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RNS Number : 4577Y
Rolls-Royce Holdings plc
13 May 2021
13 May 2021
ROLLS-ROYCE HOLDINGS PLC AGM STATEMENT
Rolls-Royce Holdings plc is holding its Annual General Meeting
today. In his address to shareholders, Chief Executive Warren East
will comment: "We faced unprecedented challenges in 2020 with
events that were beyond our control. We acted quickly and
decisively by putting in place the measures necessary to protect
our people and our business. I would like to thank our colleagues
for the dedication and hard work this year and all our stakeholders
for their engagement and support.
Looking ahead, we are confident that the significant
restructuring actions we have taken in 2020 will deliver permanent
cost reductions, positioning us well for the rebound in
international air travel. In Business Aviation we are very proud to
recently announce that Dassault has chosen us to power their new
flagship Falcon 10X aircraft.
We are committed to our net zero targets and seizing the
opportunity of supporting the transition in our end markets to low
carbon and net zero carbon solutions. In the last few months, we
have taken significant steps, including successfully testing 100%
sustainable aviation fuels in current generation aircraft engines
in Derby, while our Spirit of Innovation all-electric aircraft will
take to the air within weeks . "
Trading update and outlook
Operational and financial performance year to date has been in
line with expectations across all our business units.
In the first four months of 2021 large engine flying hours were
around 40% of 2019 levels supported by demand for cargo flights and
the maintenance of key routes. This is broadly unchanged from the
run rate at the end of 2020 and consistent with our planning
assumptions. While the timing of the recovery remains uncertain,
the progress of COVID-19 vaccination programmes in a significant
number of countries, particularly the US and UK, is encouraging.
Combined with increased testing, vaccination programmes are key
enablers of further recovery in international air travel.
In Power Systems, performance is on track despite the
challenging environment, with governmental demand remaining
resilient and aftermarket demand increasing. We expect the recovery
to accelerate through the remaining months of the year.
In Defence, we have continued to perform resiliently with high
levels of backlog cover following a strong period of order intake
in recent years. We await the outcome on our tender for the B-52
new engine programme, where a decision from the US Department of
Defense is expected in the second half of this year. The UK
government's recent defence review confirmed investment in
technology-led solutions supported by the increase in defence
funding announced last year, including GBP2 billion for the Future
Combat Air System.
We continue to expect to turn free cash flow positive at some
point during the second half of 2021, as engine flying activity
recovers and cost savings are delivered. As previously highlighted,
our guidance remains sensitive to the timing of EFH recovery and
the timing of original equipment (OE) concession outflows on
already delivered widebody engines.
Our fundamental restructuring programme, announced in May last
year, will reduce our fixed cost base, improve productivity and set
up the framework that will enable us to recover strongly when
activity levels return. We have already made good progress on the
targeted GBP1.3bn of annualised cost savings. We are progressing
well on our disposal programme with an encouraging range of
interested parties for ITP Aero and will provide an update when
appropriate.
Our next scheduled trading update will be on 5 August 2021, when
we will publish our Half Year 2021 results.
For further information, please contact:
Media
Richard Wray
Director of External Communications & Brand, Rolls-Royce
plc
Tel +44 (0) 7810 850055
Richard.Wray@Rolls-Royce.com
Investors
Isabel Green
Head of Investor Relations, Rolls-Royce plc
Tel +44 (0) 7880 160976
Isabel.Green@Rolls-Royce.com
www.Rolls-Royce.com
About Rolls-Royce Holdings plc
1. Rolls-Royce pioneers the power that matters to connect, power
and protect society. We have pledged to achieve net zero greenhouse
gas emissions in our operations by 2030 (excluding product testing
and joined the UN Race to Zero campaign in 2020, affirming our
ambition to play a fundamental role in enabling the sectors in
which we operate achieve net zero carbon by 2050.
2. Rolls-Royce has customers in more than 150 countries,
comprising more than 400 airlines and leasing customers, 160 armed
forces and navies, and more than 5,000 power and nuclear
customers.
3. Annual underlying revenue was GBP11.76 billion in 2020 and we
invested GBP1.25 billion on research and development. We also
support a global network of 28 University Technology Centres, which
position Rolls-Royce engineers at the forefront of scientific
research.
4. Rolls-Royce Holdings plc LEI: 213800EC7997ZBLZJH69
Note on forward-looking statements
This press release may contain projections and forward-looking
statements. The words "believe", "expect", "anticipate", "intend"
and "plan" and similar expressions identify forward-looking
statements. All statements other than statements of historical
facts included in this press release, including, without
limitation, those regarding the Company's financial position,
potential business strategy, potential plans and potential
objectives, are forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the Company's actual results, performance
or achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the Company's present and
future business strategies and the environment in which the Company
will operate in the future. Further, certain forward-looking
statements are based upon assumptions of future events which may
not prove to be accurate. The forward-looking statements in this
press release speak only as at the date of this press release and
the Company assumes no obligation to update or provide any
additional information in relation to such forward-looking
statements.
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END
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