DOCSLIB.ORG

01.RR PLC Front Inside Front.Indd

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
01.RR PLC Front Inside Front.Indd Rolls-Royce plc Directors’ report and financial statements 2012 Directors’ report Introduction 01 Group at a glance 02 Chief Executive’s review 04 Values, vision and strategy 06 Future opportunity 08 Chief Financial Officer’s review 09 Key performance indicators 12 Principal risks and uncertainties 14 Civil aerospace 16 Defence aerospace 18 Marine 20 Energy 22 Excellence in technology 24 Excellence in operations 26 Sustainability 27 Additional financial information 31 Board of directors 33 Internal control and risk management 35 Shareholders and share capital 37 Other statutory information 37 Annual report and financial statements 38 Financial statements Independent Auditor’s report 40 Contents listed on page 41 Other information Subsidiaries, jointly controlled entities and associates 112 Directors’ report The Directors’ report which includes the Business review is set out on pages 1 to 39. Forward-looking statements This Annual report contains forward-looking statements. Any statements that express forecasts, expectations and projections are not guarantees of future performance and will not be updated. By their nature, these statements involve risk and uncertainty, and a number of factors could cause material differences to the actual results or developments. This report is intended to provide information to shareholders, is not designed to be relied upon by any other party, or for any other purpose and the Company and its directors accept no liability to any other person other than under English law. Introduction “In the full year, underlying profits increased for the tenth consecutive year. We have established this record of consistent delivery while continuing to invest in people, technology and facilities.” John Rishton, Chief Executive Rolls-Royce is a global company, providing integrated power solutions for customers in civil and defence aerospace, marine and energy markets. We support our customers through a worldwide network of offices, manufacturing and service facilities. 2012 2011 % change Order book – firm and announced £60,146m £57,630m** +4% Underlying revenue* £12,209m £11,277m +8% Profit before financing £2,072m £1,189m +74% Underlying profit before tax* £1,429m £1,158m +23% * See explanation in note 2 on page 54 ** Restated 2011 year-end data excluding International Aero Engines (IAE) order book of £4,571 million 2 Directors’ report Group at a glance The priorities of the Group remain: deliver on the promises we have made; decide where to grow and where not to; and improve financial performance. Civil aerospace Defence aerospace £6,437m £727m £2,417m £404m Underlying revenue 2012 Underlying profit 2012 Underlying revenue 2012 Underlying profit 2012 Trent XWB achieved certification Over US$1 billion in contracts from US DoD and UK MoD Trent 1000-TEN introduced US$315 million contract for F-35B STOVL LiftSystems™ BR725 enters service and IAE restructure completed Adour engines ordered by Royal Saudi Air Force for Hawks The Civil aerospace business is a major manufacturer of Rolls-Royce is the second largest provider of defence aero engines for the airline and corporate jet market. aero-engine products and services globally with 18,000 Rolls-Royce powers more than 30 types of commercial engines in service with 160 customers in 103 countries. aircraft and over 12,500 engines are in service with customers around the world. Revenue mix Revenue mix 46% OE revenue 46% OE revenue 54% Services revenue 49% Services revenue 5% Development Rolls-Royce plc Directors’ report and fi nancial statements 2012 3 Directors’ report Group overview 2012 2012 revenue by business segment • The order book increased to £60.1 billion, 53% Civil aerospace up four per cent, adjusted for the IAE disposal. 20% Defence aerospace Order intake was £16.1 billion in the year. 8% Energy reportDirectors’ • Underlying revenue increased eight per cent to 18% Marine £12.2 billion, including 12 per cent growth in 1% Engine Holding original equipment (OE) revenue and five per cent growth in underlying services revenue. • Underlying services revenue increased in all four business segments: Civil, Defence, Marine and Energy and, in Engine Holding. • Underlying profit before tax increased 24 per cent to £1,429 million reflecting revenue growth, revenue mix, unit cost reduction, a contribution from Tognum and IAE restructuring. Marine Energy £2,249m £294m £962m £21m Underlying revenue 2012 Underlying profit 2012 Underlying revenue 2012 Underlying profit 2012 £147 million orders from Brazil for drill ships and Six RB211s ordered by PetroChina for pipeline project offshore vessels Services grew and investment 24/7 support MT7 chosen to power US Navy future hovercraft desk completed £1.1 billion order for UK naval nuclear reactor Nuclear agreements signed with AREVA and Hitachi core programme With over 4,800 gas turbines sold, and more than Rolls-Royce has a world-leading range of capabilities in 130 million hours of operating experience gained, the marine market, encompassing the design, supply and our Energy business plays a critical role in supporting support of power and propulsion systems. We provide global infrastructure. Our technology powers offshore comprehensive through-life support from a global platforms, transports oil and gas through pipelines and network of service facilities. generates dependable electricity. Revenue mix Revenue mix 57% OE revenue 36% OE revenue 43% Services revenue 64% Services revenue Rolls-Royce plc Directors’ report and fi nancial statements 2012 4 Directors’ report Chief Executive’s review In 2012, Rolls-Royce continued to build the capacity required to 1. Deliver on the promises we have made deliver our £60 billion order book. Among these investments, we The quality of the products and services we supply is measured opened a new engine test and assembly facility at Seletar in across the Group and has shown steady improvement. Increased Singapore that is now producing Trent 900 engines. We announced focus on delivery has led to significant improvement in widebody an expansion of our facilities at Crosspointe in Virginia, US, where engines in Civil aerospace and in our Marine products. Across the we will produce turbine blades and nozzle guide vanes. In South Group, we are investing in a wide range of projects that will America, construction of a new assembly plant to support our improve operational performance and reduce cost. This includes Energy and Marine businesses is well advanced and will open later continuing investment in modernising our IT infrastructure that is this year. In the UK, as well as having opened our new apprentice a key enabler for our business. academy in Derby, we are developing a new turbine blade facility in Rotherham and a new disc factory in Washington, Tyne and Wear. Significant milestones have been achieved in our major programmes. In the past decade, Rolls-Royce has transformed its business. Today These include: in Civil aerospace, the certification of the Trent XWB we are more global, with over half our order book from the Middle engine (in February 2013) that will power the Airbus A350 XWB, the East and Asia. Our portfolio has become more diversified, both launch of the Trent 1000-TEN that will power Boeing 787s entering through organic growth and acquisition, and we have significantly service from 2016 and, the entry into service of the BR725 engine increased the revenues generated from servicing the power powering the new Gulfstream G650 corporate jet. In Defence systems we produce. During 2012, we changed the way we describe aerospace, the short take-off and vertical landing (STOVL) variant our vision, values and strategy to reflect better the Group we have of the F-35B Lightning II Joint Strike Fighter entered service with the become, to set clear direction for the future and to reinforce US Marine Corps and deliveries were made to the UK MoD. standards in the way we conduct business: In Marine, gas turbine power and propulsion equipment was Values – trusted to deliver excellence delivered for the US Navy’s Littoral Combat Ship and the UK’s Queen Elizabeth class aircraft carriers. And, in Energy, we expanded our Vision – better power for a changing world fleet of gas turbine compressor units through contracts for China’s Strategy – understanding our customers, West-East Pipeline Project (WEPP) and the Uzbekistan section of the innovation, profitable growth Asia Trans Gas (ATG) pipeline. These are described on pages 6- 7. 2. Decide where to grow and where not to We continue to invest in capacity to fulfil our order book and in As well as looking at the expression of our vision, values and technology to expand our portfolio. strategy, we have made an important structural change, bringing together our Civil and Defence businesses to create one Aerospace In Civil aerospace, we are committed to investing in the widebody, division with an integrated supply chain. This change, effective narrowbody and corporate market segments. In Defence aerospace, from 1 January 2013, will improve accountability and align our we continue to see opportunities both in developing economies and business more closely with our customers’ requirements. in our traditional markets, despite the pressure on government spending. In Marine, offshore oil and gas remains a fast growing The priorities for the business remain the same as last year: market and, in Energy, we continue to invest in our Civil Nuclear 1. Deliver on the promises we have made business where we believe Rolls-Royce can play an important part 2. Decide where to grow and where not to supporting both existing and new build nuclear capacity. Our 3. Improve financial performance. acquisition of Tognum, in a joint venture with Daimler, expands our Marine and Energy portfolios and brings significant opportunities In 2012, we have made progress towards these objectives. for synergies. Areas where we have decided not to invest include the sale of our tidal power generation business to Alstom in January 2013 and the sale of a 51 per cent stake in our fuel cell business to LG.
Load more

Recommended publications
  • Teamwork and Technology
    Rolls-Royce Group plc plc Group Rolls-Royce TeAmwork And Technology Rolls-Royce Group plc Annual report 2010 report Annual Annual report 2010 © Rolls-Royce plc 2011 Rolls-Royce Group plc Registered office: 65 Buckingham Gate London SW1E 6AT T +44 (0)20 7222 9020 www.rolls-royce.com Company number 4706930 Trusted to deliver excellence BUSIneSS reVIEW goVernAnce Directors’ report responsibility or liability is expressly The directors present the Annual disclaimed. This Annual report 01 Introduction and 56 Chairman’s introduction report for the year ended december contains certain forward-looking highlights 56 Board of directors 31, 2010 which includes the business statements. These forward-looking review, governance report and statements can be identified by the 02 Chairman’s statement 58 The Group Executive audited financial statements for the fact that they do not relate only to 04 Chief Executive’s review 58 The International year. references to ‘rolls-royce’, the historical or current facts. In 08 Our consistent strategy Advisory Board ‘group’, the ‘company’, ‘we’, or ‘our’ are particular, all statements that express to rolls-royce group plc and/or its forecasts, expectations and 20 Market outlook 59 Governance structure subsidiaries, or any of them as the projections with respect to future 22 Key performance 62 Audit committee report context may require. Pages 01 to 82, matters, including trends in results of indicators 63 Nominations committee inclusive, of this Annual report operations, margins, growth rates, comprise a directors’
    [Show full text]
  • Trusted to Deliver Excellence Rolls-Royce Holdings Plc Annual
    Rolls-Royce Holdings plc plc Holdings Rolls-Royce Rolls-Royce Holdings plc Annual report 2011 Trusted to deliver excellence Annual reportAnnual 2011 ® ® © Rolls-Royce plc 2012 Trusted to deliver excellence deliver to Trusted Rolls-Royce Holdings plc Registered office: 65 Buckingham Gate London SW1E 6AT T +44 (0)20 7222 9020 www.rolls-royce.com Company number 7524813 129 Glossary Contents Glossary Business review ABC Anti-bribery and corruption IFRS International Financial Reporting Standards Civil aerospace Defence aerospace 1 Introduction ABI Association of British Insurers INVENT Integrated Vehicle Energy Technology 2 Chairman’s statement 4 Chief Executive’s review ACARE Advisory Council for Aviation Research and IPTMSD Integrated Power and Thermal Management System Development 6 Our business model and strategy Innovation in Europe ISO International Standards Organisation 8 Our business segments ADR American Depositary Receipts Programme LDI Liability-driven investment 9 Market opportunities ADVENT Adaptive Versatile Engine Technology LIBOR London Inter-bank Offered Rate 10 Key performance indicators AEBS All-Employee Bonus Scheme 14 Finance Director’s review LLP Limited Liability Partnership 18 Civil aerospace AFRL US Air Force Research Lab LTSA Long-Term Service Agreement 20 Defence aerospace AGM Annual General Meeting MoD UK Ministry of Defence 22 Marine p18 p20 ANA All Nippon Airways MoU Memorandum of Understanding 24 Energy APB Auditing Practices Board 26 Excellence in technology MWh Megawatt hours APRA Annual Performance Related
    [Show full text]
  • Maa-Directory-2014-15-Final.Pdf
    Introduction Midlands capability for the world’s aerospace industry The Midlands Aerospace Alliance is pleased to present you with the updated 2014-2015 edition of our member capability directory – which marks our tenth annual edition. It has been designed to help you identify world-class Midlands partners and suppliers for your aerospace programmes and projects. The Midlands is home to one of the largest aerospace clusters in the world. Aerospace technologies designed and made in the Midlands can be found on the world’s most advanced aircraft. Leading names such as Aero Engine Controls, Meggitt, Moog, Rolls-Royce and UTC Aerospace Systems are major players in a region renowned for its core competency technologies: • systems that power aircraft – gas turbine engines and other propulsion systems • systems that control the moving parts of aircraft and engines – electrical, mechanical, electronic, hydraulic and pneumatic • specialist metal and composite materials that enable these systems to perform with precision in exacting environments • specialist engineering design services, factory equipment and tooling The Midlands business environment fosters the highest levels of innovation. Aerospace supply chains extend deep into our cluster’s world-class advanced engineering economy. We access and invest in a dynamic skills base, with more than 45,000 skilled people working in our aerospace industry. The mission of the Midlands Aerospace Alliance is to enhance cooperation between customers, suppliers and partners in the Midlands and globally, so that we can improve the performance of all our companies and organisations. We invite you to join us, using this directory to identify the new partners and suppliers you need to make your projects successful.
    [Show full text]
  • Case No COMP/M.6410 - UTC/ GOODRICH
    EN This text is made available for information purposes only. A summary of this decision is published in all EU languages in the Official Journal of the European Union. Case No COMP/M.6410 - UTC/ GOODRICH Only the English text is authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 8 (2) Date: 26/7/2012 EN EN EUROPEAN COMMISSION Brussels, 26.7.2012 C(2012) 5161 final PUBLIC VERSION COMMISSION DECISION of 26.7.2012 addressed to: UNITED TECHNOLOGIES CORPORATION declaring a concentration to be compatible with the internal market and the EEA agreement Case No COMP/M.6410 - UTC/ GOODRICH (Only the English text is authentic) EN EN TABLE OF CONTENTS 1. THE PARTIES............................................................................................................. 9 2. THE OPERATION AND THE CONCENTRATION................................................. 9 3. UNION DIMENSION................................................................................................. 9 4. THE PROCEDURE................................................................................................... 10 5. RELEVANT MARKETS...........................................................................................10 5.1. General introduction...................................................................................................10 5.2. Electrical systems....................................................................................................... 11 5.2.1. Product market definition..........................................................................................
    [Show full text]
  • Federal Register/Vol. 77, No. 149/Thursday, August
    46186 Federal Register / Vol. 77, No. 149 / Thursday, August 2, 2012 / Notices DEPARTMENT OF JUSTICE comments, including the name of the systems for competitors’ engines. UTC submitter, and responses thereto, will be also could exploit confidential Antitrust Division posted on the U.S. Department of information gained through its work on Justice, Antitrust Division’s internet those engine control systems to United States v. United Technologies Web site, filed with the Court and, disadvantage its competitors. The Corporation and Goodrich under certain circumstances, published proposed acquisition therefore is likely Corporation; Proposed Final Judgment in the Federal Register. Comments to reduce competition substantially for and Competitive Impact Statement should be directed to Maribeth Petrizzi, aircraft turbine engines. Notice is hereby given pursuant to the Chief, Litigation II Section, Antitrust 4. UTC and a joint venture in which Antitrust Procedures and Penalties Act, Division, U.S. Department of Justice, Goodrich has a fifty percent share are 15 U.S.C. 16(b)-(h), that a proposed 450 Fifth Street NW., Suite 8700, two of the world’s three leading Final Judgment, Hold Separate Washington, DC 20530 (telephone: (202) producers of engine control systems for Stipulation and Order, and Competitive 307–0924). large aircraft turbine engines. The Impact Statement have been filed with Patricia A. Brink, proposed acquisition likely would reduce competition substantially for the United States District Court for the Director of Civil Enforcement. District of Columbia in United States v. engine control systems for large aircraft United Technologies Corporation and United States District Court for the turbine engines. Goodrich Corporation, Civil Action No.
    [Show full text]
  • Rolls-Royce Plc Directors' Report and Financial Statements 2013
    Rolls-Royce plc Directors’ report and financial statements 2013 Strategic report better power for a changing world “ 2013 was a year of good progress in which our order book, underlying revenue and underlying profit, all grew. Our focus remains on the 4 Cs: Customer, Cost, Cash and Concentration.” John Rishton, Chief Executive Rolls-Royce plc Directors’ report and financial statements 2013 1 Strategic report Strategic Strategic report Introduction 1 Group at a glance 2 Chief Executive’s review 4 Our vision, business model, strategy and values 6 Chief Financial Officer’s review 8 Directors’ report Civil aerospace 12 Defence aerospace 14 Marine 16 Energy 18 INTRODUCTION Power Systems 20 Rolls-Royce is a global company, providing Engineering and technology 22 Operations 23 Sustainability 24 integrated power solutions for customers statements Financial Key performance indicators 28 in civil and defence aerospace, marine, Principal risks and uncertainties 30 energy and power markets. Directors’ report Board of directors 33 Internal control and risk management 35 Our vision is to deliver ‘better power Shareholders and share capital 37 for a changing world’. Other statutory information 37 Directors’ report and financial Other information statements 38 Financial statements Contents listed on page 39 Other information Subsidiaries, jointly controlled entities and associates 107 2013 2012** % change Independent Auditor’s report 110 Order book – Additional financial information 111 firm and announced £71,612m £60,146m +19% Underlying revenue* £15,505m £12,209m +27% Underlying profit before tax* £1,760m £1,434m +23% Reported revenue £15,513m £12,161m +28% Reported profit before tax £2,019m £2,766m -27% Net cash £1,939m £1,316m * See explanation in note 2 on page 54 ** Restated to reflect the adoption to IAS19 Employee Benefits and change in accounting policy on the treatment of Risk and Revenue Sharing Arrangement entry fees – see note 1.
    [Show full text]
  • Rolls-Royce Holdings Plc Annual Report 2013 Worldreginfo - 0458Fdbd-C097-4278-A351-7111C33e82fc Powerbetter for a Changing World
    Rolls-Royce Holdings plc annual report 2013 WorldReginfo - 0458fdbd-c097-4278-a351-7111c33e82fc powerbetter for a changing world “ 2013 was a year of good progress in which our order book, underlying revenue and underlying profit, all grew. Our priorities remain the 4 Cs: Customer, Concentration, Cost and Cash.” John Rishton, Chief Executive WorldReginfo - 0458fdbd-c097-4278-a351-7111c33e82fc Rolls-Royce Holdings plc annual report 2013 1 Strategic report Strategic Strategic report Introduction 1 Group at a glance 2 Chairman’s review 4 Chief Executive’s review 6 Our vision, business model, strategy and values 8 Directors’ report Other information Chief Financial Officer’s review 10 Civil aerospace 14 Defence aerospace 16 Marine 18 INTRODUCTION Energy 20 Rolls-Royce is a global company, providing Power Systems 22 Engineering and technology 24 integrated power solutions for customers Operations 25 Sustainability 26 statements Financial in civil and defence aerospace, marine, Key performance indicators 30 energy and power markets. Principal risks and uncertainties 32 Directors’ report Chairman’s introduction 35 Our vision is to deliver ‘better power Board of directors 36 for a changing world’. International Advisory Board 38 Executive Leadership Team 38 Corporate governance report 39 Audit committee report 44 Nomination committee report 47 Ethics committee report 49 Risk committee report 51 Safety committee report 52 Remuneration committee report 53 Restated* Directors’ remuneration policy 55 2013 2012 Change Directors’ remuneration report
    [Show full text]
  • Rolls-Royce Holdings Plc Annual Report 2012 Annual Report Plc Holdings Rolls-Royce Rolls-Royce Holdings Plc Annual Report 2012
    Rolls-Royce Holdings plc report annual 2012 Rolls-Royce Holdings plc annual report 2012 ® ® © Rolls-Royce plc 2013 Rolls-Royce Holdings plc Registered office: 65 Buckingham Gate London SW1E 6AT T +44 (0)20 7222 9020 www.rolls-royce.com Company number 7524813 WorldReginfo - aea8a40a-4321-4974-a880-adb5991b762f 133 Glossary Business review ABC Anti-bribery and corruption IFRS International Financial Reporting Standards Introduction 01 ACARE Advisory Council for Aviation Research and ISO International Standards Organisation Group at a glance 02 Innovation in Europe LDI Liability-driven investment Chairman’s statement 04 ADR American Depositary Receipts Programme LIBOR London Inter-Bank Offered Rate Chief Executive’s review 06 AEBS All-Employee Bonus Scheme LLP Limited Liability Partnership Values, vision and strategy 08 AGM Annual general meeting LTSA Long-Term Service Agreement Future opportunity 10 ANA All Nippon Airways LNG Liquefied Natural Gas Chief Financial Officer’s review 12 APB Auditing Practices Board MoD UK Ministry of Defence Key performance indicators 16 APRA Annual Performance Related Award plan MW Megawatt Principal risks and uncertainties 18 BIS Department for Business, Innovation and Skills NCI Non-controlling interest Civil aerospace 20 CAD Canadian dollar NO Nitrogen oxides Defence aerospace 22 X CBE Commander of the Most Excellent Order of the British Empire OCI Other comprehensive income Marine 24 Energy 26 CDP Carbon Disclosure Project OE Original Equipment Excellence in technology 28 CGU Cash-generating unit OECD
    [Show full text]
  • News Release
    News Release Media Contact: Goodrich Corporation Lisa Bottle +1 704 423 7060 Four Coliseum Centre 2730 West Tyvola Road Laurie Tardif +1 704 423 7048 Charlotte, NC 28217-4578 Tel: 704 423 7000 Investor Relations: Fax: 704 423 7002 Paul Gifford +1 704 423 5517 www.goodrich.com For Immediate Release Goodrich Announces 31 Percent Increase in Net Income per Diluted Share and 2 Percent Increase in Sales for Fourth Quarter 2008, Adjusts Outlook for 2009 • Fourth quarter 2008 income per diluted share of $1.35, a 31 percent increase over fourth quarter 2007 income per diluted share of $1.03. • Fourth quarter 2008 sales of $1,695 million increased 2 percent over fourth quarter 2007 sales of $1,668 million, including 4 percent growth in commercial aftermarket sales. • Total segment operating income margin increased to 16.3 percent, from 15.8 percent in the fourth quarter 2007. • Full year 2008 sales of $7.1 billion, an increase of 10 percent over full year 2007 sales of $6.4 billion. • Full year 2008 income per diluted share from continuing operations of $5.33 and net income per diluted share of $5.39, an increase of 37 percent and 43 percent, respectively, compared to 2007 results. • Full year 2009 sales expectations reduced to $7.1 - $7.2 billion. Net income per diluted share expectations have been lowered to $4.50 - $4.90, from $5.05 - $5.25 previously, to incorporate updated expectations for 2009 pension expense and to take into account the uncertainty of the global economic environment. Net cash provided by operating activities, minus capital expenditures, is expected to exceed 75 percent of net income in 2009.
    [Show full text]
  • Goodrich 2008 Annual Report
    financial highlights GOODRICH for the years 2008 2007 % Change Dollars in millions, except per share amounts Sales $ 7,062 $ 6,392 10 % C Segment operating income $ 1,216 $ 1,027 18 % ORPORATION Segment operating margins 17.2 % 16.1 % Net income $ 681 $ 483 41 % Net income per diluted share $ 5.39 $ 3.78 43 % Net cash from operations $ 787 $ 594 32 % Dividends per share (declared) $ 0.925 $ 0.825 12 % A NNUAL Shares outstanding (millions)* 123.2 124.6 *Excluding 14,000,000 shares held by a wholly-owned subsidiary R EPORT 2008 GOODRICH CORPORATION ANNUAL REPORT 2008 Goodrich is well-positioned on the right platforms in the commercial aerospace and defense markets. And we’re increasing our positions on new and retrofit programs to ensure sustained success into the future. Other 5% Commercial and General Aviation Aftermarket Four Coliseum Centre 36% 2730 West Tyvola Road Charlotte, NC 28217-4578 Defense and Space USA 25% Commercial and +1 704-423-7000 General Aviation www.goodrich.com Original Equipment 34% The 2008 Goodrich Annual Report saved natural resources by printing on paper from well-managed forests, controlled sources and recycled wood or fiber. MARKET BALANCE % of 2008 Sales Goodrich has excellent positions on KEY NEW AND RETROFIT PROGRAMS WITH shareholder information newer more fuel-efficient commercial SIGNIFICANT GOODRICH CONTENT aircraft such as the Airbus A320 and Airbus A350 XWB stock exchange listing certifications Goodrich common stock is listed on the New York Stock Exchange Goodrich has filed the Chief Executive Officer and Chief Financial A330, and Boeing 737NG and 787 Boeing 787 Dreamliner (Symbol: GR).
    [Show full text]
  • Rolls-Royce Holdings Plc Annual Report 2013 Powerbetter for a Changing World
    Rolls-Royce Holdings plc annual report 2013 powerbetter for a changing world “ 2013 was a year of good progress in which our order book, underlying revenue and underlying profit, all grew. Our priorities remain the 4 Cs: Customer, Concentration, Cost and Cash.” John Rishton, Chief Executive Rolls-Royce Holdings plc annual report 2013 1 Strategic report Strategic Strategic report Introduction 1 Group at a glance 2 Chairman’s review 4 Chief Executive’s review 6 Our vision, business model, strategy and values 8 Directors’ report Other information Chief Financial Officer’s review 10 Civil aerospace 14 Defence aerospace 16 Marine 18 INTRODUCTION Energy 20 Rolls-Royce is a global company, providing Power Systems 22 Engineering and technology 24 integrated power solutions for customers Operations 25 Sustainability 26 statements Financial in civil and defence aerospace, marine, Key performance indicators 30 energy and power markets. Principal risks and uncertainties 32 Directors’ report Chairman’s introduction 35 Our vision is to deliver ‘better power Board of directors 36 for a changing world’. International Advisory Board 38 Executive Leadership Team 38 Corporate governance report 39 Audit committee report 44 Nomination committee report 47 Ethics committee report 49 Risk committee report 51 Safety committee report 52 Remuneration committee report 53 Restated* Directors’ remuneration policy 55 2013 2012 Change Directors’ remuneration report 62 Order book £m 71,612 60,146 +19% Shareholders and share capital 70 Other statutory information 72 Underlying
    [Show full text]
  • Rolls-Royce Holdings Plc Annual Report 2012 Annual Report Plc Holdings Rolls-Royce Rolls-Royce Holdings Plc Annual Report 2012
    Rolls-Royce Holdings plc report annual 2012 Rolls-Royce Holdings plc annual report 2012 ® ® © Rolls-Royce plc 2013 Rolls-Royce Holdings plc Registered office: 65 Buckingham Gate London SW1E 6AT T +44 (0)20 7222 9020 www.rolls-royce.com Company number 7524813 133 Glossary Business review ABC Anti-bribery and corruption IFRS International Financial Reporting Standards Introduction 01 ACARE Advisory Council for Aviation Research and ISO International Standards Organisation Group at a glance 02 Innovation in Europe LDI Liability-driven investment Chairman’s statement 04 ADR American Depositary Receipts Programme LIBOR London Inter-Bank Offered Rate Chief Executive’s review 06 AEBS All-Employee Bonus Scheme LLP Limited Liability Partnership Values, vision and strategy 08 AGM Annual general meeting LTSA Long-Term Service Agreement Future opportunity 10 ANA All Nippon Airways LNG Liquefied Natural Gas Chief Financial Officer’s review 12 APB Auditing Practices Board MoD UK Ministry of Defence Key performance indicators 16 APRA Annual Performance Related Award plan MW Megawatt Principal risks and uncertainties 18 BIS Department for Business, Innovation and Skills NCI Non-controlling interest Civil aerospace 20 CAD Canadian dollar NO Nitrogen oxides Defence aerospace 22 X CBE Commander of the Most Excellent Order of the British Empire OCI Other comprehensive income Marine 24 Energy 26 CDP Carbon Disclosure Project OE Original Equipment Excellence in technology 28 CGU Cash-generating unit OECD Organisation for Economic Cooperation and Development
    [Show full text]