AGM and Interim Management Statement
Friday, 6 May 2011
Today Rolls-Royce Group plc is hosting its 2011 Annual General Meeting at the Queen Elizabeth II Centre in London.
John Rishton, Chief Executive, will make a presentation to shareholders reflecting the content of the following Interim Management Statement that covers the period 1 January 2011 to 5 May 2011:
Current trading consistent with guidance
“The global markets that we address are starting to recover as expected and our view of the full year trading performance remains consistent with the guidance issued at our preliminary results in February 2011. However the economic recovery is fragile and markets remain volatile.
“The Group’s balance sheet is robust. We continue to expect a modest cash inflow for the full-year, although we expect a cash outflow in the first half of the year.
“The €3.2 billion joint public tender offer that Rolls-Royce is making, in partnership with Daimler AG, for the German industrial engines group Tognum AG would significantly accelerate the growth of our Marine and Energy businesses. This joint venture would create a market-leading portfolio of clean, fuel efficient technologies and systems for the marine, transportation and distributed power generation sectors.
A consistent strategy delivering shareholder value
“The Group’s resilient performance over the last few years is a testament to the strength of our business model, the breadth of our portfolio, the quality of our people and products, and our ability to access customers in the faster-growing regions of the world.
“Rolls-Royce has benefited from the disciplined application of a consistent strategy. I supported this strategy as a Non-executive Director and will continue to do so as Chief Executive. We remain confident in our ability to double revenues in the coming decade through organic growth alone. We continue to invest across the Group in technology, capability and facilities to deliver on our current commitments and to create new opportunities for the business in the future”.
The Group will report its interim results for the six month period ending 30 June 2011 on 28 July 2011.