Annual Report 2010 in PDF - BBA Aviation

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Financial statements Notes to the Company Financial Statements – continued 85 Independent Auditor’s Report to the Members of BBA Aviation plc in Respect of the Consolidated Financial Statements 3. Tangible f xed assets Land and Plant and Land and Plant and buildings machinery Total buildings machinery Total 2010 2010 2010 2009 2009 2009 86 Consolidated Income Statement £m £m £m £m £m £m 87 Consolidated Statement of Comprehensive Income Cost or valuation Beginning of year 0.6 1.0 1.6 0.6 0.9 1.5 88 Consolidated Balance Sheet Additions – – – – 0.1 0.1 89 Consolidated Cash Flow Asset write–downs – – – – – – Statement End of year 0.6 1.0 1.6 0.6 1.0 1.6 90 Consolidated Statement of Changes in Equity Accumulated depreciation 91 Accounting Policies of Beginning of year 0.4 0.9 1.3 0.3 0.8 1.1 the Group Provided during the year 0.1 – 0.1 0.1 0.1 0.2 95 Notes to the Consolidated Financial Statements Asset write-downs End of year – 0.5 – 0.9 – 1.4 – 0.4 – 0.9 – 1.3 126 Independent Auditor’s Report to the Members of BBA Aviation plc in Respect of the Parent Company Net book value end of year Owned assets – 0.1 0.1 – 0.1 0.1 Financial Statements Leased assets 0.1 – 0.1 0.2 – 0.2 0.1 0.1 0.2 0.2 0.1 0.3 127 Company Balance sheet 128 Accounting Policies of the Company 129 Notes to the Company Financial Statements 134 Principal Subsidiary Land and buildings Undertakings Short leasehold 0.1 0.2 135 Five Year Summary 0.1 0.2 136 Shareholder Information 130 — Company Financial Statements 4. Fixed asset investments 2010 £m 2009 £m 2010 2009 £m £m Subsidiary undertakings Cost of shares Beginning of year 2,239.7 2,239.7 Additions – – End of year 2,239.7 2,239.7 Provisions for impairments Beginning of year (28.4) (54.3) Reversal of impairment loss – 25.9 End of year (28.4) (28.4) Net book value end of year Loans to subsidiary undertakings 2,211.3 2,211.3 Beginning and end of year Total 103.4 103.4 Fixed asset investments 2,314.7 2,314.7 The principal subsidiary undertakings of BBA Aviation plc are listed on page 134. 5. Debtors 2010 2009 £m £m Trade debtors Amounts owed by subsidiary undertakings 695.9 620.2 Other debtors, prepayments and accrued income 17.0 13.8 Debtors due within one year 712.9 634.0 Other debtors due after one year 1.3 4.0
6. Creditors: amounts falling due within one year 2010 2009 £m £m Borrowings (note 7) Bank loans and overdrafts 87.6 20.5 87.6 20.5 Others Amounts owed to subsidiary undertakings 1,697.2 1,501.1 Other taxation and social security 0.1 0.1 Other creditors 19.9 7.5 Accruals and deferred income 10.0 6.5 1,727.2 1,515.2 Creditor days for the Company for the year were an average of 49 days (2009: 37 days). 7. Borrowings 2010 2009 £m £m Borrowings summary Medium-term loans Repayable between two and five years 318.7 467.3 318.7 467.3 Short-term Overdrafts, borrowings and finance leases repayable within one year (note 6) 87.6 20.5 Total borrowings and finance leases 406.3 487.8 Cash at bank and in hand (12.6) (11.8) Net borrowings and finance leases 393.7 476.0 Borrowings analysis: Unsecured Bank loans and overdrafts Sterling 18.3 24.2 US dollar 386.0 463.0 Euro 2.0 0.3 Canadian dollar – 0.3 Total borrowings and finance leases 406.3 487.8 Cash at bank and in hand (12.6) (11.8) Net borrowings and finance leases 393.7 476.0 The interest rates on unsecured loans range from 1.0% to 1.9% per annum and repayments are due at varying dates up to 2012. Operating Lease Commitments Land and buildings Within one year 0.5 0.5 One to five years 0.3 0.7 0.8 1.2 Contingent liabilities Guarantees of subsidiary undertakings’ overdrafts or loans and other guarantees 14.7 17.3 Additional detail of contingent liabilities are provided within note 25 to the consolidated financial statements. Foreign currency contracts At 31 December 2010, the Group had 258.7 million (2009: £124.6 million) of forward contracts to buy/sell foreign currency. Company Financial Statements — 131
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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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Directors’ Remuneration Report I
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The following chart shows the balan
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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 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 and 128: 26. Related party transactions Tran
Page 129 and 130: Company Balance Sheet 2010 2009 Not
Page 131: Leases Where assets are f nanced by
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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