Annual Report 2010 in PDF - BBA Aviation

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Financial statements 85 Independent Auditor’s Report to the Members of BBA Aviation plc in Respect of the Consolidated Financial Statements 86 Consolidated Income Statement 87 Consolidated Statement of Comprehensive Income 88 Consolidated Balance Sheet 89 Consolidated Cash Flow Statement 90 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 129 Notes to the Company Financial Statements 134 Principal Subsidiary Undertakings 135 Five Year Summary 136 Shareholder Information 126 — Company Financial Statements Independent Auditor’s Report to the members of BBA Aviation plc We have audited the parent company fnancial statements of BBA Aviation plc for the year ended 31 December 2010 which comprise the Parent Company Balance Sheet and the related notes 1 to 12. The fnancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditor As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the parent company f nancial statements and for being satisfed that they give a true and fair view. Our responsibility is to audit and express an opinion on the parent company fnancial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the fnancial statements sufcient to give reasonable assurance that the fnancial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the parent company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of signifcant accounting estimates made by the directors; and the overall presentation of the f nancial statements. Opinion on financial statements In our opinion the parent company f nancial statements: — give a true and fair view of the state of the Company’s af airs; — have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and — have been prepared in accordance with the requirements of the Companies Act 2006. Opinion on other matters prescribed by the Companies Act 2006 In our opinion: — the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006; and — the information given in the Directors’ Report for the f nancial year for which the fnancial statements are prepared is consistent with the parent company f nancial statements. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: — adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or — the parent company fnancial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with the accounting records and returns; or — certain disclosures of directors’ remuneration specifed by law are not made; or — we have not received all the information and explanations we require for our audit. Other matter We have reported separately on the Group fnancial statements of BBA Aviation plc for the year ended 31 December 2010. Nigel Mercer, ACA (Senior Statutory Auditor) for and on behalf of Deloitte LLP Chartered Accountants and Statutory Auditor London, United Kingdom 1 March 2011
Company Balance Sheet 2010 2009 Notes £m £m Fixed assets Tangible assets Land and buildings 3 0.1 0.2 Plant and machinery 3 0.1 0.1 Investments 4 2,314.7 2,314.7 Debtors due after one year 5 1.3 4.0 Deferred tax asset – 2.6 Current assets 2,316.2 2,321.6 Debtors due within one year 5 712.9 634.0 Cash at bank and in hand 12.6 11.8 Current liabilities Creditors: amounts falling due within one year 725.5 645.8 Borrowings and finance leases 6 (87.6) (20.5) Others 6 (1,727.2) (1,515.2) Net current liabilities (1,089.3) (889.9) Total assets less current liabilities Long-term liabilities Creditors: amounts falling due after more than one year 1,226.9 1,431.7 Borrowings and finance leases 7,8 (318.7) (467.3) Others 8 (54.2) (54.2) Provisions for liabilities and charges (2.1) (2.3) Total net assets Capital and reserves 851.9 907.9 Called up share capital 10 128.7 126.0 Share premium account 10 340.6 343.3 Revaluation reserve 10 3.5 3.5 Other 10 235.7 243.2 Profit and loss account 10 143.4 191.9 Equity shareholders’ funds 851.9 907.9 The fnancial statements of BBA Aviation plc (registered number 53688) were approved by the Board of Directors on 1 March 2011 and signed on its behalf by Simon Pryce Mark Hoad Group Chief Executive Group Finance Director In accordance with the exemptions permitted by s408 of the Companies Act 2006, the proft and loss account of the Company has not been presented. The loss for the fnancial year in the accounts of the Company, after dividends from subsidiary undertakings, amounted to £48.9 million (2009: loss £22.5 million). The auditor’s remuneration for audit and other services is disclosed in note 2 to the consolidated f nancial statements. The accompanying notes are an integral part of this balance sheet. Company Financial Statements — 127
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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
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Suppliers Payment Policy Substantia
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The Board has a formal schedule of
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a. Remuneration Committee Compositi
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Guidance on Audit Committees. The A
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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
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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 and 120: 19. Pensions and other post-retirem
Page 121 and 122: 21. Share capital and reserves Allo
Page 123 and 124: 21. Share capital and reserves - co
Page 125 and 126: 23. Cash fow from operating activit
Page 127: 26. Related party transactions Tran
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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Annual Report 2010 in PDF - BBA Aviation

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