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Annual Report & Accounts 2018

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Annual Report & Accounts 2018 Annual Report and Accounts 2018 Annual Report & Accounts 2018 Our Strategy 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 support and services throughout their lifecycle. Our ambitious and diverse teams act with integrity to create superior value for all of our stakeholders. Contents Governance Strategic report Other information Financial statements What’s inside our report STRATEGIC REPORT 03 Highlights Chairman's statement 04 At a glance 2018 has proved a successful year 06 Chairman’s statement with the smooth and efficient 08 Chief Executive’s statement 12 Our business model handover of leadership to Tony 14 Our strategy Wood as Chief Executive and the 24 Market review rate of organic growth accelerating 30 Divisional reviews to 9%. 40 New organisational structure 42 Key performance indicators 46 Risk management Sir Nigel Rudd 48 Principal risks and uncertainties Chairman 54 Chief Financial Officer’s review 60 Corporate responsibility GOVERNANCE See page 06 74 Chairman’s introduction 76 Board of Directors 80 Corporate governance report 86 Audit Committee report 90 Nominations Committee report 92 Directors’ remuneration report Our business model 115 Directors’ report Differentiated technology, world‑class GROUP FINANCIAL STATEMENTS services and support and an installed base of over 71,000 aircraft provide 119 Independent auditors’ report to the members of Meggitt PLC annuity like revenues the returns from 129 Consolidated income statement which are reinvested to sustain 130 Consolidated statement market‑leading positions over of comprehensive income the long term. 131 Consolidated balance sheet 132 Consolidated statement of changes in equity 133 Consolidated cash flow statement 134 Notes to the consolidated financial statements See page 12 COMPANY FINANCIAL STATEMENTS 186 Company balance sheet 187 Company statement of changes in equity 188 Notes to the financial statements Our strategy Our culture of the Company We are focused on enhancing our We are building a high performance portfolio, improving our ability to culture, where high levels of OTHER INFORMATION serve customers, increasing our employee engagement enable 198 Five‑year record competitiveness and developing us to accelerate strategy 199 Investor information a high performance culture. execution. 200 Glossary See page 14 See page 22 Our new structure Increasing our alignment to our customers provides a unique Airframe Engine Energy & Services & Download the 2018 opportunity to increase customer Systems Systems Equipment Support Meggitt PLC Annual Report service and accelerate growth. and Accounts from www.meggitt.com See page 40 Meggitt PLC 01 Annual Report and Accounts 2018 Strategic report To Fly Expertise relied upon by customers to enable safe, cost‑effective and environmentally responsible flight. >90% of western commercial aircraft are equipped with our fire and overheat detectors. To Power Products and services which enable customers to reliably operate critical infrastructure without disruption. 1bn We keep the lights on for over 1 billion people worldwide. To Live Innovative technologies which enable a more secure world. Zero 42% of survivable helicopter crashes used to result in death from fuel fires. Our crashworthy fuel tanks reduce this risk to almost zero. 02 Meggitt PLC Annual Report and Accounts 2018 Highlights Governance Strategic report Other information Financial statements Operational Financial highlights1 highlights Revenue Underlying earnings per share2 • 2% net cost down on £2,081m 34.2p purchasing achieved in 2018, as a result of an 2018 2018 increasingly centre‑led approach to procurement. 2017 £1,994m 2017 32.0p • 2021 footprint consolidation target achieved – 20% 2016 £1,992m 2016 32.5p reduction in sites. 2015 £1,647m 2015 30.0p • Inventory turns increased to 2.7x (2017: 2.5x) in 2014 £1,554m 2014 30.2p parallel with investment to support accelerated growth and to build buffer stocks Underlying operating profit3 Statutory profit before tax for future site consolidation and Brexit uncertainty. £367m £216m 2018 2018 2017 £353m 2017 £228m 2016 £357m 2016 £172m 2015 £310m 2015 £194m 2014 £325m 2014 £187m Dividend per share Return on trading assets 1. As described in note 45 to the Group’s consolidated financial statements, the Group has adopted IFRS 15 and IFRS 16 with effect from 16.65p 28.2% 1 January 2018, with prior year comparatives for 2017 restated. 2018 2018 IFRS 15 is a complicated standard, requiring customer contracts to be reassessed against revised criteria 2017 15.85p 2017 27.1% for when, and for what value, revenue should be recognised. It is therefore not practical to provide a 2016 15.10p 2016 30.1% full restatement of KPIs presented for the years 2014‑2016 inclusive or 2015 14.40p 2015 32.2% for KPIs presented for 2017, which are calculated based on growth compared to performance in 2016. 2014 13.75p 2014 38.3% However, comparatives for these years have been restated where appropriate for the most significant Free cash flow4 Cash from operating activities impact of the new standards, the requirement to expense free of charge manufactured parts (‘FOC’) as incurred under IFRS 15. £167m £295m 2. Underlying earnings per share is reconciled to basic earnings per share in note 15 to the Group’s 2018 2018 consolidated financial statements on page 153. 3. Underlying operating profit is 2017 £197m 2017 £338m reconciled to operating profit in note 10 to the Group’s consolidated 2016 £131m 2016 £322m financial statements on page 150. 4. Free cash flow is reconciled to cash from operating activities in note 42 2015 £199m 2015 £375m to the Group’s consolidated financial statements on page 178. 2014 £147m 2014 £312m Meggitt PLC 03 Annual Report and Accounts 2018 At a glance Our core markets We deliver innovative solutions Strategic report for the most demanding environments. Our critical technology, products and services are relied upon by customers worldwide. Aerospace Through engineering expertise, we take the world further. Civil aerospace accounts for 54% of Group revenue, with products and sub‑systems installed on almost every jet airliner, regional aircraft and business jet in service. See more on page 26 Defence Trusted by defence forces worldwide Defence accounts for 35% of Group revenue. We have equipment on an installed base of around 22,000 fixed wing and rotary aircraft and a significant number of ground vehicles and training applications. See more on page 28 High performance culture HPC training, known as “unfreezing”, is about building and nurturing a high performance culture, where high levels of employee engagement enable us to accelerate strategy execution. Sarah Morris HPC Facilitator Energy Keeping the lights on Energy and other revenue comes from a variety of industries including power generation, oil and gas, and medical and accounted for 11% of Group revenue. See more on page 29 04 Meggitt PLC Annual Report and Accounts 2018 Revenue by market Our divisions Governance In 2019, the Group will transition Strategic report Other information from six capability based divisions Financial statements to four vertically integrated customer‑ aligned divisions. See more on page 40 Market Revenue by market Civil OE 22% Civil AM 32% Defence 35% Energy & Other 11% Revenue by destination Meggitt Aircraft Meggitt Control Braking Systems (MABS) Systems (MCS) One of the world’s top providers of Market leading provider of aircraft wheels, brakes and brake control fire protection, thermal management systems to civil and defence aircraft systems and fluid control components manufacturers, airline and charter and sub‑systems for aerospace and operators and distributors and energy applications. repair stations. 28% 18% Percentage of revenue Market Revenue by market Percentage of revenue UK 8% US 59% Rest of Europe 19% See more on page 30 See more on page 32 Rest of World 14% Meggitt Polymers & Meggitt Sensing Composites (MPC) Systems (MSS) A leading specialist in fuel containment for Provides high performance sensing and defence platforms, aircraft sealing solutions condition‑monitoring systems for aero and advanced engine composite and industrial turbines, aircraft power components. management and storage technology, wireless safety systems, real‑time remote aircraft surveillance and anti‑collision 19% equipment. Percentage of revenue 24% Percentage of revenue See more on page 34 See more on page 36 Meggitt Equipment Group (MEG) Specialises in live‑fire and virtual small arms weapons training, defence equipment ranging from electronics cooling to ammunition handling systems and heat transfer equipment for off‑shore oil and gas facilities. 11% Percentage of revenue See more on page 38 Meggitt PLC 05 Annual Report and Accounts 2018 Chairman’s statement Strategic report Reflecting the continued confident outlook, the Board is proposing a 5% increase to the full year dividend to Our first priority is 16.65p per share for 2018 (2017: 15.85p). Our third priority is to expand our portfolio through value accretive investing in the organic acquisitions. Over the last two years, we have enhanced our focus on attractive growth and operational aerospace, defence and selected energy markets where we have or can achieve a differentiated position. The Board meets efficiency of the business.
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