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Rolls-Royce Holdings plc 2020 Full Year Results
11/03/2021 7:00am
UK Regulatory (RNS & others)
Rolls-royce (LSE:RR.)
Intraday Stock Chart
Thursday 11 March 2021
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RNS Number : 8750R
Rolls-Royce Holdings plc
11 March 2021
11 March 2021
ROLLS-ROYCE HOLDINGS PLC - 2020 Full Year Results
Decisive and effective actions to address challenging market conditions
-- Severe impact of COVID-19 pandemic on Group performance and near-term outlook
-- More than GBP1bn saved in 2020 from in-year cash mitigations, compared to pre-COVID plans
-- Strengthened liquidity to GBP9bn and protected financial position with GBP7.3bn of new debt and equity and launched programme to raise at least GBP2.0bn from disposals
-- Strong progress on fundamental restructuring programme; around 7,000 roles removed in 2020
-- Targeting free cash flow (FCF) to turn positive during second half 2021 and at least GBP750m as early as 2022, dependent on the pace of the recovery in engine flying hours and underpinned by the restructuring programme
Warren East, Chief Executive said :
"2020 was an unprecedented year and I would like to thank everyone at Rolls-Royce for their hard work, dedication and sacrifice to help secure the Group's future. The impact of the COVID-19 pandemic on the Group was felt most acutely by our Civil Aerospace business. In response, we took immediate actions to address our cost base, launching the largest restructuring in our recent history, consolidating our global manufacturing footprint and delivering significant cost reduction measures. We have taken decisive actions to enhance our financial resilience and permanently improve our operational efficiency, resulting in a regrettable, but unfortunately very necessary, reduction in the size of our workforce. With the support of our stakeholders we successfully secured additional liquidity with a rights issue, bond issuance and further credit facilities put in place during the year. We have made a good start on our programme of disposals and will continue with this in 2021. We continue to invest in developing market-leading technology and low carbon opportunities in all our end markets, to create value for our stakeholders and ensure we are well positioned to take advantage of the transition to a lower carbon economy and growing demand for more sustainable power solutions."
Group financial performance
Reported Reported Underlying Underlying
GBPmillion 2020 2019 2020 2019
-------------------------------------- ---------- ---------- ----------- -----------
Revenue 11,824 16,587 11,763 15,450
Gross (loss)/profit (210) 942 (512) 2,387
Operating (loss)/profit
is there a case for suing HP.
jack...so move on now that you're out
why keep going on ,you're getting boring
still trying to influence people
I suggest you stop it
its also illegal to offer advice!!
anyone who has sold out please move on!