BBA Group Annual Report 2004 - BBA Aviation

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14 BBA GROUP CHIEF ANNUAL REPORT 2004 EXECUTIVE’S REVIEW NEW BUSINESS WINS PRATT & WHITNEY CANADA FOR THE PW300 AND PW500 ENGINES. 30 engine inputs in 2004 and are expected to continue to grow in 2005. Dallas Airmotive also added resources to improve its ability to successfully pursue select military engine programme opportunities and was awarded a 5 year, $7 million per annum US Army contract for the overhaul of aviation ground power units. During 2004 we were delighted to win full authorisations from Pratt & Whitney Canada for their PW300 and PW500 model engines. These engines are in the early stages of their product life cycle and power a wide range of current and new generation business and fractional programme aircraft including: PW300 – Citation Sovereign, Falcon 2000EX, Gulfstream 200, Hawker 1000, Hawker Horizon and Learjet 60; PW500 – Citation Bravo, Citation Encore and Citation Excel. There are approximately 2,800 PW300/PW500 engines currently in service. Start-up of these programmes will be effective from early 2005 and we expect good growth in volumes over the next three years. Late in 2004 we completed a major restructuring programme with the closure of our repair and overhaul facility in Millville, New Jersey, and the successful transfer of business programmes and production operations to other BBA facilities in the United States. The financial benefits of these actions will come through in 2005. H+S Aviation in the UK was adversely impacted by the weaker US dollar on revenues and the demise of the Dart engine programme. A number of actions have been taken to remedy the
situation and better balance the engine programme portfolio, including the recent addition of Pratt & Whitney Canada authorisation to provide overhaul support for the JT15D model engine in Europe. Our speciality parts businesses, ITS and Barrett, again experienced a strong year in 2004, both benefiting from the continuing improvement in the pre-owned aircraft market which creates increased demand for serviceable engines and parts to support models such as the PT6, JT15D, TFE731 and Spey. In APPH, our hydraulics and landing gear business, original equipment demand was strong, offset by patchy demand for spare parts. During the year contracts were finalised for Airbus A320, NH90 helicopter and repair and overhaul of Hawk landing gears for Canada and Malaysia. Finally, at Oxford Airport, UK, in the second half of the year we saw a marked improvement in our pilot training business, as demand from the airlines returned. The airport itself has seen higher levels of business aviation activity and we have invested in more ramp and hangar space to further this growth in 2005. In summary, 2004 was another busy year for Aviation, with improving market conditions and significant activity in acquisitions, contract wins and productivity initiatives to strengthen our market positions and promote future growth. 15
Page 1 and 2: BBA GROUP ANNUAL REPORT 2004
Page 3 and 4: AT THE HEART OF OUR BUSINESS IS THE
Page 5 and 6: AVIATION Business Aviation £255m S
Page 7 and 8: Operating profit † £140.2m Turno
Page 9 and 10: Roberto Quarta Chairman 7
Page 11 and 12: Roy McGlone Group Chief Executive 9
Page 13 and 14: AVIATION £800m MATERIALS TECHNOLOG
Page 15: another 6 new airport locations in
Page 19 and 20: In Healthcare, we experienced bette
Page 21 and 22: We will continue to look for assets
Page 23 and 24: Turnover and Operating Profit* Exch
Page 25 and 26: The continued weakness of the US do
Page 27 and 28: OUR PORTFOLIO THE FOLLOWING SECTION
Page 29 and 30: BBA operates in the Americas, Europ
Page 31 and 32: SIGNATURE As the leading provider o
Page 33 and 34: ASIG Our ramp side services are vit
Page 35 and 36: APPH Thousands of aircraft, hundred
Page 37 and 38: BBA FIBERWEB BBA Fiberweb facilitie
Page 39 and 40: Board of Directors 38 Directors‘
Page 41 and 42: BOARD OF DIRECTORS 1 2 3 4 5 6 7 8
Page 43 and 44: DIRECTORS’ REPORT Substantial sha
Page 45 and 46: DIRECTORS’ CORPORATE GOVERNANCE R
Page 47 and 48: 6. Information and Professional Dev
Page 49 and 50: Auditor Independence and Audit Effe
Page 51 and 52: DIRECTORS’ REMUNERATION REPORT Th
Page 53 and 54: TSR ranking in Proportion of shares
Page 55 and 56: Table 1 - Emoluments and fees (audi
Page 57 and 58: d. Pension UK The executive directo
Page 59 and 60: INDEPENDENT AUDITORS’ REPORT Inde
Page 61 and 62: GROUP AND COMPANY BALANCE SHEETS GR
Page 63 and 64: RECONCILIATION OF MOVEMENT IN GROUP
Page 65 and 66: Scrip Dividends The option to recei
Page 67 and 68:
2004 2003 Continuing Discontinued T
Page 69 and 70:
2004 2003 2004 2003 pence pence 5 D
Page 71 and 72:
Group Company Land and Plant and La
Page 73 and 74:
Group Company 2004 2003 2004 2003 1
Page 75 and 76:
Group Company 2004 2003 2004 2003 1
Page 77 and 78:
17 DERIVATIVES AND OTHER FINANCIAL
Page 79 and 80:
17 DERIVATIVES AND OTHER FINANCIAL
Page 81 and 82:
19 CAPITAL AND RESERVES - continued
Page 83 and 84:
19 CAPITAL AND RESERVES - continued
Page 85 and 86:
23 PENSIONS AND OTHER POST-RETIREME
Page 87 and 88:
23 PENSIONS AND OTHER POST-RETIREME
Page 89 and 90:
FIVE YEAR SUMMARY Profit and loss a
Page 91 and 92:
SHAREHOLDER INFORMATION ANALYSIS OF
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BBA Group Annual Report 2004 - BBA Aviation

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