prelims 2005

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Information about prelims 2005

Published on June 19, 2007

Author: Woofer


Preliminary Results:  Preliminary Results 17th May 2005 Agenda :  Agenda Introduction Operational Review US Acquisition Financial Review New Business Opportunities Future Strategic Tanker Aircraft Strategy Questions Introduction:  Introduction Company Highlights:  Company Highlights Turnover £744m up 11% Profit before taxation* £52.0m up 13% Earnings per share* 20.8p up 15% Dividend 9.75p up 8% Operating cash generated £45m * Pre exceptional items and goodwill Business remains strong Operational Review:  Operational Review Operational ReviewShipbuilding:  Operational Review Shipbuilding Type 45 Ship 01 module to be delivered end May Ship 02/03 modules under construction UK Offshore Patrol Vessel (H) Contract signed in February 05 Delivery September 06 Operational ReviewShipbuilding:  Operational Review Shipbuilding Greece (Fast Attack Craft) Ship 01 final trials Ships 02 and 03 undergoing trials Ships 04 and 05 under construction Operational ReviewSupport Services:  Operational Review Support Services Defence Turnover up 4% River Class OPV and Survey Vessels performing well Oman Airforce contract extension Fleet Support – Solid performance Flagship Training – New orders secured Operational ReviewSupport Services:  Communications Turnover up 7% High frequency project progressing well Supplementary work to core contracts US DoD (Middle East), UK MOD (Falklands) Cost base rationalisation Operational Review Support Services Operational ReviewSupport Services:  Education and Skills Turnover up 22% VT Four S partnership successful Vocational training continues to grow Acquisition of Guidance Enterprise Operational Review Support Services Operational ReviewSupport Services:  US Defense Turnover up 56% JA Jones contracts performing well Order intake $210m Acquisition of Cube Corporation US Defense turnover now over $300m pa Operational Review Support Services US Acquisition:  US Acquisition DOD Technical ServicesMarket Segmentation:  DOD Technical Services Market Segmentation Total Market: $30bn+ pa Administration $3bn IT Support $8bn Training $3bn Logistics, Maintenance, Depots $7bn Base Ops $5bn Military Ops $4bn Market GrowthThrough 2009:  Market Growth Through 2009 Training Military Ops LMD Info Serv Base Ops Admin US Federal Market :  Core DoD Technical Services andgt; $30bn DoD / NASA Engineering Services andgt; $90bn Gov’t-Wide Services / Federal IT ~andgt;$120bn+ US Federal Market DoD Technical Services – A Subset of a Larger Market VT Griffin- Locations:  VT Griffin - Locations Headquarters Griffin Sites Autonomous teams based at customer locations, integration of back office Cube Sites Camp Leguene, NC Patrick, FL Philpott, VA Kerr, VA Cube Corporation:  Cube Corporation Established in 1994 Headquarters in Washington Customer base: DoD, NASA, Department of Labour Order backlog in excess of $400m Cube Corporation- Customer breakdown:  Cube Corporation - Customer breakdown Turnover circa $100m Other 3% BCIS 6% USDA 5% DoD 49% DOL 14% NASA 23% Cube Corporation- Wallops Island:  Cube Corporation - Wallops Island NASA contract Runs to July 2011 Annual revenues $25m Cube Corporation- Wallops Island:  Cube Corporation - Wallops Island Works management Fire and Security Administrative services Engineering and construction support Cube Corporation- Fort Bliss:  Cube Corporation - Fort Bliss DoD contract Runs to July 2007 Annual revenues $20m 1.1 million acres Air Defense Artillery Centre of Excellence and Training Cube Corporation- North Texas Job Corp:  Cube Corporation - North Texas Job Corp Department of Labour Runs to July 2007 Annual revenues $15m Residential training and employment programme Cube Corporation- Order Backlog - $400m:  Cube Corporation - Order Backlog - $400m Financial Review:  Financial Review Profit and Loss Account:  Profit and Loss Account Earnings per share:  Earnings per share Segmental Reporting:  Segmental Reporting *Before goodwill amortisation and exceptional items Consolidated Cashflow Statement:  Consolidated Cashflow Statement Net Debt:  Net Debt Balance Sheet:  Balance Sheet Provision Movements:  Provision Movements Slide32:  Order Book - £2.7bn Shipbuilding £0.3 billion Support Services £2.4 billion Order Profile:  Order Profile Total order book £2.7 billion £1.2 billion of order book beyond 3 years £m IFRS:  IFRS First year to fully adopt is 31 March 2006 Implementation team established Restatement to be provided in September 2005 Major impacts as set out in November IFRS Update:  IFRS Update Main standards that will impact VT are: Business Combinations and Goodwill (IAS 38,IFRS 3) Pensions (IAS 19) Financial Instruments (IAS 39) Events after the Balance Sheet Date (IAS 10) Segmental Reporting (IAS 14) Share based payments (IFRS2) New Business Opportunities:  New Business Opportunities Opportunities – Shipbuilding £1.3bn:  Opportunities – Shipbuilding £1.3bn Greece 2 further FACs Oman 3 Offshore Patrol Vessels Trinidad andamp; Tobago 3 Offshore Patrol Vessels MOD Aircraft carriers Type 45 - 2 further shipsets Future Opportunities - Support Services £5bn:  Future Opportunities - Support Services £5bn Building Schools for the Future US Base Operations Defence Training Rationalisation UK Military Flying Training System Future Strategic Tanker Aircraft Future Strategic Tanker Aircraft:  Future Strategic Tanker Aircraft Future Strategic Tanker Aircraft - Project:  Future Strategic Tanker Aircraft - Project PFI 27 years £13bn value Provide Air to Air Refuelling Air Transport andamp; Freight VT Investment c£20m Future Strategic Tanker Aircraft - Structure:  Future Strategic Tanker Aircraft - Structure Future Strategic Tanker Aircraft - VT Involvement:  Future Strategic Tanker Aircraft - VT Involvement Base construction Integrated IT solutions Provision of Ground Support Equipment and Vehicles Back Office Services Manpower Provision Aircraft support, IFE and Equipment Calibration Future Strategic Tanker Aircraft - Timeline:  Future Strategic Tanker Aircraft - Timeline Strategy:  Strategy Group Strategy:  Group Strategy Win a major share of UK defence projects Grow US business to over $500m Grow Education and Skills business to over £150m Develop alliances with other defence companies Questions:  Questions Pension Fund Sensitivities:  Pension Fund Sensitivities The FRS17 pension liability is sensitive to changes in interest rates and equity market values (35) = 31 March 2005 Valuation (FTSE 100 : 4,386) Interest Rate : 5.5%) Change in interest rates Underlying Profit Before Tax:  Underlying Profit Before Tax PFIBalance Sheet:  PFI Balance Sheet PFICashflow:  PFI Cashflow

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