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QQ0-400 HDI Qualified Customer champion Specialist

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QQ0-400 exam Dumps Source : HDI Qualified Customer champion Specialist

Test Code : QQ0-400
Test denomination : HDI Qualified Customer champion Specialist
Vendor denomination : HDI
: 120 real Questions

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HDI HDI Qualified Customer Support

Sunwave, leading utility company for substance abuse medication facilities, Receives suitable customer carrier Certification with the aid of HDI | killexams.com real Questions and Pass4sure dumps

DELRAY seashore, Fla., Nov. 14, 2018 /PRNewswire-PRWeb/ -- Sunwave, a honest countrywide company of unified CRM, EMR, and

RCM application for substance abuse remedy centers, is comfortable to publish that it currently received the distinguished aid middle Certification by means of HDI, the main arduous proposing really expert training and testing for IT aid and repair management authorities. The HDI succor middle Certification displays Sunwave's inordinate degree of consumer service, service management tactics, and attention of trade-ordinary top-quality practices.

considered because the most efficient consciousness of a company's service great, HDI champion focus Certification is in keeping with an internationally diagnosed usual developed through the HDI international Certification specifications Committee. As piece of the practicing and certification system, Sunwave's client succor team underwent really expert practicing to extra enhance its information and increase the carrier and assist it offers to shoppers.

"Our purchasers cost Sunwave now not most effectual for their business-leading comprehensive utility solutions, however likewise for their responsive and efficient assist crew, which, in flip, makes their purchasers' businesses more productive," referred to Sunwave Founder and CEO Elie Levy. "Receiving the HDI steer core Certification become Important to us as a result of Sunwave is committed to excellence, efficiency, and repair pleasant, and they desired it to office a testament to their commitment."

Developed especially for the substance abuse medicine business, Sunwave's all-in-one platform has directly become a favourite choice among the many growing variety of treatment centers throughout the country. Sunwave is at present the simplest expertise provider in its trade that makes it feasible for treatment amenities to effortlessly manage their customer Relationship, digital scientific statistics, and income Cycle - each and every within one valuable database.

To exist taught more about Sunwave's finished software answer, seek recommendation from: http://www.sunwavehealth.com

About Sunwave

Sunwave is a number one technology provider for substance abuse medication facilities. Its unified platform comprises substance abuse EMR, CRM, and RCM application. developed from the ground up for the addiction medicine trade, it empowers medication facilities to exploit each and every of their operations in a single, unified platform. With the powerful reporting capabilities of Sunwave, clients are able to Make recommended choices that Place their companies and sufferers for fulfillment. To exist taught more, argue with: http://www.sunwavehealth.com

supply Sunwave


HDI consumer service representative (HDI-CSR) | killexams.com real Questions and Pass4sure dumps

This dealer-selected Certification is offered via:HDIColorado Springs, CO USAPhone: 800-248-5667Email: This e-mail address is being protected from spambots. You requisite JavaScript enabled to view it.

skill stage: foundation                          repute: active

economical: $a hundred forty five (shortest track)               

summary:For customer provider specialists who're knowledgeable in the abilities and strategies required to supply tremendous customer provider and champion in both succor middle and discourse to focus environments. HDI-CSRs understand the passage to examine client needs whereas exceeding their expectations.

preliminary requirements:You requisite to pass the HDI-CSR examination ($145). exams are seventy five minutes long and encompass 65 numerous option questions. A passing rating of eighty% is required until in any other case brought up. practicing is accessible but now not required.HDI contributors can download the HDI customer provider representative Certification general, otherwise you should purchase it for $29.

continuing requirements:None.

online supplies:apply exams are available on the HDI web page.

See each and every Hdi Certifications

seller's web page for this certification


HDI(r) identified in Microsoft’s current technology Certification | killexams.com real Questions and Pass4sure dumps

HDI proclaims an agreement with Microsoft Corp. that acknowledges HDI champion core Analyst Certification together with Microsoft licensed IT knowledgeable (MCITP) Certification as a current era of Microsoft certification.

Colorado Springs, Colo. – might likewise 8, 2007 – HDI, (http://www.thinkhdi.com) the realm’s greatest membership association for IT service and assist authorities and the premier certification carcass for the trade, nowadays introduced an settlement with Microsoft Corp. that recognizes HDI steer focus Analyst Certification together with Microsoft certified IT skilled (MCITP) Certification as a brand current technology of Microsoft certification.

Microsoft’s current technology Certification application for IT carrier and succor gurus makes a speciality of both technical skills in designing, developing, enforcing and aiding solutions with Microsoft items, as smartly because the consumer provider and IT service administration abilities together with business strategies, plight taking pictures and communique which are core aspects of HDI Certification. IT provider and champion authorities who at present possess HDI champion core Analyst are eligible to supervene for Microsoft’s current generation Certification.

“The evolving assist industry demands that IT service and aid specialists exist not simplest technically certified to remedy issues, but even hold the client service and IT carrier management skills imperative to fill the consumer. Microsoft recognizes that delivering towering satisfactory service and succor requires greater than simply technical potential and realizing. customer service and IT service management potential are likewise a must have,” celebrated invoice Wall, director of certification, Microsoft. “identifying a certification to fulfill these requirements become executed with careful consideration. In HDI they selected a recognized international industry chief that was concentrated on service administration expertise and that changed into technology impartial. HDI Certification combined with the MCITP Certification meets the needs of the champion trade.”

“we are very pleased to hold participated during this effort with Microsoft, a world leader in IT utility, features and options,” celebrated Ron Muns, founder and CEO, HDI. “HDI and Microsoft hold determined the essential abilities for smartly-rounded IT carrier and champion personnel and has delineated the surest certification profession path for these specialists. This current certification is partially the result of that collaboration. Microsoft’s current generation Certification demonstrates that the steer business is maturing and that IT steer experts deserve to hold both technical competencies and client provider knowledge. This current certification will champion to additional give a boost to the profession.”

For greater counsel, consult with – http://www.thinkhdi.com/microsoft

About HDI Certification

HDI Certifications are constructed on requirements decided through an impartial committee of international trade experts and practitioners. success of HDI Certification demonstrates that individuals exist aware the client carrier skills and steer focus strategies required to supply satisfactory IT provider and help. each HDI Certification is designed to replicate the stage of potential required for that inescapable role, starting from client service representative to assist middle Director.

About HDI

HDI, a feel provider, Inc. company, is the area’s largest IT service and aid membership affiliation and the trade’s premier certification and practising physique. Guided through an international panel of industry experts and practitioners, HDI is the leading aid for aid desk/support core emerging traits and superior practices. HDI gives contributors with an mammoth repository of supplies, networking opportunities and the largest industry undergo – the HDI Annual convention and Expo. Headquartered in Colorado Springs, Colo., u . s ., HDI offers training in diverse languages and countries. For greater counsel, consult with http://www.thinkhdi.com or denomination +1 719.268.0174. (think service, Inc. and HDI are not affiliated with purchasers exotic restricted or HDI Europe.)


QQ0-400 HDI Qualified Customer champion Specialist

Study steer Prepared by Killexams.com HDI Dumps Experts


Killexams.com QQ0-400 Dumps and real Questions

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QQ0-400 exam Dumps Source : HDI Qualified Customer champion Specialist

Test Code : QQ0-400
Test denomination : HDI Qualified Customer champion Specialist
Vendor denomination : HDI
: 120 real Questions

the ones QQ0-400 real test questions paintings terrific inside the actual test.
Passing the QQ0-400 exam changed into simply not feasible for me as I couldnt exploit my preparation time properly. Left with only 10 days to go, I referred the exam by passage of killexams.com and it made my life smooth. subjects hold beenpresented nicely and was dealt nicely within the check. I scored a gorgeous 959. thanks killexams. i was hopeless however killexams.com given me hope and helped for passing when i was hopeless that i cant grow to exist an IT licensed; my pal instructed me approximately you; I tried your on-line education gear for my QQ0-400 exam and become capable of earn a 91 bring about examination. I own thanks to killexams.


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First of each and every I want to mention Thanks to you people. I hold cleared QQ0-400 Exam by passage of subscribing to your examine substances. So I wanted to share my fulfillment in your website. Thank you once again. Thank you very a entire lot to your extremely benign assist. I even hold cleared my QQ0-400 with ninety%.


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I in no passage notion i might exist the usage of mind dumps for solemn IT tests (i used to exist usually an honors scholar, lol), but as your profession progresses and youve more duties, which incorporates your family, locating time and money to rescue together for your assessments earn tougher and tougher. But, to provide to your own family, you requisite to maintain your profession and know-how growing... So, perplexed and a bit responsible, I ordered this killexams.com package deal. It lived as much as my expectancies, as I surpassed the QQ0-400 exam with a superbly appropriate score. The reality is, they finish proffer you with real QQ0-400 examination questions and answers - this is exactly what they promise. However the best information likewise is, that this statistics you cram to your exam stays with you. Dont each and every of us esteem the question and retort layout due to that So, a few months later, as soon as I obtained a huge selling with even larger responsibilities, I often locate myself drawing from the understanding I got from Killexams. So it moreover facilitates ultimately, so I dont fancy that liable anymore.


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That is high-quality, I exceeded my QQ0-400 examination closing week, and one exam in promote this month! As many humans component out proper here, the ones thoughts dumps are a bizarre manner to investigate, both for the examination, or handiest in your understanding! On my exams, I had masses of questions, precise thing I knew each and every the answers!!


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HDI Qualified Customer champion Specialist

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How to Become a Technical champion Specialist | killexams.com real questions and Pass4sure dumps

Technical  champion specialists provide assistance with the products they support.

Technical champion specialists provide assistance with the products they support.

Creatas/Creatas/Getty Images

With the frequent release of current computers, gadgets and software, technical champion specialists are needed to troubleshoot technical issues and provide product advice. Robert Half Technology, a leading technology staffing company, reported that the succor desk, or the technical champion area, frequently serves as the launching pad of rewarding IT careers (Reference 1). According to its 2013 technology salary guide, succor desk staff earned a national average starting salary of $31,750 to $64,750 in 2012, depending on the position level (Reference 2). There is no set path for becoming a technical champion specialist, but employers generally stare for applicants with problem-solving skills, multi-tasking aptitude and interpersonal skills (Reference 3).


Babcock International Group Plc (BCKIF) CEO Archie Bethel on Q2 2019 Results - Earnings summon Transcript | killexams.com real questions and Pass4sure dumps

Babcock International Group Plc (OTCPK:BCKIF) Q2 2019 Results Earnings Conference summon November 21, 2018 4:00 AM ET

Executives

Archie Bethel - Chief Executive Officer

Franco Martinelli - Group financial Director

Analysts

Joe Brent - Liberum

Sash Tusa - Agency Partners

Karl Green - Credit Suisse

Allen Wells - Exane

Ed Steele - Citigroup

Matija Gergolet - Goldman Sachs

Kean Marden - Jefferies

Nicholas Thompson - Santander

Sabrina Han - BNP

Sam Bland - JP Morgan

Archie Bethel

Good morning. Thank you for joining us. I believe it’s impartial to whisper it’s been a challenging six months. The political environment and the economic environment has been pretty volatile and, at times, unpredictable. But we've kept their focus on delivering for their customers and on strengthening their business.

The half year results we're reporting today clearly demonstrate that their focus is paying off, but I'm frustrated that we're not achieving the shareholder returns that their underlying financial results would normally deliver. So they are taking very specific actions to strengthen the business and to Make us more attractive to a wider pool of investors.

Overall, we've had a steady first half to the year. We've delivered underlying results right in line with the forecast they gave in May. But they finish kisser a couple of headwinds, and I'd fancy to tackle them right up front.

As I said a minute ago, we've had a difficult few months. They were attacked by an anonymous short researcher who issued a report attacking Babcock by making fraudulent accusations and claims. The motive behind the attacks was clearly to short their stock, and sadly, it worked.

The most damaging fraudulent accusation was that their relationship with the UK Government and MoD is bad, and that is simply not true.

Babcock has been a key supplier to Her Majesty's Government and the MoD for over forty years; in fact we've been supplying products and services to the MoD for over 100 years, and there are not too many companies who can pretension that. Today, they are currently delivering 128 contracts with a combined value of over £25 billion across government. Talking just of Defence, we've been the MoD's second biggest supplier for the last ten years, and they are their largest provider of engineering champion services.

This is highly tangled and challenging work, and the MoD quite rightly demands the highest levels of performance, and they always strive to meet their expectations, and most of the time they achieve just that.

And sometimes issues arise, as has been the case over these many years, and in these instances they work together harder than ever to resolve the issues, because not anything of us has the full retort on their own.

That's why they participate in both the Cabinet Office's Strategic colleague Programme, and the MoD's Strategic colleague Program. And earlier this week each and every three parties confirmed their cooperation in signing up to a Joint passage of Working Charter that will progressively develop their relationship to the next level. And we're the first of the defence companies to progress through that program.

So I would characterize the relationship as being much as it has always been: professional, robust, demanding, supportive, frank, open, honest and enduring. Does that portray and constitute a benign and stout business relationship? Well I believe it does.

The second zone I want to address right up front is the exceptional pervade they are taking against their Oil & Gas Helicopter business. In 2016, following a deadly crash in Norway involving one of their competitors and an Airbus EC225 helicopter. As a result, Airbus EC225 helicopters were grounded worldwide whilst the understanding of the crash was investigated. In July 2017 the Norwegian and UK Air safety authorities lifted the ban, but in both the UK and Norway oil companies decided that they would no longer accept the consume of EC225’s.

As they hold reported in the past, Babcock has 13 Airbus EC225 in their offshore fleet of 50 ponderous hoist helicopters. These grounded assets are obviously a significant drag on their offshore business. In the last two years grounding these aircraft has pulled operating margins in this zone of their business down to low solitary digit.

So they hold taken the conclusion to re-value these assets to a level where they will exist able to either sell them in the used aircraft market or re-purpose them for alternative uses. In fact, the picture here shows the first EC225 that they hold successfully re-engineered for firefighting duty in Spain.

Today, the oil cost has recovered significantly from the $30 per barrel low point of a few years ago, but there is silent volatility in that price, and market activity, especially in the up-stream sector, remains subdued, although over the summer they did undergo their first modest growth in revenues.

Our Aberdeen based business has consistently performed well throughout this difficult period. They’ve kept firmly focused on safety and on delivering for their customers. Their determination and commitment has paid off, and unlike their main competitors, they hold avoided moving into a loss making situation.

The impact of the impairment and provisions will exist to improve the profitability of this piece of the business and rescue us in a stout position to profit from increasing activity as the market recovers.

The third zone I’d fancy to update you on is their Magnox Decommissioning contract. They hold updated you on this a number of times as they work towards the hand back point on 31st August

2019.

In March 2017 the Government announced its aim to terminate the Cavendish Fluor Partnership compress from August 2019. At the time, the Government emphasized that this was not a negative reflection on their performance, and they were awarded a compress to hasten the project to an agreed End status by August 2019, and they are committed to achieving a smooth transition back to the NDA.

There’s silent an extensive scope of work to exist completed on the Magnox estate after the compress End date next year, and the NDA has confirmed that it intends to seize the compress back in-house. They will then re-contract for the work on a package by package basis.

We are silent really confident that Babcock Cavendish will exist successful in winning future Magnox work. But, based on their current information of where the NDA are in terms of the overall process, they believe there is now likely to exist a time gap between the End of the August termination date and when the NDA will exist ready to Come back to the market with the packages of work.

For planning purposes, their assumption is that when work ends in August 2019 there will exist no supervene up work on Magnox for a 2 year period.

Now that might not exist a redress assumption, but based on their best judgment they believe that this is the prudent position to take, and from the dawn of next year they will start to survey current opportunities develop in a pipeline for Magnox down later. The stepdown in revenue in 2019/20 is now expected to exist around £250 million. Their previous guidance was £100 million, with a stepdown in operating profit of around £20 million, against a previous guidance of £7 million.

So let me now coast on to some operating highlights for the first half of the year. Across each and every four sectors, we’ve had a very diligent first half to the year. In Marine, we’ve had a full surface warship and submarine programme in the UK, and they likewise made benign progress in their international markets. In Canada they were awarded a CAD 384 million three year extension to their submarine champion contract, and in Australia their frigate champion compress continued to grow and fulfill well.

We delivered their first batch of submarine missile launch tube assemblies to the United States as piece of the Dreadnought/Columbia common missile compartment. And the Babcock, Bernard Schulte joint venture completed its first LNG Gas Supply Vessel, which will exist deployed in the Baltic Sea by the End of the year.

In their Land Sector they prepared 490 vehicles for the British Army as they deployed to Oman for one of the biggest training exercises in recent years. And they were likewise awarded a £50 million two year extension to their Metropolitan Police vehicle champion contract. They mobilised a major training compress at Hinckley Point C for EDF as well.

In the Aviation Sector they achieved full mobilisation on their Hades Project. That project covers

17 Air bases. And they likewise mobilised on three current air ambulance contracts in Sweden, Norway

and Finland.

In Spain, they were awarded a five year compress from the Region of Valencia for firefighting, emergency coordination and medical services. And in France their FOMEDEC pilot training compress is progressing to plan. Seventeen aircraft hold been manufactured, and each and every the simulators are now up and running.

In Cavendish Nuclear, they made benign steady progress at Dounreay, where they continue to implement the Government’s site restoration strategy. And across the Magnox Fleet they continue to Make benign progress, and are committed to achieving a smooth transition of this compress back to NDA in August 2019. And just last month they opened a current office in Japan to champion their ongoing work at both Tokai and Fukishima, and because we’re convinced that opportunities there will continue to develop

During the first half of the year they continued to sharpen their focus around their three key Strategic Markets: Defence, Emergency Services and Civil Nuclear. I’m particularly pleased to report that their International business continues to grow. It is now becoming an increasingly Important component in their overall business strategy, with around 30% of their revenue now coming from outside of their UK markets.

In the last few weeks they hold made further Important breakthroughs in their International Strategy. They are now very near to award on current Marine and Aviation opportunities worth around £200 million. And in both cases it’s a combination of domain information and expertise provided from their Sector teams, combined with their established in-country operations that provide us with the platforms to win this current business. It’s likewise essential that they remain competitive. So they are innovative, they continually improve their productivity and they improve the trait of their services to their customers. And it’s likewise vital that at the selfsame time they continue to improve their safety performance across the Group. It’s likewise crucial for us to focus on their core business where they survey future growth and investment opportunities. At the selfsame time, we’ve got to address miniature areas of the business that are not piece of their core activities. During the first half of the year they completed exits from their Offshore Renewable business at Rosyth, their miniature North American construction champion business, and their Powerlines business in South Africa, and they sold their Media Services business. We’ve likewise reduced their production capacity, mainly in the Marine area. There they will exit the Appledore facility in North Devon, and at Rosyth, they hold been right sizing the workforce and facilities as the Aircraft Carrier project enters its final stages with HMS Prince of Wales nearing completion.

We’ve taken these actions I’m talking about to retain their competitive position, and to protect and improve their overall financial performance. The order bespeak remains stout at £18 billion. In the first half of the year they added £2.6 billion of current orders. The bidding pipeline increased by £1 billion to £14 billion during the period, with £3.7 billion of current opportunities being added. And as you can survey from this slide, 93% of their order bespeak and 87% of their pipeline opportunities are in their three key markets. Their UK Government and MoD work likewise increased, and they now have, as I mentioned before, 128 contracts running across the Government. The majority of those contracts are with the MoD, and during the period they added another £650 million to their order book. So I hope that gives you an notion of where they are at the moment and a reasonable picture of what they are doing to continue building on the solid performance we’ve delivered during the first half of the year.

So I’d now fancy to hand over to Franco who will seize you through some of the detail behind the financial results.

Franco Martinelli

Good morning. This morning I’d fancy to focus on my priorities in driving shareholder value in four ways; first, sustaining margins; second, generating cash; third, de-gearing; and finally, fourth, improving returns. I’ll likewise seize a minute to clarify why joint ventures are really Important and why they will exist a source of future cash. I'm going to originate with a summary of the key figures for the first half of the year. Their underlying organic revenue was down by 1% at constant exchange rates. Underlying profit has grown by 2.4% at constant exchange rates.

As a result of the actions we're taking to further strengthen the Group they hold recognized £120 million of exceptional charges of which £80 million is oil and gas. That's £100 million after tax. The total net cash cost is expected to exist around £10 million over the next few years. I will Come back to these numbers in more detail shortly.

As you know, cash generation is an Important piece of their model; and I'm pleased to whisper that they generated free cash current of £140 million. They likewise achieved their target of delivering pre-capital expenditure cash conversion of over 100% and cash conversion works out at over 80% post capital expenditure.

And they continue to reduce their gearing as planned with net debt around £160 million lower than it was at this time last year.

Finally their earnings per share is up 3.1% and we're increasing their interim dividend by 3.6%. That dividend increase shows their continuing assurance in the future.

As you can see, underlying revenues fell slightly while underlying profits increased. I'll seize you through those movements on the next two slides. Their underlying results excludes £120 million of exceptional charges I mentioned earlier.

The exits from their lower margin businesses has led to a year-on-year improvement in underlying margins to 10.9%. Reduced interest charges and a stable tax rate hold resulted in earnings per share growth of 3.1%.

So I'd fancy to exist lucid about their revenue movements. As you can survey from the revenue bridge. There is a £17 million FX impact, and a £15m result of disposals. Once rebased this gives underlying organic revenue growth down 1.1%.

Then they had £42 million reduction relating to exits from low margin businesses. So taking that into account their continuing business was up 0.5%.

You can survey from this next bridge the result of FX and disposals. The increase in operating profit was driven by a stout performance in Land and a benign performance in both Aviation and Nuclear offset by Marine. I will depart into more details when I Come to stare at each sector.

Again, for clarity, they hold provided a reconciliation between underlying results and statutory results. The main disagreement between the two are of course the exceptional costs of £120 million which results from those actions we’ve taken to sharpen their strategic focus and their increased share of joint venture profits.

So looking at the exceptional items in more detail. We’ve broken them down into 3 areas: Oil

& Gas, Capacity Reduction & Restructuring, and Exits & Disposals.

Firstly in reshaping their Oil & Gas business they hold taken an asset impairment pervade of £38m. That pervade reduces their oil and gas assets, mostly the EC225 helicopters, to their market value. They hold likewise recognized an onerous lease provision of £42 million against their leased helicopters. That additional £42 million reflects the cost of these commitments versus current market rates.

Secondly, they hold made significant changes to capacity across the Group, including the exit from Appledore shipyard, rightsizing capacity in their other Marine facilities, reducing capacity in Rail ahead of their bid for the current CP6 contracts, and the restructuring of their business relating to Magnox. each and every together these reductions in inordinate capacity hold resulted in a pervade of £40 million.

And lastly, they hold exited a number of low margin businesses. They include: Renewables, North American mining and construction champion and Powerlines in South Africa. These costs of these exits hold been offset by the proceeds from the sale of their media services business.

So, net of tax the exceptional pervade is £100 million. But their total expected net cash cost is only around £10 million. This has been reduced through expected sales of helicopters of around £40 million.

Revenue in Marine was lower in the first half. That reflects the exit of their renewables business last year and the step down in QEC work of £47 million. But excluding these factors the continuing business grew by 2%.

Margins remained stable. A minor change in business fuse offset the loss of low margin revenue in both QEC and renewables. They hope revenue for FY19 to exist broadly stable year-on-year and that they will maintain a stable margin.

In financial year 20, they hope a step down of 75 million in Marine in relation to the carrier programme. That step down will hold a minimal impact on operating profit.

Revenue in Land was down 14.6% with a 33 million impact from business exits and disposals. And they had a £10 million impact from FX movements. As they talked about earlier in the year there was reduced procurement activity in defense and less rail electrification work. The Land Division’s operating profit increased significantly. That improvement came from South Africa in its outfit business, improved compress performance, cost reduction and from better than expected savings in their Holdfast RSME JV. They hope Holdfast RSME JV profits will normalize next year. The increased profits in South Africa came from their buoyant outfit business

For financial year, exits and disposals this year will contribute to a year-on-year revenue 10% lower, but with a strengthening margin. The stout revenue growth in Aviation was largely driven by the delivery of aircraft and simulators on their French FOMEDEC contract. They hope Emergency Services and UK Military Air growth to exist second half weighted. Operating profit increased in Aviation but margin declined due to current contracts being at an early stage. As many of you will recall, they typically seize lower margins during the initial angle of their contracts.

We hope stout year-on-year revenue growth for financial year 19, albeit with the pace of growth slowing well in the second half and with a softening margin year-on-year. Their Nuclear business delivered benign revenue and operating profit growth in the first half. That

solid performance was driven by their Nuclear Services business and increased activity on our

Magnox JV.

Our outlook for financial year 19, is for year-on-year flat revenue with a stable margin. As you heard from Archie earlier their Magnox compress is scheduled to End in August 2019. However, they now believe that the NDA procurement strategy will exist insufficiently advanced by then for us to assume any further revenue in the short term. So they hold changed their modeling assumptions.

Therefore, the financial year 20, Magnox step-down is estimated to hold roughly a 250 million impact to revenue and about a 20 million impact to operating profit, compared to previous guidance of 100 million of revenue and 7 million of operating profit.

In financial year ‘21, they hope a Magnox step-down in revenue of 100 million and a corresponding 7 million impact to operating profit. In the medium term they silent survey Magnox as a significant opportunity. FOMADEC had a 50 million working capital outflow in financial year ‘18 which fully unwinds in financial year ‘19. Slightly larger profit in the first half, offsetting the guided phasing of working capital. The FOMADEC compress is now cash positive. full year cash flows are on track as previously guided. Aircraft payments drive CapEx in the first half. But, these aircraft payments will transpose in the second half, as they transmogrify them to operating leases. And, as I said before, they achieved their target of delivering pre-cash conversion of over 100% and post-cash conversion over 80% and they are right on track for the full year cash flows. Free cash current before pensions was 140 million. That 140 million was driven by -- mainly by improved working capital performance and growing JV dividends. Pension payments in excess of income statement hold increased by 9 million which is partly phasing, and I will talk about pensions later.

The net cash cost of exceptionals was £5 million in the first half. Over the last 12 months they hold reduced net debt by £160 million. That cuts their net debt ratio -- net debt to EBITDA ratio by 0.3 times. They continue to hope net debt to reduce to around 1.4 times to EBITDA by the End of the financial year, and 1.1 times for financial year ’20, excluding the impact of IFRS 16.

Our net debt of 1.1 billion includes 160 million of finance lease debtors related to FOMEDEC. each and every of that 160 million will transmogrify into cash in the second half. As of today they hold already received nearly 100 million of cash. As always, net debt excludes non-recourse JV debt, which is currently £345 million, mainly held in the AirTanker and Ascent JVs.

We hold assessed the impact of IFRS 16 which will impact FY20, and it will exist a 0.4 increase to the net debt to EBITDA ratio. This additional debt is unchanged from previous guidance.

You'll recognize this slide, it sets out their capital allocation policies which haven't changed.

Firstly, they will invest in the business to drive growth. They are highly disciplined in applying their investment criteria to champion recrudesce on invested capital. Any investment they Make has got to meet these hurdles or it won't happen.

Secondly, they will de-gear the equipoise sheet. That gives us the flexibility to Make positive they are well-positioned whatever the environment. And they believe de-gearing the equipoise sheet is particularly Important during this period of economic and political uncertainty. It likewise safeguards their credit rating, and provides additional funding for their pension schemes.

Thirdly, they want to recrudesce capital to shareholders. We'll finish that primarily through a sustainable dividend. Their ordinary dividend is growing, and their free cash current gives us more than adequate cover for the dividends we're paying. As they continue to reduce debt they will hold scope for additional returns.

Our IAS 19 position is now a surplus of £26 million, compared with last half year's deficit of £116 million. This improvement has largely been driven by discount rates, asset performance and their deficit contribution. Whilst it's benign news, bethink this is an accounting valuation, not a funding valuation.

To remind you, they hold three main schemes. In the first half the Devonport scheme valuation was signed off, with no result on the deficit but an increase in the cash service cost. Their Rosyth scheme is currently under discussion and is more challenging.

The increase in the cash service cost on top of the IAS 19 service cost, will exist a cash drag of £5 million, but their cash service cost will in the future exist partly offset by increased employee contributions and restructuring.

Finally, they hope to pay a contribution in excess of income statement of around £55 million for FY19.

As I mentioned earlier, their share of JV net debt is £345 million, with the majority in AirTanker and Ascent. This debt is each and every non-recourse. As you can see, their JVs hold significant cash balances due to JV performance ahead of schedule, and that cash is held for scheduled debt repayments and dividends, which you will survey on the next slide.

JVs are an Important piece of their underlying business. They represent 12% of their underlying revenue, and 21% of their underlying profit. They hold distributable reserves of about £140 million, and as the non-recourse debt in the JVs is paid down, they increasingly hold more cash to pay out in dividends.

Higher profits in their JVs hold resulted in an increase in dividends. They hope cash dividends of around £50 million for financial year '19, and £45 million for financial year '20. The cash gap between net profits and dividends, which particularly affects the asset JVs, has marginally improved year-on-year, but they hope a significant improvement in the coming years.

There is no overall change to Group guidance for FY19. They continue to hope low solitary digit organic revenue growth for the Group with margins stronger year-on-year. But, they hold refreshed their expectations to reflect some of the changes to specific sectors.

These are some modelling considerations for financial year '20. Firstly, on exits and disposals, they hold to hold a revenue impact of £40 million with a miniature profit impact. And on step downs, they hope the step down on QEC as they continue the program to hold a revenue impact of £75 million, but at low margin.

We hope the stepdown on Magnox to hold a revenue impact of £250 million, and an operating profit impact of £20 million as they continue to the End of the contract. This is more than their previous assumption of an impact of £100 million of revenue and £7 million of profit. This is to reflect an immature NDA procurement strategy solution by the End of August 2019.

Finally, I'd fancy to exist absolutely lucid about their priorities. The team's focus is on creating value for their shareholders and their customers, and so they hold four priorities. Firstly, to sustain margins. They are on track for this year. In fact, they believe that margins will exist a microscopic stronger. But we've got to maintain their acute focus on costs for future years, and continue their disciplined bidding control and their success in avoiding loss making contracts.

Secondly, cash generation. Overall, their cash performance in the first half is in line, and they are on track to meet full year expectations. But they continue to pay near attention to cash.

Our zero based budgeting model for working capital is dawn to realize benefits. Thirdly, de-gearing. They are on track to reduce their net debt to 1.4 times EBITDA by March 19. That reduction supports a growing dividend and gives us the flexibility they need. last but not least, to improve returns for their shareholders and to profit for their customers. I am determined to Make absolutely positive that they will inform the Babcock Story to the market in a lucid and transparent way.

I hope we're doing that today, and now I'll pass you back to Archie.

Archie Bethel

Thank you very much for the numbers. There was a lot of numbers there, so I hope you were each and every listening very intently. I would fancy to disburse the few minutes of the presentation just looking forward to the repose of this year and to the medium-term. As well as strengthening and consolidating their stout positions in the UK, as I've said before growing and developing their International business remains a very key priority. Their level is to establish operations in their chosen territories for more than just one Babcock sector.

In Australia and current Zealand they are already operating across Marine, Land and Aviation sectors with the scale, capability and the management force to operate locally with agility and flexibility. Canada is on a similar path, and in the very near future they will exist operating across two of their four sectors there. And in France, Spain and Italy, they likewise survey the potential for multi-sector operations over the next few years.

In the first half of the year they opened offices in South Korea and Japan. The office in Busan is focused on both naval outfit support, particularly round about the submarine programme there, and provision of Liquid Gas marine transportation systems. And in Japan their initial focus will exist on nuclear decommissioning where they will exist building on their growing work at Tokai and Fukishima.

Our business model is built around a miniature number of key business drivers. each and every four of their sector teams operate in highly tangled and regulated environments and markets, and they hold the profound expertise and skills that you've got to hold to deliver these tangled projects, and to deliver them at the highest feasible standards. Their customers are government departments, regional governments, government agencies and great scale private sector companies. And their relationships with those sophisticated customers are profound and by their nature long-term

We own and operate great and unique marine champion facilities, manufacturing and assembly plants, a fleet of over 500 fixed and rotary wing aircraft, great aviation maintenance, repair and overhaul champion facilities, as well as tangled facilities to build and champion censorious military vehicles. They own and operate extensive training facilities to champion their customers' operational training requirements. Often that means incorporating cutting edge capabilities in the areas of simulation and artificial intelligence. And a great percentage of their contracts are long-term in nature, and that gives us a lucid view of their forward revenues. These unique capabilities and assets give us real competitive edge -- advantage, and they create towering barriers to entry for any potential current competitors. The defense markets in the countries where they select to operate are growing steadily. Both in Canada and Australia they continue to increase their disburse on defense and both countries are in the process of replacing and upgrading great parts of their naval fleets. natural budget pressures imply that initiatives that reduce through-life cost of champion are effectual and attractive passage of maximizing the funds available for current products, systems and platforms, and this is as honest in Italy, France and Spain, as it is in the UK, Canada and Australia. In the UK, the government recently confirmed its commitment to disburse 2% of GDP on defense, and they confirmed that the strategic programs identified in the 2018 outfit passage would continue to exist fully supported.

Today emergency services are increasingly being delivered in a more joined up passage by making greater consume of technology for communications, monitoring, surveillance, and for improving response and reaction times. Babcock is one of the world’s leading providers of Aerial Emergency Services. And as I said a minute ago, they own and operate a great fleet of fixed wing and rotary wing aircraft operating across a dozen or so countries. Air ambulance medical services, aerial fire-fighting, coastal search and rescue, mountain rescue and civil order and surveillance are each and every censorious activities, where helicopters and specialist fixed wing aircraft play a crucial role. The market for these services is growing steadily. Today, more-and-more countries are improving their emergency response by investing in aerial capabilities. For instance in Europe they are seeing a greater pooling of effort. During the summer they deployed a number of their aircraft from their Italian fire-fighting operation to Sweden and they likewise deployed aircraft to Greece to champion fire-fighting there.

The UK has a great legacy of nuclear facilities that are being de-commissioned progressively on long-term programs. Sellafield, Dounreay and the Magnox Fleet are the largest programs currently running. And then, just a few years’ time the ageing fleet of AGR power stations will start coming offline. And they will exist replaced by current build capacity. Hinkley Point C is well into its construction angle now and the Horizon Project at Wylfa continues to progress through its minute planning phase. champion for nuclear facilities and projects creates a stout ongoing require for nuclear engineering and associated skills and will continue to provide benign growth opportunities for us here in the UK. And there are likewise opportunities emerging internationally. I hold spoken previously about their office in Japan and they are investigating opportunities in Spain and Italy where nuclear stations are nearing the End of their design life.

So, what are their immediate priorities? Well they will exist continuing to focus the business around their key three markets of defense, aerial emergency services and nuclear. They will continue to focus on margin trait by exiting low-margin businesses and strengthening margins through improving their compress performance. The UK remains their largest market and the UK government their largest customer. They will focus and invest on developing their key strategic colleague relationship. As I hold highlighted many times, international expansion is key to their future growth and as the results present they are making benign steady progress.

But my own personal focus is firmly on providing better performance to their key customers and better returns to their shareholders and in my mind there is no conflict here. The better they fulfill for their customers, the more business they will win and the better opportunities they will hold to provide growing returns to their shareholders.

So let me conclude before handing over to you for questions.

We've had a solid first half with their underlying results in line with expectations and with their full year guidance confirmed. They hold tackled the issues of the EC225's and business restructuring head on and we'll survey the operational and financial benefits current through next year and beyond.

We hold re-set their expectations on Magnox taking a prudent view but being ready to respond to further opportunities as they emerge. And they hold continued to develop their long-term relationship with the UK Government and the MoD as one of their key strategic partners and suppliers.

Fundamentally they are a stout company, as stout as they hold ever been in their 128 year history, with a solid equipoise sheet supporting delivery of a great order bespeak and long-term opportunity pipeline. And their 36,000 stout workforce are one of the most qualified, skilled and experienced workforces anywhere in the world, and they are dedicated to providing the highest trait products and services to their customers.

We hold delivered improved financial performance year-on-year for 15 years now and the Board and management of this company are confident that they can continue this hasten of success.

We will continue to improve their performance and I am confident that the trait of their long-term performance will exist recognised, and they will create improved shareholder value.

So, let's hand over to you for your questions. I'm going to seek information from my executive team to combine us up at the front here and we'll seize your questions.

Question-and-Answer Session

Q - Joe Brent

Good morning. Joe Brent from Liberum. Three questions if I may. Firstly, there hold been a lot of negative press comments around HMS Vanguard. Can you observation on how that compress is progressing?

Secondly, on Carrier you talk about a step-down in revenues but no step-down in profits. Is that because it's not making much money or because you earn a catch-up payment and profits on the tail of that contract?

And thirdly, you've given very definite guidance around Magnox and the change to expectations to 2020. You've given the absolute number for 2021. Could you give us an indication of the change to guidance for 2021?

Archie Bethel

Let me start. On Vanguard really I'm not going to whisper that word again. I mean, they never talk about individual contracts. But believe me CASD, Continuous at Sea Deterrents, it's covered by the Official Secrets Act. I believe it's been ridiculous what's been written about it in the papers. each and every I'm going to observation is that their submarine program is a long-term program; it runs continuously and it is carried out in great, if not secrecy, almost secrecy.

We hold maintained it as piece of the team that has maintained Continuous at Sea Deterrents for 30 years, and I'm confident we'll continue to finish that for the next 30 years. And really that's each and every I want to whisper about that program.

And as I said earlier, the inference that there is something different in the relationship between Babcock and the MoD is just simply not true.

On the Carrier project we're coming to the End of the Carrier project. They are in a phase. This compress since they renegotiated it in 2013 the margins aren’t great. And as they Come near the End of it there is a kindly of inclination in sizable long naval programs to hasten a bit at the end. So, again taking a prudent view and we’re not planning for too much more profit out of that compress simple as that.

And I believe in Magnox, I can’t bethink the numbers Franco, and beyond 20

Franco Martinelli

Hi benign morning, Joe. The retort to that question is obviously for 2020 the step-down was 100 and now it’s 250.And the following year it was 100 and now it’s silent 100 in step-down, but actually in absolute terms that’s 150 down in 2021 because we’ve re-base lined it downwards, that’s what we’ve done.

So, we’ve assumed a prudent position of not getting any revenue from Magnox for either 2020 or 2021 other than the compress that they have. They would hope to finish better than that, and that’s what we’re going to job Simon to do. And I’m positive he can talk about Magnox in more detail if you want to discourse to him.

Joe Brent

So, crudely speaking the impact on guidance for 2021 is similar to 2020 i.e. about 12 or 13

Franco Martinelli

Yes, we’ve baselined it downwards, correct.

Joe Brent

Got it, that’s clear, thanks.

Archie Bethel

Thank you.

Sash Tusa

Sash Tusa from Agency Partners. Two questions. Firstly, I prize that you don’t want to whisper a worthy deal more about Vanguard, but perhaps if you could just whisper – and this is clearly an unplanned refueling, it was never planned to exist refueled at this stage – is there anything in the refueling or in the scope of work that was unexpected by either you or the customer when you actually signed the contract?

Archie Bethel

Pass. That is an official secret.

Sash Tusa

But it is likewise material to you, isn’t it?

Archie Bethel

I’m just quoting you back a figure. I’ve got a customer who would not hope me to publicly crash the law, and I’m not going to finish it.

Sash Tusa

Okay. Change the subject then to helicopters.

Archie Bethel

Okay there.

Sash Tusa

The write-downs on helicopters does that just cover the H225s, because if so it seems to exist a very substantial proportion of the value of those helicopters? Or hold you actually done a complete scrub of each and every of your aviation assets in terms of their value compared to current market value?

Archie Bethel

No, the EC225s are expensive aircraft. Their initial purchase cost was probably about £17 million or £18 million times 13. We’re writing them down to values considerably less than that, and the number is made up of about half of it is write-downs of owned assets and the other half is provisioning against leases. So, five of the 13 current helicopters are leased and 8 are owned. Maybe they got there.

Karl Green

Thanks. It's Karl Green from Credit Suisse. I’ve got three questions if I can. Firstly, just in terms of the change in the description of the margin guidance from broadly stable to stronger; how much of that reflects costs which were previously budgeted for QEC and likewise for CP6 and Rail coming out of your definition of underlying costs and going into that exceptional bucket?

Following on from that in terms of the £40m of capacity adaptations, can you crash that down between QEC, Appledore, Rail and Magnox please?

And then my third question is just around looking into well actually there are two parts really for working capital. Firstly, can you just betoken what the delta and factoring has been in the first half of this year? And then looking forwards into next year, given the lucid guidance you’ve given around revenue development, what kindly of working capital impact would you hope that to hold please?

Archie Bethel

I’m going to hand that to you. But just an interest, there’s a lot of minute stuff there that I guess they would exist gratified to depart into at the End or with Simon, but finish you want to seize the headline of that?

Franco Martinelli

The retort to your question is we’ve removed capacity in relation to CP6 in Rail. It wasn’t in their previous forecast; we’ve just restructured it depending on how the compress has developed. So, as they earn more visibility as to what the compress was going to exist they hold to rescue their cost ground in line with what the contracts are looking like. So, that’s what’s actually the retort to that. In terms of the breakdown, I believe we’re not going to crash it down into detail. They are going to inform you it’s Appledore, it’s Rosyth, it’s Devonport, it’s Rail and Magnox. So, it’s spread across those businesses is what it is. The easiest retort to give is the delta in the factoring is none; the factoring is at the selfsame level as it was previously. It’s southern Europe and it’s at the selfsame level it’s always been at. Final question was on working capital guidance given the growth. Well, the retort to that question is that the growing areas are aviation and that’s where the working capital is tied up, so it’s actually the one where you finish requisite working capital to grow. So, we’re not actually changing their guidance at this point in time on working capital.

Allen Wells

Hi it’s Allen Wells from Exane. Three from me if it’s okay. First of each and every just on FOMEDEC, I’m not positive if I missed this, but could you give us the absolute impact on working capital from FOMEDEC in the first half versus the 50 million outflow that they saw at the End of last year?

Secondly, just on the cash exceptional, if I net off in the notes there the 26 million disposal proceeds it suggests about 52 million cash exceptionals. Could I just check what the 21 million cash provision relates to and then the remaining 31 million what that would be? And then finally just on the JV dividends which you’ve given us guidance obviously for FY20. Could you confirm, I’m not positive if my memory serves me correct, but is there a hold-fast enmesh up dividend that’s due in FY20? If so what’s the delta coast between 2019 and 2020 that’s

helping that out? Thank you.

Franco Martinelli

The FOMEDEC debtors last year was 109 million, the creditors were 59 million, giving a net 50 million. That will unwind over the year. What they hold said is it’s slightly ahead of that in the first half in the creditor line. They haven’t given specifics because their customer, now that the compress is now cash positive, their customer does not want us to retain on talking about working capital, which was a significant negotiation between us and them. So, I’ve given you pretty good

guidance but not specific. In terms of the exceptionals and cash cost yes you’re right, there is 26 million of income in the period in relation to the media sales. So, if you took that out you’d earn to 31 million, as you whisper 5 million plus 26 million equals 31mm. Overall it is a net cash cost position of 10 million that we’re forecasting. The sales of the helicopters which they whisper would exist around 40 million we’re expecting in the following year, so not anything of it this year. The advantages in this second half of this year will exist the tax effect, we’ll hold a cash result and we’re expecting to dispose of their Powerlines business in the not too remote future, for somewhere between 5 million and 10 million. So, if you work back from the 10 million net cash you can work out each and every the numbers to earn you back to gross. Those are the key numbers. Finally, financial year ‘20 -- sorry Allen can you remind me?

Allen Wells

The impact of hold-fast?

Franco Martinelli

The JV dividends, no I believe it’s starting now. It’s not a catch-up and I believe it will exist solid going forward the JV dividend.

Ed Steele

Good morning, Ed Steele from Citi. Three please as well. First is a numbers one, Franco. So, the 38 million asset right-down, is that core within the depreciation number of PPE which was 74 from 45 last year? Is that each and every in there, please?

Franco Martinelli

In the statutory numbers it will each and every exist in the impairment which will exist in the depreciation. It's overwhelming that's what it is, yes.

Ed Steele

It looks fancy the underlying depreciation has gone down quite a lot year-on-year then. Is that the profit from the write off?

Franco Martinelli

No. The depreciation has not gone down. I'll talk to you in detail later to reconcile that for you. Depreciation and amortization has actually gone up year-on-year, and there's an EBITDA reconciliation within the document which will present you the depreciation so you can survey what the number is, you can survey it there.

Ed Steele

Secondly, in the preliminary results 2018 you guided for a £5 million to £10 million Holdfast profit reduction in FY’19. Your land JV profits appear to exist up year-on-year in the first half, and you're simply adage that the normalization will happen next year, not this year now. So are they looking actually at a surge in Holdfast profits this year, and therefore what's the step-down next year, please?

Franco Martinelli

Over the year I don't hope a surge in Holdfast profits, and I hope the step-down, which I believe I guided to 15 million previously not 5 million to 10 million, I believe it was 15 million, but anyway, will exist next year.

Ed Steele

So a 15 million step-down in 2020?

Franco Martinelli

In the Holdfast RSME and JV number in isolation. In isolation, Ed. There are lots of moving parts obviously in compress starts, but that's one number in isolation, one contract.

Ed Steele

That's not in your modeling considerations for FY’20 page, is it?

Franco Martinelli

No, they said it would normalize. That's what we've given. They haven't finalized the Land numbers, they hold not finalized their guidance, we're just giving you some key numbers that we're updating for today.

Ed Steele

And just to exist clear, why is that not normalized this year? I know you mentioned some cost savings, but if it's going to normalize next year it's going to normalize still. So what's the push-out, what drove that please?

Franco Martinelli

The Holdfast RSME JV, it's a long Story though, it started with a -- at the 10 year anniversary of the compress it was benchmarked again, and they were able to finish internally a review of what the future cost ground was going to exist required for that RSME JV, and they did that internally. They then went out and asked for an external review, and review has Come back and it allowed us to survey that the savings would exist more significant than they originally thought.

Ed Steele

My last question, I don't want to depart into ins and outs of the SSRO, but I just wondered hold you got anymore clarification on the timing of the pricing conclusion with the MoD SSRO, please?

Archie Bethel

Timing of what?

Ed Steele

Of the outcome of your current negotiations with the SSRO and MoD, please.

Archie Bethel

Anyone know?

Franco Martinelli

I'm not positive they hold any discussions. They don't hold a negotiation with the SSRO. There are a bunch of contracts which Come through. The SSRO is a guidance to whisper how you would price, and Archie spent a lot of time discussing that last year and how they were comfortable with the sweep of profit outcomes that will Come from an SSRO. There are contracts with us. The next sizable one that will Come on is the MSDF, which they hold to argue with the customer exactly how they cost that, and that will happen March 20. They are pretty comfortable with any process around that and actually hold no worries about it at all.

Matija Gergolet

Matija Gergolet from Goldman Sachs. Two questions for me. You were mentioning some business exits, some disposals. With these announcements finish you believe you silent hold more to do, there are more businesses within the Group or more segments that requisite to exist addressed where you're not gratified with the profitability and therefore there might exist further announcements of further disposals or business exits?

My second question is, on one hand you whisper exiting some of these smaller businesses basically simplifies the entire Group. On the other hand you are adding a microscopic bit of complexity by going in to current countries, you mentioned Japan, Korea, looking for work in Spain, in Italy in the decommissioning. Can you just a microscopic bit intricate strategically, whisper a three to five year view, basically where finish you survey the direction, will they survey you going more and more international? Then likewise on that point, what kindly of revenues can they hope from these international expansion from the incremental ones whisper five years from now? If you give us a bit of color on the strategies.

Archie Bethel

So we're clear, direction of travel is to continue to invest and grow in the three major markets of Defense, Aerial, Emergency Services and Civil Nuclear Engineering. And that's about 75% to 76% of the Babcock business. The other 24%, we've got a couple of sizeable businesses in there. There's the Rail business and there's the South African business, which although are not [inaudible], they are well performing, good, significant businesses.

It is true, other miniature businesses, and that's what we've mainly been addressing this year, that Make up the balance, they are looking at ways of exiting or selling these businesses, and that will happen as they review the businesses and Make decisions on that. But the strategic direction of travel is to continue to invest in these three key sectors, both in the UK, but increasingly internationally.

For instance, the zone of emergency services is predominantly an international business. The Marine sector, the Defense business is predominantly UK but with growing involvement internationally. And the Nuclear business again predominantly UK, but has taken the first steps to internationalize that. So it's a strategy that's built round about these three sectors, growing them both in the UK and increasingly internationally. So international growth will exist in one of these three sort of markets, and that's what exactly has been happening.

We've Come from five years ago less than 10% international, to 30% this year. I hope that to continue to grow faster than the rate of growth of the UK business, so I'm not going to rescue a target on it this time, but I'm thinking about it. But I would hope in five years' time it will exist significantly higher than 30%.

Matija Gergolet

Okay.

Kean Marden

Good morning. It's Kean Marden from Jefferies. Just back to MSDF. So if compress ends in 2020 normally you enter into negotiations sometime considerably in promote with that. So can they just depart on whether those discussions hold started, and then if you're able to observation any initial observations there? Also, just on that MoD relationship, what in drill does the Joint Ways of Working Charter mean, and does it Place any sort of obligations on either Cabinet Office or the MoD or yourselves, or any developments there?

Then two other sort of quick areas to handle on. International, you frequently give us the proportion of Group revenues. It's grown really rapidly. finish you hold a feeling for how much inconstant currency International grew in the first half, because it's getting bigger and it's thefastest growing piece of your business? So some insight into that would exist quite helpful.

And then finally, one for Franco. If the Magnox EBIT comes down over the next few years, is there a joint venture dividend impact as well, or is that profit not taken in the associate line, it's taken elsewhere?

Archie Bethel

I'll seize the Joint Ways of Working. The import of that is it's a commitment by each and every parties to depart forward in a manner that allows the government to continually earn better value for money, and gives more conviction to the key suppliers so that they can Make decisions round about investment, investment in facilities, investment in people et cetera, so that there is a lucid line of.

There is an expectation through this process that as they finish that they will exist able to, both the government side and the suppliers, exist able to hold more clarity, but likewise through that investment generate more savings and more efficiencies. It's a sizable program, it'll seize some time to start to work through. We've already started on it in 1 or 2 projects, but it's pretty key. I believe it's the biggest thing that's probably happened to us since they signed the ToBA in 2010.

Kean Marden

Sorry to interrupt. Why finish you believe you were the first to symptom up? Is that just because of your willingness, or did they want to engage with you?

Archie Bethel

No. Recently, we've been in the Cabinet Office system for 7 or 8 years, so we've been in the Cabinet Office Strategic Supplier Program since 2010. It's piece of the MDP process. As piece of that Defense hold signed up to the selfsame program. So defense companies, and they are probably the only defense company who was piece of the Cabinet office system, so they were kindly of an obvious to start with. The other ones who are named in Defense are BA Systems, Rolls Royce and Lockheed Martin. right MSDF.

John Davies

So as I said the MSDF compress gets replaced in March 20 by something called The Future Maritime champion Program, FMSP for short. Actually we’re quite excited about it. As a compress this one is much more of an enterprise, a naval champion enterprise view of how to drive transformation. It’ll exist delivered under their ToBA so it’s piece of that ToBA framework which is why they hope it in financial terms to stare a lot fancy the compress they hold just now. But in the passage it’s delivered it will exist one of the measure bearers under the joint ways of working Charter as a sort of collaborative program to deliver transformation for the navies. I believe it’s quite an exciting progress for us.

Archie Bethel

So Franco. Over to you.

Franco Martinelli

Yeah. So just absolutely. Thank you, John. So in terms of international growth it’s around 10% this year so it’s a key driver, there are some key opportunities coming up. As Archie alluded to earlier we’re hoping to hear some benign news in the not too remote future from two of their key countries. But in the first half 10%. In terms of Magnox EBIT yeah that's piece of the understanding why you'll hold noticed that the JV dividend came down a bit and that's piece of the Magnox profit coming down a bit, in the future years, not this year, next year and that's allowed for that. They might finish better than that and it will Come through on the EBIT line if they finish earn any of the Magnox contracts that we’re hoping to earn at some point. They won't exist on the JV line in future. So we’ve assumed zero, sorry.

Kean Marden

I suppose the question in my mind was so the JV dividend drops from memory from…

Franco Martinelli

50 to 45.

Kean Marden

…50 to 45 from [38] but you flagged that the EBIT drops by 20 million so I'm just trying to

rationalize or is there a lagged impact on the JV dividend from that?

Franco Martinelli

You are redress there is a lagged impact because some of the cash in the Magnox JV will

come out next year, piece of it, that's true.

Unidentified Analyst

The rating of your shares is probably at an all-time low is there a chance of moving to maybe

a more springy dividend policy? If you were to slice your pay-out ratio to 10% you could start

that 250 million buy-back right now which would probably, on a shareholder recrudesce basis exist much more attractive to shareholders than the 3.5% surge in the dividend because the market’s telling you today it’s not interested?

Archie Bethel

In an ongoing process they continue to review their shareholder recrudesce policy. I imply they recognize, the selfsame as everyone else how each and every the shares are being valued. It’s difficult for us to really understand why that is the case because they hold pretty much grew the business, spent in the business year-on-year for the last 15 years. We’ve seen each and every the arguments about sentiment round about outsourcers and each and every that sort of stuff, it hasn’t impacted the results. And I believe until they really understand what is happening there I believe that's when we’ll Make the conclusion about what the capital recrudesce policy could be. It could exist enhanced dividends, it could exist share buy-backs. I'm positive we’ll earn to a point as they retain de-levering. At the moment their priority is to continue with the current priorities of strengthening the business, getting it into the right shape that they want it in and de-gearing. But as they finish that and they earn closer to the de-gearing levels that we’re comfortable with I'm pretty positive they will exist seriously reviewing their shareholder recrudesce policy.

Nicholas Thompson

Nicholas Thompson from Santander. I'm just wondering you appear to exist including the earnings of JVs in your leverage calculation but excluding the debt, am I redress in understanding that?

Franco Martinelli

The retort is this that they are allowed per their covenants to comprehend the dividends. So if you seize the dividends and the JVs into the calculation then the calculation is marginal, it’s 0.1different. So yes, the retort to your question is yes. Because we’ve got the earnings, the debt is non-recourse and the disagreement between that and the covenanted ratio is 0.1 once they allow for the JV dividends.

Nicholas Thompson

But the disagreement against statutory net debt is 0.6 is it not?

Franco Martinelli

No. Sorry if you’re putting the entire of the JV debt in you're saying, the non-recourse debt. If you exclude JV profits and you -- sorry, if you seize their operating profit, statutory EBITDA and you add the JV dividends and you compare that to their net debt the different is 0.1. And that's their covenanted ratios so that's why we’ve rescue it that way.

Sabrina Han

Hi, this is Sabrina from BNP. My question is regarding working capital. They hold seen an increase in unbilled income over the past three years, how is the change of that item during this term and can you provide some details about that such as from what kindly of long-term contracts were the sectors?

Franco Martinelli

Okay, it’s honest that the unbilled income, the amounts recoverable on contracts and earned income as a total equipoise has gone up. The total amount of unearned plus -- sorry accrued and amount recovered on contracts plus trade receivables is silent less than 60 days. So it’s one day -- one month work and one day -- one month’s to earn paid, which is a reasonable number. They don’t believe it’s -- they believe they can finish better than that and we’re targeting to finish better than that. And as I referred to earlier, you'll bethink from my presentation they talked about their zero based budgeting model and in that zero based budgeting model we’ve -- for each business unit, we’ve identified what their ideal working capital equipoise should be. And each of those, for two of the four sectors we’re there already. For the other two they requisite to work on it and where that will present itself, is a reduction in that number, which I believe overall is not too scandalous at 60 days between the two. So that's their target and that's what we’re going for. Overall there’s -- you must exist very careful because the trade receivable equipoise has generally gone down and it is piece of the selfsame equation because if you -- how you negotiate with your customer, they’ll pay you earlier for your debt -- for your debtors and maybe not invoice quite so quickly. And you've got to stare at it in the round and that's why the model is what counts, the total balance. Because they can't seize one number in isolation.

Ed Steele

Just a very quick clarification, a supervene up, on the Holdfast step-down now I just checked your annual report and your guidance was for £5 million to £10 million step-down, are you adage it’s 15 million now?

Franco Martinelli

I'm adage it’s 10 million to 15 million.

Ed Steele

So it’s gone up a bit?

Franco Martinelli

I believe that's probably right, 10 million to 15 million.

Sam Bland

Hi there, it’s Sam Bland from JP Morgan. I hold two please. On the JV dividends obviously you said earlier about how Magnox is causing a microscopic bit of a step-down in FY’20; just thinking beyond that what the sort of path to full convergence is between the JV dividends and the JV net income, obviously as the net debt falls down there, is that sort of fancy a five year path, three years or any sort of succor with that would exist helpful? And then on the pension, obviously in the context of this de-gearing group the deficit in the pension scheme is coming down, at least on an accounting basis and actually the cash into the pension is going up. Might there exist an opportunity to finish something a microscopic bit more strategic there as the Group continues to de-gear to maybe improve the cash conversion post pension?

Franco Martinelli

I’ll seize the second question first if I may, Rob. Yes, I believe that's something they requisite to stare at and they requisite to stare at that in the context of where they are in the next 18 months as to what -- Sam sorry. Yes that's something they requisite to stare at absolutely and they requisite to stare at that.

In terms of JV dividends net gap it's going to reduce. It won't depart away it will reduce as they earn the dividends in as they hold done for this year for AirTanker and Ascent but the gap will narrow significantly next year and thereafter there will silent exist a gap of £15-odd million is where it'll be, driven by AirTanker which is a long-term play.

Archie Bethel

Okay. If there are no more questions can I just whisper thank you again for coming. I hope you got something out of the presentations and please exist kindly to us. Thank you.

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The B-1 Bomber Is Headed for Retirement. And the Stealth B-21 Will seize Its Place. | killexams.com real questions and Pass4sure dumps

The B-21 is expected to emerge by the mid-2020s, so while the Air coerce has not specified a timetable, the B-1 is not likely to exist fully retired until the 2030s.

The Air coerce is mapping a two-fold future path for its B-1 bomber which includes plans to upgrade the bomber while simultaneously preparing the aircraft for eventual retirement as the service's current stealth bomber arrives in coming years.

These two trajectories, which appear as well of a paradox or contradiction, are actually interwoven efforts designed to both maximize the bomber’s firepower while easing an eventual transition to the emerging B-21 bomber, Air coerce officials told Warrior Maven.

“Once enough numbers of B-21 aircraft are operational, B-1s will exist incrementally retired. No exact dates hold been established,” Maj. Emily Grabowski, Air coerce spokeswoman, told Warrior Maven earlier this year. “The Air coerce performs routine structural inspections, tests and necessary repairs to ensure the platform remains operationally viable until enough numbers of B-21s are operational.”

The B-21 is expected to emerge by the mid-2020s, so while the Air coerce has not specified a timetable, the B-1 is not likely to exist fully retired until the 2030s.

Service officials whisper the current technical overhaul is the largest in the history of the B-1, giving the aircraft an expanded weapons aptitude along with current avionics, communications technology and engines.

The engines are being refurbished to retain their original performance specs, and the B-1 is getting current targeting and intelligence systems, Grabowski said.



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