Annual Report 2008 in PDF - GKN

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32 Business Review: Aerospace AEROSPACE GKN Aerospace is a leading supplier of airframe and engine structures, components, assemblies, transparencies and engineering services to aircraft and engine prime contractors. It provides design and manufacturing capabilities in three main product areas: aerostructures (fuselage, wing and flight control surface assemblies and components), propulsion systems (engine and nacelle components and assemblies) and special products (transparencies and protection systems). GKN Aerospace is a leader in the design and manufacture of advanced composites, transparencies and complex metal structures. Technology and Innovation GKN plc Annual Report 2008 Marcus Bryson Chief Executive Aerospace
In January 2009 GKN completed the acquisition of the Airbus wing component and sub-assembly facility at Filton, a manufacturing and assembly specialist for wing components such as leading and trailing edges, ribs and pylons. GKN also secured life of programme contracts with Airbus across its complete product range and an order to design and produce large-scale composite structures for the wing of the new A350 XWB aircraft. GKN delivers the fi rst state of the art Future Lynx airframe Working in partnership with AgustaWestland, GKN implemented an effective design-to-cost methodology to create a highly effective and efficient operational airframe for Future Lynx helicopters, the first of which was delivered during the year. GKN achieved the challenging technological goals for the airframe by adopting innovative techniques across the manufacturing process. Extensive use was made of monolithic machined components, replacing a traditional fabricated detail structure, to realise an 80% reduction in parts count when compared with the existing Super Lynx airframe. Three-dimensional design modelling ensured highly accurate part-to-part assembly, and state of the art assembly tooling, which rotates through 360 degrees and has vertical movement for ease of access, greatly enhanced the speed and efficiency of the assembly process. GKN is responsible for supplying complete, assembled airframes for Future Lynx helicopters for the British Army and Royal Navy. Assembly of the airframe takes place at GKN’s Yeovil facility which, for the last seven years, has supplied all Lynx airframes, including those for a number of successful export programmes. Business Review Automotive Powder Metallurgy OffHighway Aerospace www.gkn.com 33 Sales* 22% of total Group sales £1,002m (2007 – £820m) Trading Profi t* 48% of total Group trading profi t £105m (2007 – £83m) * on a management basis
Page 1 and 2: GKN plc Annual Report and Accounts
Page 3 and 4: Our Objective GKN is committed to p
Page 5 and 6: 2008 Performance* Group results sig
Page 7 and 8: Although we expect 2009 to be a ver
Page 9 and 10: Constant velocity joints (CVJs) rev
Page 11 and 12: Off-highway driveshaft Blended wing
Page 13 and 14: Strategy and business objectives Th
Page 15 and 16: Operating cash flow performance of
Page 17 and 18: Restructuring and impairment costs
Page 19 and 20: 2008 2007 Tax charge analysis % % W
Page 21 and 22: Overseas pensions The principal cou
Page 23 and 24: GKN received the prestigious Nissan
Page 25 and 26: GKN Driveline manufactures across a
Page 27 and 28: 2008 2007 GKN Driveline £m £m Sal
Page 29 and 30: Continuing evolution of powder meta
Page 31 and 32: Despite a £6 million positive impa
Page 33 and 34: GKN OffHighway is a first tier supp
Page 35: Trading profit of subsidiaries of
Page 39 and 40: Divisional strategy GKN Aerospace
Page 41 and 42: Financing The following section des
Page 43 and 44: Competitive markets and competition
Page 45 and 46: Living the Values GKN is a group of
Page 47 and 48: Delivering advanced technology Deli
Page 49 and 50: Engaging more fully with our employ
Page 51 and 52: Accident frequency rate (AFR) Numbe
Page 53 and 54: Contributing to our communities We
Page 55 and 56: Andrew Reynolds Smith (42) Chief Ex
Page 57 and 58: Dividend An interim dividend of 4.5
Page 59 and 60: On joining the Board, a Director re
Page 61 and 62: Directors’ attendance record The
Page 63 and 64: Audit Committee Report Role of the
Page 65 and 66: Directors’ Remuneration Report Ro
Page 67 and 68: The companies making up the compara
Page 69 and 70: The arrangements for providing reti
Page 71 and 72: Governance Directors’ Remuneratio
Page 73 and 74: Details of the options over GKN sha
Page 75 and 76: Governance Share interests The bene
Page 77 and 78: Independent Auditors’ Report to t
Page 79 and 80: Consolidated Statement of Recognise
Page 81 and 82: Consolidated Cash Flow Statement Fo
Page 83 and 84: charges relating to the Group-wide
Page 85 and 86: Financial Statements Notes to the F
Page 87 and 88:
Financial Statements Notes to the F
Page 89 and 90:
2 Segmental analysis continued Prim
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3 Operating profit continued (v) Au
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3 Operating profit continued (c) Am
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5 Taxation continued Financial Stat
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11 Goodwill and other intangible as
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11 Goodwill and other intangible as
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14 Other receivables and investment
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18 Net borrowings continued Financi
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Financial Statements 19 Financial r
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24 Acquisitions There were no acqui
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26 Post-employment obligations Fina
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26 Post-employment obligations cont
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Independent Auditors’ Report to t
Page 125 and 126:
Notes to the Financial Statements o
Page 127 and 128:
Group Financial Record For the year
Page 129 and 130:
OffHighway GKN OffHighway Ltd GKN W
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Unsolicited mail GKN is obliged by
Page 133 and 134:
Contact Details GKN plc PO Box 55 I
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