Enabling the Extraordinary
To Fly To Power To Live
2019 FULL YEAR RESULTS
25 February 2020
presented by
Tony Wood, Chief Executive
Louisa Burdett, Chief Financial Officer
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2019 Full Year Results | 2 |
HIGHLIGHTS
Tony Wood
Chief Executive
Financial highlights
2019 another year of strong organic growth
- Organic orders up 10%; book to bill of 1.09x
- Organic revenue up 8%
- Civil OE +8%
- Civil AM +8%
- Defence +11%
- Energy +10%
- Underlying operating profit up 10% to £403m (margin of 17.7%)
- Free cash flow up 60% to £268m with cash conversion of 93%
- Dividend increased by 5% to 17.5p
Equipment on 73,000 aircraft
4
Building a better business
Focused strategy, accelerating results and laying the foundation for the future
Portfolio
Customers
Profitable growth | 403 | |
+10% | ||
More Focused | +4% | 367 |
353
Better Aligned
Competitiveness
Culture
More Competitive
Higher Performing
2017 | 2018 | 2019 |
Above market growth
9%8%
2%
2017 | 2018 | 2019 |
More resilient business capable of sustaining above market growth
5
Strategic highlights
Strong progress in strategy execution
Strategic priority | Portfolio Strategy | Customers | Competitiveness | Culture | ||||
2019 progress
| 77% of revenue in | | Strong order book of |
attractive markets with | £2.5bn | ||
strong positions | | 21 Smart Support™ | |
2/3 of investment in | agreements signed in | ||
sustainable aviation | 2019 taking total to 25 | ||
technologies | | Modec, SBM, LNG | |
| Investment in additive | Canada and GE awards | |
manufacturing specialist; | underpin continued | ||
HiETA Technologies | Heatric recovery | ||
Limited | | Expanded aftermarket | |
| Exclusive partnership with | hubs in Miami and | |
Luna Innovations | Singapore |
- Completion of two further non-core disposals
| 57% of sites now MPS | | Customer-aligned |
Green or above; | organisation embedded | ||
Inventory turns 2.7x | | 8,000 employees | |
| Purchased costs down | through High | |
2.2% and # of suppliers | Performance Culture | ||
down 13% | programme | ||
| Footprint down 25% | | Employee engagement |
up a further 4% to reach |
Ansty Park on plan for | Global High |
phased transition from | |
Performance norm | |
April 2020 | |
6
FINANCIAL OVERVIEW
Louisa Burdett
Chief Financial Officer
Income statement
Strong organic revenue growth
Underlying1 | FY19 | FY18 | Growth (%) | ||||||
£m | £m Reported Organic2 | ||||||||
Orders | 2,237 | 10 | |||||||
2,468 | 10 | Book to bill of 1.09x including 1.17x in | |||||||
Revenue | 2,276 | 2,081 | 9³ | 8 | Defence | ||||
Operating profit | 403 | 367 | 10⁴ | 7 | |||||
Strong organic growth across all end | |||||||||
Operating margin | 17.7% | markets particularly Defence despite | |||||||
17.7% | |||||||||
softening civil air traffic growth | |||||||||
Net finance costs | (33) | (32) | |||||||
Underlying margin improvements from | |||||||||
Profit before tax | 370 | 335 | 11 | 8 | strategic initiatives offset by a number | ||||
of headwinds | |||||||||
Tax | (81) | (70) | |||||||
Tax rate | 22.0% | 21.0% | |||||||
Additional provisions in relation to UK | |||||||||
Profit for year | 289 | 265 | 9 | ||||||
CFC regime | |||||||||
Earnings per share | 37.3p | 34.2p | 9 | ||||||
Dividend per share | 17.50p | 16.65p | 5 | ||||||
2019 Full Year Results | 1 | A full reconciliation from underlying to statutory figures is provided in notes 4 and 10 of the preliminary results announcement. | 8 |
2 Organic figures exclude the impacts of acquisitions, disposals and foreign exchange. | |||
3 | 9.4% reported revenue growth. | ||
4 | 9.7% reported UOP growth. |
Revenue by end market
Strong organic growth across all end markets
2019 Revenue Growth | ||
Reported | Organic | |
Civil OE | 12% | 8% |
Civil AM | 8% | 8% |
Total Civil | 10% | 8% |
Defence | 13% | 11% |
Energy | 11% | 10% |
Other | (23%) | (18%) |
Total Group | 9% | 8% |
Revenue by market
Other | |||
Energy | 6% | 3% | |
Civil OE | |||
23% | |||
Defence | 36% | £2,276m |
FY19 GROUP REVENUE | ||
32% Civil Aftermarket
OE: 52%, Aftermarket: 48%
2019 Full Year Results | 9 |
Underlying operating margin
Strategic initiatives offset FoC growth, mix and Composites
18.5% | ||||||
£367m | £403m | |||||
18.0% | ||||||
17.5% | (0.6%) | 0.8% | ||||
17.0% | (0.2%) | |||||
16.5% | 17.7% | |||||
17.7% | ||||||
16.0% | ||||||
15.5% | ||||||
15.0%
2018 | Investing for the future | Composites | Strategic initiatives | 2019 |
2019 Full Year Results | 10 |
Divisional performance
Summary
Underlying | Revenue | |||
Organic | ||||
Growth | ||||
£m | % | |||
Airframe Systems | 1,057 | 2 | ||
Engine Systems | 330 | 16 | ||
Energy & Equipment | 412 | 11 | ||
Services & Support | 471 | 16 | ||
Businesses disposed prior to | 6 | |||
effect of new structure | ||||
Operating | Operating | ||
profit | margin | ||
2019 | 2018 | ||
£m | % | % | |
251 | 23.7 | 25.7 | |
27 | 8.3 | 6.6 | |
53 | 12.9 | 8.3 | |
71 | 15.1 | 14.7 | |
1 | 8.9 | 2.3 |
Growth in Civil OE of 6% offset by modest growth in
both Civil AM and Defence
Growth in FOC brakes, adverse mix, supply chain
disruption
Strong growth in Engine Composites and Sensors;
good demand for parts on large jet engine
programmes eg. Leap and GENx
Strong performance in Defence and Energy
Good performance across all end markets more than offsetting impact of 737MAX grounding
Total | 2,276 | 8 |
403 | 17.7 | 17.7 |
2019 Full Year Results | 11 |
Free cash flow
Strong cash generation
£m | 2019 | 2018 | Change % | |||||
Inventory buffers for site moves, Brexit and to | ||||||||
Underlying EBITDA | 507 | 462 | ||||||
support S&S, more than offset by improved | ||||||||
working capital management | ||||||||
Working capital movement | (20) | (30) | (32%) | |||||
Gross capex | (94) | (74) | ||||||
Proceeds from PPE1 | 42 | 2 | ||||||
Capitalised development costs | (55) | (59) | Increase in gross capital expenditure driven by | |||||
Ansty Park and carbon expansion | ||||||||
Programme participation costs2 | (2) | (1) | ||||||
Underlying operating cash flow | 378 | 300 | ||||||
Reflects one-off US pension deficit payment in | ||||||||
Pension deficit payments | (35) | (68) | (48%) | |||||
2018 which was deductible against 2017 US | ||||||||
taxable earnings | ||||||||
Operating exceptionals | (27) | (12) | (128%) | |||||
Interest & tax | (48) | (53) | ||||||
Costs related to footprint consolidation including | ||||||||
Ansty Park | ||||||||
Free cash flow | 268 | 167 | ||||||
Free cash conversion | 93% | 63% |
2019 Full Year Results | 12 |
1Relates to the Holbrook Lane sale (£21m), Ansty revenue lease premium (£19m) and other PPE disposals (£2m). 2Cash contributions only.
Cash conversion
Free Cash Flow and cash conversion expected to be lower in 2020
£m | 2018 | 2019 | 2020 |
(guidance) | |||
Published Free Cash Flow | 167 | 268 | |
Cash conversion - reported | 63% | 93% | Low 60s% |
Cash conversion - adjusted for one-offs1 | 75% | 79% | Low 60s% |
- Lower free cash flow and cash conversion anticipated in 2020:
- Increase in capital and operating expenditure relating to Ansty Park and carbon capacity expansion
Increase in cash tax
- Receipt of one-offproperty-related cash receipts in 2019
- Increase in cash outflow in 2020 weighted towards H1 due to timing of site moves
2019 Full Year Results
1 £30m payment into US pension schemes in 2018 and £40m property-related cash receipts in 2019 | 13 |
Financing and covenants
Net debt reduction
Net debt £m
1,074 | 31 | |
98 | 911 | |
132 | ||
153 | ||
976 | 758 | |
Net debt | FX | Other | Net debt | |||
(Dec-18) | (Dec-19) | |||||
IFRS 16 Leases | Net Borrowings | |||||
Net debt : EBITDA reduced to 1.8x (2018: 2.3x) and 1.5x on covenant basis1 (2018: 1.8x)
2019 Full Year Results | 14 |
1 On a covenant basis, net debt: EBITDA should not exceed 3.5x
MARKET AND STRATEGY OVERVIEW
Tony Wood
Chief Executive
Market dynamics
Good performance in growing end markets
Civil OE | Civil AM | Defence | Energy & Other | ||
(23% of revenue) | (31% of revenue) | (36% of revenue) | (10% of revenue) | ||
25% reduction in large jet | | 4% growth in air traffic | Outlays from US remain | | Infrastructure investment in |
deliveries; 6% increase | strong | Oil and Gas stable in 2019 | |||
excluding Boeing 737 | | Retirement rate remains low | |||
platform | at ~2% | Strong growth on new | | Emerging markets driving | |
8% decline in regional jet | 1% growth in large regional | programmes (e.g. F-35) | demand | ||
| |||||
deliveries | jet utilisation | DoD budget growth of 4% in | | Growth in LNG and | |
2020 | renewables projects | ||||
12% increase in business jet | | Slight reduction in business | increasing demand for | ||
deliveries reflecting | jet utilisation | medium and small frame | |||
production of new models | turbines | ||||
16
Our Strategy
Four priorities to increase growth and returns
PORTFOLIO STRATEGY | CUSTOMERS |
Attractive markets | |
Upper quartile performance | |
Strong positions | |
OE / aftermarket growth | |
World class technology | |
GROWTH | ||||
ROCE | ||||
COMPETITIVENESS | CULTURE | |||
Productivity | ||||
High performance culture | ||||
Inventory | ||||
Diversity & inclusion | ||||
Purchasing | ||||
Employee engagement | ||||
Footprint | ||||
17
Portfolio
77% of revenue in attractive markets where we have strong positions
High
Market attractiveness
Low
11% | 77% | ||||
(-2% since 20171) | Of 2019 revenue | ||||
(+11% since 20171) | |||||
1%
(-5% since 20171) 11%
(-5% since 20171)
Low | Meggitt position | High |
Partnership with Luna Innovations
- Deployment of optical sensors in Bleed Air leak Detection Systems
- Strong progress in 2019 with customer trials in 2020
Investment in HiETA Technologies Limited
- UK company with world-leading capabilities in metal additive manufacturing
- Positions Meggitt as leader in using additive & advanced manufacturing technologies to produce next generation thermal systems
Exit of Endevco
Exit of Meggitt, Angouleme
18
1 Change in revenue by quadrant compared to initial disclosure during 2017 Capital Markets Day (16 May 2017)
Portfolio
Over two-thirds of our Innovation investment in enabling technologies for sustainable aviation
Core Themes
Lighter, more | Geared turbofans | Hybrid propulsion | Sustainable aviation | |
Meggitt Technologies | efficient aircraft | fuels | ||
| | |||
Thermal systems | | | ||
Safety systems | | | ||
Fuel systems | | | ||
Optical sensing | | | | |
Engine composites | | | | |
Braking systems | | |||
High temperature systems | | | | |
Electrical / Batteries | | | ||
Additive/Digital Manuf. | | |
Leading technologies for sustainable aviation
19
Customers
Expanding relationships with Customers
1.09x | |||
Book to bill | Book to bill | ||
Defence | Civil OE | ||
1.17x | 1.04x | ||
Group Book to bill1 | |||
DLA | Gulfstream | ||
Fuel bladders for F/A- | Wheels and | ||
18, V-22 and CH-53E | braking system for | ||
General Dynamics | G700 | ||
Auxiliary cooling and | ATR | ||
power systems | NuCarb upgrade for | ||
ATR 72 | |||
Civil AM
1.04x
Book to bill
- 21 Smart Support™ deals signed in 2019
- Strong pipeline
-
£155m - aggregate value of all Smart
Support™ deals
Energy
1.10x
Book to bill
-
MODEC, SBM Offshore (Brazil), LNG Canada
New orders for Heat Exchangers to serve LNG / FPSO projects
20
1 The ratio of orders received to revenue recognised in a period
Customers
Growing aftermarket through SMART Support™
Market Share
Recapturing market share | Broadening our offering | ||||||||||||||||||||
• 3RD party MRO | 5 | ||||||||||||||||||||
• | Surplus parts | ||||||||||||||||||||
75 | Predictive | ||||||||||||||||||||
4 | |||||||||||||||||||||
70 | IntensityData | Analytics | |||||||||||||||||||
Value | Power by | ||||||||||||||||||||
65 | |||||||||||||||||||||
the Hour | |||||||||||||||||||||
60 | 3 | ||||||||||||||||||||
Exchange | |||||||||||||||||||||
55 | 2 | ||||||||||||||||||||
MRO+ | Pools | ||||||||||||||||||||
50 | 1 | ||||||||||||||||||||
45 | Spare | Repairs | |||||||||||||||||||
40 | parts | ||||||||||||||||||||
35 | Scope | ||||||||||||||||||||
2010 | 2012 | 2014 | 2016 | 2018 | 2020 | 2022 | 2024 | 2026 | 2028 | 2030 | |||||||||||
Strengthened capability | Tailored SMART Support™ approach |
From transactional……. to proactive & planned
21
Customers
Increasing momentum of SMART Support™
Growing market share through SMART Support™ | Routes to Market | |
Aggregate value of Smart Support™ agreements | |||||||
£155m | |||||||
Q1 18 | Q2 18 | Q3 18 | Q4 18 | Q1 19 | Q2 19 | Q3 19 | Q4 19 |
Services & Support
Regional | US | EMEA | Asia |
hubs | |||
Airlines | Nose to Tail | Engine | OEMs | |
MRO | MRO | |||
22
Competitiveness
Continued progress through the Meggitt Production System towards our 2021 targets¹
Meggitt Production System (MPS)
2019 | 2020 | 2021 | ||||
Purchasing | Inventory turns | Low Cost Manufacturing | ||||
4.0x
2016 | 2017 | 2018 | 2019 | 2021 Target | ||||||
2.7x | 2.9x | |||
(1.3%) | 2.5x | 2.7x | ||
(2.0%) | (2.0%) | |||
(2.2%) | ||||
Purchased cost variance (PCV) 2016-2019 | 2017 | 2018 | 2019 | 2021 |
1million
Production hours in Vietnam
in 2019
23
1 2021 target set during 2017 Capital Markets Day (16 May 2017)
Competitiveness
Transition to Ansty Park in 2020 on track
Footprint | |||
56¹ | 25% | ||
reduction | |||
achieved in | |||
three years | |||
42 | (5) | ||
37 | |||
2016 Sites | 2019 Sites | In progress | 2021 Sites |
24 |
1 Baseline published during 2017 Capital Markets Day (16 May 2017)
Culture
The benefits of our High Performance Culture
- New customer facing organisation embedded
- Over 8,000 employees completed high performance culture programme
- Employee Resource Groups launched in 2019
- 8% increase in Engagement over last two years
25
GUIDANCE
Tony Wood
Chief Executive
2020 outlook
FY20 ORGANIC REVENUE GROWTH
Civil OE | | 737 MAX impacts large jet delivery numbers |
1 to 3% | | Strong content underpins demand for our OE |
Civil AM | | Global air traffic growth softened by COVID-19 |
2 to 4% | | Strong content and long-term agreements support growth |
Defence | | US defence spending to remain healthy |
3 to 5% | | Slower growth in non-US defence budgets (27% of revenue) |
Energy | | Growth expectations for Heatric remain solid |
0 to 5% | | Good opportunities in LNG, renewables, emerging markets |
FY20
GROUP ORGANIC REVENUE GROWTH 2 to 4%
GROUP OPERATING MARGIN 18.0% to 18.2%
+30 to 50bps
GROUP CASH CONVERSION c. 60%
27
2021 guidance
2019 | 2021 | |
Productivity
Inventory
Footprint
Purchasing
Margin
- 57% of sites in Green+
- 33% in bronze or above
- Delivered 2.7x turns in 2019 with buffers for sites moves in place
- -25%vs 2016 baseline
- Well ahead of 20% original target
- 2.2% purchasing savings delivered
- 17.7% in the face of a number of headwinds
- All sites at least in Green stage
- Targeting around 4.0x turns
- Approx. 37 sites
- Reduction of around one third
- Around 2.0% reduction
- Range of 18.5% to 19.0%
FY21
GROUP ORGANIC REVENUE GROWTH Low to mid-singledigit %
GROUP OPERATING MARGIN 18.5% to 19.0%
GROUP CASH CONVERSION c. 70%
28
Summary
Another year of strong organic growth for Meggitt
- Competitive positions in attractive markets underpin strong order book
- Strong organic growth with revenue up 8%
- Double digit operating profit growth
- Strong cash generation during a period of high investment
- Well positioned for continued profitable growth
29
QUESTIONS
Appendix
Statutory profit reconciliation 33 Currency impact 34 Operating exceptionals 35 Cash drivers 36
Credit maturity profile 37 Retirement benefit obligations 38 Shares in issue 39
Capital allocation 40 Dividend history 41 Market data 42 Meggitt capabilities 43 Market segment exposures 44 Revenue by quarter 46
2019 Full Year Results | 31 |
Statutory profit reconciliation
Appendix 1
FY19 | FY18 | |
Underlying operating profit | 402.8 | 367.3 |
Mark to market of derivatives | 15.0 | (10.1) |
Acquisitions and disposals | 23.5 | 25.1 |
Site consolidations | (20.1) | (28.7) |
Acquisition integration and business restructuring | (6.1) | (3.8) |
Amortisation of acquired intangibles | (89.8) | (91.5) |
GMP pension equalisation | - | (1.7) |
Statutory operating profit | 325.3 | 256.6 |
2019 Full Year Results | 32 |
Currency impact
Appendix 2
H1 2019 | FY 2019 | H1 2020 | FY 2020 | |
Act | Act | Est | Est | |
$/£ rate | ||||
Translation rate | 1.28 | 1.28 | 1.30 | 1.30 |
Transaction rate (hedged) | 1.43 | 1.42 | 1.38 | 1.38 |
Euro rate | ||||
€/£ Translation rate | 1.15 | 1.14 | 1.13 | 1.13 |
$/€ Transaction rate (hedged) | 1.19 | 1.19 | 1.15 | 1.15 |
CHF rate | ||||
CHF/£ Translation rate | 1.30 | 1.27 | 1.30 | 1.30 |
$/CHF Transaction rate (hedged) | 1.06 | 1.06 | 1.07 | 1.07 |
PBT impact £m | ||||
Year-on-year translation | 7.4 | |||
Year-on-year transaction | 3.6 | |||
Year-on-year currency benefit | 11.0 | |||
Currency sensitivity: | ± 10 US$ cents = ± £120m Revenue; ±20m PBT | |||
± 10 Euro cents = ± £11m Revenue; ± 2m PBT | ||||
± 10 Swiss cents = ± £8m Revenue; ± 3m PBT |
2019 Full Year Results | 33 |
Operating exceptionals
Appendix 3
£m | 2019 | 2020 |
Actual | Guidance | |
at $1.28 | at $1.30 | |
P&L charge | ||
Site consolidations | 20.1 | 25 - 30 |
Business restructuring costs | 6.1 | 3 - 6 |
Total | 26.2 | 28 - 36 |
Cash out | ||
Site consolidations¹ | 22.4 | 29 - 34 |
Business restructuring costs | 4.9 | 3 - 6 |
Total | 27.3 | 32 - 40 |
2019 Full Year Results | 34 |
¹£21.0m proceeds from the disposal of property, plant and equipment associated with the Ansty move are disclosed in the cash flow statement within proceeds from disposal of property, plant and equipment
Cash drivers
Appendix 4
£m
1. R&D
Group spend (less charge to WIP/COGS)
Capitalisation
Amortisation/impairment
Charge to net operating costs
2. Fixed assets
Capital expenditure¹
Depreciation/amortisation
- Retirement benefit deficit payments
- Free of charge costs
2019 | 2020 | |
Actual | Guidance | |
at $1.28 | at $1.30 | |
95 | 80-95 | |
(55) | (40)-(50) | |
29 | 33-38 | |
69 | 68-78 | |
94 | 120-140 | |
(76) | (80)-(85) | |
35 | 35 |
Expensed | 73 | 75-85 |
2019 Full Year Results | 35 |
¹Gross capex: excludes proceeds of £23.1m including £21.0m re sale of buildings associated with Ansty move.
Credit maturity profile
Appendix 5
1,750 | |
Committed facilities: £1,564m | |
1,500 | Headroom: £806m |
1,250 |
1,000
£m
750
500
250
0
Covenant | Actual | ||
Net debt:EBITDA | ≤3.5x | 1.5x | |
Interest cover | ≥3.0x | 16.3x |
Net borrowings at Dec-19: £758m
FY 19 | FY 20 | FY 21 | FY 22 | FY 23 | |||
Fixed Rate | Floating Rate | ||||||
2019 Full Year Results | 36 |
Retirement benefit obligations
Appendix 6
£m | FY 2018 | FY 2019 | |
Opening deficit | (308.1) | (209.1) | |
Net deficit payments | 67.6 | 35.2 | |
Actuarial movements - assets | (52.1) | 53.5 | |
Actuarial movements - liabilities | 98.3 | (142.7) | |
46.2 | (89.2) | ||
Other movements (including FX) | (14.8) | (4.8) | |
Closing deficit | (209.1) | (267.9) | |
UK discount rate | 2.90% | 2.05% | |
US discount rate | 4.15% | 3.10% |
2019 Full Year Results | 37 |
Shares in issue
Appendix 7
Share in millions | |||
FY 2018 | FY 2019 | ||
Opening | 776.4 | 776.9 | |
Share schemes | 0.5 | 0.6 | |
Closing | 776.9 | 777.5 | |
Average1 | 773.2 | 773.7 |
2019 Full Year Results | 38 |
1 Adjusted to exclude own shares
Capital allocation priorities
Appendix 8
CONTEXT
Cash generative business model
Passed the peak of a major development cycle
Normal net debt :
EBITDA range of
~1.5x to 2.5x
FOUR CONSISTENT PRIORITIES FOR CAPITAL ALLOCATION | ||
#1 | Funding organic growth and driving operational efficiency | |
#2 | Growing dividends in line with earnings through the cycle | |
#3 | Targeted, value-accretive acquisitions in our core markets | |
#4 | Maintain efficient balance sheet | |
2019 Full Year Results | 39 |
Dividend history
Appendix 9
9.1%
8.3%
6.9%
4.9% | 5.0% | 5.0% | 5.1% |
2016 | 2017 | 2018 | 2019 |
-1.5%
Earnings per share growth (3YR CAGR: 4.7%)1 | Dividend per share growth (3YR CAGR: 5.0%) | |||
2019 Full Year Results | 40 |
1 2017 EPS restated to reflect the full effects of IFRS 15 and IFRS 16. For 2016, EPS figures have been restated only to reflect the actual effects of expensing FOCs
Market data - aircraft utilisation
Appendix 10
10.0% | |||||||||||
8.4% | |||||||||||
growth) | 8.0% | 7.0% | 7.2% | ||||||||
7.5% | |||||||||||
5.8% | |||||||||||
6.2% | |||||||||||
year | 6.0% | ||||||||||
4.7% | |||||||||||
on | |||||||||||
(year | 4.0% | 3.3% | 3.5% | 4.2% | |||||||
Operations | |||||||||||
1.8% | |||||||||||
2.0% | 1.1% | 1.3% | |||||||||
2.2% | |||||||||||
1.0% | |||||||||||
Aircraft | |||||||||||
0.0% | 1.0% | 1.0% | |||||||||
0.0% | 0.5% | 0.6% | |||||||||
-0.8% | |||||||||||
-2.0% | |||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||
Regional Jet | Business Jet | Commercial Traffic | |||||||||
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%
Revenue Passenger Kilometers (year on year growth)
2019 Full Year Results | 41 |
Meggitt capabilities
Appendix 11
2019 Full Year Results | 42 |
Market segment exposures
Appendix 12
Airframe Systems
Other 2%
Energy 1%
Civil OE 30%
Defence 36% | £1,057m |
Revenue | |
23.7% | |
Margin | |
Civil AM 31% |
Engine Systems
Other 8% | |
Civil OE 57% | |
Defence 33% | £330m |
Revenue
8.3%
Margin
Civil AM 2%
Energy & Equipment | Services & Support | |
Other 8% Civil OE 3% | ||
Defence 19% | ||
Energy 31% | ||
£412m | £471m | Civil AM 81% |
Revenue | Revenue | |
12.9% | 15.1% | |
Margin | Margin | |
Defence 58% |
LEGEND
Civil OE
Civil AM
Defence
Energy
Other
2019 Full Year Results | 43 |
Market segment exposures
Appendix 12
Civil OE
Bizjet & GA 21%Large Jet 72%
£519m |
Civil AM
Bizjet & GA 20% | Large Jet 56% |
£716m
Regional 7% | Revenue |
Regional 24%
Revenue
Defence
Non-Aero 30% | Fighter Jet 31% |
£824m | |
Revenue | |
Other Fixed | |
Wing 15% | Rotorcraft 24% |
Energy & Other
Other | Oil & Gas 43% |
Industrial | |
29% |
£217m
Revenue
Medical 5%
Auto 2%
Power Gen 21%
2019 Full Year Results | 44 |
Revenue growth by quarter
Appendix 13
Organic Growth | Q1 2019 | Q2 2019 | H1 2019 | Q3 2019 | Q4 2019 | H2 2019 | FY 2019 |
Civil OE | 8% | 14% | 11% | 4% | 4% | 4% | 8% |
Civil Aftermarket | 6% | 7% | 7% | 4% | 14% | 9% | 8% |
Defence | 18% | 10% | 13% | 20% | 3% | 10% | 11% |
Energy | (7)% | 7% | (1)% | 26% | 15% | 19% | 10% |
Group | 9% | 9% | 9% | 11% | 6% | 8% | 8% |
2019 Full Year Results | 45 |
Enabling the Extraordinary
To Fly To Power To Live
For further information:
Mathew Wootton | Sara Yapp |
Vice President, Strategy & Investor Relations | Investor Relations Manager |
+44 (0)1202 597 867 | +44 (0)1202 597 866 |
+44 (0)7833 094 069 | +44 (0)7535 424 266 |
mathew.wootton@meggitt.com | sara.yapp@meggitt.com |
Meggitt PLC Atlantic House, Aviation Park West, Bournemouth International Airport, Christchurch, Dorset BH23 6EW
Registered in England and Wales (number 432989)
www.meggittinvestors.com
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Meggitt plc published this content on 25 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2020 09:28:05 UTC