Annual Report 2010 in PDF - BBA Aviation

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Financial Highlights £m (other than percentage and per share amounts in pence) 2010 2009 Change 4 — Directors’ Report Revenue 1,183.0 1,080.8 9% Underlying EBITDA* 149.1 139.3 7% Underlying operating profit** 110.6 100.5 10% Operating profit 100.4 82.3 22% Underlying operating margin 9.3% 9.3% Net interest (15.2) (22.3) Underlying profit before tax 95.4 78.2 22% Exceptional items (10.2) (18.2) Profit before tax 85.2 60.0 42% Profit for the period 65.0 45.5 43% Earnings per ordinary share – basic Adjusted† 17.6p 14.6p 21% Unadjusted 15.2p 11.4p 33% Earnings per ordinary share – diluted Adjusted† 17.0p 14.3p 19% Unadjusted 14.7p 11.2p 31% Dividends per ordinary share 8.1p 7.6p 7% Return on invested capital*** 9.5% 8.4% Cash generated by operations 154.2 190.4 (19)% Free cash flow**** 115.2 137.5 (16)% Net debt (313.9) (391.6) Net debt to underlying EBITDA 2.1x 2.8x * Underlying operating profit before depreciation and amortisation ** Operating profit before exceptional items *** Underlying operating profit return on average invested capital including goodwill and intangibles amortised or written off to reserves **** Cash generated by operations plus dividends from associates, less tax, interest, preference dividends and net capital expenditure (excluding expenditure on Ontic licences) † Earnings per share before exceptional items The definitions as outlined above are consistently applied throughout the financial statements.
Revenue Revenue increased by 4% on an organic basis Underlying operating prof t Underlying operating profit up 10% Earnings per share Adjusted earnings per share up 21% £1,183m £110.6m 17.6p Directors’ Report — 5
Page 1 and 2: Annual Report 2010
Page 3 and 4: Directors’ Report 2 Overview 2 Gr
Page 5: Group Structure Revenue by business
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 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
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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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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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