Slide 1: Full Year Results 2015
FULL YEAR RESULTS 2015 Full Year Results 2015
Slide 2: Agenda
AGENDA Introduction David Squires CEO 2015 Results Derek Harding FD Markets David Squires CEO Strategic Priorities & Outlook David Squires CEO Full Year Results 2015
Slide 3: Cautionary Statement
2015 RESULTS Cautionary Statement This document contains certain forward-looking statements. Such statements have been made in good faith based on information available at the time of announcing the results for the year ended 31 December 2015. These statements should therefore be treated with cautio
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS constant 2015 2014 Change currency Revenue £849.5m £820.8m +4% 0%(1) Adjusted Operating Profit £107.8m £111.6m -3% -7%(2) Adjusted Operating Margin 12.7% 13.6% -0.9ppts -1.0ppts(3) Adjusted Profit before Tax £99.3m £102.6m -3% -6% Adjusted Earnings per Share 18.98p 19.84p -4% To
Slide 5: 2015 at a Glance
2015 AT A GLANCE £m 890 Revenue 11.5 (33.0) Large Commercial £7.6m 870 25.4 Military £12.1m Business/Regional Jet £(4.5)m (0.1) 849.5 850 24.9 Other £(3.7)m Upeca - £7.6m LPE - £16.9m 830 820.8 Steico - £0.9m Truck & Off-highway £(18.8)m 810 $1.53 (14: 1.65) Power & Energy £(13.9)m €1.37
Slide 6: Aerospace Results – constant exchange rates
AEROSPACE RESULTS – constant exchange rates(2) £m 580 Revenue Growth 2014 to 2015 4.0 575.0 £m 2015 2014 Change 575 12.1 (3.7) 571.0 Revenue 575.0 559.5 +2.8% 570 7.6 (4.5) 565 Adj OP(1) 76.8 81.2 -5.4% 559.5 560 Margin 13.4% 14.5% -1.1ppts 555 550 Organic(3) 545 540 Revenue 571.0 559.5 +2.1% 535 Ad
Slide 7: Flexonics Results – constant exchange rates
FLEXONICS RESULTS – constant exchange rates(2) £m Revenue Growth 2014 to 2015 295 £m 2015 2014 Change 286.5 (18.8) 285 Revenue 274.9 286.5 -4.0% 21.4 274.9 275 (15.2) 0.9 Adj OP(1) 39.4 44.4 -11.3% 265 253.5 Margin 14.3% 15.5% -1.2ppts 255 0.1 245 Organic(3) 235 Revenue 253.5 286.5 -11.5% 225 Adj OP
Slide 8: Adjusted and Reported Profit
ADJUSTED AND REPORTED PROFIT 2015 2014 Change £m £m Adjusted operating profit 107.8 111.6 -3% (-7% on constant currency basis) Net interest payable - borrowings and cash (8.0) (8.1) - retirement benefits (0.5) (0.9) Adjusted profit before tax 99.3 102.6 -3% (-6% on constant currency basis) Tax (2015
Slide 9: Cash Flow and Use of Funds
CASH FLOW AND USE OF FUNDS £m Impact on net debt: 150 140 27.8 0.6 (12.0) LPE Steico 130 (47.9) Net cash outflow £43.6m £60.3m 120 107.8 Assumed on acquisition £3.7m - 110 100 Total £47.3m £60.3m 90 80 (8.8) (7.9) 70 (7.9) 60 51.7 (1.0) (103.9) 50 40 30 Gross capex £(48.6)m 20 10 Disposal proceeds £
Slide 10: Balance Sheet
BALANCE SHEET 2015 2014 £m £m Goodwill and other intangible assets 356.6 290.8 Investment in JV 1.1 0.7 Property, plant and equipment 206.6 167.6 Other long-term assets 8.1 7.3 Non current assets 572.4 466.4 Inventories 126.9 119.3 Receivables 140.6 137.1 Payables and Provisions (139.6) (148.8) Work
Slide 11: Working Capital
WORKING CAPITAL Working capital as a % of revenue 16.0% 1.1% (0.1)% 3.0% (0.9)% 15.1% 15.0% 14.0% 13.1% (1.1)% 13.0% 12.0% 11.0% 10.0% 2014 Receivables Payables Inventories Acquisitions FX / Other 2015 Receivables decreased by £5.3m as the Payables reduced by £20.9m reflecting implementation of
Slide 12: Maturity Profile of Credit Facilities
MATURITY PROFILE OF CREDIT FACILITIES New two-year £20m revolving credit facility and new one-year £25m term loans to fund acquisition of LPE New $20m seven-year and $60m ten-year private placements to fund acquisition of Steico Repaid $25m private placement in October 2015 (6.42% interest rat
Slide 13: 2015 Financial Summary
2015 FINANCIAL SUMMARY A solid set of results given the challenging conditions in some of our end markets Adjusted profit before tax of £99.3m, 3% below prior year (6% decrease on a constant currency basis) Good organic growth in large commercial aerospace and military Generated £51.7m free
Slide 14: Markets
MARKETS Full Year Results 2015
Slide 15: Senior's Markets – 2015
SENIOR’S MARKETS – 2015 32% Flexonics Division Aerospace Division 68% Other Industrial 3% 1% Aerospace (35%) (65%) Heating, Ventilation & Solar 1% (3%) (1%) (1%) Power & Energy 4% (6%) Petrochemical 7% (5%) 40% Large Commercial Aircraft (38%) Passenger Vehicles 6% (7%) Truck & Off-Highway 10% (12%)
Slide 16: Senior's Customers – 2015
SENIOR’S CUSTOMERS – 2015 32% Flexonics Division Aerospace Division 68% (35%) (65%) Other Industrial & Aerospace 13% 12% Boeing (14%) (11%) Schlumberger 1% (-%) all 1% of Emerson 2% Group or less (2%) Other Land Vehicle 5% 10% Rolls-Royce (11%) (7%) PSA 1% Ford 1% (1%) (1%) Renault 1% (1%) Caterpill
Slide 17: Flexonics Key Customers
FLEXONICS KEY CUSTOMERS North American Heavy Truck (6% of Group) Petrochemical (7% of Group) Index Oil price and US rig count declines North American Class 8 120 Truck Production Forecast (Thousands) 100 350 Key Customer: 300 Cummins (6% of Group) 80 60 250 Market forecast for 200 40 production of h
Slide 18: Land Vehicles (16% of Group)
LAND VEHICLES (16% of Group) Truck & Off-Highway Vehicles (10% of Group) (1) 2015 market compared to 2014: Group sales 18%(2) from 2014 N. American truck sales 10%; production 8% North America truck (6% of Group) Group sales 8%; flat OE cooler volumes, lower spares due to improvement in
Slide 19: Industrial (15% of Group)
INDUSTRIAL (15% of Group) 2015 Industrial sales split Other 12% 47% Petrochemical (12%) (35%) Group sales 5%(1) over 2014; 12%(1) on organic basis Steel 2% (2%) Petrochemical: Medical 4% - total 43%(1) (5%) HVAC, Solar & - organic 4%(1) £2m; large petrochemical Renewables 6% projects (for N
Slide 20: Large Commercial Aircraft (40% of Group)
LARGE COMMERCIAL AIRCRAFT (40% of Group) Shipset Value ($k) Avg.(1) Airframe Deliveries x Avg.(1) Shipset Value ($m ) Var. in avg. shipset 2015 Order shipset value 0 200 400 600 800 1000 1200 value deliveries book 0 20 40 60 80 100 120 140 12/14 to 12/15 ($k) (number) ($k) 737 236 495 1,320 +5 737 7
Slide 21: Regional and Business Jets (8% of Group)
REGIONAL AND BUSINESS JETS (8% of Group) Shipset Value ($k) Deliveries x Shipset Value ($m ) Var. in avg. Airframe shipset value 0 100 200 300 400 500 Shipset 2015 Order 0 5 10 15 20 25 12/14 to 12/15 value ($k) deliveries book ($k) GL 5000/6000 Bombardier 276 73 ? - GL 5000/6000 CRJ700/900 Bombardi
Slide 22: Military and Defence (13% of Group)
MILITARY AND DEFENCE (13% of Group) Airframe Shipset Value ($k) Avg.(1) Estimated Estim ated Deliveries x Avg.(1) Shipset Value ($m ) Var. in avg. shipset 2015 shipset value 0 200 400 600 800 1000 value deliveries 0 5 10 15 20 25 12/14 to 12/15 ($k) (number) ($k) Black Haw k 117 179 - Black Hawk C-1
Slide 23: Strategic Priorities & Outlook
STRATEGIC PRIORITIES & OUTLOOK Full Year Results 2015
Slide 24: Strategy
STRATEGY The Group’s overall strategy remains unchanged Strategic Priorities: 1. Enhance Senior’s autonomous and collaborative business model 2. Focus on growth 3. Introduce a high performance operating system 4. Competitive cost country strategy 5. Considered and effective capital deployment 6. Tal
Slide 25: Autonomous and Collaborative Business Model
AUTONOMOUS AND COLLABORATIVE BUSINESS MODEL Our plans for 2016: Empowerment and accountability ● Implement engagement guidelines to help optimise the transfer of work to Retain entrepreneurial spirit whilst cost competitive locations and to facilitate higher level solutions to meet growing custo
Slide 26: Focus on Growth
FOCUS ON GROWTH Outgrow our end markets by: Our plans for 2016: Growing market share, ● Increase our levels of customer intimacy and alignment; introduce particularly with key customers key customer account managers ● Further investments in 3D Focusing on innovation printing/ additive manufactur
Slide 27: High Performance Operating System
HIGH PERFORMANCE OPERATING SYSTEM Implementing a high performance Our plans for 2016: operating system. Key elements include: ● Introduce best practice operational An operational toolkit incorporating toolkit and processes best practice processes: ● Embed a new holistic and intensive business revi
Slide 28: Competitive Cost Country Strategy
COMPETITIVE COST COUNTRY STRATEGY Enhance global footprint to ensure Our plans for 2016 include: businesses stay competitive at a capability ● Complete the construction of Phase 2 and cost level of our new facility in Thailand for airframe structures Meet customers’ cost and price ● Ramp-up cooler
Slide 29: Considered and Effective Capital Deployment
CONSIDERED AND EFFECTIVE CAPITAL DEPLOYMENT The executive team continually reviews Our plans for 2016: investment priorities across the Group to ● Invest approximately £45m in ensure that the best choices are made for organic capital expenditure the allocation of capital ● Continue to pay a progress
Slide 30: Talent Development
TALENT DEVELOPMENT A strong focus on improving Our plans for 2016: organisational capability ● Recruit a Group HR director, a new position for the Group Further develop leadership talent ● Work with our external partners, to deliver advanced leadership development for our top talent from Upgrade
Slide 31: Group 2016 Outlook
GROUP 2016 OUTLOOK Tailwinds Headwinds Large Commercial Aerospace market strong Production of N American heavy-duty trucks is with A350 and A320neo ramping up, and forecast to decline due to industrial slowdown production of 737 MAX commencing coupled with higher inventory levels CSeries antic
Slide 32: 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 opens new Higher content on
Slide 33: Any Questions?
ANY QUESTIONS? Full Year Results 2015
Slide 34: Appendices
APPENDICES Full Year Results 2015
Slide 35: Group Evolution
GROUP EVOLUTION Revenue (£m) Adjusted Operating Profit (£m) Adjusted Operating Margin (%) 900 120 18 110 Total after central costs Total after central costs 800 16 100 700 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 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011
Slide 36: Exchange Rates
EXCHANGE RATES Profit and Loss Account Balance Sheet Average Rates Period End Rates 2015 2014 Change 2015 2014 Change £ : US Dollar 1.53 1.65 +7.8% 1.47 1.56 +6.1% £ : Euro 1.37 1.24 -9.5% 1.36 1.29 -5.1% £ : Rand 19.56 17.82 -8.9% 22.84 18.04 -21.0% Euro : Rand 14.28 14.37 +0.6% 16.79 13.98 -16.7%
Slide 37: Currency Effect
CURRENCY EFFECT Translation FULL YEAR Impact on FY 2014(1) (£m) Avg. Avg. FY FY Adj. 2014 Rates to GBP 2015 Revenue PBT(2) 1.65 US $ 1.53 39.7 5.0 1.24 Euro € 1.37 (8.1) (0.5) 17.82 South African Rand 19.56 (1.5) (0.6) 53.62 Thai Baht 52.34 0.5 0.1 3.88 Brazilian Real 5.08 (2.3) (0.1) 1.82 Canadian
Slide 38: Division Results – As Reported
DIVISION RESULTS – AS REPORTED £m Revenue £m Adj Operating Profit(1) £m Margin(1) on Revenue 2015 2014 Currency 2015 2014 Currency 2015 2014 Impact(2) Impact(2) Aerospace 575.0 536.6 22.9 76.8 77.9 3.3 13.4% 14.5% Flexonics 274.9 284.6 1.9 39.4 43.5 0.9 14.3% 15.3% Share of JV - - - 0.4 (0.3) (0.1)
Slide 39: Geographic Results – As Reported
GEOGRAPHIC RESULTS – AS REPORTED £m Revenue £m Adj Operating Profit(1) £m Margin(1) on Revenue 2015 2014 Currency 2015 2014 Currency 2015 2014 Impact(2) Impact(2) North America 534.8 516.9 39.2 73.7 75.8 5.6 13.8% 14.7% United Kingdom 138.8 130.1 - 20.6 23.7 - 14.8% 18.2% Rest of Europe 93.1 96.8 (9
Slide 40: Division Results – Half Yearly
DIVISION RESULTS – HALF YEARLY Revenue Adjusted Operating Profit (1) H2 2015 H1 2015 H2 2014 H1 2014 H2 2015 H1 2015 H2 2014 H1 2014 Aerospace 287.7 287.3 272.6 264.0 38.9 37.9 38.5 39.4 Flexonics 127.5 147.4 148.0 136.6 17.1 22.3 23.4 20.1 Inter-segment sales (0.2) (0.2) (0.2) (0.2) - - - - Share o
Slide 41: Earnings Per Share and Dividends
EARNINGS PER SHARE AND DIVIDENDS 2015 2014 Change Average number of shares Basic 418.3m 416.3m +2.0m Fully diluted 422.7m 421.6m +1.1m Adjusted earnings per share(1) Basic 18.98p 19.84p -4% Fully diluted 18.78p 19.59p -4% 2015 2014 Dividends (pence per share) Interim 1.84p 1.67p +10% Final 4.36p 3.9
Slide 42: 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 43: Aerospace Acquisition – Steico Industries
AEROSPACE ACQUISITION – STEICO INDUSTRIES Steico Industries, Inc (“Steico”), based in Oceanside, California, USA, is a leading manufacturer of precision tube and duct assemblies for the commercial and defence aerospace industries. Owner managed business with over 14 years of manufacturing experien
Slide 44: 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 45: Working Capital
WORKING CAPITAL Balance Sheet Cash Flow Payables & Working Inventories Receivables Provisions Capital £m £m £m £m 31 December 2014 (page 10) 119.3 137.1 (148.8) Movements in period: Aerospace 2.8 1.6 (0.9) (3.5) Flexonics (6.4) (7.5) 20.5 (6.6) Holding companies - 0.6 1.3 (1.9) (3.6) (5.3) 20.9 (12.
Slide 46: Free Cash Flow
FREE CASH FLOW 2015 2014 £m £m Operating profit 72.3 89.6 Share of JV (0.4) 0.3 Depreciation 26.5 24.1 Amortisation of intangible assets from acquisitions 12.2 7.2 Amortisation of other intangible assets 1.3 0.8 Loss on sale and write-down of fixed assets 1.5 - Goodwill impairment 18.8 9.4 Restructu
Slide 47: Change in Net Debt
CHANGE IN NET DEBT 2015 2014 Acquisition impact on net debt: £m £m LPE: £47.3m Steico: £60.3m Free cash flow (page 46) 51.7 57.8 Dividends (24.3) (21.9) Acquisitions (net of cash & o/d acquired) (103.9) (60.1) Loan to JV (0.1) (1.1) Share issues - 1.1 Purchase of shares by employee benefit trust (0.
Slide 48: Gross Capital Expenditure
GROSS CAPITAL EXPENDITURE 2015 2014 Capex Depn (1) Capex Depn (1) £m £m £m £m Aerospace 38.2 18.2 22.5 16.1 Flexonics 9.7 9.4 8.3 8.6 Holding Companies 0.7 0.2 0.3 0.2 Total 48.6 27.8 31.1 24.9 (1) Depreciation of £26.5m (2014: £24.1m) and amortisation of computer software of £1.3m (2014: £0.8m). Fu
Slide 49: '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 has been fitted with the decision by the Group to out to support EGR Cooler expand operations
Slide 50: Usage of Credit Facilities – December 2015
USAGE OF CREDIT FACILITIES – December 2015 Usage by Currency Interest Facility Usage £ $ € Other % £m £m Private placements: US $60.0m (Oct 2025) 3.75% 40.8 40.8 - 40.8 - - US $20.0m (Oct 2022) 3.42% 13.6 13.6 - 13.6 - - US $20.0m (Oct 2020) 6.94% 13.6 13.6 - 13.6 - - US $75.0m (Oct 2018) 6.84% 51.0
Slide 51: Covenants
COVENANTS Dec 2015 Jun 2015 Dec 2014 Jun 2014 Net Debt £194.6m £145.5m £105.0m £114.3m Net interest (1) £8.4m £8.2m £8.5m £9.0m EBITDA (1) £140.1m £145.7m £137.8m £137.5m Interest cover (to exceed 3.5 times) 16.7 x 17.8 x 16.2 x 15.3 x Net Debt to EBITDA(1) (not to exceed 3 times) 1.4 x 1.0 x 0.8 x
Slide 52: Pensions – Deficit Movement
PENSIONS – DEFICIT MOVEMENT 12 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 - (0.4) (0.3) (0.7) (0.8) Running costs (0.7) - - (0.7) (0.9) Curtailment charge - - - - (1.5)(1)
Slide 53: 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 Dec 2015 Jun 2015 Dec 2014 £m £m £m Scheme Assets Equities 73.7 76.7 74.8 Bonds 85.8 84.6 84.2 Gilts 94.4 94.9 96.9 Cash & net
Slide 54: Senior's Locations
SENIOR’S LOCATIONS UK Rickmansworth H.O 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 Repu
Slide 55: Senior's Products – 2015
SENIOR’S PRODUCTS – 2015 32% Flexonics Division Aerospace Division 68% 1% Aerospace products (35%) Industrial machined parts 4% (1%) (65%) (2%) Industrial flexible parts 11% (13%) 21% Airframe structural parts (19%) Off-highway hydraulics (LV) 1% (1%) Exhaust flexes (LV) 3% (5%) Fuel distribution (L
Slide 56: Aerospace Division
AEROSPACE DIVISION Full Year Results 2015
Slide 57: Aerospace – Orders and Deliveries
AEROSPACE – ORDERS AND DELIVERIES Deliveries Net Orders Order Book Large Commercial Dec Dec Dec Dec Aircraft 2015 2014 2013 2012 2015 2014 2013 2012 2015 2014 2013 2012 Boeing 762 723 648 601 768 1,432 1,355 1,203 5,795 5,789 5,080 4,373 Airbus 635 629 626 588 1,080 1,456 1,503 833 6,831 6,386 5,559
Slide 58: Aerospace – Large Commercial Aircraft Backlog
AEROSPACE – LARGE COMMERCIAL AIRCRAFT BACKLOG Boeing backlog by region: Dec 2015 Airbus backlog by region: Dec 2015 Australasia Australasia 1% Asia ex-India, 2% 12% Undisclosed 20% China Exec. & Private Jets 18% Asia ex-India, 2% China & Undisclosed China 2% India 30% 1% China 10% Middle East 9% Ind
Slide 59: Aerospace Division: A Summary
AEROSPACE DIVISION: A SUMMARY 2015 2014(2) Change 19 Operations Revenue £575.0m £559.5m +2.8% NAFTA 10 Europe 3 Adjusted Operating Profit(1) £76.8m £81.2m -5.4% UK 4 Adjusted Operating Margin(1) 13.4% 14.5% -1.1ppts ROW 2 Markets Customers Space & Non Military 7% Other Non Aerospace Helicopter 3% Bo
Slide 60: Shipset Value Progression – Large Commercial Aircraft
SHIPSET VALUE(1) PROGRESSION – LARGE COMMERCIAL AIRCRAFT $k % CAGR 1000 900 +1% +34% 800 700 600 +7% 500 400 +8% 300 +6% +5% 200 +4% 100 0 737 737 MAX 787 A320 A320neo A330 A330neo A350 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 (1) Average based on programme share and est
Slide 61: Shipset Value Progression – Regional, Business and Military
SHIPSET VALUE(1) PROGRESSION – Regional, Business and Military $k % CAGR 1000 +20% 900 800 +7% 700 600 +6% 500 400 +24% Sikorsky insourcing +9% 300 +5% 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 Dec-15 (1) Av
Slide 62: Aerospace – Operations
AEROSPACE – OPERATIONS Sales as % of Division Operation Location 2015 2014 Senior Aerospace AMT Seattle, USA 18% 18% Senior Aerospace Ketema San Diego, USA 11% 11% Senior Aerospace Weston EU Colne, UK 7% 9% Senior Aerospace Jet Products San Diego, USA 7% 6% Senior Aerospace Thailand Chonburi, Thaila
Slide 63: Fluid Conveyance: Low Pressure Ducting
Fluid Conveyance: Low Pressure Ducting Engineered Silencer Duct Assembly Low Pressure Ducting Cabin Assembly Low Typical Regional Pressure Ducting Layout Ducting Engineered Assemblies Composite Duct Assembly Low Pressure Low Pressure Ducting Ducting Cabin Assembly Typical Business Jet Assembly Ducti
Slide 64: Fluid Conveyance: High Pressure Ducting
Fluid Conveyance: High Pressure Ducting HP Bleed Air Duct Welded Duct Assemblies Engineered Solutions Typical Bizjet Engine Bleed Ducting HP Bleed Air Duct Typical Wing Duct Products Bombardier CSeries High Pressure Ducting Layout Main Operations: SSP, Steico, Bird Bellows, Calorstat Main Customers:
Slide 65: 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 66: 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 67: 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 Full Year Results 2
Slide 68: 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 69: Structures: Airframe
Structures: Airframe 747 Frame 787 Aft Engine 737 Main Landing Gear Support Assy. Wheel Well Pylon 747-8 Fuselage Fan Cowl component 737 Boeing Wing Ribs Main Operations: AMT, Absolute, Damar, Mexico, Weston, S A Thailand, S A Upeca Main Customers: Boeing, Spirit, Goodrich (UTC) Full Year Results 20
Slide 70: 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) Full Year Results 2015 Page 70
Slide 71: 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) Full Year Resu
Slide 72: 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 F
Slide 73: Flexonics Division
FLEXONICS DIVISION Full Year Results 2015
Slide 74: Flexonics Division: A Summary
FLEXONICS DIVISION: A SUMMARY 2015 2014(2) Change 14 Operations Incl JV NAFTA 4 Revenue £274.9m £286.5m -4.0% Europe 3 Adjusted Operating Profit(1) £39.4m £44.4m -11.3% UK 2 ROW 4 Adjusted Operating Margin (1) 14.3% 15.5% -1.2ppts China JV 1 Markets Customers Other Industrial 8% 2% Aerospace Heating
Slide 75: Flexonics – Operations
FLEXONICS – OPERATIONS Sales as % of Division Operation Location 2015 2014 Senior Flexonics Bartlett Chicago, USA & Saltillo, Mexico 25% 27% Senior Flexonics Pathway San Antonio & Maine, USA 19% 18% Senior Flexonics Germany Germany 9% 10% Senior Flexonics GA Wisconsin, USA 9% 11% Senior Flexonics Bl
Slide 76: 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 77: 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 78: 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, Abengoa,
Slide 79: Index
INDEX Presentation Appendices Financial highlights 4 Group evolution 35 2015 at a glance 5 Exchange rates 36 Aerospace results - constant exchange rates 6 Currency effect 37 Flexonics results - constant exchange rates 7 Division results - as reported 38 Adjusted and reported profit 8 Geographic resu