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QQ0-400 HDI Qualified Customer advocate Specialist

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

Test Code : QQ0-400
Test name : HDI Qualified Customer advocate Specialist
Vendor name : HDI
exam questions : 120 real Questions

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HDI HDI Qualified Customer Support

Sunwave, leading utility company for pith 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 dependable countrywide company of unified CRM, EMR, and

RCM application for pith abuse remedy centers, is snug to promulgate that it currently received the distinguished aid middle Certification by means of HDI, the main hard proposing really expert training and testing for IT aid and repair management authorities. The HDI waiton middle Certification displays Sunwave's extravagant 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 advocate hub Certification is in keeping with an internationally diagnosed accustomed developed through the HDI international Certification specifications Committee. As fraction of the practicing and certification system, Sunwave's client waiton team underwent really expert practicing to extra enhance its learning and expand the carrier and assist it offers to shoppers.

"Our purchasers price Sunwave now not most effectual for their business-leading comprehensive utility solutions, however also 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 pilot core Certification become Important to us as a result of Sunwave is committed to excellence, efficiency, and repair pleasant, and they desired it to role a testament to their commitment."

Developed especially for the pith abuse medicine business, Sunwave's all-in-one platform has directly become a favourite preference 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 - sum within one valuable database.

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

About Sunwave

Sunwave is a number one technology provider for pith abuse medication facilities. Its unified platform comprises pith abuse EMR, CRM, and RCM application. developed from the ground up for the addiction medicine trade, it empowers medication facilities to exploit sum of their operations in a single, unified platform. With the powerful reporting capabilities of Sunwave, clients are able to develop recommended choices that set their companies and sufferers for fulfillment. To exist taught more, debate 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 need 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 advocate in both waiton middle and talk to hub environments. HDI-CSRs understand the pass to examine client needs whereas exceeding their expectations.

preliminary requirements:You need 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 sum Hdi Certifications

seller's web page for this certification


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

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

Colorado Springs, Colo. – might also 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 pilot hub Analyst Certification together with Microsoft certified IT skilled (MCITP) Certification as a brand fresh technology of Microsoft certification.

Microsoft’s fresh technology Certification application for IT carrier and waiton 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 commerce strategies, fix taking pictures and communique which are core aspects of HDI Certification. IT provider and advocate authorities who at present possess HDI advocate core Analyst are eligible to succeed for Microsoft’s fresh generation Certification.

“The evolving assist industry demands that IT service and aid specialists exist not simplest technically certified to remedy issues, but even enjoy the client service and IT carrier management skills imperative to satisfy the consumer. Microsoft recognizes that delivering elevated satisfactory service and waiton requires greater than simply technical potential and realizing. customer service and IT service management potential are also a must have,” noted invoice Wall, director of certification, Microsoft. “identifying a certification to fulfill these requirements become executed with watchful 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 advocate trade.”

“we are very pleased to enjoy participated during this pains with Microsoft, a world leader in IT utility, features and options,” noted Ron Muns, founder and CEO, HDI. “HDI and Microsoft enjoy determined the essential abilities for smartly-rounded IT carrier and advocate personnel and has delineated the surest certification profession path for these specialists. This fresh certification is partially the result of that collaboration. Microsoft’s fresh generation Certification demonstrates that the pilot commerce is maturing and that IT pilot experts deserve to enjoy both technical competencies and client provider knowledge. This fresh certification will advocate 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 awake the client carrier skills and pilot hub strategies required to supply satisfactory IT provider and help. each HDI Certification is designed to replicate the stage of potential required for that unavoidable 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 vast 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 name +1 719.268.0174. (think service, Inc. and HDI are not affiliated with purchasers foreign restricted or HDI Europe.)


QQ0-400 HDI Qualified Customer advocate Specialist

Study pilot 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 advocate Specialist

Test Code : QQ0-400
Test name : HDI Qualified Customer advocate Specialist
Vendor name : HDI
exam questions : 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 pass of killexams.com and it made my life smooth. subjects enjoy 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 collect a 91 bring about examination. I own thanks to killexams.


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HDI Qualified Customer advocate Specialist

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

Technical advocate specialists provide assistance with the products they support.

Technical advocate specialists provide assistance with the products they support.

Creatas/Creatas/Getty Images

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


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

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

Executives

Archie Bethel - Chief Executive Officer

Franco Martinelli - Group pecuniary 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 arbiter it’s unprejudiced to Say 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 pecuniary results would normally deliver. So they are taking very specific actions to strengthen the commerce and to develop us more attractive to a wider pool of investors.

Overall, we've had a constant first half to the year. We've delivered underlying results perquisite in line with the forecast they gave in May. But they carryout mug a yoke of headwinds, and I'd devotion to tackle them perquisite 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 counterfeit accusations and claims. The motive behind the attacks was clearly to short their stock, and sadly, it worked.

The most damaging counterfeit 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 ultimate ten years, and they are their largest provider of engineering advocate services.

This is highly complex 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 nopart of us has the plenary retort on their own.

That's why they participate in both the Cabinet Office's Strategic ally Programme, and the MoD's Strategic ally Program. And earlier this week sum three parties confirmed their cooperation in signing up to a Joint pass 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 characterize and constitute a pleasant and stalwart commerce relationship? Well I arbiter it does.

The second locality I want to address perquisite up front is the exceptional suffuse 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 antecedent 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 expend of EC225’s.

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

So they enjoy taken the determination to re-value these assets to a even 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 enjoy successfully re-engineered for firefighting duty in Spain.

Today, the oil price has recovered significantly from the $30 per barrel low point of a few years ago, but there is quiet 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 commerce 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 enjoy avoided affecting into a loss making situation.

The impact of the impairment and provisions will exist to ameliorate the profitability of this fraction of the commerce and set us in a stalwart position to capitalize from increasing activity as the market recovers.

The third locality I’d devotion to update you on is their Magnox Decommissioning contract. They enjoy 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 intention to terminate the Cavendish Fluor Partnership constrict from August 2019. At the time, the Government emphasized that this was not a negative reflection on their performance, and they were awarded a constrict to sprint the project to an agreed finish state by August 2019, and they are committed to achieving a smooth transition back to the NDA.

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

We are quiet really confident that Babcock Cavendish will exist successful in winning future Magnox work. But, based on their current learning of where the NDA are in terms of the overall process, they believe there is now likely to exist a time gap between the finish of the August termination date and when the NDA will exist ready to arrive 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 succeed up work on Magnox for a 2 year period.

Now that might not exist a redress assumption, but based on their best judgment they arbiter that this is the prudent position to take, and from the birth of next year they will start to discern fresh 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 sail on to some operating highlights for the first half of the year. Across sum four sectors, we’ve had a very industrious first half to the year. In Marine, we’ve had a plenary surface warship and submarine programme in the UK, and they also made pleasant progress in their international markets. In Canada they were awarded a CAD 384 million three year extension to their submarine advocate contract, and in Australia their frigate advocate constrict continued to grow and achieve well.

We delivered their first batch of submarine missile launch tube assemblies to the United States as fraction 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 finish 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 also awarded a £50 million two year extension to their Metropolitan Police vehicle advocate contract. They mobilised a major training constrict at Hinckley Point C for EDF as well.

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

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

and Finland.

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

In Cavendish Nuclear, they made pleasant constant progress at Dounreay, where they continue to implement the Government’s site restoration strategy. And across the Magnox Fleet they continue to develop pleasant progress, and are committed to achieving a smooth transition of this constrict back to NDA in August 2019. And just ultimate month they opened a fresh office in Japan to advocate 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 commerce continues to grow. It is now becoming an increasingly Important component in their overall commerce strategy, with around 30% of their revenue now coming from outside of their UK markets.

In the ultimate few weeks they enjoy made further Important breakthroughs in their International Strategy. They are now very nigh to award on fresh Marine and Aviation opportunities worth around £200 million. And in both cases it’s a combination of domain learning and expertise provided from their Sector teams, combined with their established in-country operations that provide us with the platforms to win this fresh business. It’s also essential that they remain competitive. So they are innovative, they continually ameliorate their productivity and they ameliorate the property of their services to their customers. And it’s also vital that at the identical time they continue to ameliorate their safety performance across the Group. It’s also crucial for us to focus on their core commerce where they discern future growth and investment opportunities. At the identical time, we’ve got to address minuscule areas of the commerce that are not fraction of their core activities. During the first half of the year they completed exits from their Offshore Renewable commerce at Rosyth, their minuscule North American construction advocate business, and their Powerlines commerce in South Africa, and they sold their Media Services business. We’ve also reduced their production capacity, mainly in the Marine area. There they will exit the Appledore facility in North Devon, and at Rosyth, they enjoy been perquisite 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 ameliorate their overall pecuniary performance. The order reserve remains stalwart at £18 billion. In the first half of the year they added £2.6 billion of fresh orders. The bidding pipeline increased by £1 billion to £14 billion during the period, with £3.7 billion of fresh opportunities being added. And as you can discern from this slide, 93% of their order reserve and 87% of their pipeline opportunities are in their three key markets. Their UK Government and MoD work also 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 term they added another £650 million to their order book. So I hope that gives you an conception of where they are at the second and a reasonable picture of what they are doing to continue edifice on the solid performance we’ve delivered during the first half of the year.

So I’d now devotion to hand over to Franco who will consume you through some of the detail behind the pecuniary results.

Franco Martinelli

Good morning. This morning I’d devotion 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 also consume a minute to clarify why joint ventures are really Important and why they will exist a source of future cash. I'm going to commence 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 enjoy 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 arrive back to these numbers in more detail shortly.

As you know, cash generation is an Important fraction of their model; and I'm pleased to Say that they generated free cash tide of £140 million. They also 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 ultimate year.

Finally their earnings per partake is up 3.1% and we're increasing their interim dividend by 3.6%. That dividend expand shows their continuing self-confidence in the future.

As you can see, underlying revenues fell slightly while underlying profits increased. I'll consume 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 enjoy resulted in earnings per partake growth of 3.1%.

So I'd devotion to exist transparent about their revenue movements. As you can discern 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 commerce was up 0.5%.

You can discern from this next bridge the result of FX and disposals. The expand in operating profit was driven by a stalwart performance in Land and a pleasant performance in both Aviation and Nuclear offset by Marine. I will Go into more details when I arrive to study at each sector.

Again, for clarity, they enjoy provided a reconciliation between underlying results and statutory results. The main contrast 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 partake 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 commerce they enjoy taken an asset impairment suffuse of £38m. That suffuse reduces their oil and gas assets, mostly the EC225 helicopters, to their market value. They enjoy also 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 enjoy 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 fresh CP6 contracts, and the restructuring of their commerce relating to Magnox. sum together these reductions in extravagant capacity enjoy resulted in a suffuse of £40 million.

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

So, net of tax the exceptional suffuse 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 commerce ultimate year and the step down in QEC work of £47 million. But excluding these factors the continuing commerce grew by 2%.

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

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

Revenue in Land was down 14.6% with a 33 million impact from commerce 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 equipment business, improved constrict performance, cost reduction and from better than expected savings in their Holdfast RSME JV. They anticipate Holdfast RSME JV profits will normalize next year. The increased profits in South Africa came from their buoyant equipment business

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

We anticipate stalwart year-on-year revenue growth for pecuniary year 19, albeit with the pace of growth slowing partially in the second half and with a softening margin year-on-year. Their Nuclear commerce delivered pleasant revenue and operating profit growth in the first half. That

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

Magnox JV.

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

Therefore, the pecuniary year 20, Magnox step-down is estimated to enjoy 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 pecuniary year ‘21, they anticipate a Magnox step-down in revenue of 100 million and a corresponding 7 million impact to operating profit. In the medium term they quiet discern Magnox as a significant opportunity. FOMADEC had a 50 million working capital outflow in pecuniary year ‘18 which fully unwinds in pecuniary year ‘19. Slightly larger capitalize in the first half, offsetting the guided phasing of working capital. The FOMADEC constrict is now cash positive. plenary year cash flows are on track as previously guided. Aircraft payments drive CapEx in the first half. But, these aircraft payments will invert in the second half, as they convert 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 perquisite on track for the plenary year cash flows. Free cash tide 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 enjoy 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 ultimate 12 months they enjoy reduced net debt by £160 million. That cuts their net debt ratio -- net debt to EBITDA ratio by 0.3 times. They continue to anticipate net debt to reduce to around 1.4 times to EBITDA by the finish of the pecuniary year, and 1.1 times for pecuniary 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. sum of that 160 million will convert into cash in the second half. As of today they enjoy 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 enjoy assessed the impact of IFRS 16 which will impact FY20, and it will exist a 0.4 expand 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 commerce to drive growth. They are highly disciplined in applying their investment criteria to advocate return on invested capital. Any investment they develop has got to meet these hurdles or it won't happen.

Secondly, they will de-gear the equilibrium sheet. That gives us the flexibility to develop sure they are well-positioned whatever the environment. And they arbiter de-gearing the equilibrium sheet is particularly Important during this term of economic and political uncertainty. It also safeguards their credit rating, and provides additional funding for their pension schemes.

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

Our IAS 19 position is now a surplus of £26 million, compared with ultimate 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 pleasant news, recollect this is an accounting valuation, not a funding valuation.

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

The expand 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 anticipate to pay a contribution in excess of income statement of around £55 million for FY19.

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

JVs are an Important fraction of their underlying business. They depict 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 enjoy more cash to pay out in dividends.

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

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

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

We anticipate the stepdown on Magnox to enjoy a revenue impact of £250 million, and an operating profit impact of £20 million as they continue to the finish 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 finish of August 2019.

Finally, I'd devotion to exist absolutely transparent about their priorities. The team's focus is on creating value for their shareholders and their customers, and so they enjoy four priorities. Firstly, to sustain margins. They are on track for this year. In fact, they arbiter that margins will exist a puny 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 plenary year expectations. But they continue to pay nigh attention to cash.

Our zero based budgeting model for working capital is birth 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. ultimate but not least, to ameliorate returns for their shareholders and to capitalize for their customers. I am determined to develop absolutely sure that they will command the Babcock memoir to the market in a transparent 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 sum listening very intently. I would devotion to spend the few minutes of the presentation just looking forward to the relaxation of this year and to the medium-term. As well as strengthening and consolidating their stalwart positions in the UK, as I've said before growing and developing their International commerce remains a very key priority. Their even is to establish operations in their chosen territories for more than just one Babcock sector.

In Australia and fresh Zealand they are already operating across Marine, Land and Aviation sectors with the scale, capability and the management energy 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 also discern 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 equipment 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 edifice on their growing work at Tokai and Fukishima.

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

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

Today emergency services are increasingly being delivered in a more joined up pass by making greater expend 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 large 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 sum critical 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 also deployed aircraft to Greece to advocate fire-fighting there.

The UK has a large 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 fresh build capacity. Hinkley Point C is well into its construction angle now and the Horizon Project at Wylfa continues to progress through its circumstantial planning phase. advocate for nuclear facilities and projects creates a stalwart ongoing exact for nuclear engineering and associated skills and will continue to provide pleasant growth opportunities for us here in the UK. And there are also opportunities emerging internationally. I enjoy spoken previously about their office in Japan and they are investigating opportunities in Spain and Italy where nuclear stations are nearing the finish of their design life.

So, what are their immediate priorities? Well they will exist continuing to focus the commerce around their key three markets of defense, aerial emergency services and nuclear. They will continue to focus on margin property by exiting low-margin businesses and strengthening margins through improving their constrict performance. The UK remains their largest market and the UK government their largest customer. They will focus and invest on developing their key strategic ally relationship. As I enjoy highlighted many times, international expansion is key to their future growth and as the results clarify they are making pleasant constant 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 irony there is no fight here. The better they achieve for their customers, the more commerce they will win and the better opportunities they will enjoy 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 plenary year guidance confirmed. They enjoy tackled the issues of the EC225's and commerce restructuring head on and we'll discern the operational and pecuniary benefits tide through next year and beyond.

We enjoy re-set their expectations on Magnox taking a prudent view but being ready to respond to further opportunities as they emerge. And they enjoy 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 stalwart company, as stalwart as they enjoy ever been in their 128 year history, with a solid equilibrium sheet supporting delivery of a large order reserve and long-term chance pipeline. And their 36,000 stalwart workforce are one of the most qualified, skilled and experienced workforces anywhere in the world, and they are dedicated to providing the highest property products and services to their customers.

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

We will continue to ameliorate their performance and I am confident that the property 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 query my executive team to unite us up at the front here and we'll consume your questions.

Question-and-Answer Session

Q - Joe Brent

Good morning. Joe Brent from Liberum. Three questions if I may. Firstly, there enjoy been a lot of negative press comments around HMS Vanguard. Can you comment on how that constrict 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 collect 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 Say 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 arbiter it's been ridiculous what's been written about it in the papers. sum I'm going to comment 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 enjoy maintained it as fraction of the team that has maintained Continuous at Sea Deterrents for 30 years, and I'm confident we'll continue to carryout that for the next 30 years. And really that's sum I want to Say 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 finish of the Carrier project. They are in a phase. This constrict since they renegotiated it in 2013 the margins aren’t great. And as they arrive near the finish of it there is a benevolent of current in gigantic long naval programs to sprint a bit at the end. So, again taking a prudent view and we’re not planning for too much more profit out of that constrict simple as that.

And I arbiter in Magnox, I can’t recollect the numbers Franco, and beyond 20

Franco Martinelli

Hi pleasant 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 quiet 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 constrict that they have. They would hope to carryout better than that, and that’s what we’re going to job Simon to do. And I’m sure he can talk about Magnox in more detail if you want to talk 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 value that you don’t want to Say a stately deal more about Vanguard, but perhaps if you could just Say – 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 also material to you, isn’t it?

Archie Bethel

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

Sash Tusa

Okay. Change the matter 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 balance of the value of those helicopters? Or enjoy you actually done a complete scrub of sum 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 also 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 fracture 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 attest what the delta and factoring has been in the first half of this year? And then looking forwards into next year, given the transparent guidance you’ve given around revenue development, what benevolent of working capital impact would you anticipate that to enjoy please?

Archie Bethel

I’m going to hand that to you. But just an interest, there’s a lot of circumstantial stuff there that I guess they would exist contented to Go into at the finish or with Simon, but carryout you want to consume 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 constrict has developed. So, as they collect more visibility as to what the constrict was going to exist they enjoy to set 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 arbiter we’re not going to fracture it down into detail. They are going to command 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 identical even as it was previously. It’s southern Europe and it’s at the identical even 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 carryout need 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 sum just on FOMEDEC, I’m not sure 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 finish of ultimate 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 sure if my recollection serves me correct, but is there a hold-fast enmesh up dividend that’s due in FY20? If so what’s the delta sail between 2019 and 2020 that’s

helping that out? Thank you.

Franco Martinelli

The FOMEDEC debtors ultimate year was 109 million, the creditors were 59 million, giving a net 50 million. That will unwind over the year. What they enjoy 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 constrict is now cash positive, their customer does not want us to maintain 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 term in relation to the media sales. So, if you took that out you’d collect to 31 million, as you Say 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 Say would exist around 40 million we’re expecting in the following year, so nopart of it this year. The advantages in this second half of this year will exist the tax effect, we’ll enjoy a cash result and we’re expecting to dispose of their Powerlines commerce in the not too far-off future, for somewhere between 5 million and 10 million. So, if you work back from the 10 million net cash you can work out sum the numbers to collect you back to gross. Those are the key numbers. Finally, pecuniary year ‘20 -- sorry Allen can you remind me?

Allen Wells

The impact of hold-fast?

Franco Martinelli

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

Ed Steele

Good morning, Ed Steele from Citi. Three delight 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 ultimate year? Is that sum in there, please?

Franco Martinelli

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

Ed Steele

It looks devotion the underlying depreciation has gone down quite a lot year-on-year then. Is that the capitalize 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 clarify you the depreciation so you can discern what the number is, you can discern it there.

Ed Steele

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

Franco Martinelli

Over the year I don't anticipate a mount in Holdfast profits, and I anticipate the step-down, which I arbiter I guided to 15 million previously not 5 million to 10 million, I arbiter 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 affecting parts obviously in constrict 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 enjoy 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 memoir though, it started with a -- at the 10 year anniversary of the constrict it was benchmarked again, and they were able to carryout 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 arrive back and it allowed us to discern that the savings would exist more significant than they originally thought.

Ed Steele

My ultimate question, I don't want to Go into ins and outs of the SSRO, but I just wondered enjoy you got anymore clarification on the timing of the pricing determination 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 sure they enjoy any discussions. They don't enjoy a negotiation with the SSRO. There are a bunch of contracts which arrive through. The SSRO is a guidance to Say how you would price, and Archie spent a lot of time discussing that ultimate year and how they were snug with the ambit of profit outcomes that will arrive from an SSRO. There are contracts with us. The next gigantic one that will arrive on is the MSDF, which they enjoy to debate with the customer exactly how they price that, and that will chance March 20. They are pretty snug with any process around that and actually enjoy no worries about it at all.

Matija Gergolet

Matija Gergolet from Goldman Sachs. Two questions for me. You were mentioning some commerce exits, some disposals. With these announcements carryout you arbiter you quiet enjoy more to do, there are more businesses within the Group or more segments that need to exist addressed where you're not contented with the profitability and therefore there might exist further announcements of further disposals or commerce exits?

My second question is, on one hand you Say exiting some of these smaller businesses basically simplifies the all Group. On the other hand you are adding a puny bit of complexity by going in to fresh countries, you mentioned Japan, Korea, looking for work in Spain, in Italy in the decommissioning. Can you just a puny bit complicated strategically, Say a three to five year view, basically where carryout you discern the direction, will they discern you going more and more international? Then also on that point, what benevolent of revenues can they anticipate from these international expansion from the incremental ones Say 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 yoke of sizeable businesses in there. There's the Rail commerce and there's the South African business, which although are not [inaudible], they are well performing, good, significant businesses.

It is true, other minuscule businesses, and that's what we've mainly been addressing this year, that develop up the balance, they are looking at ways of exiting or selling these businesses, and that will chance as they review the businesses and develop 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 locality of emergency services is predominantly an international business. The Marine sector, the Defense commerce is predominantly UK but with growing involvement internationally. And the Nuclear commerce 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 arrive from five years ago less than 10% international, to 30% this year. I anticipate that to continue to grow faster than the rate of growth of the UK business, so I'm not going to set a target on it this time, but I'm thinking about it. But I would anticipate 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 constrict ends in 2020 normally you enter into negotiations sometime considerably in promote with that. So can they just Go on whether those discussions enjoy started, and then if you're able to comment any initial observations there? Also, just on that MoD relationship, what in exercise does the Joint Ways of Working Charter mean, and does it set 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 touch on. International, you frequently give us the balance of Group revenues. It's grown really rapidly. carryout you enjoy a emotion for how much inconstant currency International grew in the first half, because it's getting bigger and it's thefastest growing fraction 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 consume the Joint Ways of Working. The significance of that is it's a commitment by sum parties to Go forward in a manner that allows the government to continually collect better value for money, and gives more certainty to the key suppliers so that they can develop decisions round about investment, investment in facilities, investment in people et cetera, so that there is a transparent line of.

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

Kean Marden

Sorry to interrupt. Why carryout you arbiter 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 fraction of the MDP process. As fraction of that Defense enjoy signed up to the identical program. So defense companies, and they are probably the only defense company who was fraction of the Cabinet office system, so they were benevolent of an obvious to start with. The other ones who are named in Defense are BA Systems, Rolls Royce and Lockheed Martin. perquisite MSDF.

John Davies

So as I said the MSDF constrict gets replaced in March 20 by something called The Future Maritime advocate Program, FMSP for short. Actually we’re quite excited about it. As a constrict this one is much more of an enterprise, a naval advocate enterprise view of how to drive transformation. It’ll exist delivered under their ToBA so it’s fraction of that ToBA framework which is why they anticipate it in pecuniary terms to study a lot devotion the constrict they enjoy just now. But in the pass it’s delivered it will exist one of the benchmark bearers under the joint ways of working Charter as a sort of collaborative program to deliver transformation for the navies. I arbiter 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 pleasant intelligence in the not too far-off future from two of their key countries. But in the first half 10%. In terms of Magnox EBIT yeah that's fraction of the reason why you'll enjoy noticed that the JV dividend came down a bit and that's fraction 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 carryout better than that and it will arrive through on the EBIT line if they carryout collect any of the Magnox contracts that we’re hoping to collect 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 irony was so the JV dividend drops from recollection 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, fraction of it, that's true.

Unidentified Analyst

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

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

that 250 million buy-back perquisite now which would probably, on a shareholder return basis exist much more attractive to shareholders than the 3.5% mount 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 return policy. I denote they recognize, the identical as everyone else how sum the shares are being valued. It’s difficult for us to really understand why that is the case because they enjoy pretty much grew the business, spent in the commerce year-on-year for the ultimate 15 years. We’ve seen sum the arguments about sentiment round about outsourcers and sum that ilk of stuff, it hasn’t impacted the results. And I arbiter until they really understand what is happening there I arbiter that's when we’ll develop the determination about what the capital return policy could be. It could exist enhanced dividends, it could exist partake buy-backs. I'm sure we’ll collect to a point as they maintain de-levering. At the second their priority is to continue with the current priorities of strengthening the business, getting it into the perquisite shape that they want it in and de-gearing. But as they carryout that and they collect closer to the de-gearing levels that we’re snug with I'm pretty sure they will exist seriously reviewing their shareholder return policy.

Nicholas Thompson

Nicholas Thompson from Santander. I'm just wondering you loom 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 include the dividends. So if you consume 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 contrast between that and the covenanted ratio is 0.1 once they allow for the JV dividends.

Nicholas Thompson

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

Franco Martinelli

No. Sorry if you’re putting the all of the JV debt in you're saying, the non-recourse debt. If you exclude JV profits and you -- sorry, if you consume 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 set it that way.

Sabrina Han

Hi, this is Sabrina from BNP. My question is regarding working capital. They enjoy seen an expand 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 benevolent of long-term contracts were the sectors?

Franco Martinelli

Okay, it’s dependable that the unbilled income, the amounts recoverable on contracts and earned income as a total equilibrium has gone up. The total amount of unearned plus -- sorry accrued and amount recovered on contracts plus trade receivables is quiet less than 60 days. So it’s one day -- one month work and one day -- one month’s to collect paid, which is a reasonable number. They don’t arbiter it’s -- they arbiter they can carryout better than that and we’re targeting to carryout better than that. And as I referred to earlier, you'll recollect from my presentation they talked about their zero based budgeting model and in that zero based budgeting model we’ve -- for each commerce unit, we’ve identified what their benchmark working capital equilibrium should be. And each of those, for two of the four sectors we’re there already. For the other two they need to work on it and where that will clarify itself, is a reduction in that number, which I arbiter overall is not too dismal 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 watchful because the trade receivable equilibrium has generally gone down and it is fraction of the identical 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 study at it in the round and that's why the model is what counts, the total balance. Because they can't consume one number in isolation.

Ed Steele

Just a very quick clarification, a succeed 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 motto it’s 15 million now?

Franco Martinelli

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

Ed Steele

So it’s gone up a bit?

Franco Martinelli

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

Sam Bland

Hi there, it’s Sam Bland from JP Morgan. I enjoy two please. On the JV dividends obviously you said earlier about how Magnox is causing a puny bit of a step-down in FY’20; just thinking beyond that what the sort of path to plenary convergence is between the JV dividends and the JV net income, obviously as the net debt falls down there, is that sort of devotion a five year path, three years or any sort of waiton 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 chance to carryout something a puny bit more strategic there as the Group continues to de-gear to maybe ameliorate the cash conversion post pension?

Franco Martinelli

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

In terms of JV dividends net gap it's going to reduce. It won't Go away it will reduce as they collect the dividends in as they enjoy done for this year for AirTanker and Ascent but the gap will narrow significantly next year and thereafter there will quiet 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 Say thank you again for coming. I hope you got something out of the presentations and delight exist benevolent to us. Thank you.

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

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

The Air obligate 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 fresh stealth bomber arrives in coming years.

These two trajectories, which loom as partially 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 obligate officials told Warrior Maven.

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

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

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

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



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Calameo : http://en.calameo.com/books/00492352643d93843e4b2
Box.net : https://app.box.com/s/dspbdwi0tl6xec6lw5ncxy0zv8clmk18
zoho.com : https://docs.zoho.com/file/5qop53ab418c120804e6dbe125bcd50e5a2b3






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