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The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

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CHANGES TO OUR PRIVACY POLICY

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Rolls-Royce Holdings (RR.)

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Thursday 19 June, 2014

Rolls-Royce Holdings

Rolls-Royce Announces ?1bn Share Buyback

RNS Number : 9848J
Rolls-Royce Holdings plc
19 June 2014
 



                    19 June, 2014

 

ROLLS-ROYCE ANNOUNCES £1BN SHARE BUYBACK

 

Rolls-Royce today committed to a share buyback of £1bn subject to the completion of the sale of its Energy gas turbine and compressor business to Siemens. The sale announced on 6 May this year, is expected to complete by the end of 2014.

 

John Rishton, CEO of Rolls-Royce, said: "As no material acquisitions are planned, and reflecting the strength of our balance sheet, we will return the proceeds of the Energy sale to our shareholders".

 

Today's announcement coincides with an investor briefing at which Rolls-Royce will provide an update on Group strategy, capital allocation, financial guidance framework and TotalCare® accounting.

 

During the briefing, the following information will be provided:

 

·    Group guidance confirmed for 2014 and 2015

·    Group capital expenditure driven towards 4% of underlying revenue over 3-5 years from the FY13 figure of 4.9%

·    Current expectations for Trent deliveries to exceed 4,000 engines by 2023

·    The Group continues to target a credit rating of between A- and A+

 

Today's investor presentation will be webcast at 9.00am BST and is available at: http://www.media-server.com/m/p/azsity3o

 

A further investor briefing will be held in October.

 

About Rolls-Royce Holdings plc

1.   Rolls-Royce's vision is to create better power for a changing world via two main business segments, Aerospace and Marine & Industrial Power Systems (MIPS). These business segments address markets with two strong technology platforms, gas turbines and reciprocating engines, for use on land, at sea and in the air.

2.   Aerospace comprises Civil Aerospace and Defence Aerospace. MIPS comprises Marine, Energy & Nuclear and Power Systems (RRPS). On 7 March 2014, Daimler announced their intention to exercise their option to sell their 50% share in RRPS to Rolls-Royce Holdings plc. On 16 April 2014, the valuation was agreed and the transaction is expected to complete within the coming months, subject to the usual regulatory approvals. On 6 May 2014 Rolls-Royce announced it had signed an agreement to sell its Energy gas turbine and compressor business to Siemens for a £785m cash consideration. On completion, expected before the end of December 2014, Rolls-Royce will receive a further £200 million for a 25 year licensing agreement.

3.   Rolls-Royce has customers in more than 120 countries, comprising more than 380 airlines and leasing customers, 160 armed forces, 4,000 marine customers, including 70 navies, and 1,600 energy and nuclear customers.

4.   Our business is focused on the 4Cs:

·     Customer - placing the customer at the heart of our business

·     Concentration - deciding where to grow and where not to

·     Cost - continually looking to increase efficiency

·     Cash - improving financial performance.

 

5.   Annual underlying revenue was £15.5 billion in 2013, around half of which came from the provision of aftermarket services. The firm and announced order book stood at £71.6 billion at 31 December 2013.

6.   In 2013, Rolls-Royce invested £1.1 billion on research and development. We also support a global network of 31 University Technology Centres, which position Rolls-Royce engineers with the forefront of scientific research.

7.   Rolls-Royce employs over 55,000 people in 45 countries. Over 17,000 of these are engineers.

8.   The Group has a strong commitment to apprentice and graduate recruitment and to further developing employee skills. In 2013 we employed 379 graduates and 288 apprentices through our worldwide training programmes.

 

For further information, please contact:

 

Investors:

Simon Goodson
Director, Investor Relations

Rolls-Royce plc

Tel:      +44 (0)20 7227 9237

Email: simon.goodson@rolls-royce.com

 

Media:

Richard Wray
Director of External Communications

Rolls-Royce plc
Tel:      +44 (0)20 7227 9163
Mobile +44 (0)7974 918 416
Email: 
richard.wray@rolls-royce.com

 

www.Rolls-Royce.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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