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Ar2020-Strategic-Report.Pdf CONTENTS STRATEGIC REPORT Strategic Report GROUP AT A GLANCE �������������������������������������������������������������������� 2 DEFENCE ��������������������������������������������������������������������������������� 30 CHAIRMAN’S STATEMENT �������������������������������������������������������������� 4 ITP AERO �������������������������������������������������������������������������������� 32 CHIEF EXECUTIVE’S REVIEW �������������������������������������������������������� 6 SUSTAINABILITY ������������������������������������������������������������������������ 34 PURPOSE, VISION AND STRATEGY ������������������������������������������������ 9 LEADING THE TRANSITION TO NET ZERO��������������������������������� 36 BUSINESS MODEL ������������������������������������������������������������������������ 12 RESPONSIBLE CONSUMPTION ������������������������������������������������� 39 BUSINESS ENVIRONMENT ������������������������������������������������������������ 14 PEOPLE AND CULTURE ������������������������������������������������������������ 40 KEY PERFORMANCE INDICATORS �������������������������������������������������16 ETHICS AND COMPLIANCE ������������������������������������������������������ 45 FINANCIAL REVIEW ���������������������������������������������������������������������18 PRINCIPAL RISKS ����������������������������������������������������������������������� 46 BUSINESS REVIEW ���������������������������������������������������������������������� 25 GOING CONCERN AND VIABILITY STATEMENTS ��������������������������� 52 CIVIL AEROSPACE ������������������������������������������������������������������� 25 s 172 STATEMENT ������������������������������������������������������������������������� 56 POWER SYSTEMS �������������������������������������������������������������������� 28 Governance Report COMPLIANCE WITH THE CODE ���������������������������������������������������� 60 REMUNERATION �����������������������������������������������������������������������81 CHAIRMAN’S INTRODUCTION �������������������������������������������������������61 REMUNERATION POLICY FROM 2021 ���������������������������������������� 85 CORPORATE GOVERNANCE ��������������������������������������������������������� 62 REMUNERATION REPORT FOR 2020 ����������������������������������������� 92 BOARD OF DIRECTORS ���������������������������������������������������������������� 64 SAFETY, ETHICS & SUSTAINABILITY �������������������������������������� 101 COMMITTEE REPORTS ������������������������������������������������������������������75 SCIENCE & TECHNOLOGY ������������������������������������������������������102 NOMINATIONS & GOVERNANCE �������������������������������������������������75 RESPONSIBILITY STATEMENTS ��������������������������������������������������103 AUDIT ��������������������������������������������������������������������������������������77 Financial Statements FINANCIAL STATEMENTS CONTENTS ������������������������������������������105 NOTES TO THE COMPANY FINANCIAL STATEMENTS �������������������� 179 CONSOLIDATED FINANCIAL STATEMENTS ����������������������������������106 SUBSIDIARIES ���������������������������������������������������������������������������183 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ������������114 JOINT VENTURES AND ASSOCIATES ������������������������������������������188 COMPANY FINANCIAL STATEMENTS ������������������������������������������� 177 Other Information INDEPENDENT AUDITORS’ REPORT ��������������������������������������������190 DIRECTORS’ REPORT ���������������������������������������������������������������� 208 SUSTAINABILITY ASSURANCE STATEMENT ������������������������������� 204 SHAREHOLDER INFORMATION �����������������������������������������������������211 GREENHOUSE GAS EMISSIONS �������������������������������������������������� 205 GLOSSARY ��������������������������������������������������������������������������������� 213 OTHER FINANCIAL INFORMATION ��������������������������������������������� 206 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 126. All references to organic change are at constant translational currency and exclude M&A. 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 guidance 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, 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. By their nature, these statements involve risk and uncertainty, and a number of factors could cause material differences to the actual results or developments. ROLLS-ROYCE HOLDINGS PLC – ANNUAL REPORT 2020 1 GROUP AT A GLANCE PIONEERS OF POWER Rolls-Royce pioneers cutting-edge technologies that deliver clean, safe and competitive solutions to meet our planet’s vital power needs. Our purpose is to pioneer the power that matters to connect, power and protect society. FREE CASH FLOW 1 REPORTED CASH FLOW 2 UNDERLYING REVENUE REPORTED REVENUE £(4,185)m £(995)m £11,763m £11,824m 2019: £873m 2019: £(413)m 2019: £15,450m 2019: £16,587m UNDERLYING OPERATING (LOSS)/PROFIT REPORTED OPERATING (LOSS) UNDERLYING (LOSS)/PROFIT BEFORE TAX REPORTED (LOSS) BEFORE TAX £(1,972)m £(2,081)m £(3,958)m £(2,910)m 2019: £808m 2019: £(852)m 2019: £583m 2019: £(891)m UNDERLYING EARNINGS PER SHARE 3 REPORTED EARNINGS PER SHARE 3 NET FUNDS 4 LIQUIDITY 5 (66.78)p (52.95)p £(1,533)m £9.0bn 2019: 5.44p 2019: (23.70)p 2019: £1,361m 2019: £6.9bn d e UNDERLYING REVENUE BY BUSINESS IN 2020 a c a. Civil Aerospace 42% b. Power Systems 22% c. Defence 28% d. ITP Aero 6% e. Non-core businesses 2% b ORDER BACKLOG GROSS R&D EXPENDITURE 6 COUNTRIES WITH EMPLOYEES ROLLS-ROYCE PRESENCE (MONTHLY AVERAGE) £53.7bn £1.25bn 45 48,200 1 Free cash flow is defined in note 29 on page 176. See note 2 on page 126 for 2 In 2020, reported cash flow includes £2bn cash from the rights issue in the year and £1.6bn from changes in borrowings and a reconciliation between lease liabilities. A full reconciliation from free cash flow to reported cash flow is included on page 176. underlying and reported results. 3 2019 EPS figures restated to reflect bonus element of rights issue, see note 6 on page 137. 4 Net funds (excluding lease liabilities) is defined on page 110. 5 Liquidity is defined as net funds plus any undrawn facilities, as listed on page 54. 6 See note 3 on page 132 for a reconciliation of gross R&D expenditure to total R&D expenditure. 2 ROLLS-ROYCE HOLDINGS PLC – ANNUAL REPORT 2020 GROUP AT A GLANCE STRATEGIC REPORT CORE BUSINESSES IN 2020 CIVIL AEROSPACE POWER SYSTEMS DEFENCE ITP AERO Civil Aerospace is a major Power Systems is a leading Defence is a market leader in ITP Aero is a global leader in manufacturer of aero engines for provider of high-speed aero engines for military aero-engine subsystem design. the large commercial aircraft, reciprocating engines, and transport and patrol aircraft with Alongside the development, regional jet and business aviation complete propulsion and power strong positions in combat and manufacturing, assembly and markets. The business uses generation systems. It serves helicopter applications. It has testing of engine components, engineering expertise, in-depth the marine, defence, significant scale in naval and it provides MRO services for knowledge and capabilities to power generation and provides through-life support of regional airlines, business provide through-life support industrial markets. the nuclear power plant for the aviation, industrial and solutions for its customers. Royal Navy’s submarine fleet. defence applications. UNDERLYING REVENUE MIX UNDERLYING REVENUE MIX UNDERLYING REVENUE MIX UNDERLYING REVENUE MIX d d e c c a a d b b c c a a b b a. Large Engines 65% a. Marine 32% a. Transport 33% a. Civil 73% b. Business Aviation 20% b. Industrial 24% b. Combat 24% b. Defence 18% c. Regional 4% c. Power Generation 33% c. Submarines 18% c. In-Service Support 9% d. V2500 11% d. Defence 11% d. Naval 11% e. Other 14% UNDERLYING REVENUE UNDERLYING REVENUE UNDERLYING REVENUE UNDERLYING REVENUE £5,089m £2,745m £3,366m £705m 2019: £8,107m 2019: £3,184m 2019: £3,250m 2019: £936m UNDERLYING OPERATING (LOSS)/PROFIT UNDERLYING OPERATING PROFIT UNDERLYING OPERATING PROFIT UNDERLYING OPERATING PROFIT £(2,574)m £178m £448m £68m 2019: £44m 2019: £367m 2019: £415m 2019: £111m See page 25 See page 28 See page 30 See page 32 2019 figures restated to exclude Civil Nuclear Instrumentation & Control and Bergen Engines ROLLS-ROYCE HOLDINGS PLC – ANNUAL REPORT 2020 3 CHAIRMAN’S STATEMENT A CHALLENGING YEAR The impact of the COVID-19
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