10th Dec 2018 07:00
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:
£m | As reported | Impact of IFRS 15 | As restated | ||||
Meggitt Aircraft Braking Systems | 386.7 | (5.1) | 381.6 |
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Meggitt Control Systems | 526.4 | (5.1) | 521.3 |
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Meggitt Polymers & Composites | 337.3 | 0.2 | 337.5 |
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Meggitt Sensing Systems | 514.8 | (13.7) | 501.1 |
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Meggitt Equipment Group | 262.1 | (9.3) | 252.8 |
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Group | 2,027.3 | (33.0) | 1,994.3 |
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2017 Restated Underlying Operating Profit:
£m | As reported | Impact of IFRS 15 & 16 | As restated | ||||
Meggitt Aircraft Braking Systems | 147.7 | (14.8) | 132.9 |
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Meggitt Control Systems | 123.7 | (5.9) | 117.8 |
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Meggitt Polymers & Composites | 24.0 | (0.3) | 23.7 |
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Meggitt Sensing Systems | 71.4 | (6.8) | 64.6 |
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Meggitt Equipment Group | 21.6 | (6.6) | 15.0 |
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Group | 388.4 | (34.4) | 354.0 |
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Net debt as reported at 31 December 2017 increases by £94.4m to £1,059.2m and free cash flow increases by £11.2m to £197.2m. 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 | |
Meggitt PLC | +44 (0)1202 597 597 |
Doug Webb, Chief Financial Officer | |
Adrian Bunn, Vice President Strategy and Investor Relations | |
FTI Consulting | +44 (0)20 3727 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.
Related Shares:
MGGT.L