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View Annual Report Annual Report and Accounts 2010 Babcock International Group PLC Babcock International Group PLC Annual Report and Accounts 2010 Babcock International Group PLC 33 Wigmore Street London W1U 1QX Delivering Tel +44(0)20 7355 5300 Fax +44 (0)20 7355 5360 www.babcock.co.uk engineering excellence. trusted to deliverTM trusted to deliverTM Babcock International Group PLC 133 Five-year financial record Today and 2010 2009 2008 2007 2006 £m £m £m £m £m Continuing revenue 1,895.5 1,901.9 1,555.9 988.3 836.7 for the future... Operating profit 148.1 133.1 110.2 62.8 46.6 Share of profit/(loss) from joint ventures (0.5) (0.2) – 0.4 (0.1) Profit before interest 147.6 132.9 110.2 63.2 46.5 Net interest and similar charges (18.4) (26.2) (25.6) (6.2) (5.2) Profit before taxation 129.2 106.7 84.6 57.0 41.3 Income tax expense (20.8) (19.1) (14.9) (11.0) (8.2) Profit from continuing operations 108.4 87.6 69.7 46.0 33.1 Discontinued operations – (13.3) – (0.8) (3.2) Profit for the year 108.4 74.3 69.7 45.2 29.9 Minority interest (2.4) (2.3) (2.4) (1.8) (0.2) Profit attributable to shareholders 106.0 72.0 67.3 43.4 29.7 Non-current assets 877.4 858.4 836.1 327.2 273.4 Net current assets/(liabilities) (88.9) (117. 3) (18.6) (96.0) (48.0) Non-current liabilities and provisions (702.7) (448.3) (456.7) (24.0) (54.8) Total net assets 85.8 292.8 360.8 207.2 170.6 Shareholders’ funds 80.6 288.4 357.2 205.6 170.2 Minority interest 5.2 4.4 3.6 1.6 0.4 85.8 292.8 360.8 207.2 170.6 Earnings per share – basic 46.29p 37.42p 29.99p 21.10p 14.49p Dividend per share (proposed) 17.60p 14.40p 11. 50p 8.05p 6.00p Delivering results today. Revenue Profit before tax £1,895.5m £129.2m Other information +21% Operating profit Basic earnings per share Design and production FSC ISO 14001 Radley Yeldar – www.ry.com Forest Stewardship Council. This ensures A pattern of control for an £14 8 .1 m 46.29p there is an audited chain of custody environmental management system from the tree in the well-managed against which an organisation forest through to the finished document can be credited by a third party. +11 % +24% in the printing factory. Babcock International Group PLC We have established leading positions in our principal market sectors. Our ability to bring together engineering skills and bespoke knowledge means we are trusted to design, support and upgrade critical infrastructures. Our long-term order book is evidence of the close and embedded relationships we have with our customers. 2 We provide solutions for our customers across the life-cycle of their assets. Unrivalled experience. Babcock International Group PLC 3 2008 Babcock entered international submarine support market We have an unrivalled position in the UK naval support market. The depth and scale of our knowledge, our ability to deliver through-life support and the unique infrastructures we own or operate place us in a strong position from which to develop our overseas operations. Using our extensive technical expertise and depth of knowledge in the UK, our first overseas contract was the five year, £125 million in-service support contract for the Canadian navy’s four Victoria class submarines. Left The fire-damaged HMCS Chicoutimi has been successfully transferred to a dry land cradle at Victoria Shipyard, on the west coast of Canada, and will be the first submarine to undergo a two year Extended Docking Work Period as part of VISSC. The purpose built repair facility has been funded by the Canadian government as part of their long-term commitment to the contract. 4 Long-term contracts. Design and innovation. Systems for the future. 675 Courses delivered each year training 4,000 soldiers The future of our business is underpinned by long-term contracts and framework agreements. These provide us with excellent security and visibility of revenue streams and are supported by our ability to work collaboratively with our customers. Our 30 year, £1.5 billion training and training support contract at the Royal School of Military Engineering (RSME), the largest residential construction college in Europe, is the first of its type for the British Army. Left We have 270 instructors delivering 675 courses training 4,000 soldiers each year. We are creating a better learning and living environment to ensure the Army has the highly skilled and motivated soldiers it needs. We will also be delivering significant cost savings over the contract term. Babcock International Group PLC 5 Top right We have successfully operated, maintained and upgraded baggage handling systems at London’s Heathrow Airport for many years adding operations at Terminal 5 after it opened in 2008. Above Digital technology is transforming the way we watch television. Babcock has had a key role in the Digital Switchover project helping to replace the antenna systems on many of the UK’s TV transmitter stations. 6 Applied know-how. Reducing costs and raising standards. 20,000 Fast jet trainer flying hours delivered We apply the wealth of knowledge and expertise within our businesses to deliver cost efficient solutions for our customers at the same time as maintaining or improving the availability of their assets. We believe our track record for delivering efficiencies will be beneficial as pressure on public spending increases. Above Using our extensive knowledge and know-how we were able to bring equipment originally designed by us in the 1950s up to modern standards. The innovative solution to re-engineer the fuel-routes at Chapelcross will ensure the four reactors, each containing about 10,000 irradiated magnox fuel elements, can be defuelled to 21st century safety standards and four times faster than planned. Babcock International Group PLC 7 Above At RAF Valley and Leeming and RNAS Culdrose we are responsible for ensuring Hawk TMk1 and TMk2 fast jet trainers deliver 20,000 flying hours each year. By contracting for availability the MoD will benefit over the life of the contract from increased availability of around 40% whist saving £17 million and reducing the fleet size by 30%. 8 We regard the health and safety of our employees and those working alongside them as paramount. This is a key priority at all levels of our business – from the Board of Directors to the shop floor. In many of our businesses the activities we undertake are inherently dangerous. Our health and safety record therefore is vital to our reputation and our ability to retain and win new contracts. We seek to ensure that best practice, innovative programmes and experiences are shared across the Group. 51% 3 year reduction in our RIDDOR incident rate Skills for the future. Award-winning health and safety. Above right Appledore was recognised for an outstanding contribution to safety excellence, winning both the Team Achievement Award and The Chief Executive’s Award in this year’s Safety Excellence Awards. Over the past 12 months there has been a significant reduction in the number of accidents at Appledore and a significant change in attitudes towards safety. Babcock International Group PLC 9 Above To promote and reward excellence Above We share a passion with our in safety management and performance employees to provide exceptional service across the Group we introduced Safety to our customers. We never forget they Excellence Awards in 2010. These provide the skills, energy and pride essential awards will highlight health, safety and to maintaining our position as a leading environmental initiatives across our engineering support services provider. operations and will not only recognise the work of the safety professionals in the business but any employee who has introduced or developed safer methods of working. 10 Building partnerships. Advice and knowledge. Better solutions. 10,000 Buildings maintained through their life cycle Our customers own large strategically important assets or infrastructures and operate in highly regulated environments. It is essential we work in close partnership to successfully deliver full life-cycle support and critical, complex technical projects. As the largest Prime contractor for Defence Estates we manage the life-cycle maintenance for 120 bases, 10,000 buildings, 22,000 primary systems and 150,000 components. Left and Above Using our in-house skills and experience we deliver a wide range of facilities management services across two Regional Prime contracts. Our integrated and efficient contract delivery arrangements are vital to providing increased cost savings for our customers who rely on our advice and knowledge so they can focus on supporting their military capability. Babcock International Group PLC 11 Above As a Tier 1 alliance partner, we play a key role in the UK’s Aircraft Carrier Alliance. We have significant design and manufacturing roles and are responsible for the assembly and integration at Rosyth. Our role draws on our strong partnering skills and requires considerable engineering excellence and innovation. Above As EDF Energy Network’s alliance partner we provide a full end-to-end service – developing, designing and constructing networks – so they can meet the UK’s future demand for electricity. 12 Left The ToBA confirms our long-term strategic role supporting the Royal Navy’s major warships and nuclear powered submarines and will deliver significant benefits for both parties. 15 Years of work stream visibility Demonstrating the close and embedded relationships we seek to establish with our customers, the Terms of Business Agreement (ToBA) signed in March 2010 strengthens our position as the MoD’s key maritime support partner through to 2025.
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