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Annual Report 2016 Welcome to the BAE Systems Annual Report 2016 Annual Report 2016 Welcome to the BAE Systems Annual Report 2016 Chairman’s Strategic report letter Financial Our business 02 Our key products and services 04 P10 highlights Financial highlights 06 Read more P06 Operational and strategic highlights 08 Read more Chairman’s letter 10 Chief Executive’s review 12 Group strategic framework 16 Operational Chief Executive’s Our markets 17 and strategic review How our business works 20 Our people 22 highlights P12 Read more Our technology 23 P08 Read more Financial review 24 Guidance for 2017 31 Segmental performance 32 Electronic Systems 34 How our Financial Cyber & Intelligence 38 business works review Platforms & Services (US) 42 P20 P24 Platforms & Services (UK) 46 Read more Read more Platforms & Services (International) 50 Corporate responsibility 54 How we manage risk 58 Corporate Principal risks 60 responsibility Segmental Directors’ report P54 performance Chairman’s governance letter 64 Read more P32 Governance highlights 65 Read more Board governance 66 Board of directors 68 Governance Board information 70 highlights Governance disclosures 71 Audit Committee report 72 P65 Read more Corporate Responsibility Committee report 76 Nominations Committee report 78 Remuneration Committee report 79 Annual remuneration report at a glance 83 Further information Annual remuneration report 84 can be found Directors’ remuneration policy 99 online by visiting Statutory and other information 112 baesystems.com Independent Auditor’s report 117 Financial statements Index to the financial statements 121 Cautionary statement: All statements other than statements of historical fact included in this document, including, without limitation, those regarding the financial condition, results, operations and businesses of Investor resources BAE Systems and its strategy, plans and objectives and the markets and economies in which it operates, are forward-looking statements. Such forward-looking statements, which reflect management’s assumptions Shareholder information 187 made on the basis of information available to it at this time, involve known and unknown risks, uncertainties and other important factors which could cause the actual results, performance or achievements of BAE Systems or the markets and economies in which BAE Systems operates to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. BAE Systems plc and its directors accept no liability to third parties in respect of this report save as would arise under English law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance with Schedule 10A of the Financial Services and Markets Act 2000. It should be noted that Schedule 10A and Section 463 of the Companies Act 2006 contain limits on the Cover liability of the directors of BAE Systems plc so that their liability is solely to BAE Systems plc. The technology of defence: air, maritime, land, cyber. BAE Systems | Annual Report 2016 01 Strategic report Directors’ report Financial statements At BAE Systems, our advanced defence technology protects people and national security, and keeps critical information and infrastructure secure. We search for new ways to provide our customers with a competitive edge across the air, maritime, land and cyber domains. We employ a skilled workforce of 83,100 people1 in over 40 countries, and work closely with local partners to support economic development by transferring knowledge, skills and technology. 1. Including share of equity accounted investments. 02 BAE Systems | Annual Report 2016 Our business 1 Sales by domain P04 Our key products and services BAE Systems has strong, established positions in the air, maritime and land domains, as well as a growing position in cyber security. Air Maritime 54% 25% – Manufacture, development, – Design and manufacture upgrade and in-service support of complex warships of Typhoon combat aircraft H – Design and manufacture – Workshare partner for the G A of submarines F A design and manufacture of major F E sub-assemblies and systems and – Provision of ship repair and provision of support for F-35 E modernisation services in Lightning II combat aircraft the US D B – Design, manufacture and D B – Provision of in-service support support of avionics equipment C to surface ships and facilities C for military aircraft management in the UK – In-service support of Tornado A Typhoon 32% – Design and manufacture of A Complex warships 20% combat aircraft B F-35 Lightning II 7% naval gun systems, torpedoes, B Submarines 27% – Design, manufacture and C Defence avionics 18% radars, and naval command C US ship repair 19% support of avionics equipment D Tornado 13% and combat systems D UK naval support 12% for commercial aircraft E Commercial avionics 11% E Weapon systems 11% F Weapon systems 8% F Other 11% – Design and manufacture of G Hawk 7% missiles and missile systems H Other 4% through a 37.5% interest in MBDA – Manufacture, development, upgrade and in-service support of Hawk trainer aircraft – Development of next-generation unmanned air systems and defence information systems Land Cyber 16% 5% – Design, manufacture, – Supply of cyber, intelligence upgrade and support of and security capabilities to tracked and amphibious US government agencies combat vehicles D A C A – Supply of defence-grade – Manufacture of ammunition cyber solutions for the and precision munitions for commercial market US, UK and other armed forces – Supply of cyber, intelligence B – Design and manufacture of C and security capabilities to UK hybrid electric drive systems B and other government agencies – Design and manufacture of artillery systems and missile A Combat vehicles 39% A US government 51% launchers for US, UK and B Munitions 19% B Commercial 31% other armed forces C Commercial 8% C UK and other governments 18% D Weapon systems/other 34% BAE Systems | Annual Report 2016 03 Strategic report Directors’ report Financial statements 2016 sales1 2016 revenue P24 Financial review £19,020m £17,790m Sales1 by destination Sales1 by activity Sales1 by reporting segment BAE Systems has leading positions BAE Systems has a diverse portfolio, BAE Systems has five principal in its principal markets in the US, broadly balanced between an enduring reporting segments which align with UK, Saudi Arabia and Australia. services and support business, long-term the strategic direction of the Group. platform and product programmes, electronic systems, and activities in cyber and intelligence. D A A A E E C D B C C B D B A US 36% A Military and technical 42% A Electronic Systems 17% B UK 21% services and support B Cyber & Intelligence 9% C Saudi Arabia 21% B Platforms 36% C Platforms & Services (US) 15% D Australia 3% C Electronic systems 17% D Platforms & Services (UK) 39% E Other international markets2 19% D Cyber 5% E Platforms & Services 20% (International) P17 P32 P32 Our markets Segmental performance Segmental performance Employees by location Employees3 83,100 P22 Our people US 29,500 UK 34,600 Saudi Arabia 6,200 Australia 3,100 Other 9,700 1. Revenue including the Group’s share of revenue of equity accounted investments. 2. Includes £1.0bn (5%) of sales generated under the Typhoon workshare agreement with Eurofighter Jagdflugzeug GmbH. 3. Including share of equity accounted investments. 04 BAE Systems | Annual Report 2016 Our key products and services BAE Systems has strong, established positions supplying defence equipment, electronics and services, and cyber, intelligence and security solutions for governments. We also have a growing position in adjacent commercial markets, including avionics and cyber security. Typhoon manufacture F-35 Lightning II design Unmanned and future air and development and manufacture system capabilities Manufacture of major Typhoon assemblies Design and manufacture of sub-assemblies, Development of future air system for European partner nations and other including the aft fuselage and empennage, capabilities, including unmanned air export customers. Aircraft assembly for the in the UK and provision of equipment, systems. A joint unmanned combat air Royal Air Force, Royal Saudi Air Force and including the electronic warfare suite, system programme with France was Royal Air Force of Oman. Expansion of the in the US. BAE Systems has a significant announced in 2016. capabilities of the aircraft. workshare on the world’s largest defence programme. Air support and training Defence avionics equipment Commercial avionics equipment Provision of support to operational Design, manufacture and support of Design, manufacture and support of capability. We provide maintenance, avionics equipment across a range of avionics equipment across multiple support and training for Typhoon aircraft US and other western military aircraft commercial aircraft platforms, including in service with the UK and Saudi Arabian programmes, including a leadership engine and flight controls, and cabin and air forces. Under the Saudi British Defence position in the electronic warfare market. cockpit systems, together with aftermarket Co-operation Programme, we have support services. BAE Systems is a leading contracts to provide manpower, logistics supplier of engine controls, including for and training, as well as training aircraft, GE engines, and is a major supplier of flight including Hawk, and upgrades to control electronics for many Boeing and Tornado aircraft in Saudi Arabia. We other aircraft
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