Statement re: Media SpeculationSource: RNS
16 September 2020
STATEMENT RE: MEDIA SPECULATION
Rolls-Royce notes the recent media speculation and, as we said at the half year results last month, we continue to review a range of funding options to further strengthen our balance sheet. These could include debt and equity but no final decisions have been taken.
We have already taken swift action to strengthen our liquidity with £6.1bn at the end of the first half of the year and a further £2bn term loan agreed in the second half. We have also announced £1bn of cost mitigation activity in 2020 and launched a reorganisation of our Civil Aerospace business to save £1.3bn annually. We have also identified a number of potential disposals that are expected to generate proceeds of more than £2bn over the next 18 months, including ITP Aero.
A further announcement will be made if and when appropriate.
About Rolls-Royce Holdings plc
1. Rolls-Royce pioneers cutting-edge technologies that deliver clean, safe and competitive solutions to meet our planet's vital power needs.
2. Rolls-Royce has customers in more than 150 countries, comprising more than 400 airlines and leasing customers, 160 armed forces, 70 navies, and more than 5,000 power and nuclear customers.
3. Annual underlying revenue was £15.45 billion in 2019, around half of which came from the provision of aftermarket services.
4. In 2019, Rolls-Royce invested £1.46 billion on research and development. We also support a global network of 29 University Technology Centres, which position Rolls-Royce engineers at the forefront of scientific research.
5. Rolls-Royce Holdings plc LEI: 213800EC7997ZBLZJH69
For further information, please contact:
Director of External Communications & Brand, Rolls-Royce plc
Tel +44 (0) 7810 850055
Head of Campaigns - External Communications
Tel +44 (0)7968 906 469
Head of Investor Relations, Rolls-Royce plc
Tel +44 (0) 7880 160976