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Restoring Qinetiq to Strength

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' .... • '1 ••• Restoring QinetiQ to Strength QmetiO Group pie Ann1Jdl l<.t por! dmJ /\/.11111111., 1n1u SATURDAY Comp;iny <eg1s11~tuw Num~1 4586941 Registered office ~s auc~mgharn G;;.te () London SWlE 6PD ~ ,, "' >~< Cu~tomercont~ct Te~m z Ci >< Q1net1Q - ... 0 Cody Techooloiy Parl mNr 1"1'.:ly Prod F;unt>Orough (/) 0 s: H~mpstiore ::c ~ "' GU140LX 0 0 ,. United t..mgdom c: • (/) Tel •44 (O) 0700 JOO 94) m wwwQmet1Q com CQine!IQGroupplc 0 QIN!: TIQ/U/CM/AR1000027 "' 1ell6RC10 oeae I •••• ••~I •n• Olredor~ llepo11 - 8u)jne;~ Revk'w Q1net1Q uses its domain knowledge to provide technical advice to customers 1n the global aerospace, defence and security markets Its unique pos1t1ornng enables 1t to be a trusted partner to government organisations, predominantly in the UK and the US, including defence departments, intelligence services and security agencies Key facts • We employ more than 13000 people worldwide 6 900 people m the UK and Australia and 6100 people m North Amenca • Our sc1entrsts and engineers solve some of the world's most important problems • We are the UK's largest research and technologyorgamsat1on • We are the world's leading suppher of m1htary robotics • More than 85% of our workforce carry h1gh·level national security clearances Contents 0,1,.dn,.. Rt>porl - Ou\l[)('\o' R.vtew H~nrt.ll St.if< nwr<h Peiformanc:e independent Auditors repott ., The bu>iness~t a glance ConsohdJted income statement Ch;wmansstatement Consolidated statement of comprehensive income " Chief E~ecutwe Officers review Consol1dated statement of cha.nge5 mequ1ty .," Perfoi maoce Fev1ew - O.net1Q NOrth Amero 10 Consollddted baOOC.e sheet Performance ltev1ew- EMEA 11 COnsotld<lte<I cash flow statement " Choe I F1nancaal Officers revrew 11 Notestothefinanc.. lstalements " Key performance 1od1Cators 16 Compa.,. b<llance sheet "' Principal risks and uncerta1nt1es 18 Notes to the company nnancaal statements "95 Corpor<ite 1esponsib1l1ty review 22 Five-year recoid 97 Gl<m<iry 98 F.nanc.1al calendar aod shi>rrholder> 99 t~l"> lt<F->rt t.u\l~rro nLL BOO•d otOlrectors Cosporate Governance report femunerationreport Ot~r statutory mformat1on StatementofD11ectors resporn1b1l1t1e:s Dest€n Pnnt Park Communications '""",.,.,.,..,.m1cruttoom Produwon ISO 14001, F5C and C•bonN"'tr.al• Com~ny J,j lnHou1< Produrtlons FSC ""'""h"'" ~oduc1'0n"o"~ This ieport is punted on Sopor<et p;iper and has t;een independently cert•fied by the ' ,.t ,.. , .. ~, Punt m;m:igement =-"'== All sbtemenll otritr than histonc3I fxts 1ncklded "' tr.sdocument 11"Clud•ng unlno"'n ris~s. uin<binL~ and othei important f:>(tors who;.h could ca...se Urb~n Utt SUppor1 Forest Steward$h1pCOUnci1 (fsci The mks __·-- ..=.,_ "''lhoul •m•t<JtlO"l ~ rcprdingt~ ~nat><1alcond1~Df\ '""'tis.ope"'\"""' the xtLAI r~ults, perform-• 0< icr..... ements of O.net<O. or the ,,..rl:cts _.,u<brif-toou> used are all vege!able-<111 based ard busineszofO.netiO.and •ti strategy p1.,.s3"dobj«t"o:sand the "rd eton0m~ n wl-.ch OinebO~r;rtes. to be rnaten311y d•flerent from m:>r>et••l"deconomoeson "'lw.h<to;>..,,.tes.""' '"'"'"'d loo<•ni:•t.lemenl>. fotu"' ,...,tis. P"rlonn<1n<e co x.......,ment• e><pr.....:J or 1mpitd by •uch Photogr;,phy Such for-•d loohng SlirltmentJ, wlu<h rd!«! m•~ement s assumptoons torwanl l<>o•1ng rt.tcments Noth.,gmthl>document•Mul<I be "'g3'd"" Andrew Mdynftu Page 2 - Typhoon made on trit b><is ot 1ntorm1t1on wad•ble to •I •t the t•m• "1vallte ino"'n om .. ~profitfo,.c;rrt ww..md,.,«J>otJoo>!<>tmi (l1stockphotocom JoM Powell wwwQmet1Q com ®, 11>J)!;.Q010 0!1361 •••• .. ' ... Our markets are likely to remain uncertain for some time, but we now have a decisive programme of self-help to restore value. We are acting to make our costs more competitive, our productivity better and our debt lower. We are changing our structure to benefit from QinetiQ's overall strengths. Most of all, we are working to transform our culture into one based on leadership, accountability and empowerment of what is an OUtStanding group Of people. leoO"'"" Ch,efExecut!'eOffice. Perform.ance fl,62504m Revenue (2009 £1,6173m) Net debt (2009 £5379m) llolp Underlying operating profit' (2009 £1516m) Underlying earnings per share' (2009 15 9p) £(2503)m (907)p Operating (loss)/profit (2009 £128 lm) Basic earnings per share (2009 14 3p) 7:4% 1058p Underlying operating margin' (2009 9 4%) D1v1dend (2009 4 75p) --------------------- • Difficult year - sales disappointing, margins weakened, • Markets remain challenging, • Review of operations complete - p11011t1es agreed, • Programme underway to restore Qinet1Q to strength over next two years, • Immediate drive on debt reduction to reduce net debt EBITDA from 2 sxt to a target of below 2xt, by dec1s1ve internal programme to restore value, and • Board recommending a suspension of d1v1dend for 12 months Defin1t1onsof underlying measu1es ot pe1formance are 1n the gl0<;.sa1y on page98 Underly111g financial measures are presented as the Bo1rd believes these provide a bet te1 rep1esent1t1on of the Group~ long lf•r rn per forrnance trend t Annuahsed and calculated m 1ccoidance with the Groups credit faohty r at1os Oinet1Q GrotJp pie Annual Report and Accounts 2010 1 Pt112_Aeview lndd 1 14J06l2010 17 431 I ' •••• . : ... Directors' Report- Business Review The business at a glance How w• op•r.t• QinetiQ's business model is based on providing hi-tech advice to customers and building relationships as a trusted partner. Our customers value our technical and domain knowledge in support of professional services. They value our independence and our integrity, and trust us to share in their mission. Our mark•ts We provide the following capab11it1es • Technical assistance and programme support • Technology offerings • Test and evaluation • Research and development • Training delivery Highlights in our markets during the year Aerospace Defence Security Typhoon programme Iraqi t11ght-tra1n1ng Cyve1llance The busmi>ss won a £37rn, three year We continue to deliver Iraqi f11ght-tram1ng Cyve1flance, providing proactive preventative contract during the year to StJpport the services as part of a multi-year contract solutions for customers 1n the cyber Typhoon programrne worth more than $100m security market, was acquired during the year for an 1mt1al cons1derat1on of £26 lrn 2 wwwQ1net1Q corn Pr112_Aevlew •ndd 2 14/06/2010 17431 I •••• Qmet1Q provides services and products across international markets Our services business, which accounts for approximately 80% of total sales, 1s based on providing expertise and knowledge m national markets Our products business provides the platform for potential profitable growth on a global basis At the start of the new financial year we moved to a new structure • US Services • UK Services • Global Products We believe this structure will provide greater focus to leverage Qmet1Q's expertise, technology, customer relat1onsh1ps and business development skills, to enable sustainable and profitable growth over the longer-term Where w• ope rat• We have operations throughout the UK and North America as well as Australia, as illustrated Our capab11it1es are utilised across the world by an international range of customers who recognise Qmet1Q as a trusted partner Qinet1Q Group pie Annual Report and Accot,nts 2010 Pl112_Aev1ew indd 3 14/06!2010 17 431 •••• • • • ••• Directors' Report - Business Review Chairman's statement A tough year, given the economic, market and political uncertainty. Mark Elliott Chairrnan Dear shareholder In Novernber, Leo Qu1nnjo1nf'd the Board as Chief Exec1Jt1ve Officer to lead the next stage ofQ1net1Q s development Leo took over I arn pleased to submit my first report as Chairman ofOmet1Q the reins from Graham Love who left the Group after eight years having assumed the role m March this year following the retirement having taken the orgamsat1on through pr1vat1sallon Leo Joined the of Sir John Chisholm Group having led De la Rue pie, overseeing its transforrnat1on mto a focused market leading security printer Prior to that, Leo was Jhe last financial year was noteworthy for the Group given the responsible for a number of business turnarounds In both [Llrope changes 1n our markets on both sides oft he Atlantic Respond mg to and the US Leo hasdnve and energy, and a passion for operational fast-moving market developments has required a step change by the excellence and delivery I am plea.:;ed lo report that m the short t1rne bus1np.:;5 and particularly by our people I would like to pay testimony that he has been with the Grotlp, he has already started thf" process to our employees who have taken on the challenge to adapt quickly of its transformation The Board 1s fully supportive of the pr1or1t1es to the changing pr1orit1es of our customers set out by Leo Quinn 1n his Chief Executive Officers report With changes m the pol1t1cal landscape on both sides oft he Atlantic, The results cornpotJnded by econom1c pressures, our business has experienced Group revenues were flat at £1,62S 4rn (2009 £ 1,617 3rn), including considerable uncertainty On the back of politrcal change, customers a £43rn benefit from the strengthening US dollar exchange rate The have delayed dec1s1on making as they review thf'lr budgets As a overall organic decline 1n US revenues at constant currency was 4%, consequence of these market changes m November Wf' alerted the with the decline 1n higher rnarg1n product sales partially offset by market that the Group was unl1kf'ly to meet market expectations growth m services The UK bu~1nesses suffered from a redtJC!1on m The wider UK budget
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