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Civil Aerospace Investment Cycle

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Civil Aerospace Investment Cycle Rolls-Royce Investor Presentation May 2021 1 Investor Presentation © Rolls-Royce 1 Our company 2 Investor Presentation Presentation © Rolls-Royce Underlying revenue by business Non-core 2% Who we are ITP Aero 6% We are one of the world's leading industrial technology companies. Power Systems Civil Our purpose is to pioneer 22% the power that matters to Aerospace 41% connect, power and £11.8bn protect society. We deliver cleaner, more sustainable power for the world’s most vital needs. Defence 29% Underlying Order Gross R&D revenue backlog expenditure £11,763m £53.7bn £1.3bn 3 Investor Presentation All figures as at 2020 Full Year Results CIVIL • Major manufacturer of aero engines for the £5,089m 11% AEROSPACE large commercial aircraft, business aviation 4% and regional jet markets Underlying revenue Large engines £(2.6)bn 20% Business • Engineering expertise, in-depth knowledge Regional and capabilities to provide through-life Underlying 65% V2500 What we do support solutions for its customers operating loss We are tightly focused into four core operating DEFENCE • A market leader in aero engines for military 14% Transport businesses transport and patrol aircraft £3,366m Underlying revenue 33% Combat Figures show 2020 • Strong positions in combat and helicopter £448m 18% Naval Marine applications Submarines performance, with Civil Underlying 11% Other Aerospace, Power Systems & • Significant scale in naval operating profit 24% ITP Aero impacted by COVID- 19, and Defence resilient Disposal process underway for POWER • A leading provider of high-speed and 11% medium-speed reciprocating engines, and £2,745m Power Gen ITP Aero SYSTEMS 33% complete propulsion and power generation Underlying revenue 24% Marine systems £178m Industrial • Includes civil nuclear operations that supply Underlying Defence safety-critical systems operating profit 32% ITP AERO • A global leader in aero-engine design, manufacture and maintenance £705m 9% Underlying revenue • Development, manufacturing, assembly and 18% Civil testing of engines £68m Defence Underlying Services/MRO • MRO services for regional airlines, business operating profit 73% aviation, industrial and defence applications 4 Investor Presentation © Rolls-Royce Safeguarding our people and business 2020 was a year of We focused on protecting our people and our business unprecedented disruption we focused on protecting our people and our Our people Our communities Our investments business Immediate actions to keep Provided practical Continue to invest in low We also continued to our people safe while assistance to the community; carbon future technology serving our customers pursue our long-term manufacturing PPE, Launched the Emergent commitment to drive Working with our people to supporting education and Alliance – a global community innovation in sustainable deliver necessary working on ventilators using data analytics to assist lower-carbon power restructuring recovery solutions 5 Investor Presentation © Rolls-Royce 6 Our challenge & commitment Our activities have a tremendous impact on the world today – and tomorrow. We have always pursued clean, safe and competitive solutions. Now, that task is more urgent than ever. We are committed to playing a leading role in enabling the vital sectors in which we operate to get to net zero emissions by 2050. Our technology will play a fundamental role in enabling the transition to a low carbon global economy 6 Investor Presentation © Rolls-Royce Decisive and effective actions to address Well positioned for recovery and for a challenging market conditions lower-carbon future >£1bn in-year cash savings achieved in Fundamental restructuring to deliver Our FY 2020 2020 from one-off mitigating actions permanent cost efficiencies performance was Strengthened liquidity to increase Lower capital spend phase in Civil severely impacted resilience and support long-term Aviation, increased R&D and capex on strategy Power Systems, Defence and lower- by the COVID-19 carbon solutions Strong progress on fundamental pandemic restructuring programme Committed to support the decarbonisation of our end-markets We responded decisively and Commenced programme of disposals to effectively to challenging raise >£2bn in proceeds Actively growing our lower-carbon market conditions technology 7 Investor Presentation © Rolls-Royce Positioning for recovery and 2 creating a sustainable future 8 InvestorUpdate on Presentation Rolls-Royce & Proposed Bond Issue © Rolls-Royce 1 2 3 Positioning for the Restore financial Maximise value from Science-led innovation recovery and performance existing capabilities in sustainable power creating a sustainable future Restore performance, maximise value and focus on sustainable power • Market recovery in Power • Civil Aerospace: realise • Improve gas turbine Systems & Defence resilience value from installed base efficiency and SAF* compatibility • Deliver fundamental • Power Systems: focus on restructuring in Civil high-growth end markets • Develop low carbon Aerospace solutions: electric, hybrid • Defence: win strategic and hydrogen • Position business to deliver opportunities >£750m FCF as early as 2022 • Capitalise on adjacent opportunities (e.g. SMRs) *Sustainable Aviation Fuel 9 Investor Presentation © Rolls-Royce Global GDP Growth (%) IMF (2020 estimate, 2021-2025 forecasts) 6% There is continued optimism about Despite uncertainty, a sharp rebound in global GDP 4% prevailing views Vaccine roll-outs, testing and 2% ongoing government support expect a GDP 0% recovery in 2021 measures are supportive However, short-term new COVID -2% variants and national restrictions -4% create uncertainty -6% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Government support packages and underlying demand are expected to drive a “V” shaped recovery Civil Aerospace and ITP Aero: Above-GDP growth driven by fast-growth economies with low penetration of flights per person, some travel displaced by advances in virtual platforms for business connectivity Power Systems: Short-cycle recovery with customer demand for power systems closely linked to economic growth Defence: Government defence spending reflects global geopolitical tension 10 Investor Presentation © Rolls-Royce and governments’ budgets Power Systems & Defence Continue to be the bedrock of financial performance and cash generation Power Systems Defence With accelerating growth potential from the middle of the decade • Revenue to return to approximately 2019 • Resilient performance through COVID-19 levels by 2022* as GDP-driven short- pandemic cycle markets rebound • Revenues broadly stable through to 2022 • Margins to return to >10% by 2022 with • Continuing to offset customer pricing further improvement towards ‘mid-teens’ headwinds & investment through cost- thereafter * £3.2bn (adjusted for Civil Nuclear I&C savings & Bergen disposals) Strong cash conversion supports Group cash flow recovery 11 Investor Presentation © Rolls-Royce Modest EFH recovery in 2021, accelerating from H2 Airlines continue to favour newer aircraft Large engine LTSA EFH as % of 2019 levels Sample of engine utilisation from January 2020 100% 100% Near term air traffic Base case outlook is uncertain, ~80% ~70% Downside case but vaccines and Trent XWB ~55% testing support Trent 7000 recovery 43% ~45% Trent 1000 Trent 700 Trent 800 Trent 500 Trent 900 Recovery remains difficult 0% to predict with a range of 2019 2020 2021F 2022F Jan-20 Dec-20 potential outcomes • Steady recovery in 2020 from the April low point through to December, before pausing due to renewed travel restrictions • A sustained renewed recovery requires: – Effective vaccine roll-out – Improved airport testing and health passport adoption – Government co-operation to open travel corridors • Short-haul and leisure expected to rebound first, followed by long-haul and business travel 12 Investor Presentation © Rolls-Royce Operating Cost Capital prioritisation Fundamental restructuring • Total role reduction of • Subcontractor spend in • Targeting peer range of We were quick to act, more than 9,000 Civil Aero reduced to 3-4% of sales (2020: 5%) implementing a <1/3 pre-COVID level fundamental restructuring • ~7,000 exits in 2020 • Expanded third-party programme to reduce costs • • Use of voluntary Continued strict cost MRO network to meet Group-wide and severance and attrition control on travel & demand growth in Civil consolidate our Civil expenses Aero Aerospace footprint • Engaging with unions & • • supporting employee Footprint reduction and Capital-light approach to mental health lower load reduces other spare engines indirect spend ~£1bn >£300m >£1.3bn annual cost savings by end 2022 13 Investor Presentation © Rolls-Royce Illustrative Civil Aerospace cash flows 2019 2020 2021 2022+ Cash profile assumes base 15.3m EFH EFH 43% of 2019 ~55% >80% case recovery – outlook Cost actions 510 WB deliveries 264 WB deliveries 200-250 200-250 remains uncertain support strong cash flow when market recovers Cessation of factoring results in AM receipts only 9 months of OE Substantially lower cost receipts in 2020 ~£2bn additional AM base ensures stronger receipts by 2022 underlying cash generation (at >80% EFH) than pre-COVID levels once flying hours recover OE receipts Installed OE receipts remain subdued Group restructuring Operating secures lower cost base Note: cost (majority of >£1.3bn savings) Graphic not to scale Excludes hedge close-out costs PPE capital Low volumes and expenditure normalised working capital Purchasing & other costs (inc. OE concessions) Material
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