Meggitt : 2019 Full-year results (Slides)

Enabling the Extraordinary

To Fly To Power To Live

2019 FULL YEAR RESULTS

25 February 2020

presented by

Tony Wood, Chief Executive

Louisa Burdett, Chief Financial Officer

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2019 Full Year Results

2

HIGHLIGHTS

Tony Wood

Chief Executive

Financial highlights

2019 another year of strong organic growth

• Organic orders up 10%; book to bill of 1.09x
• Organic revenue up 8%
• • Civil OE +8%
  • Civil AM +8%
  • Defence +11%
  • Energy +10%
• Underlying operating profit up 10% to £403m (margin of 17.7%)
• Free cash flow up 60% to £268m with cash conversion of 93%
• Dividend increased by 5% to 17.5p

Equipment on 73,000 aircraft

4

Building a better business

Focused strategy, accelerating results and laying the foundation for the future

Portfolio

Customers

	Profitable growth	403
		+10%
More Focused	+4%	367

353

Better Aligned

Competitiveness

Culture

More Competitive

Higher Performing

2017

2018

2019

Above market growth

9%8%

2%

2017

2018

2019

More resilient business capable of sustaining above market growth

5

Strategic highlights

Strong progress in strategy execution

Strategic priority		Portfolio Strategy		Customers		Competitiveness		Culture

2019 progress

	77% of revenue in		Strong order book of
	attractive markets with		£2.5bn
	strong positions		21 Smart Support™
 2/3 of investment in		agreements signed in
	sustainable aviation		2019 taking total to 25
	technologies		Modec, SBM, LNG
	Investment in additive		Canada and GE awards
	manufacturing specialist;		underpin continued
	HiETA Technologies		Heatric recovery
	Limited		Expanded aftermarket
	Exclusive partnership with		hubs in Miami and
	Luna Innovations		Singapore

• Completion of two further non-core disposals

	57% of sites now MPS		Customer-aligned
	Green or above;		organisation embedded
	Inventory turns 2.7x		8,000 employees
	Purchased costs down		through High
	2.2% and # of suppliers		Performance Culture
	down 13%		programme
	Footprint down 25%		Employee engagement
			up a further 4% to reach

 Ansty Park on plan for	Global High
phased transition from
Performance norm
April 2020

6

FINANCIAL OVERVIEW

Louisa Burdett

Chief Financial Officer

Income statement

Strong organic revenue growth

Underlying1		FY19		FY18	Growth (%)
		£m		£m Reported Organic2
Orders		2,237	10
2,468	10			Book to bill of 1.09x including 1.17x in
Revenue	2,276	2,081	9³	8			Defence
Operating profit	403	367	10⁴	7
	Strong organic growth across all end
Operating margin			17.7%					markets particularly Defence despite
17.7%
				softening civil air traffic growth
Net finance costs	(33)	(32)
				Underlying margin improvements from
Profit before tax	370	335	11	8			strategic initiatives offset by a number
		of headwinds
Tax		(81)		(70)
Tax rate		22.0%		21.0%
						Additional provisions in relation to UK
Profit for year	289	265	9
			CFC regime
Earnings per share		37.3p		34.2p	9
Dividend per share	17.50p		16.65p	5

2019 Full Year Results	1	A full reconciliation from underlying to statutory figures is provided in notes 4 and 10 of the preliminary results announcement.	8
2 Organic figures exclude the impacts of acquisitions, disposals and foreign exchange.
	3	9.4% reported revenue growth.
	4	9.7% reported UOP growth.

Revenue by end market

Strong organic growth across all end markets

	2019 Revenue Growth
	Reported	Organic
Civil OE	12%	8%
Civil AM	8%	8%
Total Civil	10%	8%
Defence	13%	11%
Energy	11%	10%
Other	(23%)	(18%)
Total Group	9%	8%

Revenue by market

	Other
Energy	6%	3%
	Civil OE
		23%

Defence	36%	£2,276m
FY19 GROUP REVENUE

32% Civil Aftermarket

OE: 52%, Aftermarket: 48%

2019 Full Year Results

9

Underlying operating margin

Strategic initiatives offset FoC growth, mix and Composites

18.5%
			£367m			£403m
18.0%
17.5%				(0.6%)	0.8%
17.0%					(0.2%)
16.5%					17.7%
17.7%
16.0%
15.5%

15.0%

2018

Investing for the future

Composites

Strategic initiatives

2019

2019 Full Year Results

10

Divisional performance

Summary

Underlying	Revenue
		Organic
		Growth
	£m	%
Airframe Systems	1,057		2
Engine Systems	330		16
Energy & Equipment	412		11
Services & Support	471		16
Businesses disposed prior to	6
effect of new structure

Operating	Operating
profit	margin
	2019	2018
£m	%	%
251	23.7	25.7
27	8.3	6.6
53	12.9	8.3
71	15.1	14.7
1	8.9	2.3

Growth in Civil OE of 6% offset by modest growth in

both Civil AM and Defence

Growth in FOC brakes, adverse mix, supply chain

disruption

Strong growth in Engine Composites and Sensors;

good demand for parts on large jet engine

programmes eg. Leap and GENx

Strong performance in Defence and Energy

Good performance across all end markets more than offsetting impact of 737MAX grounding

Total	2,276	8

403	17.7	17.7

2019 Full Year Results

11

Free cash flow

Strong cash generation

£m	2019	2018	Change %
								Inventory buffers for site moves, Brexit and to
Underlying EBITDA	507	462
				support S&S, more than offset by improved
								working capital management
Working capital movement	(20)	(30)		(32%)
Gross capex		(94)	(74)
Proceeds from PPE1	42	2
Capitalised development costs	(55)	(59)					Increase in gross capital expenditure driven by
				Ansty Park and carbon expansion
Programme participation costs2	(2)	(1)
Underlying operating cash flow	378	300
								Reflects one-off US pension deficit payment in
Pension deficit payments	(35)	(68)		(48%)
			2018 which was deductible against 2017 US
								taxable earnings
Operating exceptionals	(27)	(12)		(128%)
Interest & tax	(48)	(53)
				Costs related to footprint consolidation including
								Ansty Park
Free cash flow	268	167
Free cash conversion	93%	63%

2019 Full Year Results

12

1Relates to the Holbrook Lane sale (£21m), Ansty revenue lease premium (£19m) and other PPE disposals (£2m). 2Cash contributions only.

Cash conversion

Free Cash Flow and cash conversion expected to be lower in 2020

£m	2018	2019	2020
(guidance)
Published Free Cash Flow	167	268
Cash conversion - reported	63%	93%	Low 60s%
Cash conversion - adjusted for one-offs1	75%	79%	Low 60s%

• Lower free cash flow and cash conversion anticipated in 2020:

• Increase in capital and operating expenditure relating to Ansty Park and carbon capacity expansion

 Increase in cash tax

• Receipt of one-offproperty-related cash receipts in 2019
• Increase in cash outflow in 2020 weighted towards H1 due to timing of site moves

2019 Full Year Results

1 £30m payment into US pension schemes in 2018 and £40m property-related cash receipts in 2019	13

Financing and covenants

Net debt reduction

Net debt £m

1,074	31
98	911
132
		153
976		758

Net debt	FX		Other	Net debt
(Dec-18)				(Dec-19)
			IFRS 16 Leases		Net Borrowings

Net debt : EBITDA reduced to 1.8x (2018: 2.3x) and 1.5x on covenant basis1 (2018: 1.8x)

2019 Full Year Results

14

1 On a covenant basis, net debt: EBITDA should not exceed 3.5x

MARKET AND STRATEGY OVERVIEW

Tony Wood

Chief Executive

Market dynamics

Good performance in growing end markets

Civil OE		Civil AM	Defence		Energy & Other
(23% of revenue)		(31% of revenue)	(36% of revenue)		(10% of revenue)
 25% reduction in large jet		4% growth in air traffic	 Outlays from US remain		Infrastructure investment in
deliveries; 6% increase			strong		Oil and Gas stable in 2019
excluding Boeing 737		Retirement rate remains low
platform		at ~2%	 Strong growth on new		Emerging markets driving
 8% decline in regional jet		1% growth in large regional	programmes (e.g. F-35)		demand

deliveries		jet utilisation	 DoD budget growth of 4% in		Growth in LNG and
			2020		renewables projects
 12% increase in business jet		Slight reduction in business			increasing demand for
deliveries reflecting		jet utilisation			medium and small frame
production of new models					turbines

16

Our Strategy

Four priorities to increase growth and returns

PORTFOLIO STRATEGY	CUSTOMERS
Attractive markets
Upper quartile performance
Strong positions
OE / aftermarket growth
World class technology

	GROWTH
		ROCE
COMPETITIVENESS		CULTURE
Productivity
			High performance culture
Inventory
			Diversity & inclusion
Purchasing
			Employee engagement
Footprint

17

Portfolio

77% of revenue in attractive markets where we have strong positions

High

Market attractiveness

Low

11%	77%
(-2% since 20171)	Of 2019 revenue
					(+11% since 20171)

1%

(-5% since 20171) 11%

(-5% since 20171)

Low

Meggitt position

High

Partnership with Luna Innovations

• Deployment of optical sensors in Bleed Air leak Detection Systems
• Strong progress in 2019 with customer trials in 2020

Investment in HiETA Technologies Limited

• UK company with world-leading capabilities in metal additive manufacturing
• Positions Meggitt as leader in using additive & advanced manufacturing technologies to produce next generation thermal systems

Exit of Endevco

Exit of Meggitt, Angouleme

18

1 Change in revenue by quadrant compared to initial disclosure during 2017 Capital Markets Day (16 May 2017)

Portfolio

Over two-thirds of our Innovation investment in enabling technologies for sustainable aviation

Core Themes

	Lighter, more	Geared turbofans	Hybrid propulsion	Sustainable aviation
Meggitt Technologies	efficient aircraft			fuels
		
Thermal systems		
Safety systems				
Fuel systems				
Optical sensing			
Engine composites			
Braking systems	
High temperature systems			
Electrical / Batteries			
Additive/Digital Manuf.			

Leading technologies for sustainable aviation

19

Customers

Expanding relationships with Customers

1.09x
Book to bill		Book to bill
	Defence		Civil OE
	1.17x		1.04x
Group Book to bill1
	 DLA		 Gulfstream
	Fuel bladders for F/A-		Wheels and
	18, V-22 and CH-53E		braking system for
	 General Dynamics		G700
	Auxiliary cooling and		 ATR
	power systems		NuCarb upgrade for
			ATR 72

Civil AM

1.04x

Book to bill

• 21 Smart Support™ deals signed in 2019
• Strong pipeline
• £155m - aggregate value of all Smart
  Support™ deals

Energy

1.10x

Book to bill

• MODEC, SBM Offshore (Brazil), LNG Canada
  New orders for Heat Exchangers to serve LNG / FPSO projects

20

1 The ratio of orders received to revenue recognised in a period

Customers

Growing aftermarket through SMART Support™

Market Share

				Recapturing market share								Broadening our offering
			• 3RD party MRO															5
			•	Surplus parts
75																		Predictive
																		4
70																IntensityData			Analytics
														Value				Power by
65
																			the Hour
60																			3
																			Exchange
55																	2
																MRO+	Pools
50																1
45																Spare		Repairs
40																	parts
35																				Scope
2010	2012	2014	2016	2018	2020	2022	2024	2026	2028	2030
				Strengthened capability							Tailored SMART Support™ approach

From transactional……. to proactive & planned

21

Customers

Increasing momentum of SMART Support™

Growing market share through SMART Support™		Routes to Market

Aggregate value of Smart Support™ agreements
							£155m
Q1 18	Q2 18	Q3 18	Q4 18	Q1 19	Q2 19	Q3 19	Q4 19

Services & Support

Regional	US	EMEA	Asia
hubs

Airlines		Nose to Tail	Engine	OEMs
	MRO	MRO

22

Competitiveness

Continued progress through the Meggitt Production System towards our 2021 targets¹

Meggitt Production System (MPS)

2019	2020	2021
Purchasing			Inventory turns			Low Cost Manufacturing

4.0x

2016	2017	2018	2019		2021 Target

		2.7x	2.9x
(1.3%)	2.5x		2.7x
(2.0%)	(2.0%)
(2.2%)
Purchased cost variance (PCV) 2016-2019	2017	2018	2019	2021

1million

Production hours in Vietnam

in 2019

23

1 2021 target set during 2017 Capital Markets Day (16 May 2017)

Competitiveness

Transition to Ansty Park in 2020 on track

	Footprint
56¹	25%
	reduction
	achieved in
	three years
	42	(5)
			37
2016 Sites	2019 Sites	In progress	2021 Sites
			24

1 Baseline published during 2017 Capital Markets Day (16 May 2017)

Culture

The benefits of our High Performance Culture

• New customer facing organisation embedded
• Over 8,000 employees completed high performance culture programme
• Employee Resource Groups launched in 2019
• 8% increase in Engagement over last two years

25

GUIDANCE

Tony Wood

Chief Executive

2020 outlook

FY20 ORGANIC REVENUE GROWTH

Civil OE		737 MAX impacts large jet delivery numbers
1 to 3%		Strong content underpins demand for our OE

Civil AM		Global air traffic growth softened by COVID-19
2 to 4%		Strong content and long-term agreements support growth

Defence		US defence spending to remain healthy
3 to 5%		Slower growth in non-US defence budgets (27% of revenue)

Energy		Growth expectations for Heatric remain solid
0 to 5%		Good opportunities in LNG, renewables, emerging markets

FY20

GROUP ORGANIC REVENUE GROWTH 2 to 4%

GROUP OPERATING MARGIN 18.0% to 18.2%

+30 to 50bps

GROUP CASH CONVERSION c. 60%

27

2021 guidance

2019		2021

Productivity

Inventory

Footprint

Purchasing

Margin

• 57% of sites in Green+
• 33% in bronze or above
• Delivered 2.7x turns in 2019 with buffers for sites moves in place
• -25%vs 2016 baseline
• Well ahead of 20% original target
• 2.2% purchasing savings delivered
• 17.7% in the face of a number of headwinds

• All sites at least in Green stage
• Targeting around 4.0x turns
• Approx. 37 sites
• Reduction of around one third
• Around 2.0% reduction
• Range of 18.5% to 19.0%

FY21

GROUP ORGANIC REVENUE GROWTH Low to mid-singledigit %

GROUP OPERATING MARGIN 18.5% to 19.0%

GROUP CASH CONVERSION c. 70%

28

Summary

Another year of strong organic growth for Meggitt

• Competitive positions in attractive markets underpin strong order book
• Strong organic growth with revenue up 8%
• Double digit operating profit growth
• Strong cash generation during a period of high investment
• Well positioned for continued profitable growth

29

QUESTIONS

Appendix

Statutory profit reconciliation 33 Currency impact 34 Operating exceptionals 35 Cash drivers 36

Credit maturity profile 37 Retirement benefit obligations 38 Shares in issue 39

Capital allocation 40 Dividend history 41 Market data 42 Meggitt capabilities 43 Market segment exposures 44 Revenue by quarter 46

2019 Full Year Results

31

Statutory profit reconciliation

Appendix 1

	FY19	FY18
Underlying operating profit	402.8	367.3
Mark to market of derivatives	15.0	(10.1)
Acquisitions and disposals	23.5	25.1
Site consolidations	(20.1)	(28.7)
Acquisition integration and business restructuring	(6.1)	(3.8)
Amortisation of acquired intangibles	(89.8)	(91.5)
GMP pension equalisation	-	(1.7)
Statutory operating profit	325.3	256.6

2019 Full Year Results

32

Currency impact

Appendix 2

	H1 2019	FY 2019	H1 2020	FY 2020
	Act	Act	Est	Est
$/£ rate
Translation rate	1.28	1.28	1.30	1.30
Transaction rate (hedged)	1.43	1.42	1.38	1.38
Euro rate
€/£ Translation rate	1.15	1.14	1.13	1.13
$/€ Transaction rate (hedged)	1.19	1.19	1.15	1.15
CHF rate
CHF/£ Translation rate	1.30	1.27	1.30	1.30
$/CHF Transaction rate (hedged)	1.06	1.06	1.07	1.07
PBT impact £m
Year-on-year translation		7.4
Year-on-year transaction		3.6
Year-on-year currency benefit		11.0
Currency sensitivity:	± 10 US$ cents = ± £120m Revenue; ±20m PBT
	± 10 Euro cents = ± £11m Revenue; ± 2m PBT
	± 10 Swiss cents = ± £8m Revenue; ± 3m PBT

2019 Full Year Results

33

Operating exceptionals

Appendix 3

£m	2019	2020
	Actual	Guidance
	at $1.28	at $1.30
P&L charge
Site consolidations	20.1	25 - 30
Business restructuring costs	6.1	3 - 6
Total	26.2	28 - 36
Cash out
Site consolidations¹	22.4	29 - 34
Business restructuring costs	4.9	3 - 6
Total	27.3	32 - 40

2019 Full Year Results

34

¹£21.0m proceeds from the disposal of property, plant and equipment associated with the Ansty move are disclosed in the cash flow statement within proceeds from disposal of property, plant and equipment

Cash drivers

Appendix 4

£m

1. R&D

Group spend (less charge to WIP/COGS)

Capitalisation

Amortisation/impairment

Charge to net operating costs

2. Fixed assets

Capital expenditure¹

Depreciation/amortisation

1. Retirement benefit deficit payments
2. Free of charge costs

2019	2020
Actual		Guidance
at $1.28		at $1.30
95	80-95
(55)	(40)-(50)
29		33-38
69	68-78
94	120-140
(76)	(80)-(85)
35	35

Expensed

73

75-85

2019 Full Year Results

35

¹Gross capex: excludes proceeds of £23.1m including £21.0m re sale of buildings associated with Ansty move.

Credit maturity profile

Appendix 5

1,750
	Committed facilities: £1,564m
1,500	Headroom: £806m
1,250

1,000

£m

750

500

250

0

	Covenant		Actual
Net debt:EBITDA	≤3.5x		1.5x
Interest cover	≥3.0x		16.3x

Net borrowings at Dec-19: £758m

FY 19	FY 20		FY 21	FY 22	FY 23
			Fixed Rate		Floating Rate

2019 Full Year Results

36

Retirement benefit obligations

Appendix 6

£m	FY 2018		FY 2019
Opening deficit	(308.1)	(209.1)
Net deficit payments	67.6	35.2
Actuarial movements - assets	(52.1)	53.5
Actuarial movements - liabilities	98.3		(142.7)
	46.2	(89.2)
Other movements (including FX)	(14.8)	(4.8)
Closing deficit	(209.1)		(267.9)
UK discount rate	2.90%	2.05%
US discount rate	4.15%	3.10%

2019 Full Year Results

37

Shares in issue

Appendix 7

Share in millions
	FY 2018		FY 2019
Opening	776.4	776.9
Share schemes	0.5	0.6
Closing	776.9	777.5

Average1

773.2

773.7

2019 Full Year Results

38

1 Adjusted to exclude own shares

Capital allocation priorities

Appendix 8

CONTEXT

Cash generative business model

Passed the peak of a major development cycle

Normal net debt :

EBITDA range of

~1.5x to 2.5x

		FOUR CONSISTENT PRIORITIES FOR CAPITAL ALLOCATION
#1		Funding organic growth and driving operational efficiency
#2		Growing dividends in line with earnings through the cycle
#3		Targeted, value-accretive acquisitions in our core markets
#4		Maintain efficient balance sheet

2019 Full Year Results

39

Dividend history

Appendix 9

9.1%

8.3%

6.9%

4.9%

5.0%

5.0%

5.1%

2016

2017

2018

2019

-1.5%

		Earnings per share growth (3YR CAGR: 4.7%)1		Dividend per share growth (3YR CAGR: 5.0%)
2019 Full Year Results	40

1 2017 EPS restated to reflect the full effects of IFRS 15 and IFRS 16. For 2016, EPS figures have been restated only to reflect the actual effects of expensing FOCs

Market data - aircraft utilisation

Appendix 10

	10.0%
								8.4%
growth)	8.0%			7.0%	7.2%
					7.5%
	5.8%
			6.2%
year	6.0%
							4.7%
on
(year	4.0%		3.3%							3.5%	4.2%
Operations
					1.8%
	2.0%	1.1%		1.3%
		2.2%
										1.0%
Aircraft
0.0%					1.0%	1.0%
	0.0%		0.5%					0.6%
											-0.8%
	-2.0%
		2013	2014	2015	2016	2017	2018	2019
					Regional Jet		Business Jet		Commercial Traffic

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

-2.0%

Revenue Passenger Kilometers (year on year growth)

2019 Full Year Results

41

Meggitt capabilities

Appendix 11

2019 Full Year Results

42

Market segment exposures

Appendix 12

Airframe Systems

Other 2%

Energy 1%

Civil OE 30%

Defence 36%	£1,057m
Revenue
	23.7%
	Margin
	Civil AM 31%

Engine Systems

	Other 8%
	Civil OE 57%
Defence 33%	£330m

Revenue

8.3%

Margin

Civil AM 2%

Energy & Equipment	Services & Support
Other 8% Civil OE 3%
	Defence 19%
Energy 31%
£412m	£471m	Civil AM 81%
Revenue	Revenue
12.9%	15.1%
Margin	Margin
Defence 58%

LEGEND

Civil OE

Civil AM

Defence

Energy

Other

2019 Full Year Results

43

Market segment exposures

Appendix 12

Civil OE

Bizjet & GA 21%Large Jet 72%

£519m

Civil AM

Bizjet & GA 20%

Large Jet 56%

£716m

Regional 7%

Revenue

Regional 24%

Revenue

Defence

Non-Aero 30%	Fighter Jet 31%

	£824m
	Revenue
Other Fixed
Wing 15%	Rotorcraft 24%

Energy & Other

Other	Oil & Gas 43%
Industrial
29%

£217m

Revenue

Medical 5%

Auto 2%

Power Gen 21%

2019 Full Year Results

44

Revenue growth by quarter

Appendix 13

Organic Growth	Q1 2019	Q2 2019	H1 2019	Q3 2019	Q4 2019	H2 2019	FY 2019
Civil OE	8%	14%	11%	4%	4%	4%	8%
Civil Aftermarket	6%	7%	7%	4%	14%	9%	8%
Defence	18%	10%	13%	20%	3%	10%	11%
Energy	(7)%	7%	(1)%	26%	15%	19%	10%
Group	9%	9%	9%	11%	6%	8%	8%

2019 Full Year Results

45

Enabling the Extraordinary

To Fly To Power To Live

For further information:

Mathew Wootton	Sara Yapp
Vice President, Strategy & Investor Relations	Investor Relations Manager
[phone]	[phone]
[phone]	[phone]
[e-mail]	[e-mail]

Meggitt PLC Atlantic House, Aviation Park West, Bournemouth International Airport, Christchurch, Dorset BH23 6EW

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www.meggittinvestors.com