Buy Improve Sell Strictly private and confidential Melrose Industries PLC Half Year Results Six months to 30 June 2015 28 July 2015
Contents Sections 1 Highlights 2 Melrose the first 11 years 3 The Elster deal 4 Summary financial results 5 Questions Buy Improve Sell 2
Buy Improve Sell Highlights 3
Highlights in 2015 Management action produced strong Elster profit improvement Brush is performing broadly in line with earlier indications in a tough market Melrose net debt at the half year was 742 million, representing a…
Buy Improve Sell Melrose the first 11 years 5
Melrose the first 11 years1 From the first acquisition (May 2005) to now Shareholder gain 2.5 bn Average annual return for a shareholder since the first acquisition 22% Average return on equity across all three acquisitions…
Melrose the first 11 years How has value been created 22% IRR on equity Achieved through changing management focus and investing in the businesses The investment by Melrose in the businesses in capital expenditure and restructuring…
Buy Improve Sell The Elster deal 8
The Elster deal Melrose has entered into an agreement with Honeywell for the sale of Elster for 3.3 billion in cash on completion Following completion Melrose intends to make a capital return to shareholders of over 2 billion…
The Elster deal pension schemes 0.9 billion, c.70% of the total Melrose pension liabilities transferring with Elster 0.13 billion, c.80% of the total Melrose pension deficit transferring with Elster Gross pension liabilities…
Buy Improve Sell Summary financial results 11
Income Statement H1 2015 statutory format Continuing operations H1 2015 other non-headline items m Headline Other Total Revenue 117.7 - 117.7 Continuing operations m Operating Tax Total Operating profit/(loss) 6.1 (9.3) (3.2)…
Profit conversion to cash and investment Cash generated from trading (after all costs including tax) Group4 m H1 2015 Headline operating profit 112 Depreciation2 16 Working capital movement (19) Headline operating cash flow (pre…
Brush World number one independent supplier of turbogenerators www.brush.eu 15
Elster 69% of Elster1 Best-in-class products and solutions for Gas measurement, regulation and the safe control and application of gases www.elster.com/en/gas 18% of Elster1 Meeting the expanding needs of utilities Electricity…
Gas Electricity Water Elster Elster headline results Elster4 Gas Electricity Water m H1 2015 Growth3 H1 2015 Growth3 H1 2015 Growth3 H1 2015 Growth3 Revenue 541.3 +14%5 370.6 +18%5 98.9 +18% 71.8 -5% Headline EBITDA 120.9 +20%…
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