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GKN : Moving GKN to a world class financial performance

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02/14/2018 | 10:21am CEST

Introduction

As set out in its announcement of 12 January 2018, the board of directors of GKN (the 'Board') commenced a wide-ranging strategic and operational review of the business of GKN in 2017. Today, GKN announces further details of its new strategy and transformation plan along with its cash improvement initiative ('Project Boost') and outlines the financial performance targets for GKN and its subsidiaries (the 'Group') to the end of the financial year ended 31 December 2020.

Key points

  • GKN already has world class businesses and technology and now intends to move towards world class financial performance
  • GKN has a new strategy, new leadership team and new execution engine
  • There are three components in the new strategy:
    • Deliver distinct strategies for different product segments with rigorous capital allocation and focused performance targets
    • Establish a delivery culture based on greater accountability, capability and pace, supported by aligned incentives
    • Separate operationally now and formally when it maximises shareholder value - operational separation of the Aerospace and Driveline divisions has already begun
    • The Board expects Project Boost to deliver a recurring annual cash benefit of £340m from the end of 20201
    • The Board is targeting up to £2.5bn cash return to shareholders over the next three years, with a significant part expected to come from divestments executed within the first 12 - 18 months, including the sale of Powder Metallurgy
  • GKN's progressive dividend policy will be to target an average payout of 50% of free cash flow over the period of 2018-2020
  • GKN expects to distribute surplus cash to shareholders, subject to maintaining an investment grade credit rating

Anne Stevens, Chief Executive of GKN plc, said:

'The new strategy brings clarity, accountability and focus to GKN's world class businesses and will allow the Group to attain world class financial performance.

'GKN has great technologies and great people. We have strong market positions and have delivered good growth, with management revenues last year of over £10bn. But too often we pursued growth at the expense of returns, this will no longer be the case. The new strategy brings discipline, both financial and operational.

'We are bringing clarity to our objectives through distinct strategies for different product segments, with rigorous capital allocation and focused performance targets. We are establishing a delivery culture based on greater accountability, with incentives aligned to specific team targets. And we are bringing greater focus, with our divisions now being run as separate operations.

'This strategy is expected to generate significant cash for shareholders in the short term and meaningful sustainable cash flows over the mid to long term. We expect to deliver £340 million of recurring annual cash benefit from the end of 20202 and are targeting a return of up to £2.5 billion to our shareholders over the next three years, with a significant part expected to come from divestments executed within the first 12 -18 months. We have a plan and we are dedicated to delivering it.'

GKN has world class businesses with huge potential

GKN has leading technology and market positions in the aerospace and automotive sectors, with strong and long standing customer relationships supported by its global manufacturing and engineering footprint. Through GKN's sustained focus on R&D and investment, GKN has not only a strong business today, but a strong business for tomorrow, with leadership positions in a number of large, rapidly growing markets such as Aero Engines, eDrive Systems and Aero Additive Manufacturing. GKN has made significant long term investments which the Board expects will generate considerable growth, profits and cash flow for decades to come. The Board believes GKN's shareholders should receive 100% of the benefit of these investments.

GKN's new leadership team has a strategy to substantially improve cash flow and shareholder value

GKN has been successful in building global businesses and delivering above-market growth, creating a company with annual sales of £10.4bn in the financial year ended 31 December 2017. However, this has at times been at the expense of maximising margins and cash generation. The Board has recently appointed two highly qualified new executive leaders who are addressing this, ensuring that GKN focuses on margin and cash generation.

Anne Stevens, Chief Executive, has extensive experience in the businesses of GKN's core divisions. She also has a proven track record of performance improvement. Jos Sclater, Finance Director, combines 20 years of acquisition and divestment experience with an in-depth knowledge of GKN's business and strong working relationships with key stakeholders. Anne and Jos are backed by an experienced set of operational leaders in the core business divisions.

GKN's new strategy has three components. First, GKN will deliver distinct strategies for different product segments with rigorous capital allocation and focused performance targets. Second, GKN will establish a delivery culture based on greater accountability, capability and pace, supported by aligned incentives. Third, GKN will separate operationally now and formally when it makes sense for GKN shareholders.

Distinct product segment strategies

As part of the overall strategy, Project Boost will consist of three different strategies for the different product segments within the core business divisions, comprising improve, grow and develop. Each strategy has different capital expenditure targets and different expectations for growth, margin improvement, cash generation and return on investment. Portfolio rationalisation of GKN's non-core segments along with fixing US Standard Aerostructures will also be a priority.

Business division

Core product segments

Non-core segments

Improve

Grow

Develop

Aerospace

  • Speciality Aerostructures
  • Aero Aftermarket
  • Aero Specialist Positions
  • Aero Additive Manufacturing
  • US Standard Aerostructures
  • Fuel and Flotation Tanks
  • Engine and Aircraft Servicing

Driveline

  • Driveshafts
  • All-Wheel Drive (AWD)
  • Wheels
  • Cylinder Liners3
  • Off-Highway Powertrain

As part of the Group's non-core divestment programme, the Board expects that shareholder value will be further unlocked through the sale of Powder Metallurgy.

Performance and accountability

To ensure that the strategy is delivered and that shareholder value is realised, a much stronger performance and accountability culture will be instilled throughout the entire GKN business. This will be supported by changes to incentives aligned to the new strategy.

As part of Project Boost, GKN is focused on delivering a step change in margins and free cash flow generation for shareholders, underpinned by a drive to achieve a significant increase in cash returns on invested capital appropriate to its product segment strategy.

Financial year ending 31 December 2020 Targets

Unaudited product segment results for the financial year ended 31 December 2017 are set out in Appendix 1. In line with the strategy as outlined above, GKN is today announcing the following trading margin targets for the financial year ending 31 December 20204:

Management trading profit margins

2017

20204

Aerospace (Core)

10.3%

=>14.0%

Driveline (Core):

7.0%

= >9.5%

Group (Core)

8.2%

11%

Powder Metallurgy

10.6%

= >11.5%

Off-Highway Powertrain

8.2%

Other non-core

0.9%

Group (Total)

7.4%

= >10.5%

Note: GKN trading margins include proportionally consolidated results from various joint ventures, the most notable of which is the China SDS joint venture (included in the Driveline division) and SABCA (minority shareholding included in the Aerospace division). Management trading profit is trading profit of subsidiaries with the Group's share of the trading profit of equity accounted investments. Management trading profit included in this document exclude the impact of the 2017 approximate £112m charge arising from the Aerospace North America balance sheet review (£108m of this charge is included in the Aerospace division and an additional £4m in central costs). Group includes unallocated central costs of £27m to management trading profit and £35m to management operating cash flow.

The Board intends to deliver this fundamental improvement in the Group's cash flow performance through Project Boost. There are four key levers set to transform GKN's operating model, namely:

(i) manufacturing excellence: enhanced processes and productivity improvements, including the acceleration of Industry 4.0;

(ii) functional excellence: reduce layers of management whilst upgrading capabilities and skills throughout the business;

(iii) direct procurement cost savings; and

(iv) indirect procurement cost savings.

Boost benefits by division†

Run-rate 2020

(£m)

Aerospace

Driveline

Powder Metallurgy

Central

Total

Manufacturing excellence

77

55

13

-

145

Functional excellence

27

30

1

5

63

Direct procurement

30

35

-

-

65

Indirect procurement

26

33

8

-

67

Total

160

153

22

5

340

This table contains quantified financial benefits statements which have been reported on for the purposes of the City Code (see Appendix 2). These do not take account of one-off associated incentive payments, which are estimated to be in the region of £70m (to be satisfied in GKN ordinary shares) and which have not been reported on for the purposes of the City Code. Excludes the impact of potential disposals.

While GKN believes the significant value benefits of Project Boost will positively impact management operating cash performance across the Group, the core focus of these actions will be at the product segment level. The benefits of Project Boost are expected to deliver a £340m annual cash benefit from the end of 2020 for the Group.6

In addition to cash flow generated by these benefits, the Board anticipates generating an average cash release through improvement in working capital management of £257m cumulatively in the period to the end of 2020.7 It is expected that this will be delivered through both specific initiatives and as a result of embedding world class processes and addressing the issues identified in the US Standard Aerospace business. The benefits will come equally from payables and inventories, with the remainder coming from receivables.

GKN believes that the Project Boost programme will require one-off costs to achieve of £450m with around 32% incurred in 2018, around 44% in 2019 and the remainder in 2020. Of this, approximately £134m will be investment in capital expenditure to facilitate the adoption of world class Industry 4.0 processes.8

Project Boost will be fully resourced with capability drawn both internally and externally and is underpinned by a management incentive plan which includes a stretch target over and above the expected benefits of Project Boost, with alignment across the Group from CEO to the factory floor.

Phasing†

(£m) 2018 2019 2020 Run-rate 4 year total
Benefits (in-year) 50 150 274 340 8141
One-off exceptional cash costs to achieve (110) (138) (68) - (450)
Capital investments (32) (61) (41) -
Average working capital (inyear) 105 82 70 -
Net cash impact 13 33 235 340

This table contains quantified financial benefits statements which have been reported on for the purposes of the City Code (see Appendix 2). These do not take account of one-off associated incentive payments, which are estimated to be in the region of £70m (to be satisfied in GKN ordinary shares) and which have not been reported on for the purposes of the City Code. Excludes the impact of potential disposals. 1Before capital investment and one off exceptional cash costs to achieve of £450m, as shown above

Taxation

Expected tax rate reductions in key territories should provide significant tax tailwinds to the Group. As a consequence, the long-term Group booked tax rate is expected to reduce by 4% to around 20%.

Capital returns and dividends

The new strategy has a clear framework that is expected to result in significant cash returns to GKN shareholders. The strategy includes a plan to sell Powder Metallurgy, as well as a number of other noncore businesses. GKN's progressive dividend policy will be to target an average payout of 50% of free cash flow over the period of 2018 - 2020. In addition, GKN expects to distribute surplus cash to shareholders, subject to maintaining an investment grade credit rating. In total, GKN is targeting returns of up to £2.5bn to shareholders over the next three years, with a significant part expected to come from divestments executed within the first 12 -18 months, including the sale of Powder Metallurgy.

Further information

The statements above labelled by way of a footnote as including a profit estimate (the 'PE Footnoted Statements') include 'profit estimates' for the purposes of Rule 28 of the City Code on Takeovers and Mergers (the 'City Code'), which have been reported on in accordance with the requirements of the City Code in the form set out in Part A to Appendix 1 (the 'Profit Estimate'). Further information on the Profit Estimate, including the basis of preparation and principal assumptions, are set out in Appendix 1 to this announcement. As required by Rule 28.1(a) of the City Code, the Profit Estimate has been reported on by Deloitte LLP ('Deloitte'), as reporting accountants to GKN, and Gleacher Shacklock LLP ('Gleacher Shacklock'), J.P. Morgan Securities plc (which conducts its UK investment banking business as J.P. Morgan Cazenove) ('J.P. Morgan Cazenove') and UBS Limited ('UBS'), as financial advisers to GKN, have provided the report required under that Rule. Copies of these reports are included in Parts B and C of Appendix 1 to this announcement and references in this announcement to the PE Footnoted Statements should be read in conjunction with those parts of Appendix 1. Each of Deloitte, Gleacher Shacklock, J.P. Morgan Cazenove and UBS has given and has not withdrawn its consent to the publication of its report in the form and context in which it is included.

The statements above labelled by way of a footnote as including a quantified financial benefits statement (the 'QFBS Footnoted Statements') include 'quantified financial benefits statements' for the purposes of Rule 28 of the City Code, which have been reported on in accordance with the requirements of the City Code in the form set out in Part A to Appendix 2 (the 'Quantified Financial Benefits Statement'). Further information on the Quantified Financial Benefits Statement, including the basis of preparation and principal assumptions, are set out in Appendix 2 to this announcement. As required by Rule 28.1(a) of the City Code, the Quantified Financial Benefits Statement has been reported on by KPMG LLP ('KPMG'), as reporting accountants to GKN, and Gleacher Shacklock, J.P. Morgan Cazenove and UBS, as financial advisers to GKN, have provided the reports required under that Rule. Copies of these reports are included in Parts B and C of Appendix 2 to this announcement and references in this announcement to the QFBS Footnoted Statements should be read in conjunction with those parts of Appendix 2. Each of KPMG, Gleacher Shacklock, J.P. Morgan Cazenove and UBS has given and has not withdrawn its consent to the publication of its report in the form and context in which it is included.

Contacts:

GKN plc
Guy Stainer, Investor Relations Director Tel: +44 (0)20 7463 2382

FTI Consulting
Andrew Lorenz / Richard Mountain Tel: +44 (0)203 727 1340

Gleacher Shacklock (Financial Adviser to GKN plc)
Tim Shacklock, Dominic Lee, Tom Quinn Tel: +44 (0)20 7484 1150

J.P. Morgan Securities plc (Financial Adviser and Corporate Broker to GKN plc)
Robert Constant, Dwayne Lysaght, Stephen Smith Tel: +44 (0)20 7742 4000

UBS (Financial Adviser and Corporate Broker to GKN plc)
Hew Glyn Davies, James Robertson, Jonathan Retter Tel: +44 (0)20 7567 8000

Publication on a website

In accordance with Rule 26.1 of the City Code, a copy of this announcement will be published on the GKN website (www.gkn.com) by no later than 12 noon on the business day following this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

Person responsible

The person responsible for arranging the release of this announcement on behalf of the Company is Kerry Watson, Company Secretary (+44 (0)1527 517715).

Analyst and investor meeting and conference call

There will be an analyst and investor meeting today at 09.00am at UBS, 5 Broadgate, London, EC2M 2QS in their Auditorium located on the ground floor.

There will also be a live conference call available on the following numbers:

Standard International Access +44 (0) 20 3003 2666
UK Toll Free 0808 109 0700
USA Toll Free 1 866 966 5335

The presentation will also be available as a live webcast. To access this, please use the following link:

http://cache.merchantcantos.com/webcast/webcaster/4000/7464/16531/99724/Lobby/default.htm

The Q&A session will only be available to those at the event.

Following the event, a replay of the conference call will be available using the details below and the ondemand archive webcast will be available via the link. A replay will be available for seven days on the following numbers:

International +44 (0) 208 196 1998
UK Toll Free 0800 633 8453
US Toll Free 1 866 583 1039
Access Pin 3586300#

Further information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

Gleacher Shacklock, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively as financial adviser to GKN and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than GKN for providing the protections afforded to clients of Gleacher Shacklock or for providing advice in connection with the subject matter of this announcement or any other matter referred to herein.

J.P. Morgan Cazenove is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom. J.P. Morgan Cazenove is acting exclusively as financial adviser to GKN and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters set out in this announcement and will not be responsible to anyone other than GKN for providing the protections afforded to clients of J.P. Morgan Cazenove or its affiliates, nor for providing advice in relation to any matter referred to herein.

UBS is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom. UBS is acting exclusively as financial adviser to GKN and no one else for the purpose of the consideration of a proposed acquisition by Melrose and will not be responsible to anyone other than GKN for providing the protections offered to clients of UBS nor for providing advice in relation to the subject matter of this announcement or any transaction, arrangement or other matter referred to herein.

Profit forecast of 13 October 2017

In the announcement entitled 'Trading update - brought forward by two probable significant external claims' dated 13 October 2017, GKN announced that 'the Group now expects management profit before tax for 2017 to be slightly above 2016' (the 'October 2017 Profit Forecast'). The October 2017 Profit Forecast was reconfirmed in the announcement entitled 'Board Change and Guidance Update' dated 16 November 2017, before the additional working capital write-off in Aerospace North America and as further described in that announcement (the 'Working Capital Write-Off'). The October 2017 Profit Forecast relates to a financial measurement, management profit before tax, that does not form part of the Profit Estimate.

The October 2017 Profit Forecast was published before Melrose made an approach with regard to a possible offer for GKN and therefore the requirements of Rule 28.1(c) of the City Code apply to the October 2017 Profit Forecast. In accordance with Rule 28.1(c) of the City Code, the Board confirms that the October 2017 Profit Forecast, before the Working Capital Write-Off, remains valid and confirms that the October 2017 Profit Forecast has been properly compiled and that the basis of accounting used is consistent with GKN's accounting policies. For the avoidance of doubt, the October 2017 Profit Forecast does not form part of the Profit Estimate and, accordingly, has not been reported on by Deloitte, Gleacher Shacklock, J.P. Morgan Cazenove or UBS for the purposes of Rule 28 of the City Code.

No profit forecasts or estimates

Other than the Profit Estimate and the October 2017 Profit Forecast, no statement in this announcement is intended as a profit forecast or estimate for any period. For the purposes of Rule 28 of the City Code, the Profit Estimate is the responsibility of GKN and the directors of GKN.

Quantified Financial Benefits Statement

The Quantified Financial Benefits Statement relates to future actions and circumstances which, by their nature, involve risks, uncertainties and contingencies and which may in some cases be subject to consultation with employees or their representatives. The targets, cost savings and efficiency gains referred to may not be achieved, or may be achieved later or sooner than estimated, or those achieved could be materially different from those estimated. For the purposes of Rule 28 of the City Code, the Quantified Financial Benefits Statement is the responsibility of GKN and the directors of GKN.

Disclosure requirements of the City Code

Under Rule 8.3(a) of the City Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the City Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

To view the full release please download here.

1 This statement includes a quantified financial benefits statement which has been reported on for the purposes of the City Code (see Appendix 2). This does not take account of one-off associated incentive payments, which are estimated to be in the region of £70m (to be satisfied in GKN ordinary shares) and which have not been reported on for the purposes of the City Code. Excludes impact of potential disposals.

2 This statement includes a quantified financial benefits statement which has been reported on for the purposes of the City Code (see Appendix 2). This does not take account of one-off associated incentive payments, which are estimated to be in the region of £70m (to be satisfied in GKN ordinary shares) and which have not been reported on for the purposes of the City Code. Excludes impact of potential disposals.

3 Segments have been shown as part of Driveline. However, Cylinder Liners is reported in GKN's 'Other' business segment and Wheels is reported in GKN's 'Other' business segment post the 2016 disposal of Stromag and subsequent divisional reorganisation.

4 The targets for 2020 should not be construed as a profit forecast or interpreted as such.

5 This statement includes a profit estimate which has been reported on for the purposes of the City Code (see Appendix 1).

6 This statement includes a quantified financial benefits statement which has been reported on for the purposes of the City Code (see Appendix 2). This does not take account of one-off associated incentive payments, which are estimated to be in the region of £70m (to be satisfied in GKN ordinary shares) and which have not been reported on for the purposes of the City Code. Excludes impact of potential disposals.

7 This statement includes a quantified financial benefits statement which has been reported on for the purposes of the City Code (see Appendix 2). This does not take account of any relevant proportion of one-off associated incentive payments, which are estimated to be, in aggregate, in the region of £70m (to be satisfied in GKN ordinary shares) and which have not been reported on for the purposes of the City Code. Excludes impact of potential disposals.

8 This statement includes a quantified financial benefits statement which has been reported on for the purposes of the City Code (see Appendix 2). This does not take account of any relevant proportion of one-off associated incentive payments, which are estimated to be, in aggregate, in the region of £70m (to be satisfied in GKN ordinary shares) and which have not been reported on for the purposes of the City Code. Excludes impact of potential disposals.

GKN plc published this content on 14 February 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 February 2018 09:20:07 UTC.

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