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      "text": "Market recovery well underway and GKN gaining momentum\nCivil market anticipated to continue to improve throughout 2022; narrowbody ramping-up and winning opportunities in business jets\nEngine OEMs facing supply chain challenges; however, GKN engine deliveries largely on track\nRepositioning the business to focus on higher margin \"design to build\" positions and growth in attractive aftermarket and repair\nBusiness improvement actions underway, accelerating restructuring\nOperational improvements in quality and delivery – customer quality improved by 34% versus H1 20211 and further gains to come\nMaterial and labour shortages, inflation and energy cost increases are being successfully offset; work underway to mitigate future risk\nFootprint rationalisation on track – major projects in Nordics, Netherlands and US to be substantially complete by the end of 2023\nOngoing investments in technology to drive sustainable future of flight\nStrong progress on core technology including additive manufacturing, fan blade repair, composites and Wing of Tomorrow design\nDevelopment work ongoing on next generation engines including CFM RISE and P&W GTF\nMajor contributor to next generation aircraft including electric, hydrogen and eVTOL platforms (e.g. Eviation Alice and Vertical)\nWell positioned for sustained profit growth and excellent cash generation\nExpecting growth² of ~7% blended CAGR to 2030, faster rebound to 2025 (>10% CAGR)\nClear path to 14%+ target operating margin on a full market recovery\nEngines RRSPs and aftermarket set to generate good margins and very strong cash flows as flying hours increase; expected lifetime\ncash inflow of c.£18.5 billion on 19 engine contracts (NPV³ of c.£5 billion)",
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      "text": "1. As measured by reported customer 'escapes'\n2. Growth rates based on Cirium, Teal and US Congressional Budget Office applied to GKN portfolio\n3. Using a foreign exchange rate of USD:GBP of 1.30:1 and calculated using the midpoint between a debt related discount rate of 5% (NPV c.£7 billion) and a GKN Aerospace\npretax weighted average cost of capital discount rate of 10% consistent with data in the Melrose Industries PLC 2021 Annual Report (NPV c.£3.5 billion)",
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