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Annual Report and Accounts ENGINEERING THAT MOVES THE WORLD ENGINEERING THAT MOVES THE WORLD GKN plc Annual Report and Accounts ENGINEERING THAT MOVES THE WORLD WorldReginfo - f977a8b8-b49b-42d5-a67b-1743fca15418 ENGINEERING THAT MOVES THE WORLD GKN IS A GLOBAL ENGINEERING BUSINESS Visit our website for more information www.gkn.com Every day we drive the wheels of hundreds of millions of cars, we help thousands of aircra to fly, we deliver the power to move earth and harvest crops, and we make essential components for industries that touch lives across the globe. GKN Aerospace GKN Driveline A leading tier one supplier of aerostructures, engine The leading tier one supplier of automotive driveline products and systems, and electrical wiring systems systems and solutions to the world’s leading vehicle to the global aerospace industry. manufacturers. Read more about GKN Aerospace on pages 16 to 21 Read more about GKN Driveline on pages 22 to 25 GKN Powder Metallurgy GKN Land Systems The world’s largest manufacturer of sintered A global supplier of power management products components and a leading producer of metal powder. and services for agricultural, construction and Read more about GKN Powder Metallurgy on industrial equipment. pages 26 to 29 Read more about GKN Land Systems on pages 30 to 33 WorldReginfo - f977a8b8-b49b-42d5-a67b-1743fca15418 GKN AT A GLANCE GKN is a global engineering business – Employees we design, manufacture and service systems and components for original equipment manufacturers around the world. , We focus on innovation and delivering exceptional Countries customer service to create a strong business with signicant opportunities for growth. Markets Engineering that moves the world Leading technology delivers Meeting the future needs a big win with Boeing of all-wheel drive In June 2015, we won a contract to supply inlet lip skins GKN Driveline has become the rst tier one supplier to for the Boeing 737 MAX and 777X and components and deliver a complete all-wheel drive (AWD) system for a subassemblies for the 787 Dreamliner. vehicle manufacturer. Read more on page 17 Read more on page 23 GKN differential gear Winning new business through in production for Ford global co-operation The Ford F-series is using GKN forged powder Co-operation between our GKN Land Systems facilities metallurgy gears which are lighter and stronger than in China and France brought us a £2.3 million contract commercially available wrought forged gears. in Taicang, China. Read more on page 27 Read more on page 30 WorldReginfo - f977a8b8-b49b-42d5-a67b-1743fca15418 GLOBAL FOOTPRINT GKN is a global business with manufacturing Top ten customers facilities, service centres and offices in more than • Fiat Chrysler 30 countries across five continents. This strong • Airbus global footprint enables us to serve an international • Ford customer base and creates a platform from which • VW Group we can access growth markets. • GM Group • Renault Nissan • United Technologies We operate close to and in partnership with our • General Electric customers to help optimise our positions in major • Boeing supply chains and to enable us to develop new • Toyota Group technologies. A global engineering company UK Sales Europe £956m (excluding UK) Employees Sales 6,0001 £2,707m Employees 21,9001 Americas Asia Pacific Sales Sales £2,939m Africa £1,085m Employees Sales Employees 15,400 1 £2m 12,700 1 Employees 100 1 1 Including subsidiaries and joint ventures. Visit www.gkn.com/ourlocations for more information WorldReginfo - f977a8b8-b49b-42d5-a67b-1743fca15418 HIGHLIGHTS OF THE YEAR CONTENTS Strategic report report Strategic Delivered on our 2 Chairman’s statement 4 Market overview 6 Our strategic framework expectations 7 Our business model 8 Chief Executive’s review 11 Key performance indicators 14 Financial review • Sales increased 2% organically 16 GKN Aerospace review 22 GKN Driveline review • Trading margin unchanged at 9.2% excluding Fokker 26 GKN Powder Metallurgy review 30 GKN Land Systems review • Total dividend increased 4% to 8.7 pence per share 34 Other financial information • Free cash flow of £370 million (2014: £234 million) 38 Risk management 48 Sustainability report with the benefit of customer advances • Acquisition of Fokker completed 28 October 2015; Governance Governance integration proceeding well 56 Board of Directors 58 Chairman’s introduction to governance 59 Corporate governance Statutory basis Management basis1 68 Nominations Committee report 70 Audit & Risk Committee report Sales Sales 76 Directors’ remuneration report 95 Additional information £ 7,231m £ 7,6 89 m 98 Statement of Directors’ responsibilities Financial statements 2014: £6,982m 2014: £7,456m 99 Independent auditors’ report (Group) 108 Group financial statements 159 Independent auditors’ report (Company) Earnings per share Earnings per share 161 Company financial statements 168 Group financial record Financial statementsFinancial 11.8p 27. 8 p Other information 2014: 10.3p 2014: 29.0p 170 Shareholder information Profit before tax Profit before tax Pages 56 to 98 comprise the Directors’ report. £245m £603m 2014: £601m 2014: £221m Management sales Management trading profit Other information 2500 33% 273 39% 3548 46% 290 42% 906 12% 109 16% 693 9% 24 3% 42 1% £ 7,6 89 m £679m 2 GKN Aerospace: £2,500m GKN Aerospace: £273m GKN Driveline: £3,548m GKN Driveline: £290m GKN Powder Metallurgy: £906m GKN Powder Metallurgy: £109m GKN Land Systems: £693m GKN Land Systems: £24m Other businesses: £42m 1 See page 36 for details on measurement and reporting of performance on a management basis. 2 Including corporate costs and other businesses. GKN plc 1 Annual Report and Accounts 2015 WorldReginfo - f977a8b8-b49b-42d5-a67b-1743fca15418 CHAIRMAN’S STATEMENT Strategic progress against our core objectives Our strategy Mike Turner CBE We have a clear strategy which is serving Chairman us well. Our overarching strategic objective is to sustain growth above the market and the Board continues to shape the Group’s strategic activities with a view to delivering that objective. During the year, we approved the acquisition of Fokker Technologies Group B.V. and the associated debt and equity funding. The acquisition of Fokker will add more than 20% to GKN Aerospace’s sales and is closely aligned to our strategic objectives: it strengthens our leadership position in aerostructures to number two, allows us to access new technologies and extends our global footprint in aerospace with sites in China, Turkey, Mexico and the Netherlands. The successful integration of Fokker will be an important objective for GKN Aerospace in 2016 but While economic uncertainty continues, our business our people are experienced in this area. proved to be resilient with a pleasing set of results. I am condent that our enlarged GKN GKN Aerospace’s acquisition of Fokker and the Aerospace division is well positioned for outperformance of our automotive businesses success. During the year, GKN Aerospace won new business with a total contract against their markets helped ensure continued value of more than $3.5 billion and progress against our strategic objectives. strengthened both its position with Boeing and its relationship with Airbus. GKN Driveline secured some £880 million of additional annualised sales in new and replacement business on important global automotive platforms, achieved a 5% organic increase in sales and maintained its prot margin above 8%. GKN Powder Metallurgy increased its margin to 12% and entered into an agreement to form a joint venture in China, a key step towards becoming the rst Chinese supplier of international grade powdered metal. GKN Land Systems showed determination and had a reasonable year given di¤cult markets. GKN plc Annual Report and Accounts WorldReginfo - f977a8b8-b49b-42d5-a67b-1743fca15418 8.7p 9.2% Total dividend per share Group trading margin (excluding the impact of Fokker) Dividend People This year we will continue to emphasise In light of our performance during the year, Our people are key to the successful all that is good about GKN's strong we have again increased our dividend execution of our strategy and we will culture, reminding our people what is and are recommending a final dividend continue to identify, retain and develop important to us and what makes GKN such of 5.8 pence per share, making a total of talent at all levels in GKN. In a year that an enduring and successful company. 8.7 pence per share for the year, an increase contained many external challenges, of approximately 4% over the prior year. GKN employees have worked very hard Summary to deliver a satisfying set of results and I 2015 was a pleasing year. We outgrew Board changes would like to take this opportunity to thank our automotive markets and made Andrew Reynolds Smith stepped down them for their hard work and perseverance. aerospace acquisitions which position from the Board in September 2015 us well for the future. As always, we to take up the role of Chief Executive Risk worked hard on continuous improvement at Smiths Group plc. We thank Andy I reported last year that we continued to and cost control across the Group. GKN for his contribution to the Group develop our risk management processes entered 2016 as a stronger company. and wish him well for the future. and systems. In 2015 we made further significant progress. During the year Looking ahead We take succession planning very the Board expanded the remit of the Political and economic uncertainty is seriously and work hard to ensure that Audit Committee to include greater likely to have an effect closer to home we have a strong talent pipeline. We responsibility for the review of risk in 2016 as the debate continues on the were pleased to be able to fill Andy’s management systems and controls. UK’s potential exit from the European role with an internal successor.
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