2024 Half Year Results

This announcement contains inside information for the purposes of article 17(1) of the market abuse regulation (EU) 596/2014

1 August 2024

ROLLS-ROYCE HOLDINGS PLC - 2024 Half Year Results

Tufan Erginbilgic, CEO said: "Our transformation of Rolls-Royce into a high-performing, competitive, resilient, and growing business is proceeding with pace and intensity. We are expanding the earnings and cash potential of the business in a challenging supply chain environment, which we are proactively managing. We are on track to deliver our mid-term targets.

Our strong first half results reflect the continued delivery of our strategic initiatives and a relentless focus on commercial optimisation and cost efficiencies across the Group. These results and our increased financial resilience give us the confidence to raise our 2024 guidance and reinstate shareholder distributions in respect of the full year 2024 results."

Half Year 2024 Group Results

Half year 2024 performance summary

·   Significantly higher operating profit and margins in a challenging supply chain environment. Underlying operating profit rose by £0.5bn to £1.1bn, a 74% increase versus the prior period. This was driven by our transformation programme and strategic initiatives, with commercial optimisation and cost efficiency benefits across the Group. Underlying operating margin rose by 4.4pts to 14.0%. The largest improvement was in Civil Aerospace, which delivered an operating margin of 18.0% (H1 2023: 12.4%). This was driven by higher aftermarket profit from large engine LTSA (long term service agreements) and time and materials, stronger performance in business aviation in both original equipment (OE) and aftermarket and net contractual margin improvements. Defence delivered an underlying operating margin of 15.5% (H1 2023: 13.6%), driven by higher aftermarket profit in Combat and Transport. Submarines growth was also strong in the period. Power Systems reported an operating margin of 10.3% (H1 2023: 7.0%), driven by our pricing actions, particularly in Power Generation where we are capturing growing demand for data centres with improved margins. Across all divisions, our cost efficiency actions have helped to mitigate the impact of inflation.

·  Strong cash generation: Free cash flow was £1.2bn (H1 2023: £0.4bn), driven by strong operating profit and continued LTSA balance growth. Civil net LTSA balance growth net of risk and revenue sharing arrangements (RRSAs) of £544m (H1 2023: £609m) in the period was supported by higher large engine flying hours (EFH) and an improved normalised EFH rate, with LTSA invoiced flying hour receipts of £2.9bn (H1 2023: £2.3bn). The improvement in free cash flow versus the prior period was driven by higher underlying operating profit and reduced working capital outflows of £228m (H1 2023: £465m), with a reduction of inventory days of 12 versus H1 2023.

·   Building resilience: Total underlying cash costs as a proportion of underlying gross margin (TCC/GM) improved to 0.49x (H1 2023: 0.64x). Net debt reduced to £0.8bn (2023 FY: £2.0bn). We also reduced our gross debt position by repaying a €550 million bond from free cash flow and cancelled our last remaining £1bn UKEF-supported undrawn loan facility, both enabled by our more resilient and growing cash delivery. We now have drawn debt of £3.6bn, of which $1.0bn matures in 2025, and £1.6bn of lease liabilities. Together with cash and cash equivalents of £4.3bn, we have a robust liquidity position of £6.8bn at 30 June 2024 (2023 FY: £7.2bn). We are significantly improving cash flow across all core divisions, creating a more robust and less volatile Group free cash flow delivery.

·   Shareholder distributions to be reinstated in respect of the full year 2024 results: As we shared at our capital markets day in November 2023, we are committed to reinstating regular shareholder distributions. We are making strong progress strengthening the balance sheet and building resilience. As such, we are reinstating shareholder distributions in respect of the full year 2024 results, starting at a 30% pay-out ratio of underlying profit after tax to be paid in 2025. We expect over the mid-term regular shareholder distributions to be based on a 30-40% payout ratio of underlying profit after tax. 

Transformation programme and strategic initiatives

The success of our transformation programme and strategic initiatives is evident in our financial performance in the first half of 2024. We have made good progress, and there is still more to do. Our strategic framework is founded on four pillars:

·   Portfolio choices & partnerships: In Civil Aerospace, deliveries of the Pearl 700 are ramping up for the Gulfstream G700 business jet that entered into service in April 2024. We delivered 83 Pearl engines in the first half of the year and our commercial optimisation actions mean that business aviation engine deliveries are now mostly profitable. We have also invested to grow our capacity in Derby and Dahlewitz, which will allow us to deliver c.40% additional new engines per year from 2025 compared to 2023, with increased capacity to support rising aftermarket volumes. Last year, we identified areas for divestment, from which we expect to generate £1.0bn-£1.5bn gross proceeds by 2028. As part of this, we completed the disposals of our Direct Air Capture assets in the period and, on 31 July, the off-highway engines business in the lower power range in Power Systems.

·   Advantaged businesses & strategic initiatives: In Civil Aerospace, the Trent XWB-97 was our best-selling engine with 108 new orders placed in the first half of the year. Our £1.0bn investment programme to improve the time on wing of our modern engines is progressing well. Flight testing is about to commence for the Trent 1000 TEN HPT blade. This part will more than double the time on wing of the Trent 1000 TEN engine and is already in service on c.50% of the Trent 7000 fleet. We completed the design of further improvements for the Trent 1000 and 7000 that will deliver an incremental 25-30% time on wing benefit by the end of 2025. We have also tested improvements for the Trent XWB-84 that will further improve the fuel burn efficiency of this best-in-class engine. We continue to drive for improved commercial terms and lower costs across our widebody and business aviation contracts. This resulted in total contractual margin improvements of £431m (net contractual margin improvements were £223m including a charge of £208m largely associated with supply chain challenges). In Defence, we were selected to partner with prime contractor SNC to provide engines for the US Air Force Survivable Airborne Operations Center (SAOC) programme. In Power Systems, we are capturing demand in the fast-growing market for backup power for Data Centres with a more competitive business model and improved margins as a result of our value-based pricing approach.

·    Efficiency & simplification: In total, we expect our Efficiency & Simplification programme to deliver more than £250m of cumulative savings by the end of 2024, on track to achieve our target of £400-500m of savings in the mid-term. Within this, we are also on track to deliver c.£200m per annum of organisational design benefits by the end of 2025. Our new organisational design came into effect on 1 June 2024, which creates a leaner, more focused organisation with fewer layers. In addition, we continue to focus on driving procurement synergies across the Group. By the end of 2024, we expect to deliver c.£0.5bn of cumulative gross third-party cost savings against our mid-term target of £1.0bn, to partly offset inflationary pressures. Supporting this is the roll-out of zero-based budgeting. We successfully completed pilots in Civil Aerospace which demonstrated savings of 10-15% in third party costs in the selected areas. The approach is now being rolled out across the Group.

·  Lower carbon & digitally enabled businesses: In Power Systems, we are developing a highly efficient hydrogen reciprocating engine which is partly funded by the German government. In the Power Generation segment, we won major Battery Energy Storage Systems (BESS) contracts, including a contract with Latvia to install one of the largest BESS in the EU. Rolls-Royce SMR is one of two companies shortlisted by Vattenfall, the Swedish power company, to deploy a fleet of small modular reactors in the country. We continue to digitally enable our businesses. In Civil Aerospace, we have introduced machine learning and advanced imaging technologies to inspect turbine blades resulting in a faster, more consistent process that reduces the cost of shop visits and extends the time on wing of critical engine components.

These strategic initiatives and our transformation programme are expanding the earnings and cash potential of the business.

Outlook and 2024 Guidance

Following a strong first half delivery across all divisions, we are raising our full year 2024 guidance. This reflects the continued execution of our strategic initiatives, notably commercial optimisation and cost efficiencies, and is despite the impact of prolonged supply chain challenges.

Our updated free cash flow guidance for full year 2024 includes a £150-200m cash impact related to the supply chain, where parts availability remains constrained. We anticipate a continued impact to free cash flow for a further 18-24 months as supply chain challenges persist. We are actively managing these challenges and seek to mitigate the costs.

Our 2024 free cash flow guidance is based on civil net LTSA creditor growth at the low end of the mid-term range (£0.8bn - £1.2bn), compared to £1.1bn in 2023. In Civil Aerospace, we continue to expect 2024 large EFHs will grow to 100-110% of 2019's level, 500-550 total original equipment (OE) deliveries and 1,300-1,400 total shop visits.

Strong progress in the early years of our plan demonstrates a front-end loaded delivery of performance improvements. Our 2023 performance and 2024 guidance on operating profit and free cash flow means that by the end of 2024 we expect to deliver more than 75% of the profit and more than 65% of the free cash flow improvement set out in our mid-term targets. As a reminder, our mid-term targets are underlying operating profit of £2.5-2.8bn, an operating margin of 13-15%, free cash flow of £2.8-3.1bn and return on capital of 16-18%. These targets are based upon our expectations for a 2027 timeframe.

Financial performance by business

¹  Organic change is the measure of change at constant translational currency applying full year 2023 average rates to 2023 and 2024. All underlying income statement commentary is provided on an organic basis unless otherwise stated

²   nm is defined as not meaningful

Trading cash flow

Civil Aerospace

Significantly improved Civil Aerospace performance reflects higher large engine aftermarket and time and materials profit, stronger business aviation profit in both OE and aftermarket, net margin contractual improvements and the benefits of cost efficiency actions.

In the first half of 2024, a total of 273 large engines were ordered with a gross book-to-bill of 2.3x. Significant new orders included Indigo, Korean Air, Delta and VietJet. With 108 orders, the Trent XWB-97 was our bestselling engine in the period. As a result of strong order inflow, our large engine order book increased by 9% to 1,773 engines at the end of June 2024.

Total OE deliveries rose by 26% to 236 engines, with 116 business aviation deliveries (H1 2023: 73) and 120 total large engine deliveries (H1 2023: 115). In the first half of 2024 we delivered 21 large spare engines (H1 2023: 18), which represented 18% of total large engine deliveries (H1 2023: 16%). Total shop visits increased 6% versus the prior period to 624 (H1 2023: 591), of these 195 were large engine major shop visits (H1 2023: 144).

Underlying revenue of £4.1bn increased 27%, driven by higher shop visits volumes, OE engine deliveries and commercial optimisation. Underlying OE revenue grew by 27% in the period to £1.3bn and services revenue grew by 27% to £2.8bn. LTSA revenue catch-ups were £258m (H1 2023: £23m).

Underlying operating profit was £740m (18.0% margin) versus £405m in H1 2023 (12.4% margin). The improvement versus the prior period was driven by higher large engine aftermarket profit, reflecting increased LTSA margins and volumes and a higher time and materials profit, combined with stronger business aviation profit in both OE and aftermarket. Higher underlying operating profit also reflects the benefit of net contractual margin improvements as well as cost efficiencies which helped to mitigate the impact of inflation, with indirect costs slightly lower versus the prior period.

Our efforts to improve the commercial terms and reduce costs across our large engine and business aviation contracts supported total contractual margin improvements of £431m in the period. These benefits were partially offset by £208m of additional charges largely associated with the impact of prolonged supply chain challenges, which were booked across onerous provisions and contract catch-ups. As a result, net contractual margin improvements were £223m (H1 2023: £105m), comprising contract catch-ups of £216m (H1 2023: £70m) and net onerous provision releases of £7m (H1 2023: £35m).

We expect a lower underlying operating profit margin in H2 2024 due to higher OE deliveries and shop visit mix, notably an increased number of Trent 1000 major shop visits.

Trading cash flow of £1,038m (H1 2023: £401m) reflects higher operating profit and continued net LTSA balance growth net of risk and revenue sharing arrangements (RRSAs) of £544m (H1 2023: £609m). LTSA balance growth in the period was supported by a higher normalised EFH rate due to our commercial actions and growth in large EFHs. Large EFHs rose by 22% versus the prior period to 101% of 2019 levels, due to continued strong demand for travel and our young, growing wide-body fleet. Business aviation and regional EFHs were broadly unchanged in the period.

Defence

Higher operating profit in Defence reflects Transport and Combat aftermarket profit growth, Submarine growth and cost efficiencies across the business.

Demand remained strong, notably across Combat and Submarines, with order intake of £1.7bn in the period and a book-to-bill ratio of 0.8x. This brings our order backlog to £8.5bn at the end of the period, with order cover approaching 100% for the remainder of 2024. In the first half of the year, we were selected to form part of the team led by prime contractor SNC, to modernise and deliver a replacement for the United States Air Force's current fleet of E-4B "Nightwatch" aircraft as part of the SAOC contract. This order is expected to have a near term benefit to earnings.

Revenue increased by 18%[4] to £2.2bn (H1 2023: £1.9bn). Growth was led by Submarines and Combat which reported growth of 84⁴% and 10%, respectively. Total OE revenues grew by 5% versus last year to £0.9bn driven by increased submarine volumes. Services revenues grew by 27% to £1.3bn[5] supported by a more favourable shop mix visit and improved pricing.

Operating profit was £345m (15.5% margin) versus £261m (13.6% margin) in the prior period. The improvement in operating profit reflects strong aftermarket profit growth in Combat and Transport, with an improved margin. Strong submarines growth reflects the ramp up of programmes including AUKUS. Higher operating profit was also supported by cost efficiencies, including an increase in customer funded R&D.

We expect a lower underlying operating profit margin in H2 2024, as a result of a less favourable aftermarket mix and increased OE deliveries.

Trading cash flow of £234m increased versus £76m prior period, driven by higher underlying operating profit and an improved working capital performance.

[4]  Defence revenue growth of 18% and Submarines revenue growth of 84% includes a c.£180m benefit of a one-off capital and lease transaction. Excluding this, Defence revenue growth was 8% and Submarines revenue growth was 40%

[5] Services revenues include a c.£180m benefit of a one-off capital and lease transaction in Submarines

Power Systems

In Power Systems, our actions on pricing and costs have continued to drive profitable growth, particularly in the Power Generation segment where we are capturing the benefit of strong demand for data centres.

Order intake in Power Systems was £2.4bn, 26% up versus the prior period, with a book-to-bill ratio of 1.3x. OE order coverage for the remainder of 2024 is 100% and 44% for 2025. Demand remains particularly strong in Power Generation and Governmental.

Underlying revenue was £1.8bn, an increase of 6% versus the prior period. This was driven by Power Generation and Governmental, which reported revenue growth of 15% and 12%, respectively. Underlying OE revenues grew by 10% to £1.3bn. Underlying Services revenue was broadly flat versus the prior period at £0.6bn.

Underlying operating profit grew by 56% to £189m. Underlying operating margin rose by 3.3pts to 10.3% (H1 2023: 7.0%). The increase in underlying operating profit reflects continued commercial optimisation benefits across all categories, notably in Power Generation, and cost efficiencies.

We expect a higher underlying operating profit margin in H2 2024 reflecting the typical seasonality of the business.

Trading cash flow was £121m with a conversion ratio of 64% versus £22m and 18% last year. The increase in trading cash flow was mainly due to increased operating profit with working capital continuing to be tightly managed.

New Markets

Rolls-Royce SMR (small modular reactors) has completed step two of the Generic Design Assessment (GDA) regulatory process in the UK and moved into the third and final step on 30 July 2024. Rolls-Royce is the only European company to have reached this milestone, adding to our competitive advantage. First power is still planned in the early 2030s, which will be dependent on securing orders from the UK Government's SMR procurement process.  

Rolls-Royce SMR is one of two companies that have been shortlisted by Vattenfall, to potentially deploy a fleet of SMRs in Sweden. The programme is part of Vattenfall's plans to meet the rising demand for electricity, adding nuclear capacity and helping Sweden to achieve its goal of creating a fossil-free economy by 2045. Rolls-Royce SMR is in a range of selection processes with a number of counterparts.

Planned cost increases in SMR to meet development milestones resulted in an increased operating loss of £(91)m versus £(78)m in the prior period.

Trading cash flow was an outflow of £(68)m compared to £(42)m in the prior period.

Statutory and underlying Group financial performance

¹   Reflecting the impact of measuring revenue and costs at the average exchange rate during the period and the valuation of assets and liabilities using the period end exchange rate rather than the rate achieved on settled foreign exchange contracts in the period or the rate expected to be achieved by the use of the hedge book

²   Statutory taxation includes the recognition of a deferred tax asset on UK tax losses of £157m

Revenue: Underlying revenue of £8.2bn was up 19%, with strong growth in all divisions, notably Civil Aerospace. Statutory revenue of £8.9bn was 18% higher compared with the prior period. The difference between statutory and underlying revenue is driven by statutory revenue being measured at average prevailing exchange rates (H1 2024: GBP:USD 1.27; H1 2023: GBP:USD 1.23) and underlying revenue being measured at the hedge book achieved rate during the period (H1 2024 GBP:USD 1.48; H1 2023:GBP:USD 1.50).

Operating profit: Underlying operating profit of £1.1bn (14.0% margin) versus £673m (9.7% margin) in the prior period. Underlying operating profit was higher in all three core divisions, reflecting commercial optimisation and cost efficiencies across the Group. The largest improvement in margins was in Civil Aerospace, driven by higher LTSA aftermarket and business aviation profits. Defence and Power Systems margins also rose materially. Statutory operating profit was £1.6bn, higher than the £1.1bn underlying operating profit largely due to a £545m impairment reversal related to a Civil Aerospace programme asset impairment that was recognised in 2020 and £82m negative impact from currency hedges in the underlying results. Charges of £130m were excluded from the underlying results as these related to non-underlying items comprising net transformation and restructuring charges of £107m; and £23m relating to the amortisation of intangible assets arising on previous acquisitions.

Profit before taxation: Underlying profit before taxation of £1.0bn included £(114)m net financing costs comprising £128m interest receivable, £(137)m interest payable and £(105)m of other financing charges and costs of undrawn facilities. Statutory profit before tax of £1.4bn included £(179)m net fair value losses on derivative contracts, £(60)m net interest payable, net foreign exchange gains of £120m and £(111)m other financing charges and costs of undrawn facilities.

Taxation: Underlying tax charge of £(298)m (H1 2023: £(120)m) reflects an overall tax charge on profits of Group companies as well as a tax charge of £(100)m on a de-grouping gain in the UK and a tax credit of £34m relating to the recognition of some of the deferred tax asset on UK tax losses. These are also reflected in the statutory tax charge of £(280)m (H1 2023: £(196)m) together with an additional tax credit on the recognition of a £123m deferred tax asset relating to UK tax losses. In addition, included in the £(280)m tax charge is a £10m tax credit related to the reduction in the UK tax rate on authorised pension surpluses, a tax charge of £(40)m related to unrealised foreign exchange derivatives and a £(75)m tax charge related to other non-underlying items.

Free cash flow

¹  The funds flow to 30 June 2023 has been re-presented to disclose cash flows on settlement of excess derivative contracts as cash flows from operating activities. As a result, operating cash flows before working capital and income tax during the period to 30 June 2023 have reduced by £(210)m to £941m. Cash flows on settlement of excess derivative contracts were previously shown after cash from operating activities in arriving at free cash flow. There is no impact to free cash flow

²  Other operating cash flows include profit/(loss) on disposal, share of results and dividends received from joint ventures and associates, cash flows relating to our defined benefit post-retirement schemes, and share based payments

³  Working capital includes inventory, trade and other receivables and payables, and contract assets and liabilities (excluding Civil LTSA balances, prepayment to RRSAs and costs to obtain contracts). Working capital was previously defined as inventory, trade and other receivables and payables, and contract assets and liabilities, excluding Civil LTSA balances

Free cash flow in the year was £1.2bn, an improvement of £0.8bn compared with the prior period driven by:

Underlying operating profit of £1.1bn, £0.5bn higher than the prior period. This reflects improved underlying operating profit and margins in all three core divisions, notably Civil Aerospace, driven by our actions on commercial optimisation and cost efficiencies.

Movement in provisions of £(106)m driven by movements across several provisions held, including contract losses, warranty and guarantees and Trent 1000.

Movement in Civil LTSA balance was £715m, similar to the prior period (£727m), driven by higher EFHs and an improved normalised EFH rate.

Movements in prepayments to RRSAs for LTSA parts of £(171)m (H1 2023: £(118)m), higher than the prior period primarily a result of contract restructuring to drive overall longer term benefits.

Working capital outflows of £(228)m, compared to £(465)m in the prior period. Inventory increased by £(641)m as a result of inventory build in line with requirements to meet demand across the divisions, along with continued supply chain disruption. There was a net £413m inflow from receivables, payables and contract liabilities reflecting volume growth and timing.

Income tax of £(113)m, net cash tax payments for the first half of 2024 were higher than the prior period (£(59)m) due to timing, including final payments made in respect of the prior year.

The capital element of lease payments was £(112)m, £45m lower than the prior period as a result of timing of lease payments.

Capital expenditure of £(291)m, includes £(133)m of property, plant and equipment additions and £(165)m of intangibles additions. The combined additions were higher than the prior period as a result of investment in site improvements across the Group.

Interest paid of £(157)m, including lease interest payments, is broadly in line with the prior period. The reduction in interest charges, as a result of the termination of a £1bn UKEF and £1bn term loan in 2023, has been largely offset by higher interest charges on gross overdrafts.

Balance Sheet 

¹   The total of these lines represent inventory, trade receivables and payables, contract assets and liabilities and other assets and liabilities in the statutory balance sheet

²   Net debt includes £9m (2023: £23m) of the fair value of derivatives included in fair value hedges and the element of fair value relating to exchange differences on the underlying principal of derivatives in cash flow hedges   

³   Held for sale assets relate to the sale of the off-highway engines business in the lower power range based in Power Systems

Key drivers of balance sheet movements were:

Intangible assets: The £0.4bn increase is a result of an impairment reversal related to a Civil Aerospace programme asset impairment that was recognised in 2020.

Civil LTSA: The £(0.8)bn movement in the net liability balance was mainly driven by an increase in invoiced LTSA receipts exceeding revenue recognised in the year. This is especially prevalent on new contracts where shop visits are not immediately scheduled.

RRSA prepayments for LTSA parts: The £0.3bn increase corresponds to the increase seen in the Civil LTSA balance above. RRSA prepayments typically move in line with the Civil LTSA as the RRSA prepayment represents amounts that we have paid to Risk and Revenue Share Partners for the parts that they will ultimately provide in support of our contracts.

Working capital: The £(1.3)bn net working capital position decreased by £0.2bn compared to the prior period. The movement comprised £0.6bn increase in inventory across the divisions reflecting higher sales volumes and supply chain disruption, a decrease in contract liabilities of £0.3bn driven by advanced payments received across the divisions partly offset by £(0.5)bn increase in payables due to changes in operational volumes and timing of supplier payments and £(0.2)bn reduction in receivables driven by lower prepayments from customers and lower RRSP receivables partly offset by higher trading volumes.

Provisions: The £44m net increase in provisions was due to a net increase in the provision for warranty & guarantees driven by increased volumes and trading, a net increase in contract loss provisions due to additional contract losses being greater than contract loss reversals and utilisation, and a net increase in provisions for severance costs related to the multi-year transformation programme. These were partly offset by utilisation of the Trent 1000 provision.

Net debt: Decreased from £(2.0)bn to £(0.8)bn driven by a free cash inflow of £1.2bn. Our liquidity position is strong with £6.8bn of liquidity including cash and cash equivalents of £4.3bn and undrawn facilities of £2.5bn. During the period, the Group repaid a €550m bond in line with its maturity date. Net debt included £(1.6)bn of lease liabilities (2023 FY: £(1.7)bn).

Net financial assets and liabilities: A £0.2bn reduction in the net financial liabilities driven by contracts maturing in the period, partly offset by a change in fair value of derivative contracts largely due to the impact of the movement in GBP:USD exchange rates.

Taxation: The net tax asset reduced by £(78)m. The decrease relates to £(172)m reduction in non-UK deferred tax assets, primarily driven by an impairment reversal, £(61)m reduction in other deferred tax assets, partly offset by the recognition of a £157m deferred tax asset relating to UK tax losses. Deferred tax liabilities have decreased by £47m, mainly due to a reduction in the UK tax rate applied to authorised pension surpluses. Net current tax liabilities have increased by £(49)m.

Results meeting and webcast

Our results presentation will be held at UBS, 5 Broadgate, London EC2M 2QS and webcast live at 10:30 (BST) today. Downloadable materials will also be available on the Investor Relations section of the Rolls-Royce website: https://www.rolls-royce.com/investors/results-and-events.aspx

To register for the webcast, including Q&A participation, please visit the following link: Rolls-Royce 2024 Half Year Results - webinar.net

Please use this same link to access the webcast replay which will be made available shortly after the event concludes. Photographs and broadcast-standard video are available at www.rolls-royce.com

Enquiries:

This results announcement contains forward-looking statements. Any statements that express forecasts, expectations and projections are not guarantees of future performance and will not be updated. By their nature, these statements involve risk and uncertainty, and a number of factors could cause material differences to the actual results or developments. This report is intended to provide information to shareholders, is not designed to be relied upon by any other party, or for any other purpose and Rolls-Royce Holdings plc and its directors accept no liability to any other person other than under English law.

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