Full Year 2020 Rolls-Royce Holdings PLC Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Benjamin Michael Heelan - BofA Securities, Research Division - Analyst : One on retirement because we haven't really touched on that in great detail. You do still have a relatively large exposure to four-engined aircraft and retirements should be picking up as we go through 2021. So how do you think about the impact of retirements of 380s, 340, 747s on that flight hour recovery?

Question: Sean A. Stewart - JPMorgan Chase & Co, Research Division - Analyst : I have 4, please. Firstly, and similar to Ben's question, your base case is for engine flying hours to be 80% of 2019 levels in 2022. But what is your assumption on the size of the fleet in 2022 versus 2019? And then secondly, your guidance on free cash flow to greater than GBP 750 million as early as 2022, which essentially has a lot of flexibility as far as guidance goes. Are you able to provide us with the minimum guide on free cash flow actually in 2022 on the current perimeter? And thirdly, Warren, you provided some color on some of your near-term margin expectations for your Power Systems business. Given that you retained Civil Aero as somewhat tied to shop visit activity and engine deliveries, 2 things that you have guided on and which are perhaps not as volatile as the outlook for engine flying hours in the near term, please, can you provide us with like your margin expectations in the Civil Aero business in 2021 and 2022? And then finally, you subjected some assets into ITP to make it perhaps more attractive to a potential buyer. Are you able to please quantify what the sales and EBITA -- what sales and EBITA have been injected into that business, please?