Civil Aerospace

Civil Aerospace
FY Review - £ million2011 2010 Change
Order book51,94248,490+ 7 %
Engine deliveries962846+ 14 %
Underlying revenue5,5724,919+ 13 %
Underlying OE revenue2,2321,892+ 18 %
Underlying services revenue3,3403,027+ 10 %
Underlying profit before financing499392+ 27 %

Financial

The order book increased by seven per cent, including new orders of £11.0bn. The order book contains over 5,000 engines that will add around 250m pounds of installed thrust to our current installed base of 400m pounds of thrust. During 2011 we secured orders for more than 200 Trents, among the most significant were:

  • Trent XWB engines for up to 60 Airbus A350 XWBs from AirFrance KLM Group.
  • Trent 1000 engines for six Boeing 787s from Oman Air.
  • Trent 900 engines for six Airbus A380s from Skymark Airlines and for six A380s from Asiana.
  • Trent 700 engines for 15 Airbus A330s from Singapore Airlines and for 15 A330s from Cathay Pacific.

Revenue increased by 13 per cent. OE revenue grew 18 per cent, largely as a result of higher deliveries of widebody and corporate and regional engines. Services revenue grew by 10 per cent. This was due to growth in TotalCare revenue during the year and a recovery in time and materials.

Profit increased by 27 per cent due to increased volume, improving productivity, FX benefits and the non-recurrence of a one-off charge. This improvement was partially offset by higher R&D charges and the launch costs associated with major new programmes.
 

Portfolio

  • In June, Rolls-Royce announced an exclusive agreement to produce a higher thrust version of the Trent XWB, to offer increased range and capacity for the Airbus A350-1000.
  • In September, Rolls-Royce powered the entry into service of the Boeing 787 Dreamliner with launch customer All Nippon Airways (ANA).
  • In October 2011 we announced a new joint venture with Pratt & Whitney to develop engines for future generation mid-size aircraft. We also agreed to sell our shareholding in IAE.
  • We delivered production BR725 engines for the Gulfstream 650 that is due to enter service in 2012.
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