Meggitt PLC Restatement for new IFRS standards (8781J)
December 10 2018 - 2:00AM
UK Regulatory
TIDMMGGT
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
+44 (0)1202 597
Meggitt PLC 597
Doug Webb, Chief Financial Officer
Adrian Bunn, Vice President Strategy and Investor
Relations
+44 (0)20 3727
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCQDLFBVLFXFBX
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