Rolls-Royce Holdings plc Statement re: Media Speculation
RNS Number : 5022Z
Rolls-Royce Holdings plc
21 September 2020
21 September 2020
STATEMENT RE: MEDIA SPECULATION
Rolls-Royce notes the continued media speculation regarding the
possibility of the Group undertaking a fund raising.
We continue to review all funding options to enhance balance
sheet resilience and strength. Amongst other options, we are
evaluating the merits of raising equity of up to GBP2.5bn, through
a variety of structures including a rights issue and potentially
other forms of equity issuance. Our review also includes new debt
No final decisions have been taken as to whether or when to
proceed with any of these options or as to the precise amount that
may be raised.
As we said on 27 August 2020, following rapid management actions
to reduce costs and secure additional liquidity, we started the
second half of 2020 with liquidity of GBP6.1bn (comprising GBP4.2bn
cash at end June and a GBP1.9bn undrawn revolving credit facility).
In addition, we finalised a GBP2bn undrawn term loan, partly backed
by the UK Export Finance, in August. We have also launched a major
restructuring of our Group, in particular our Civil Aerospace
business, with forecast annualised pre-tax savings of over GBP1.3bn
by the end of 2022. As previously announced, we have also already
identified a number of potential disposals that are expected to
generate proceeds of more than GBP2bn over the next 18 months,
including ITP Aero.
A further announcement will be made if and when appropriate.
This announcement has been determined to contain inside
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
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
3. Annual underlying revenue was GBP15.45 billion in 2019,
around half of which came from the provision of aftermarket
4. In 2019, Rolls-Royce invested GBP1.46 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
Tel +44 (0) 7810 850055
Head of Investor Relations, Rolls-Royce plc
Tel +44 (0) 7880 160976
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(END) Dow Jones Newswires
September 21, 2020 03:41 ET (07:41 GMT)
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