Rolls-Royce Holdings plc (RYCEY) Q2 2023 Earnings Call Transcript

Rolls-Royce Holdings plc (OTCPK:RYCEY) Q2 2023 Earnings Conference Call August 3, 2023 4:00 AM ET

Company Participants

Isabel Green – Head, Investor Relations

Tufan Erginbilgic – Chief Executive Officer

Panos Kakoullis – Chief Financial Officer

Conference Call Participants

Nick Cunningham – Agency Partners

David Perry – JPMorgan

George Zhao – Bernstein

Chloe Lemarie – Jefferies

Ian Douglas-Pennant – UBS

Isabel Green

Hello, and welcome, everyone, to our 2023 Half Year Results Presentation. I’m Isabel Green, Head of Investor Relations and I’m joined today by our CEO, Tufan Erginbilgic; and also Panos Kakoullis, our CFO.

Our presentation today will take around 30 minutes, leaving plenty of time at the end for Tufan and Panos to answer your questions. And welcome to UBS first time we’ve been here in a while, but there is a microphone in each of your seats, because I need to remind you all that when we get to Q&A, and you’re asking questions, please press the button on your microphone and speak directly into it.

Moving on before we take — begin we take note of the safe harbor statements on Slide 2 as always. The results information can be downloaded from our website with the full risks and disclosures. I will now hand over to Tufan.

Tufan Erginbilgic

Thanks, Isabel. Good morning, and welcome. I will start by presenting the highlights of our first half before handing to Panos to cover the financials in detail. I will then talk about transformation progress.

We pre-released our results headlines a few days ago. So the key messages of today’s presentation should not surprise anyone. First, improved operational delivery is helping us deliver stronger financial results. In Civil Aerospace, OE deliveries and LTSA shop visits rose year-on-year by 26% and 24%, respectively. Our planned time on wing improvements are progressing well. This is one of the six levers

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