg. Avg. FY FY Adj. 17.83 South African Rand 18.21 (0.2) (0.1) 2014 Rates t
Slide 34: Exchange Rates
EXCHANGE RATES Profit and Loss Account Balance Sheet Average Rates Period End Rates H1 H1 FY June June Dec 2015 2014 Change 2014 2015 2014 Change 2014 £ : US Dollar 1.53 1.67 +9.2% 1.65 1.57 1.70 +8.3% 1.56 £ : Euro 1.36 1.22 -10.3% 1.24 1.41 1.25 -11.3% 1.29 £ : Rand 18.21 17.83 -2.1% 17.82 19.24 1
Slide 35: Division Results – As Reported
DIVISION RESULTS – AS REPORTED £m Revenue £m Adj Operating Profit(1) £m Margin on Sales 2015 2014 Currency 2015 2014 Currency 2015 2014 Impact(2) Impact(2) Aerospace 287.3 264.0 14.3 37.9 39.4 2.2 13.2% 14.9% Flexonics 147.4 136.6 3.3 22.3 20.1 0.8 15.1% 14.7% Share of JV - - - 0.2 (0.2) - - - Inter
Slide 36: Geographic Results – As Reported
GEOGRAPHIC RESULTS – AS REPORTED £m Revenue £m Adj Operating Profit(1) £m Margin on Sales 2015 2014 Currency 2015 2014 Currency 2015 2014 Impact(2) Impact(2) North America 272.9 253.1 22.7 38.2 37.7 3.4 14.0% 14.9% United Kingdom 70.1 65.7 - 10.6 11.9 - 15.1% 18.1% Rest of Europe 49.0 49.8 (5.2) 4.9
Slide 37: Division Results – Half Yearly
DIVISION RESULTS – HALF YEARLY Revenue Adjusted Operating Profit H1 2015 H2 2014 H1 2014 H2 2013 H1 2015 H2 2014 H1 2014 H2 2013 Aerospace 287.3 272.6 264.0 252.4 37.9 38.5 39.4 39.7 Flexonics 147.4 148.0 136.6 123.7 22.3 23.4 20.1 19.8 Inter-segment sales (0.2) (0.2) (0.2) (0.3) - - - - Share of JV
Slide 38: Working Capital
WORKING CAPITAL Balance Sheet Cash Flow Working Inventories Receivables Payables Capital £m £m £m £m 31 December 2014 (page 11) 119.3 137.1 (148.8) Movements in period: Aerospace 2.0 5.2 (5.1) (2.1) Flexonics (2.4) 2.1 5.9 (5.6) Holding companies - 0.7 0.8 (1.5) (0.4) 8.0 1.6 (9.2) Acquisitions and
Slide 39: Free Cash Flow
FREE CASH FLOW H1 H1 FY 2015 2014 2014 £m £m £m Operating profit 49.1 49.6 89.6 Share of JV (0.2) 0.2 0.3 Depreciation 13.2 11.8 24.1 Amortisation of intangible assets from acquisitions 5.4 3.1 7.2 Amortisation of other intangible assets 0.4 0.3 0.8 Loss on sale and write-down of fixed assets 0.8 -
Slide 40: Change in Net Debt
CHANGE IN NET DEBT Lymington acquisition H1 H1 FY impact on net debt £47.3m 2015 2014 2014 £m £m £m Free cash flow (page 33) 24.7 32.7 57.8 Dividends (16.6) (15.0) (21.9) Acquisitions (net of cash & o/d acquired) (43.6) (60.1) (60.1) Loan to JV - - (1.1) Share issues - 0.1 1.1 Purchase of shares by
Slide 41: Gross Capital Expenditure
GROSS CAPITAL EXPENDITURE H1 2015 H1 2014 Capex Depn (1) Capex Depn (1) £m £m £m £m Aerospace 18.3 8.8 7.9 7.7 Flexonics 4.7 4.6 3.9 4.3 Holding Companies 0.3 0.2 0.3 0.1 Total 23.3 13.6 12.1 12.1 (1) Depreciation of £13.2m (H1 2014: £11.8m) and amortisation of computer software of £0.4m (H1 2014: £
Slide 42: 'Building' for the Future
‘BUILDING’ FOR THE FUTURE South Carolina Senior’s commitment to providing India market leading solutions to our An additional 26,000 sq. ft. leased customers was the primary objective facility in New Delhi is being fitted out with the decision by the Group to to support EGR Cooler manufacturing expa
Slide 43: Usage of Credit Facilities – June 2015
USAGE OF CREDIT FACILITIES – JUNE 2015 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 - 19.1 - - US $25.0m (Oct 2015) 6.42% 15.9 15.
Slide 44: Covenants
COVENANTS June 2015 Dec 2014 June 2014 Dec 2013 Net Debt £145.5m £105.0m £114.3m £59.2m Net interest (1) - rolling 12 months £8.2m £8.5m £9.0m £8.4m EBITDA (1) - rolling 12 months £145.7m £137.8m £137.5m £129.7m Interest cover (to exceed 3.5 times) 17.8 x 16.2 x 15.3 x 15.4 x Net Debt to EBITDA (not
Slide 45: Pensions – Deficit Movement
PENSIONS – DEFICIT MOVEMENT 6 Months 2015 2014 UK USA Various Total Total Funded Funded Unfunded £m £m £m £m £m IAS19 Scheme deficit at 31 Dec 2014 (9.4) (4.7) (5.7) (19.8) (25.6) Current service cost - (0.2) (0.1) (0.3) (0.8) Running costs (0.2) - - (0.2) (0.9) Curtailment charge - - - - (1.5)(1) T
Slide 46: Pensions – UK Plan Funding
PENSIONS – UK PLAN FUNDING Actuarial Valuations Last valuation 5 April 2013 Scheme assets/(liabilities) at valuation £226.3m / (£275.3m) Funding level 82% IAS 19 Valuations Jun 2015 Dec 2014 Jun 2014 £m £m £m Scheme Assets Equities 76.7 74.8 75.2 Bonds 84.6 84.2 85.7 Gilts 94.9 96.9 71.9 Cash & net
Slide 47: Senior's Locations
SENIOR’S LOCATIONS UK Rickmansworth H.O H1 2015 split Sales OP Massachusetts Crumlin Metal Bellows N. America 63% 63% Lymington Canada BWT (incl. Atlas) UK 16% 18% SF Canada Bird Bellows Thermal Rest of Europe 11% 8% Wisconsin Weston EU Rest of World 10% 11% GA Germany Washington SF GmbH AMT Czech R
Slide 48: Senior's Products – H1 2015
SENIOR’S PRODUCTS – H1 2015 34% Flexonics Division Aerospace Division 66% 1% Aerospace products (34%) Industrial machined parts 5% (-%) (66%) (2%) Industrial flexible parts 11% 20% Airframe structural parts (12%) (20%) Off-highway hydraulics (LV) -% (1%) Exhaust flexes (LV) 4% (5%) Fuel distribution
Slide 49: Aerospace Division
AEROSPACE DIVISION Interim Results 2015
Slide 50: Aerospace – Orders and Deliveries
AEROSPACE – ORDERS AND DELIVERIES Deliveries Net Orders Order Book Large Commercial H1 H1 June Dec Dec Dec Aircraft 2015 2014 2013 2012 2015 2014 2013 2012 2015 2014 2013 2012 Boeing 381 723 648 601 281 1,432 1,355 1,203 5,689 5,789 5,080 4,373 Airbus 304 629 626 588 348 1,456 1,503 833 6,430 6,386
Slide 51: Aerospace – Large Commercial Aircraft Backlog
AEROSPACE – LARGE COMMERCIAL AIRCRAFT BACKLOG Boeing backlog by region: June 2015 Airbus backlog by region: June 2015 Australasia Australasia 1% Asia ex-India, 2% 12% China Undisclosed 19% Exec. & Private Jets 18% Asia ex-India, 2% China & Undisclosed China 1% India 33% 1% China 10% Middle East 5% I
Slide 52: Aerospace Division: A Summary
AEROSPACE DIVISION: A SUMMARY H1 2015 H1 2014(2) Change 19 Operations Revenue £287.3m £278.3m +3.2% NAFTA 10 Europe 3 Adjusted Operating Profit(1) £37.9m £41.6m -8.9% UK 4 Adjusted Operating Margin(1) 13.2% 14.9% -1.7ppts ROW 2 Markets Customers Other Non Space & Non Military 7% Other Non Aerospace
Slide 53: Shipset Value Progression – Large Commercial Aircraft
SHIPSET VALUE(1) PROGRESSION – LARGE COMMERCIAL AIRCRAFT $k % CAGR 900 +3% 800 700 600 +8% +25% 500 400 +6% 300 +6% +6% 200 +4% 100 0 737 737 MAX 787 A320 A320neo A330 A350 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Jun-15 (1) Average based on programme share and estimated engine
Slide 54: Shipset Value Progression – Regional, Business and Military
SHIPSET VALUE(1) PROGRESSION – Regional, Business and Military $k % CAGR 1000 +20% 900 800 +8% 700 600 +10% 500 400 +26% Sikorsky insourcing +4% 300 +6% 200 +4% 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 Dec-14 Jun-15 (1) A
Slide 55: 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 Thailand Chonburi, Thailand Structures Senior Aerospace Connecticut Enfield, CT, USA S
Slide 56: 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 57: 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 58: 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 59: 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 60: 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 61: 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 62: 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 63: 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 64: 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 2015 Page 52/2
Slide 65: 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 66: 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 67: Flexonics Division
FLEXONICS DIVISION Interim Results 2015
Slide 68: Flexonics Division: A Summary
FLEXONICS DIVISION: A SUMMARY H1 2015 H1 2014(2) Change 14 Operations + JV NAFTA 4 Revenue £147.4m £139.9m +5.4% Europe 3 Adjusted Operating Profit(1) £22.3m £20.9m +6.7% UK 2 ROW 5 Adjusted Operating Margin (1) 15.1% 14.9% +0.2ppts China JV 1 Markets Customers Other Industrial 8% 2% Aerospace Heati
Slide 69: 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 Upeca Malaysia & Tianjin, China Sen
Slide 70: 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 71: 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 72: 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, WahlcoMetroflex, S F Upeca, LPE Main Customer
Slide 73: 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 74: Index
INDEX Presentation Appendices First Impressions 1 Group evolution 26 Financial highlights 2 Currency effect 27 H1 2015 at a glance 3 Exchange rates 28 Aerospace results - constant exchange rates 4 Division results - as reported 29 Flexonics results - constant exchange rates 5 Geographic results - as