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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’ report that has overall market trends, the impact of 26 Principal risks and report been drawn up and presented in interest or exchange rates, the uncertainties 63 Ethics committee report accordance with english company availability of financing to the group, 28 Review of operations 64 Risk committee report law and the liabilities of the directors anticipated cost savings or synergies 28 Civil aerospace 67 Directors’ remuneration in connection with that report shall and the completion of the group’s be subject to the limitations and strategic transactions, are 30 Defence aerospace report restrictions provided by such law. forward-looking statements. By their 32 Marine 78 Shareholders and rolls-royce group plc is incorporated nature, these statements and 34 Energy share capital as a public limited company and is forecasts involve risk and uncertainty registered in england under the Uk because they relate to events and 36 Engineering and 80 Other statutory information companies Act 1985 with the depend on circumstances that may technology 81 Material litigation registered number 4706930. or may not occur in the future. There 38 Operations 81 Annual report and rolls-royce group plc’s registered are a number of factors that could office is 65 Buckinghamg ate, cause actual results or developments 40 Services financial statements london, Sw1e 6AT. to differ materially from those 42 Sustainability expressed or implied by these 48 Finance Director’s review FInAncIAl STATemenTS Cautionary statement regarding forward-looking statements and forward-looking statements forecasts. The forward-looking Contents listed on page 83 This Annual report has been statements reflect the knowledge prepared for the members of the and information available at the company only. The company, its date of preparation of this Annual directors, employees or agents do report, and will not be updated not accept or assume responsibility during the year. nothing in this to any other person in connection Annual report should be construed with this document and any such as a profit forecast. designed and produced by salterbaxter Photography credits: Pages 10, 16, 21 littoral combat Ship, copyright lockheed martin corporation, page 31, eurofighter Typhoon, © 2011 eurofighter Typhoon. This document is printed on revive 50:50 Silk which has been independently certified according to the rules of the Forestry Stewardship council (FSc). revive 50:50 Silk contains 50 per cent recycled fibre bleached in an elementally chlorine Free (ecF) process. The manufacturing mill is accredited with the ISo 14001 environmental Standard. This document has been printed using vegetable based inks and is recyclable. Printed by St Ives westerham Press ltd. ISo 14001:2004, FSc certified and carbonneutral®. Business review our ability to design and develop high-technology products and then integrate these into sophisticated power systems for land, sea and air, provides us with access to global markets. Working together we… create woRld-Class pRoduCtS aNd teChNology 10 INTEGRATe Complex SySTEMS 12 DELIVeR global SOLUTIoNS 14 Business review ORDER BOOK FIRM AND ANNOUNCED £bn UNDERLYING REVENUE £m £bn £m 7 16.7 17.1 18.7 21.3 24.4 26.1 45.9 55.5 58.3 59.2 6,328 5,788 5,645 5,947 6,458 7,353 7,81 9,147 60 12,000 10,108 10,866 40 8,000 20 4,000 0 0 01 02 03 04 05 06 07 08 09 10 01 02 03 04 05 06 07 08 09 10 Governance PROFIT BEFORE FINANCING £m UNDERLYING PROFIT BEFORE TAX £m £m 1 2 7 2 £m 5 31 21 270 41 877 693 51 862 475 255 285 364 593 705 800 880 91 955 1,200 1,172 1,134 1,200 800 800 400 400 0 0 01 02 03 04 05 06 07 08 09 10 01 02 03 04 05 06 07 08 09 10 UNDERLYING EARNINGS PER ORDINARY SHARE p PAYMENTS TO SHAREHOLDERS p 8 8 8 8 p 0 p 8.1 8.1 8.1 8.1 8.72 9.59 13.00 14.30 15.00 16.00 20.20 11.1 12.20 15.62 24.48 29.81 34.06 36.70 39.67 38.73 40 16 statements Financial 30 12 20 8 10 4 0 0 01 02 03 04 05 06 07 08 09 10 01 02 03 04 05 06 07 08 09 10 Note: Reconciliation of underlying revenues and results is provided in notes 2 and 5 of the Consolidated Financial Statements. MATURITY PROFILE OF THE GROUP DEBT COMMITMENTS £m £m 1 1 1 01 Rolls-Royce Group plc annual report48 2010 567 132 201 201 500 600 400 200 0 11 12 13 14 15 16 17 18 19 Business review ChaIRmaN’S StatemeNt “This has been a testing year, both for the world economy and for Rolls-Royce. I am therefore delighted to report that Rolls-Royce has performed well in these challenging circumstances.” Business review the group conducts business on a global basis and has customers for their support, and recognise the customers in 120 countries. It is this broad customer base, tremendous efforts of Rolls-Royce management and staff coupled with an extensive product and services portfolio, in responding so professionally to this very regrettable which underpins our success. we have continued to grow incident. the safety of our products has always been, and our order book in 2010 to £59.2 billion. underlying profits always will be our first priority. before tax increased by four per cent to £955 million. we are committed to conducting business to the highest we are proposing a final payment to shareholders of standards, and to enriching the societies in which we live 9.6 pence per share, bringing the full year payment to and work. as well as creating employment and generating 16 pence per share. this is an increase of 6.7 per cent wealth, we invest heavily and consistently in improving the and reflects the board’s continuing confidence in the environmental performance of our products. through our group’s business. own research, and in collaboration with universities around the world, we are driving innovation and extending the International trade tensions, uneven growth, fiscal boundaries of human knowledge. our training tightening and currency instability have combined to programmes raise levels of skills and capability and set new Governance make the economic environment uncertain. In these standards of engineering excellence. Rolls-Royce people circumstances it is important to have a balanced business around the world are directly involved in community portfolio. this annual report records that our three projects and voluntary activities, contributing to the businesses outside civil aerospace – marine, defence communities in which we operate. aerospace and energy – have all grown underlying profits at double digit rates during 2010, adding to the resilience this year we took further steps to embed our global Code of the business. of business ethics. Rolls-Royce is a responsible group and we are committed to ensuring that we conduct business we continue to benefit from the high barriers to entry appropriately and to the highest levels of integrity. In which are a consequence of our long-term investments order to ensure that we achieve best practice, our and the businesses in which we are involved. our procedures and training programmes are continually high-technology products and services require reviewed and involve all our employees. sophisticated systems integration and are hard to replicate. we continuously explore new ways in which technologies we have continued to invest in our own people through developed in one part of our business can be applied in training and development programmes. these others, reinforcing this strong market position. programmes operate worldwide, including from Financial statements Financial dedicated training facilities in the uK and uS. these as well as meeting the challenges of the marketplace facilities are used to run a range of programmes for in 2010, Rolls-Royce has had to manage the high our worldwide workforce and for our customers. profile failure of at rent 900 engine on a Qantas airbus a380. Rolls-Royce behaved as you would expect of a the board is committed to improving our environmental highly proficient engineering company.w e identified the performance across all business sectors.
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