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Meggitt PLC Annual Report & Accounts 2020

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Meggitt PLC Annual Report & Accounts 2020 Meggitt PLC Annual Report & Accounts 2020 Introduction Working closely with our Customers, we deliver technologically differentiated systems and products with high certification requirements in aerospace, defence and selected energy markets. Through focusing on engineering and operational excellence, we build broad installed bases of equipment for which we provide through life services and support. Our ambitious and diverse teams act with integrity to create superior and sustainable value for all of our stakeholders. Meggitt PLC Annual Report & Accounts 2020 1 Strategic Report – 1-89 – Report Strategic Strong portfolio Focus on sustainability Strong leadership Diverse end market exposure Next-generation technologies Leading through the with four aligned divisions that create more sustainable pandemic: responding and and efficient aircraft, engines, adapting to the external power and defence systems environment See more on page 20 See more on page 68 See more on page 14 Meggitt PLC 2 Annual Report & Accounts 2020 What’s in the report Contents We deliver innovative solutions Strategic Report for the most demanding 4 Our vision 6 At a glance 8 Chairman’s statement environments. Our differentiated 10 CEO’s statement 14 Our response to COVID-19 products and technologies 16 Market review 20 Strategy 22 Business model satisfy the highest requirements 24 Innovating for the future 28 Strategy in action for product safety, performance 36 Divisional reviews 44 CFO’s review and reliability and we continue 50 Key performance indicators 54 Risk management 56 Principal risks & uncertainties to prioritise investment in 62 Section 172 statement 63 Stakeholder engagement sustainable solutions for 66 Corporate responsibility Governance our customers. 90 Chairman’s introduction 92 Board of Directors 96 Corporate Governance report 105 Audit Committee report CEO statement 112 Nominations Committee report 114 Directors’ remuneration report 142 Directors’ report Continuing to support our customers while keeping our Group Financial Statements 146 Independent auditors’ report employees safe. to the members of Meggitt PLC Strategic Report – 1-89 – Report Strategic 157 Consolidated income statement 158 Consolidated statement of See page 10 comprehensive income 159 Consolidated balance sheet 160 Consolidated statement of changes in equity 161 Consolidated cash flow statement 162 Notes to the consolidated financial statements Response Company Financial Statements 218 Company balance sheet 219 Company statement of to COVID-19 changes in equity Adapting and responding 220 Notes to the financial statements of the Company to the sudden change in the external environment. Other Information 229 Five-year record 230 Investor information 231 Glossary 14 Our strategy Remaining focused on operational execution and our four strategic priorities. See page 20 Meggitt PLC Annual Report & Accounts 2020 3 Business model Innovation is at the heart of what we do with safety, reliability and operating and environmental Delivering 1-89 – Report Strategic performance underpinning our approach. the future Remaining committed to our investment in technology. 22 24 Corporate responsibility We are committed to protecting our people and planet to develop technologies for the benefit of future generations. 66 Meggitt PLC 4 Annual Report & Accounts 2020 Our vision 01 02 To Fly To Po w e r Expertise relied upon by Products and services that customers to enable safe, cost- enable customers to operate Strategic Report – 1-89 – Report Strategic effective and environmentally critical infrastructure reliably responsible flight. and without disruption. Every second of every day a Meggitt Enabling advances in cleaner enabled aircraft takes off.1 energy with innovative technology. 1 Reflects pre-COVID-19 normalised traffic in 2019. Meggitt PLC Annual Report & Accounts 2020 5 Performance Financial summary £1,684m £191m Revenue Underlying operating profit1 2019: £2,276m 2019: £403m £773m £32m Net debt Free cash flow2 2019: £911m 2019: £268m 16.5p £908m Underlying basic Liquidity headroom4 03 earnings per share3 2019: £806m 2019: 37.3p 2.2x £334m 1-89 – Report Strategic Net debt: EBITDA5 Statutory loss before tax To L i v e 2019: 1.5x 2019: Profit of £287m Innovative technologies which Strategic highlights enhance lives and make the world more secure. – Kept our people safe while continuing to support our global customers Investing at least two-thirds of our innovation budget on technologies for – Lowered net debt by £138m sustainable aviation; working to ensure a sustainable future for generations – Completed the streamlining of our portfolio to come. with the sale of Training Systems – Addition of 14 SMARTSupport® contracts, securing market share in the aftermarket – Investment in operational capability with the opening of our new Ansty Park campus – Accelerated sustainability strategy under People, Planet and Technology framework 1 Underlying operating profit is reconciled to operating profit in note 9 to the Group’s consolidated financial statements on page 180. 2 Free cash flow is reconciled to cash from operating activities in note 42 to the Group’s consolidated financial statements on page 214. 3 Underlying earnings per share is reconciled to basic earnings per share in note 14 to the Group’s consolidated financial statements on page 184. 4 Liquidity headroom is the difference between the Group’s committed credit facilities and its net borrowings (excluding lease liabilities). 5 As calculated in accordance with covenants in the Group’s committed credit facilities as described on page 49. Meggitt PLC 6 Annual Report & Accounts 2020 At a glance Diverse end-market exposure Group revenue by end market 43% 46% Strategic Report – 1-89 – Report Strategic 2020: £726m 2020: £768m 11% 2020: £190m Aerospace Energy & other Defence Unique technologies for Keeping the Protecting defence aerospace lights on forces worldwide Civil aerospace accounts for 43% of Energy & Other accounts for 11% Defence represents 46% of Group revenue. Group revenue, with products and of Group revenue. We supply We have equipment on an installed base sub-systems installed on almost every unique technology to enable clean of around 22,000 fixed wing and jet airliner, regional aircraft and and efficient production and use rotary aircraft and a significant business jet in service today. of natural gas and support nuclear, number of ground vehicles. hydro-electric and novel clean-energy power generation. Meggitt PLC Annual Report & Accounts 2020 7 Four vertically integrated customer aligned divisions Airframe Systems Engine Systems Market-leading industry provider of 47% Market-leading position in advanced engine 14% braking systems for commercial, business of revenue composites, thermal and safety systems with a of revenue and defence aircraft, fire protection and broad range of technologies including safety systems, power and motion, vibration monitoring and engine health fuel systems, avionics and sensors and management systems. This division also advanced polymer seals for around 51,000 provides aerospace engine flow control and in-service civil and 22,000 defence aircraft. sensing solutions. Energy & Equipment Services & Support Specialises in energy and defence 20% Provides a full service aftermarket 19% equipment ranging from electronics of revenue offering including spares distribution of revenue cooling to ammunition handling systems and maintenance, repair and overhaul and heat transfer equipment for off-shore (MRO) to our commercial, business jet oil and gas facilities and renewable and defence customers throughout the energy applications. lifecycle of our products. Strategic Report – 1-89 – Report Strategic Global coverage Total Group Employees 9,280 North America United Kingdom Rest of World Europe Employees Locations Employees Locations Employees Locations Employees Locations 4,871 17 2,305 10 1,111 6 993 4 Meggitt PLC 8 Annual Report & Accounts 2020 Chairman's statement Introduction While 2019 will be remembered as the year that saw a step change in awareness of the threat posed by climate change, the events of 2020 will also go down in history as a time when the world faced one of its biggest challenges for generations. And just as climate change requires the collective actions of individuals, businesses and governments worldwide, so too has the outbreak of COVID-19 and the knock-on impact this has had on peoples’ lives everywhere. While there is no doubt that the impact of the pandemic on civil aerospace has been unprecedented, the breadth of the Group’s end-market exposure across civil aerospace, defence and energy, coupled with the work we have done in recent years to streamline and strengthen the Group, has been key in helping us navigate our way successfully through the crisis. Having been asked by the Board to stay on as Chairman to provide stability and continuity throughout this difficult period, I have ensured that the Board’s number one I am extremely priority has been, and continues to be, to keep our employees and sites safe, while continuing to meet the needs of customers through the adoption of a number of new grateful to our working practices across the Group. Meggitt has also played an important role in Strategic Report – 1-89 – Report Strategic supporting our local communities, whether utilising our facilities and employees for employees for the production of personal protective equipment or through participation in initiatives like the Ventilator Challenge in their dedication the UK. In
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