Now I can keep an eye on one of my monitored stocks which I'm currently in.

Espirito Santo reiterates neutral on RR., target raised from 1100p to 1250p.

Exane BNP Paribas Outperform 1,164.00 1,160.00 - 1,350.00 Reiterates

200DMA breached and holding for now, jobs report USA seems to be the catalyst this aft to see if recovery in stocks is viable. Could be a load of bollxxks also of course :O)

Final Results


Group Highlights

· Order book of £71.6bn, up 19%
· Underlying revenue of £15.5bn, up 27%
· Underlying profit before tax of £1,759m, up 23%
· Reported profit before tax of £1,759m, down 36%
· Payment to shareholders of 22 pence per share, up 13%
· Tognum, now part of Power Systems, consolidated for the first time in the full year results

can somebody plse explain: " underlying profit op 23% and reported profit before tax 36% down"

You need a CreativeGood Corporate Accountant!

Merrill Lynch note today:
"We are downgrading Rolls-Royce from Buy to Neutral and lower our PO to 1200p as we had expected further progress in 2014 than currently guided. RR guides for broadly flat revenues, profits and cash due to a strong decline (15-20%) in defence revenues and profits and a modest decline in Marine due to reduced orders in offshore. Also RR CEO comments on M&A leaving uncertainty on the situation with Wartsila or potential acquisitions in the medium size diesel engine market. Wartsila could potentially be a £8+bn deal requiring equity issuance, as we illustrated in our Table 3 inside. CEO said the talks are now off, probably giving a 6mths window before reopening these.
On the back of the FY13 results, we are our lowering our 2013-14-15 EPS on average by 6-7%. We now forecast FY14 EPS at 70p and FY15 EPS at 78.4p. Our 2014 FCF estimate remains broadly unchanged. At our new PO Rolls-Royce would trade on 15.3x P/E and 10.4x EV/EBITA for 2015 which we think reflects M&A concerns and limited growth in profit and cash versus sector person 16.3x 2015 P/E implying a 6-7% discount for RR."

RBC summary note:
"We think after a tough H1 most investors expected some improvement in the results at H2. However, the pause in growth in FY14 will be taken negatively as confidence story does not improve. The aftermarket dynamics will also be worrying as this has plagued other engine makers like Pratt & Whitney and MTU. Rolls is now trading on 14.8x 2015E P/almost no premium to European aerospace with AIR on 14x, SAF on 15x and ZOD (not covered) on 16x consensus. We expect the shares to remain under pressure during the management discussion, with a focus on Defence pressures and Civil costs."

Mainly this robinhood :

Reported profit before tax has reduced from £2,766 million to £1,759 million. In addition to the changes in underlying profit before tax described above, reported profit before tax has been affected by the impact of mark-to-market of derivative contracts (£497 million reduction); (ii) the impact of consolidating Tognum (£322 million reduction, comprising the unrealised profit on reclassification to a subsidiary, the additional amortisation on recognised intangible assets and the revaluation of the put option on NCI); (iii) the net impact of disposals (£483 million reduction, disposal of RRTM in 2013 more than offset by the restructuring of IAE in 2012); and (iv) the cost of providing discretionary pension increases (£64 million). The reported tax charge is affected by the related tax impact of these items and the reduction of tax rates in the UK. This is set out in more detail in note 2 to the financial statements

As I said..

Damn!! working last night missed these this morning., otherwise would have been in on the spreads long like a shot,. quarterly contract and just keep rolling.,

lol skinny

In plain English:
they cocked up to the tune of £497million on a derivatives contract (so could do it again)

they are claiming one off costs of £322million due to the purchase of Tognum (probably hid a load of other stuff in this figure too)

pension increases £64million (probably have to make further increases in future)

I'd wait for the dust to settle Chris , companies reporting massive "one offs" like that never inspire me with confidence.

On my watch list now Dil,. :O)

On my bin bag list :-)

Got them on a S/B from 1,024 earlier - not looking for too much more.

Dil - Your confusing these with Tesco's mate :O)

That'll do me - closed +30.

ROLLS-ROYCE EXPANDS US AIR FORCE C-130J SUPPORT WITH $182.7 MILLION CONTRACT

ROLLS-ROYCE AWARDED US$90.1 MILLION CONTRACT FOR V-22 ENGINES FOR US MARINE CORPS

Rolls-Royce has been awarded a US$90.1 million production contract for engines to power MV-22 aircraft operated by the US Marine Corps.

The contract, a modification of a prior agreement, includes a total of 40 Rolls-Royce AE 1107C engines manufactured in Indianapolis, Indiana. The contract was awarded through the Naval Air Systems Command in Patuxent River, Maryland.

Tom Bell, Rolls-Royce, President - Defence, said, "This production contract reflects continued confidence in the capability and reliability of the Rolls-Royce AE 1107C engines powering the MV-22 fleet. Continual innovation has led to increases in power, dependability and time on wing as we strive to anticipate and meet the mission needs of the US Marine Corps."

Robust and combat-proven, the Rolls-Royce AE 1107C turboshaft is part of the AE product family, which has over 5,800 engines in service and nearly 60 million flight hours. The AE 1107 exclusively powers the growing V-22 fleet for the US Marine Corps and Air Force.

Rolls-Royce has developed engine modifications to deliver 17 percent additional power to the AE 1107C. These power enhancements, along with various reliability improvements, were developed at Rolls-Royce expense and are being implemented under the MissionCare support contract. Combined, the improvements have increased "hot and high" performance while significantly increasing time on wing.

In addition to a dedicated team of Field Service Representatives, Rolls-Royce also supports the AE 1107C engine fleet through the Defense Operations Center in Indianapolis, providing 24/7 real-time engineering support for V-22 operators.