Annual Report 2010 in PDF - BBA Aviation

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Key Facts ASIG is a world leading independent commercial aviation service provider, managing primary outsourced services for airlines, airports and oil companies: 34 — Directors’ Report Size and scale Expertise and barriers Strong customer to entry relationships 72 locations worldwide Brand strength Diverse customer base with over 350 customers 37 of the top 100 hub Breadth of service Long-term and international relationships with airports major carriers Fuelling approximately Location-specif c critical 10,000 fights per day mass with labour f exibility Industry-leading training and safety standards
Revenue Performance 2010 2009 Inc/(dec) 2009 1 Inc/(dec) £m £m % £m % USA 183.1 177.4 3 178.6 3 Europe & ROW 44.3 31.3 42 31.3 42 Total 227.4 208.7 9 209.9 8 1 At constant exchange rates ASIG’s revenue grew by 9% to £227.4 million (2009: £208.7 million) and grew by 2% on an organic basis, excluding £2.3 million of fuel price infation and the £10.6 million contribution from acquisitions made in the year. The organic revenue growth was delivered against the backdrop of a North American market where movements declined by 1% in the frst half of the year and then began to increase in the second half. For the year as a whole, fight activity in both North America and Europe was fat. In Europe this was in part as a result of the European airspace closures in April and May. In the United Kingdom, ASIG won contracts to provide into-plane refuelling and fuel facility management at Belfast City Airport, aviation fuel services at Leeds Bradford Airport and fuel services and ground equipment repair and maintenance at Bournemouth and London City Airports. In June, ASIG acquired SAS Ground Services UK Limited (SGS) for a cash consideration of £2.5 million, giving ASIG access to the passenger and ground handling markets at Heathrow and at Aberdeen, which is a new location for ASIG. SGS contributed revenue of £10.6 million in the year and is expected to generate incremental revenues of approximately £19 million in the frst full year of ownership and to be earnings enhancing. By the end of 2010 ASIG was operating at a total of 15 airports in Europe. In North America ASIG was successful in securing the outsourcing of American Eagle’s refuelling activity at Chicago O’Hare International Airport for a fve-year period. At Los Angeles International Airport ASIG secured a technical services contract to provide equipment maintenance and operations services for Terminal 3’s passenger loading bridges and baggage handling system, building on its 25 years of experience ofering similar services at Terminals 5 and 6. The ability to leverage ASIG’s capabilities and expertise beyond the normal boundaries of the airport environment has again proven successful. ASIG signed a fve- year contract renewal with Walt Disney World to provide 20 area resorts and hotels and two cruise ships with luggage logistics services in Orlando. ASIG has also been leveraging its expertise in fuel transportation logistics by commencing third party jet fuel transportation services of -airport, resulting in new activity in Florida and California. As is usual, ASIG did experience some contract losses, but overall the net impact of US contract wins and losses is expected to be approximately $4.0 million of additional revenue annually. ASIG continues with its strategic expansion in new markets and at the end of the year ASIG was awarded a 20-year licence to provide complete fuel services at Tocumen International Airport in Panama. This operation will be established during the course of 2011. Directors’ Report — 35
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 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 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
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
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10. Investments in associates Cost
Page 107 and 108:
13. Trade and other payables Amount
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16. Bank overdraft and loans - cont
Page 111 and 112:
17. Derivative fnancial instruments
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Page 115 and 116:
Page 117 and 118:
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
Page 123 and 124:
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
Page 135 and 136:
10. Capital and reserves Details of
Page 137 and 138:
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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