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2019 ANNUAL REPORT Rolls-Royce Plc PIONEERS of POWER

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2019 ANNUAL REPORT Rolls-Royce plc PIONEERS OF POWER Rolls-Royce pioneers cutting-edge technologies that deliver clean, safe and competitive solutions to meet our planet’s vital power needs. Rolls-Royce plc Annual Report 2019 Strategic Report Financial Highlights and Contents 01 STRATEGIC REPORT STRATEGIC Group Financial Highlights Contents Free cash flow Reported revenue Strategic Report Group at a Glance 02 Chief Executive’s Review 04 Purpose, Vision and Strategy 08 £865m £16,587m Business Model 10 2018: £568m 2018: £15,729m Key Performance Indicators 12 Financial Review 14 Underlying revenue Reported operating (loss) Business Review 22 Civil Aerospace 22 Power Systems 27 Defence 31 £15,450m £(852)m ITP Aero 35 Sustainability 38 2018: £15,067m 2018: £(1,161)m Climate Change 39 Technology 40 Underlying operating profit Reported (loss) before tax Impacts from Operations 42 People and Culture 43 Ethics and Compliance 47 £808m £(775)m Principal Risks 48 s172 Statement 54 2018: £616m 2018: £(3,063)m Directors’ Report Underlying profit before tax Directors’ Report Contents 56 Board of Directors 57 Internal Control and Risk Management 60 Share Capital 61 £583m Other Statutory Information 62 2018: £466m Directors’ Report and 64 Financial Statements ø Financial Statements Net funds Financial Statements Contents 66 Consolidated Financial Statements 67 Company Financial Statements 134 £1,352m Subsidiaries 162 Joint Ventures and Associates 167 2018: £840m Other Information Independent Auditors’ Report 169 Other Financial Information 178 Glossary 180 Free cash flow is defined in note 27 on page 131. ø Net funds (excluding lease liabilities) is defined on page 72. Use of underlying performance measures in the Annual Report All figures in the narrative of the Strategic Report are underlying unless otherwise stated. We believe this is the most appropriate basis to measure our in-year performance as underlying results reflect the substance of trading activity, including the impact of the Group’s foreign exchange forward contracts, which lock in transactions at predetermined exchange rates. In addition, underlying results exclude the accounting impact of business acquisitions and disposals, impairment charges and exceptional items. A full definition of underlying and the reconciliation to the reported figures are in note 2 of the Consolidated Financial Statements on page 85. All references to organic change are at constant translational currency and exclude M&A. Front Cover: The Rolls-Royce ionBird: a test airframe for our ACCEL project, which is developing Forward-looking statements the world’s fastest all-electric aircraft. This Annual Report contains forward-looking statements. Any statements that express forecasts, expectations and projections are not guarantees of future performance and guidance may be updated Our Spirit of Innovation aircraft, developed from time to time. This report is intended to provide information to shareholders, and is not designed with YASA and Electroflight and partly to be relied upon by any other party or for any other purpose, and the Company and its Directors accept funded by Aerospace Technology Institute no liability to any other person other than that required under English law. Latest information will be made available on the Group’s website. By their nature, these statements involve risk and uncertainty, (ATI), will be powered by the world’s most and a number of factors could cause material differences to the actual results or developments. power-dense flying battery pack, with the aim of reaching speeds of over 300mph. Strategic Report Rolls-Royce plc Annual Report 2019 02 Group at a Glance GROUP AT A GLANCE At Rolls-Royce, we pioneer the power that matters to connect, power and protect society. Free cash flow Underlying revenue by business in 2019 Non-core usinesses P Aero £865m 1% 6% Underlying revenue Deence £15,450m 20% Underlying operating profit iil £808m Aerospce 51% Reported revenue £16,587m Poer Systes Reported operating (loss) 22% £(852)m See note 2 on page 90 for a reconciliation between underlying and reported results. Order backlog Patents approved Gross R&D Countries with Employees for filing expenditure Rolls-Royce (monthly average) presence £60.9bn 830 £1.46bn 50 51,700 Rolls-Royce plc Annual Report 2019 Strategic Report Group at a Glance 03 STRATEGIC REPORT STRATEGIC Our core businesses in 2019 Civil Aerospace is a major Underlying revenue mix CIVIL manufacturer of aero engines for £8,107m 4 the large commercial aircraft, 3 Underlying revenue AEROSPACE regional jet and business aviation markets. The business uses 2 engineering expertise, in-depth knowledge and capabilities to £44m 1 provide through-life support Underlying operating profit solutions for its customers. 1. Large Engines ........................71% 2. Business Aviation ................. 14% 3. Regional .................................... 4% 4. V2500 ........................................ 11% See page 22 Power Systems is a leading provider Underlying revenue mix POWER of high-speed and medium-speed 5 £3,545m 4 reciprocating engines, and complete 1 Underlying revenue SYSTEMS propulsion and power generation systems. It serves the marine, defence, power generation and 3 industrial markets and includes £357m civil nuclear operations that supply Underlying operating profit 2 safety-critical systems. 1. Marine ......................................28% 2. Industrial .................................25% 3. Power Generation ...............35% See page 27 4. Defence .....................................9% 5. Civil Nuclear ............................ 3% Defence is a market leader in Underlying revenue mix DEFENCE aero engines for military transport £3,250m 5 and patrol aircraft with strong Underlying revenue 1 positions in combat and helicopter 4 applications. It has significant scale in naval and is the technical authority for through-life support of the £415m 3 nuclear power plant for the Underlying operating profit Royal Navy’s submarine fleet. 2 1. Transport ................................ 36% See page 31 2. Combat ....................................23% 3. Submarines............................. 19% 4. Naval .........................................10% 5. Other..........................................12% ITP Aero is a global leader in Underlying revenue mix ITP AERO aero-engine design, manufacture £936m 3 and maintenance. Alongside the Underlying revenue development, manufacturing, 2 assembly and testing of engines, it provides MRO services for regional airlines, business aviation, £111m 1 industrial and defence applications. Underlying operating profit 1. Civil ............................................77% 2. Defence ....................................13% See page 35 3. In-Service Support .............10% Strategic Report Rolls-Royce plc Annual Report 2019 04 Chief Executive’s Review CHIEF EXECUTIVE’S REVIEW WARREN EAST, CHIEF EXECUTIVE of the financial cost of returning the fleet Despite the challenges of the Trent 1000, the progress to the levels of service our customers expect seen across the Group in the year gives me increased and dealing with the unacceptable disruption we have caused them. As a result of the confidence that the changes we are implementing are Trent 1000 and as announced in November, we are recognising a net exceptional creating a tangible and sustainable cultural and charge of £1,361m within our financials, performance shift within our business. contributing to a reported operating loss of £(852)m. We have fixes designed for all but one of Progress in 2019 improvement in Civil Aerospace. This the issues identified and are well advanced contributed to strong Group free cash flow on certification and rolling them out into To draw an analogy to describe the year of £865m, another significant step towards the fleet. As the year drew to a close, we that might be familiar to many of our achieving at least £1bn in 2020. We also carried out a detailed technical re-evaluation aerospace customers: the journey is continued to invest in the new technologies of our progress on the final fix, a new sometimes more important than the which are so vital to remaining competitive. high pressure turbine blade for the destination. In 2019, how we got to our This was all achieved despite the in-service Trent 1000 TEN. Based upon that work and destination – strong progress across the challenges with the Trent 1000, which test activity, we reset our financial and Group – gives me increased confidence could have derailed our progress. The fact operational expectations for the engine in that the changes we have been implementing that they did not is thanks to the focus of November, based on a revised estimate of over the past two years are creating a our people on their roles in delivering for final blade durability, in order to provide tangible and sustainable cultural and the business. certainty for customers and greater clarity performance shift within our business. for investors. Since then, we have made I spoke last year of needing to build beyond good progress on the design of this blade, We had a good end to the year including the breakthrough we could see occurring and continue to expect certification of this strong Civil Aerospace aftermarket as we launched our restructuring and component in the first half of 2021. performance, record widebody engine adopted our new operating structure. deliveries, and better trading in We have generated real momentum during Lower carbon power Power Systems despite tough
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