As announced on 5 November, Rolls-Royce has accelerated its cost reduction efforts and outlined additional restructuring charges that will reduce the expected underlying profit in 2014 and 2015 by around £60m in both years, subject to employee consultation. Excluding these charges, our guidance is unchanged for 2014, 2015 and the medium-term outlook, as outlined on 17 October.
The sale of Energy gas turbines and compressor business to Siemens is expected to complete before year-end. As previously announced, The company plans to return the proceeds of this sale to our shareholders via a £1bn share buyback that will begin after completion.
The Group's preliminary results for the financial year ending 31 December 2014 will be announced on 13 February 2015.