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View Annual Report trusted to deliver Babcock International Group PLC Annual Report and Accounts 2014 Who we are trusted to deliver Babcock is the UK’s leading engineering support services organisation. Operating in the UK and overseas, we are trusted to deliver complex and critical support to the defence, energy, emergency services, transport, education and telecommunications sectors. We pride ourselves on our long-term customer focused relationships and ultra-reliable engineering excellence. Forward-looking statements Certain statements in this Annual Report and Accounts are forward-looking statements. Such statements may relate to Babcock’s business, strategy and plans. Statements that are not historical facts, including statements about Babcock’s or its management’s beliefs and expectations, are forward-looking statements. Words such as ‘believe’, ‘anticipate’, ‘estimates’, ‘expects’, ‘intends’, ‘aims’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘considered’, ‘likely’, and variations of these words and similar future or conditional expressions are intended to identify forward-looking statements but are not the exclusive means of doing so. By their nature, forward-looking statements involve a number of risks, uncertainties or assumptions, some known and some unknown, that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements, many of which are beyond Babcock’s control. Please see pages 64 to 71 which set out some of these risks and uncertainties. These risks, uncertainties or assumptions could adversely affect the outcome and fi nancial effects of the plans and events described herein. Forward-looking statements contained in this Annual Report and Accounts regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Nor are they indicative of future performance and Babcock’s actual results of operations and fi nancial condition and the development of the industry and markets in which Babcock operates may differ materially from those made in or suggested by the forward-looking statements. You should not place undue reliance on forward- looking statements because such statements relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements refl ect Babcock’s judgement at the time of preparation of this Annual Report and Accounts and are not intended to give any assurance as to future results. Except as required by law, Babcock is under no obligation to update (and will not) or keep current the forward-looking statements contained herein or to correct any inaccuracies which may become apparent in such forward-looking statements. Babcock International Group PLC | Annual Report and Accounts 2014 1 Contents Overview Performance Strategic report Strategic report At a glance – our divisions 2 (Operating review) Chairman’s statement 4 Marine and Technology 20 Defence and Security 26 Business model and strategy Support Services 32 Our business model and strategy 6 International 38 Our business model in action 8 Key Performance Indicators 42 Chief Executive’s review 16 Financial review 44 Sustainability 52 Principal risks and management controls 64 Board of Directors 72 Governance Governance statement 74 Report of the Nominations Committee 83 Report of the Audit and Risk Committee 84 Remuneration report 88 Directors’ report 117 Directors’ responsibility statement 122 Group fi nancial statements Company fi nancial statements Financials Independent auditors’ report Independent auditors’ report to the members of Babcock to the members of Babcock International Group PLC 123 International Group PLC 175 Group income statement 127 Company balance sheet 177 Group statement of Notes to the Company comprehensive income 128 fi nancial statements 178 Group statement of changes in equity 128 Other information Group balance sheet 129 Shareholder information 183 Group cash fl ow statement 130 Five-year fi nancial record 184 Notes to the Group fi nancial statements 131 2 Babcock International Group PLC | Annual Report and Accounts 2014 At a glance – our divisions Delivering complex and critical support Marine and Technology Revenue by division (%) Customer by geography (%) Divisional CEO Archie Bethel Employees 10,262 Description Marine and Technology is the UK’s leading maritime support business and 4 4 3 the largest provider of through-life 2 engineering support services to the Royal Navy. With an unmatched range 1 3 of engineering and technical skills, the division delivers a wide array of cradle-to-grave engineering services to defence, commercial marine and energy 1 markets in the UK and internationally. 2 Principal Naval Marine activities Submarine through-life support, refi t 1. Marine and Technology 39% 1. UK 81% and refuelling, warship maintenance 2. Defence and Security 24% 2. Africa 8% and refi t, Queen Elizabeth class aircraft 3. Support Services 29% 3. Canada 4% carrier assembly and naval base 4. International 8% 4. Rest of the World 7% management. Energy and Marine Services Engineering support to the oil and gas, offshore renewables and commercial marine markets. Public/Private split (%) Customer by category (%) Technology Specialised systems and technical services that improve our customers’ capability in international defence and 4 commercial sectors. 3 3 International Through-life support of Victoria Class 2 submarines in Canada and ANZAC Class frigates in Australia. Surface ship 1 maintenance, repair and overhaul in 2 New Zealand. 1 Key customers Royal Navy, Australian Government, New Zealand Government, Canadian 1. Public 73% 1. UK Defence 53% Government, Defence Equipment and Support, BAE Systems, Rolls-Royce, 2. Regulated 8% 2. UK Civil 30% Navantia, Daewoo Shipbuilding and 3. Private 19% 3. International Civil 11% Marine Engineering, Hyundai Heavy 4. International Defence 6% Industries, BP and Shell. See p20 for the Operating review Babcock International Group PLC | Annual Report and Accounts 2014 3 Strategic report Defence and Security Support Services International John Davies Kevin Thomas Peter Rogers 6,352 9,768 1,678 Defence and Security is a major support Support Services has leading positions Babcock is a leading supplier of provider to all three Armed Forces across several civil markets. The division engineering support services to the delivering leading-edge training, has three core capabilities; it teaches energy, mining and construction infrastructure and asset support. vital skills, manages critical assets industries in southern Africa. With a The division trains c 50,000 servicemen and delivers complex programmes presence in both Oman and the United pa and provides management and for civil government and blue chip Arab Emirates the division is also support to c 17,000 military vehicles, commercial organisations. The division building local partnerships to expand including the MoD’s white and is the UK’s largest nuclear support Babcock’s presence in the region. construction vehicle fl eets. company and the leading provider of apprentice training. Air Teaching vital skills Africa Elementary, basic and fast jet training Management and delivery of apprentice Sole distributor of heavy Volvo and support to aircraft including the training for Network Rail and training equipment for the mining industry and Sea King, Apache, Hawk, Lynx, Grob delivery for Volkswagen Group and the DAF equipment for the infrastructure and Tucano. London Fire Brigade (LFB). and transport industries. Land Managing critical assets Construction, erection and maintenance Vehicle fl eet management for the Support to assets, including baggage of high voltage power lines. MoD’s white fl eet and construction handling systems, broadcast support, Engineering support to Eskom fl eets. Army technical and mechanical vehicle fl eets for the emergency services power stations. trade training and maintaining the and the mining and construction operational training vehicle fl eet. industries, and estate management. Crane hire to the infrastructure and construction sectors. Sea Delivering complex programmes A range of training for the Royal Navy Nuclear decommissioning, major rail Middle East and other international navies including track renewal and the upgrade of Support to Royal Air Force of Oman. sea safety and fi refi ghting training. high-voltage overhead power lines Monitoring and developing and communications infrastructure. opportunities for other Babcock Infrastructure services in the region. Integrated estate management and infrastructure support to the MoD in the UK and Germany. British Army, Royal Air Force, Central government, commercial Volvo, DAF, Eskom, mining and Royal Navy, Defence Infrastructure organisations, including BMW and EDF, construction companies and Organisation, BAE Systems, international emergency services including the The Royal Air Force of Oman. ministries of defence. Metropolitan Police and LFB, bodies operating in regulated sectors including the Nuclear Decommissioning Authority and Network Rail. See p26 for the Operating review See p32 for the Operating review See p38 for the Operating review 4 Babcock International Group PLC | Annual Report and Accounts 2014 Chairman’s statement A consistent focus on creating value I am pleased to report, once again, that in-line with our strategy and marks Statutory results Babcock has announced record results for another exciting development in our the 2014 fi nancial year. Our performance Company’s history. Peter discusses the Group
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