Rolls Royce Hldgs S/Adr (RYCEY) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

And welcome, everyone, to our 2023 full year results presentation. I'm Isabel Green, Head of Investor Relations, and I'm joined here today by our CEO, Tufan Ergenbillich, and our CFO, Helen McCabe. Before we begin, I'm required to show you our safe harbour statement on slide two. As always, the full set of results materials can be downloaded from the Investor Relations section of our website. We're going to start today with an update on our performance and strategy from Tufan, and then Helen will present our 2023 results. Tufan will come back at the end to present our 2024 outlook and wrap up. We'll take just over half an hour to present the slides, after which there will be time for questions in the room and from the audience online. In the room, please do use your press-to-talk microphones so that everyone online can hear your questions. So with that, thank you very much. I'll hand over to Tufan. Thanks, Isabel. Good morning, everyone. Thanks for coming. 23 was a big year for Rolls-Royce. We put in place a transformation program and strategic framework that is unlocking our potential to be a high-performing, competitive, resilient, and growing business. We worked at pace and achieved record results. Our strategic focus and disciplined execution helped to grow our operating profit to 1.6 billion, and we converted this into 1.3 billion of free cash flows. This significant step up in performance was driven by our actions, with record results across the group driven by commercial optimization, cost efficiencies and our strategic initiatives. We are creating momentum and a track record of significant delivery. This time last year, we set guidance ahead of expectations as our actions supported 25% uplift to the plans we started with. Then, at the half-year, we upgraded g...