Interim Management Statement
Fri, 09 November 2012
Current trading consistent with guidance
Trading is consistent with the guidance for the Group provided at our half-year results in July. For the full year, the Group continues to expect good growth in underlying revenue and underlying profit, with cash flow around breakeven as we continue to invest in future growth. Guidance for the business segments remains unchanged except for Marine where, due to the phasing of deliveries, underlying revenue is now expected to be broadly flat. Guidance excludes the impact of the Tognum acquisition and the sale of the Group’s shareholding in International Aero Engines (IAE).
The Group’s balance sheet remains strong with good liquidity through cash and debt maturities that are well spread through 2019.
A consistent strategy delivering shareholder value
Since the half-year results in July, Rolls-Royce has achieved some important milestones. We signed a US$2.6 billion dollar contract, at list prices, with Singapore Airlines to power 20 Airbus A350s and 5 Airbus A380s. We agreed an order for the US Navy to power its future fleet of Ship to Shore Connector hovercraft in a programme of up to 73 craft. We opened our first US Defence Operations Centre in Indianapolis, and in Singapore the first Trent engine to be assembled and tested at our new Seletar facility was unveiled by the Duke and Duchess of Cambridge.
Rolls-Royce continues to invest across the Group in technology, capability and facilities to deliver on our current commitments, to improve productivity and to create opportunities for future growth. The Group will report its preliminary results for the financial year ending 31 December 2012 on 14 February 2013.
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