Rolls Royce Hldgs S/Adr (RYCEY) Q2 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome everyone to our 2023 half-year results presentation. I'm Isabel Green, Head of Investor Relations, and I'm joined today by our CEO, Tufan Ergenbilic, and also Panos Kakoulis, our CFO. Our presentation today will take around 30 minutes, leaving plenty of time at the end for Tufan and Panos to answer your questions. And welcome to UBS. First time we've been here in a while, but there is a microphone in each of your seats that I need to remind you of, so when we get to Q&A, and you're asking your questions, please press the button on your microphone and speak directly into it. Moving on, before we begin, we need to take note of the safe harbour statements on slide two, as always. The results information can be downloaded from our website with the full risks and disclosures. I will now hand over to Tufan. Thanks, Isabel. Good morning and welcome. I will start by presenting the highlights of our first half before handing to Panos to cover the financials in detail. I will then talk about transformation progress. We pre-released our results headlines a few days ago. So the key messages of today's presentation should not surprise anyone. First, Improved operational delivery is helping us deliver stronger financial results. In civil aerospace, OE deliveries and LTSA shop visits rose year-on-year by 26% and 24%, respectively. Our planned time-on-wing improvements are progressing well. This is one of the six levers that we are pulling to improve LTSA margins. We have applied for certification for the latest Trent 1000 fix, which will more than double the time on wing of that engine. Our order book has grown in all three businesses. Our large engine backlog group for the first time since 2018, including a large order from Air India in the first half. We also pe...