preliminary results 2005 - cobham plc/media/files/c/cobham-ir-v2/... · 2017-09-18 · preliminary...

Preliminary Results 20051



Cobham Today

2005 – a successful and transformational year

REMEC – pivotal acquisition

Six divisions created - flatter, more simplified management structure

Focus on technology leadership is key - market and industry evolution continues


2005 Financial Highlights

Double-digit growth in revenue, trading profit and earnings per share

Excellent operating cash conversion

Unprecedented year for civil and military contract awards

REMEC acquisition performing ahead of profit expectations

Good progress on portfolio reshaping with value derived from disposals


Summary Profit and Loss Account

UnauditedYear to

31/12/04£m

UnauditedYear to

31/12/05£m Growth

Orders Received 1,062.8 1,318.6 +24.1%

Revenue 979.0 1,090.4 +11.4%

Trading Profit* 150.0 177.7 +18.5%

Margin 15.3% 16.3% +1.0pts

Profit before * Taxation 142.3 167.0 +17.4%

*Note: See Appendix for definitions, including underlying, used throughout this presentation


Shareholder Returns

UnauditedYear to

31/12/04

UnauditedYear to

31/12/05Growth

Underlying tax rate 28.1% 28.7% 0.6pts

Earnings Per Share#

Underlying 9.12 p 10.58 p 16.0%

Basic 9.00 p 8.71 p

Fully Diluted 8.94 p 8.66 p

Dividend Per Share 3.10 p 3.41 p 10.0%

Free Cash Flow Per Share

9.0p 10.91p 21.2%

Note: # 2004 restated to recognise share split.


Earnings Per Share Growth

9.12p 0.08p (0.46)p 1.84p 10.58p

20040.9%

TranslationExchange

TransactionExchange

2005

15.1%

Growth


Cash Flow

UnauditedYear to

31/12/04 £m

UnauditedYear to

31/12/05 £m Growth

Trading Profit (ex. JV) 147.4 174.6 18.5%

Operating Cash Flow 125.5 172.0 37.0%

Operating Cash Flow/Trading Profit

85.1% 98.5% 13.4pts

Free Cash Flow from Business 100.3 122.3 21.9%

Increase in Net Borrowings 8.7 4.5


Net Debt Ratios

UnauditedYear to

31/12/04 £m

UnauditedYear to

31/12/05 £m

Net Debt 163.9 168.4

Shareholders’ Funds 533.2 585.6

Gearing 30.7% 28.8%

Net Debt/EBITDA 0.8 x 0.8 x

Interest Cover 19.5 x 16.6 x


Turnover and Profit by Division

Revenue Trading Profit

£m 2004 2005 Growth 2004 2005 Growth

Aerospace Systems 382.0 374.0 (2.1%) 59.3 60.5 2.0%

Chelton 408.5 519.2 27.1% 71.0 102.5 44.4%

Flight Operations & Services

188.5 197.2 4.6% 22.0 17.2 (21.8%)

Cobham Group 979.0 1,090.4 11.4% 150.0 177.7 18.5%

Margin 15.3% 16.3%

Margin 11.7% 8.7%

Margin 17.4% 19.7%

Margin 15.5% 16.2%

Operating Divisions 979.0 1,090.4 11.4% 152.3 180.2 18.3%

FSTA Bid Costs - - - (2.3) (2.5)

Note: Aerospace Systems includes Group Head Office.


Flight Operations & Services Highlights

Organic growth with £50m 20 year maintenance contract for UK E-3D Sentry - first aircraft back into service

Conversion of Falcon 20 fleet to glass cockpit completed ahead of schedule

A$100m Qantas 717 order for eight aircraft with five entering service in 2005

Awarded A$1bn, 12 year Australian Coastwatchcontract to provide ten ‘all electronic’ Dash 8 aircraft for border security

Cobham product ship set value A$250k per Coastwatch Dash 8


Aerospace Systems Organic Growth


£ 16.9 m £ 374.0 m

Growth 2005Transaction Exchange

Acquisitions2004 Translation Exchange

Disposals

£(28.5)m £(4.1)m£ 6.4 m

-1.1%1.7% 4.4%-7.5%0.3%

£ 382.0 m £ 1.3 m

Note: Aerospace Systems includes Group Head Office.

Translation Exchange

£ 59.3 m

-1.7% 8.1%

£ 0.2 m £(4.1)m£ 1.3 m £ 4.8 m

0.3% -6.9%2.2%

2004 Acquisitions GrowthDisposals

£(1.0)m £ 60.5 m

2005Transaction Exchange

1.4%1.2%


Aerospace Systems Highlights

Air Refuelling & Auxiliary Mission Equipment

Selection by Airbus to supply 4th generation pods for A400M – initial order worth Euro 85m

£130m orders for Eurofighter Typhoon tranche 2 weapons carriage & release

Excellent progress delivering air refuelling equipment to US AFSOC Talon II and C-130J for Lockheed Martin

Critical Design Review passed for A330 tanker programme in Australia

http://www.eurofighter-typhoon.co.uk/Eurofighter/images/techimg/front.jpg


Aerospace Systems Highlights

Life Support

Successful trials for HMMWV personal safety equipment order - US$18m order for H. Koch & Sons in ’06

US$200m passenger service units order for Boeing 787

Air Warrior microclimate cooling system entered service for helicopters - more than 2,000 systems shipped to date

Joint Water-Activated Release System (JWARS) - initial orders worth US$3m from Naval Air Systems Command


Chelton Organic Growth

Revenue

0.8%

£ 408.5 m £ 3.4 m

-0.8%13.9% 13.1%

£ 519.2 m£(3.2)m£ 57.0 m £ 53.5 m

2004 Translation Exchange

Transaction Exchange

Acquisitions Growth 2005

Trading Profit

Organic Growth

28.6%28.6%

2004

£ 102.5 m

Acquisitions Growth 2005Transaction Exchange

0.9% -4.5%15.0%

£ 71.0 m


33.1%

£ 0.6 m £(3.2)m£ 10.6 m £ 23.5 m


Chelton 2005 Highlights

Defence Electronic Systems

Strong performance with good organic and aquisition growth

Presence on key land, sea and air platforms increased including orders for F/A 22 & Global Hawk UAV

REMEC performing ahead of profit expectations

Excellent growth in ROVIS vehicle intercoms

http://images.google.co.uk/imgres?imgurl=http://www.realdbstore.com/media/GLOBAL_HAWK_V5.0_LRG.jpg&imgrefurl=http://www.realdbstore.com/product2750.html&h=425&w=600&sz=25&tbnid=auwiBC_QD7hrgM:&tbnh=94&tbnw=133&hl=en&start=199&prev=/images%3Fq%3Dglobal%2Bhawk%26start%3D180%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DN



Antennas

Orders on A400M for communications and navigation antennas

mINCAN® interference cancellation system selected by US Army & US Coastguard helicopter programmes

Further “office in the sky” SATCOM sales to Embraer and Gulfstream

Strong revenues from land based SATCOM products to US Federal Emergency Management Agency (FEMA)



Avionics & Surveillance

Selection of Synthetic Vision EFIS as standard fit on Bell 407 worth $100m

Selected by two of the three bidders for synthetic vision EFIS on US Army Light Utility Helicopter programme

Strong audio management systems performance on A380

Significant USA Army orders for tactical communications equipment

Strong sales of search and rescue beacon products


US$ Transaction Exposure & Hedging

ASG

Flight Operations

Total

2006

Chelton

2007 to 2014

$119m

$28m

-$7m

$140m

2006 Exposure:

Hedging in place:

$133m

$91m

Historic averageeffective rate

2002 $1.45 : £12003 $1.48 : £12004 $1.59 : £12005 $1.70 : £1*

95% hedged for 2006

Avg hedge rate $1.76: £1

Avg hedge rate $1.66: £1

*Excludes FR-HiTemp

$34m of Dollar / Euro exposure is also largely hedged for 2006 @ 1.23


Acquisitions & Disposals

Company Division Activity Location Value

WA Systems (February)

Mastsystem Int’l (February)

TCRMA (February)

Remec Defense and Space (May)

H. Koch and Sons Co (June)

Vector Fields (June)

Antennas

Antennas

Antennas

Defence Electronics

Life Support

Antennas

Battlefield systems

Land antennas

Components

Active microwave

Life saving devices

Antenna development

UK

Finland

France

USA

USA

UK

£1m

Euro12m

Euro1m

$257m

$51m

£1m

Microwave Development Co (July)

TracStar (September)

Defence Electronics

Antennas

Microwave

Satellite communications

USA

USA

$14m

$8m

AC

QU

ISIT

ION

SD

ISP

OS

ALS

Cobham Fluid Systems Product Division (July)

FR HiTemp & Stanley Aviation (November)

FR Countermeasures Inc (December)

ASG

ASG

ASG

Bulk meters & couplings

Fluid & Air

Countermeasures

UK

UK, USA

USA

£8m

£150m

$6m


Assess/pursue/due diligence/plan integration

M & A PROCESS• External approaches to us • Existing industrial relationships •Cultivate potential opportunities

More Disciplined Acquisition Process

• 5-10 new prospects into the pipeline per month• 5-10 active prospects typically

STRATEGIC DIRECTION• Technology differentiation• Growth markets• Synergies available

CAPABILITY ANALYSIS• Technology• Scale• Route to market


2005 Operational Review

Financial performance exceeded expectations

Very successful year for contract awards

Strategic review is a defining point for Cobham and execution is well underway


Cobham’s Strategy

“To exploit and enhance our leadership in high-technology growth segments of the aerospace and defence market.”

Enhance market

leadership

Increase technology

investment

Align business

portfolio

Step change in

collaboration

Enhance divisional

capabilities

Strengthen Group

capabilities

Efficiency

improvements

fund investments

Business lean culture

Integrated

performance

management

Enhanced shareholdervalue through

Profitable Growth

Focus on leadingtechnology positions

Build ourCapabilities

Drive Operating Performance


Strategy Execution Progress

Fluid and Air business & FRC sold

Resources strengthened at Group & Divisional levels

Technology acceleration plans established

Cost reductions identified to fund technology plans

Step change in cross divisional collaboration

a

a

a

a

a


Transformation - a 3 Year Plan

Strategic Marketing

Operational Improvements

Working Capital

Integration

Procurement

Business Lean

Programme Mgmt

Technology

Plans

Accelerated Development

Expected EBITA Improvement £m 5 10 - 20 30 - 40

2006 2007 2008


Operational Improvements

Capability audit across divisions

Cross divisional project management courses established in USA

Procurement conference & prioritised procurement strategy

3 composite companies integrated into 1 & 5 sites consolidated to 2

5 antenna sites move to 1 modern facility in Marlow

Prioritised plans for integration

Further site rationalisations

Step reduction in working capital

Business lean culture

Further collaboration, e.g. use of low cost facility in Tijuana, Mexico

Offshore manufacturing opportunities

… more

2005

2006

Mid Term


Technology Process & Investment

Market driven technology plans

Prioritised opportunities

Focused on customer needs

Operational improvements will fund reinvestment

Potential to increase significantly R&D

5.3%£47.9m

2006 Est Mid Term Est

6%

2005

6 - 7%

R&

D %

of

reve

nue

+ 25%


Sample Technology Plans

COGS

Light weight munitions launcher

EFIS (Electronic Flight Instrument System)

mINCANS

SOTM (Satellite Communications On The Move)

90x ‘plug and play’refuelling pod

BRU-xx multi store

Vehicle personal cooling

VIC-X intercom

Autonomous refuelling systems (UAV-UAV)

Antenna processing convergence

‘Black programme 1’

‘Black programme 2’

New products

Mid Term

Near Term


Development of Synthetic Vision EFIS

Acquired Sierra Flight Systems

FAA certification (4 yrs vs8+ for others)

2001 2004

NASA award for aviation safety

Zero accidents vs 1 every 9 days previously

2005

$100m Bell contract

“Once again the Chelton FMS was my primary means of navigation and control of the Global Flyer.” Steve Fossett, Pilot

Sensor fusion

Photo realistic terrain

“No doubt this system will soon go from novelty to necessity in the helicopters of yesterday… and tomorrow”Vertical Magazine, March ‘06

Near Term


Development of 900 Series Refuelling Pod

Fast jet & rotary wing refuelling on a single podModular multi-platform design

2000 2000-2005

Major weight reductionVariable Frequency A.C. platform compatibilityEnhanced hose drum response systemNew pod controller for improved platform integrationImproved reliability & maintainability

Near Term

Multi function cockpit control system with glass displaysVariable drag drogue covers V22 & rotary wing refuelling in a single missionFast jet fit


Development of Military Intercoms

LIGHT VEHICLE

TANK

TRUCK Next generation network comms

’99/’00 ’05/’06

IP capability injected back into ROVIS

ROVIS tank digital intercom system (110k unit market)

Development of light vehicle version of ROVIS intercom (260k unit market)

Development of truck version of LV2 intercom (400k unit market)

Near Term


Development of Global Hawk Payload

Filters, couplers & switches packagedStudy launched to test higher level integration for surveillance aircraft

1995 1996-2003

Integrated Microwave Assemblies (IMA)

Payload Sub-Systems

2004-2006

11 IMA shipset transitioned to Global Hawk Signal Intelligence payloadPayload applicable to other surveillance aircraftGlobal Hawk production increased in QDRCurrently over $1m per shipset

5 separate active IMAsdeveloped for signal intelligence payloadGrew to 11 IMAs based on successful completion of above assemblies

Passive Componentsxxx


2005 Proforma for New Divisions

Revenue£m

Medium Term Market Growth

Flight Operations& Services

185Low single digit


130 Mid single digit

Antennas 145 Mid/High single digit

Avionics & Surveillance

195 Mid/High single digit


160 Low double digit

Life Support 130 Mid single digit

Note: Proforma is adjusted for full year impact of major acquisitions & disposals and effective exchange rates for transactions


Outlook & Summary

Defence spending in the USA continues to be robust, with the US QDR & UK DIS providing good visibility of priorities

Civil aerospace market remains buoyant with notable growth in Asia

Customer demands for increased utility of platform, capability and safety, align with Cobham’s technology focus

Excellent organic growth prospects and order book

High quality of earnings

Strong balance sheet for future acquisitions

Strong growth to continue in 2006


Appendices

IR Calendar

Revenue analysis

Capabilities

Impact of US Quadrennial Defence Review

US DoD FY budget by service

Programmes and ship set values

Coastwatch overview

Cash Flow

Cobham organic growth

Turnover reconciliation

Return on sales

Flight Operation & Services organic growth

Definitions

Glossary


IR Calendar

Mar May Jun Aug Sep Oct DecApr Jul Nov

Announcements /AGM

Investor Days (London)

Life Support

Antennas


Avionics

AR & AME

‘Open Day’Tours (Dorset)

4

22

18*

14

24 25

9 7

Interims

Nov

AGMPrelims

17

12

Note *TBC


Revenue Analysis

USA 40%(2004: 36%)

RoW 22%(2004: 22%)

UK 20%(2004: 24%)

Other EU 18%(2004: 18%)

2005 - £1,090.4m(2004: £979.0m)

USA 40%(2004: 36%)

RoW 22%(2004: 22%)

UK 20%(2004: 24%)

Other EU 18%(2004: 18%)

2005 - £1,090.4m(2004: £979.0m)

LENS 2%

Marine/space 6%(2004: 6%)

General Aviation 5%(2004: 5%)

Outsourced Commercial Aviation 10%(2004: 11%)

Telecoms 8%(2004: 7%)

Commercial Aerospace 13%(2004: 14%)

Military 51%(2004: 50%)

Government non Military 5% (2004: 7%)

LENS 2%

Marine/space 6%(2004: 6%)

General Aviation 5%(2004: 5%)

Outsourced Commercial Aviation 10%(2004: 11%)

Telecoms 8%(2004: 7%)

Commercial Aerospace 13%(2004: 14%)

Military 51%(2004: 50%)

Government non Military 5% (2004: 7%)

2005 - £1,090.4m(2004: £979.0m)


Military land, sea, air & space antennas

Civil land, sea, air & space antennas

RF filters, static discharger & antenna masts

RF interference cancellation systems

Advanced antenna and radar composites

Integrated microwave assemblies

Tactical communication &information systems

Microwave antenna systems

RF rotary couplers

AvionicsSynthetic vision ElectronicFlight Information System (EFIS)

Transponders, beacons & radios

Covert audio & video surveillance, perimeter protection & alarms

Strategic /tactical tanking

Weapons carriage & release

External & auxiliary fuel tanks

Missile targets, launchers & stores

Area, terminal & groundMovement control systems

Aviation oxygen

Actuation, control & release

Personal survival

Aircraft/space systems

Pressure vessels

Cooling systems

Military training

Special mission flight operations

Surveillance

Outsourced commercial aviation

Aircraft engineering

CobhamLife

Support

CobhamAir Refuelling

& AuxiliaryMission

Equipment

CobhamAvionics &

Surveillance

CobhamDefence

ElectronicSystems

CobhamAntennas

CobhamFlight

Operations &Services

Capabilities


Impact of US Quadrennial Defence Review

CobhamAntennas

Cobham Avionics

and Surveillance

Cobham Defence

Electronic Systems

Cobham Life Support

Cobham AR & AME

Cobham Flight

Operations & Services

Air +

Land *

Sea

* $1.5bn extra on homeland defence

Psychological ops and civil affairs increasing

+ Tactical AR tankers and USAF tanker replacement link to airlift capability


US DoD FY 07 Budget by Service ($bn)

Enacted FY 06

FY 07 Increase%

Army 99.1 111.8 +12.8

Navy 106.5 110.6 +3.8

Marine Corps 16.0 16.8 +0.5

Air Force 124.1 130.4 +5.1

Defence Wide 65.1 69.7 +7.1

TOTAL 410.8 439.3 +6.9


Programmes & Ship Set Values

Programme/ Platform

AR

&A

ME

An

ten

nas

Avio

nic

s &

S

urv

eil

lan

ce

Defe

nce

E

lect

ron

ic

Syst

em

s

Lif

e S

up

po

rt

Flig

ht

Op

era

tio

ns

Pre

20

06

20

06

20

08

20

10

20

12

20

14

20

16

20

18

20

20

Po

st 2

02

0 Ship Set

Value

Contract Value

F15 ► ► ► ► ► ► ► ► ► ► $300k

F16 ► ► ► ► ► ► ► ► ► ► $600k

F/A 18 E/F/G ► ► ► ► ► ► ► ► ► ► $290k

F22 ► ► ► ► ► ► ► ► ► ► $640k

F35 ► ► ► ► ► ► ► ► $410kEurofighter Typhoon

► ► ► ► ► ► ► ► ► ► £600K

Hawk ► ► ► ► ► ► ► ► ► ► £120k

Su-30 ► ► ► ► ► ► ► ► ► ► N/D

Gripen ► ► ► ► ► ► ► ► ► ► £280K

Javelin ► ► ► ► ► ► ► ► ► ► $5.5K

Paveway ► ► ► ► ► ► ► ► ► ► $3.7K

C17 ► ► ► ► ► ► ► ► ► ► $470K

C130J/ KC130-J

► ► ► ► ► ► ► ► ► ► N/D

C130 AFSOC ► ► ► ► ► ► ► ► ► ► $100M

FSTA ► ► ► ► ► ► ► ► £110m

A400M Tanker ► ► ► ► ► ► ► ► €90m

DIVISION


Programmes & Ship Set Values

Programme/ Platform

AR

&A

ME

An

ten

nas

Avio

nic

s &

S

urv

eil

lan

ce

Defe

nce

E

lect

ron

ic

Syst

em

s

Lif

e S

up

po

rt

Flig

ht

Op

era

tio

ns

Pre

20

06

20

06

20

08

20

10

20

12

20

14

20

16

20

18

20

20

Po

st 2

02

0 Ship Set

Value

Contract Value

Global Hawk ► ► ► ► ► ► ► ► ► ► $1.5m

EH101 ► ► ► ► ► ► ► £500k

Bell 417 ► ► ► ► ► ► ► ► ► N/D

NH90 ► ► ► ► ► ► ► £50K

V-22 ► ► ► ► ► ► ► ► ► ► N/D

Airbus single aisle

► ► ► ► ► ► ► ► ► ► $70K

A380 ► ► ► ► ► ► ► ► ► ► N/D

B787 ► ► ► ► ► ► ► ► $250K

Nimrod MR2 ► ► ► ► ► £30k

Sentry E-3D ► ► ► ► ► ► ► ► ► ► £50m

DHFS ► ► ► ► ► ► £50k £187m

Contract 020 ► ► ► ► ► ► £14m

UK Surveillance ► ► ► ► ► ► ► £16m

Coastwatch ► ► ► ► ► ► ► ► ► A$250k A$1bn

Qantas B717 ► ► A$100mResource Industry ► ► ► ► ► ► A$125m

DIVISION


Coastwatch CMS04 Overview

A$1 billion value

12 year contract– 2008 to 2020

10 Bombardier Dash 86 Dash8-2004 Dash8-300

“Network-centric” data management and distribution

Sophisticated sensorsand communicationsequipment

Potential for introduction of satellites andUninhabited Aerial Vehicles


Cash Flow

2004 £m 2005 £m Growth

Trading profit (ex. JV) 147.4 174.6 18.5%

Movements in working capital & provisions (20.8) (6.6)

Depreciation and other movements 38.7 42.2

Capital expenditure (39.8) (38.2)

Operating cash flow 125.5 172.0 37.0%

Operating cash flow/operating profit 85.1% 98.5% 13.4pts

Net interest (7.3) (11.7)

Dividends received from JVs 5.0 1.2

Tax (22.9) (39.2)

Free cash flow 100.3 122.3 21.9%

Dividends paid (32.6) (36.1)

Net cash flow from business 67.7 86.2 27.3%

Acquisitions (net of disposal proceeds) (73.8) (64.9)

Movements in Funding and FX (2.6) (25.8)

Decrease/(increase) in net borrowings (8.7) (4.5)


Cobham Organic Growth

Revenue

Return on Sales

£(7.2)m

7.6%-2.9%

£ 979.0 m £ 9.8 m

-0.7%6.5%

£ 73.9 m

1.0%

£(28.5)m£ 63.4 m

Acquisitions2004 Translation Exchange

Disposals Transaction Exchange

Growth

£ 1,090.4 m

2005

15.3% 0.2%pts0.0%pts 0.4%pts

2004 Transaction Exchange

AcquisitionsTranslation Exchange

Disposals

-0.6%pts 16.3%

2005Improvement

1.0%pts

Trading Profit

£ 1.3 m £ 11.9 m £(1.0)m

15.1%

£(7.2)m £ 22.7 m

0.9% -4.8%8.0% -0.7%

£ 177.7 m


£ 150.0 m

2004 DisposalsTranslation Exchange

Organic Growth 10.3 %

28.6%10.3%28.6%10.3%


Turnover Reconciliation

2004 Revenue disclosed in

Sept ’05

2004 Revised Revenue

Reconciliation

115

144

165

142

120

188


110

Antennas 200Avionics companies in France moved to Avionics and Surveillance. Three composite companies retained following review.

Avionics & Surveillance 95

Avionics companies in France moved from Antennas to Avionics and Surveillance.

Defence Electronic Systems*

140

Life Support 120


185

Note: * Includes proforma REMEC

£m


Return on Sales

ASG Chelton


0.0%pts 0.1%pts 1.0%pts -0.9%pts 0.5%pts

ImprovementTranslation Exchange

Acquisitions Disposals2004

15.5%


2005

16.2%

2004

17.4% 0.0%pts


Acquisitions

0.2%pts

2005ImprovementTransaction Exchange

-0.6%pts 2.7%pts 19.7%

2005DeclineTransaction Exchange

0.0%pts 0.0%pts -3.0%pts 8.7%

2004

11.7%


Acquisitions

0.0%pts


Flight Operations & ServicesOrganic Growth


2004

£ 17.2 m


2.6% 0.0%0.0%

£ 22.0 m


-24.4%

£ 0.6 m -- £(5.4)m

Organic Growth -24.4%

Growth 20052004 Translation Exchange


Acquisitions

£ 197.2 m-- £ 3.6 m

0.0%0.0% 1.8%2.7%

£ 188.5 m £ 5.1 m


Definitions

Underlying To assist with the understanding of earnings trends, trading profit (formerly underlying operating profit) and underlying earnings have been defined to exclude the impact of the amortisation of intangible assets recognised upon acquisition and the impact of the marking to market of foreign exchange derivatives not realised in the period.

All underlying measures also include the revenue and operational results of both continuing and discontinued businesses until the point of sale, but exclude exceptional profits or losses arising on disposals actually completed during the period. None exist in the current period, but any impairments of goodwill would also be excluded.

Free Cash Flow

Free cashflow is cash generated by the business before movements in funding and FX, acquisitions and disposals and dividends to shareholders

Free Cash Flow per share

Defined as free cash flow/avg number of shares in issue


Glossary

AR Air to Air RefuellingAFSOC Air Force Special Operations Command BRU Bomb Release UnitCOGS Ceramic Oxygen Generation SystemDIS Defence Industrial StrategyEFIS Electronic Flight Instrument SystemFEMA Federal Emergency Management AgencyFSTA Future Strategic Tanker AircraftHMMWV High-Mobility Multipurpose Wheeled Vehicle IMA Integrated Microwave AssemblyIP Internet ProtocolJWARS Joint Water Activated Release SystemLENS Law Enforcement and National SecurityLV2 Light Vehicle 2mINCANS Miniature Interference Cancellation SystemQDR Quadrennial Defence ReviewSATCOM Satellite CommunicationSOTM Satellite Communications On The MoveUAV Uninhabited Aerial VehicleVIC Vehicle Intercom System

preliminary results 2005 - cobham plc/media/files/c/cobham-ir-v2/... · 2017-09-18 · preliminary...

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