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Old 14th Feb 2017, 06:24   #1 (permalink)
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Rolls Royce

BBC report on the Bribery Act and RR. Has the report damaged their good name?

Are Rolls Royce the best bribers in the world? The RR of bribers ...

SFO investigation.

And a question asked. Is RR the most famous UK company?
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Old 14th Feb 2017, 06:49   #2 (permalink)
 
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Until not so long ago, money used for 'bribery' was a perfectly legal tax deduction for businesses involved in foreign sales in France.
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Old 14th Feb 2017, 06:57   #3 (permalink)
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Best bribery in the world?

No, it's like criminal masterminds - if you hear about them, they're not - the best ones don't get caught and nobody even suspects them.
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Old 14th Feb 2017, 07:07   #4 (permalink)
 
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And a question asked. Is RR the most famous UK company?
Once carried a R.R. management bod as a passenger, invited to the flight deck, and we were all presented with a R.R. tie pin. Once wearing it I was asked of I drove a R.R. ? Yes, I replied, usually four at the same time !
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Old 14th Feb 2017, 07:13   #5 (permalink)
 
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They have just posted a £4.6 billion loss.
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Old 14th Feb 2017, 07:13   #6 (permalink)
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Just announced losses for last year of £4.6B.

Back to the good old days of RB211?.........
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Old 14th Feb 2017, 08:21   #7 (permalink)
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" Has the report damaged their good name "

No, the "Spey" did that....... more than adequately.

Having had encounters shall we say with R.R in the past, arrogance was a somewhat evident part of their culture.
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Old 14th Feb 2017, 09:07   #8 (permalink)
 
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However, once one-off costs have been stripped out, the company's underlying profit was better than many experts had predicted.

Rolls-Royce reports record loss of £4.6bn - BBC News
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Old 14th Feb 2017, 10:58   #9 (permalink)
 
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Originally Posted by BadgerGrowler View Post
However, once one-off costs have been stripped out, the company's underlying profit was better than many experts had predicted.
Indeed. People get very focused on ‘profit’ which is a rather notional figure, one which can be flattered or depressed by one-off charges and revaluations. Earnings Per Share is a far more reliable indicator of the underlying profitability of a business. Admittedly, in the case of Rolls Royce EPS was still significantly down on the previous financial year but the decline wasn’t as severe as expected. The new CEO is highly rated and if the share price is any indication the markets believe he is starting to turn the business around.
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Old 14th Feb 2017, 11:09   #10 (permalink)
 
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Originally Posted by vapilot2004 View Post
Until not so long ago, money used for 'bribery' was a perfectly legal tax deduction for businesses involved in foreign sales in France.

And also in the Fatherland, where it wasn't restricted to just foreign sales.....
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Old 14th Feb 2017, 12:39   #11 (permalink)
 
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If there is a new CEO expect all the bad news upfront. Blame for problems on previous board of directors (most of which are still in situ).. a fall in the share price followed by three years of Stella earnings and a huge order book. Dovetailing nicely with the ceos share option plan which was struck just before the 'bad news'.
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Old 14th Feb 2017, 13:49   #12 (permalink)
 
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So who blew the whistle in the first place?

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three years of Stella earnings
I hope they haven't been drinking the profits!
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Old 14th Feb 2017, 13:57   #13 (permalink)
 
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Originally Posted by ORAC View Post
Just announced losses for last year of £4.6B.

Back to the good old days of RB211?.........
Almost all of this loss is simply the revaluation of its currency futures (the future capital contracts the RR Treasury uses to manage the currency fluctuation risk). It's a one-off snapshot of a 10-20-year financial plan, which doesn't really mean much.

But being a currency-hedging issue you may well find its roots are in the post-referendum exhange rate plummet, so if you want to target something for blame I'd pick Brexit rather than the poor old RB211...



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Old 14th Feb 2017, 14:10   #14 (permalink)
 
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Originally Posted by PDR1 View Post

But being a currency-hedging issue you may well find its roots are in the post-referendum exhange rate plummet, so if you want to target something for blame I'd pick Brexit rather than the poor old RB211...
Well RR haven't actually lost anything. As their income is in USD and their costs are in GDP they use currency hedging to shift the currency risk to the markets rather than keep it on their books. They have still received the same amount of GBP income as they were expecting, just not the extra £2bn that the would have got this year had they not hedged.

There might be a question about their expertise at currency hedging but otherwise the system is working as it was designed and as RR wanted it to.
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Old 14th Feb 2017, 14:16   #15 (permalink)
 
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Indeed.

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Old 14th Feb 2017, 17:41   #16 (permalink)
 
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However, once one-off costs have been stripped out, the company's underlying profit was better than many experts had predicted.
Even a politician would struggle to come up with a one liner that good, bearing in mind the £4,600,000,000 loss.
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Old 14th Feb 2017, 20:43   #17 (permalink)
 
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The operative word was underlying....
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Old 14th Feb 2017, 22:01   #18 (permalink)
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If they lost that much in the financial market it was because they were gambling - not hedging.

In some respects you can see why - for severL years it has been obvious in that abandoning the narrow body engine market for the wide body market in thrust terms has left them out the ever expanding A320/737 market and squeezed/bribing in the widebody market where profit margins are increasingly thin - and the maritime where there are almost non-existent.
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Old 15th Feb 2017, 22:16   #19 (permalink)
 
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No, the "Spey" did that....... more than adequately.
How dare you? YOU should know better. Kept us well employed for some years.

Deaf but employed.
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Old 16th Feb 2017, 16:41   #20 (permalink)
 
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Why all the fuss about a bit of bribery?
It can't be that bad if the government is offering sweeteners to Nissan.
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