* Posts 3.2 bln stg HY pretax loss
* CFO resigns
* To sell ITP Aero, other assets worth at least 2 bln stg
* Shares down 5.6%
(Adds CEO comment, background)
By Sarah Young
LONDON, Aug 27 (Reuters) - British aero-engines maker
Rolls-Royce plans to sell Spanish unit ITP Aero and other
assets to raise at least 2 billion pounds ($2.6 billion) to
boost a balance sheet shattered by the travel slump brought on
by the coronavirus pandemic.
Rolls-Royce also said on Thursday finance chief Stephen
Daintith had resigned to move to retail technology firm Ocado
, although he will remain for a transition period as he
helps oversee 1 billion pounds of cost cuts this year.
Planes stopped flying for months in coronavirus lockdowns
earlier this year and travel still remains at a much lower level
than before the pandemic, hitting Rolls-Royce's revenues as
airlines pay it based on how many hours engines are used to fly.
Rolls-Royce sunk to an underlying loss before tax of 3.2
billion pounds ($4.2 billion) in the first six months of the
year, and said it would continue to look at options to shore up
its finances even after asset sales.
"In light of ongoing uncertainty in the civil aviation
sector, we are continuing to assess additional options to
strengthen our balance sheet," CEO Warren East said in a
statement.
Sources told Reuters in July that Rolls-Royce was planning a
rights issue to raise up to 1.5 billion pounds, a strategy it
could still pursue after the asset sales.
Its shares opened down 5.6% at 238 pence.
Wholly-owned subsidiary ITP Aero, which is based in Spain
and makes turbine blades for jet engines, is among the assets up
for sale, Rolls said, as it also gave details of a major
consolidation of its aerospace manufacturing facilities into six
locations from 11.
Rolls-Royce said flying hours were down 70-75% in May, June
and July, and warned of considerable uncertainty over the timing
and shape of a recovery.
The company, whose shares have plunged 63% this year, warned
in May it would need to cut 9,000 jobs and said on Thursday that
4,000 employees had already left from its civil aerospace unit.
($1 = 0.7573 pounds)
(Reporting by Sarah Young, Editing by Paul Sandle and Mark
Potter)