DOCSLIB.ORG

FINANCIAL STATEMENTS Financial Statements Contents 106 Group Financial Statements 107

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
FINANCIAL STATEMENTS Financial Statements Contents 106 Group Financial Statements 107 Rolls-Royce Holdings plc Annual Report 2015 FOCUS TRANSFORM DELIVER 2015 Annual Report ROLLS-ROYCE IS A PRE-EMINENT ENGINEERING COMPANY FOCUSED ON WORLD-CLASS POWER AND PROPULSION SYSTEMS. This page A Trent 1000 engine for the Boeing 787 Dreamliner is prepared for testing. Strategic Report Financial highlights Contents Order book Free cash flow STRATEGIC REPORT Group at a glance 2 £76,399m £179m Chairman’s statement 4 2014: £73,674m 2014: £447m Chief Executive’s review 6 Review of 2015 8 Strategic priorities 15 Underlying* revenue Reported** revenue Business model 16 Engineering and innovation 18 £13,354m £13,725m Business review 22 2014: £13,864m 2014: £13,736m Financial review 42 Sustainability 48 Underlying* profit before tax Reported** profit before tax Key performance indicators 52 Principal risks 54 £1,432m £160m Going concern and viability statements 57 2014: £1,620m 2014: £67m DIRECTORS’ REPORT Underlying* earnings per share Reported earnings per share Board of Directors 58 Chairman’s introduction 62 Corporate governance 63 58.7p 4.5p Committee reports 69 2014: 65.4p 2014: (3.9)p Nominations & Governance Committee 69 Remuneration Committee 74 Full year payment to shareholders Net cash Audit Committee 91 Safety & Ethics Committee 98 16.37p £(111)m Science & Technology Committee 103 Responsibility statements 105 2014: 23.1p 2014: £666m Other statutory information 178 FINANCIAL STATEMENTS Financial statements contents 106 Group financial statements 107 * Underlying explanation is in note 2 on page 122 Company financial statements 157 **From continuing operations All figures in the narrative of the Strategic Report are underlying unless otherwise stated OTHER INFORMATION Subsidiaries, joint ventures and associates 160 FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements. Any statements that express Independent auditor’s report 167 forecasts, expectations and projections are not guarantees of future performance and guidance Sustainability assurance 175 may be updated from time to time. This report is intended to provide information to shareholders, and is not designed to be relied upon by any other party or for any other purpose, Additional financial information 176 and the Company and its Directors accept no liability to any other person other than that required under English law. Latest information will be made available on the Group’s website. Other statutory information 178 By their nature, these statements involve risk and uncertainty, and a number of factors could Shareholder information 182 cause material differences to the actual results or developments. Glossary 184 Rolls-Royce Holdings plc Annual Report 2015 1 Strategic Report / Group at a glance Group The Group is organised into five customer-facing businesses: Civil Aerospace, Defence Aerospace, Power Systems, Marine and Nuclear. Underlying revenue £13,354m Underlying profit before tax £1,432m Underlying revenue mix Civil Aerospace 52% Defence Aerospace 15% Power Systems 18% Marine 10% GROUP AT Nuclear 5% Order book Invested in R&D A GLANCE £76.4bn £1.2bn Patents applied for Countries 626 46 Engineers (year end) Employees (year average) 15,690 50,500 Rolls-Royce ship design The Far Samson multi-function subsea service vessel is 121.5m long and 26m wide. 2 Rolls-Royce Holdings plc Annual Report 2015 Group at a glance Strategic Report Civil Aerospace Defence Aerospace Underlying revenue Underlying revenue revenue mix mix Underlying revenue UnderlyingUnderlying revenue revenue mix mix £6,933m £2,035m Underlying profit* Underlying profit* £812m £393m OE revenue 47% OE revenue 39% Services revenue 53% Services revenue 61% Power Systems Marine Underlying revenue Underlying revenue revenue mix mix Underlying revenue Underlying revenue revenue mix mix £2,385m £1,324m Underlying profit* Underlying profit* £194m £15m OE revenue 68% OE revenue 58% Services revenue 32% Services revenue 42% Nuclear Underlying revenue Underlying revenue revenue mix mix £687m Underlying profit* £70m OE revenue 37% Services revenue 63% * Underlying profit before financing and taxation Rolls-Royce Holdings plc Annual Report 2015 3 Strategic Report / Chairman’s statement FOCUS We have made some important changes to our management in 2015 and laid the groundwork for further performance improvements as we tackle some near-term challenges.” Ian Davis Chairman Rolls-Royce is a business in transition. The next few years are going to be very important as we capitalise on our outstanding portfolio of products and services and the £76.4bn order book that supports them. Underpinning this journey will be significant changes to our business. Warren East, our new Chief Executive, will talk more about these in the Strategic Report. During this period of transition we should not forget the core strengths of the business. Our products, technologies and customer relationships have been further strengthened as a result of focused investment and the continued hard work of our teams. The sustained strong growth in our order book Underlying EPS shows that our customers recognise the value Rolls-Royce delivers. The fundamentals of our business are unchanged. We are investing today, as we 58.73p have for many years, in building a strong installed base of mission-critical industrial, marine and aerospace power systems. Our Payment to shareholders market share, particularly in powering large civil airliners, will grow significantly over the next ten years providing a cash generative, sustainable platform from which to further develop the business. Investing today to 16.37p secure that future is essential. 4 Rolls-Royce Holdings plc Annual Report 2015 Chairman’s statement take away several important learnings from engineering and manufacturing experience, Strategic Report In summary… different events, I have been impressed by after a long career at GKN and BAE Systems. how your Board and senior management at Fundamental strengths Lewis Booth, a US resident and an independent Rolls-Royce have performed at a difficult time. of the business unchanged Non-executive Director since 2011 has This has not been an easy year for the indicated his intention to relinquish his Continue to invest in market- Company, its employees, investors or other responsibility as Senior Independent Director leading products, technologies stakeholders. We have had to communicate once a successor has been appointed. He will and customer services some challenging messages both internally continue as Chairman of the Audit Committee. and externally about our market outlook, Lay stronger foundations to rebuild our performance and, very importantly, the Dame Helen Alexander, an independent trust and confidence in a world- essential changes we will be making to cut Non-executive Director since 2007, will be class engineering business waste and restore confidence in the business. stepping down from the Board after the AGM in May 2016 having completed her nine-year We have not taken our eye off some of the term. At that time she will be succeeded as At the same time, we are facing some historic issues that have undermined confidence Chairman of the Remuneration Committee challenges in key markets, particularly in in the business in the past. Concerns about by Ruth Cairnie, who joined the Board in Marine, and are managing a major change bribery and corruption involving intermediaries September 2014. On behalf of the Board in product mix within Civil Aerospace, which in overseas markets remain subject to I would like to thank Dame Helen for her has a direct impact on how we recognise examination by the Serious Fraud Office and dedicated service to the Company. She has revenues and profits. This meant we took the other authorities and these investigations been a wise and insightful member of the decision to undertake a major restructuring are not yet complete. We have done much to Board and her well-judged advice and of the business. Warren’s recent review of address the root of these problems and this leadership of our Remuneration Committee operations, unanimously supported by work is being continually reinforced to ensure have been highly valued by her colleagues. the Board, highlighted a number of areas we all meet the high standards expected of us. where, over time, costs have grown in an unsustainable way. This clearly needs to Rebuilding trust and confidence change. We have approved a plan to reduce our Board developments In the first months since his appointment last fixed cost base by £150m to £200m per annum During the year there have been a number of and simplify the way we manage the business. July, Warren has made an enormous impact important changes to the Board. On 22 April on the business with a clear, well-structured we announced that John Rishton had decided review. This has examined the strengths and Shareholder payments to retire as Chief Executive on 2 July, to be weaknesses of our businesses and highlighted succeeded by Warren East. At the AGM on the critical investment priorities required The pace of investment required to transform 8 May James Guyette, President and Chief to develop our competitive advantages and the business creates near-term pressure Executive Officer of Rolls-Royce North market position. I have also been pleased on free cash flow. At the same time, we need America, retired and stepped down from the by the steps he and his team have taken to sustain a healthy balance sheet to ensure Board. John Neill also stood down at the AGM to improve communication to our investors. we have the financial flexibility to maintain after six years as a Non-executive Director. While it is early days, I believe his approach a strong investment-grade credit rating. has been well received and has laid good As a result, the Board is recommending Irene Dorner, formerly CEO and President foundations from which we can rebuild trust that the payment to shareholders is halved of HSBC USA, joined the Board in July. and confidence in the business. in cash terms at the full year and the next Alan Davies, Chief Executive of Rio Tinto’s half year.
Load more

Recommended publications
  • 10 December 2009
    NEWS RELEASE 10 December 2009 LowCVP Technology Challenge winners present eco-innovations to car industry leaders Six small businesses at the leading edge of low carbon innovation in the automotive sector today have the undivided attention of senior executives from global car companies at a LowCVP event chaired by Richard Parry-Jones, co-chair of the new Automotive Council. Axon Automotive, Brunel University, Controlled Power Technologies, EVO-Electric, Libralato and Oxy-Gen Combustion are today announced as the Winners of LowCVP’s Technology Challenge. Winning the Challenge provides these up-and- coming companies with the unique opportunity to pitch their ideas directly to industry leaders. Demonstrating serious interest in sourcing low carbon car solutions are senior executives from Nissan, Jaguar Land Rover, Ford, Tata Motors, General Motors, McLaren Automotive, Modec, Alexander Dennis, SMTC UK, Denso, GKN, Kautex- Unipart, Shell International and TRW. “The Technology Challenge provides a unique opportunity for some of the best of the low carbon automotive technology companies to access potential partners and customers and to learn more about some very innovative technologies” says LowCVP’s Managing Director Greg Archer. “The strong support from major vehicle manufacturers and component suppliers is an indication of their commitment to finding solutions to reduce CO2 emissions from passenger cars and confidence in UK companies’ ability to deliver these solutions.” The LowCVP challenged emerging businesses to help manufacturers achieve less than 80g/km of CO2 from their conventional, internal combustion passenger cars. The event aims to provide an opportunity for collaboration between the developers of new technology and the mainstream automotive industry, in line with one of the recommendations of the New Automotive Innovation and Growth Team (NAIGT) and the activities of the new Automotive Council.
    [Show full text]
  • British Aerospace Jetstream 3102, G-CCPW.Pdf
    AAIB Bulletin: 9/2006 G-CCPW EW/C2006/03/06 INCIDENT Aircraft Type and Registration: British Aerospace Jetstream 3102, G-CCPW No & Type of Engines: 2 Garrett AiResearch TPE331-10UGR-516H turboprop engnes Year of Manufacture: 987 Date & Time (UTC): 7 March 2006 at 905 hrs Location: Belfast Cty Arport Type of Flight: Publc Transport (Passenger) Persons on Board: Crew - 2 Passengers - 6 Injuries: Crew - None Passengers - None Nature of Damage: Damage to propellers and three runway lghts Commander’s Licence: Arlne Transport Plot’s Lcence Commander’s Age: 34 years Commander’s Flying Experience: 2,600 hours (of whch 370 were on type) Last 90 days - 110 hours Last 28 days - 40 hours Information Source: Aircraft Accident Report Form submitted by the pilot and further enqures by the AAIB Synopsis While taxiing along Runway 04 to line up on Runway 22 up, the arcraft was cleared by ATC to enter, back track the arcraft’s nose wheel left the paved surface at the and line up on Runway 22. He planned to use the turning end of the runway. Damage was caused to the aircraft’s circle at the threshold of Runway 22 to turn the aircraft propellers and three runway lights. around. Due to the weather, he was using the windscreen wipers intermittently. History of the flight The crew were operatng ther thrd sector of the day from The commander taxied the aircraft slowly down the Belfast City Airport to Ronaldsway, Isle of Man. The centre of Runway 04 towards the threshold of Runway 22 commander was the PF for this sector and taxied the and he could see contnuously the red stop-end lghts aircraft.
    [Show full text]
  • By Recal Management Divson at 3:52
    13V-047 (3 pages) February 7, 20 13 Ms. Nancy Lewis Associate Administrator for Enforcement National Highway Traffic Safety Administration 1200 New jersey Ave., S.E. Washington, DC 20590 RE: Recall Campaign Fuel filler neck missing anti-misfueling device 20 13 Rolls-Royce Phantom Dear Ms. Lewis: This notice is sent to you in accordance with the requirements of the National Traffic and Motor Vehicle Safety Act of 1966 and 49 CFR Part 573. Pursuant to Section 573.6(c), we submit the following information. I. Manufacturer: Rolls-Royce Motor Cars, Ltd. Designated Agent: Samuel Campbell, Ill (pending) Department Head, Safety Engineering and ITS BMW of North America, LLC 200 Chestnut Ridge Rd. (Bldg. ISO) Woodcliff Lake, Nj 07677 2. Make: Rolls-Royce Model Year I Model Inclusive dates of manufacture 20 I 3 I Phantom Nov. 2, 20 12 -jan. 18, 2013 3. The number of vehicles in the affected range is approximately 27. Of these vehicles, 20 are under the care of Rolls-Royce dealers, while 7 have been sold to customers. 4. The percentage of vehicles estimated to contain the condition is less than 5%. 5. The issue involves the fuel filler neck. A batch of incomplete fuel filler necks was provided by the supplier. Specifically, the anti-misfueling device was missing. This Rolls-Royce Motor Cars Rolls-Royce MotOI" Cars NA, LLC Mailina Address: P.O. Box 1227, Westwood. NJ 07675-1227 Office Address: 300 Chestnut Ridge Road. Woodcliff Lake, NJ 07677-7731 Telephone (201) 307-4000 Fax (201) 571-5479 www.rolls-roycemotorcars.com A BMW Group Company device prevents refueling with the wrong fuel type (i.e., diesel), but also discharges static electricity into the metallic structure of the chassis during refueling.
    [Show full text]
  • The Connection
    The Connection ROYAL AIR FORCE HISTORICAL SOCIETY 2 The opinions expressed in this publication are those of the contributors concerned and are not necessarily those held by the Royal Air Force Historical Society. Copyright 2011: Royal Air Force Historical Society First published in the UK in 2011 by the Royal Air Force Historical Society All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical including photocopying, recording or by any information storage and retrieval system, without permission from the Publisher in writing. ISBN 978-0-,010120-2-1 Printed by 3indrush 4roup 3indrush House Avenue Two Station 5ane 3itney O72. 273 1 ROYAL AIR FORCE HISTORICAL SOCIETY President 8arshal of the Royal Air Force Sir 8ichael Beetham 4CB CBE DFC AFC Vice-President Air 8arshal Sir Frederick Sowrey KCB CBE AFC Committee Chairman Air Vice-8arshal N B Baldwin CB CBE FRAeS Vice-Chairman 4roup Captain J D Heron OBE Secretary 4roup Captain K J Dearman 8embership Secretary Dr Jack Dunham PhD CPsychol A8RAeS Treasurer J Boyes TD CA 8embers Air Commodore 4 R Pitchfork 8BE BA FRAes 3ing Commander C Cummings *J S Cox Esq BA 8A *AV8 P Dye OBE BSc(Eng) CEng AC4I 8RAeS *4roup Captain A J Byford 8A 8A RAF *3ing Commander C Hunter 88DS RAF Editor A Publications 3ing Commander C 4 Jefford 8BE BA 8anager *Ex Officio 2 CONTENTS THE BE4INNIN4 B THE 3HITE FA8I5C by Sir 4eorge 10 3hite BEFORE AND DURIN4 THE FIRST 3OR5D 3AR by Prof 1D Duncan 4reenman THE BRISTO5 F5CIN4 SCHOO5S by Bill 8organ 2, BRISTO5ES
    [Show full text]
  • Qinetiq Group Plc – Notice of Annual General Meeting Ordinary
    This document is important and requires your immediate attention. If you are in any doubt as to the action you should take, you should immediately consult your stockbroker, solicitor, accountant or other professional advisor duly authorised under the Financial Services and Markets Act 2000. If you have sold or otherwise transferred all your shares in the Company, please send this document, and the accompanying form of proxy, to the purchaser or transferee or the stockbroker, bank or other agent through whom the sale or transfer was effected for onward transmission to the purchaser or transferee. QinetiQ Group plc – Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the Annual General Meeting of QinetiQ Group plc (the Company) will be held at the offices of Ashurst LLP, Fruit and Wool Exchange, 1 Duval Square, London E1 6PW on Wednesday 24 July 2019 at 11.00am, or at any adjournment thereof, to consider and, if thought fit, to pass the following 21 resolutions. Resolutions 1 to 16 (inclusive) will be proposed as ordinary resolutions and will be passed if more than 50% of the total votes cast are in favour of each such resolution. Resolutions 17 to 21 (inclusive) will be proposed as special resolutions and will be passed if not less than 75% of the total votes cast are in favour of each such resolution. Voting on all resolutions will be conducted by way of poll rather than a show of hands. Ordinary Resolutions Resolution 1 – Report and Accounts a) to make political donations to political parties and/or independent To receive the accounts and the reports of the Directors and the auditor election candidates not exceeding £100,000 in total; thereon for the financial year ended 31 March 2019.
    [Show full text]
  • CAROL BURKE Freng by the US Office of Naval Research
    SERIOUS GAMES PROFILE and developers must do more SURGICAL TRAINING than simply deliver prototypes The training of future surgeons presents major challenges to healthcare authorities, especially and products that simply look given the constraints imposed by European directives and reductions in the exposure of surgical impressive. Unfortunately, this trainees to real patients and in-theatre experiences. Given the unprecedented levels of trauma is probably one of the field’s they will face, training military surgeons presents an even bigger challenge. Experiences in biggest weaknesses, with very dangerous operational settings are especially difficult to train realistically using home territory few case studies providing facilities, although exercises using mannequins and volunteer amputees, contribute significantly reliable reports of the real-world to pre-deployment experiences and can help in the psychological desensitisation process when outcomes of well-designed confronted with severe physical trauma. experiments and evaluations. Many specialists in the world of medical training believe that there has never been a more Nevertheless, it is fair to say pressing need to develop effective simulation-based training to fill these gaps, servicing the needs that, while serious games still both of individuals and small teams. have some way to go before Despite many well-funded surgical simulation initiatives, the Virtual Reality arena of the 1990s conclusive statements can failed to deliver a comprehensive suite of training packages for the surgical fraternity. However, as be made as to their training the capabilities of gaming technologies began to gather pace in the early 2000s, the delivery of efficacy (promoting positive toolkits enabling developers to construct real-time simulations of physiological processes (including skills or knowledge transfer the effects of pharmaceuticals on the virtual patient) became more and more evident.
    [Show full text]
  • BAE Undertakings of the Merger Between British Aerospace Plc And
    ELECTRONIC SYSTEMS BUSINESS OF THE GENERAL ELECTRIC COMPANYPLC UNDERTAKINGS GIVEN TO THE SECRETARY OF STATE FOR TRADE AND INDUSTRY BY BRITISH AEROSPACE PLC PURSUANT TO S75G(l) OF THE FAIR TRADING ACT 1973 WHEREAS: (a) On 27 April 1999 British Aerospace pic ("BAE SYSTEMS") agreed with The General Electric Company pic ("GEC") the proposed merger ("the merger") of GEC's defence electronics business Marconi Electronic Systems ("MES") with BAE SYSTEMS; (b) The merger came within the jurisdiction of Council Regulation (EEC) No. 4064/89 on the control of concentrations between undertakings ("the EC Merger Regulation"); (c) Article 296 (ex Article 223) of the EC Treaty permits any Member State to take such measures as it considers necessary to protect its essential security interests which are connected with the production of or trade in arms, munitions and war material; (d) BAE SYSTEMS was requested, under the former Article 223(I)(b) of the EC Treaty, not to notify the military aspects of the merger to the European Commission under the EC Merger Regulation; (e) The military aspects of the merger were consequently considered by Her Majesty's Government under national merger control law; (f) The Secretary of State has power under section 75(1) of the Fair Trading Act 1973 to make a merger reference to the Competition Commission and, under section 7SG(l), to accept undertakings as an alternative to making such a reference; (g) The Secretary of State has requested that the Director General of Fair Trading seek undertakings from BAE SYSTEMS in order to remedy or prevent the adverse effects ofthe merger.
    [Show full text]
  • Government and British Civil Aerospace 1945-64.Pdf
    Journal of Aeronautical History Paper No. 2018/04 Government and British Civil Aerospace 1945-64 Professor Keith Hayward Preface This paper is something of a trip down an academic memory lane. My first book, published in the early 1980s, carried a similar title, albeit with a longer time span. While it had the irreplaceable benefit of some first hand memories of the period, the official record was closed. A later history of the UK aircraft industry did refer in part to such material dating from the 1940s, but access to the ‘secret’ historical material of the 1950s and beyond was still blocked by the then “Thirty Year” rule. By the time the restrictions were relaxed to a “Twenty Year” rule or even more by the liberality offered by “Freedom of Information” legislation, I had moved on to the more pressing demands of analysing the world aerospace industry for the SBAC. 1 My years at the Royal Aeronautical Society afforded a bit more scope. Discovery of an archive on the formation of the British Aircraft Corporation, and published by the Royal Aeronautical Society’s Journal of Aeronautical History 2, stimulated a hankering to open more musty files on the 1950s. This led to a series of articles published in the Aviation Historian. However much this satisfied an initial hankering to look back to a critical period in UK aerospace, there were gaps to be filled in the narrative and the analysis. With the encouragement of the Editorial Board of the Journal of Aeronautical History, I have endeavoured to provide a more coherent overview of government policy towards the civil sector.
    [Show full text]
  • Sustaining Design and Production Resources
    THE ARTS This PDF document was made available CHILD POLICY from www.rand.org as a public service of CIVIL JUSTICE the RAND Corporation. EDUCATION ENERGY AND ENVIRONMENT Jump down to document6 HEALTH AND HEALTH CARE INTERNATIONAL AFFAIRS The RAND Corporation is a nonprofit NATIONAL SECURITY research organization providing POPULATION AND AGING PUBLIC SAFETY objective analysis and effective SCIENCE AND TECHNOLOGY solutions that address the challenges SUBSTANCE ABUSE facing the public and private sectors TERRORISM AND HOMELAND SECURITY around the world. TRANSPORTATION AND INFRASTRUCTURE WORKFORCE AND WORKPLACE Support RAND Purchase this document Browse Books & Publications Make a charitable contribution For More Information Visit RAND at www.rand.org Explore RAND Europe View document details Limited Electronic Distribution Rights This document and trademark(s) contained herein are protected by law as indicated in a notice appearing later in this work. This electronic representation of RAND intellectual property is provided for non- commercial use only. Permission is required from RAND to reproduce, or reuse in another form, any of our research documents. This product is part of the RAND Corporation monograph series. RAND monographs present major research findings that address the challenges facing the public and private sectors. All RAND mono- graphs undergo rigorous peer review to ensure high standards for research quality and objectivity. The United Kingdom’s Nuclear Submarine Industrial Base Volume 1 Sustaining Design and Production Resources John F. Schank Jessie Riposo John Birkler James Chiesa Prepared for the United Kingdom’s Ministry of Defence The research described in this report was prepared for the United King- dom’s Ministry of Defence.
    [Show full text]
  • Next Generation Power Display
    Apr/May 10 Issue 24 desthe magazine for defenceider equipment and support Next generation power display Latest DE&S organisation chart and PACE supplement See inside Parc Chain Dress for Welcome Keeping life gang success home on track Picture: BAE Systems NEWS 5 4 Keeping on track Armoured vehicles in Afghanistan will be kept on track after DE&S extended the contract to provide metal tracks the vehicles run on. 8 UK Apache proves its worth The UK Apache attack helicopter fleet has reached the landmark of 20,000 flying hours in support of Operation Herrick 8 Just what the doctor ordered! DE&S’ Chief Operating Officer has visited the 2010 y Nimrod MRA4 programme at Woodford and has A given the aircraft the thumbs up after a flight. /M 13 Triumph makes T-boat history The final refit and refuel on a Trafalgar class nuclear submarine has been completed in Devonport, a pril four-year programme of work costing £300 million. A 17 Transport will make UK forces agile New equipment trailers are ready for tank transporter units on the front line to enable tracked vehicles to cope better with difficult terrain. 20 Enhancement to a soldier’s ‘black bag’ Troops in Afghanistan will receive a boost to their personal kit this spring with the introduction of cover image innovative quick-drying towels and head torches. 22 New system is now operational Astute and Dauntless, two of the most advanced naval A new command system which is central to the ship’s fighting capability against all kinds of threats vessels in the world, are pictured together for the first time is now operational on a Royal Navy Type 23 frigate.
    [Show full text]
  • Ballooning Collection, the Cuthbert-Hodgson Collection, Which Is Probably One of the fi Nest of Its Kind in the World
    SOCIETY NEWS qÜÉ=pçÅáÉíóÛë=iáÄê~êó b~êäó=_~ääççåáåÖ iáíÜçÖê~éÜë=~åÇ=mêáåíë ÜÉ=oçó~ä=^Éêçå~ìíáÅ~ä=pçÅáÉíó áãéçêí~åí=îáëì~ä=êÉÅçêÇ=çÑ=ã~åÛë qiáÄê~êó= ÜçìëÉë= çåÉ= çÑ= íÜÉ É~êäó= ~ëÅÉåíë= áåíç= íÜÉ= ~áê= ~í= íÜÉ ïçêäÇÛë=ÑáåÉëí=ÅçääÉÅíáçåë=çÑ=É~êäó îÉêó= Ç~ïå= çÑ= ~îá~íáçå= ~ë Ä~ääççåáåÖ= ã~íÉêá~ä= EÄççâëI éçêíê~óÉÇ= Äó= áääìëíê~íçêë= ~åÇ é~ãéÜäÉíëI= åÉïëé~éÉê= ÅìííáåÖëI ÉåÖê~îÉêë=çÑ=íÜÉ=íáãÉK éêáåíë= ~åÇ= äáíÜçÖê~éÜë= ~åÇ qÜÉ= Ä~ääççå= ï~ë= Äçêå= áå ÅçããÉãçê~íáîÉ= ãÉÇ~äëF= ïÜáÅÜ cê~åÅÉ= áå= NTUP= ÇìêáåÖ= íÜÉ= ä~íÉJ Ü~ë= ÄÉÉå= ìëÉÇ= Äó= êÉëÉ~êÅÜÉêë NUíÜ= ÅÉåíìêó= båäáÖÜíÉåãÉåí Ñêçã= dÉêã~åóI= cê~åÅÉ= ~åÇ= íÜÉ éìêëìáí= çÑ= ëÅáÉåíáÑáÅ= âåçïäÉÇÖÉX råáíÉÇ=pí~íÉëK íÜÉ=~Äáäáíó=íç=íê~îÉä=íÜêçìÖÜ=íÜÉ `çãéäÉãÉåíáåÖ= íÜÉ= ÑáåÉ ~áê=çéÉåÉÇ=ìé=éÉçéäÉëÛ=ãáåÇë=íç ÅçääÉÅíáçå= çÑ= É~êäó= Ä~ääççåáåÖ íÜÉ= éçëëáÄáäáíáÉë= çÑ= ~Éêá~ä ~åÇ= ~Éêçå~ìíáÅ~ä= Äççâë= áë= ~ å~îáÖ~íáçå=~åÇ=åÉïë=çÑ=íÜÉ=É~êäó ã~àçê= ÅçääÉÅíáçå= çÑ= ~êçìåÇ= TMM ~ëÅÉåíë= ï~ë= íê~åëãáííÉÇ= ê~éáÇäó É~êäó= Ä~ääççåáåÖ= äáíÜçÖê~éÜëL ~Åêçëë= bìêçéÉK= ^= é~êí= çÑ= íÜáë éêáåíëLéçëíÉêëK= qÜáë= ÅçääÉÅíáçå= Ô éêçÅÉëë= ï~ë= íÜÉ= éêçÇìÅíáçå= çÑ ïÜáÅÜ= áë= Ä~ëÉÇ= ã~áåäó= çå= íÜÉ åìãÉêçìë= äáíÜçÖê~éÜëLéêáåíë ÜçäÇáåÖë= çÑ= íÜÉ= `ìíÜÄÉêíJ ÅçããÉãçê~íáåÖ= é~êíáÅìä~ê eçÇÖëçå= `çääÉÅíáçå= EïÜáÅÜ= ï~ë ~ëÅÉåíë= çê= ~Éêá~ä= îçó~ÖÉëI= ~åÇ áå=NVQT=éìêÅÜ~ëÉÇ=áå=áíë=ÉåíáêÉíó íÜÉ= iáÄê~êó= ÜçäÇë= Éñ~ãéäÉë= çÑ Äó= páê= cêÉÇÉêáÅâ= e~åÇäÉó= m~ÖÉ ã~åó= îáÉïë= çÑ= ~ëÅÉåíë= ~Åêçëë o^Ép=iáÄê~êó=éÜçíçëK ~åÇ= éêÉëÉåíÉÇ= íç= íÜÉ= pçÅáÉíóI _êáí~áåI= cê~åÅÉ= ~åÇ= çíÜÉê dÉçêÖÉ=`êìáÅâëÜ~åâ=Úq~ñá=_~ääççåëÛ=Ô Ú^=ëÅÉåÉ=áå=íÜÉ=c~êÅÉ=çÑ=içÑíó
    [Show full text]
  • Karl E. Ludvigsen Papers, 1905-2011. Archival Collection 26
    Karl E. Ludvigsen papers, 1905-2011. Archival Collection 26 Karl E. Ludvigsen papers, 1905-2011. Archival Collection 26 Miles Collier Collections Page 1 of 203 Karl E. Ludvigsen papers, 1905-2011. Archival Collection 26 Title: Karl E. Ludvigsen papers, 1905-2011. Creator: Ludvigsen, Karl E. Call Number: Archival Collection 26 Quantity: 931 cubic feet (514 flat archival boxes, 98 clamshell boxes, 29 filing cabinets, 18 record center cartons, 15 glass plate boxes, 8 oversize boxes). Abstract: The Karl E. Ludvigsen papers 1905-2011 contain his extensive research files, photographs, and prints on a wide variety of automotive topics. The papers reflect the complexity and breadth of Ludvigsen’s work as an author, researcher, and consultant. Approximately 70,000 of his photographic negatives have been digitized and are available on the Revs Digital Library. Thousands of undigitized prints in several series are also available but the copyright of the prints is unclear for many of the images. Ludvigsen’s research files are divided into two series: Subjects and Marques, each focusing on technical aspects, and were clipped or copied from newspapers, trade publications, and manufacturer’s literature, but there are occasional blueprints and photographs. Some of the files include Ludvigsen’s consulting research and the records of his Ludvigsen Library. Scope and Content Note: The Karl E. Ludvigsen papers are organized into eight series. The series largely reflects Ludvigsen’s original filing structure for paper and photographic materials. Series 1. Subject Files [11 filing cabinets and 18 record center cartons] The Subject Files contain documents compiled by Ludvigsen on a wide variety of automotive topics, and are in general alphabetical order.
    [Show full text]