Engineering that moves the world
Results for the year ended 31 December 2013
Nigel Stein, Chief Executive | 25 February 2014
2013 full year overview
Strong performance delivers a good year for GKN
Sales
Management PBT
Earnings per share
Dividend per share
10%
17%
9%
10%
GKN Aerospace
GKN Driveline
GKN Powder Metallurgy
GKN Land Systems
Record profit,
Engine Systems making
strong contribution
Above-market growth
in organic sales
Margin strengthened
with good growth
Strong operational
discipline in
tough markets
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
1
Financial metrics
Growth above market
Automotive
Aerospace
Land Systems
Target margin 8% to 10%
Moving up the range
Business
Performance
ROIC >20%
Making progress
Increasing cash flow, EPS
and dividends
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
2
Strategic progress
HEADLINE EXAMPLES
Lead in
chosen
markets
― Number two in aero engine components
Leverage
global
footprint
― Driveline’s global footprint powers growth
Technology
driving
margin
― ‘Design for powder metallurgy’ drives margins
Operational
excellence
― Priority in all divisions
Sustain
above market
growth
― Automotive ahead
― Aerospace in line
― Land Systems below
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
3
GKN Aerospace
Record profit
Change (%)
2013
Sales (£m)
2,243
1,775
26
(1)
266
1701
56
9
11.9%
9.6%1
Trading profit (£m)
Trading margin
A350 maiden flight
June 2013
Selected to manufacture Advanced Technology
2012
Headline
Organic
Winglet for the new Boeing 737 MAX
1Included
£22 million restructuring and acquisition related charges
Excellent contribution from GKN Aerospace Engine Systems
Core commercial sales increased, military declined
− Airbus supply chain contract taken back in house
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
4
GKN Aerospace
Record profit
Airbus and Boeing record
Selected to manufacture the B737 MAX
Advanced Technology Winglet
− Delivered 1274 single-aisle/wide-bodied aircraft
Commercial sales growth
− Driven by B787 and A320
− A350 progressing; £11m start-up costs
Reduced military sales
− Lower rates for C-130J
GKN Aerospace sales by market segment, 2013
− C-17 ends in late 2014
GKN orders won in 2013 exceed $1bn
Military 27%
Share of CTAL sold to Rolls-Royce
Commercial 73%
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
5
GKN Aerospace Engine Systems
Excellent first year
High quality talent, skills and culture
Synergies: Top end of anticipated range
GKN Aerospace Engine Systems,
Trollhattan, Sweden
− Margin reached 14%
− Purchasing and support costs reduced
− Headcount reduced by 13%
− Lower restructuring costs
Better placed to win business
− Won low pressure turbine cases for Snecma
business jet engines
Spares sales soft; some pickup in Q4
Looking forward
− Integrating other GKN Aerospace engine
component businesses into Engine Systems
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
6
GKN Driveline
Above-market growth
Change (%)
2013
Sales (£m)
Trading profit (£m)
Trading margin
A350 maiden flight
June 2013
Selected to manufacture Advanced Technology
2012
Headline
Organic
Winglet for the new Boeing 737 MAX
3,416
3,236
6
7
246
235
5
5
7.2%
7.3%
Sales strongly ahead
Profit includes £16m restructuring charges
− Underlying margin improvement to 7.7%
Geographic activity broadly even between Europe, Americas and Asia
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
7
GKN Driveline
Above-market growth
Global market up 4%, GKN Driveline
organic sales increased 7%
BMW chose GKN front Final Drive Units
(FDUs) for BMW X-Series vehicles.
− Strong demand in China and North America
− Europe now stabilised and new business
programmes launched
Benefitting from new programme wins
− Good AWD wins such as FDUs for BMW
20
Expanded scope for China JV
15
GKN and market growth rates: 2013
%
18
GKN Driveline sales growth
15
− Includes AWD/eDrive products
11
Demand for GKN side shafts strong
− Investing in Mexico
Market (units production)
10
5
9
7
6
5
4
3
− Production in Russia starting 2015
4
1
(1)
(5)
North
America
Europe
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
China
(4)
Japan
Brazil
(4)
India
Global
Source: IHS Automotive
8
GKN Powder Metallurgy
Margin strengthens
Change (%)
A350 maiden flight
June 2013
Selected to manufacture Advanced Technology
2012
Headline
Organic
Winglet for the new Boeing 737 MAX
2013
Sales (£m)
Trading profit (£m)
Trading margin
932
874
7
6
94
87
8
7
10.1%
10.0%
Organic sales increased 6% - ahead of market
Margin of 10.1% includes restructuring charge of £5m
80% of customers in automotive sector
− Growth rate above global light vehicle market
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
9
GKN Powder Metallurgy
Margin strengthens
Aluminium
cam caps
Asian growth plan
Ford’s EcoBoostTM engine
uses GKN PM parts
− Second sinter plant in Yizheng, China onstream
Targeting Asian customers in N. America
Focusing on ‘Design for powder metallurgy’
Main
bearing
cap
− Feature benefits for customers
− Margin increase
New business wins: £144m annualised sales
GKN Powder Metallurgy sales by origin, 2013
Supplier awards
Asia Pacific 8%
− Schaeffler, Bosch and Chrysler
Europe 37%
Americas 55%
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
10
GKN Land Systems
Tough markets
Change (%)
A350 maiden flight
June 2013
Selected to manufacture Advanced Technology
2012
Headline
Organic
Winglet for the new Boeing 737 MAX
2013
Sales (£m)
Trading profit (£m)
Trading margin
899
933
(4)
(6)
75
88
(15)
(16)
8.3%
9.4%
Agricultural market stable; construction and industrial down
Sales reduced £25m by end of long-term chassis contracts
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
11
GKN Land Systems
Tough markets
New wide-angle power
take off drive shaft –
selected by Claas
Power management business
developing in line with strategy
Strengthened engineering, sales and
commercial teams to increase content
per vehicle
China growth
− Localised tractor shaft manufacture
GKN Land Systems sales by market segment, 2013
− Established new wheels venture
Specialised vehicle market initiative
− EVO Electric and Williams Hybrid Power bus
project
Construction & Mining 13%
Industrial 23%
Agriculture 45%
Automotive 19%
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
12
Engineering that moves the world
Results for the year ended 31 December 2013
Bill Seeger, Finance Director | 25 February 2014
Results summary
1
2013
£m
2012 Change
£m
£m
7,594
6,904
690
10
3% organic growth
Trading profit
661
553
108
20
4% organic growth
Trading margin (%)
8.7
8.0
70bps
Profit before tax
578
493
85
17
Earnings per share (p)
28.7
26.3
2.4
9
Dividend per share (p)
7.9
7.2
0.7
10
Sales
1
Change
%
EPS up 9%
DPS up 10%
2012 results have been restated for the impact of IAS 19 (revised) – see appendix page 41
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
14
Group sales
Organic
growth 3%
£216m
£m
8,000
7,750
Aero Engine
Systems £472
7,500
217
6,904
7,594
Other
2013
6%
(6)%
7%
7,000
16
(57)
469
(12)
7,250
52
5
6,750
Commercial + 11%
Military -10%
Supply chain contract -£65m
6,500
6,250
6,000
2012
FX
Acq/Div Aerospace Driveline
Powder
Land
Metallurgy Systems
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
15
Group profit
Conversion
23%
£50m
£m
700
Aero Engine Systems
Trading
£58m
Reorg costs
£22m
650
11
28
8
661
Other
2013
(12)
79
15
600
(25)
553
4
2012 1
FX
Driveline
Powder Metallurgy
Land Systems
Other Businesses
550
500
1
Acq/
Div
Restructuring
Aerospace
£(16)m
£(5)m
£(3)m
£(1)m
Driveline
Powder
Metallurgy
Land
Systems
2012 results have been restated for the impact of IAS 19 (revised) – see appendix page 41
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
16
Margin
Margin
2013
Reported
%
2012
%
Target
Range
%
11.9
11.2
11-13
Base
11.0
11.2
Engine Systems
14.0
-
2013
Adjusted
Margin2
7.2
7.3
7.7
8-10
10.1
10.0
10.6
9-11
Land Systems
8.3
9.4
8.7
8-11
Group1
8.7
8.0
9.0
8-10
Aerospace
-
Driveline
Powder Metallurgy
1
2
2012 results have been restated for the impact of IAS 19 (revised) – see appendix page 41
Margin pre-restructuring charges
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
17
Return on invested capital
ROIC%
before tax
20%
FY
2013
FY 1,2
2012
661
560
3,818
3,113
17.3%
18.0%
FY
2013
FY
2012
Aerospace2
17.8%
23.0%
Driveline
17.0%
16.0%
Powder Metallurgy
21.1%
19.8%
Land Systems
18.3%
21.3%
Acquisitions
Group Target > 20%
Trading Profit (£m)
Av. Invested Capital3 (£m)
ROIC %
15%
Group ROIC
Group WACC - 12%
10%
1
5%
FY 2010
1
2
3
FY 2011
FY 2012
FY 2013
2012 results have been restated for the impact of IAS 19 (revised) – see appendix page 41
2012 excludes Engine Systems impact
2013 Average Invested Capital includes £676m impact of Engine Systems
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
18
Net financing costs
1
2013
£m
2012
£m
Net interest payable
(73)
(52)
Other net financing charges
(55)
(42)
(128)
(94)
Net financing costs
Increased net interest payable driven by acquisition funding of Engine
Systems in 2012
−
Net interest guidance for 2014 - in line with 2013
Other net financing charges impacted by:
1
−
UK pension partnership change
−
Other net financing charge guidance for 2014 - in line with 2013
2012 results have been restated for the impact of IAS 19 (revised) – see appendix page 41
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
19
Tax update
2013
2012
Book tax %
20
16
Cash tax %
10
12
Unrecognised Deferred Tax Assets,
Book and Cash Tax Rates
%
£m
Guidance for 2014
500
−
Book tax rate c.22%
450
−
Cash tax rate c.12%
350
25
£469m
£393m
400
20
300
Unrecognised deferred tax assets
−
£137m: down £67m in 2013
−
Balance focused in US and UK
15
250
£204m
200
10
£137m
150
100
5
50
0
0
2010
2011
2012
2013
Unrecognised deferred tax assets
Book tax rate
Cash tax rate
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
20
Cash flow summary
2013
£m
20121
£m
EBITDA
866
739
Working capital
(47)
(36)
(349)
(334)
Engine Systems factoring/pension
-
(139)
Other
-
(23)
470
207
41
39
(117)
(130)
US Pension deficit settlement
(17)
-
UK Pension deficit funding
(30)
(30)
(1)
-
346
86
(121)
(101)
Engine Systems acquisition
(62)
(309)
Other flows
(24)
(9)
Movement in Net Debt
139
(333)
Capital expenditure
Operating cash flow
Dividends (net)
Interest & tax
Other
Free cash flow
Dividends
1
EBITDA £866m up 17%
c.80% trading profit conversion
Working capital c.8% of sales
Capex 5% of sales
Interest flat; tax lower due to deferred tax
utilisation
US Pension deficit payment finalised
FCF £346m up 54% – excluding Engine
Systems 2012 settlements
Net debt £732m includes final deferred
Engine Systems payment of £62m
Net debt (£m)
FY 2013
FY 2012
732
871
2012 results have been restated for the impact of IAS 19 (revised) – see appendix page 41
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
21
Capital investment
Tangible reinvestment ratio
2013
£m
2012
£m
Total tangible capex
273
271
Depreciation
237
218
Ratio (times)
1.2x
1.2x
Intangible
2013
£m
2012
£m
Total intangible capex
76
63
Amortisation
32
17
349
334
Tangible
1.5x
1.2x
1.2x
1.0x
0.7x
1.2x
1.2x
0.8x
0.5x
0.0x
2008
2009
2010
2011
2012
2013
Capex ratio 1.2x depreciation
2013 investment focus Driveline capacity
expansion in Mexico and Europe; Aerospace new
programmes
2014 guidance
−
−
Total expenditure
1.2x depreciation +£60m one time spend in
the automotive businesses
Intangible investment at similar level to 2013
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
22
Group post-employment accounting deficit
£m
(446)
(703)
(400)
(800)
(763)
(532)
(537)
(508)
115
(1,200)
(262)
(1,600)
(978)
Net Deficit
Dec 2012
(1,240)
First half
movement
Net Deficit
June 2013
Funded
(34)
(112)
Assumption
changes
Asset returns
Interest
and other
(1,271)
Net Deficit
Dec 2013
Unfunded
UK update
UK triennial valuation agreed with Trustees
£10m increase in deficit funding from 2014
Discount rate method, longer recovery period, revised mortality assumptions
De-risking: £123m UK bulk annuity buy-in completed in early 2014
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
23
Dividends
2013
2012
Interim dividend per share
2.6p
2.4p
Final dividend per share
5.3p
4.8p
Total dividend per share
7.9p
7.2p
EPS increase of 9% - dividend up 10%
Free Cash Flow (FCF) pay-out 38%
Progressive dividend policy driven by:
−
−
EPS growth
FCF generation
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
24
Key financial metrics
8,000
7,000
Growth
CAGR
12%
6,000
5,000
FY 2010
FY 2011
FY 2012
FY 2013
Growth
9%
Margin
8-10%
Target
8%
7%
FY 2010
Financial
Metrics
FY 2011
FY 2012
FY 2013
20%
ROIC
Margin
18%
ROIC
20%
Target
16%
14%
FY 2010
FY 2011
FY 2012
FY 2013
Cash Flow
400
Free Cash
Flow
200
Conversion
Improving
0
FY 2010
FY 2011
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
FY 2012
FY 2013
25
Engineering that moves the world
Strategy and outlook for 2014
Nigel Stein, Chief Executive | 25 February 2014
Moving the strategy forward
Lead in
chosen
markets
Leverage
global
footprint
Technology
driving
margin
Operational
excellence
Good forward momentum
Developing technology
Growing the business
Sustain
above market
growth
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
27
Developing technology
Investing for the long term
Increasing R&D
Gross spend in 2013 increased by £30m
to £229m
Additive Manufacture in development at GKN
Aerospace’s facility in Filton, UK
3.2% of sales
− Step towards 4% target
Future technology
Future wing design – Aerospace
Advanced composites – Aerospace
Concept lightweight bracket
for aircraft wings
eDrive/Hybrid drive – Driveline/Land Systems
Hydrogen storage technologies – PM
Advanced presses and tooling – PM
Additive Manufacture/3D printing – Group
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
28
Growing the business
Taking advantage of opportunities
Organic growth
£60m one-off extra capital expenditure in
N. America automotive operations
− Driveline: Supports contracts already won
− Powder Metallurgy: Increases capability
Acquisition priorities
Aerospace: Main focus
− Create value in capability, technology or customer
position
Technology bolt-ons
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
29
2013 summary
Making good progress
GKN Aerospace: Delivered record profit
GKN Driveline: Above-market growth
GKN Powder Metallurgy: Strengthened margin
GKN Land Systems: Good operational discipline
GKN has again made good progress in-line with
our strategy to grow a market-leading global
engineering business
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
30
Outlook for 2014
Another year of continued progress
GKN Aerospace sales expected to be slightly higher
than in 2013
GKN Driveline and GKN Powder Metallurgy are
expected to grow above the market
GKN Land Systems sales are expected to be broadly
flat before full impact of ending chassis contracts
“Overall, 2014 should be another year of continued progress.
Whilst adverse currency could provide a significant
translational headwind, this should be outweighed by the
benefits of the Group’s diverse exposure to global markets,
strong customer positions and healthy order books.”
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
31
Appendix
Income Statement analysis
Sales
Trading profit
Change in value of derivative & other financial instruments
Amortisation of non-operating intangibles
20121
£m
7,136
6,510
597
504
26
126
(75)
(37)
Pension scheme curtailments
-
63
Reversal of inventory fair value adjustment
-
(37)
12
5
560
624
Post-tax joint venture trading
54
41
Joint venture exceptional and non-trading items
(2)
(3)
Share of post-tax earnings of joint ventures
52
38
Interest (net)
(73)
(52)
Other net financing charges
(55)
(42)
(128)
(94)
– Statutory
484
568
– Management
578
493
– Statutory
24.2p
29.3p
– Management
28.7p
26.3p
Gains and losses on changes in Group Structure
Operating profit
Net financing costs
Profit before tax
Earnings per share
1
2013
£m
2012 results have been restated for the impact of IAS 19 (revised) – see appendix page 41
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
33
Trading profile
Management Basis
H1
H2
FY
H1
H2
FY
3,869
3,725
7,594
3,459
3,445
6,904
Aerospace – base
796
791
1,587
770
814
1,584
Aerospace – Engine Systems
327
329
656
-
191
191
1,728
1,688
3,416
1,664
1,572
3,236
Powder Metallurgy
480
452
932
465
409
874
Land Systems
487
412
899
512
421
933
320
341
661
291
262
553
Aerospace – base
81
93
174
86
91
177
Aerospace – Engine Systems (trading)
37
55
92
-
15
15
-
-
-
(4)
(18)
(22)
117
129
246
121
114
235
Powder Metallurgy
48
46
94
47
40
87
Land Systems
45
30
75
52
36
88
8.3%
9.2%
8.7%
8.4%
7.6%
8.0%
278
300
578
264
229
493
£m
Sales
Driveline
Trading profit
Aerospace – Engine Systems (charges)
Driveline
Margin %
Profit before tax
1
20121
2013
2012 results have been restated for the impact of IAS 19 (revised) – see appendix page 41
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
34
Impact of currency
2013 translational impact on 2012:
Effect on FY 2012:
Average Rate
Change
Sales Trading Profit
2013
2012
%
£m
£m
US $
1.57
1.58
(0.6)
16
2
Euro
1.18
1.23
(4.1)
70
5
Real
3.37
3.09
9.1
(20)
(2)
152.53
126.26
20.8
(75)
(5)
9.63
9.99
(3.6)
13
2
Indian Rupee
91.41
84.56
8.1
(10)
(1)
Swedish Krone
10.19
10.73
(5.0)
13
1
(2)
2
5
4
Yen
Renminbi
Other
Impact (subs & JVs)
2014 translational impact on 2013 trading profit:
Euro moves 1 point e.g. 1.18  1.19 = £(1)m
US $ moves 1 point e.g. 1.57  1.58 = £(2)m
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
35
GKN Aerospace
Trading Performance
2013
2012
Sales up 26% (£468m)
Sales - £m
2,243
1,775
266
170
Commercial sales grew 11% organically
excluding supply chain transfer
Margin
11.9%
9.6%
Return on invested capital1
17.8%
23.0%
Trading profit - £m
1
Military sales declined 10% organically
Sales mix: Commercial 73%; Military
27%
2012 excludes Engine Systems
Sales by segment
Sales by market & origin
Military
£600m
Structures
45%
£1,016m
Americas
18%
Europe
9%
£1,113m
Engine
Products
50%
Special
Products
5%
£114m
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
Americas
20%
Europe
53%
Commercial
£1,643m
36
GKN Driveline
Trading Performance
2013
2012
Sales up 6% (£180m); organic growth 7%
Sales - £m
3,416
3,236
Strong growth in North America +11%;
China +18%
246
235
7.2%
7.3%
17.0%
16.0%
Trading profit - £m
Margin
Return on invested capital
Restructuring activities concluded during
H1; £16m charge to 2013 trading profit
ROIC shows strong improvement through
focus on growth related capex investment
Sales by region
Sales by product
£930m
£1,280m
Asia
27%
£1,244m
AWD
Systems1
37%
£1,242m
Americas
36%
£2,136m
CVJ Systems
63%
Europe
37%
1
Includes AWD Systems, Trans Axle Solutions and eDrive Systems
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
37
GKN Powder Metallurgy
Trading Performance
2013
2012
932
874
94
87
Margin
10.1%
10.0%
Return on invested capital
21.1%
19.8%
Sales - £m
Trading profit - £m
Sales up 7% (£58m); organic growth 6%
Growth in US business driven by
automotive market
Margin at double digits, £5m
restructuring charges absorbed
ROIC shows strong improvement;
moved into target range
Sales by region
Sales by product
£188m
£78m
Asia
8%
Industrial
20%
Americas
55%
£744m
£508m
£346m
Europe
37%
Automotive
80%
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
38
GKN Land Systems
Trading Performance
Sales - £m
2013
2012
899
933
75
88
Trading profit - £m
Margin
Return on invested capital
8.3%
9.4%
18.3%
21.3%
Sales decline 4% (£34m); down 6%
organically
Cessation of UK auto chassis
programmes £25m
Weakness in Industrial and Construction
& Mining segments
Sales by region
Sales by market
£122m
C&M
13%
£682m
Europe
76%
Americas
21%
£189m
£204m
Industrial
23%
Asia
3%
£28m
Agriculture
45%
£402m
Automotive
19%
£171m
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
39
Post-employment obligations: accounting deficit
UK
£m
Americas
£m
Europe
£m
ROW
£m
Total
£m
2,275
203
36
18
2,532
(2,973)
(253)
(38)
(31)
(3,295)
(698)
(50)
(2)
(13)
(763)
(16)
(37)
(453)
(2)
(508)
(714)
(87)
(455)
(15)
(1,271)
2,522
181
36
20
2,759
(2,846)
(282)
(39)
(38)
(3,205)
(324)
(101)
(3)
(18)
(446)
(17)
(62)
(451)
(2)
(532)
(341)
(163)
(454)
(20)
(978)
2013 Full Year
Assets
Funded Liabilities
Funded Deficit
Unfunded Liabilities
Net Deficit
1
2012 Full Year
Assets
Funded Liabilities
Funded Deficit
Unfunded Liabilities
Net Deficit
1
Includes impact of pension partnership change (£342m)
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
40
IAS 19 Revised – Adjustment Summary
FY 2012
Previous
Change
Restated
Trading profit
557
(4)
553
Trading margin (%)
8.1
(0.1)
8.0
EBITDA (subs)
743
(4)
739
Profit before tax
497
(4)
493
Tax
(74)
1
(73)
Earnings
420
(3)
417
EPS (pence)
26.5
(0.2)
26.3
ROIC
18.1
(0.1)
18.0
Trading profit
508
(4)
504
Other finance charges
(26)
(16)
(42)
Profit before tax
588
(20)
568
Tax
(85)
5
(80)
Earnings
480
(15)
465
EPS (pence)
30.2
(0.9)
29.3
Management basis
Statutory basis
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
41
Disclaimer
Cautionary statement
This presentation contains forward looking statements which are made in good faith
based on the information available to the time of its approval. It is believed that the
expectations reflected in these statements are reasonable but they may be affected
by a number of risks and uncertainties that are inherent in any forward looking
statement which could cause actual results to differ materially from those currently
anticipated. Nothing in this document should be regarded as a profits forecast.
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
42
Contacts
Guy Stainer
Investor Relations
Tel +44 (0) 20 7463 2382
guy.stainer@gkn.com
Chris Fox
External Communications
Tel +44 (0)1527 533203
chris.fox@gkn.com
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
43