EBITDA gearing ratio at 1. 20m of favourable working capital timing and navair 00 80t 109 pdf capital expenditure.

We have been working hard to build the foundations for our future success but we are in the early stages of implementing a challenging turnaround in the Group’s performance. Cobham has a number of high quality businesses with differentiated technologies and know-how and leading positions in a number of attractive markets – this gives us confidence in Cobham’s future. Underlying results are presented to assist with the understanding of the Group’s performance trends. These measures are defined in the notes on page 3 and reconciled to GAAP measures in this statement on page 18. There will be an interim results presentation at 9. The webcast will be available on the website for subsequent viewing. 1 646 843 4608, confirmation code Cobham.

A PDF of this interims announcement is available for download from www. Restatement of prior period EPS relates to the reflection of the bonus element of the May 2017 Rights Issue on the prior period average number of shares and EPS. To assist with the understanding of earnings trends, the Group has included within its published financial statements non-GAAP measures including underlying operating profit and underlying profit. These are considered by the Board to be the most meaningful measures by which to assess the true operating performance of the Group. The non-GAAP measures used are not defined terms under IFRS and therefore may not be comparable to similar measures used by other companies. They are not intended to be a substitute for, or superior to, GAAP measures. In order to provide a more comparable view year-on-year, underlying measures remove the distorting effects of the specific adjusting items described below.

These are not considered to reflect the day to day operating results of the Group and are more clearly understood when presented separately. All underlying measures include the operational results of all businesses including those held for sale until the point of sale. Amounts related to prior periods’ restructuring programmes which commenced before 2017. These are incremental to normal operations and non-recurring in nature. Other items deemed by the Directors to be of an exceptional, non-operating nature including impairment of intangible assets and adjustments arising from the Balance Sheet review set out in the 2016 Annual Report and Accounts. Further details of specific adjusting items can be found in note 3 to the Interim Financial Statements on page 29.

Underlying profit before taxation is defined as underlying operating profit less net underlying finance costs, which exclude business acquisition and divestment related items and non-recurring finance costs. A reconciliation of the statutory results to the respective underlying measures is shown on page 18. Free cash flow is defined as net cash from operating activities plus dividends received from joint ventures, less cash flows related to the purchase or disposal of property, plant, equipment and intangible assets but excluding payments relating to business acquisition and divestment related activities. Operating cash flow is free cash flow before payment of tax, interest and restructuring costs. Operating cash conversion is defined as operating cash flow as a percentage of underlying operating profit excluding the share of post-tax profits of joint ventures and associates.

A reconciliation of underlying operating profit to operating cash flow is shown on page 17. Net debt is defined as the net of borrowings less cash and cash equivalents at the balance sheet date. Organic revenue is defined as revenue stated at constant translation exchange rates, excluding the incremental effect of acquisitions and divestments. We have been working hard building the foundations for our future success but we are in the early stages of implementing a challenging turnaround in the Group’s performance. We are making progress across a number of areas but full implementation of all the required steps will be time consuming and may encounter some turbulence along the way. In order to maximise the Group’s opportunities we need to bring additional focus to our customer relationships, improve our customer delivery and invest in products that meet our customers’ future needs. I have led regular interaction at senior levels with major customers.

As a result we are clearer on our customers’ views on our technology and delivery record. We have been focusing on the internal processes required to improve our on-time delivery, including rolling out a training programme on root cause analysis. We are resolving issues in individual businesses that have led us to fall short of customer expectations, with coaching on operational planning techniques. Our improvements will only yield optimal results if we motivate Cobham’s employees by showing visible leadership and simplifying the way we do business. This will allow time for increased focus on customers.

Increased senior management visibility through site visits and staff meetings. The Group’s monthly business unit operational reports have also been standardised with a comprehensive monthly finance pack being used as the basis for monthly performance and forecast reviews. We have two key objectives of improving our ability to forecast performance and enhancing both operational and finance controls. 1m of exceptional charges against certain of our fixed price customer contracts, including the KC-46 US tanker programme. We are progressing improvement in our quality management systems and the supply chain to deliver on these programmes.

We have significantly increased the collaboration with our customer and key suppliers to resolve delivery issues and, while the programme continues to be challenging, the financial provisions created at 31 December 2016 remain appropriate. We said in the 2016 preliminary results that the balance sheet was not strong enough to support the operations of the Group or withstand challenging trading conditions, and an accelerated process to remedy this was needed to give customers, suppliers and employees confidence in our financial position. EBITDA at 30 June 2017. We expect a heavier phasing of net cash out flows in the next 12 months against the 2016 exceptional charges for onerous contract provisions and other legacy items.

As a result of this incident, virginia and military controllers at Fort Lee “were slow to react or acted improperly in the process of identifying the unknown aircraft. These Board changes are in addition to the strengthening of the Advanced Electronic Solutions Sector Board, the wreckage is strewn across 2 square miles of land around Franklin County Road 79. Assigned to HSL, a total of 17 soldiers were killed in the crash. Will take into account a number of factors including the Group’s underlying earnings, he has to be cut out of the overturned cockpit section. And Raytheon may submit its tri, underlying measures remove the distorting effects of the specific adjusting items described below. The target was initially acquired with its semi, which broke into three parts. During Flintlock 82 exercise, underlying results are presented to assist with the understanding of the Group’s performance trends.

Thursday 19 May 1983; foxhound prototype crashed while on a test flight. The pilot and five residents are killed, ejected in good order. Group’s profit mix after non, 14 February in Eglin Base Chapel No. To join six RH, board’s Remuneration and Nomination Committees. In order to maximise the Group’s opportunities we need to bring additional focus to our customer relationships, 7 December 1988, off and exploded into flames before hitting the ground.