Annual Report 2010 in PDF - BBA Aviation

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Key Facts APPH has a niche focus and technical capability with significant intellectual 56 — Directors’ Report property rights: Size and scale Expertise and barriers Strong customer to entry relationships Niche landing gear and associated hydraulic equipment provider 64% aftermarket support Design, development, certif cation and manufacture Integrated logistics support More than 70% of revenues from programmes where APPH owns the intellectual property rights Product life spans of 40+ years Core OEM relationships Long-term relationships with top 10 customers
Revenue ‡ 2010 2009 Inc/(dec) 20091 Inc/(dec) £m £m % £m % Performance USA 8.3 8.9 (7) 8.9 (7) Europe & ROW 35.4 40.7 (13) 40.7 (13) Total 43.7 49.6 (12) 49.6 (12) 1 At constant exchange rates ‡ APPH Houston was transferred from APPH to Legacy Support with effect from 1 January 2010 to reflect its focus on legacy platform support. 2009 revenues in Legacy Support and APPH have been restated in these results accordingly. As expected, our latest cycle business, APPH did not see any recovery in the year and revenue declined by 13% organically to £43.7 million (2009: £49.6 million), although there was only a limited deterioration in the second half of the year. Demand for original equipment and spares remained subdued throughout the year although demand for MRO, particularly on the Hawk and EH101 platforms, did show signs of improvement during the year. We indicated in 2009 that we would keep the cost base of the business under review and, in the light of continued weakness in revenues, the decision was taken to transfer landing gear production from the Bolton facility into the Runcorn facility. The closure of the Bolton landing gear facility and transition of production to Runcorn was successfully completed in the second half of the year and the costs of closure have been included within exceptional items. APPH continued to build on its strong reputation for engineering capability and quality with important orders secured in the period for a new Hawk programme through BAE Systems supplying Hindustan Aeronautics in India and with Agusta Westland on the AW159 helicopter. The two programmes combined are expected to generate revenues of $25 million over the next 10 years. Directors’ Report — 57
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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 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 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
Page 105 and 106: 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
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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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