| Rolls-Royce has created a substantial and balanced business through organic growth and targeted acquisitions. We offer advanced technology products, systems and support to three main customer groups - aerospace, marine and energy. Our consistent strategy continues to deliver both growth in market share and sound financial performance. The strategy has been based on: identifying customer requirements in our core markets; satisfying these with a comprehensive range of products and services based on advanced technologies; adding value to the customer's business and providing appropriate through-life support. Rolls-Royce is a technology leader and power systems integrator in global markets. Over recent years we have created a broader-based company by applying technologies and capabilities developed in the aerospace sector to the marine and energy markets. This will establish significant competitive advantage for the company and deliver financial benefit for shareholders. We continue to attract risk and revenue sharing partners to our programmes. They provide financial and engineering resource and we value their contribution, which endorses our strategy. Rolls-Royce has significantly strengthened its position in civil aerospace and is a world leader in marine propulsion systems. We participate in many of the world's key defence aerospace programmes and we anticipate growing success in the energy sector, as a range of new products is introduced. The integration of our newly acquired commercial marine businesses is progressing well and is achieving its targets. A complementary range of products and services strengthens our presence in both the commercial and naval marine markets. The common thread linking these separate markets is the application of
Rolls-Royce high-technology engineering capability. This ranges from developing engines for the new generation of very large airliners, which will carry over 550 passengers on long-range flights, to using skills and experience from the same technology base to develop gas turbines to generate electricity. The company now has an improved organisation with shorter lines of communication and a flatter management structure. This organisation enables our business teams to respond more quickly to customer requirements and offer outstanding levels of service. Our focus on raising efficiency, including the introduction of increasingly sophisticated development and manufacturing processes, has resulted in sales per employee increasing 50 per cent above the level of just five years ago, from a worldwide workforce currently at 43,700 people. Underlying earnings per share have achieved a compound annual growth rate of 22 per cent over the last five years, while the company has invested more than £3 billion over the same period in new product development and technology acquisition to ensure future success. | 
