Meggitt PLC Restatement for new IFRS standards (8781J)

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RNS Number : 8781J

Meggitt PLC

10 December 2018

10 December 2018

Meggitt PLC

The person responsible for arranging the release of this announcement on behalf of Meggitt is Marina Thomas, Company Secretary.

Restatement for new IFRS standards

Meggitt PLC ("Meggitt" or "the Group"), a leading international company specialising in high performance components and sub-systems for the aerospace, defence and energy markets, today provides the impact of the restatement on its Full Year 2017 segmental results and its net debt following the implementation of IFRS 15 'Revenue from Contracts with Customers' and IFRS 16 'Leases'.

These restatements are provided for comparative purposes, in advance of the Full Year 2018 results which will be presented on 26 February 2019 and will adopt IFRS 15 and IFRS 16 for the first time.

2017 Restated Revenue:

 
 GBPm                              As reported   Impact of   As restated 
                                                   IFRS 15 
 Meggitt Aircraft Braking 
  Systems                                386.7       (5.1)         381.6 
 Meggitt Control Systems                 526.4       (5.1)         521.3 
 Meggitt Polymers & Composites           337.3         0.2         337.5 
 Meggitt Sensing Systems                 514.8      (13.7)         501.1 
 Meggitt Equipment Group                 262.1       (9.3)         252.8 
                                  ------------  ----------  ------------ 
 Group                                 2,027.3      (33.0)       1,994.3 
 

2017 Restated Underlying Operating Profit:

 
 GBPm                              As reported   Impact of   As restated 
                                                   IFRS 15 
                                                      & 16 
 Meggitt Aircraft Braking 
  Systems                                147.7      (14.8)         132.9 
 Meggitt Control Systems                 123.7       (5.9)         117.8 
 Meggitt Polymers & Composites            24.0       (0.3)          23.7 
 Meggitt Sensing Systems                  71.4       (6.8)          64.6 
 Meggitt Equipment Group                  21.6       (6.6)          15.0 
                                  ------------  ----------  ------------ 
 Group                                   388.4      (34.4)         354.0 
 

Net debt as reported at 31 December 2017 increases by GBP94.4m to GBP1,059.2m and free cash flow increases by GBP11.2m to GBP197.2m. Under the Group's committed credit facilities, net debt and the gearing covenant are measured on a frozen GAAP basis and are not affected by the restatement.

 
 Enquiries 
 
                                                      [phone] 
 Meggitt PLC                                           597 
 Doug Webb, Chief Financial Officer 
 Adrian Bunn, Vice President Strategy and Investor 
  Relations 
 
                                                      [phone] 
 FTI Consulting                                        1000 
 Deborah Scott, Senior Managing Director 
 Nick Hasell, Managing Director 
 

Cautionary statement

This trading update, including information included or incorporated by reference in this trading update, may contain forward-looking statements concerning Meggitt PLC or its group. Generally, the words "will", "may", "should", "continue", "believes", "expects", "intends", "anticipates" or similar expressions identify forward-looking statements. Such forward-looking statements involve risks, uncertainties and other important factors which could cause the actual results, performance or achievements of the Meggitt group or the market and economies in which the Meggitt group operates to be materially different from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the ability of Meggitt PLC or its directors to control or estimate precisely, such as future market conditions and the behaviours of other market participants, and therefore undue reliance should not be placed on such statements, which speak only as at the date of this trading update. Neither Meggitt PLC, nor any of its group undertakings, nor the directors of any of them, assumes any obligations to, and do not intend to, update these forward-looking statements, except as required pursuant to applicable law.

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December 10, 2018 02:00 ET (07:00 GMT)