46
Enabling the Extraordinary To Fly To Power To Live 25 February 2020 presented by Tony Wood, Chief Executive Louisa Burdett, Chief Financial Officer 2019 FULL YEAR RESULTS
Enabling the Extraordinary To Fly To Power To Live
25 February 2020 presented by
Tony Wood, Chief Executive
Louisa Burdett, Chief Financial Officer
2019 FULL YEAR RESULTS
Disclaimer
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Cautionary statement
2 2019 Full Year Results
HIGHLIGHTS
Tony Wood Chief Executive
Financial highlights 2019 another year of strong organic growth
Equipment on 73,000 aircraft
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
4
353
367
403
2017 2018 2019
Building a better business Focused strategy, accelerating results and laying the foundation for the future
5
More resilient business capable of sustaining above market growth
More Focused
Better Aligned
More Competitive
Higher Performing
2%
9% 8%
2017 2018 2019
Above market growth
Profitable growth
+4%
+10%
Culture
Portfolio
Customers
Competitiveness
Portfolio Strategy Customers Competitiveness Culture
Strategic highlights Strong progress in strategy execution
77% of revenue in
attractive markets with strong positions
2/3 of investment in
sustainable aviation
technologies
Investment in additive
manufacturing specialist; HiETA Technologies
Limited
Exclusive partnership with
Luna Innovations
Completion of two further
non-core disposals
Customer-aligned
organisation embedded
8,000 employees
through High
Performance Culture
programme
Employee engagement
up a further 4% to reach Global High
Performance norm
Strong order book of
£2.5bn
21 Smart Support™
agreements signed in
2019 taking total to 25
Modec, SBM, LNG
Canada and GE awards
underpin continued Heatric recovery
Expanded aftermarket
hubs in Miami and
Singapore
57% of sites now MPS
Green or above; Inventory turns 2.7x
Purchased costs down
2.2% and # of suppliers
down 13%
Footprint down 25%
Ansty Park on plan for
phased transition from
April 2020
Strategic priority
2019 progress
6
FINANCIAL OVERVIEW
Louisa Burdett Chief Financial Officer
Underlying1 FY19 FY18 Growth (%)
£m £m Reported Organic2
Orders 2,468 2,237 10 10
Revenue 2,276 2,081 9³ 8
Operating profit 403 367 10⁴ 7
Operating margin 17.7% 17.7%
Net finance costs (33) (32)
Profit before tax 370 335 11 8
Tax (81) (70)
Tax rate 22.0% 21.0%
Profit for year 289 265 9
Earnings per share 37.3p 34.2p 9
Dividend per share 17.50p 16.65p 5
Income statement Strong organic revenue growth
8
Strong organic growth across all end markets particularly Defence despite
softening civil air traffic growth
Underlying margin improvements from strategic initiatives offset by a number
of headwinds
Book to bill of 1.09x including 1.17x in Defence
Additional provisions in relation to UK CFC regime
1 A full reconciliation from underlying to statutory figures is provided in notes 4 and 10 of the preliminary results announcement. 2 Organic figures exclude the impacts of acquisitions, disposals and foreign exchange. 3 9.4% reported revenue growth. 4 9.7% reported UOP growth.
2019 Full Year Results
Revenue by market
OE: 52%, Aftermarket: 48%
23%
32%
36%
6% 3%
£2,276m FY19 GROUP REVENUE
Civil OE
Civil Aftermarket
Defence
Energy
Other
Revenue by end market Strong organic growth across all end markets
9 2019 Full Year Results
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%
Underlying operating margin Strategic initiatives offset FoC growth, mix and Composites
10 2019 Full Year Results
(1.5%)
(0.4%)
(0.5%)
17.7% 17.7%
(0.6%)
(0.2%)
0.8%
15.0%
15.5%
16.0%
16.5%
17.0%
17.5%
18.0%
18.5%
2018 Investing for the future Composites Strategic initiatives 2019
£367m £403m
Underlying Revenue Operating
profit
Operating margin
Organic Growth 2019 2018
£m % £m % %
Airframe Systems 1,057 2 251 23.7 25.7
Engine Systems 330 16 27 8.3 6.6
Energy & Equipment 412 11 53 12.9 8.3
Services & Support 471 16 71 15.1 14.7
Businesses disposed prior to
effect of new structure 6 1 8.9 2.3
Total 2,276 8 403 17.7 17.7
Divisional performance Summary
11 2019 Full Year Results
Growth in Civil OE of 6% offset by modest growth in both Civil AM and Defence
Strong performance in Defence and Energy
Strong growth in Engine Composites and Sensors; good demand for parts on large jet engine
programmes eg. Leap and GENx
Good performance across all end markets more than offsetting impact of 737MAX grounding
Growth in FOC brakes, adverse mix, supply chain disruption
Free cash flow Strong cash generation
12 2019 Full Year Results
1Relates to the Holbrook Lane sale (£21m), Ansty revenue lease premium (£19m) and other PPE disposals (£2m). 2Cash contributions only.
Inventory buffers for site moves, Brexit and to support S&S, more than offset by improved
working capital management
£m 2019 2018 Change %
Underlying EBITDA 507 462
Working capital movement (20) (30) (32%)
Gross capex (94) (74)
Proceeds from PPE1 42 2
Capitalised development costs (55) (59)
Programme participation costs2 (2) (1)
Underlying operating cash flow 378 300
Pension deficit payments (35) (68) (48%)
Operating exceptionals (27) (12) (128%)
Interest & tax (48) (53)
Free cash flow 268 167
Free cash conversion 93% 63%
Reflects one-off US pension deficit payment in 2018 which was deductible against 2017 US
taxable earnings
Costs related to footprint consolidation including Ansty Park
Increase in gross capital expenditure driven by Ansty Park and carbon expansion
Cash conversion
13 2019 Full Year Results
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-off property-related cash receipts in 2019
Increase in cash outflow in 2020 weighted
towards H1 due to timing of site moves
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%
1 £30m payment into US pension schemes in 2018 and £40m property-related cash receipts in 2019
Financing and covenants Net debt reduction
14 2019 Full Year Results
Net debt £m
1 On a covenant basis, net debt: EBITDA should not exceed 3.5x
Net debt : EBITDA reduced to 1.8x (2018: 2.3x) and 1.5x on covenant basis1 (2018: 1.8x)
976 758
98 31 132
153
Net debt
(Dec-18)
FX Other Net debt
(Dec-19)
IFRS 16 Leases
1,074
911
Net Borrowings
MARKET AND STRATEGY OVERVIEW
Tony Wood Chief Executive
Market dynamics Good performance in growing end markets
16
Civil AM (31% of revenue)
Defence (36% of revenue)
Energy & Other (10% of revenue)
Civil OE (23% of revenue)
25% reduction in large jet
deliveries; 6% increase
excluding Boeing 737
platform
8% decline in regional jet
deliveries
12% increase in business jet
deliveries reflecting
production of new models
4% growth in air traffic
Retirement rate remains low
at ~2%
1% growth in large regional
jet utilisation
Slight reduction in business
jet utilisation
Outlays from US remain
strong
Strong growth on new
programmes (e.g. F-35)
DoD budget growth of 4% in
2020
Infrastructure investment in
Oil and Gas stable in 2019
Emerging markets driving
demand
Growth in LNG and
renewables projects
increasing demand for
medium and small frame
turbines
CULTURE High performance culture
Diversity & inclusion Employee engagement
PORTFOLIO STRATEGY Attractive markets
Strong positions World class technology
COMPETITIVENESS Productivity
Inventory Purchasing
Footprint
CUSTOMERS Upper quartile performance
OE / aftermarket growth
GROWTH
ROCE
Our Strategy Four priorities to increase growth and returns
17
Portfolio 77% of revenue in attractive markets where we have strong positions
1 Change in revenue by quadrant compared to initial disclosure during 2017 Capital Markets Day (16 May 2017)
Exit of Endevco
Exit of Meggitt, Angouleme
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
18
Partnership with Luna Innovations
Deployment of optical sensors in Bleed Air leak Detection Systems
Strong progress in 2019 with customer trials in 2020
Ma
rke
t a
ttra
cti
ve
ne
ss
Meggitt position Low High
Low
H
igh
77% Of 2019 revenue
(+11% since 20171)
11% (-5% since 20171)
1% (-5% since 20171)
11% (-2% since 20171)
Portfolio Over two-thirds of our Innovation investment in enabling technologies for sustainable aviation
Thermal systems
Core Themes
Meggitt Technologies
Hybrid propulsion Geared turbofans Sustainable aviation
fuels
Lighter, more
efficient aircraft
Safety systems
Optical sensing
Engine composites
Braking systems
High temperature systems
Fuel systems
Electrical / Batteries
Additive/Digital Manuf.
Leading technologies for sustainable aviation
19
ATR NuCarb upgrade for ATR 72
Gulfstream Wheels and braking system for G700
Defence 1.17x
Book to bill
Civil OE 1.04x
Book to bill
Energy 1.10x
Book to bill
Civil AM 1.04x
Book to bill
General Dynamics Auxiliary cooling and
power systems
DLA Fuel bladders for F/A-18, V-22 and CH-53E
MODEC, SBM Offshore (Brazil), LNG Canada
New orders for Heat
Exchangers to serve LNG / FPSO projects
21 Smart Support™ deals signed in 2019
Strong pipeline
£155m - aggregate
value of all Smart Support™ deals
1.09x Group Book to bill1
Customers Expanding relationships with Customers
20
1 The ratio of orders received to revenue recognised in a period
35
40
45
50
55
60
65
70
75
2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Customers Growing aftermarket through SMART Support™
Recapturing market share Broadening our offering
21
• 3RD party MRO
• Surplus parts
Strengthened capability
Spare parts
1
Va
lue
MRO+ Repairs
2 Exchange
Pools
3
Power by
the Hour
4
Predictive
Analytics
5
Da
ta I
nte
nsi
ty
Scope
Ma
rke
t Sh
are
Tailored SMART Support™ approach
From transactional……. to proactive & planned
Customers Increasing momentum of SMART Support™
Growing market share through SMART Support™
Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19
22
Aggregate value of Smart Support™ agreements
Routes to Market
Airlines
Services & Support
Nose to Tail MRO
Engine MRO
OEMs
£155m
US EMEA Asia Regional
hubs
Competitiveness Continued progress through the Meggitt Production System towards our 2021 targets¹
1 2021 target set during 2017 Capital Markets Day (16 May 2017)
2016 2017 2018 2019 2021 Target
Purchased cost variance (PCV) 2016-2019
(2.2%)
(2.0%) (2.0%)
(1.3%)
Meggitt Production System (MPS)
2017 2018 2019 2021
4.0x
2.7x
2.5x 2.7x
2.9x
Low Cost Manufacturing
1million Production hours in Vietnam
in 2019
23
Purchasing Inventory turns
2019 2020 2021
Competitiveness Transition to Ansty Park in 2020 on track
24 1 Baseline published during 2017 Capital Markets Day (16 May 2017)
Footprint
2016 Sites 2019 Sites In progress 2021 Sites
56¹
42 (5)
37
25%
reduction
achieved in
three years
25
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
27
737 MAX impacts large jet delivery numbers Strong content underpins demand for our OE
Global air traffic growth softened by COVID-19
Strong content and long-term agreements support growth
US defence spending to remain healthy Slower growth in non-US defence budgets (27% of revenue)
Growth expectations for Heatric remain solid Good opportunities in LNG, renewables, emerging markets
Civil OE 1 to 3%
Civil AM 2 to 4%
Defence 3 to 5%
Energy 0 to 5%
FY20 ORGANIC REVENUE GROWTH
FY20
GROUP OPERATING MARGIN
18.0% to 18.2% +30 to 50bps
GROUP CASH CONVERSION
c. 60%
GROUP ORGANIC REVENUE GROWTH
2 to 4%
Footprint
Productivity
Purchasing
Margin
Inventory
2021 guidance
57% of sites in Green+
33% in bronze or above
Delivered 2.7x turns in 2019 with buffers for sites moves in place
2019 2021
All sites at least in Green stage
Targeting around 4.0x turns
-25% vs 2016 baseline Well ahead of 20% original
target
2.2% purchasing savings delivered
Approx. 37 sites Reduction of around one third
Around 2.0% reduction
17.7% in the face of a number of headwinds
Range of 18.5% to 19.0%
GROUP OPERATING MARGIN
18.5% to 19.0%
GROUP ORGANIC REVENUE GROWTH
Low to mid-single digit %
FY21
28
GROUP CASH CONVERSION
c. 70%
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
32 2019 Full Year Results
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
Currency impact Appendix 2
2019 Full Year Results 33
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
Operating exceptionals Appendix 3
2019 Full Year Results 34
£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
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
2019 Full Year Results 35
£m 2019
Actual
2020
Guidance
at $1.28 at $1.30
1. R&D
Group spend (less charge to WIP/COGS) 95 80-95
Capitalisation (55) (40)-(50)
Amortisation/impairment 29 33-38
Charge to net operating costs 69 68-78
2. Fixed assets
Capital expenditure¹ 94 120-140
Depreciation/amortisation (76) (80)-(85)
3. Retirement benefit deficit payments 35 35
4. Free of charge costs
Expensed 73 75-85
¹Gross capex: excludes proceeds of £23.1m including £21.0m re sale of buildings associated with Ansty move.
Credit maturity profile Appendix 5
36
£m
0
250
500
750
1,000
1,250
1,500
1,750
FY 19 FY 20 FY 21 FY 22 FY 23
Fixed Rate Floating Rate
Covenant Actual
Net debt:EBITDA ≤3.5x 1.5x
Interest cover ≥3.0x 16.3x
Committed facilities: £1,564m
Net borrowings at Dec-19: £758m
Headroom: £806m
2019 Full Year Results
Retirement benefit obligations Appendix 6
37
£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
Shares in issue Appendix 7
38
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
1 Adjusted to exclude own shares
2019 Full Year Results
Capital allocation priorities Appendix 8
39
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
Funding organic growth and driving operational efficiency #1
Growing dividends in line with earnings through the cycle #2
Targeted, value-accretive acquisitions in our core markets #3
Maintain efficient balance sheet #4
2019 Full Year Results
Dividend history Appendix 9
40
8.3%
-1.5%
6.9%
9.1%
4.9% 5.0% 5.0% 5.1%
2016 2017 2018 2019
Earnings per share growth (3YR CAGR: 4.7%) Dividend per share growth (3YR CAGR: 5.0%)
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
2019 Full Year Results
1
Market data – aircraft utilisation Appendix 10
41 2019 Full Year Results
0.0%
2.2%
1.3%
1.8%
1.0%
3.5%
1.0%
1.1%
3.3%
0.5% 1.0%
4.7%
0.6%
-0.8%
5.8% 6.2%
7.0% 7.2%
8.4%
7.5%
4.2%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2013 2014 2015 2016 2017 2018 2019
Rev
enu
e Pa
ssen
ger
Kilo
met
ers
(yea
r o
n y
ear
gro
wth
)
Air
craf
t O
per
atio
ns
(yea
r o
n y
ear
gro
wth
)
Regional Jet Business Jet Commercial Traffic
Meggitt capabilities Appendix 11
2018 Full Year Results 2019 Full Year Results 42
Market segment exposures Appendix 12
43
£1,057m Revenue
23.7% Margin
Airframe Systems Engine Systems
Energy & Equipment Services & Support
£330m Revenue
8.3% Margin
£412m Revenue
12.9% Margin
£471m Revenue
15.1% Margin
Civil OE 57%
Civil AM 2%
Defence 33%
Other 8%
Civil OE 3%
Defence 58%
Other 8%
Energy 31%
Civil OE 30%
Civil AM 31%
Defence 36%
Civil AM 81%
Defence 19%
LEGEND
Civil OE
Civil AM
Defence
Energy
Other
2019 Full Year Results
Other 2% Energy 1%
Market segment exposures Appendix 12
44
£519m Revenue
Civil OE Civil AM
Defence Energy & Other
£716m Revenue
£824m Revenue
£217m Revenue
Fighter Jet 31%
Rotorcraft 24%
Other Fixed
Wing 15%
Non-Aero 30%
Large Jet 72%
Regional 7%
Bizjet & GA 21%
Power Gen 21%
Auto 2%
Medical 5%
Oil & Gas 43%
2019 Full Year Results
Large Jet 56%
Regional 24%
Bizjet & GA 20%
Other
Industrial
29%
Revenue growth by quarter Appendix 13
45 2019 Full Year Results
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%
For further information:
Meggitt PLC Atlantic House, Aviation Park West, Bournemouth International Airport, Christchurch, Dorset BH23 6EW
Registered in England and Wales (number 432989)
www.meggittinvestors.com
Mathew Wootton
Vice President, Strategy & Investor Relations +44 (0)1202 597 867
+44 (0)7833 094 069 [email protected]
Sara Yapp
Investor Relations Manager +44 (0)1202 597 866 +44 (0)7535 424 266
Enabling the Extraordinary To Fly To Power To Live
