Annual Report 2010 in PDF - BBA Aviation

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Business Model Our Strategy 14 — Directors’ Report BBA Aviation maintains a balanced portfolio of aviation support and aftermarket services businesses which have barriers to entry and produce above average growth rates and attractive fnancial returns, with a common focus on growing exceptional long-term sustainable value for all stakeholders. We deliver this through active management, efective strategy execution, efcient resource allocation and maximising the Group’s intrinsic cross-business opportunities. Our Flight Support division provides specialist on-airport support services to the owners and operators of business and commercial aircraft. We diferentiate ourselves from our competitors through our longleasehold network, our technical capability and our focus on customer service. Our Aftermarket Services and Systems division services, manufactures and supports engines and aerospace components, sub-systems and systems. We operate with high levels of intellectual property rights, established through OEM authorisations and licences as well as in-house development. BBA Aviation’s vision is to be a dynamic, world class supplier to the global aerospace industry, continuously delivering exceptional performance. Our overriding objective is to grow exceptional long-term sustainable value for all our stakeholders through: – Exceeding customer expectations and competitor of erings – Continuously improving market-leading and innovative businesses – Working together for greater gain through improved co-ordination and co-operation – Being an employer of choice for empowered individuals in a safe and sustainable environment – Always behaving with integrity and respect To deliver on the vision and mission, BBA Aviation’s employees are unifed around a common set of values that are a vital and integral part of the way we do business: Integrity Responsibility We earn the trust and respect of We are committed to managing our stakeholders with honesty, our impact on, and contributing fairness, openness and by positively to, society and the honouring our commitments. Integrity Responsibility environment. Performance Safety We focus on delivery of long- We are dedicated to safety term and sustainable value, and security, the elimination continuous improvement Performance of hazards and protecting and reliability. People Safety people, property and our environment. We are committed to investing Service in and empowering our people through training and education People Service We strive continually to anticipate customer needs, and to providing them with opportunities for rewarding careers. exceeding their expectations. BBA Aviation has developed through a combination of organic growth and bolt-on acquisitions, in markets where we have market-leading positions, generate strong cash fow and in businesses that are well placed to beneft from cyclical and secular growth. In order to support delivery of the vision, each year BBA Aviation’s Executive Management Committee sets a series of short and medium-term specifc and measurable goals which are then cascaded throughout the Group. Each business has actions aligned to the achievement of each of the short and medium-term goals, and the execution of those actions is actively monitored by Group management.
Each of the fve businesses has a clear business unit strategy to compete efectively in its markets and to deliver growth: Division Business Growth Strategy Flight Support Signature Cyclical recovery, continued share gain, structural growth, consolidation, enhanced service of ering, operational improvement, cross business co-operation Aftermarket Services and Systems ASIG Cyclical recovery, increased presence at selected hub and international airports, enhanced service ofering in core locations, operational improvement, cross business co-operation ERO New authorisations, military and rotor craft expansion, operational/footprint improvement, cross business co-operation Legacy New licences, active selling, acquisitions of mature technology companies, cross business co-operation APPH Operational improvement, niche organic expansion, cross business co-operation Directors’ Report — 15
Page 1 and 2: Annual Report 2010
Page 3 and 4: Directors’ Report 2 Overview 2 Gr
Page 5 and 6: Group Structure Revenue by business
Page 7 and 8: Revenue Revenue increased by 4% on
Page 9 and 10: Corporate Governance The Board beli
Page 11 and 12: Michael Harper (66) Chairman Simon
Page 13 and 14: Worldwide Business Jet and Turbopro
Page 15: Commercial Aviation Our commercial
Page 19 and 20: Principal Risks and Risk Potential
Page 21 and 22: Return on Invested Capital (ROIC) M
Page 23 and 24: Proft before tax increased by 42% t
Page 25 and 26: Financial Summary 2010 2009 Inc/(de
Page 27 and 28: ASIG United States of America, Cari
Page 29 and 30: Directors’ Report — 27
Page 31 and 32: Revenue 2010 2009 Inc/(dec) 20091 I
Page 34 and 35: ASIG Focused on growth 32 — Direc
Page 36 and 37: Key Facts ASIG is a world leading i
Page 38: London Heathrow: the A380 is a doub
Page 41 and 42: Financial Summary 2010 2009 Inc/(de
Page 43 and 44: Legacy Support United States of Ame
Page 45 and 46: Directors’ Report — 43
Page 47 and 48: Revenue 2010 2009 Inc/(dec) 20091 I
Page 50 and 51: Legacy Support Flexible resources m
Page 52 and 53: Key Facts Legacy Support is a leadi
Page 54 and 55: Houston, Texas: a Legacy Support st
Page 56 and 57: APPH Delivering continuous improvem
Page 58 and 59: Key Facts APPH has a niche focus an
Page 60: Runcorn, UK: a Jas39 Gripen nose la
Page 63 and 64: CSR leadership Group-wide Providing
Page 65 and 66: The Group also launched its new par
Page 67 and 68:
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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d. Longer-term performance incentiv
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Annualised total shareholder return
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e. Pension: policy and implementati
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Independent Auditor’s Report to t
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Consolidated Statement of Comprehen
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Consolidated Cash Flow Statement Op
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Accounting Policies Basis of Accoun
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Property, Plant and Equipment Prope
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Notes to the Consolidated Financial
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2. Proft for the year Proft for the
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5. Dividends On 21 May 2010, the 20
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8. Intangible assets - continued Th
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10. Investments in associates Cost
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13. Trade and other payables Amount
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16. Bank overdraft and loans - cont
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17. Derivative fnancial instruments
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19. Pensions and other post-retirem
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19. Pensions and other post-retirem
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21. Share capital and reserves Allo
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21. Share capital and reserves - co
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23. Cash fow from operating activit
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26. Related party transactions Tran
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Company Balance Sheet 2010 2009 Not
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Leases Where assets are f nanced by
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6. Creditors: amounts falling due w
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10. Capital and reserves Details of
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Five Year Summary 2010 2009 2008 20
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This Annual Report is addressed sol
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Annual Report 2010 in PDF - BBA Aviation

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