Annual Report 2010 in PDF - BBA Aviation

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Key Facts Signature is the world’s leading FBO network with a unique network proposition: 28 — DDirectors’ Report Size and scale Expertise and barriers Strong customer to entry relationships A truly international Market-leading brand, 9% of US business jets FBO network – 106 delivering consistently reside in Signature locations worldwide, high service and safety hangars of which 83 are standards wholly-owned 160 million gallons Long lease terms Agreements with of aviation fuel sold – average 17 year major fractional, per annum residual term charter and large feet operators 1 million aircraft Unique network quality movements handled – 45 of the top 50 US per annum Metro locations, all 10 of the top 10 US B&GA locations
Revenue 2010 2009 Inc/(dec) 20091 Inc/(dec) £m £m % £m % Performance USA 413.6 342.9 21 345.1 20 Europe & ROW 100.6 92.2 9 91.6 10 Total 514.2 435.1 18 436.7 18 1 At constant exchange rates Revenue increased to £514.2 million from £435.1 million in 2009, an increase of 18% of which 8% was organic revenue growth with the balance accounted for by fuel price infation (£41.5 million). In North America revenue increased by 8% organically and in Europe by 4%. Throughout 2010 North American B&GA activity continued the recovery that commenced in the last quarter of 2009 and for 2010 as a whole market growth was 10% over 2009. For the third year in succession Signature has outperformed the market with organic volume growth of 12% in North America, which accounts for 80% of Signature’s revenue. In Europe the rate of recovery in market activity was a more modest 5%, partly due to the volcanic ash related closure of European airspace in April and May. Signature’s continued market outperformance is in part explained by its ongoing commitment to its customers. Early in the year Signature announced the launch of Signature Status, its customer loyalty programme which recognises growing customer loyalty through service enhancements. By the end of the year Signature’s customer loyalty – a measure of overall customer satisfaction and willingness to return and recommend Signature services – had improved to 81%, up 14 percentage points compared to the end of 2009. Signature completed a global fuel purchasing procurement exercise during the f rst half of the year and continues to work on various other initiatives to enhance operational performance. Signature added two new locations to its network in 2010, at Montreal, Canada and Fresno, California. The Montreal FBO represents Signature’s entry into the Canadian market via a licensing agreement with Starlink Aviation to re-brand and operate its FBO as Signature Flight Support. At Fresno we have deployed Signature employees to operate the Signature branded FBO on our partner’s real estate. Following an RFP process during the second half of 2010, Signature was notifed recently that its FBO lease at Miami International Airport would not be extended, although Signature won all the technical aspects of the RFP. Signature will continue to operate the FBO until mid-year, and the loss of this location is not expected to have a material impact on our expectations for Signature’s future fnancial performance. The extension of the Signature network has continued in the frst quarter of 2011 with the agreement to acquire the Yellowstone Jetcenter FBO in Bozeman, Montana, a top resort destination for a cash consideration of $10.5 million. Directors’ Report — 29
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 and 16: Commercial Aviation Our commercial
Page 17 and 18: Each of the fve businesses has a cl
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: Directors’ Report — 27
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
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
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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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