Annual Report 2010 in PDF - BBA Aviation

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Financial statements Notes to the Consolidated Financial Statements – continued 85 Independent Auditor’s Report to the Members of BBA Aviation plc in Respect of the Consolidated Financial Statements 86 Consolidated Income Statement 19. Pensions and other post-retirement benef ts – continued 2010 £m 2009 £m 2008 £m 2007 £m Rest of World Total 87 Consolidated Statement of Fair value of assets – – – – – 427.4 432.0 363.8 478.1 477.1 Comprehensive Income Defined benefits obligation – – – – – 441.0 465.2 382.0 422.8 498.2 88 Consolidated Balance Sheet (Deficit)/surplus – – – – – (13.6) (33.2) (18.2) 55.3 (21.1) 89 90 Consolidated Cash Flow Statement Consolidated Statement of Changes in Equity 91 Accounting Policies of the Group 95 Notes to the Consolidated Financial Statements 126 Independent Auditor’s Report to the Members of BBA Aviation plc in Respect of the Parent Company Financial Statements 127 Company Balance sheet 128 Accounting Policies of the Company Experience gains/(losses) on scheme assets Experience gains/(losses) on scheme liablities Employer contributions for 2011 are estimated to be as follows: 20. Deferred tax – – – – – – – – 2006 £m 0.1 0.1 2010 £m (9.7) (12.9) 2009 £m 68.9 19.2 Fixed Other Goodwill & assets £m assets £m intangibles £m 2008 £m (130.1) (4.5) United Kingdom £6.4m 2007 £m (22.6) 59.9 North America £3.7m Tax losses & Retirement tax credits benefts £m £m 129 Notes to the Company Financial Statements Beginning of year Charged in year (16.7) 5.9 10.8 (5.0) (38.6) (7.4) 6.2 (5.2) 8.4 (0.6) (29.9) (12.3) 134 Principal Subsidiary Undertakings Recognised directly in equity Exchange adjustments – (0.4) – 0.3 – (0.9) – 0.2 0.6 0.2 0.6 (0.6) 135 Five Year Summary 136 Shareholder Information End of year (11.2) 6.1 (46.9) 1.2 8.6 (42.2) 118 — Consolidated Financial Statements 2006 £m 2.6 (2.4) Total £10.1m Certain deferred tax assets and liabilities have been of set. The following is the analysis of the deferred tax balances (after of set) for f nancial reporting purposes: 2010 2009 £m £m Deferred tax liabilities (46.8) (32.4) Deferred tax assets 4.6 2.5 (42.2) (29.9) At the balance sheet date, the Group has unrecognised deferred tax assets relating to tax losses and other temporary diferences of £220.3 million (2009: £251.2 million) available for ofset against future profts. These assets have not been recognised as the precise incidence of future profts in the relevant countries and legal entities cannot be accurately predicted at this time. Included in the unrecognised deferred tax asset is £0.7 million (2009: £0.6 million) which relates to losses which will expire by 2014. Other losses may be carried forward indefnitely under current tax legislation. At the balance sheet date, the aggregate amount of temporary diferences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised was £nil (2009: £nil). Temporary diferences arising in connection with interests in associates and joint ventures are insignifcant. Total £m
21. Share capital and reserves Allotted, called up and fully paid Authorised 2010 2009 2010 2009 millions millions millions millions Share capital Number of shares Ordinary 2916 /21p shares 432.4 423.3 756.0 756.0 5% Cumulative preference £1 shares 0.2 0.2 0.2 0.2 £m £m £m £m Nominal value of shares Equity shares Ordinary 2916 /21p shares Non-equity shares 128.7 126.0 225.0 225.0 5% Cumulative preference £1 shares 0.2 0.2 0.2 0.2 128.9 126.2 225.2 225.2 Consolidated Financial Statements — 119
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Annual Report 2010
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Directors’ Report 2 Overview 2 Gr
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Group Structure Revenue by business
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Revenue Revenue increased by 4% on
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Corporate Governance The Board beli
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Michael Harper (66) Chairman Simon
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Worldwide Business Jet and Turbopro
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Commercial Aviation Our commercial
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Each of the fve businesses has a cl
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Principal Risks and Risk Potential
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Return on Invested Capital (ROIC) M
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Proft before tax increased by 42% t
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Financial Summary 2010 2009 Inc/(de
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ASIG United States of America, Cari
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Directors’ Report — 27
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Revenue 2010 2009 Inc/(dec) 20091 I
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ASIG Focused on growth 32 — Direc
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Key Facts ASIG is a world leading i
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London Heathrow: the A380 is a doub
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Financial Summary 2010 2009 Inc/(de
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Legacy Support United States of Ame
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Directors’ Report — 43
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Revenue 2010 2009 Inc/(dec) 20091 I
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Legacy Support Flexible resources m
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Key Facts Legacy Support is a leadi
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Houston, Texas: a Legacy Support st
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APPH Delivering continuous improvem
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Key Facts APPH has a niche focus an
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Runcorn, UK: a Jas39 Gripen nose la
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CSR leadership Group-wide Providing
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The Group also launched its new par
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A signifcant proportion of our debt
Page 69 and 70: Suppliers Payment Policy Substantia
Page 71 and 72: The Board has a formal schedule of
Page 73 and 74: a. Remuneration Committee Compositi
Page 75 and 76: Guidance on Audit Committees. The A
Page 77 and 78: Directors’ Remuneration Report I
Page 79 and 80: The following chart shows the balan
Page 81 and 82: d. Longer-term performance incentiv
Page 83 and 84: Annualised total shareholder return
Page 85 and 86: e. Pension: policy and implementati
Page 87 and 88: Independent Auditor’s Report to t
Page 89 and 90: Consolidated Statement of Comprehen
Page 91 and 92: Consolidated Cash Flow Statement Op
Page 93 and 94: Accounting Policies Basis of Accoun
Page 95 and 96: Property, Plant and Equipment Prope
Page 97 and 98: Notes to the Consolidated Financial
Page 99 and 100: 2. Proft for the year Proft for the
Page 101 and 102: 5. Dividends On 21 May 2010, the 20
Page 103 and 104: 8. Intangible assets - continued Th
Page 105 and 106: 10. Investments in associates Cost
Page 107 and 108: 13. Trade and other payables Amount
Page 109 and 110: 16. Bank overdraft and loans - cont
Page 111 and 112: 17. Derivative fnancial instruments
Page 117 and 118: 19. Pensions and other post-retirem
Page 119: 19. Pensions and other post-retirem
Page 123 and 124: 21. Share capital and reserves - co
Page 125 and 126: 23. Cash fow from operating activit
Page 127 and 128: 26. Related party transactions Tran
Page 129 and 130: Company Balance Sheet 2010 2009 Not
Page 131 and 132: Leases Where assets are f nanced by
Page 133 and 134: 6. Creditors: amounts falling due w
Page 135 and 136: 10. Capital and reserves Details of
Page 137 and 138: Five Year Summary 2010 2009 2008 20
Page 139 and 140: This Annual Report is addressed sol
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